Recent Research

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  FIRST LOOK NOTES

  14 Aug 2026

  Saudi Basic Industries Corp

  BUY

  Last Closing Price

  SAR 49.20

  Target Price

  SAR 65.00

  Upside (%)

  +32.11%

  Saudi Equity Research - Saudi Basic Industries Corporation (SABIC) 2Q26 - First Look Note

  Petrochemicals sales volume declined 34% QOQ, while average prices increased 42% QOQ in 2Q26. Agri-Nutrients sales volume declined 31% QOQ, while average prices increased 27% QOQ in 2Q26.

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  FIRST LOOK NOTES

  03 Aug 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.40

  Target Price

  2.95

  Upside (%)

  +22.92%

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

  Polyethylene (PE) premia over benchmark increased 75.9% YOY to USD 438 per tonne in 2Q26, while Polypropylene (PP) premia over benchmark price doubled YOY to USD 282 per tonne in 2Q26. Capital expenditure rose from USD 48 Mn in 1Q26 to USD 114 Mn in 2Q26, reflecting capitalised repair and restoration costs at the Ruwais complex.

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  EARNINGS CALL INSIGHT

  03 Aug 2026

  Borouge PLC

  BUY

  Last Closing Price

  2.40

  Target Price

  2.95

  Upside (%)

  +22.92%

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

  Borouge's revenue increased 7.7% YOY to USD 1.4 Bn in 2Q26, driven by an increase in blended average selling prices amid tight global polyolefins market conditions, partially offset by decline in sales volumes along with production volumes following the Ruwais asset damage and Strait of Hormuz-related disruption.

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  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.

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• 

  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.

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• 

  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.

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