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First Look Notes

20 Feb 2026

Investcorp Capital PLC

Last Closing Price
1.46

Target Price
2.20

Upside (%)
+50.68%

Rating
BUY

UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q26 - First Look Note

Effective annualized yield of CFS and CD segments stood at 10% and 7%, respectively in 1H26. Investment activity across both underwriting (CFS) and co-investment (CD) segments reached USD 614 Mn in 1H26 compared to USD 480 Mn in 1H25, reflecting continued deployment across private equity, global credit and real assets. Download
First Look Notes

20 Feb 2026

Air Arabia

Last Closing Price
5.48

Target Price
5.10

Upside (%)
-6.93%

Rating
REDUCE

UAE Equity Research - Air Arabia PJSC 4Q25 - First Look Note

Seat load factors across all hubs stood at 86.9% in 4Q25, compared to 83% in 4Q24. No. of passengers who travelled across all its hubs surged from 4.7 Mn in 4Q24 to 5.7 Mn in 4Q25. The Company expanded its network by launching 30 new routes and added nine new aircraft to its fleet during 2025. Download
First Look Notes

20 Feb 2026

Abu Dhabi National Insurance Company (ADNIC)

Last Closing Price
7.85

Target Price
9.35

Upside (%)
+19.11%

Rating
BUY

UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q25 - First Look Note

Gross written premiums (GWP) grew 13.4% YOY to AED 8.5 Bn in 2025, supported by resilient growth across selected business segments and territories. Premium retention ratio increased from 38.3% in 2024 to 42.3% in 2025, mainly due to overall low retention levels in commercial lines. Download

Trending Reports

FIRST LOOK NOTES

08 Aug 2025

Commercial International... BUY

Last Closing Price
EGP 100.00

Target Price
EGP 115.00

Upside (%)
+15.00%

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FIRST LOOK NOTES

11 Aug 2025

Saudi Basic Industries C... ACCUMULATE

Last Closing Price
SAR 57.35

Target Price
SAR 65.00

Upside (%)
+13.34%

Download

FIRST LOOK NOTES

15 Aug 2025

Commercial Bank Internat... HOLD

Last Closing Price
1.09

Target Price
1.05

Upside (%)
-3.67%

Download
Technical Analysis Report
- 19 Feb 2026 - UAE
- 12 Feb 2026 - UAE
More Reports
ADX
- - 10,591.13
    -17.67 (-0.17%)
  - As of closing 20 Feb 26
  - 52 Week Range
    
    8,771.73 L 10,755.36 H
- Turnover ( ) 739,283,300
  
  Volume 152,270,000
  
  Market Cap ( ) 2,952,692,619,520
DFM
- - 6,581.92
    -25.77 (-0.39%)
  - As of closing 20 Feb 26
  - 52 Week Range
    
    4,631.88 L 6,785.48 H
- Turnover ( ) 431,652,500
  
  Volume 95,915,100
  
  Market Cap ( ) 1,045,624,483,538
Tadawul
- - 10,947.25
    -208.20 (-1.87%)
  - As of closing 19 Feb 26
  - 52 Week Range
    
    10,281.49 L 12,430.20 H
- Turnover ( SAR ) 4,807,750,000
  
  Volume 254,827,100
  
  Market Cap ( SAR ) 9,385,840,582,821

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FIRST LOOK NOTES

20 Feb 2026

Investcorp Capital PLC

BUY

Last Closing Price
1.46

Target Price
2.20

Upside (%)
+50.68%

UAE Equity Research - Investcorp Capital PLC (ICAP) 2Q26 - First Look Note

Effective annualized yield of CFS and CD segments stood at 10% and 7%, respectively in 1H26. Investment activity across both underwriting (CFS) and co-investment (CD) segments reached USD 614 Mn in 1H26 compared to USD 480 Mn in 1H25, reflecting continued deployment across private equity, global credit and real assets.

Download

FIRST LOOK NOTES

20 Feb 2026

Air Arabia

REDUCE

Last Closing Price
5.48

Target Price
5.10

Upside (%)
-6.93%

UAE Equity Research - Air Arabia PJSC 4Q25 - First Look Note

Seat load factors across all hubs stood at 86.9% in 4Q25, compared to 83% in 4Q24. No. of passengers who travelled across all its hubs surged from 4.7 Mn in 4Q24 to 5.7 Mn in 4Q25. The Company expanded its network by launching 30 new routes and added nine new aircraft to its fleet during 2025.

