Recent Research

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  INITIAL COVERAGE (EQUITIES)

  02 Sep 2026

  Invictus Investment Company PL...

  BUY

  Last Closing Price

  1.68

  Target Price

  3.00

  Upside (%)

  +78.57%

  UAE Equity Research - Invictus Investment Company PLC - Initiation Coverage

  We initiate coverage on Invictus Investment Company PLC (“Invictus” or “the Company”) with an equity valuation of AED 3.00. The Company is a Dubai headquartered agro-food company operating across Africa, the Middle East, and Asia through an integrated platform spanning agricultural commodity trading, logistics, storage, processing, and value-added food operations.

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  FIRST LOOK NOTES

  20 Aug 2026

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  0.98

  Target Price

  1.50

  Upside (%)

  +52.75%

  UAE Equity Research - LuLu Retail Holding PLC 2Q26 - First Look Note

  Added six new stores in 2Q26, comprising five Mini Markets and one Express store, increasing the total store count to 283 and adding 2,997 sqm of retail space. Lulu’s customer count increased by 5k during 2Q26 to c. 695k, reflecting continued traction across markets.

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  EARNINGS CALL INSIGHT

  17 Aug 2026

  LuLu Retail Holdings PLC

  BUY

  Last Closing Price

  0.98

  Target Price

  1.50

  Upside (%)

  +53.06%

  UAE Equity Research - LuLu Retail Holding PLC 2Q26 - Earnings Call Insight

  LuLu Retail’s revenue declined 2.3% YOY to USD 1,971 Mn in 2Q26, driven by lower non-food sales, particularly in discretionary categories, amid weaker consumer sentiment, partially offset by growth in food sales, which was further supported by new store openings and strong e-commerce growth.

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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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