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.

Equity Bottom-Up

<ul><li>ADNOC Gas reported 1Q25 core profit of USD1.25bn, up 5% YoY (+9% QoQ).</li><li>Core profits remove the impact of one-off adjustments which are non-recurring.</li><li>On reported basis, profits were 7% up YoY and 8% down QoQ at USD1.27bn.</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 1Q25 core profit of USD1.25bn, up 5% YoY (+9% QoQ).Core profits remove the impact of one-off adjustments which are non-recurring.On reported basis, profits were 7% up YoY and 8% down QoQ at USD1.27bn.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 - 1Q25 Result Review: Core Earnings up 5% YoY (+9% QoQ) To USD1.25bn

Index Rebalance

<ul>
<li>We share our preview for M-May-25 index review. M review announcement is scheduled on 13 May 2025 with effective date of 2 June 2025.</li>
<li>The price cutoff period for May -25 index review will be from 17th April 2025 till 30th April 2025.</li>
<li>Post Marketed offering ADNOCGAS free float increased to headline free float of 9%. As additional free float contributes to (Foreign Inclusion Factor) FIF, ADNOC Gas shall meet the minimum Free Float Market Capitalization requirement (FFMC) </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 share our preview for M-May-25 index review. M review announcement is scheduled on 13 May 2025 with effective date of 2 June 2025.
The price cutoff period for May -25 index review will be from 17th April 2025 till 30th April 2025.
Post Marketed offering ADNOCGAS free float increased to headline free float of 9%. As additional free float contributes to (Foreign Inclusion Factor) FIF, ADNOC Gas shall meet the minimum Free Float Market Capitalization requirement (FFMC) 

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>ADNOC Gas reported 4Q24 core profit of USD1.15bn, down 9% YoY (-6% QoQ).</li><li>The board recommended 2H24 dividend of AED0.08 per share, in line with guidance.</li><li>The FY24 core profits came in at USD4.7bn versus USD4.3bn in FY23.</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 4Q24 core profit of USD1.15bn, down 9% YoY (-6% QoQ).The board recommended 2H24 dividend of AED0.08 per share, in line with guidance.The FY24 core profits came in at USD4.7bn versus USD4.3bn in FY23.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: 4Q24 Core Earnings Down 9% YoY (-6% QoQ) To USD1.15bn; 2H24 DPS AED0.08

Thematic (Sector/Industry)

<ul><li>We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.</li><li>In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. </li><li>We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.</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 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.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 Quarterly Result Previews - 24 April 2025

<ul><li>We expect ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review.</li><li>BOS expected to be added to the UAE small cap index.</li><li>We share our preview for MSCI May-25 index review. </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 ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review.BOS expected to be added to the UAE small cap index.We share our preview for MSCI May-25 index review. 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)

ADNOC Gas - 1Q25 Result Review: Core Earnings up 5% YoY (+9% QoQ) To USD1.25bn

ADNOC Gas reported 1Q25 core profit of USD1.25bn, up 5% YoY (+9% QoQ). Core profits remove the impact of one-off adjustments which are non-recurrin

International Securities

M-EM May-2025 Index Preview

We share our preview for M-May-25 index review. M review announcement is scheduled on 13 May 2025 with effective date of 2 June 2025.

International Securities

ADNOC Gas: 4Q24 Core Earnings Down 9% YoY (-6% QoQ) To USD1.15bn; 2H24 DPS AED0.08

ADNOC Gas reported 4Q24 core profit of USD1.15bn, down 9% YoY (-6% QoQ). The board recommended 2H24 dividend of AED0.08 per share, in line with...

International Securities

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

MSCI EM May-2025 Index Preview

We expect ADNOCGAS and Salik to be added into MSCI UAE Standard Index in May -25 review. BOS expected to be added to the UAE small cap index.

International Securities

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