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>Borouge reported 1Q24 attributable profit of USD271mn, up 37% YoY but down 5% QoQ</li><li>The results were higher than our and consensus estimates mainly led by higher than anticipated Polyethylene (PE) and Polypropylene (PP) prices as well as sharp recovery in product premiums which jumped 19% and 46% QoQ, respectively</li><li>The company posted gross margins of 44%, highest since 2Q22, despite lower utilization in 1Q24 owing to planned plant turnaround which had a volume impact of 170k tons</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.

Borouge reported 1Q24 attributable profit of USD271mn, up 37% YoY but down 5% QoQThe results were higher than our and consensus estimates mainly led by higher than anticipated Polyethylene (PE) and Polypropylene (PP) prices as well as sharp recovery in product premiums which jumped 19% and 46% QoQ, respectivelyThe company posted gross margins of 44%, highest since 2Q22, despite lower utilization in 1Q24 owing to planned plant turnaround which had a volume impact of 170k tonsContent 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.

Borouge: 1Q24 Attributable Profit up 37% YoY (-5% QoQ) To USD271mn, Higher than Estimates

<ul><li>Borouge reported 4Q23 attributable profit of USD285mn, up 2% QoQ and 17% YoY, taking the FY23 attributable profit to USD991mn, down 29% YoY.</li><li>Dividend of AED0.08/sh. for 2H23 was in line with guidance while management guided on FY24 dividend of USD1.3bn (AED0.159/sh.).</li><li>The result was higher than our estimates mainly led by higher volumes and margins with the company posting utilization levels of over 100%. </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.

Borouge reported 4Q23 attributable profit of USD285mn, up 2% QoQ and 17% YoY, taking the FY23 attributable profit to USD991mn, down 29% YoY.Dividend of AED0.08/sh. for 2H23 was in line with guidance while management guided on FY24 dividend of USD1.3bn (AED0.159/sh.).The result was higher than our estimates mainly led by higher volumes and margins with the company posting utilization levels of over 100%. 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.

Borouge Result Review: 4Q23 Attributable Profit up 17% YoY (+2% QoQ) To USD285mn

Thematic (Sector/Industry)

<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

Borouge PLC operates as a chemical company. The Company offers polymer solutions for the agriculture, infrastructure, energy, advanced packaging, mobility, and healthcare industries. Borouge serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Borouge (BOROUGE UH)

Borouge: 1Q24 Attributable Profit up 37% YoY (-5% QoQ) To USD271mn, Higher than Estimates

The company posted gross margins of 44%, highest since 2Q22, despite lower utilization in 1Q24 owing to planned plant turnaround which had a volume...

International Securities

Borouge Result Review: 4Q23 Attributable Profit up 17% YoY (+2% QoQ) To USD285mn

orouge reported 4Q23 attributable profit of USD285mn, up 2% QoQ and 17% YoY, taking the FY23 attributable profit to USD991mn, down 29% YoY.

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)