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• BPC reported Q3 24/25A net profit of KWD 7m, growing by 46% y/y mainly on higher dividend income from Equate and improved educational sector performance. • The y/y boost in earnings was on the back of a combination of higher revenues (+11% y/y), especially from tuition fees (+15% y/y), higher dividend income from Equate and investment income. • It is 23% weaker q/q mainly on a one-off capital gain of KWD 2.6m recorded in Q2 24/25 relating to the sale off stakes in Warba Capital Holding Co. and Bapco Gas Co., excluding which net income would be up 4% q/q. • We maintain our Buy rating with our SoTP based TP of KWD 0.79/share. The stock trades at 11x FY 25e P/E and provides a DY of 9% (assuming a flat DPS of KWD 60/fils). Q3 24/25 net income (+46% y/y) is boosted by higher dividend income from equate and education sector profitability growth. BPC reported Q3 24/25A net profit of KWD 7m, growing by 46% y/y mainly on higher dividend income from Equate. It is 23% weaker q/q mainly on a one-off capital gain of KWD 2.6m recorded in Q2 24/25 relating to the sale off stakes in Warba Capital Holding Co. and Bapco Gas Co., excluding which net income would be up 4% q/q. The y/y boost in earnings was on the back of a combination of higher revenues (+11% y/y), specifically from tuition fees (+15% y/y), higher dividend income from Equate and investment income. This was partially offset by the 28% y/y spike in SG&A costs, lower other income (-16% y/y), and higher interest charges. BPC reported Q3 24/25A revenues of KWD 27m (+11% y/y, +19% q/q), in-line with our estimates. Sales of goods (mainly Al-Kout) is up 8% y/y (+1% q/q) to KWD 13.8m (+3.2% vs. ACe), while tuition fees increased by 15% y/y to KWD 13.2m (+47% q/q and -5% vs. ACe). The education sector drove core investment income growth. As of Q3 24/25, the investment portfolio reached KWD 516.3m, with core investments (excluding Equate) accounting for c.37% of the total investments. Income from core investments rose to KWD 7m in Q3 24/25, up from KWD 4.8m in Q3 23/24, with the increase driven by the robust performance of the education sector, including EPG (consolidated in Q3 23/24, reported a net income of KWD 1.3m in Q3 24/25, +63% y/y). It was also supported by growth in Eyas net income to KWD 2.6m, up 14% y/y with the growth primarily driven by a 17% increase in revenues on a rise in enrollments for the Fall 24/25 semester compared to the previous year. In addition, Sama reported net income of KWD 3.9m, up from KWD 3.6m last year, with the hike driven by a c.6% revenue growth. Net income was, however, weighed down by lower profitability at Nafais, which reported a net income of KWD 2.2m in Q3 24/25, down from KWD 2.9m reported last year on higher OpEx. BPC recently completed the sale of two subsidiaries and received an offer to sell its entire 75% stake in Knowledge City North Lebanon. BPC has been increasing its exposure to the education sector, acquiring The English Education Providers Group (EPG), an education company specializing in K-12 and early years education, for KWD 53m in Aug-23A. BPC recently completed exits from Warba Capital Holding Co. and Bapco Gas Co., realizing a total gain of KWD 2.6m in Q2 24/25. Additionally, BPC received an offer for its entire 75% stake in Knowledge City North, a dormant subsidiary in Lebanon, of approximately KWD 328k, with ownership transfer procedures ongoing with the relevant Lebanese authorities. The company recorded a gain of c. KWD 318k on the back of this in Q3 24/25. We maintain our Buy rating at an unchanged TP of KWD 0.79/share; FY 25e P/E of 11x and 9% DY. MEG prices remain a key factor for BPC’s stock price performance, given that Equate contributes 55% to our fair value estimate. Looking at MEG, Asian benchmark prices hiked by c.1% q/q in Q3 24/25 on a well-balanced market. MEG demand is set to weaken, while supply shortages should persist despite new capacity additions coming to the market, leaving MEG prices stable in FY25e, in our view. We maintain our Buy recommendation at a target price of KWD 0.79/share, trading at FY 24/25e P/E of 11x and offering a DY of 9%. We note that the company did not formalize a new dividend policy after the previous 3-year dividend policy that came to an end in FY 23/24A. We forecast a flat DPS of KWD 60 fils/share in FY 24/25e.

