Recent Research

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  FIRST LOOK NOTES

  25 May 2026

  ADNOC Logistics & Services

  BUY

  Last Closing Price

  5.80

  Target Price

  6.70

  Upside (%)

  +15.52%

  UAE Equity Research - ADNOC Logistics & Services PLC 1Q26 - First Look Note

  Revenue declined 8.4% YOY to USD 1.1 Bn in 1Q26, primarily due to the scheduled run-off of offshore project revenues following the completion of the Al Omairah Island mega project.

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  INITIAL COVERAGE (EQUITIES)

  05 May 2026

  NMDC Group

  BUY

  Last Closing Price

  19.52

  Target Price

  34.00

  Upside (%)

  +74.18%

  UAE Equity Research - NMDC Group - Initiation Coverage

  We initiate coverage on NMDC Group PJSC (“NMDC” or “The Group”) with an equity valuation range of AED 34.00 per share. The Group is a leading EPC and marine infrastructure group with over 50 years of operating experience, offering integrated capabilities across dredging & marine, energy, infrastructure, engineering, and logistics & technical services.

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  FIRST LOOK NOTES

  31 Mar 2026

  E7 Group PJSC

  BUY

  Last Closing Price

  0.98

  Target Price

  1.30

  Upside (%)

  +33.33%

  UAE Equity Research - E7 Group 4Q25 - First Look Note

  E7’s debt-free balance sheet with USD 669 Mn cash provides significant flexibility for growth investments, M&A, and sustained shareholder returns.

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  EARNINGS CALL INSIGHT

  30 Mar 2026

  E7 Group PJSC

  BUY

  Last Closing Price

  0.98

  Target Price

  1.30

  Upside (%)

  +33.33%

  UAE Equity Research - E7 Group 4Q25 - Earnings Call Insight

  E7 Group saw a marginal increase in revenue by 0.5% YOY to AED 210 Mn in 4Q25, primarily driven by growth in the Identity Solutions segment, partially offset by a decline in the Printing & Education Solutions segment.

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  FIRST LOOK NOTES

  30 Mar 2026

  Dubai Investments Company (DIC...

  HOLD

  Last Closing Price

  3.83

  Target Price

  4.00

  Upside (%)

  +4.44%

  UAE Equity Research - Dubai Investments Co (DIC) 4Q25 - First Look Note

  Continued investments in capacity expansion, advanced technologies, and value-added products are expected to drive higher volumes in the Manufacturing Segment. Dubai Investments launched the AED 1.3 Bn Al Vista mixed-use development, strengthening its real estate pipeline.

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  FIRST LOOK NOTES

  24 Mar 2026

  Agility Global PLC

  BUY

  Last Closing Price

  1.41

  Target Price

  2.10

  Upside (%)

  +48.94%

  UAE Equity Research - Agility Global PLC 4Q25 - First Look Note

  Net operating cash flow declined 35.7% YOY to USD 403 Mn in 2025, while capex and investments increased to USD 490 Mn, primarily driven by G2 acquisition and ALP expansion. ALP delivered 226k sqm of warehousing capacity, with exit run-rate reaching USD 86 Mn by the end of 2026.

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