Research

Equity Research


Boursa Kuwait (Outperform), STG (Outperform), DFM (Neutral)

Saudi National Bank-Initiation (TP: SAR 42.8, Outperform): Pivoting from repair to expansion

Outperform

Riyad Bank Initiation (TP: SAR 29.0, Neutral): Strong fundamentals, undemanding valuations

Tabreed (TP: AED 3.45/share, Neutral): Meaningful growth aspirations beyond the UAE

Mabanee (TP: KWD 1.065/share, Outperform): Shumoul execution cadence picks up

Aramex (TP: AED 2.80/share, Neutral): Quest towards total logistics solutions

Salik Initiation (TP: AED 3.80/share, Outperform): Traffic redistributor with widening dividend gates

SISCO Holding (TP: SAR 32.50/share, Outperform): Multi-port operator era begins

Emaar Development Initiation (TP: AED 8.20/share, Outperform): Cashing in on sustained Resi momentum

Emaar Properties (TP: AED 8.65/share, Outperform): Reaping leadership gains of an extended cycle

Mabanee (TP: KWD 0.995/share, Outperform): Raising stakes in gamechanger Saudi projects

Tabreed (TP: AED 3.55/share, Neutral): Strong FCF generation; but acquisitions missing

Humansoft Holding (TP: KWD 3.300, Neutral): Dividend implications necessitate topline growth

SISCO (TP: SAR 29.70/share, Outperform): Robust portfolio with stronger KPIs

Aramex (TP: AED 2.40/share, Neutral): Rebasing of scale economics continues

SISCO (TP: SAR 28.10/share, Outperform): Portfolio races to full throttle with vertical synergies

Mabanee (TP: KWD 0.980/share, Outperform): Mixed-use developments to emerge as flagship

Tabreed (TP: AED 3.40, Neutral): Defensive fortifications

Emaar Properties Initiation (TP: AED 7.85, Outperform): Hedonic pricing prowess