Recent Research

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  FIRST LOOK NOTES

  12 Feb 2026

  Americana Restaurants

  BUY

  Last Closing Price

  1.89

  Target Price

  2.50

  Upside (%)

  +32.28%

  UAE Equity Research -Americana Restaurants International PLC (AMR) - 4Q25 First Look Note

  Expanded its digital footprint, reaching more than 2,700 kiosks in 2025. Restaurant portfolio reached 2,749 stores across 12 markets with gross addition of 216 new stores in 2025. Expects net new store rollout guidance of 120-130 in 2026.

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  EARNINGS CALL INSIGHT

  11 Feb 2026

  Americana Restaurants

  BUY

  Last Closing Price

  2.01

  Target Price

  2.50

  Upside (%)

  +24.38%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 4Q25 - Earnings Call Insight

  Revenue grew 2.9% YOY to AED 848 Mn in 4Q25, due to higher revenue from demand charges supported by strong real estate activity and new project additions in the region. Utilities cost decreased from AED 332 Mn in 4Q24 to AED 297 Mn in 4Q25.

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• 

  FIRST LOOK NOTES

  02 Feb 2026

  Jarir Marketing Co

  HOLD

  Last Closing Price

  SAR 13.90

  Target Price

  SAR 15.50

  Upside (%)

  +11.51%

  Saudi Equity Research - Jarir Marketing Company 4Q25 - First Look Note

  Revenue grew 13.9% YOY to SAR 3,195 Mn in 4Q25, primarily driven by higher sales of smartphones, computers, tablets, and after-sales services. Net profit grew 12.5% YOY, lower than growth in gross profit which rose 14.2% YOY, mainly due to higher selling & marketing, G&A, and lower other income.

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  FIRST LOOK NOTES

  22 Jan 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 43.00

  Target Price

  SAR 65.00

  Upside (%)

  +51.16%

  Saudi Equity Research - Almarai Company 4Q25 - First Look Note

  Working capital rose from SAR 3,812 Mn in 4Q24 to SAR 4,122 Mn in 4Q25, due to inventory buildup ahead of Ramadan. The Company’s CAPEX expanded from SAR 3,634 Mn in 2024 to SAR 4,385 Mn in 2025, driven by capacity expansion and long-term value creation initiatives.

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  FIRST LOOK NOTES

  20 Nov 2025

  Agthia Group

  BUY

  Last Closing Price

  3.71

  Target Price

  5.70

  Upside (%)

  +53.64%

  UAE Equity Research - Agthia Group 3Q25 - First Look Note

  Agthia’s 3Q25 profitability was impacted due to a one-off provision related to a commercial counterparty. Water & Food segment’s Like-for-like revenue (Excluding the contribution from Riviere) increased 1.5% YOY in 3Q25.

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• 

  FIRST LOOK NOTES

  14 Nov 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.20

  Target Price

  1.80

  Upside (%)

  +50.00%

  UAE Equity Research - LuLu Retail Holding PLC 3Q25 - First Look Note

  The Company added six new stores with a total store count of 260 stores in 3Q25. Average daily shoppers increased 37k YOY to 668k in 3Q25. Cash conversion expanded from 77% in 3Q24 to 84% in 3Q25, due to strong cash discipline and operational efficiency.

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