Recent Research

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  FIRST LOOK NOTES

  25 Aug 2026

  GFH Bank BSC

  HOLD

  Last Closing Price

  1.92

  Target Price

  2.05

  Upside (%)

  +6.77%

  UAE Equity Research - GFH Bank (GFH) 2Q26 - First Look Note

  Total income increased 8.8% YOY to USD 159 Mn in 2Q26, supported by stronger Wealth & Investment Management and Credit & Financing income. Total assets and assets under management declined from USD 24.1 Bn in 1Q26 to USD 23.9 Bn in 2Q26.

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  FIRST LOOK NOTES

  20 Aug 2026

  Amanat Holding

  HOLD

  Last Closing Price

  1.47

  Target Price

  1.50

  Upside (%)

  +2.04%

  UAE Equity Research - Amanat Holdings 2Q26 - First Look Note

  The Company completed the acquisition of the outstanding c.13% stake in Cambridge Health Group in June 2026, further consolidating its healthcare platform and supporting greater integration across the business.

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  FIRST LOOK NOTES

  20 Aug 2026

  Abu Dhabi National Insurance C...

  BUY

  Last Closing Price

  6.99

  Target Price

  9.35

  Upside (%)

  +33.76%

  UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 2Q26 - First Look Note

  Gross written premiums (GWP) stood at AED 6.1 Bn in 1H26, compared to AED 5.5 Bn in 1H25, reflecting resilient underwriting performance. Premium retention ratio decreased from 42.9% in 1H25 to 33.7% in 1H26.

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  EARNINGS CALL INSIGHT

  18 Aug 2026

  GFH Bank BSC

  HOLD

  Last Closing Price

  1.93

  Target Price

  2.05

  Upside (%)

  +6.22%

  UAE Equity Research - GFH Bank 2Q26 - Earnings Call Insight

  Total income increased 8.8% YOY to USD 159 Mn in 2Q26, mainly driven by higher Wealth & Investment Management and Credit & Financing income partially offset by decline in Treasury and Proprietary income.

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  FIRST LOOK NOTES

  14 Aug 2026

  Investcorp Capital PLC

  BUY

  Last Closing Price

  1.53

  Target Price

  1.95

  Upside (%)

  +27.45%

  UAE Equity Research - Investcorp Capital PLC (ICAP) 4Q26 - First Look Note

  Effective annualized yield from the underwriting segment remained at 10%, while the co-investment portfolio continued to generate a stable cash yield of 7%. Total capital deployed reached USD 1.1 Bn, while distributions from exits and syndications increased to USD 1.3 Bn in 2026.

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  FIRST LOOK NOTES

  11 Aug 2026

  Two Point Zero Group

  BUY

  Last Closing Price

  2.00

  Target Price

  3.30

  Upside (%)

  +65.00%

  UAE Equity Research - Two Point Zero Group PJSC 2Q26 - First Look Note

  Revenue surged to AED 11.9 Bn in 2Q26 from AED 503 Mn in 2Q25, driven by organic growth and the consolidation of mega merger of Ghitha and 2PointZero Holding. 2PointZero successfully monetised its investment in TAQA and redeployed capital into higher-return opportunities.

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