Recent Research

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  FIRST LOOK NOTES

  11 Aug 2026

  Agthia Group

  BUY

  Last Closing Price

  3.33

  Target Price

  5.10

  Upside (%)

  +53.15%

  UAE Equity Research - Agthia Group 2Q26 - First Look Note

  Reported revenue included AED 142.3 Mn of one-off food security sales, while underlying revenue remained broadly stable excluding these one-off sales. KSA protein facility continued to ramp up, with protein sales in KSA growing 55.7% YOY.

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  EARNINGS CALL INSIGHT

  07 Aug 2026

  Agthia Group

  BUY

  Last Closing Price

  3.32

  Target Price

  5.10

  Upside (%)

  +53.61%

  UAE Equity Research - Agthia Group 2Q26 - Earnings Call Insight

  Agthia Group's revenue increased 11.9% YOY to AED 1,275 Mn in 2Q26, primarily driven by strong performance in the Water & Food, Protein & Frozen, and Agri-Business segments, partially offset by weaker performance in the Snacking segment.

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• 

  FIRST LOOK NOTES

  03 Aug 2026

  Americana Restaurants

  BUY

  Last Closing Price

  2.17

  Target Price

  2.50

  Upside (%)

  +15.21%

  UAE Equity Research - Americana Restaurants International PLC (AMR) - 2Q26 First Look Note

  The Company added 108 net new restaurants over the last 12 months, expanding its footprint to 2,746 restaurants. EBITDA margin expanded 245 bps YOY to 26.3% in 2Q26, driven by effective cost management and improved home delivery unit economics.

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  EARNINGS CALL INSIGHT

  30 Jul 2026

  Americana Restaurants

  BUY

  Last Closing Price

  2.15

  Target Price

  2.50

  Upside (%)

  +16.28%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 2Q26 - Earnings Call Insight

  Americana Restaurants' revenue rose 11.1% YOY to USD 715 Mn in 2Q26, driven by revenue growth across all brands and continued network expansion. The Company reported 16.5% YOY growth in gross profit to USD 404 Mn in 2Q26.

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  FIRST LOOK NOTES

  16 Jul 2026

  Jarir Marketing Co

  HOLD

  Last Closing Price

  SAR 17.92

  Target Price

  SAR 17.50

  Upside (%)

  -2.34%

  Saudi Equity Research - Jarir Marketing Company 2Q26 - First Look Note

  Jarir Marketing Co (“JARIR”, “The Company”) reported a 19.5% YOY increase in net profit to SAR 236 Mn in 2Q26, in line with our estimate of SAR 229 Mn. The increase in net profit is largely driven by higher revenue from smartphones segment, partially offset by higher cost of sales, an increase in selling & marketing and G&A expenses and decline in other income.

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  FIRST LOOK NOTES

  09 Jul 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 46.60

  Target Price

  SAR 60.00

  Upside (%)

  +28.76%

  Saudi Equity Research - Almarai Company 2Q26 - First Look Note

  Almarai Company net profit declined 1.7% YOY to SAR 636 Mn in 2Q26, in line with our estimate of SAR 640 Mn. The decline in net profit was primarily driven by higher cost of sales, reflecting increased dairy feed shipping costs, elevated operating expenses due to increased energy, logistics, and protein ramp-up costs, higher net finance costs, increase in S&D and G&A expenses and higher income tax expenses.

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