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First Look Notes

03 Aug 2026

NMDC Group

Last Closing Price
23.98

Target Price
34.00

Upside (%)
+41.78%

Rating
BUY

UAE Equity Research - NMDC Group 2Q26 - First Look Note

The Group's backlog stood at AED 56.1 Bn as of 2Q26, supported by AED 7.8 Bn of project awards secured during 1H26, providing strong long-term revenue visibility. EBITDA increased 27.5% YOY to AED 1.7 Bn in 2Q26, with the EBITDA margin expanding 413 bps YOY to 23.2%. Download
First Look Notes

03 Aug 2026

NMDC Energy

Last Closing Price
2.77

Target Price
3.80

Upside (%)
+37.18%

Rating
BUY

UAE Equity Research - NMDC Energy 2Q26 - First Look Note

NMDC Energy’s project pipeline stood at c. AED 55.2 Bn as of 2Q26. The Company’s backlog stood at AED 33.3 Bn, with 82% from the local (UAE) market and 18% from international markets, comprising 68% offshore and 32% onshore projects. Download
First Look Notes

03 Aug 2026

Borouge PLC

Last Closing Price
2.40

Target Price
2.95

Upside (%)
+22.92%

Rating
BUY

UAE Equity Research - Borouge PLC 2Q26 - First Look Note

Polyethylene (PE) premia over benchmark increased 75.9% YOY to USD 438 per tonne in 2Q26, while Polypropylene (PP) premia over benchmark price doubled YOY to USD 282 per tonne in 2Q26. Capital expenditure rose from USD 48 Mn in 1Q26 to USD 114 Mn in 2Q26, reflecting capitalised repair and restoration costs at the Ruwais complex. Download

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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

16 Feb 2026

Pure Health Holding PJSC BUY

Last Closing Price
2.72

Target Price
5.45

Upside (%)
+100.37%

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FIRST LOOK NOTES

09 Feb 2026

Borouge PLC ACCUMULATE

Last Closing Price
2.59

Target Price
2.95

Upside (%)
+13.90%

Download
Technical Analysis Report
- 30 Jul 2026 - UAE
- 23 Jul 2026 - UAE
More Reports
ADX
- - 9,940.83
    26.21 (0.26%)
  - As of closing 03 Aug 26
  - 52 Week Range
    
    9,298.60 L 10,755.36 H
- Turnover ( ) 1,078,132,000
  
  Volume 205,905,100
  
  Market Cap ( ) 2,783,442,210,292
DFM
- - 5,878.49
    82.56 (1.42%)
  - As of closing 03 Aug 26
  - 52 Week Range
    
    5,233.10 L 6,785.48 H
- Turnover ( ) 431,947,100
  
  Volume 125,179,800
  
  Market Cap ( ) 900,680,527,874
Tadawul
- - 10,823.62
    117.75 (1.10%)
  - As of closing 03 Aug 26
  - 52 Week Range
    
    10,193.83 L 11,781.68 H
- Turnover ( SAR ) 6,262,750,000
  
  Volume 335,662,000
  
  Market Cap ( SAR ) 9,510,922,509,784

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FIRST LOOK NOTES

03 Aug 2026

NMDC Group

BUY

Last Closing Price
23.98

Target Price
34.00

Upside (%)
+41.78%

UAE Equity Research - NMDC Group 2Q26 - First Look Note

The Group's backlog stood at AED 56.1 Bn as of 2Q26, supported by AED 7.8 Bn of project awards secured during 1H26, providing strong long-term revenue visibility. EBITDA increased 27.5% YOY to AED 1.7 Bn in 2Q26, with the EBITDA margin expanding 413 bps YOY to 23.2%.

Download

FIRST LOOK NOTES

03 Aug 2026

NMDC Energy

BUY

Last Closing Price
2.77

Target Price
3.80

Upside (%)
+37.18%

UAE Equity Research - NMDC Energy 2Q26 - First Look Note

NMDC Energy’s project pipeline stood at c. AED 55.2 Bn as of 2Q26. The Company’s backlog stood at AED 33.3 Bn, with 82% from the local (UAE) market and 18% from international markets, comprising 68% offshore and 32% onshore projects.

Download

FIRST LOOK NOTES

03 Aug 2026

Borouge PLC

BUY

Last Closing Price
2.40

Target Price
2.95

Upside (%)
+22.92%

UAE Equity Research - Borouge PLC 2Q26 - First Look Note

Polyethylene (PE) premia over benchmark increased 75.9% YOY to USD 438 per tonne in 2Q26, while Polypropylene (PP) premia over benchmark price doubled YOY to USD 282 per tonne in 2Q26. Capital expenditure rose from USD 48 Mn in 1Q26 to USD 114 Mn in 2Q26, reflecting capitalised repair and restoration costs at the Ruwais complex.

Download

FIRST LOOK NOTES

03 Aug 2026

Americana Restaurants

BUY

Last Closing Price
2.17

Target Price
2.50

Upside (%)
+15.21%

UAE Equity Research - Americana Restaurants International PLC (AMR) - 2Q26 First Look Note

The Company added 108 net new restaurants over the last 12 months, expanding its footprint to 2,746 restaurants. EBITDA margin expanded 245 bps YOY to 26.3% in 2Q26, driven by effective cost management and improved home delivery unit economics.

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EARNINGS CALL INSIGHT

03 Aug 2026

Saudi Telecom Co (STC)

BUY

Last Closing Price
SAR 43.56

Target Price
SAR 50.00

Upside (%)
+14.78%

Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - Earnings Call Insight

STC Group (“STC, “the Company”) revenue grew 3.7% YOY to SAR 20.1 Bn in 2Q26, primarily attributable to increases in Commercial unit revenue by 0.9% YOY, Business unit revenue by 8.4% YOY, Carriers and Wholesale unit revenue by 11.4% YOY, and subsidiaries revenue by 3.5% YOY.

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EARNINGS CALL INSIGHT

03 Aug 2026

Borouge PLC

BUY

Last Closing Price
2.40

Target Price
2.95

Upside (%)
+22.92%

UAE Equity Research - Borouge PLC 2Q26 - Earnings Call Insight

Borouge's revenue increased 7.7% YOY to USD 1.4 Bn in 2Q26, driven by an increase in blended average selling prices amid tight global polyolefins market conditions, partially offset by decline in sales volumes along with production volumes following the Ruwais asset damage and Strait of Hormuz-related disruption.

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