• BPC reported Q1 24/25A net profit of KWD 7.7m. Bottom-line saw a sequential jump of 13.5%, (+144% y/y) and was well above our estimates (+34%) mainly on higher-than-expected revenues and investment income. • The y/y boost in earnings was on the back of a combination of higher revenues (+48% y/y), especially from tuition fees (+94% y/y) on EPG consolidation, higher dividend income and investment income. Div from Equate is up by KWD 3.1m y/y. • BPC signed a share sale agreement worth USD 7m to sell its entire stake in Bapco Gas Company B.S.C to be reflected in Q2 24/25 financial statements • We maintain Buy at our SotP-based TP of KWD 0.82/share; trading at FY 24/25e P/E of 11x and offering a DY of 10%. Q1 24/25A net income grew by 144% y/y (+13.5% q/q, +34% vs. ACe) on higher income from EQUATE and improved profitability in the education sector. The EPS beat is mainly driven by the unanticipated massive recovery in investment income of KWD 1.8m from the previous investment loss of KWD 1.7m in Q4 23/34A and higher-than-expected revenues. BPC reported Q1 24/25A revenues of KWD 26.6m (+48% y/y, +8% q/q), and beat our estimates by 11%. Dividend income from EQUATE increased by KWD 3.1m this quarter to KWD 3.7m, which was the main catalyst for the jump in earnings, in addition to improved operating results from group companies. This was partially offset by higher SG&A costs (+18% y/y), finance costs and minority interest. BPC’s finance cost rose further this quarter to KWD 3.8m, +30% y/y (+5% q/q). Sales of goods (mainly Al-Kout) is up 20% y/y (+7% q/q) to KWD 13.6m (+18% vs. ACe) largely on higher sales of Chlor Alkali, while tuition fees increased by 94% y/y to KWD 13m (+10% q/q and +5% vs. ACe). Those largely drove y/y gross profit growth as margins remained largely stable. The robust growth in the education sector drove core investment income growth. Income from core investments rose to KWD 6.1m in Q1 24/25, up from KWD 4.3m in Q1 23/24, with the increase driven by the robust performance of the education sector, including contributions from the latest addition, EPG (consolidated in Q3 23/24, reported a net income of KWD 1.2m in Q1 24/25). It was also supported by growth in Eyas net income (+107% y/y) driven by 28% y/y rise in revenues and successful optimization of operating costs at GUST, resulting in an improved gross margin of 70%, up from 57% in the same period last year. Investment income, however, was weighed down by lower profitability at Al Borg (widening losses due to non-recurring provisions on expected credit losses) and Nafais (higher OpEx despite 7% y/y revenue growth). Non-core investment income increased to KWD 826 thousand in Q1 24/25 compared to KWD 492 thousand in Q1 23/24. BPC signed a share sale agreement worth USD 7m to sell its entire stake in Bapco Gas Company B.S.C. Last month, BPC announced signing a share sale agreement worth USD 7m to sell its entire 12.5% share of share capital of Bapco Gas Company B.S.C. It is worth noting that the agreement is a preliminary agreement subject to approvals from the general assembly of Bapco Gas in the next EGM, which is set to take place on 26 August 2024. A profit of KWD 2.1m is expected to be reflected in Q2 24/25 financial statements. We maintain our Buy rating, despite risks associated with MEG price outlook. MEG prices remain a key risk to BPC’s stock price performance, given that Equate contributes 62% to our fair value estimate. Looking at MEG, prices slightly weakened by c.3% q/q in Q2 24 after a substantial uptick in Q1 24 (+11% q/q), driven by low plant operating rates and demand slowdown. That said, MEG is now trading close to YtD highs as prices rebounded towards the end of June on expectations of limited imports and low inventories. We maintain our Buy recommendation at KWD 0.82/share TP; trading at FY 24/25e P/E of 11x and offering a DY of 10%. The company has not formalized a new dividend policy after the previous 3-year dividend policy came to an end in FY 23/24A. Our forecasts are based on a flat DPS of KWD 60 fils/share in FY 24/25e (111% DPO).

