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

Emirates NBD Bank PJSC / Equity Bottom-Up

<ul><li>Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates)</li><li>Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs estimate)</li><li>Non-interest income up 5.2% YoY to AED3.4mn (+27.1% QoQ, +24.4% 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.

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates)Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs estimate)Non-interest income up 5.2% YoY to AED3.4mn (+27.1% QoQ, +24.4% 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.

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

<ul><li>Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates)</li><li>Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)</li><li>Non-interest income up 7.8% YoY to AED2.69mn (-10.9% QoQ, -11.6% 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.

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates)Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)Non-interest income up 7.8% YoY to AED2.69mn (-10.9% QoQ, -11.6% 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.

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.</li>
<li>The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.</li>
<li>Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.</li>
</ul>


Emirates NBD to invest USD3 billion for a controlling stake of up to 74% in RBL Bank through a mix of preferential issue and open offer.
The deal boosts RBL’s capital strength, global linkages, and business mix amid ongoing margin and asset-quality challenges.
Short-Term earnings may stay uneven, but the investment sets up a long-term re-rating opportunity dependent on execution, regulation, and credit control.


Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.</li>
<li>UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.</li>
<li>Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.</li>
</ul>


MENA remains a structural underweight, absent in nearly 25% of EM funds, though participation has climbed to a decade high with 75.9% of EM funds now holding positions.
UAE has overtaken Saudi as the largest allocation, supported by inflows into Real Estate and Financials; Saudi remains underweight, while Qatar and Kuwait attract little investor interest.
Emaar, Al Rajhi, Aldar, and Saudi National Bank anchor MENA exposure, with second-tier growth from ADCB, Emirates NBD, and UAE Energy sectors.


MENA: From Structural Underweight to Selective Rebuild

Thematic (Sector/Industry)

<ul><li>We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.</li><li>The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.</li><li>Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). </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 FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set by higher corporate taxes.The decline on a QoQ basis is mainly attributable to absence one-off transaction gain in the NFI that was realized in 3Q24.Net interest income is expected to grow 3.6% YoY (-1.4% QoQ) to AED4.8bn, led by growth in loan book which the management guided to remain mid to high single digit for FY24(+9%ytd as at 3Q24). 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.

4Q24e UAE Banks - Quarterly Results Preview

United Arab Emirates

Emirates NBD PJSC conducts banking and financial service activities. The Bank's business segments include corporate and institutional, retail, and private banking. Emirates NBD also offers treasury services and Islamic banking products, with headquarters in Dubai, United Arab Emirates.

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Emirates NBD Bank PJSC (EMIRATES UH)

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates). Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs...

International Securities

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates). Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)

International Securities

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Sudarshan Bhandari

MENA: From Structural Underweight to Selective Rebuild

MENA stays structurally underweight but participation is rising, led by UAE and Saudi. Real Estate and Financials drive inflows, with Emaar, Al...

Steven Holden

4Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set...

International Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emirates NBD - 1Q25 Earnings Down 7.3% YoY (+56% QoQ)...

Shareholders profit down 7.3% YoY to AED6.2bn (+56% QoQ; +16.1% vs estimates). Net interest income up 14.1% YoY to AED8.5bn (-1.3% QoQ; -1.6% vs...

International Securities

Emirates NBD - 4Q24 Earnings Flat YoY (-23.8% QoQ), Lower than Our Estimates on Higher OPEX

Shareholders profit flat YoY to AED3.98bn (-23.8% QoQ; -11.1% vs estimates). Net interest income up 9.6% YoY to AED8.56bn (+1% QoQ; +4.5% vs estimate)

International Securities

Emirates NBD’s Entry Redefines RBL Bank’s Growth Trajectory

​Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...

Sudarshan Bhandari

MENA: From Structural Underweight to Selective Rebuild

MENA stays structurally underweight but participation is rising, led by UAE and Saudi. Real Estate and Financials drive inflows, with Emaar, Al...

Steven Holden

4Q24e UAE Banks - Quarterly Results Preview

We expect FAB to report shareholders profit of AED4.1bn in 4Q24e (+1.8% YoY while -8.4% QoQ), as higher operating income is expected to be off-set...

International Securities

Emirates NBD to invest USD3 billion for a controlling stake in RBL Bank, boosting capital strength and global linkages with potential for long...