Recent Research

• 

  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.

  Download
• 

  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.

  Download
• 

  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.

  Download
• 

  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.

  Download
• 

  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.

  Download
• 

  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.

  Download