 Initiate with Buy at SoTP-based TP of KWD fils 1,155 ~ 33% upside.  Petchem player Equate, Boubyan’s primary investment (74% of SoTP), contributes 53% of the group’s recurring FY 18-21e EPS CAGR on higher petchem prices and new MEG capacity (+30% in FY 19e) in the US.  Boubyan’s diversification strategy into education and healthcare (19% of SoTP), provides attractive long-term returns, in our view, and caters for 27% of the group’s FY 18-21e EPS CAGR.  Further potential impairments cloud earnings visibility (KWD 51m impaired in FY 16-18 – c.11% of market cap), although recurring earnings growth has been steady (FY 15-18A EPS CAGR of 5%).

• BPCC reported Q3 22A net income of KWD 2.5m (+10% y/y, -11% q/q), 16% below our expectations (ACe: KWD 3m) • The y/y profit increase was driven by improved operating performance from subsidiaries (mainly AlKout), while q/q, lower investment income led to profit decline. • BPCC is expected to report strong FY 22e EPS growth (+104% y/y) supported by a rebound in Equate’s net income (+210% y/y) on higher petchem prices this year. The stock is up 12% YtD, capturing most of the upside, in our view. Equate’s dividend income will be reflected in the fourth quarter of BPCC. • M&A activity is likely to slow down in the MT, in our view, given minimum KWD 60 fils DPS guidance till FY 24e or 6.4% DY. Maintain Hold.

• BPCC FY22 net income more than doubled y/y to KWD 38.8m on strong dividend income from Equate (KWD 30.2m vs. 9.7m last year) and a 13% y/y increase in core investment income. • BPCC recently sold a GBK stake for KWD 51.2m and we expect this will lead to a 35% y/y reduction in net debt to KWD 117m (adding 120 fils/share to equity value) in FY 23e. BPCC has also early settled KWD 70m of loans. • Core investments (ex-Equate) continue to improve, supported by reopening. But, Equate’s profit is under pressure from lower MEG prices. • We upgrade to Buy at KWD 1.2/share (revised by +26%). The stock trades at 14x FY 23e P/E and provides a minimum DY of 5.8% FY22-24e.

• BPC reported Q3 22/23A net income of KWD 4m (+58% y/y, -39% q/q), in-line with our estimates. • The q/q net income decline was driven by lower dividends from Equate (-71% q/q). Y/y profit increase was supported by a 700bps improvement in gross margin, despite flat revenues. • BPC’s FY 22/23e net income is expected to decline by 28% y/y on a 45% y/y decline in dividends from Equate (Equate FY 22 net income at USD 611m, -45% y/y). • The stock trades at 12x FY 24e P/E and provides a minimum DY of 7.7% till FY 24e. Maintain Buy at SotP based TP of KWD 1/share.

• BPCC reported Q2 22/23 net income of KWD 6.6m (2.3x y/y, -35% q/q), 22% below our estimates (ACe: KWD 8.4m). • The q/q net income decline was driven by sequential decline in operating profits from subsidiaries (Al Kout and EDU). Y/y profit increase was supported by KWD 5.6m interim dividend by Equate. • Equate is expected to witness significant pressure in H2e earning given -25% h/h MEG prices (USD 460/t) and this will impact dividends and earnings for BPCC in the next two quarters. • The stock trades at 15.4x FY 23e P/E and provides a minimum DY of 7.3% till FY 24e. Maintain Buy as our SotP based TP of KWD 1/share provides 22% upside despite a 17% cut, as we reduce Equate’s FVe by 15% on MEG price downtick.

• BPCC reported Q1 22/23 net income of KWD 10.1m (3.6x y/y, -67% q/q), 15% above our estimates (ACe: KWD 8.8m). • The y/y net income increase by driven by higher operating profits from subsidiaries (mainly Al Kout) and KWD 6.3m interim dividend by Equate. Q/q profit decline was a function of seasonality (BPCC recorded full dividend from Equate in Q4 last year). • Core investments (ex-Equate) continue to improve for BPCC as Al Kout delivered strong results in the quarter (NI: +165% y/y and +75% q/q) and EDU net income increased by 7% y/y and 20% q/q. • The stock trades at 12.7x FY 23e P/E and provides a minimum DY of 6.4% till FY24e. Maintain Buy but highlight near term pressure on Equate’s earnings on MEG price downtick.

