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• Red Sea rerouting to drive near-term volume upside: Strait of Hormuz disruption is redirecting flows from Dammam (2.8-3.0m TEUs) to the Western Province, where SISCO holds 79% share. We expect a pickup from Apr-May 2026, with RSGT capturing c.70% of diverted volumes, implying c.2.1m TEUs annualised. • Gateway mix shift and tariffs underpin earnings step-up. FY 26e NI forecast at SAR 131m (+36% y/y), driven by 28% gateway volume growth and 8% tariff uplift. Higher-margin mix, alongside MPT (+67%) and Logistics (+58%), supports margin expansion and operating leverage. • Reiterate Core Buy; attractive valuation with clear catalysts: TP raised to SAR 43/share (+5%), implying 12% EPS CAGR over FY 25-29e, driven by Ports-led growth. Trading at 9x FY26e EV/EBITDA (c.25% discount), with upside from water divestment and capital redeployment.

• A strong sequential rebound with net income of OMR 72m in Q1 26A, up 75% q/q, but slightly lower than ACe on lower-than-expected realized prices, with revenues down 13% q/q on 18% decline in oil price. • A sharp bottom line growth of 43% y/y in FY 26e led by 18% higher oil price of USD 80 and USD 10 premium, driving 11% FCF yield. • OQEP is well-positioned to benefit from higher oil prices and wider premiums while remaining relatively insulated from Hormuz-related disruption. At USD90-110/bbl oil and USD10-20/bbl premiums, we see a further 8-49% upside to EPS. • Core Buy TP OMR 0.555 on 4% production CAGR to 270 kboepd (vs. 300 kbeopd target) till FY 30e, offering attractive on DY 10% in FY 26e with potential EM upgrade.

• We cut our EPS by 8% in FY 26-28e on 3% lower revenues as now assume oil price of USD 63/bbl (-8% vs. prev.), partly offset by higher entitlement to OQEP (51%, +1 ppts vs. prev.) and higher Block 60 volumes. • We expect FY 26e revenues to decline 6%, on softer oil prices (-14% y/y), despite support from growing gas revenues. • We expect a resilient FCF of USD 663m in FY 26-28e resulting in dividends of USD 658m (of which 92% is base dividends, and the balance is PLD), yielding 8%. • We downgrade to Hold at a TP of OMR 0.4/share, as the stock rallied 18% since initiation, coupled with an 8% downward EPS revision, but still offers a lucrative DY of 8% vs. 4.6% for peers.

• OQEP is well-positioned to benefit from higher oil prices and wider premiums while remaining relatively insulated from Hormuz-related disruption. At USD100-120/bbl oil and USD10-20/bbl premiums, we see a further 27-51% upside to EPS. • We raise our FY 26e-28e EBITDA forecasts by 11-32%, driven by 20% higher oil price assumptions (averaging USD77/bbl) and 5% higher oil volume assumptions. OQEP now targets production of 300k bpd by FY 30e, up from 224k bpd in FY 25A, implying a 5-year CAGR of 7%. We also lift our FY 26e-28e EPS forecasts by 29-45%. • Q4 25 net income fell to OMR 41m (-41% q/q, -37% y/y), on lower oil prices and delayed shipment of 1.1m barrels into Q1e, taking FY 25 net income down 12% y/y to OMR 278m. • We upgrade OQEP to Buy and raise our target price by 40% to OMR 0.555, supported by our expectation of 43% higher FY 26e EPS and an attractive 10% dividend yield.

• OQEP is a national upstream champion ranking among Oman’s top three oil and gas producers, controlling one of the largest reserve bases in the country. • EPSA framework grants OQEP up to 30% working interest in any commercial discovery – a LT growth driver with minimal exploration risk. • Low OpEx of USD 8/bbl (53% below peers) and CapEx of USD 9/bbl, support a strong FCFY and DY of 10% over FY 25-29e. Base dividends at an 8.7% yield are sustainable even with an oil price as low as USD 55-60/bbl, in our view. • We initiate with Buy at a TP of OMR 0.40/share (20% upside), as the stock trades at 5.2x EV/EBITDA, in-line with peers, but offering a lucrative DY of 10% vs. 4.5% for peers and 35% P/E discount at 9x.

• PureHealth is set to deliver strong earnings momentum in 2026, with 21% top line growth fueling 21% group profit jump to c.AED 2.4bn, driven by CARE (c.73% of Group revenues; HHG c.13% of gross hospital revenues) and COVER, supported by mandatory insurance rollout in the Northern Emirates and P&C expansion (c.3% of GWPs, rising to c.14% by FY 31e). • Group continues to target margin-accretive (EBITDA >20%) international expansion complementing flagship UAE network, supported by prudent leverage (2.5x Net debt/EBITDA), following HHG consolidation (10% of Q4 25A revenues, 12% of EBITDA), with c.9% contribution to FY 26e revenues. • Maintain Buy at AED 4.7 TP (+110% vs. CMP), -1% vs. previous target on 27% y/y higher debt (mainly HHG’s). Group declares AED 600m in dividends in FY 25A, equivalent to a 30% payout ratio and c.2.4% DY.

