Recent Research

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  EARNINGS CALL INSIGHT

  14 Nov 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.39

  Target Price

  4.30

  Upside (%)

  +26.84%

  UAE Equity Research - ADNOC Gas PLC 3Q25 - Earnings Call Insight

  Revenue declined marginally 0.3% YOY to USD 4,856 Mn in 3Q25, primarily due to higher sales volumes, partially offset by an unfavorable pricing environment. Total sales volume rose 1.1% YOY to 959 trillion British thermal units (TBTU) in 3Q25.

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  FIRST LOOK NOTES

  10 Nov 2025

  DANA Gas

  BUY

  Last Closing Price

  0.83

  Target Price

  0.95

  Upside (%)

  +14.46%

  UAE Equity Research - Dana Gas 3Q25 - First Look Note

  Dana’s average production decreased from 55,300 boepd in 3Q24 to 50,700 boepd in 3Q25. KRI’s average production declined by 1.8% YOY to 38,700 boepd, while Egypt’s output fell by 24.5% YOY to 12,000 boepd in 3Q25.

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  EARNINGS CALL INSIGHT

  06 Nov 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.54

  Target Price

  6.50

  Upside (%)

  +17.33%

  UAE Equity Research - ADNOC Drilling - Acquisition Insight

  ADNOC Drilling entered into an agreement to acquire an 80% stake in MB Petroleum Services (MBPS) for AED 749 Mn (USD 204 Mn), which is expected to close in 1H26, financed through its existing debt capacity,

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  FIRST LOOK NOTES

  03 Nov 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.61

  Target Price

  4.46

  Upside (%)

  +23.55%

  UAE Equity Research - ADNOC Distribution 3Q25 - First Look Note

  Total fuel volume grew 6.5% YOY to 4,078 Mn liters in 3Q25, attributed to a strong growth in retail and commercial volume. ADNOC Distribution revised its full-year 2025 target upward to 90–100 new stations, of which 80–90 will be located in Saudi Arabia, after exceeding its August 2025 guidance of adding 60–70 new stations.

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  FIRST LOOK NOTES

  30 Oct 2025

  ADNOC Drilling

  BUY

  Last Closing Price

  5.58

  Target Price

  6.50

  Upside (%)

  +16.49%

  UAE Equity Research - ADNOC Drilling 3Q25 - First Look Note

  Revenue grew 22.8% YOY to USD 1,260 Mn in 3Q25, driven by strong growth across the Offshore and the OFS segment. As of September 2025, the Company operated a total fleet of 148 rigs, including 8 rigs in Oman and Kuwait that are part of the recently announced transaction with SLB.

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• 

  EARNINGS CALL INSIGHT

  29 Oct 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  5.77

  Target Price

  6.50

  Upside (%)

  +12.65%

  UAE Equity Research - ADNOC Drilling 3Q25 - Earnings Call Insight

  Net revenue grew strongly 22.8% YOY to USD 1,260 Mn in 3Q25, driven by the expansion of operations and the full operational impact of rigs commissioned in stages over the course of last year.

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