For H1 25, ICAP reported a Gross Operating Income of USD 46m (+6% y/y) on moderate growth from CFS/CDS (+4%/+8% y/y), 17% behind our estimates. • B/S growth expands modestly (+1.4% YtD) from RCF drawdowns. NAV slips 2.2% YTD due to the high declared interim dividend of USD 56m for H1 25. • It trades at 0.81x P/tNAV 24e vs RoE of 8% in FY25e and LT target of 11% and offers a DY of 9.2%. We maintain our TP of AED 2.43, offering 21% upside. Catalysts: lower interest rates, capital deployment, growth of the parent, improving RoE/EPS trajectory, increased IR activity, and value discovery.

• Net profit slipped by 8% y/y on muted fair value gains, with earnings affected by increased borrowing costs (up from USD 3m to USD 6m) as it taps into the RCF facility. However, we expect higher deployment to drive EPS and RoE in the coming years, with fair value adjustment usually recorded in Q2 and especially in Q4. • The company has a solid track record in originating assets with credit costs and loss ratios significantly below industry averages. Moreover, the company has a low-cost base of 40bps assets and a C/I of <10% (through a master agreement), ensuring almost full pass-through of accrued earnings. • It trades at 0.81x P/tNAV 24e vs RoE of 8% in FY25e. We maintain our TP of AED 2.43, offering 21% upside. Catalysts: lower interest rates, capital deployment, growth of the parent company, improving RoE/EPS trajectory, and value discovery.

•We expect the RoE to improve from 7% in FY23/24e to 11.9% by FY 27/28 as it benefits from a drop in borrowing costs as it taps its finance facilities of up to USD 800m over the next four years and the IPO proceeds to expand its asset base (CAGR of 6% FY24-28) significantly, with significantly lower US policy lower rates driving up PE and RE values and enhancing CLO demand, particularly from PE and M&A activity. •The company has an excellent track record in originating assets with credit costs and loss ratios significantly below industry averages. Moreover, the company has a highly low-cost base of 40bps assets and a C/I of <10% (through a master agreement), ensuring almost full pass-through of accrued earnings. • It trades at 0.81x P/tNAV 24e vs RoE of 8% in FY25e. We set a TP of AED 2.43, offering a 23% upside. Catalysts: lower interest rates, capital deployment, strong growth of the parent company, improving RoE/EPS trajectory, and value discovery

• We forecast a strong EPS growth of 40% in FY24e vs the drop of 18% in FY23 and 17% YTD growth and pencil in a 3-year EPS growth of 18%, mainly driven by margin expansion on rate cuts, with RoE (after ADT1 coupon) expected to reach 17-18% from 15.5% in FY24e and 12% in FY23 vs CAPL’s MT/LT’s target of >16%. • We forecast a cumulative margin expansion of 45bps in FY25-26e (vs. compression of 46bps during FY22-23) with a substantial negative 12-month ALM gap of 29.8%, with liabilities adjusting faster than assets, helping NIMs. • The stock remains compelling at 0.8x BV and P/E 25e of 5x vs a mid-cycle RoE of c16-18% and FY26 target >16%, recording the highest RoE in Jordan. Despite domestic economic challenges, our TP of JOD 4.0 offers a significant upside.

• We increase our EPS forecasts by 7-8% for FY25-26e as we raise our NIM estimates by 12-26bps, reflecting our updated rate forecasts, increase nonfunded income (+5%) for FY24e, despite one off cost incurred in Q2. • We pencil in RoE24e of 16% (after ADT1 coupon payments), vs. 12% in FY23 and CAPL’s MT/LT’s target of >16%, on strong revenue generation supported by 33bps NIM expansion and 10% non-funded income growth. • The stock remains compelling at 0.8x BV and P/E 25e of 3.7x vs. a mid cycle RoE of c16-18% and FY26 target > 16%, recording the highest RoE in Jordan. Our TP of JOD 4.0 offers a significant upside.