• Hellenic Healthcare Group adds 5% and 6% to group Q4 and FY 26e revenues respectively after receiving EU FSR approval one quarter earlier than initially guided. • We pencil in AED 615m in net Q4 profits bringing FY 25e group earnings up 26% y/y to c.AED 2.2m boosted by HHG consolidation, hospital service enhancement and higher insurance membership. • Maintain Buy at AED 4.75 TP (+74% vs. CMP), -3% vs. previous target on EBITDA forecast revisions and lower Ardent valuation. Group earnings momentum remains solid supported by HHG consolidation, mandatory insurance in the Northern Emirates and the P&C rollout.

• PureHealth expands into P&C insurance, transitioning into a multi-line insurer beyond health. We factor in P&C starting FY 26e, conservatively estimating 4% uplift in gross GWPs, with 48% CAGR over FY 26-30e, driven by high-margin cross-sell opportunities in a rapidly expanding market (11% CAGR). • Group Q2 25A net profits grow 2% y/y to AED 524m (in line with ACe), despite cost pressures and higher tax, with net margin contracting 55bps y/y to 7.5%; on a normalized basis, NP margin improves to 8.3% in H1 25A. Revenues grow c.9% y/y to AED 7bn (+3% vs. ACe), driven by strong organic growth in Hospitals & Insurance segments (79% of Group revenues). • Reiterate BUY at AED 4.9 (+c.70% vs. CMP) reflecting the group’s diverse growth prospects including active M&A (incl. HHG consolidation), mandatory insurance in the Northen Emirates, and P&C insurance rollout.

• Aggregate top line to grow at 10% CAGR in FY 24-30e led by occupancy ramp up at the expanded hospital network (incl. HHG starting FY 26e) coupled with 8% growth in GWPs with the expected implementation of mandatory insurance in the Northern Emirates by FY 27e. • Consolidation of 60% of Hellenic Healthcare Group boosts group hospital revenues by c.7% in FY 26-27e (consolidated rev +6%). Management continues to target 50% top line contribution from international operations in the medium-term. • Our updated FVE of AED 4.9 (-20% vs. previous TP on revised EBITDAm, higher group tax rate and reduced peers multiples post market derate) implies 80%+ upside reflecting the group’s diverse growth prospects (active M&A incl. HHG consolidation, mandatory insurance in the Northen Emirates) with further potential upside from expected expansion into P&C insurance.

• Pure Health is the largest vertically integrated healthcare group in the UAE, running the only payor provider model through a cross-category platform covering hospitals, labs, insurance, pharmacies and procurement, with a sizeable and growing footprint in the UK and the US. The group is majority-owned and backed by the Government of Abu Dhabi through key entities including ADQ, Alpha Dhabi Holding and IHC. • The group drives c.90% and c.85% of its revenues and EBITDA from hospitals and health insurance in FY 24-26e, with a growing P&L from procurement as Rafed expands its private customer base beyond Pure Health operations. • We initiate coverage with a Core Buy rating (2% weight reducing DIB) at a FVE of AED 6.10/share, implying 50%+ upside reflecting the group’s multidimensional growth prospects (mandatory insurance in the Northern Emirates, UAE brownfield expansions, rising mix of self payors in the UK).

