Recent Research

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  FIRST LOOK NOTES

  13 May 2025

  DANA Gas

  BUY

  Last Closing Price

  AED 0.73

  Target Price

  AED 0.95

  Upside (%)

  +31.03%

  UAE Equity Research - Dana Gas 1Q25 - First Look Note

  The Company's KRI’s average production increased 2.7% YOY to 39,650 boepd in 1Q25, driven by strong demand from local power stations, whereas Egypt saw a 31.0% YOY decline to 12,550 boepd, supported by the depletion of the natural field, and the effect of a planned maintenance shutdown.

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  FIRST LOOK NOTES

  13 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  AED 5.39

  Target Price

  AED 6.25

  Upside (%)

  +15.96%

  UAE Equity Research - ADNOC Drilling 1Q25 - First Look Note

  OFS segmental revenue grew significantly from USD 146 Mn in 1Q24 to USD 342 Mn in 1Q25, mainly driven by USD 122 Mn revenue from the unconventional business, coupled with increased IDS activity and provision of more discrete services. ADNOCDRILL was operating 95 onshore and 47 offshore, with a rig availability of 96%, as of 1Q25.

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  EARNINGS CALL INSIGHT

  12 May 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  AED 5.25

  Target Price

  AED 6.25

  Upside (%)

  +19.05%

  UAE Equity Research - ADNOC Drilling 1Q25 - Earnings Call Insight

  Net revenue grew strongly 32.1% YOY to USD 1,170 Mn in 1Q25 driven by the expansion of operations. Onshore Segment revenue grew 20.1% YOY to USD 494 Mn in 1Q25, primarily due to new rigs starting operations and USD 30 Mn contribution from unconventional activity related to land drilling.

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  FIRST LOOK NOTES

  08 May 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.42

  Target Price

  AED 4.46

  Upside (%)

  +30.41%

  UAE Equity Research - ADNOC Distribution 1Q25 - First Look Note

  ADNOCDIST total fuel volume marginally grew 1.1% YOY to 3.7 Bn liters in 1Q25, driven by increased mobility, network expansion, with increased share from KSA operations. The Company expects to add 40 to 50 new service stations across the network with 30 to 40 stores under the DOCO model in 2025.

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  FIRST LOOK NOTES

  07 May 2025

  ADNOC Gas

  BUY

  Last Closing Price

  AED 3.27

  Target Price

  AED 3.93

  Upside (%)

  +20.18%

  UAE Equity Research - ADNOC Gas 1Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 1.3% YOY to 902 TBTU in 1Q25, despite maintenance activity. The Company anticipates more shutdowns for the remainder of 2025, including two major ones related to tie-ins for new growth projects.

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• 

  EARNINGS CALL INSIGHT

  07 May 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  AED 3.42

  Target Price

  AED 4.46

  Upside (%)

  +30.41%

  UAE Equity Research - ADNOC Distribution 1Q25 - Earnings Call Insight

  Revenue fell 3.2% YOY to AED 8,473 Mn in 1Q25, mainly due to reduced selling prices stemming from a drop in crude oil prices, partially offset by a growth in fuel volumes and higher contribution from non-fuel segment.

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