Recent Research

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  FIRST LOOK NOTES

  23 Feb 2026

  Waha Capital

  HOLD

  Last Closing Price

  2.15

  Target Price

  2.20

  Upside (%)

  +2.33%

  UAE Equity Research - Al Waha Capital 4Q25 - First Look Note

  Effective 1 October 2025, Waha Capital updated its financial reporting framework to better align with its investment-led structure, presenting investments at fair value instead of consolidating them line by line. Total Assets under Management (AUM) stood at c. AED 10.8 Bn in 4Q25, including third party AUM of AED 7.1 Bn,

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  FIRST LOOK NOTES

  20 Feb 2026

  Investcorp Capital PLC

  BUY

  Last Closing Price

  1.46

  Target Price

  2.20

  Upside (%)

  +50.68%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q26 - First Look Note

  Effective annualized yield of CFS and CD segments stood at 10% and 7%, respectively in 1H26. Investment activity across both underwriting (CFS) and co-investment (CD) segments reached USD 614 Mn in 1H26 compared to USD 480 Mn in 1H25, reflecting continued deployment across private equity, global credit and real assets.

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  FIRST LOOK NOTES

  20 Feb 2026

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  7.85

  Target Price

  9.35

  Upside (%)

  +19.11%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q25 - First Look Note

  Gross written premiums (GWP) grew 13.4% YOY to AED 8.5 Bn in 2025, supported by resilient growth across selected business segments and territories. Premium retention ratio increased from 38.3% in 2024 to 42.3% in 2025, mainly due to overall low retention levels in commercial lines.

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  EARNINGS CALL INSIGHT

  16 Feb 2026

  Amanat Holding

  HOLD

  Last Closing Price

  1.34

  Target Price

  1.35

  Upside (%)

  +0.75%

  UAE Equity Research - Amanat Holdings 4Q25 - Earnings Call Insight

  Revenue increased 21.8% YOY to AED 310 Mn in 4Q25, driven primarily by robust performance in the Education segment, where revenue grew 20% YOY to AED 196 Mn, supported by strong enrollment growth and continued expansion across MDX, NEMA, and HDC.

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  EARNINGS CALL INSIGHT

  13 Feb 2026

  Investcorp Capital PLC

  BUY

  Last Closing Price

  1.52

  Target Price

  2.35

  Upside (%)

  +54.61%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q26 - Earnings call insight

  Net profit declined 6.3% YOY to USD 15 Mn in 2Q26, in line with our estimates. The decline was impacted by higher finance cost, however partially offset expansion in gross operating income.

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  EARNINGS CALL INSIGHT

  03 Feb 2026

  Dubai Financial Market (DFM)

  BUY

  Last Closing Price

  1.66

  Target Price

  1.90

  Upside (%)

  +14.46%

  UAE Equity Research - Dubai Financial Market (DFM) 4Q25 - Earnings Call Insight

  Dubai Financial Market's operating income increased 12.5% YOY to AED 121 Mn in 4Q25, due to strong growth in clearing settlement & depository fees. The Company’s clearing settlement & depository fees grew from AED 5 Mn in 4Q24 to AED 19 Mn in 4Q25, while other fees rose from AED 2 Mn in 4Q24 to AED 3 Mn in 4Q25.

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