Recent Research

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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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• 

  EARNINGS CALL INSIGHT

  17 Feb 2026

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.07

  Target Price

  1.50

  Upside (%)

  +40.19%

  UAE Equity Research - LuLu Retail Holding PLC 4Q25 - Earnings Call Insight

  LuLu Retail’s revenue rose 2.4% YOY to USD 1,940 Mn in 4Q25, primarily supported by resilient trading in the UAE, Kuwait and Other operating segments, partially offset by a decline in KSA and Oman. Additionally, revenue from fresh food segments rose 3.5% YOY in 4Q25, while the e-commerce segment increased 51.8% YOY in 4Q25.

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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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