External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

<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

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.

<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 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)

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

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

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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