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.

Thematic (Sector/Industry)

<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

<ul><li>Revenue up 14.1% YoY to AED1.3bn (+11.6% QoQ; -0.3% vs estimate) </li><li>EBITDA up 4.9% YoY to AED273mn (+26.0% QoQ; -1.3% vs estimate) </li><li>Finance cost up 4.8% YoY to AED35.2mn (-2.8% QoQ, +2.0% vs estimates)</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.

Revenue up 14.1% YoY to AED1.3bn (+11.6% QoQ; -0.3% vs estimate) EBITDA up 4.9% YoY to AED273mn (+26.0% QoQ; -1.3% vs estimate) Finance cost up 4.8% YoY to AED35.2mn (-2.8% QoQ, +2.0% vs estimates)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.

Burjeel Holdings - 3Q24 Core Profit up 1.4%YoY (+50.7% QoQ), in Line with Our 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>Revenue up 9.7% YoY to AED1.2bn (-1.9% QoQ; -2.9% vs estimate)</li><li>EBITDA down 3.8% YoY to AED217mn (-16.7% QoQ; -11.1% vs estimate)</li><li>Finance cost up 2.2% YoY to AED36.2mn (10.1% QoQ, +19.8% vs estimates)</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.

Revenue up 9.7% YoY to AED1.2bn (-1.9% QoQ; -2.9% vs estimate)EBITDA down 3.8% YoY to AED217mn (-16.7% QoQ; -11.1% vs estimate)Finance cost up 2.2% YoY to AED36.2mn (10.1% QoQ, +19.8% vs estimates)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.

Burjeel Holdings - 2Q24 Core Profit Down 8.7% YoY (-32.4% QoQ), Core Earnings Below Our Estimates

<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.

United Arab Emirates

Burjeel Holdings PLC operates as a holding company. The Company, through its subsidiaries, provides clinical excellence in healthcare delivery and patient management solutions and facilities. Burjeel Holdings serves patients, visitors, and residents in the United Arab Emirates.

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Burjeel Holdings (BURJEEL UH)

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

Burjeel Holdings - 3Q24 Core Profit up 1.4%YoY (+50.7% QoQ), in Line with Our Estimates

Revenue up 14.1% YoY to AED1.3bn (+11.6% QoQ; -0.3% vs estimate) EBITDA up 4.9% YoY to AED273mn (+26.0% QoQ; -1.3% vs estimate)

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

Burjeel Holdings - 2Q24 Core Profit Down 8.7% YoY (-32.4% QoQ), Core Earnings Below Our Estimates

Revenue up 9.7% YoY to AED1.2bn (-1.9% QoQ; -2.9% vs estimate). EBITDA down 3.8% YoY to AED217mn (-16.7% QoQ; -11.1% vs estimate)

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

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