External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>UAE Banks are currently trading at median FY2025e P/B and P/E of 1.4x and 10.1x, respectively, undervalued compared to regional banks (2025e P/B and P/E of 1.8x and 14.2x, respectively), despite better ROEs (median 2025e ROE of c.15.2% compared to 13.9% of regional peers) and dividend yield (2025e div. yield of 4.5% vs 3.4% of regional peers).</li><li>We maintain Buy on FAB, ENBD and ADCB, and Hold on ADIB and DIB as we revise our fair values (FVs) upwards.</li><li>Credit growth for UAE Banks has remained robust (c.+9.5% YoY in 2024, +2.7% YTD in 1Q25) driven by domestic private sector lending (c.+8.5% YoY in 2024, +2.6%YTD in 1Q25) as well as sizable uptick in foreign credit (c.+31% YoY in 2024, +9.9%YTD in 1Q25).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UAE Banks are currently trading at median FY2025e P/B and P/E of 1.4x and 10.1x, respectively, undervalued compared to regional banks (2025e P/B and P/E of 1.8x and 14.2x, respectively), despite better ROEs (median 2025e ROE of c.15.2% compared to 13.9% of regional peers) and dividend yield (2025e div. yield of 4.5% vs 3.4% of regional peers).We maintain Buy on FAB, ENBD and ADCB, and Hold on ADIB and DIB as we revise our fair values (FVs) upwards.Credit growth for UAE Banks has remained robust (c.+9.5% YoY in 2024, +2.7% YTD in 1Q25) driven by domestic private sector lending (c.+8.5% YoY in 2024, +2.6%YTD in 1Q25) as well as sizable uptick in foreign credit (c.+31% YoY in 2024, +9.9%YTD in 1Q25).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UAE Banks: Macro Outlook Rendering Valuations Attractive

Equity Bottom-Up

Fertiglobe plc operates as an export-focused nitrogen fertilizer platform. The Company offers a range of nitrogen products serving agricultural and industrial customers around the world.

<ul><li>Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)</li><li>The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component</li><li>1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe - 1Q25 core attributable profit up 313% (+73% QoQ) to USD73mn; within estimates

National Central Cooling  PJ / Equity Bottom-Up

National Central Cooling Co PJSC is an Abu Dhabi based utility company. The Company provides the design, financing, construction and operation of district cooling facilities for the supply of chilled water to air conditioning systems for commercial, military, residential and government customers.

National Central Cooling  PJ (TABREED UH)

<ul><li>Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. </li><li>The YoY uptick in profits was led by higher overall connected capacity which increased to 1.33mn Refrigeration Tons (RT) from 1.31mn RT in 1Q24 as well as 7% lower financial charges following deleveraging. On QoQ basis, profit decline was mainly due to seasonal factors. </li><li>The company continues to focus on capacity expansion and optimizing capital structure which will contribute to growth in FY25. We maintain Buy on Tabreed with FV of AED3.97/share.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. The YoY uptick in profits was led by higher overall connected capacity which increased to 1.33mn Refrigeration Tons (RT) from 1.31mn RT in 1Q24 as well as 7% lower financial charges following deleveraging. On QoQ basis, profit decline was mainly due to seasonal factors. The company continues to focus on capacity expansion and optimizing capital structure which will contribute to growth in FY25. We maintain Buy on Tabreed with FV of AED3.97/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tabreed - 1Q25 Attributable Profit up 3% YoY (-20% QoQ) To AED115mn; in Line with Estimates

<ul><li>Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)</li><li>The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component</li><li>1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25</li><li>Fertiglobe also unveiled its Grow 2030 Strategy with management targeting an EBITDA of USD1bn by 2030 backed by four strategic pillars. We maintain Buy recommendation and will be revising our estimates soon following latest guidance</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe posted 1Q25 adjusted attributable profit of USD73mn, up 313%% YoY (+73% QoQ)The result was in line with our estimates where the higher-than-expected gross profits were offset by higher-than-expected non-controlling interest component1Q25 benefited from 11% higher YoY sales led by company’s decision to strategically defer 239kt sales from4Q24 to 1Q25Fertiglobe also unveiled its Grow 2030 Strategy with management targeting an EBITDA of USD1bn by 2030 backed by four strategic pillars. We maintain Buy recommendation and will be revising our estimates soon following latest guidanceContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fertiglobe - 1Q25 Core Attributable Profit up 313% (+73% QoQ) To USD73mn

Lulu Retail Holdings PLC operates as a holding company. The Company, through its subsidiaries, owns and manages hypermarkets, supermarkets, and small-format mini markets that retails foods, non-foods, lifestyle items, and electronics products. Lulu Retail Holdings serves customers in the United Arab Emirates.

<ul><li>1Q25 earnings from continuing operations were recorded at USD70mn, up 15.8% YoY (+7.7%QoQ, in-line with estimates)</li><li>Revenue up 7.3% YoY to USD2.1bn (+9.8% QoQ; +2.1% vs estimates)</li><li>EBITDA up 6.5%YoY to USD214mn (-2.4% QoQ; +2.5% vs estimates)</li><li>Gross profit up 4.0% YoY to USD465mn (+4.9% QoQ; -0.8% vs estimates)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 earnings from continuing operations were recorded at USD70mn, up 15.8% YoY (+7.7%QoQ, in-line with estimates)Revenue up 7.3% YoY to USD2.1bn (+9.8% QoQ; +2.1% vs estimates)EBITDA up 6.5%YoY to USD214mn (-2.4% QoQ; +2.5% vs estimates)Gross profit up 4.0% YoY to USD465mn (+4.9% QoQ; -0.8% vs estimates)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

LuLu Retail Holdings - 1Q25 Earnings up 15.8% YoY (+7.7% QoQ) To USD70mn, in Line with Estimates