Recent Research

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  FIRST LOOK NOTES

  12 Aug 2026

  DANA Gas

  BUY

  Last Closing Price

  0.88

  Target Price

  1.15

  Upside (%)

  +30.39%

  UAE Equity Research - Dana Gas 2Q26 - First Look Note

  Average production increased from 51.5 kboep/d in 2Q25 to 52.7 kboep/d in 2Q26, supported by higher production from Egypt. Khor Mor production has recovered to c.630 MMscf/d following the temporary disruptions, compared with the expanded capacity of 750 MMscf/d.

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  EARNINGS CALL INSIGHT

  11 Aug 2026

  DANA Gas

  BUY

  Last Closing Price

  0.88

  Target Price

  1.15

  Upside (%)

  +30.39%

  UAE Equity Research - Dana Gas 2Q26 - Earnings Call Insight

  DANA’s revenue increased 41.3% YOY to USD 113 Mn in 2Q26, driven by higher realized prices, increased gas sales volumes in the KRI and higher production in Egypt.

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  EARNINGS CALL INSIGHT

  11 Aug 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.40

  Target Price

  4.30

  Upside (%)

  +26.47%

  UAE Equity Research - ADNOC Gas 2Q26 - Earnings Call Insight

  Revenue declined 33.2% YOY to USD 3,111 Mn in 2Q26, primarily due to lower domestic gas sales, reduced exports and traded liquids sales volumes amid the continued Strait of Hormuz disruption.

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  FIRST LOOK NOTES

  07 Aug 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  4.08

  Target Price

  4.70

  Upside (%)

  +15.20%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 2Q26 - First Look Note

  Total fuel volumes increased 0.8% YOY to 3.9 Bn liters in 2Q26, supported by growth in aviation fuel volumes, despite lower retail fuel volumes. The Company acquired Shell Downstream South Africa (SDSA) further strengthening its international footprint.

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  EARNINGS CALL INSIGHT

  06 Aug 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  4.07

  Target Price

  4.70

  Upside (%)

  +15.48%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 2Q26 - Earnings Call Insight

  ADNOC Distribution's revenue increased from AED 8,638 Mn in 2Q25 to AED 13,201 Mn in 2Q26, driven by higher fuel selling prices following elevated crude oil prices, robust aviation fuel demand and continued growth in the non-fuel retail business, partially offset by lower retail fuel volumes.

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  FIRST LOOK NOTES

  03 Aug 2026

  NMDC Energy

  BUY

  Last Closing Price

  2.77

  Target Price

  3.80

  Upside (%)

  +37.18%

  UAE Equity Research - NMDC Energy 2Q26 - First Look Note

  NMDC Energy’s project pipeline stood at c. AED 55.2 Bn as of 2Q26. The Company’s backlog stood at AED 33.3 Bn, with 82% from the local (UAE) market and 18% from international markets, comprising 68% offshore and 32% onshore projects.

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