Recent Research

• 

  FIRST LOOK NOTES

  30 Jul 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.65

  Target Price

  3.20

  Upside (%)

  +20.75%

  UAE Equity Research - Fertiglobe PLC 2Q26 - First Look Note

  Project Harvest (1 mtpa lower-carbon ammonia project, UAE) is under construction, targeting 50% lower carbon intensity, with operations expected in 2027 and capex below USD 500 Mn. Ammonia prices rose to USD 910 per MT in April 2026 compared to USD 435 per MT in May 2025, driven by supply disruptions and Strait of Hormuz restrictions.

  Download
• 

  EARNINGS CALL INSIGHT

  29 Jul 2026

  Fertiglobe PLC

  BUY

  Last Closing Price

  2.65

  Target Price

  3.20

  Upside (%)

  +20.75%

  UAE Equity Research - Fertiglobe PLC 2Q26 - Earnings Call Insight

  Total sales volume rose 8.7% YOY to 1.57 Mn metric tons in 2Q26, mainly driven by an increase in third-party sales volume partially offset by decrease in own-product sold.

  Download
• 

  FIRST LOOK NOTES

  29 Jul 2026

  SABIC Agri-Nutrients Co

  ACCUMULATE

  Last Closing Price

  SAR 122.30

  Target Price

  SAR 138.00

  Upside (%)

  +12.84%

  Saudi Equity Research - SABIC Agri-Nutrients Co 2Q26 - First Look Note

  Gross Margin contracted to 29.5% in 2Q26 from 38.5% in 2Q25 driven by elevated feedstock costs. Sales volumes were adversely impacted on YOY and QOQ basis with ongoing supply chain disruptions continued to affect the Company's ability to procure critical raw materials.

  Download
• 

  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.

  Download
• 

  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.

  Download
• 

  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.

  Download