Recent Research

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  FIRST LOOK NOTES

  13 Nov 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  5.56

  Target Price

  6.70

  Upside (%)

  +20.50%

  UAE Equity Research - ADNOC Logistics and Services PLC (ADNOCLS) 3Q25 - First Look Note

  Revenue rose 36.3% YOY to USD 1,266 Mn in 3Q25, driven by the robust performance across all business segments. ADNOC L&S will join the MSCI Emerging Markets Index after a USD 317 Mn share placement raised free float to 22%.

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  EARNINGS CALL INSIGHT

  12 Nov 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  5.62

  Target Price

  6.70

  Upside (%)

  +19.22%

  UAE Equity Research - ADNOC Logistics and Services PLC (ADNOCLS) 3Q25 - Earnings Call Insight

  Revenue rose 36.3% YOY to USD 1,266 Mn in 3Q25, attributed to strong growth across all segments. Revenue from Integrated Logistics grew 8.7% YOY to USD 662 Mn in 3Q25, due to growth of higher Jack-Up Barges (JUB) utilization and earnings from three new strategic acquisitions of JUBs,

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  FIRST LOOK NOTES

  11 Nov 2025

  Parkin Company

  HOLD

  Last Closing Price

  5.85

  Target Price

  6.20

  Upside (%)

  +5.98%

  UAE Equity Research - Parkin Company PJSC 3Q25 - First Look Note

  Revenue guidance from Public Parking remains unchanged, while Enforcement revenue guidance has been revised upward to AED 360-390 Mn in FY2025. Public Parking space grew 7.0% YOY to 192.1k, but Developer parking declined 5% YOY to 23.2k in 3Q25.

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  FIRST LOOK NOTES

  22 Aug 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  1.55

  Target Price

  1.60

  Upside (%)

  +3.23%

  UAE Equity Research - E7 Group 2Q25 - First Look Note

  Identity Solutions secured its first long-term tax stamps contract in East Africa and also obtained banking card contracts across East Africa and Central Asia. E7 focuses on organic growth, along with a disciplined approach to value-accretive bolt-on M&A.

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  FIRST LOOK NOTES

  18 Aug 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.65

  Target Price

  3.45

  Upside (%)

  +30.19%

  UAE Equity Research - RAK Ceramics (RAKCEC) 2Q25 - First Look Note

  Revenue in the UAE region surged 25.2% YoY in 2Q25, supported by robust real estate sector growth and favorable market conditions. Gross margin rose 108 bps YOY to 40.6% in 2Q25 owing to operational efficiency.

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  FIRST LOOK NOTES

  15 Aug 2025

  Agility Global PLC

  BUY

  Last Closing Price

  1.16

  Target Price

  2.10

  Upside (%)

  +81.03%

  UAE Equity Research - Agility Global PLC 2Q25 - First Look Note

  Revenue grew 8.3% YOY to USD 1,200 Mn in 2Q25 driven by healthy growth across all segments except Other Activities. Retail fuel margins are expected to improve in 2026 with efficiency gains and network growth, while the maritime segment continues to face headwinds but retains long-term potential.

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