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>We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ.</li><li>Along with the result, we expect the company to announce a 1H dividend of AED0.09/sh., in line with revised guidance of increasing dividends by 10% annually.</li><li>We expect total rig count to increase to 138 rigs, up from 137 rigs in 1Q24 and 116 rigs in 2Q23. </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 ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ.Along with the result, we expect the company to announce a 1H dividend of AED0.09/sh., in line with revised guidance of increasing dividends by 10% annually.We expect total rig count to increase to 138 rigs, up from 137 rigs in 1Q24 and 116 rigs in 2Q23. 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

<ul><li>ADNOC Gas reported 1Q24 core profit of USD1</li><li>19bn, up 22% YoY (-6% QoQ)</li><li>The YoY jump in profits is led by 14% higher sales volumes as well as higher margins on domestic sales</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.

ADNOC Gas reported 1Q24 core profit of USD119bn, up 22% YoY (-6% QoQ)The YoY jump in profits is led by 14% higher sales volumes as well as higher margins on domestic salesContent 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.

ADNOC Gas: 1Q24 Core Earnings up 22% YoY (-6% QoQ) To USD1.19bn, Higher than Estimates

<ul><li>We revise our FV on ADNOC Gas to AED3.72/sh., offering 19% price upside. We maintain our Buy recommendation</li><li>The company is expected to incur capital expenditure of USD13-14bn over next 5 years, boosting both domestic and export volume capacity.</li><li>We expect revenues to register a 5-year CAGR (2023-28) of 6% to reach USD23.4bn in FY28</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 revise our FV on ADNOC Gas to AED3.72/sh., offering 19% price upside. We maintain our Buy recommendationThe company is expected to incur capital expenditure of USD13-14bn over next 5 years, boosting both domestic and export volume capacity.We expect revenues to register a 5-year CAGR (2023-28) of 6% to reach USD23.4bn in FY28Content 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.

ADNOC Gas: Rampant Capacity Expansion to Push Profits Higher

<ul>
<li>We expect ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.</li>
<li>Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.</li>
<li>We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, respectively.</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 ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.
Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.
We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, respectively.

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.

United Arab Emirates

ADNOC Gas plc operates as an integrated gas processing company. The Company specializes in crude oil and natural gas refining, marketing, supply, and transportation. ADNOC Gas serves customers worldwide.

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Adnoc Gas (ADNOCGAS UH)

2Q24 Quarterly results previews

We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ. Along with the result, we expect the company to...

International Securities

ADNOC Gas: 1Q24 Core Earnings up 22% YoY (-6% QoQ) To USD1.19bn, Higher than Estimates

ADNOC Gas reported 1Q24 core profit of USD1. 19bn, up 22% YoY (-6% QoQ). The YoY jump in profits is led by 14% higher sales volumes as well as...

International Securities

ADNOC Gas: Rampant Capacity Expansion to Push Profits Higher

The company is expected to incur capital expenditure of USD13-14bn over next 5 years, boosting both domestic and export volume capacity.

International Securities

4Q23 Quarterly Result Previews

Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.

International Securities

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