Recent Research

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  FIRST LOOK NOTES

  07 Mar 2025

  Amanat Holding

  BUY

  Last Closing Price

  AED 1.08

  Target Price

  AED 1.30

  Upside (%)

  +20.37%

  UAE Equity Research - Amanat Holdings PJSC 4Q24 - First Look Note

  Amanat incurred a Zakat of AED 8 Mn in 4Q24 compared to AED 112 Mn in 4Q23. In the Education segment, Amanat witnessed record highest enrolments in FY2024 with the student base reaching c. 23,000. The Board of Directors recommended a cash dividend of 1.6 fils per share, amounting to AED 40 Mn for 2H24.

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  FIRST LOOK NOTES

  07 Mar 2025

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  AED 1.14

  Target Price

  AED 1.50

  Upside (%)

  +31.58%

  UAE Equity Research - GFH Financial Group (GFH) 4Q24 - First Look Note

  Investment banking segment completed 13 deals in 2024. Total AUM increased to USD 22 Bn in 2024 from USD 20 Bn in 2023. Partnerships with leading acquired asset managers in the UK and US, providing access to high-potential investment opportunities. Solid liquidity with 48% of assets in cash and the treasury portfolio.

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  FIRST LOOK NOTES

  28 Feb 2025

  Waha Capital

  BUY

  Last Closing Price

  AED 1.59

  Target Price

  AED 1.84

  Upside (%)

  +15.72%

  UAE Equity Research - Al Waha Capital 4Q24 - First Look Note

  Waha’s total AUMs grew from AED 11.4 Bn in 3Q24 to AED 11.9 Bn in 4Q24. Public market third-party AUM grew to AED 6.9 Bn in 4Q24, while Private investment AUMs stood at AED 648 Mn. Waha successfully secured a new revolving credit line of AED 1.5 Bn, extendable to AED 1.8 Bn, which is expected to enhance its financial flexibility.

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  FIRST LOOK NOTES

  26 Feb 2025

  Investcorp Capital PLC

  BUY

  Last Closing Price

  AED 1.87

  Target Price

  AED 2.71

  Upside (%)

  +44.92%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q25 - First Look Note

  Investcorp Capital Plc’s net profit fell 23.8% YOY to USD 16 Mn in 2Q25. As of 2Q25, the carrying value of the Company's capital deployment exposure in Corporate Investments stood at USD 569 Mn, representing 58% of the total capital deployment exposures. CFS activities grew significantly, with deployment increasing from USD 90 Mn in 1Q25 to USD 405 Mn in 1H25.

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  EARNINGS CALL INSIGHT

  18 Feb 2025

  Amanat Holding

  BUY

  Last Closing Price

  AED 1.12

  Target Price

  AED 1.30

  Upside (%)

  +16.07%

  UAE Equity Research - Amanat Holdings 4Q24 - Earnings Call Insight

  Revenue rose 24.4% YOY to AED 230 Mn in 4Q24 owing to the strong growth in the Education segment revenue partially offset by decline in Healthcare segment revenue. The total student base rose 18% YOY to c. 23,000 driven by growth in Middlesex university enrolments. NEMA Holding and HDC enrolments rose 14% & 29% respectively on a YOY basis.

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  FIRST LOOK NOTES

  17 Feb 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  AED 6.60

  Target Price

  AED 8.78

  Upside (%)

  +33.03%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q24 - First Look Note

  The Company witnessed a record GWP of AED 7.5 Bn in 2024, up 50.4% compared to 2023. ADNIC’s insurance service result grew 47.5% YOY to AED 140 Mn in 4Q24 due to strong underwriting performance. The Company’s board of directors recommended distributing a cash dividend of AED 0.45 per share for 2024 amounting to AED 256.5 Mn with a strong dividend yield of 6.8%.

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