Recent Research

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  FIRST LOOK NOTES

  13 Nov 2026

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  0.97

  Target Price

  1.30

  Upside (%)

  +34.02%

  UAE Equity Research - LuLu Retail Holding PLC 3Q26 - First Look Note

  Added five new stores in 3Q26, comprising two Hypermarkets, two Express stores and one Mini Market, increasing the total store count to 288 and adding 18,776 sqm of retail space. Happiness loyalty membership increased by nearly 590k during 3Q26 to 10.0 Mn, with loyalty-linked sales accounting for c. 70% of retail sales.

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  EARNINGS CALL INSIGHT

  12 Nov 2026

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  0.97

  Target Price

  1.30

  Upside (%)

  +34.02%

  UAE Equity Research - LuLu Retail Holding PLC 3Q26 - Earnings Call Insight

  Lulu Retail’s revenue increased 2.0% YOY to USD 1,935 Mn in 3Q26, supported by growth in food sales, new store openings, continued e-commerce growth and higher wholesale sales, partially offset by lower non-food sales amid weak consumer sentiment, although non-food trends improved compared with 2Q26.

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• 

  FIRST LOOK NOTES

  12 Nov 2026

  Agthia Group

  BUY

  Last Closing Price

  3.17

  Target Price

  5.10

  Upside (%)

  +60.88%

  UAE Equity Research - Agthia Group 3Q26 - First Look Note

  Al Ain continued to strengthen the leadership position in the UAE bottled water market, gaining 0.8 percentage points of value market share to reach 31.2%. Net Debt-to-EBITDA ratio rose to 2.4x in 3Q26 from 1.8x in 2Q26. Abu Auf delivered revenue growth of 21.7% YOY, expanded the network to 468 stores and increased ground coffee value share to 12.5%.

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• 

  EARNINGS CALL INSIGHT

  12 Nov 2026

  Agthia Group

  BUY

  Last Closing Price

  3.17

  Target Price

  5.10

  Upside (%)

  +60.88%

  UAE Equity Research - Agthia Group 3Q26 - Earnings Call Insight

  Agthia Group’s revenue increased 14.4% YOY to AED 1,300 Mn in 3Q26, 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

  30 Oct 2026

  Americana Restaurants

  ACCUMULATE

  Last Closing Price

  2.45

  Target Price

  2.70

  Upside (%)

  +10.20%

  UAE Equity Research - Americana Restaurants International PLC (AMR) - 3Q26 First Look Note

  Added 112 net new restaurants over the last 12 months, expanding its network to 2,769 restaurants as of 3Q26. LFL sales growth accelerated to 8.6% YOY in 3Q26 from 6.3% YOY in 1H26, driven by menu innovation, value offerings and targeted marketing initiatives.

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• 

  EARNINGS CALL INSIGHT

  30 Oct 2026

  Americana Restaurants

  ACCUMULATE

  Last Closing Price

  2.45

  Target Price

  2.70

  Upside (%)

  +10.20%

  UAE Equity Research - Americana Restaurants International PLC (AMR) 3Q26 - Earnings Call Insight

  Americana revenue rose 14.4% YOY to USD 712 Mn in 3Q26, driven by like-for-like sales growth of 8.6%, revenue growth across all Power Brands and continued network expansion.

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