Recent Research

• 

  FIRST LOOK NOTES

  13 Aug 2025

  Waha Capital

  BUY

  Last Closing Price

  1.64

  Target Price

  2.00

  Upside (%)

  +21.95%

  UAE Equity Research - Al Waha Capital 2Q25 - First Look Note

  Total income rose from AED 156 Mn in 2Q24 to AED 381 Mn in 2Q25, attributed to growth in income from Public Markets and WAHA Land. The Group’s AUM reached AED 12.6 Bn in 2Q25, owing to a significant inflow of capital into Waha Investment’s credit and equity funds.

  Download
• 

  FIRST LOOK NOTES

  06 Aug 2025

  Dubai Financial Market (DFM)

  HOLD

  Last Closing Price

  1.72

  Target Price

  1.80

  Upside (%)

  +4.65%

  UAE Equity Research - Dubai Financial Market PJSC (DFM) 2Q25 - First Look Note

  DFM’s trading commission fees rose from AED 44 Mn in 2Q24 to AED 124 Mn in 2Q25, driven by strong trading activities and higher trading value. The Company saw addition of 53,655 new investors in 1H25, with 84% being from foreign investors.

  Download
• 

  FIRST LOOK NOTES

  26 May 2025

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.12

  Target Price

  1.50

  Upside (%)

  +33.93%

  UAE Equity Research - GFH Financial Group (GFH) 1Q25 - First Look Note

  Assets under management increased from USD 21.7 Bn in 4Q24 to USD 22.6 Bn in 1Q25. The Company’s core business, Investment Banking, continued to grow strongly, contributing 39% of the total income in 1Q25 compared to 28% in 1Q24.

  Download
• 

  FIRST LOOK NOTES

  23 May 2025

  Waha Capital

  BUY

  Last Closing Price

  1.48

  Target Price

  1.84

  Upside (%)

  +24.32%

  UAE Equity Research - Al Waha Capital PJSC 1Q25 - First Look Note

  Total income declined 29.0% YOY to AED 330 Mn in 1Q25, due to a substantial decline in income from Financial Investments. Total AUMs rose from AED 11.9 Bn in 2024 to AED 12.3 Bn in 1Q25. Public market third-party AUM stood at AED 7.2 Bn in 1Q25 compared to 6.0 Bn in 1Q24.

  Download
• 

  FIRST LOOK NOTES

  23 May 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.06

  Target Price

  1.30

  Upside (%)

  +22.64%

  UAE Equity Research - Amanat Holdings 1Q25 - First Look Note

  Amanat’s revenue grew 12.8% YOY to AED 241 Mn, while EBITDA grew 4.1% YOY to AED 84 Mn in 1Q25. In the Education segment, Amanat recorded strong enrolments in 1Q25 with the student base reaching c. 23,700.

  Download
• 

  EARNINGS CALL INSIGHT

  16 May 2025

  Amanat Holding

  BUY

  Last Closing Price

  1.06

  Target Price

  1.30

  Upside (%)

  +22.64%

  UAE Equity Research - Amanat Holdings 1Q25 - Earnings Call Insight

  Revenue rose 12.8% YOY to AED 241 Mn in 1Q25, owing to the strong growth in the Education segment revenue, partially offset by a decline in healthcare segment revenue. Education segment revenue grew strongly 23.2% YOY to AED 152 Mn, whereas Healthcare segment revenue declined 1.6% YOY to AED 89 Mn in 1Q25.

  Download