Recent Research

• 

  FIRST LOOK NOTES

  21 Nov 2025

  GFH Financial Group (GFH)

  HOLD

  Last Closing Price

  2.13

  Target Price

  2.05

  Upside (%)

  -3.76%

  UAE Equity Research - GFH Financial Group (GFH) 3Q25 - First Look Note

  Assets under management increased from USD 21.5 Bn in 4Q24 to USD 23.5 Bn in 3Q25. Treasury & Proprietary segment contributed 60.9% of total income, amounting to USD 122 Mn in 3Q25. GFH maintained a healthy NSFR and LCR at 139% and 142%, respectively, during 3Q25.

  Download
• 

  FIRST LOOK NOTES

  21 Nov 2025

  Investcorp Capital PLC

  BUY

  Last Closing Price

  1.54

  Target Price

  2.35

  Upside (%)

  +52.60%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 1Q26 - First Look Note

  Effective annualized yield of CFS and CD Segment stood at 11% and 7%, respectively in 1Q26. Investment across both CFS and CD segments stood at USD 88 Mn in 1Q26 compared to USD 104 Mn in 1Q25 as several transactions remain under process and expected to be completed in 2Q26.

  Download
• 

  FIRST LOOK NOTES

  20 Nov 2025

  Amanat Holding

  ACCUMULATE

  Last Closing Price

  1.14

  Target Price

  1.30

  Upside (%)

  +14.04%

  UAE Equity Research - Amanat Holdings 3Q25 - First Look Note

  Total beneficiaries and student base increased 22% YOY to c. 28.0k in 9M25, driven by strong growth in international students and the expansion of HDC. After refurbishment, Jeddah bed capacity expanded to 200; Dhahran capacity increased to 70. Additionally, 40 beds are expected to be operationalized in Khobar in 4Q25.

  Download
• 

  FIRST LOOK NOTES

  18 Nov 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  7.25

  Target Price

  8.78

  Upside (%)

  +21.10%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 3Q25 - First Look Note

  Net profit grew 18.7% YOY to AED 119 Mn during 3Q25, exceeding estimates on robust underwriting performance and lower insurance service expenses. Gross written premiums (GWP) grew 17.4% YOY to AED 7.2 Bn in 9M25, supported by resilient growth across major business lines.

  Download
• 

  EARNINGS CALL INSIGHT

  17 Nov 2025

  Amanat Holding

  ACCUMULATE

  Last Closing Price

  1.14

  Target Price

  1.30

  Upside (%)

  +14.04%

  UAE Equity Research - Amanat Holdings 3Q25 - Earnings Call Insight

  Revenue rose 20.3% YOY to AED 154 Mn in 3Q25, owing to the strong growth in the Healthcare Segment, owing to bed additions and subdued growth in the Education Segment. The third quarter is a seasonally weak quarter for the Education segment due to summer vacation.

  Download
• 

  FIRST LOOK NOTES

  03 Nov 2025

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.54

  Target Price

  1.80

  Upside (%)

  +16.88%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 3Q25 - First Look Note

  DFM’s earnings from trading commission fees rose from AED 46 Mn in 3Q24 to AED 113 Mn in 3Q25, driven by strong trading activities and higher value traded. Added 82,742 new investors in 9M25, with 84% being from foreign investors.

  Download