Recent Research

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  FIRST LOOK NOTES

  15 Aug 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.23

  Target Price

  2.00

  Upside (%)

  +62.60%

  UAE Equity Research - LuLu Retail Holding PLC 2Q25 - First Look Note

  Added two retail stores with a total store count of 256 stores in 2Q25. Also added 9k square meter (SQM) of selling area with a total selling area of 1.35 Mn SQM. Revenue grew 4.6% YOY to USD 2,017 Mn in 2Q25, primarily supported by growth in LFL sales, strong e-commerce performance, robust demand for fresh food and electrical goods, private label contribution, and new store openings.

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  EARNINGS CALL INSIGHT

  14 Aug 2025

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  1.21

  Target Price

  2.00

  Upside (%)

  +65.29%

  UAE Equity Research - LuLu Retail Holding PLC 2Q25 - Earnings Call Insight

  LuLu Retail’s revenue rose 4.6% YOY to USD 2,017 Mn in 2Q25, primarily supported by the growth in LFL sales and new store openings. The Company opened two new stores in the UAE during 2Q25, which include one Hypermarkets and one Express stores. Private label sales, the Company’s higher-margin segment, grew 3.5% YOY and contributed 29.7% to total retail revenue in 2Q25.

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• 

  FIRST LOOK NOTES

  14 Aug 2025

  Agthia Group

  BUY

  Last Closing Price

  4.10

  Target Price

  6.30

  Upside (%)

  +53.66%

  UAE Equity Research - Agthia Group 2Q25 - First Look Note

  Profitability impacted due to one-time impact from the repositioning of the dates business. expanded its product offerings and revamped packaging to improve shelf visibility and space efficiency. Completed legacy cleanups in its water, food, and dates business, addressing overdue receivables and slow-moving inventory by 1H25.

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  EARNINGS CALL INSIGHT

  08 Aug 2025

  Agthia Group

  NOT RATED

  Last Closing Price

  4.06

  Target Price

  0.00

  Upside (%)

  NA

  UAE Equity Research - Agthia Group 2Q25 - Earnings Call Insight

  Agthia Group’s revenue rose 5.9% YOY to AED 1,140 Mn in 2Q25, primarily driven by growth in Snacking and Water & Food segment, partially offset by a decline in revenue of the Protein & Frozen segment and Agri-Business segment.

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• 

  FIRST LOOK NOTES

  01 Aug 2025

  Americana Restaurants

  BUY

  Last Closing Price

  2.15

  Target Price

  2.95

  Upside (%)

  +37.21%

  UAE Equity Research- Americana Restaurants - 2Q25 First Look Note

  Integrated 46 additional restaurants into Pizza Hut Oman, in addition to 36 gross openings across 1H25. Plans to add 150-160 net new stores in 2025. Signed a franchise agreement with Carpo, securing exclusive rights to build and operate Carop stores in Kuwait and Qatar.

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• 

  EARNINGS CALL INSIGHT

  31 Jul 2025

  Americana Restaurants

  BUY

  Last Closing Price

  2.15

  Target Price

  2.95

  Upside (%)

  +37.21%

  UAE Equity Research- Americana Restaurants - 2Q25 Earnings Call Insight

  Americana Restaurants revenue rose 15.1% YOY to USD 644 Mn in 2Q25, primarily supported by operational efficiency and strong brand performance. The Company reported 15.2% YOY growth in gross profit to USD 347 Mn in 2Q25 as compared to USD 301 Mn in 2Q24. Gross profit margin marginally increased 6 bps YOY to 53.9% in 2Q25.

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