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 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.</li><li>In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. </li><li>We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.</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 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.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.

1Q25 Quarterly Result Previews - 24 April 2025

<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

<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 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.

Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<div><ul style="list-style-type: disc;"><li>Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.</li><li>Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.</li><li>The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.</li></ul></div>

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry performance.Interesting trends in the gold market: We examine gold prices and propose a shift from wealth-driven to fear-driven consumption patterns. We also identify several events that could reduce fear and slow gold price momentum.The evolving situation at OCI: The fund holds a 6% position in OCI, a global fertilizer business that announced two significant asset sales in December 2023, from which we expect to receive a substantial capital return in 2024.

United Arab Emirates

Fertiglobe plc operates as an export-focused nitrogen fertilizer platform. The Company offers a range of nitrogen products serving agricultural and industrial customers around the world.

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Fertiglobe plc (FERTIGLB UH)

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

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

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

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

1st Quarter 2024 Letter to Investors

Outperformance of Metals and Mining sector: The fund's gold, copper, and lithium investments outperformed their respective industry...

Massif Capital Research

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