Recent Research

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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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• 

  FIRST LOOK NOTES

  26 Nov 2024

  RAK Ceramics

  BUY

  Last Closing Price

  AED 2.45

  Target Price

  AED 3.55

  Upside (%)

  +44.90%

  UAE Equity Research - RAK Ceramics (RAKCEC) 3Q24 - First Look Note

  Revenue fell 4.1% YOY to AED 803 Mn in 3Q24 due to ongoing geopolitical tension, market volatility, higher interest rates, political unrest in Bangladesh and currency devaluation. Gross margins grew 247 bps YOY to 41.2% in 3Q24 due to favorable product mix.

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• 

  FIRST LOOK NOTES

  25 Nov 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.04

  Target Price

  AED 7.70

  Upside (%)

  +52.78%

  UAE Equity Research - Abu Dhabi Ports Co PJSC 3Q24 - First Look Note

  ADPORTS completed several major transactions in 3Q24, including the acquisition of a 60% stake in Tbilisi Dry Port to strengthen its presence in the Middle Trade Corridor and the acquisition of Safina to enter Egypt’s Maritime Market.

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  FIRST LOOK NOTES

  20 Nov 2024

  Dubai Investments Company (DIC...

  BUY

  Last Closing Price

  AED 2.09

  Target Price

  AED 2.40

  Upside (%)

  +14.83%

  UAE Equity Research - Dubai Investments Company (DIC) 3Q24 - First Look Note

  Income from the Investment Segment grew 224.1% YOY to AED 112 Mn in 3Q24, mainly attributable to higher gains on fair valuation of investments. Development of Phase 1 of the Danah Bay project progressed as planned in 3Q24 and is anticipated to be completed by 1Q25.

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  FIRST LOOK NOTES

  20 Nov 2024

  Parkin Company

  REDUCE

  Last Closing Price

  AED 4.05

  Target Price

  AED 3.50

  Upside (%)

  -13.58%

  UAE Equity Research - Parkin Company 3Q24 - First Look Note

  The Company’s total number of parking spaces grew from 196.1K in 3Q23 to 207.3K in 3Q24. The total number of parking transactions grew from 29.2 Mn in 3Q23 to 33.8 Mn in 3Q24. Utilization rate across the public parking spaces grew from 25.7% in 2Q24 to 26.4% in 3Q24 mainly due to an increased customer base, particularly in zones C and D.

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• 

  FIRST LOOK NOTES

  19 Nov 2024

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  AED 5.36

  Target Price

  AED 6.50

  Upside (%)

  +21.27%

  UAE Equity Research - ADNOC Logistics and Services PLC (ADNOCLS) 3Q24 - First Look Note

  Deployed AIQ’s SMARTi safety monitoring solutions across 86 vessels to enhance the health and safety of its vessels and employees. ADNOCLS won contracts c. USD 2.5 Bn from AW Shipping for 10 new energy carriers, USD 500 Mn for four Very Large Ammonia Carriers (VLAC), and USD 1.4 Bn for nine Very Large Ethane Carriers (VLEC)

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