Recent Research

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  FIRST LOOK NOTES

  13 Mar 2025

  Fertiglobe PLC

  BUY

  Last Closing Price

  AED 2.19

  Target Price

  AED 3.20

  Upside (%)

  +46.12%

  UAE Equity Research - Fertiglobe PLC 4Q24 - First Look Note

  Total sales volume declined 23% YOY to 1.2 Mn MT in 4Q24 due to planned turnarounds in Algeria and the strategic deferral of certain shipments to 1Q25. Achieved its cost optimization target of USD 50 Mn in annual recurring savings in 2024 and remains on track to realize an incremental EBITDA of USD 100 Mn from its Manufacturing Improvement Plan (MIP) by the end of 2025.

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  FIRST LOOK NOTES

  12 Mar 2025

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 63.50

  Target Price

  SAR 90.00

  Upside (%)

  +41.73%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 4Q24 - First Look Note

  Average product selling price declined 1.0 % YOY in 4Q24, while sales volume declined marginally. Revenue from petrochemicals segment declined 1.5% YOY to SAR 31.7 Bn, while revenue from agri-nutrients segment grew 5.0% YOY to SAR 3.0 Bn in 4Q24.

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  FIRST LOOK NOTES

  10 Mar 2025

  Saudi Arabian Fertilizer Co

  BUY

  Last Closing Price

  SAR 109.80

  Target Price

  SAR 130.00

  Upside (%)

  +18.40%

  Saudi Equity Research - SABIC Agri-Nutrients Co 4Q24 - First Look Note

  SABIC AGRI-NUTRIENTS revenue increased 1.5% YOY to SAR 3,017 Mn in 4Q24, driven by growth in sales of agri-nutrients segment partially offset by a decline in sales of the petchem segment. The Company’s EBITDA margin grew 51 bps QOQ to 36.1%, while the net margin expanded 264 bps QOQ to 31.6% in 4Q24.

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  EARNINGS CALL INSIGHT

  05 Mar 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.50

  Target Price

  AED 2.95

  Upside (%)

  +18.00%

  UAE Equity Research - Borouge PLC 4Q24 - M&A Insight

  ADNOC and OMV have established a binding framework agreement that details the merger of Borouge Plc (Borouge) and Borealis AG (Borealis) to create a new organization called Borouge Group International, positioning it as a prominent global player in polyolefins.

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  FIRST LOOK NOTES

  07 Feb 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.53

  Target Price

  AED 2.95

  Upside (%)

  +16.60%

  UAE Equity Research - Borouge PLC 4Q24 - First Look Note

  Borouge’s PE sales volume rose 10% YOY to 823 thousand tonnes and PP sales volume surged 5% YOY to 640 thousand tonnes in 4Q24. The Company exhibited a utilization rate of 113% for PE and 98% for PP in 4Q24.

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  EARNINGS CALL INSIGHT

  05 Feb 2025

  Borouge PLC

  BUY

  Last Closing Price

  AED 2.57

  Target Price

  AED 2.95

  Upside (%)

  +14.79%

  UAE Equity Research - Borouge PLC 4Q24 - Earnings Call Insight

  Borouge’s revenue grew 8.3% YOY to USD 1.6 Bn in 4Q24, owing to an 8% growth in total sales volume coupled with a marginal increase of 1% in average selling prices. Direct cost rose 8.1% YOY to USD 972 Mn in 4Q24 owing to higher volumes.

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