Download

FIRST LOOK NOTES

20 Feb 2026

Abu Dhabi National Insurance C...

BUY

Last Closing Price
7.85

Target Price
9.35

Upside (%)
+19.11%

UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q25 - First Look Note

Gross written premiums (GWP) grew 13.4% YOY to AED 8.5 Bn in 2025, supported by resilient growth across selected business segments and territories. Premium retention ratio increased from 38.3% in 2024 to 42.3% in 2025, mainly due to overall low retention levels in commercial lines.

Download

FIRST LOOK NOTES

19 Feb 2026

Emaar Development

BUY

Last Closing Price
19.05

Target Price
21.00

Upside (%)
+10.24%

UAE Equity Research - Emaar Development (EMAARDEV) 4Q25 - First Look Note

Property sales rose 8.7% YOY to AED 71.1 Bn in 2025, supported by over 48 new residential launches, driving sales backlog up 38% YOY to AED 125.2 Bn as of December 2025. EMAARDEV revenue grew substantially from AED 6,668 Mn in 4Q24 to AED 9,842 Mn in 4Q25.

Download

FIRST LOOK NOTES

19 Feb 2026

Emaar Properties

BUY

Last Closing Price
16.45

Target Price
21.75

Upside (%)
+32.22%

UAE Equity Research - Emaar Properties 4Q25 - First Look Note

Revenue backlog grew 39% YOY to AED 155 Bn in 2025, with the Emaar development backlog rising 30.8% YOY to AED 134 Bn in 2025. Emaar has over 50,800 units currently under construction (including Emaar Properties and 100% of JVs/JDAs related projects), scheduled for delivery over the next 5-6 years.

Download

FIRST LOOK NOTES

19 Feb 2026

Aramex

BUY

Last Closing Price
2.18

Target Price
2.75

Upside (%)
+26.15%

UAE Equity Research - Aramex(ARMX) 4Q25 - First Look Note

Gross profit margin declined from 23.5% in 4Q24 to 22.7% in 4Q25, reflecting product mix changes, lower contribution from International Express and continued cost pressures. Net debt declined from AED 383 Mn in 3Q25 to AED 368 Mn in 4Q25, with a reported debt to EBITDA ratio of 3.2x.

Download

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A D N H Catering PLC Abu Dhabi Commercial Bank (ADCB) Abu Dhabi Islamic Bank (ADIB) Abu Dhabi National Energy (TAQA) Abu Dhabi National Insurance Company (ADNIC) Abu Dhabi Ports ADNOC Distribution ADNOC Drilling ADNOC Gas ADNOC Logistics & Services Agility Global PLC Agthia Group Air Arabia Ajman Bank Aldar Properties Alef Education Holding PLC Amanat Holding Americana Restaurants Aramex Borouge PLC Commercial Bank International (CBI) Commercial Bank Of Dubai (CBD) DANA Gas Dubai Electricity and Water Authority (DEWA) Dubai Financial Market (DFM) Dubai Investments Company (DIC) Dubai Islamic Bank (DIB) Dubai Residential REIT Dubai Taxi Company E7 Group PJSC Emaar Development Emaar Properties Emirates Central Cooling Systems Corporation (EMPOWER) Emirates Driving Company Emirates Integrated Telecommunications (du) Emirates NBD (ENBD) ETISALAT Group (e&) Fertiglobe PLC GFH Financial Group (GFH) Investcorp Capital PLC LuLu Retail Holdings PLC Mashreq Bank National Central Cooling Company (Tabreed) NMDC Energy Parkin Company Presight AI Holding PLC Pure Health Holding PJSC RAK Ceramics RAK PROPERTIES PJSC RAKBANK Sharjah Islamic Bank (SIB) Shuaa Capital Space42 PLC Talabat Holding PLC Tecom Group United Arab Bank (UAB) Waha Capital

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Al Rajhi Bank Alinma Bank Almarai Co Arab National Bank Bank Albilad Banque Saudi Fransi Etihad Etisalat Co (Mobily) Jarir Marketing Co Riyad Bank SABIC Agri-Nutrients Co Saudi Basic Industries Corp Saudi National Bank Saudi Telecom Co (STC) The Saudi Investment Bank

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Commercial International Bank (COMI) Telecom Egypt