Recent Research

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  FIRST LOOK NOTES

  18 Mar 2025

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  AED 2.36

  Target Price

  AED 2.40

  Upside (%)

  +1.69%

  UAE Equity Research - Dubai Investments PJSC (DIC) 4Q24 - First Look Note

  Income from the Property Segment grew 68.8% YOY to AED 1.3 Bn in 4Q24, mainly attributable to higher gains on fair valuation of investment properties. Violet Tower project is steadily progressing with expected completion by 4Q26.

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  FIRST LOOK NOTES

  07 Mar 2025

  Parkin Company

  HOLD

  Last Closing Price

  AED 4.90

  Target Price

  AED 4.85

  Upside (%)

  -1.02%

  UAE Equity Research - Parkin Company PJSC 4Q24 - First Look Note

  The Company’s total number of parking spaces grew from 196.0K in 4Q23 to 206.4K in 4Q24. The total number of parking transactions grew from 32 Mn in 4Q23 to 37 Mn in 4Q24. Utilization rate across the public parking spaces grew from 25.9% in 4Q23 to 28.3% in 4Q24.

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  FIRST LOOK NOTES

  27 Feb 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  AED 5.09

  Target Price

  AED 6.50

  Upside (%)

  +27.70%

  UAE Equity Research - ADNOC Logistics and Services PLC (ADNOCLS) 4Q24 - First Look Note

  The board of directors recommended a cash dividend of 6.78 fils per share for 2H24 amounting to USD 136.5 Mn. ADNOCLS expects the dividend to grow 5% annually over the medium term. The Company expects the consolidated revenue to grow in the range of mid to high 40% YOY for FY2025.

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  FIRST LOOK NOTES

  25 Feb 2025

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.54

  Target Price

  AED 3.45

  Upside (%)

  +35.83%

  UAE Equity Research - RAK Ceramics (RAKCEC) 4Q24 - First Look Note

  Net debt declined from AED 1.56 Bn in 3Q24 to AED 1.39 Bn in 4Q24, while net debt to EBITDA ratio declined from 2.61x in 3Q24 to 2.35x in 4Q24. RAKCEC's working capital declined from AED 1.53 Bn in 3Q24 to AED 1.43 Bn in 4Q24.

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  EARNINGS CALL INSIGHT

  16 Jan 2025

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  AED 5.43

  Target Price

  AED 6.50

  Upside (%)

  +19.71%

  UAE Equity Research - ADNOC LS - Navig8 Acquisition Insight

  ADNOC L&S acquired an 80% stake in Navig8 for USD 1.04 Bn, while the remaining 20% stake will be acquired in June 2027 for consideration between USD 355-450 Mn, depending on Navig8 ad-interim EBITDA performance. Navig8 was supposed to be acquired for a consideration of USD 1.04 Bn earlier, but ADNOC L&S paid a consideration of USD 1.0 Bn owing to Navig8’s shareholder's decision to distribute cash dividends to themselves, resulting in a permitted leakage.

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  FIRST LOOK NOTES

  27 Nov 2024

  Agility Global PLC

  BUY

  Last Closing Price

  AED 1.37

  Target Price

  AED 2.10

  Upside (%)

  +53.28%

  UAE Equity Research - Agility Global PLC 3Q24 - First Look Note

  Revenues grew 16.0% YOY to USD 1,227 Mn in 3Q24. New businesses from Spain and Portugal contributed to Menzies's growth of 23.7% YOY in 3Q24. Agility Logistics Parks announced the expansion of 100 thousand warehousing capacity in Riyadh valued at USD 65 Mn.

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