• EPS in Q1 surged 52% y/y, mainly driven by higher fees (mostly transfers fees), NII, and improving C/I (34% vs 38.9% in FY23). This was despite a higher CoR. RoE reached 22.5% (vs. 12% in FY23) and RoA at 1.7% (+80bps vs FY23). We lift our FY24e estimates by 5% but leave our FY25e 28e estimates unchanged, pencilling in double-digit EPS growth. • We forecast RoE in FY24e of 16.3% (after ADT1 coupon payments) on stronger revenue generation. Lower policy rates after FY24 will further support the bank, as lower rates (given ALM), and normalising CoR should benefit it. • The stock remains compelling at 0.8x BV and P/E 25e of 4.3x vs. a mid cycle RoE of c17.8 % and FY26 target > 16%, recording the highest RoE in Jordan. Our TP of JOD 4.0 offers a significant upside.

Operating profit surged by 169% y/y in Q4 22, taking the FY growth to 43%, aided by strong B/S activity, NIM expansion, despite OpEx growth in Q4. • FY 22 EPS missed by 4% on CoR (100bps), as it bolsters provision buffers, with stage 1 coverage doubling to 1.2%, stage 2 at 7.5%, and stage 3 at 49%. • We raise our TP by 5% to JOD 4.1 as we lift our NIM projections by 7bps, partly negated by higher OpEx and slightly higher CoR. The stock remains compelling at 1x BV and P/E 24e of 5.2x, while offering an EPS CAGR (FY 23e-27e) of 19.5% and RoE of 15.8% in FY23e and 18.8% in FY24e.

• We increase our EPS estimates by 1-4% following the stronger operating profit in Q1 (+68% y/y in Q1). B/S activity remains robust, JAWs remain highly positive, while NIM compressed slightly due to a negative net ALM gap (c7% of assets < 12 months), with CoR ahead of expectations and guidance. • The bank is well insulated against lower policy rates as of FY24/25e, with a neutral ALM position (< 12 months). We expect an EPS CAGR FY22-27e of 17%. • The stock remains compelling at 0.9x BV and P/E 24e of 4.4x, while offering a RoE of 16.7% in FY23e and 18.4% in FY24e (vs. a RoE target of > 14%)

•With 9M 24 meeting 75% of our FY24e estimate, we leave our estimates unchanged, with USD 25m upside from lower policy rates for FY25e, but we expect investment income to normalize. We expect an EPS growth of 14% and a 5- year EPS CAGR of 16% •For Q3, it recorded an EPS growth of 7.5% y/y, yielding a RoE of 11.6% (vs 10.4% in Q3 23). In Q3, the strong performance was supported mainly by the treasury and proprietary segment, up by c. +191% y/y, and improved performance of commercial banking, up +21% y/y. •Maintain BUY on broad-based RoE expansion, de-risking, and growing AuM base, reaching USD21bn in Q3 24 vs. USD 17.6bn in Q4 22. The stock trades at P/tNAV 24e of 1.1x while offering RoE of >11%. Next catalyst: expanding IB platform and recovering commercial banking performance (on lower CoF) & interest rate cuts, and potential cross-listing in KSA.

• Revenue dropped by 37% y/y, coming from a high base given the high World Cup-related activity, -15.3%/-3.5% vs. BBG/ACe. • The healthcare LoB turned profitable, and Services NPm doubled y/y, with gross margins increasing 952 bps y/y. • EPS increased +5.8% y/y and 4.7% q/q, 2% ahead of our estimates due to higher NPm in the Services segment. • Estithmar Holding trades at 11.6x FY 24e EV/EBITDA, offers superior growth prospects and a sustained NPm expansion, despite dilution from a capital increase to fund its growth plans.

• We view Estithmar Holding well positioned to capitalize on the growth of Qatar’s non-oil economy, with multiyear secular growth drivers. We expect a 3-year revenue CAGR of 24.1%, EBITDA CAGR of 41.1%, and strong LT growth supported by expansions in healthcare, hospitality, industry, and service sectors. It targets to triple its EBITDA by FY25e. • Supportive balance sheet: positive net cash, a planned QAR 1bn Sukuk, and a 50% capital increase provide significant funding for its expansion plans, with organic CapEx of QAR 2.1bn budgeted for the next three years. • We initiate with a Buy and set a TP of QAR 2.64 with an 21% upside. The stock trades at 13.8x FY 24e EV/EBITDA, in line with regional peers, while offering superior growth prospects, long-term revenue visibility, and an integrated and synergistic business model.