Recent Research

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  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.

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  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.

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  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.

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  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.

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  FIRST LOOK NOTES

  16 May 2025

  Investcorp Capital PLC

  BUY

  Last Closing Price

  1.61

  Target Price

  2.55

  Upside (%)

  +58.39%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 3Q25 - First Look Note

  Investcorp Capital Plc’s net profit fell 13.3% YOY to USD 13 Mn in 3Q25. As of 3Q25, the carrying value of the Company's capital deployment exposure in Corporate Investments stood at USD 591 Mn, representing 47% of the total capital deployment exposures.

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  FIRST LOOK NOTES

  16 May 2025

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.41

  Target Price

  8.78

  Upside (%)

  +36.97%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 1Q25 - First Look Note

  ADNIC witnessed a Gross written premium (GWP) of AED 3.9 Bn in 1Q25, up 27.4% compared to 1Q24. Insurance service result grew 37.0% YOY to AED 141 Mn in 1Q25 due to strong underwriting performance.

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