Recent Research

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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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  SECTOR NOTE

  30 Sep 2025

  Transportation

  UAE Equity Research - Transportation Sector 3Q25 - Preview Note

  We maintain a positive outlook on the UAE transportation sector, supported by strong tourism inflows and resilient macroeconomic conditions. Our stance on DTC remains favourable, underpinned by its steady expansion and solid fundamentals.

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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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