Recent Research

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  FIRST LOOK NOTES

  21 May 2025

  Agthia Group

  BUY

  Last Closing Price

  4.45

  Target Price

  7.50

  Upside (%)

  +68.54%

  UAE Equity Research - Agthia Group 1Q25 - First Look Note

  AGTHIA’s revenue fell 11.4% YOY to AED 1,284 Mn in 1Q25 primarily due to a higher revenue base in 1Q24 driven by one-off wheat trading activity, along with the devaluation of Egyptian Pound. Agthia’s working capital as a percentage of revenue rose 17.1% in 1Q25 from 7.3% in 4Q24.

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  FIRST LOOK NOTES

  19 May 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.34

  Target Price

  2.25

  Upside (%)

  +67.91%

  UAE Equity Research - LuLu Retail Holding PLC 1Q25 - First Look Note

  Lulu’s revenue grew 7.3% YOY to USD 2,080 Mn in 1Q25. The Company added five new stores during 1Q25. EBITDA rose 6.5% YOY to USD 214 Mn in 1Q25, whereas EBITDA margin declined 7 bps YOY to 10.3% in 1Q25.

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  EARNINGS CALL INSIGHT

  15 May 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.37

  Target Price

  2.25

  Upside (%)

  +64.23%

  UAE Equity Research - Lulu Retail Holdings PLC 1Q25 - Earnings Call Insight

  LuLu Retail’s revenue rose 7.3% YOY to USD 2,080 Mn in 1Q25, primarily supported by the growth in LFL sales supported by strong festive season, new store openings and higher sales volume across certain product categories.

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  FIRST LOOK NOTES

  05 May 2025

  Americana Restaurants

  BUY

  Last Closing Price

  2.11

  Target Price

  2.70

  Upside (%)

  +27.96%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 1Q25 - First Look Note

  Plans to add 150-160 stores in 2025, including the opening of 14 stores in 1Q25. It ended 1Q25 with 2,630 restaurants, including the addition of 46 Pizza Hut stores in Oman. Americana focuses its expansion efforts on key markets including the UAE, Saudi Arabia, Kuwait, and Iraq.

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  EARNINGS CALL INSIGHT

  02 May 2025

  Americana Restaurants

  BUY

  Last Closing Price

  2.23

  Target Price

  3.00

  Upside (%)

  +34.53%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 1Q25 - Earnings Call Insight

  Americana Restaurants revenue rose 16.2% YOY to USD 573 Mn in 1Q25, primarily supported by growth in like-for-like sales, and continued expansion of the store network. The Company reported a gross profit of USD 303 Mn in 1Q25 as compared to USD 254 Mn in 1Q24, an increase of 19.2% YOY, fueled by effective management and procurement strategies. Gross profit margin expanded from 51.5% in 1Q24 to 52.8% in 1Q25.

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  FIRST LOOK NOTES

  23 Apr 2025

  Jarir Marketing Co

  BUY

  Last Closing Price

  SAR 12.60

  Target Price

  SAR 14.50

  Upside (%)

  +15.08%

  Saudi Equity Research - Jarir Marketing Company 1Q25 - First Look Note

  Revenue rose 2.7% YOY to SAR 2,720 Mn in 1Q25 due to growth in the smartphone and after-sales service segment. Gross margin remained flat at 11.1% in 1Q25 compared to 1Q24. Operating profit declined 0.8% YOY to SAR 236 Mn in 1Q25 due to a rise in selling and marketing expenses. Operating margins fell 30 bps YOY to 8.7% in 1Q25.

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