Recent Research

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  FIRST LOOK NOTES

  13 Mar 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 4.17

  Target Price

  AED 7.70

  Upside (%)

  +84.65%

  UAE Equity Research - Abu Dhabi Ports Company 4Q24 - First Look Note

  ADPORTS maintained a strong financial position with a net debt/EBITDA of 3.3x and a cash balance of AED 2.8 Bn in 4Q24. Spent AED 819 Mn in capex in 4Q24, which is mainly attributed to organic growth.

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  FIRST LOOK NOTES

  03 Mar 2025

  Dubai Taxi Company

  HOLD

  Last Closing Price

  AED 2.77

  Target Price

  AED 3.00

  Upside (%)

  +8.30%

  UAE Equity Research - Dubai Taxi Company (DTC) 4Q24 - First Look Note

  Added 744 taxis, 79 limousines, 24 buses, and 1,089 delivery bikes to its fleet in 2024. Completed 48.8 Mn trips during 2024 in the taxi and limousine segment compared to 45.9 Mn trips in 2023. Won 994 taxi plates in 2024 leading to a taxi fleet of 5,960 taxis increasing DTC’s share to 47% in the Dubai Taxi Market.

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  FIRST LOOK NOTES

  27 Feb 2025

  Aramex

  HOLD

  Last Closing Price

  AED 2.82

  Target Price

  AED 3.10

  Upside (%)

  +9.93%

  UAE Equity Research - Aramex (ARMX) 4Q24 - First Look Note

  The Company’s Domestic Express volume rose 16.5% YOY to 31 Mn shipments in 4Q24, whereas International Express volume declined 6.0% YOY to 7.2 Mn shipments in 4Q24. Free cash flow grew significantly from AED 9 Mn in 4Q23 to AED 21 Mn in 4Q24.

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  FIRST LOOK NOTES

  25 Feb 2025

  Air Arabia

  HOLD

  Last Closing Price

  AED 3.43

  Target Price

  AED 3.50

  Upside (%)

  +2.04%

  UAE Equity Research - Air Arabia 4Q24 - First Look Note

  The Company’s seat load factor stood at 83% in 4Q24, compared to 81% in 4Q23. Added ten new aircraft and nine leased aircraft in FY24 and now operates 81 aircraft including 72 Airbus A320 and 9 Airbus A321. The Airline’s turnover grew 10.7% YOY to AED 6.6 Bn in 2024.

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  EARNINGS CALL INSIGHT

  20 Feb 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  AED 4.85

  Target Price

  AED 7.70

  Upside (%)

  +58.76%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 4Q24 - Earnings Call Insight

  ADPORTS net revenue increased 27.9% YOY to AED 4,560 Mn in 4Q24 driven by robust organic double-digit growth across the EC&FZ, Ports, Maritime & Shipping, and Logistics Segments.

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  SECTOR NOTE

  28 Jan 2025

  Transportation

  UAE Equity Research - Transportation Sector 4Q24 - Preview Note

  We hold a positive stance on Air Arabia in the UAE’s Transportation sector but also recommend investors to stay invested in DTC and Aramex as it will be a key beneficiary of the growth in the tourism sector. Air Arabia maintained a healthy load factor of 81.6% in 9M24. Total passenger volume across all hubs rose 12% YOY to 8.4 Mn in 9M24.

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