Recent Research

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  FIRST LOOK NOTES

  02 Sep 2025

  GFH Financial Group (GFH)

  BUY

  Last Closing Price

  1.42

  Target Price

  1.65

  Upside (%)

  +16.20%

  UAE Equity Research - GFH Financial Group (GFH) 2Q25 - First Look Note

  Assets under management increased from USD 21.8 Bn in 4Q24 to USD 23.7 Bn in 1H25. Proprietary & Treasury segment contributed 63.7% of total income, amounting to USD 119 Mn in 2Q25. GFH maintained a healthy NSFR and LCR at 142% and 155%, respectively, during 2Q25.

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  FIRST LOOK NOTES

  21 Aug 2025

  Amanat Holding

  ACCUMULATE

  Last Closing Price

  1.17

  Target Price

  1.30

  Upside (%)

  +11.11%

  UAE Equity Research - Amanat Holdings 2Q25 - First Look Note

  Total beneficiaries and student base increased 17% YoY to approximately 23.9k in 1H25, driven by strong growth in international students and the expansion of HDC. After refurbishment, Jeddah bed capacity expanded to 170; post 2Q25 added 30 in Jeddah and 10 beds in Dharan, with 30 beds additional under licensing at Khobar.

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  FIRST LOOK NOTES

  21 Aug 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.99

  Target Price

  8.78

  Upside (%)

  +25.61%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 2Q25 - First Look Note

  Witnessed a GWP of AED 5.5 Bn in 1H25, up 25.7% compared to 1H24. Insurance service results grew 15.8% YOY to AED 117 Mn in 2Q25 due to strong underwriting performance. Premium Retention ratio rose from 38.6% in 2Q24 to 42.9% in 2Q25, while the Combined Ratio increased 50 bps YOY to 92.9% in 2Q25.

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  EARNINGS CALL INSIGHT

  18 Aug 2025

  Amanat Holding

  HOLD

  Last Closing Price

  1.19

  Target Price

  1.30

  Upside (%)

  +9.24%

  UAE Equity Research - Amanat Holdings 2Q25 - Earnings Call Insight

  Revenue rose 13.5% YOY to AED 225 Mn in 2Q25, owing to the strong growth in the Education segment revenue, and further subdued growth in the Healthcare segment revenue. The total beneficiaries and student base grew 17% YoY to c. 23.9k in 1H25, driven by a strong growth in the international students coupled with HDC expansion.

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  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.

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  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.

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