Recent Research

• 

  FIRST LOOK NOTES

  12 Aug 2025

  DANA Gas

  BUY

  Last Closing Price

  0.76

  Target Price

  0.95

  Upside (%)

  +24.51%

  UAE Equity Research - Dana Gas 2Q25 - First Look Note

  KRI’s average production increased 2.7% YOY to 37,500 boepd in 2Q25, whereas Egypt saw a 28.4% YOY decline to 12,300 boepd, due to the depletion of the natural field. Khor Mor’s daily gas production averaged more than 500 MMscfd in 1H25.

  Download
• 

  FIRST LOOK NOTES

  12 Aug 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.74

  Target Price

  4.46

  Upside (%)

  +19.25%

  UAE Equity Research -ADNOC Distribution 2Q25 - First Look Note

  Total fuel grew 10.3% YOY to 3,899 Mn liters, attributed to a double-digit growth in retail and commercial volume. The Company added 47 service stations in 1H25, achieving its initial full-year target, and revised its guidance to open 60–70 new stations in 2025, including 50-60 stations in KSA.

  Download
• 

  FIRST LOOK NOTES

  08 Aug 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  3.93

  Upside (%)

  +17.31%

  UAE Equity Research - ADNOC Gas 2Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 2.6% YOY to 931 TBTU in 2Q25, owing to strong domestic demand. The Company revised its 2025 sales volume outlook and now expects Domestic sales volume to range between 2,410–2,450 TBTU, up from the earlier estimate of 2,340–2,370 TBTU.

  Download
• 

  EARNINGS CALL INSIGHT

  08 Aug 2025

  ADNOC Distribution

  BUY

  Last Closing Price

  3.70

  Target Price

  4.46

  Upside (%)

  +20.54%

  UAE Equity Research - ADNOC Distribution 2Q25 - Earnings Call Insight

  Revenue fell 1.7% YOY to AED 8,638 Mn in 2Q25, mainly due to reduced selling prices stemming from a drop in crude oil prices, partially offset by increased fuel volumes in the Retail and Commercial segment, stronger contributions from the Non-fuel Retail segment.

  Download
• 

  EARNINGS CALL INSIGHT

  07 Aug 2025

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  3.93

  Upside (%)

  +17.31%

  UAE Equity Research - ADNOC Gas 2Q25 - Earnings Call Insight

  Revenue declined 4.2% YOY to USD 4,657 Mn in 2Q25, primarily due to an unfavourable pricing environment, partially offset by higher sales volumes, particularly in the domestic and LNG JV segments. Total sales volume rose 2.6% YOY to 931 trillion British thermal units (TBTU) in 2Q25. Domestic gas volume grew 5.3% YOY to 611 TBTU in 2Q25. However, Exports and Traded liquids volume declined 5.3% YOY to 252 TBTU in 2Q25.

  Download
• 

  FIRST LOOK NOTES

  31 Jul 2025

  ADNOC Drilling

  ACCUMULATE

  Last Closing Price

  5.84

  Target Price

  6.50

  Upside (%)

  +11.30%

  UAE Equity Research - ADNOC Drilling 2Q25 - First Look Note

  Revenue grew 27.9% YOY to USD 1,197 Mn in 2Q25, driven by strong growth across the Onshore and the OFS segment. The Company’s Unconventional operations generated USD 192 Mn in revenue during 2Q25.

  Download