External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>MSCI UAE standard index expected to see an overall inflow of USD303.2mn.</li><li>Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index </li><li>All existing Standard Index constituents are expected to witness slight inflows in proportion of their weight in the Index. </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.

MSCI UAE standard index expected to see an overall inflow of USD303.2mn.Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index All existing Standard Index constituents are expected to witness slight inflows in proportion of their weight in the Index. 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.

<ul><li>We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.</li><li>The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.</li><li>Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). </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.

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). 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.

4Q24e UAE Banks - Quarterly Results Preview

Index Rebalance

<ul>
<li>We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.</li>
<li>NMDCENR and ADNH are expected to be added in M. UAE small cap index</li>
<li>We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.</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.


We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.
NMDCENR and ADNH are expected to be added in M. UAE small cap index
We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.

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.

Equity Bottom-Up

Abu Dhabi Islamic Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders profit grew 13.6% YoY to AED1.54bn (+3.0% QoQ; +12% vs estimates)</li><li>Net interest income almost flat YoY to AED1.58bn (-3.1% QoQ; -7.7% vs estimate)</li><li>Non-interest income up 25.4% YoY to AED1.05bn (-11.4% QoQ, +22% 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.

Shareholders profit grew 13.6% YoY to AED1.54bn (+3.0% QoQ; +12% vs estimates)Net interest income almost flat YoY to AED1.58bn (-3.1% QoQ; -7.7% vs estimate)Non-interest income up 25.4% YoY to AED1.05bn (-11.4% QoQ, +22% 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.

ADIB Results Review - 3Q24 Earnings up 13.6% YoY (+3% QoQ), Operationally Inline

<ul><li>We expect FAB to report shareholders profit of AED4.2bn in 3Q24e (flattish YoY and QoQ), as higher net interest income and non-interest income is expected to be soften by higher taxes. </li><li>Net interest income is expected to grow by 4.9% YoY (-2.2% QoQ) to AED4.8bn, led by growth in loan book and YoY improvement in NIMs.</li><li>Non-interest income is expected to continue its solid stance with 17.1% YoY growth (-1.3% QoQ) mainly driven by fees and commissions. </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.

We expect FAB to report shareholders profit of AED4.2bn in 3Q24e (flattish YoY and QoQ), as higher net interest income and non-interest income is expected to be soften by higher taxes. Net interest income is expected to grow by 4.9% YoY (-2.2% QoQ) to AED4.8bn, led by growth in loan book and YoY improvement in NIMs.Non-interest income is expected to continue its solid stance with 17.1% YoY growth (-1.3% QoQ) mainly driven by fees and commissions. 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.

3Q24e UAE Banks - Quarterly Results Preview

United Arab Emirates

Abu Dhabi Islamic Bank PJSC attracts deposits and offers consumer, corporate, and investment banking services.  The Bank finances the purchase of automobiles, real estate and capital equipment, offers letters of credit, sponsors investment funds, and offers property management and evaluation services. Abu Dhabi Islamic Bank lends money in accordance with Islamic law.

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Abu Dhabi Islamic Bank PJSC (ADIB UH)

MSCI EM Feb-2025 Index Review

Emar Development added to the MSCI UAE standard index taking the total number of UAE constituents to 13 in EM standard index

International Securities

4Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set...

International Securities

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

ADIB Results Review - 3Q24 Earnings up 13.6% YoY (+3% QoQ), Operationally Inline

Shareholders profit grew 13.6% YoY to AED1.54bn (+3.0% QoQ; +12% vs estimates). Net interest income almost flat YoY to AED1.58bn (-3.1% QoQ; -7.7%...

International Securities

3Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.2bn in 3Q24e (flattish YoY and QoQ), as higher net interest income and non-interest income is...

International Securities

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