Recent Research

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  FIRST LOOK NOTES

  26 May 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.46

  Target Price

  AED 3.20

  Upside (%)

  +30.08%

  UAE Equity Research - Fertiglobe PLC 1Q25 - First Look Note

  Revenue increased 25.9% YOY to USD 695 Mn in 1Q25 due to higher sales volumes, increased urea prices and shipment deferral. Recorded a strong utilization rate of 87% in ammonia and urea in 1Q25 reflecting strong execution under the MIP.

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  FIRST LOOK NOTES

  12 May 2025

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 58.80

  Target Price

  SAR 75.00

  Upside (%)

  +27.55%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 1Q25 - First Look Note

  Price and volume remained steady for the petrochemical sector in 1Q25 compared to 4Q24, while chemical segment experienced marginally increment in sales volume.

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  FIRST LOOK NOTES

  06 May 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 2.95

  Upside (%)

  +14.79%

  UAE Equity Research - Borouge PLC 1Q25 - First Look Note

  PE sales volume rose 8% YOY to 740 thousand tonnes, and PP sales volume surged 13% YOY to 506 thousand tonnes in 1Q25. The Company exhibited a utilization rate of 101% for PE and 98% for PP in 1Q25.

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  EARNINGS CALL INSIGHT

  01 May 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.58

  Target Price

  AED 2.95

  Upside (%)

  +14.34%

  UAE Equity Research - Borouge PLC 1Q25 - Earnings Call Insight

  Borouge's revenue grew 9.0% YOY to USD 1.4 Bn in 1Q25, owing to a 10.0% YOY growth in total sales volume, partially offset by a 4.0% YOY decline in average PE selling price. Direct cost rose 15.9% YOY to USD 846 Mn in 1Q25 owing to an increase in sales volumes.

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  FIRST LOOK NOTES

  30 Apr 2025

  Saudi Arabian Fertilizer Co

  BUY

  Last Closing Price

  SAR 98.70

  Target Price

  SAR 130.00

  Upside (%)

  +31.71%

  Saudi Equity Research - SABIC Agri-Nutrients Co 1Q25 - First Look Note

  Revenue grew 22.1% YOY to SAR 3,074 Mn in 1Q25, driven by increased sales volumes and average selling price. Sales volume increased 18% YOY to 1,836 thousand MT in 1Q25 due to the completion of the scheduled turnaround of the Company's third plant for urea and ammonia production in 1Q24.

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• 

  FIRST LOOK NOTES

  30 Apr 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 2.95

  Upside (%)

  +14.79%

  UAE Equity Research - Borouge PLC 1Q25 - Earnings Flash

  Net profit rose to $281 Mn in 1Q25, a 3% increase from $273 Mn in 1Q24, driven by higher production volumes (up 7% YoY) and record monthly production in March.

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