Recent Research

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  FIRST LOOK NOTES

  19 Aug 2025

  Air Arabia

  HOLD

  Last Closing Price

  3.75

  Target Price

  4.00

  Upside (%)

  +6.67%

  UAE Equity Research - Air Arabia 2Q25 - First Look Note

  Seat load factor across all hubs stood at 85% in 2Q25, compared to 79% in 2Q24. No. of passengers who travelled across all its hubs surged from 4.5 Mn in 2Q24 to 5.1 Mn in 2Q25. Added two aircraft in 1H25 with a total fleet of 83 owned and leased fleet.

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  FIRST LOOK NOTES

  15 Aug 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.30

  Target Price

  7.00

  Upside (%)

  +62.79%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 2Q25 - First Look Note

  ADPORTS advanced two spots to rank as the 19th largest global port operator and is projected to reach 18th by end-2025. ADPORTS's total debt grew from AED 18.0 Bn in 1Q25 to AED 18.6 Bn in 2Q25. The Capex declined 21% YOY to AED 928 Mn in 2Q25, bringing the YTD spend to AED 1.9 Bn in 1H25, with c. half of YTD 2025 capex invested in infrastructure.

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  FIRST LOOK NOTES

  14 Aug 2025

  Aramex

  ACCUMULATE

  Last Closing Price

  2.71

  Target Price

  3.10

  Upside (%)

  +14.39%

  UAE Equity Research - Aramex(ARMX) 2Q25 - First Look Note

  The Company’s gross margins declined from 23.1% in 2Q24 to 22.0% in 2Q25, driven by a change in product mix and increased direct costs. Free cash flow grew significantly from AED 2 Mn in 2Q24 to AED 19 Mn in 2Q25, mainly attributable to lower lease payments.

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  EARNINGS CALL INSIGHT

  14 Aug 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.20

  Target Price

  7.00

  Upside (%)

  +66.67%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 2Q25 - Earnings Call Insight

  ADPORTS revenue increased 15.4% YOY to AED 4,826 Mn in 2Q25, primarily driven by robust double-digit growth across the Ports, Digital, EC&FZ and Maritime & Shipping clusters. On an LFL basis, excluding the impact of M&A contribution, ADPORTS revenue grew 10% YOY in 2Q25.

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  FIRST LOOK NOTES

  30 Jul 2025

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  2.70

  Target Price

  3.00

  Upside (%)

  +11.11%

  UAE Equity Research- Dubai Taxi Company (DTC)- 2Q25 First Look Note

  Total fleet size increased from 8,247 in 2Q24 to 10,180 in 2Q25, while the number of trips grew 19% YOY to AED 13.6 Mn. Secured an exclusive five-year strategic partnership with Dubai Airports to serve the rising passenger traffic in the emirate.

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  EARNINGS CALL INSIGHT

  30 Jul 2025

  Dubai Taxi Company

  ACCUMULATE

  Last Closing Price

  2.68

  Target Price

  3.00

  Upside (%)

  +11.94%

  UAE Equity Research- Dubai Taxi Company (DTC) 2Q25 - Earnings Call Insight

  DTC’s revenue grew 17.7% YOY to AED 625 Mn in 2Q25, owing to fleet expansion and higher number of trips. Like-for-like total revenue excluding Connectech rose 16.9% YOY in 2Q25. Total trips across the Taxi and Limousine segments rose 19% YOY to 13.6 Mn in 2Q25.

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