Recent Research

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  FIRST LOOK NOTES

  16 May 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.52

  Target Price

  3.50

  Upside (%)

  -0.57%

  UAE Equity Research - Air Arabia PJSC 3Q25 - First Look Note

  The Company’s seat load factor stood at 84% in 1Q25. Order book of Air Arabia includes 120 aircraft of Airbus A320 category, with delivery scheduled from 2025. Added two new aircraft and now operates 83 aircraft including 74 Airbus A320 and 9 Airbus A321 in 1Q25.

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  FIRST LOOK NOTES

  15 May 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  3.92

  Target Price

  7.00

  Upside (%)

  +78.57%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 1Q25 - First Look Note

  ADPORTS’s revenue increased 18.2% YOY to AED 4,597 Mn, while EBITDA grew 9.3% YOY to AED 1,136 Mn in 1Q25. ADPORTS's total debt grew from AED 17.8 Bn in 4Q24 to AED 18.0 Bn in 1Q25. Net debt to EBITDA marginally grew from 3.3x in 4Q24 to 3.4x in 1Q25.

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  EARNINGS CALL INSIGHT

  13 May 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  3.95

  Target Price

  7.00

  Upside (%)

  +77.22%

  UAE Equity Research - Abu Dhabi Ports (ADPORTS) 1Q25 - Earnings Call Insight

  ADPORTS revenue increased 18.2% YOY to AED 4,597 Mn in 1Q25, primarily driven by robust double-digit growth across the Ports, EC&FZ and Maritime & Shipping clusters. On a LFL basis, excluding the impact of M&A contribution, ADPORTS revenue grew 8% YOY in 1Q25.

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  FIRST LOOK NOTES

  13 May 2025

  Aramex

  ACCUMULATE

  Last Closing Price

  2.76

  Target Price

  3.10

  Upside (%)

  +12.32%

  UAE Equity Research - Aramex PJSC 1Q25 - First Look Note

  The Company’s Domestic Express volume rose 8.0% YOY to 28.3 Mn shipments in 1Q25, whereas International Express volume declined significantly 17.9% YOY to 6.4 Mn shipments in 1Q25. Free cash flow declined from AED 51 Mn in 1Q24 to AED 42 Mn in 1Q25, mainly attributable to lower cash generation from operating activities.

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  FIRST LOOK NOTES

  13 May 2025

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.57

  Target Price

  3.00

  Upside (%)

  +16.73%

  UAE Equity Research - Dubai Taxi Company (DTC) 1Q25 - First Look Note

  Total fleet size stood at 9,872 units, and the number of trips grew 8% YOY to AED 12.8 Mn in 1Q25. Revenue grew 5.4% YOY to AED 588 Mn while like-for-like total revenue excluding Connectech expanded 7.1% YOY in 1Q25. Gross profit declined 5.9% YOY to AED 143 Mn, and margin fell 290 YOY to 24.3% in 1Q25, attributed to lower margin in Limousine, Bus and Delivery Bike Segment, partially offset margin expansion in Taxi Segment.

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  EARNINGS CALL INSIGHT

  09 May 2025

  Dubai Taxi Company

  HOLD

  Last Closing Price

  2.59

  Target Price

  3.00

  Upside (%)

  +15.83%

  UAE Equity Research - Dubai Taxi Company (DTC) 1Q25 - Earnings Call Insight

  DTC’s revenue grew 5.4% YOY to AED 588 Mn in 1Q25, owing to fleet expansion across all segments, supported by strong growth across the Taxi and Delivery Bikes segments. Adjusted revenue excluding Connectech rose 7.1% YOY in 1Q25.

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