Recent Research

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  FIRST LOOK NOTES

  25 Nov 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.04

  Target Price

  AED 7.70

  Upside (%)

  +52.78%

  UAE Equity Research - Abu Dhabi Ports Co PJSC 3Q24 - First Look Note

  ADPORTS completed several major transactions in 3Q24, including the acquisition of a 60% stake in Tbilisi Dry Port to strengthen its presence in the Middle Trade Corridor and the acquisition of Safina to enter Egypt’s Maritime Market.

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  FIRST LOOK NOTES

  22 Nov 2024

  Air Arabia

  BUY

  Last Closing Price

  AED 2.91

  Target Price

  AED 3.30

  Upside (%)

  +13.40%

  UAE Equity Research - Air Arabia PJSC 3Q24 - First Look Note

  The Company’s seat load factor stood at 81% in 3Q24, compared to 79% in 3Q23. Added three new aircraft in 9M24 and now operates 77 aircraft including 68 Airbus A320 and 9 Airbus A321 during 3Q24. The airline’s turnover grew 12.0% YOY to AED 5.0 Bn in 9M24.

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  FIRST LOOK NOTES

  22 Nov 2024

  Aramex

  BUY

  Last Closing Price

  AED 2.29

  Target Price

  AED 3.10

  Upside (%)

  +35.37%

  UAE Equity Research - Aramex PJSC (ARMX) 3Q24 - First Look Note

  Expects revenue growth of 9% with a stable gross margin of 24% to 25% in FY2024. International and Domestic Express Segments recorded double-digit growth in volume in 3Q24 due to higher consumer activity, strong regional demand in addition trends to nearshoring and local warehousing.

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  FIRST LOOK NOTES

  14 Nov 2024

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  AED 2.64

  Target Price

  AED 3.00

  Upside (%)

  +13.64%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q24 - First Look Note

  DTC recorded a 5.0% YOY increase in the Taxi and Limousines segment trips to 12.2 Mn during 3Q24, out of which the taxi segment accounted for 12.0 Mn trips. Signed a strategic partnership with Bolt with exclusive operational rights to offer e-hailing services for 20 years in the UAE.

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  EARNINGS CALL INSIGHT

  14 Nov 2024

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 5.34

  Target Price

  AED 7.70

  Upside (%)

  +44.19%

  UAE Equity Research - Abu Dhabi Ports (ADPORTS) 3Q24 - Earnings Call Insight

  ADPORTS net revenue rose 10.0% YOY to AED 4,657 Mn in 3Q24, driven by significant growth in the Ports, Logistics, Economic cities and free zones (EC & FZ), and Digital cluster segment partially offset by a decline in the Maritime and Shipping segment revenue. Maritime Services revenue declined 10.8% YOY to AED 2,179 Mn in 3Q24 attributable to the positive one-off effect of vessel trading activities in 3Q23.

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  EARNINGS CALL INSIGHT

  11 Nov 2024

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  AED 2.72

  Target Price

  AED 3.00

  Upside (%)

  +10.29%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q24 - Earnings Call Insight

  DTC’s revenue grew 11.0% YOY to AED 507 Mn in 3Q24 owing to growth across taxi, buses, and delivery bikes segments partially offset by a decline in Limousine revenue. DTC recorded a 5.0% YOY increase in the Taxi and Limousines segment trips that reached 12.2 Mn during 3Q24, out of which the taxi segment accounted for 12.0 Mn trips

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