Recent Research

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  FIRST LOOK NOTES

  02 Mar 2026

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.75

  Target Price

  7.35

  Upside (%)

  +54.74%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 4Q25 - First Look Note

  ADPORTS expects global container volumes to grow by 3-5% in 2026, with bulk and commodity segments projected to expand at a slightly faster pace.

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  FIRST LOOK NOTES

  25 Feb 2026

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  2.68

  Target Price

  3.00

  Upside (%)

  +11.94%

  UAE Equity Research - Dubai Taxi Company (DTC) 4Q25 - First Look Note

  Total fleet size increased from 9,418 in 2024 to 11,126 in 2025, while the number of trips grew 8.0% YOY to AED 53 Mn. E-hailing trips surged 24.0% YOY to 21 Mn in 2025, reflecting strong digital adoption and progress toward Dubai’s target of shifting 80% of taxi trips to e-hailing.

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  FIRST LOOK NOTES

  20 Feb 2026

  Air Arabia

  REDUCE

  Last Closing Price

  5.48

  Target Price

  5.10

  Upside (%)

  -6.93%

  UAE Equity Research - Air Arabia PJSC 4Q25 - First Look Note

  Seat load factors across all hubs stood at 86.9% in 4Q25, compared to 83% in 4Q24. No. of passengers who travelled across all its hubs surged from 4.7 Mn in 4Q24 to 5.7 Mn in 4Q25. The Company expanded its network by launching 30 new routes and added nine new aircraft to its fleet during 2025.

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  FIRST LOOK NOTES

  19 Feb 2026

  Aramex

  BUY

  Last Closing Price

  2.18

  Target Price

  2.75

  Upside (%)

  +26.15%

  UAE Equity Research - Aramex(ARMX) 4Q25 - First Look Note

  Gross profit margin declined from 23.5% in 4Q24 to 22.7% in 4Q25, reflecting product mix changes, lower contribution from International Express and continued cost pressures. Net debt declined from AED 383 Mn in 3Q25 to AED 368 Mn in 4Q25, with a reported debt to EBITDA ratio of 3.2x.

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  EARNINGS CALL INSIGHT

  17 Feb 2026

  Abu Dhabi Ports

  BUY

  Last Closing Price

  5.20

  Target Price

  7.00

  Upside (%)

  +34.62%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 4Q25 - Earnings Call Insight

  ADPORTS total revenue increased 30.4% YOY to AED 5,946 Mn in 4Q25, owing to solid growth across the Ports, EC&FZ and Maritime & Shipping clusters partially offset by decline in revenue from Logistics segment in 4Q25. On a like-for-like (LFL basis), excluding the impact of M&A contribution, ADPORTS revenue grew 13% YOY in 2025.

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  SECTOR NOTE

  13 Jan 2026

  Transportation

  UAE Equity Research - Transportation Sector 4Q25 - Preview Note

  The UAE tourism sector continues to be a key pillar of economic diversification, with its contribution to GDP rising sharply to 15%, reaching AED 291 Bn in 2025, up from 6% in 2021, reflecting exceptional growth over the past four years.

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