Recent Research

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  FIRST LOOK NOTES

  25 May 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.35

  Target Price

  4.30

  Upside (%)

  +28.36%

  UAE Equity Research - ADNOC Gas PLC 1Q26 - First Look Note

  ADNOC Gas reported a resilient 1Q26 performance despite geopolitical disruptions and export constraints caused by the temporary closure of the Strait of Hormuz. Total sales volumes declined 14.6% YOY to 770 TBTU in 1Q26, mainly due to lower LNG, LPG and Naphtha export volumes.

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  FIRST LOOK NOTES

  21 May 2026

  ADNOC Distribution

  BUY

  Last Closing Price

  3.86

  Target Price

  4.70

  Upside (%)

  +21.76%

  UAE Equity Research - ADNOC Distribution (ADNOCDIST) 1Q26 - First Look Note

  ADNOCDIST’s total fuel volumes increased 2.4% YOY to 3.8 Bn liters in 1Q26, supported by strong retail momentum across the UAE and KSA markets. Continued expanding retail network during 1Q26, adding two new service stations in the UAE and Egypt, also contracting an additional 20 stations in KSA under the capex-light DOCO model.

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  FIRST LOOK NOTES

  19 May 2026

  ADNOC Drilling

  BUY

  Last Closing Price

  5.91

  Target Price

  7.00

  Upside (%)

  +18.44%

  UAE Equity Research - ADNOC Drilling (ADNOCDRI) 1Q26 - First Look Note

  Revenue increased 5.0% YOY to USD 1,228 Mn in 1Q26, supported by growth in the OFS segment and stable offshore activity despite the impact from onshore rig repurposing. ADNOC Drilling’s pro-forma rig fleet expanded to 170 rigs by the end of 1Q26, including 140 rigs in Abu Dhabi and 30 regional rigs across Oman, Kuwait, and Bahrain through the SLDC and MBPS transactions.

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  SECTOR NOTE

  23 Apr 2026

  Energy

  UAE Equity Research - Energy Sector 1Q26 - Preview Note

  Recent geopolitical tensions in the Middle East have significantly disrupted global oil markets during 1Q26, leading to increased volatility and a sharp rise in risk premiums.

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  FIRST LOOK NOTES

  13 Mar 2026

  DANA Gas

  BUY

  Last Closing Price

  0.79

  Target Price

  1.15

  Upside (%)

  +44.84%

  UAE Equity Research - Dana Gas 4Q25 - First Look Note

  Dana Gas reported a 30.8% YOY decline in net profit during 4Q25, primarily due to lower production in Egypt and a softer average Brent price environment. Average production increased from 55,300 boepd in 4Q24 to 55,900 boepd in 4Q25.

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  FIRST LOOK NOTES

  18 Feb 2026

  ADNOC Gas

  BUY

  Last Closing Price

  3.56

  Target Price

  4.30

  Upside (%)

  +20.79%

  UAE Equity Research - ADNOC Gas PLC 4Q25 - First Look Note

  ADNOCGAS’s total sales volume increased 4.7% YOY to 910 TBTU in 4Q25, owing to strong domestic demand. The Company expects 2026 Domestic sales volume to range between 2,430–2,510 TBTU, while Exports and traded liquids sales volume are expected to be between 1,045-1,075 TBTU.

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