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First Look Notes

09 Feb 2026

Mashreq Bank

Last Closing Price
253.00

Target Price
270.00

Upside (%)
+6.72%

Rating
HOLD

UAE Equity Research - Mashreq Bank (MASQ) 4Q25 - First Look Note

Net profit declined 44.3% YOY to AED 1,751 Mn in 4Q25, impacted by lower other operating income and higher tax expenses. Asset quality improved, with the NPL ratio falling to 1.2% in 4Q25 from 1.4% in 3Q25, reflecting disciplined underwriting and prudent portfolio management. Download
First Look Notes

09 Feb 2026

Borouge PLC

Last Closing Price
2.59

Target Price
2.95

Upside (%)
+13.90%

Rating
ACCUMULATE

UAE Equity Research - Borouge PLC 4Q25 - First Look Note

Recorded highest ever volume production of 1,643 thousand tonnes in 4Q25. Cash conversion declined from 93% in 3Q25 to 84% in 4Q25. Capital expenditure rose from USD 40 Mn in 3Q25 to USD 98 Mn in 4Q25. Download
Earnings Call Insight

09 Feb 2026

Borouge PLC

Last Closing Price
2.59

Target Price
2.95

Upside (%)
+13.90%

Rating
ACCUMULATE

UAE Equity Research - Borouge PLC 4Q25 - Earnings Call Insight

Borouge's revenue increased 3.4% YOY to USD 1.7 Bn in 4Q25, due to an increase in sales volume partially offset by a decline in average realized price for PE and PP. 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%

Download

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%

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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
- 05 Feb 2026 - UAE
- 05 Feb 2026 - UAE
More Reports
ADX
- - 10,563.11
    15.62 (0.15%)
  - As of closing 06 Feb 26
  - 52 Week Range
    
    8,771.73 L 10,563.11 H
- Turnover ( ) 1,268,373,000
  
  Volume 341,821,500
  
  Market Cap ( ) 2,966,193,792,732
DFM
- - 6,691.00
    15.94 (0.24%)
  - As of closing 06 Feb 26
  - 52 Week Range
    
    4,631.88 L 6,702.08 H
- Turnover ( ) 696,171,900
  
  Volume 243,545,600
  
  Market Cap ( ) 1,042,544,869,096
Tadawul
- - 11,216.93
    28.20 (0.25%)
  - As of closing 08 Feb 26
  - 52 Week Range
    
    10,281.49 L 12,481.93 H
- Turnover ( SAR ) 3,033,600,000
  
  Volume 150,455,000
  
  Market Cap ( SAR ) 9,517,586,888,178

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FIRST LOOK NOTES

09 Feb 2026

Mashreq Bank

HOLD

Last Closing Price
253.00

Target Price
270.00

Upside (%)
+6.72%

UAE Equity Research - Mashreq Bank (MASQ) 4Q25 - First Look Note

Net profit declined 44.3% YOY to AED 1,751 Mn in 4Q25, impacted by lower other operating income and higher tax expenses. Asset quality improved, with the NPL ratio falling to 1.2% in 4Q25 from 1.4% in 3Q25, reflecting disciplined underwriting and prudent portfolio management.

Download

FIRST LOOK NOTES

09 Feb 2026

Borouge PLC

ACCUMULATE

Last Closing Price
2.59

Target Price
2.95

Upside (%)
+13.90%

UAE Equity Research - Borouge PLC 4Q25 - First Look Note

Recorded highest ever volume production of 1,643 thousand tonnes in 4Q25. Cash conversion declined from 93% in 3Q25 to 84% in 4Q25. Capital expenditure rose from USD 40 Mn in 3Q25 to USD 98 Mn in 4Q25.

Download

EARNINGS CALL INSIGHT

09 Feb 2026

Borouge PLC

ACCUMULATE

Last Closing Price
2.59

Target Price
2.95

Upside (%)
+13.90%

UAE Equity Research - Borouge PLC 4Q25 - Earnings Call Insight

Borouge's revenue increased 3.4% YOY to USD 1.7 Bn in 4Q25, due to an increase in sales volume partially offset by a decline in average realized price for PE and PP.

Download

EARNINGS CALL INSIGHT

05 Feb 2026

NMDC Energy

BUY

Last Closing Price
2.72

Target Price
4.00

Upside (%)
+47.06%

UAE Equity Research - NMDC Energy 4Q25 - Earnings Call Insight

NMDC Energy’s revenue increased 21.3% YOY to AED 5.7 Bn in 4Q25, supported by a strong backlog execution. Gross profit increased significantly from AED 600 Mn in 4Q24 to AED 921 Mn in 4Q25, with gross profit margins increasing 341 bps YOY to 16.3%.

Download

FIRST LOOK NOTES

05 Feb 2026

NMDC Energy

BUY

Last Closing Price
2.72

Target Price
4.00

Upside (%)
+47.06%

UAE Equity Research - NMDC Energy 4Q25 - First Look Note

The Company’s pipeline stood at AED 58.6 Bn with an expected win rate of 20%-25% in 2025. NMDC Energy’s backlog stood at AED 40.1 Bn, with 80% from Local and 20% from international markets, while Offshore projects accounted for 63% and the balance from Onshore projects.

Download

FIRST LOOK NOTES

05 Feb 2026

ADNOC Distribution

BUY

Last Closing Price
4.06

Target Price
4.70

Upside (%)
+15.76%

UAE Equity Research - ADNOC Distribution (ADNOCDIST) 4Q25 - First Look Note

ADNOCDIST expanded its footprint to 1,010 service stations and 536 convenience stores across the UAE, KSA, and Egypt in 2025. ADNOCDIST added 99 DOCO sites in 2025, doubling the network, with 30+ already operational and the rest to come online soon, subject to approvals.

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