• Q4 25 net income came in at OMR 14m, up 55% q/q (-48% y/y), despite weaker revenues and a surge in G&A costs, mainly on lower cash cost/ton and the booking of a discounting of accrual for rich gas costs (c.OMR 5m). Excl. the accrual discounting, net income would be 1% lower q/q. • EPS beat ACe by 80% mainly due to a 3% beat to revenue estimates, higher-than-expected margins, and the c.OMR 5m in discounting of accrual for rich gas costs, which was partially offset by higher-than-expected SG&A costs. Excl. the accrual discounting, net income is 15% ahead of ACe. • Revenues were down by 5% q/q despite a surge in ammonia prices, likely weighed down by weaker LPG/methanol prices and/or lower volumes. However, cash costs/ton were lower q/q driving GPM up by 276bps. • FCFs weakened by 26% y/y at OMR 83m, mainly due to the IGC payment for LPG gas costs (commenced in FY 25A) amounting to OMR 34m, albeit 24% below our expectations (driving an 8% beat to our FCF estimate). FY 25A FCFY is at 9%. • We maintain our TP at OMR 0.18 and our Hold rating as the share price rally (+66% since Jan’25) leaves no upside vs. our TP. OQBI continues to offer decent FY 26e FCFY/DY of 10%/4.8% on healthy FCF generation, and on upside potential from the unmodeled brownfield methanol project (+50% methanol capacity), but we think valuation is full on a normalized basis. Net income surged 55% q/q in Q4 25, primarily driven by lower cash cost/ton and the booking of a discounting of accrual for rich gas costs, despite weaker revenues and a spike in G&A costs. Reported net income came in at OMR 14m in Q4 25, up 55% q/q (-48% y/y). The sequential jump was largely underpinned by an improvement in cash cost/ton and the booking of a c.OMR 5m discounting of accrual for rich gas costs; excluding this one-off, net income would have been broadly flat q/q (-1%). NI beat ACe by 80% mainly on the beat in revenues and higher than expected margins, which were partially offset by higher-than-expected SG&A. On a y/y basis, the 48% decline reflects a more challenging operating environment, with weaker revenues and a surge in G&A costs weighing on the bottom line. Revenues dropped by 5% q/q despite stronger Ammonia prices, on weaker volumes and/or realized methanol/LPG prices. Revenues recorded OMR 55m in Q4 25A, down by 5% q/q (-26% y/y, +3% vs. ACe). The sequential revenue drop is driven by weaker volumes and/or weaker LPG/methanol prices, which was partially offset by stronger ammonia prices. GPM hiked q/q and reached 28% (vs. 25.2% in Q3 25A) with GP up 12% q/q at OMR 15m, while EBITDA weakened q/q at OMR 18m largely due to higher S,G&A expense. Cashflow generation remained solid in FY 25A, with FCFY of 9%, despite the IGC payment weighing on FCFs. FCFs came in at OMR 83m (-26% y/y), implying an FCFY of c.9% and an 8% beat to ACe, driven by the IGC payment coming in 24% below expectations. The full-year IGC cash drag totaled OMR 34m, entirely accounting for the y/y decline. OQBI should report weaker profitability in FY 26e on the expected decline in methanol/LPG prices and lower LPG volumes. We expect methanol prices to decline by 4% y/y in FY 26e, after witnessing a 7% y/y dip in FY 25A, to average USD 265/t (spot at USD 269/t). We also forecast a 6% y/y drop in LPG prices. On the flipside, we expect ammonia prices to remain flat in FY 26e (USD 386/t) owing to strong demand. We also expect weaker LPG volumes in FY 26e as per the company’s plan to carry out a maintenance shutdown in FY 26e. All in all, these factors are expected to drive a 5% y/y decline in EBITDA to OMR 81bn and a 7% y/y dip in net income to OMR 39m. We, however, expect earnings to recover in FY 27e onwards as methanol and LPG prices recover close to mid-cycle averages (LT brent price of USD 65/bbl – ACe). We maintain TP of OMR 0.18/share and maintain Hold on limited upside post the share price rally post initiation. OQBI’s share price is up c.66% since July, and upside at our TP is now limited, yet we highlight that near-term FCFY remains above sector average at c.11% in FY 25-27e (vs. <9% for local peers) and DY remains decent >5% in FY 26e (with upside to dividends after the end of the IPO stated policy on robust FCF generation). There is also upside potential from the unmodelled brownfield methanol project (still under study), which should add 50% to methanol capacity with relatively low CapEx (c.USD 470m, c.40% less than greenfield options) leveraging current infrastructure and access to low-cost gas

