Recent Research

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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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  EARNINGS CALL INSIGHT

  19 May 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.45

  Target Price

  3.45

  Upside (%)

  +40.82%

  UAE Equity Research - RAK Ceramics (RAKCEC) 1Q25 - Earnings Call Insight

  Rak Ceramics revenue declined 0.7% YOY to AED 777 Mn in 1Q25, primarily due to currency depreciation of Euro, Bangladesh Taka (BDT) and Indian Rupee (INR) against USD. The decline in revenue is mainly due to a slowdown in revenue across all segments except the Tiles Segment.

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  FIRST LOOK NOTES

  16 May 2025

  Agility Global PLC

  BUY

  Last Closing Price

  1.20

  Target Price

  2.10

  Upside (%)

  +75.00%

  UAE Equity Research - Agility Global PLC 1Q25 - First Look Note

  Revenues grew 16.7% YOY to USD 1,143 Mn in 1Q25 driven by healthy growth across all segments. New businesses from Spain and Portugal and expansion in Serbia, increased winter activity, and improved yields supported Aviation services business.

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  FIRST LOOK NOTES

  15 May 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  1.00

  Target Price

  1.50

  Upside (%)

  +50.00%

  UAE Equity Research - E7 Group PJSC 1Q25 - First Look Note

  E7 obtained five new contracts across the business segments in 1Q25 and successfully renewed its Visa and Mastercard certifications. Additionally, the Company onboarded 17 new clients across its business lines in the Middle East & Africa.

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  FIRST LOOK NOTES

  15 May 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  4.73

  Target Price

  6.50

  Upside (%)

  +37.42%

  UAE Equity Research - ADNOC Logistics & Services PLC (ADNOCL&S) 1Q25 - First Look Note

  Revenue rose 40.6% YOY to USD 1,181 Mn in 1Q25, mainly driven by consolidation of Navig8 revenues. Company acquired 80% stake in Navig8 for USD 1 Bn, added 32 tankers, expanding global shaping capacity.

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  EARNINGS CALL INSIGHT

  14 May 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  1.01

  Target Price

  1.50

  Upside (%)

  +48.51%

  UAE Equity Research - E7 Group PJSC 1Q25 - Earnings Call Insight

  E7 Group’s revenue declined 9.8% YOY from AED 114 Mn in 1Q25, mainly due to the delivery schedule of the contracts. The Company recorded a decline in the majority of the segments, Printing, and Consumer Solutions, partially offset by a growth in Packaging Solutions.

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