Recent Research

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  FIRST LOOK NOTES

  20 Nov 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.51

  Target Price

  7.00

  Upside (%)

  +55.21%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 3Q25 - First Look Note

  ADPORTS simplified its structure by shifting its Digital cluster to a federated model, streamlined into four clusters, which include Ports, EC&FZ, Maritime & Shipping and Logistics during 3Q25. The Company plans to continue selling stabilized warehouse assets and reinvesting the proceeds into new developments.

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  EARNINGS CALL INSIGHT

  18 Nov 2025

  Abu Dhabi Ports

  BUY

  Last Closing Price

  4.50

  Target Price

  7.00

  Upside (%)

  +55.56%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 3Q25 - Earnings Call Insight

  ADPORTS revenue increased 15.7% YOY to AED 5,388 Mn in 3Q25, owing to solid growth across the Ports, EC&FZ and Maritime & Shipping clusters. On a like-for-like (LFL basis), excluding the impact of M&A contribution, ADPORTS revenue grew 10% YOY in 3Q25.

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  FIRST LOOK NOTES

  18 Nov 2025

  Aramex

  BUY

  Last Closing Price

  2.63

  Target Price

  3.10

  Upside (%)

  +17.87%

  UAE Equity Research - Aramex PJSC 3Q25 - First Look Note

  Gross margins declined from 23.4% in 3Q24 to 23.2% in 3Q25, driven by a change in product mix and increased direct costs. Free cash flow grew significantly from AED 56 Mn in 2Q25 to AED 126 Mn in 3Q25, mainly attributable to robust cash generated from operations.

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  FIRST LOOK NOTES

  14 Nov 2025

  Air Arabia

  ACCUMULATE

  Last Closing Price

  3.91

  Target Price

  4.40

  Upside (%)

  +12.53%

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

  Seat load factors across all hubs stood at 84.5% in 3Q25, compared to 81.2% in 3Q24. No. of passengers who travelled across all its hubs surged from 5.1 Mn in 3Q24 to 5.9 Mn in 3Q25. The Company expanded its network by launching 12 new routes and added six new aircraft to its fleet during 9M25.

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  FIRST LOOK NOTES

  13 Nov 2025

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.60

  Target Price

  3.00

  Upside (%)

  +15.38%

  UAE Equity Research - Dubai Taxi Company (DTC) 3Q25 - First Look Note

  Total fleet size increased from 8,793 in 3Q24 to 10,500 in 3Q25, while the number of trips grew 6.5% YOY to AED 13.1 Mn. Expanded e-hailing network through partnership with Kabi, integrating 9,800 taxis of Kabi and DTC on the Bolt platform.

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• 

  EARNINGS CALL INSIGHT

  12 Nov 2025

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.62

  Target Price

  3.00

  Upside (%)

  +14.50%

  UAE Equity Research - Dubai Taxi Co (DTC) 3Q25 - Earnings Call Insight

  DTC’s revenue grew 15.4% YOY to AED 585 Mn in 3Q25, owing to fleet expansion and a higher number of trips. Revenue on a like-for-like basis, excluding Connectech rose 14.9% YOY in 3Q25. Total trips across the Taxi and Limousine Segments rose 6.5% YOY to 13.1 Mn in 3Q25, attributed to continued growth in Dubai tourism and sustained improvement in fleet productivity.

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