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>NMDC Energy posted record 4Q24 shareholders’ profits of AED503mn, up 35% YoY and 25% QoQ.</li><li>The board recommended cash dividend of AED0.14/share, dividend yield of 4.9%. The result came in higher than our estimates. </li><li>In FY24, NMDC Energy’s revenues jumped by 82% YoY to AED14.4bn while shareholders’ </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.

NMDC Energy posted record 4Q24 shareholders’ profits of AED503mn, up 35% YoY and 25% QoQ.The board recommended cash dividend of AED0.14/share, dividend yield of 4.9%. The result came in higher than our estimates. In FY24, NMDC Energy’s revenues jumped by 82% YoY to AED14.4bn while shareholders’ 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.

NMDC Energy - 4Q24 Earnings up 35% YoY (+25% QoQ) To AED503mn

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

Index Rebalance

<ul>
<li>We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.</li>
<li>NMDCENR and ADNH are expected to be added in M. UAE small cap index</li>
<li>We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.</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 Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.
NMDCENR and ADNH are expected to be added in M. UAE small cap index
We share our preview for M. Feb-25 index review. M. review is scheduled on 11 February 2025 with effective date of 3 March 2025.

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>NMDC Energy is a provider of Engineering, Procurement and Construction (EPC) services with expertise in development of offshore and onshore oil and gas assets</li><li>The company has a current backlog of AED54bn, over 5x of LTM revenues, plus an additional pipeline of identified projects worth AED53bn with an average bid win ratio of 39%</li><li>We initiate coverage with a Buy recommendation and fair value of AED3</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.

NMDC Energy is a provider of Engineering, Procurement and Construction (EPC) services with expertise in development of offshore and onshore oil and gas assetsThe company has a current backlog of AED54bn, over 5x of LTM revenues, plus an additional pipeline of identified projects worth AED53bn with an average bid win ratio of 39%We initiate coverage with a Buy recommendation and fair value of AED3Content 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.

NMDC Energy - Initiating Coverage with Fair Value AED3.46/Share

United Arab Emirates

NMDC Energy operates as an EPC company. The Company offers engineering, procurement, and construction (EPC) services in the development of offshore and onshore oil and gas fields. NMDC Energy serves clients in the energy industry worldwide.

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NMDC Energy (NMDCENR UH)

NMDC Energy - 4Q24 Earnings up 35% YoY (+25% QoQ) To AED503mn

NMDC Energy posted record 4Q24 shareholders’ profits of AED503mn, up 35% YoY and 25% QoQ. The board recommended cash dividend of AED0.14/share,...

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

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

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52-week Range

Market Cap (USDm)

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NMDC Energy - 4Q24 Earnings up 35% YoY (+25% QoQ) To AED503mn

NMDC Energy posted record 4Q24 shareholders’ profits of AED503mn, up 35% YoY and 25% QoQ. The board recommended cash dividend of AED0.14/share,...

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

M. EM Feb-2025 Index Preview

We expect Salik and EmaarDev to be added into M. UAE Standard Index in Feb -25 review; DEWA is a price contingent candidate for M. inclusion.

International Securities

NMDC Energy - Initiating Coverage with Fair Value AED3.46/Share

NMDC Energy is a provider of Engineering, Procurement and Construction (EPC) services with expertise in development of offshore and onshore oil and...

International Securities