Recent Research

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  FIRST LOOK NOTES

  17 Nov 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  1.02

  Target Price

  1.30

  Upside (%)

  +27.45%

  UAE Equity Research - E7 Group 3Q25 - First Look Note

  Lowered revenue and EBITDA guidance for 2025. Expect revenue to remain stable and EBITDA to decline in 2025 moderately. Contract pipeline expanded to AED 1.5 Bn, up from AED 400 Mn in February, driven mainly by contract wins in Identity Solutions and large Packaging contracts.

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  EARNINGS CALL INSIGHT

  17 Nov 2025

  E7 Group PJSC

  BUY

  Last Closing Price

  1.02

  Target Price

  1.30

  Upside (%)

  +27.45%

  UAE Equity Research - E7 Group 3Q25 - Earnings Call Insight

  E7 Group’s saw a decline in revenue by 9.0% YOY to AED 174 Mn in 3Q25, primarily due decline in the revenue from the Identity Solution, Commercial Printing and Logistics segment, partially offset by a rise in revenue from Packaging segment.

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• 

  FIRST LOOK NOTES

  17 Nov 2025

  RAK Ceramics

  BUY

  Last Closing Price

  2.50

  Target Price

  3.45

  Upside (%)

  +38.00%

  UAE Equity Research - RAK Ceramics (RAKCEC) 3Q25 - First Look Note

  Revenue in the UAE region surged 6.7% YOY to AED 236.9 Mn in 3Q25, supported by robust real estate sector growth and favorable market conditions. Gross margin decreased 73 bps YOY to 40.5% in 3Q25 due to pricing pressure in India and Bangladesh markets and rising competition.

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  FIRST LOOK NOTES

  17 Nov 2025

  Agility Global PLC

  BUY

  Last Closing Price

  1.17

  Target Price

  2.10

  Upside (%)

  +79.49%

  UAE Equity Research - Agility Global PLC 3Q25 - First Look Note

  Revenues grew 6.7% YOY to USD 1,309 Mn in 3Q25 driven by healthy growth across all segments except Other Activities. Operating cash flow of USD 320 Mn in 9M25 and invested a net USD 317 Mn in capex and other investments during 9M25.

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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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