Recent Research

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  FIRST LOOK NOTES

  13 Nov 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.46

  Target Price

  3.20

  Upside (%)

  +30.08%

  UAE Equity Research - Fertiglobe PLC 3Q25 - First Look Note

  Fertiglobe’s USD 142 Mn goodwill tax settlement in Egypt is expected to yield annual cash tax savings of c. USD 16 Mn over the next decade. Urea prices averaged USD 474 per ton (FOB Egypt) in 3Q25, up 16% QOQ and 33% YOY, contributing to higher revenues.

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  EARNINGS CALL INSIGHT

  11 Nov 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.44

  Target Price

  3.20

  Upside (%)

  +31.15%

  UAE Equity Research - Fertiglobe 3Q25 - Earnings Call Insight

  Total sales volume rose 19.5% YOY to 1.65 Mn metric tons in 3Q25, mainly driven by an increase in third-party sales. Own product sales fell 2.1% YOY to 1.33 Mn metric tons in 3Q25, driven by the impact of gas supply issues in Egypt and the strategic decision to increase urea production.

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  FIRST LOOK NOTES

  04 Nov 2025

  Saudi Basic Industries Corp

  ACCUMULATE

  Last Closing Price

  SAR 58.40

  Target Price

  SAR 65.00

  Upside (%)

  +11.30%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 3Q25 - First Look Note

  SABIC reported a positive net profit during 3Q25, for the first time in 2025, supported by lower costs and improved gross margins after the absence of 2Q25 impairment charges. Petrochemical prices stayed weak amid global overcapacity and soft demand, while Agri-Nutrients' performance improved, supported by higher urea prices and strong seasonal demand.

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  FIRST LOOK NOTES

  31 Oct 2025

  Borouge PLC

  BUY

  Last Closing Price

  2.50

  Target Price

  2.95

  Upside (%)

  +18.00%

  UAE Equity Research - Borouge PLC 3Q25 - First Look Note

  Recorded highest ever volume production of 1,390 thousand tonnes in 3Q25. Cash conversion increased from 71% in 2Q25 to 93% in 3Q25. Capital expenditure declined from USD 130 Mn in 2Q25 to USD 40 Mn in 3Q25.

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  EARNINGS CALL INSIGHT

  30 Oct 2025

  Borouge PLC

  BUY

  Last Closing Price

  2.54

  Target Price

  2.95

  Upside (%)

  +16.14%

  UAE Equity Research - Borouge PLC 3Q25 - Earnings Call Insight

  Borouge's revenue declined 9.5% YOY to USD 1.5 Bn in 3Q25, due to a decline in both sales volume and average realized price for PE and PP. Direct cost declined 8.2% YOY to USD 840 Mn in 3Q25, owing to a decline in feedstock cost and lower other variable and fixed production costs.

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  FIRST LOOK NOTES

  28 Oct 2025

  SABIC Agri-Nutrients Co

  HOLD

  Last Closing Price

  SAR 124.80

  Target Price

  SAR 130.00

  Upside (%)

  +4.17%

  Saudi Equity Research - SABIC Agri-Nutrients Co 3Q25 - First Look Note

  Revenue grew 23.6% YOY to SAR 3.5 Bn in 3Q25, driven by an increase in average selling prices. Average selling price increased 26% on a YOY basis and 14% QOQ basis in 3Q25, however, sales volumes declined by 2% on a YOY basis and 6% QOQ basis during 3Q25.

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