Recent Research

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  FIRST LOOK NOTES

  20 Aug 2026

  Air Arabia

  HOLD

  Last Closing Price

  4.87

  Target Price

  5.10

  Upside (%)

  +4.72%

  UAE Equity Research - Air Arabia PJSC 2Q26 - First Look Note

  Average Seat load factor across all hubs stood at 81% in 2Q26, compared to 85% in 2Q25. No. of passengers who travelled across its hubs declined 23% YOY to more than 3.9 Mn in 2Q26, reflecting reduced operating capacity amid the regional conflict.

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  EARNINGS CALL INSIGHT

  17 Aug 2026

  Abu Dhabi Ports

  BUY

  Last Closing Price

  5.10

  Target Price

  7.35

  Upside (%)

  +44.12%

  UAE Equity Research - Abu Dhabi Ports Company (ADPORTS) 2Q26 - Earnings Call Insight

  ADPORTS revenue increased 46.8% YOY to AED 7,084 Mn in 2Q26, driven by strong growth across the Maritime & Shipping, EC&FZ and Logistics clusters, partially offset by the decline in the Ports segment.

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  FIRST LOOK NOTES

  14 Aug 2026

  Aramex

  BUY

  Last Closing Price

  1.69

  Target Price

  2.45

  Upside (%)

  +44.97%

  UAE Equity Research - Aramex (ARMX) 2Q26 - First Look Note

  Freight Forwarding delivered its highest-ever quarterly revenue growth of 48.8% YOY to AED 652 Mn in 2Q26. Gross profit margin declined from 22.0% in 2Q25 to 21.4% in 2Q26, reflecting product mix changes, lower contribution from International Express and continued cost pressures.

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  FIRST LOOK NOTES

  28 Jul 2026

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.11

  Target Price

  3.00

  Upside (%)

  +42.18%

  UAE Equity Research - Dubai Taxi Company (DTC) 2Q26 - First Look Note

  Total operational fleet increased 4.5% QOQ to 11,928 vehicles as of June 2026, driven by expansion across the taxi, bus, and delivery bike segments. Softer airport and tourism-related demand led to a 24.4% YOY decline in taxi and limousine trips during 2Q26.

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  EARNINGS CALL INSIGHT

  28 Jul 2026

  Dubai Taxi Company

  BUY

  Last Closing Price

  2.10

  Target Price

  3.00

  Upside (%)

  +42.86%

  UAE Equity Research - Dubai Taxi Company (DTC) 2Q26 - Earnings Call Insight

  DTC’s revenue declined 22.5% YOY to AED 485 Mn in 2Q26, reflecting softer trip volumes across the taxi and limousine segments, partially offset by growth in the bus and delivery bike segments.

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  SECTOR NOTE

  09 Jul 2026

  Transportation

  UAE Equity Research - Transportation Sector 2Q26 - Preview Note

  The UAE transportation sector is expected to witness a mixed operating environment in 2Q26, primarily reflecting the after-effects of regional geopolitical disruptions and temporary airspace restrictions across the Middle East.

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