Recent Research

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  FIRST LOOK NOTES

  17 Mar 2026

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 57.10

  Target Price

  SAR 65.00

  Upside (%)

  +13.84%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 4Q25 - First Look Note

  Bottom line was negatively impacted by divestments and one-off items during 4Q25. The Company’s Petrochemicals sales volume recorded an increase of 4% YOY to 36.2 MMT during 2025.

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  FIRST LOOK NOTES

  05 Mar 2026

  SABIC Agri-Nutrients Co

  HOLD

  Last Closing Price

  SAR 129.80

  Target Price

  SAR 138.00

  Upside (%)

  +6.32%

  Saudi Equity Research - SABIC Agri-Nutrients Co 4Q25 - First Look Note

  Average selling prices increased 16% YOY, while the sale volumes increased 2% YOY in 2025. Capex increased 16.7% YOY and 89.7% QOQ to SAR 349 Mn in 4Q25.

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  FIRST LOOK NOTES

  17 Feb 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.70

  Target Price

  3.20

  Upside (%)

  +18.52%

  UAE Equity Research - Fertiglobe PLC 4Q25 - First Look Note

  Expanded production capacity of Diesel Exhaust Fluid (DEF) and Automotive Grade Urea (AGU) in the UAE and Egypt, which is projected to generate c. USD 22 Mn of additional annual EBITDA by 2030.

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  EARNINGS CALL INSIGHT

  12 Feb 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.77

  Target Price

  3.20

  Upside (%)

  +15.52%

  UAE Equity Research - Fertiglobe PLC 4Q25 - Earnings Call Insight

  Total sales volume rose 37.6% YOY to 1.68 Mn metric tons in 4Q25, mainly driven by an increase in own product sold and third-party sales volume. Own product sales volume rose 17.9% YOY to 1.38 Mn metric tons in 4Q25. Additionally, total third-party product sales grew to 0.30 Mn metric tons in 4Q25, compared to 0.05 Mn metric tons in 4Q24.

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  FIRST LOOK NOTES

  09 Feb 2026

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.59

  Target Price

  2.95

  Upside (%)

  +13.90%

  UAE Equity Research - Borouge PLC 4Q25 - First Look Note

  Recorded highest ever volume production of 1,643 thousand tonnes in 4Q25. Cash conversion declined from 93% in 3Q25 to 84% in 4Q25. Capital expenditure rose from USD 40 Mn in 3Q25 to USD 98 Mn in 4Q25.

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• 

  EARNINGS CALL INSIGHT

  09 Feb 2026

  Borouge PLC

  ACCUMULATE

  Last Closing Price

  2.59

  Target Price

  2.95

  Upside (%)

  +13.90%

  UAE Equity Research - Borouge PLC 4Q25 - Earnings Call Insight

  Borouge's revenue increased 3.4% YOY to USD 1.7 Bn in 4Q25, due to an increase in sales volume partially offset by a decline in average realized price for PE and PP.

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