Recent Research

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  FIRST LOOK NOTES

  21 Apr 2026

  Jarir Marketing Co

  HOLD

  Last Closing Price

  SAR 14.83

  Target Price

  SAR 15.50

  Upside (%)

  +4.52%

  Saudi Equity Research - Jarir Marketing Company 1Q26 - First Look Note

  Revenue grew 14.4% YOY to SAR 3,039 Mn in 1Q26, driven by higher sales across most segments, particularly smartphones. Net profit increased 16.7% YOY, supported by strong topline growth, despite higher cost of sales and elevated operating expenses.

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  FIRST LOOK NOTES

  10 Apr 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 42.80

  Target Price

  SAR 60.00

  Upside (%)

  +40.19%

  Saudi Equity Research - Almarai Company 1Q26 - First Look Note

  Almarai reported poultry production of c. 81 Mn birds in 1Q26, with guidance of c. 330 Mn birds going forward and a long-term target of c. 450 Mn birds, indicating significant scale-up potential.

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  EARNINGS CALL INSIGHT

  08 Apr 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 42.70

  Target Price

  SAR 60.00

  Upside (%)

  +40.52%

  Saudi Equity Research - Almarai Company 1Q26 - First Look Note

  Almarai’s revenue grew 6.8% YOY to SAR 6,160 Mn in 1Q26, supported improved performance during the holy month of Ramadan and broad-based volume growth across markets, product segments, and channels, led by dairy and poultry.

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  FIRST LOOK NOTES

  06 Mar 2026

  Agthia Group

  BUY

  Last Closing Price

  3.73

  Target Price

  5.70

  Upside (%)

  +52.82%

  UAE Equity Research - Agthia Group 4Q25 - First Look Note

  In the Water & Food segment, the Company recorded 8.7% YOY growth on a like-for-like basis, excluding Riviere, reflecting strong organic momentum.

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  EARNINGS CALL INSIGHT

  06 Mar 2026

  Agthia Group

  BUY

  Last Closing Price

  3.73

  Target Price

  5.70

  Upside (%)

  +52.82%

  UAE Equity Research - Agthia Group 4Q25 - Earnings Call Insight

  Agthia Group’s revenue declined 1.6% YOY to AED 1,286 Mn in 4Q25, primarily due to weaker performance in the Snacking and Agri-business segment, partially offset by strong performance in Protein & Frozen and Water & Food segment.

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  FIRST LOOK NOTES

  25 Feb 2026

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.03

  Target Price

  1.50

  Upside (%)

  +45.63%

  UAE Equity Research - LuLu Retail Holding PLC 4Q25 - First Look Note

  Added seven new stores in 4Q25, comprising two hypermarkets, four express stores and one mini market, increasing the total store count to 267 and adding 23,498 sqm of retail space. The Company’s average daily shoppers increased 26k YOY to 675k in 4Q25.

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