Recent Research

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  FIRST LOOK NOTES

  14 Aug 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  5.21

  Target Price

  6.70

  Upside (%)

  +28.60%

  UAE Equity Research - ADNOC Logistics and Services PLC 2Q25 - First Look Note

  Revenue rose 39.8% YOY to USD 1,258 Mn in 2Q25, driven by the robust performance across all business segments. Secured a USD 531 Mn, 15-year contract in 2Q25 from Borouge to manage its logistics for c. 70% of the yearly production. Achieved USD 51 Mn out of the targeted USD 100 Mn savings in 1H25 and expects more than USD 50 Mn additional savings in 2H25.

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  FIRST LOOK NOTES

  14 Aug 2025

  Parkin Company

  HOLD

  Last Closing Price

  5.95

  Target Price

  6.00

  Upside (%)

  +0.84%

  UAE Equity Research - Parkin Company PJSC 2Q25 - First Look Note

  Added c. 11.1k YOY and 2.5k QOQ parking spaces across the public and developer segment, taking the total to 211.5k spaces in 2Q25. Parking transactions rose 15% YOY to 33.2 Mn in 2Q25; weighted average public parking tariff rose 51% YOY to AED 3.04 per hour in 2Q25 after the introduction of a variable tariff.

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  EARNINGS CALL INSIGHT

  13 Aug 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  5.16

  Target Price

  6.70

  Upside (%)

  +29.84%

  UAE Equity Research - ADNOC Logistics & Services PLC (ADNOCLS) 2Q25 - Earnings Call Insight

  Revenue rose 39.8% YOY to USD 1,258 Mn in 2Q25, attributed to strong growth across all segments. Revenue from Integrated Logistics grew 20.8% YOY to USD 665 Mn in 2Q25 due to healthy growth across material handling volumes, expansion in JUB fleet with higher utilization rate, rise in chartering activity and execution of the G-Island and Hail & Ghasha project.

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  EARNINGS CALL INSIGHT

  13 Aug 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  1.47

  Target Price

  1.50

  Upside (%)

  +2.04%

  UAE Equity Research - E7 Group 2Q25 - Earnings Call Insight

  E7 Group’s saw a marginal increase in revenue by 1.8% YOY to AED 178 Mn in 2Q25, primarily due to the timing of revenue recognition across its segment. The Company recorded a growth in the revenue from the Printing segment, partially offset by a decline in the Distribution segment.

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  FIRST LOOK NOTES

  12 Aug 2025

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  2.88

  Target Price

  2.80

  Upside (%)

  -2.78%

  UAE Equity Research - Dubai Investments PJSC (DIC) 2Q25 - First Look Note

  Income from the Manufacturing and Contracting Segment grew 23.9% YOY to AED 359 Mn in 2Q25, mainly attributable to higher sale of goods and services and contract revenue. Income from the Investments segment fell substantially from AED 109 Mn in 2Q24 to AED 51 Mn in 2Q25, due to lower gains on investments.

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• 

  FIRST LOOK NOTES

  20 May 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.43

  Target Price

  3.45

  Upside (%)

  +41.98%

  UAE Equity Research - RAK Ceramics 1Q25 - First Look Note

  Gross margin improved 33 bps YOY to 39.7% in 1Q25 due to margin expansion in the Tiles and Sanitaryware segment, partially offset by a decline in the Faucets margin. Incurred AED 8.4 Mn on the transformation of Kludi Group in 1Q25. Tiles & Sanitaryware Segment revenue remains marginally lower due to decline in regions outside the GCC.

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