Recent Research

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  EARNINGS CALL INSIGHT

  12 Nov 2026

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.33

  Target Price

  3.00

  Upside (%)

  +28.76%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q26 - Earnings Call Insight

  DTC’s revenue rose 25.7% YOY to AED 735 Mn in 3Q26, driven by the consolidation of National Taxi (NTC) from 8 July 2026. Like-for-like (LFL) revenue declined 2.8% YOY to AED 569 Mn in 3Q26 due to softer trip volumes in the taxi and limousine segments, partially offset by a strong growth in the delivery bike segment.

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• 

  SECTOR NOTE

  09 Oct 2026

  Transportation

  UAE Equity Research - Transportation Sector 3Q26 - Preview Note

  The UAE transportation sector is expected to face a mixed operating environment in 3Q26, with passenger aviation continuing to face headwinds, while air cargo activity remains comparatively resilient.

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• 

  FIRST LOOK NOTES

  20 Aug 2026

  Air Arabia

  HOLD

  Last Closing Price

  4.87

  Target Price

  5.10

  Upside (%)

  +4.72%

  UAE Equity Research - Air Arabia PJSC 2Q26 - First Look Note

  Average Seat load factor across all hubs stood at 81% in 2Q26, compared to 85% in 2Q25. No. of passengers who travelled across its hubs declined 23% YOY to more than 3.9 Mn in 2Q26, reflecting reduced operating capacity amid the regional conflict.

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  EARNINGS CALL INSIGHT

  17 Aug 2026

  Abu Dhabi Ports

  BUY

  Last Closing Price

  5.10

  Target Price

  7.35

  Upside (%)

  +44.12%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 2Q26 - Earnings Call Insight

  ADPORTS revenue increased 46.8% YOY to AED 7,084 Mn in 2Q26, driven by strong growth across the Maritime & Shipping, EC&FZ and Logistics clusters, partially offset by the decline in the Ports segment.

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• 

  FIRST LOOK NOTES

  14 Aug 2026

  Aramex

  BUY

  Last Closing Price

  1.69

  Target Price

  2.45

  Upside (%)

  +44.97%

  UAE Equity Research - Aramex (ARMX) 2Q26 - First Look Note

  Freight Forwarding delivered its highest-ever quarterly revenue growth of 48.8% YOY to AED 652 Mn in 2Q26. Gross profit margin declined from 22.0% in 2Q25 to 21.4% in 2Q26, reflecting product mix changes, lower contribution from International Express and continued cost pressures.

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• 

  FIRST LOOK NOTES

  28 Jul 2026

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.11

  Target Price

  3.00

  Upside (%)

  +42.18%

  UAE Equity Research - Dubai Taxi Company (DTC) 2Q26 - First Look Note

  Total operational fleet increased 4.5% QOQ to 11,928 vehicles as of June 2026, driven by expansion across the taxi, bus, and delivery bike segments. Softer airport and tourism-related demand led to a 24.4% YOY decline in taxi and limousine trips during 2Q26.

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