External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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<ul><li>We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.</li><li>This would take the FY24 core profits to USD1.24bn, up 27% YoY.</li><li>Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.</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 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.This would take the FY24 core profits to USD1.24bn, up 27% YoY.Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.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.

4Q24 Quarterly Result Previews - 30th January 2025

Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

<ul><li>ADNOC Logistics &amp; Services reported 3Q24 profit of USD175mn, up 18% YoY (-16% QoQ), below our estimates as the gross margins came in lower than our estimate owing to 30% QoQ lower EBITDA from shipping business</li><li>On YoY, higher profits were led by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-Island</li><li>Shipping segment benefited YoY from strong charter rates as well as contribution from four new VLCCs acquired in 2023</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 Logistics &amp; Services reported 3Q24 profit of USD175mn, up 18% YoY (-16% QoQ), below our estimates as the gross margins came in lower than our estimate owing to 30% QoQ lower EBITDA from shipping businessOn YoY, higher profits were led by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-IslandShipping segment benefited YoY from strong charter rates as well as contribution from four new VLCCs acquired in 2023Content 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 L&S - 3Q24 Earnings up 18% YoY (-16% QoQ) To USD175mn, Below Estimates

<ul><li>We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.</li><li>We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.</li><li>On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.</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 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.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.

3Q24 Quarterly Previews for IS Coverage Universe

<ul><li>We revise our FV on ADNOC Logistics &amp; Services to AED6.10/sh. as we roll forward our estimates and incorporate acquisition of Navig8 as well as recently announced planned addition of 8 LNG carriers, 4 VLACs and 9 VLECs.</li><li>Although we stay convinced on ADNOC L&amp;S’ growth story, we revise our recommendation to Hold following a stellar price performance of 176% since IPO and 45% Ytd.</li><li>However, we flag ADNOC L&amp;S as a top candidate to add on dips. </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 Logistics &amp; Services to AED6.10/sh. as we roll forward our estimates and incorporate acquisition of Navig8 as well as recently announced planned addition of 8 LNG carriers, 4 VLACs and 9 VLECs.Although we stay convinced on ADNOC L&amp;S’ growth story, we revise our recommendation to Hold following a stellar price performance of 176% since IPO and 45% Ytd.However, we flag ADNOC L&amp;S as a top candidate to add on dips. 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.

ADNOCL&S:  Rampant Organic and Inorganic Growth to Push Profits Higher

<ul><li>ADNOC Logistics &amp; Services reported 2Q24 profit of USD208mn, up 28% YoY (+7% QoQ), in line with our estimates</li><li>The strong results were backed by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-Island</li><li>Shipping segment benefited from robust charter rates for tankers and dry bulk while the Marine Services business posted higher volumes</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 Logistics &amp; Services reported 2Q24 profit of USD208mn, up 28% YoY (+7% QoQ), in line with our estimatesThe strong results were backed by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-IslandShipping segment benefited from robust charter rates for tankers and dry bulk while the Marine Services business posted higher volumesContent 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 L&S - 2Q24 Earnings up 28% YoY (+7% QoQ) To USD208mn, in Line with Estimates

United Arab Emirates

ADNOC Logistics & Services is an integrated shipping and logistics company. The Company offers shipping, maritime, port, logistics, and oil field services. ADNOC Logistics & Services serves clients worldwide.

ADNOC Logistics & Services ( ADNOCLS EQUITY)

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ADNOC Logistics & Services ( ADNOCLS EQUITY)

4Q24 Quarterly Result Previews - 30th January 2025

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ. This would take the FY24 core profits to...

International Securities

Adnoc L&S - 3Q24 Earnings up 18% YoY (-16% QoQ) To USD175mn, Below Estimates

ADNOC Logistics & Services reported 3Q24 profit of USD175mn, up 18% YoY (-16% QoQ), below our estimates as the gross margins came in lower than our...

International Securities

3Q24 Quarterly Previews for IS Coverage Universe

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ. We expect total rig count to increase to 143 rigs,...

International Securities

ADNOCL&S: Rampant Organic and Inorganic Growth to Push Profits Higher

We expect FY23-FY28 EBITDA and net profit CAGR of 16% and 9%, respectively, taking EBITDA and net profit to USD1.9bn and 976mn in FY28e, respectively.

International Securities

Adnoc L&S - 2Q24 Earnings up 28% YoY (+7% QoQ) To USD208mn, in Line with Estimates

We currently have a FV of AED4.80/sh. on ADNOC L&S. The stock trades at 13.6x FY24 PE and offers 2.9% dividend yield.

International Securities

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