• We lower our methanol and LPG price forecasts in FY 26e onwards given looser supply/demand dynamics and weakening energy prices, but expect a higher ammonia price in FY 26e on strong demand. • OQBI should witness a challenging year in FY 26e given strong exposure to methanol and LPG (c.75% of revenues), despite the expected stability in volumes and price-linked gas formula. • EBITDA/EPS are expected to decline by 5%/7% y/y in FY 26e, with the impact of price weakness exacerbated by the expected shutdown in the LPG plant. We lower our FY 26-30e EBITDA estimates by c.6% and EPS est. by c.12% given our lower price estimates • We cut our TP by 5% to OMR 0.18 and downgrade to Hold as the share price rally (+64% since Jan’25) leaves no upside vs. our TP. OQBI continues to offer decent FY 26e FCFY/DY of 11%/5.5% on healthy FCF generation, and on upside potential from the unmodeled brownfield methanol project (+50% methanol capacity), but valuation is full on a normalized basis. Methanol market is expected to remain well supplied amid multi-year low Asian operating rates. Asian methanol prices fell 7% y/y and are currently c.5% below the FY25A average, reflecting continued downward pressure. Global methanol capacity stood at c.190 mt in FY 25A vs. estimated consumption of c.136 mt (ICIS), underscoring persistent oversupply. Market volatility in H2 25A was driven by US sanctions on certain cargoes, which temporarily lifted demand for non-sanctioned supply. Looking ahead, methanol production is set to increase in FY 26e on new global capacity, including Iran’s Sabalan Phase 2. While China’s MTO sector affordability remains weak, two new MTO units scheduled for FY 26e offer limited demand upside. Beyond FY 26e, slower capacity additions and some rationalization may narrow the supply-demand gap, though excess capacity is likely to persist. Overall, we expect methanol prices to remain under pressure amid subdued demand, ample supply, and ongoing sanctions-related uncertainties. We expect LPG prices to continue to trend lower in FY 26e, as we expect further weakness in oil prices vs. FY 25A average (USD 58-50/bbl oil price for FY 26e). LPG fundamentals are expected to remain muted in the NT due to weak petchem demand and warm weather, despite some winter heating support, with butane showing strength from gasoline blending. While the LT outlook suggests some recovery driven by rising crude prices (which could come towards the end of FY 26e/beg. FY 27e), nevertheless, potential oversupply from ME production and slow Asian demand could keep prices relatively weak compared to historical norms. OQBI should report weaker profitability in FY 26e on the expected decline in methanol/LPG prices and lower LPG volumes. We expect methanol prices to decline by 4% y/y in FY 26e, after witnessing a 7% y/y dip in FY 25A, to average USD 265/t (spot at USD 268/t). We also forecast a 6% y/y drop in LPG prices. On the flipside, we expect ammonia prices to remain flat in FY 26e (USD 386/t) owing to strong demand. We also expect weaker LPG volumes in FY 26e as per the company’s plan to carry out a maintenance shutdown in FY 26e. All in all, these factors are expected to drive a 5% y/y decline in EBITDA to OMR 81bn and a 7% y/y dip in net income to OMR 39m. We, however, expect earnings to recover in FY 27e onwards as methanol and LPG prices recover close to mid-cycle averages (LT brent price of USD 65/bbl – ACe). Cashflow generation was robust in 9M 25A, with an annualized FCFY of 12%; yet we expect the upcoming IGC payment to hit Q4 25 FCFs. OQBI generated FCFs of OMR 71m in 9M 25A, already >90% of our FY 25e FCF estimate of OMR 77m. Annualized, this implies an FCFY of c.13%. However, we note that OQBI did not pay IGC for its share of OQ LPG cashflows (80%), and it is expected that the next payment will be made during Q4 25e. Accordingly, we expect lower FCF generation in Q4 25e, with our FY 25e FCF forecast still implying a decent FCFY of 11%. We lower our TP by 5% to OMR 0.18/share and downgrade to Hold on limited upside post the YtD share price rally. The cut in our TP is mainly driven by our lower price assumptions, whereby we cut our FY 26-30e methanol price forecasts by 8%, ammonia price forecasts by 3% (although we raise FY 26e est. by 10%) and LPG price forecasts by 8%. Accordingly, Our EBITDA/EPS estimates are now c6%/12% lower in FY 26-30e, with EPS growing at an FY 25-30e CAGR of 6% (on deleveraging and methanol/LPG price recovery). OQBI’s share price is up c.50% since July, and upside at our new TP is now limited, yet we highlight that near-term FCFY remains above sector average at c.11% in FY 25-27e (vs. <9% for local peers) and DY remains decent >5% in FY 26e (with upside to dividends after the end of the IPO stated policy on robust FCF generation). There is also upside potential from the unmodelled brownfield methanol project (still under study), which should add 50% to methanol capacity with relatively low CapEx (c.USD 470m, c.40% less than greenfield options) leveraging current infrastructure and access to low-cost gas.

• Q3 25 net income came in at OMR 9m, declining by 27% q/q (-8% y/y) but beat ACe by 58%. The beat to our estimates is driven by 12% higher-than-expected revenues (on strong volumes) and margins, despite higher-than-expected net finance costs. • The 27% q/q EPS weakness came despite the 3% q/q growth in revenues and stable margins, mainly due to the absence of other finance income (unwinding of discount for rich NG) and other income recorded in Q2 25. Excl. these items, net income would be only 2% weaker q/q. • Revenues are up by 3% q/q despite c.12% weaker LPG prices and lower methanol/ammonia volumes, as these were offset by higher LPG volumes and higher realized methanol/ammonia prices. Cash margins were slightly down q/q, but lower depreciation exp. kept EBITDA flat. • We raise our TP to OMR 0.19 and maintain our Buy rating despite the recent share price rally as it still offers decent FY 26e FCFY/DY of 12%/6% on healthy FCF generation, and on upside potential from the unmodeled brownfield methanol project (+50% methanol capacity).

• OQBI is the only integrated petrochemical player in Oman, offering a diverse range of highly demanded chemicals, including methanol, ammonia, and LPG. This diverse product mix helps drive consistent revenue and cash flow, with a platform utilization rate exceeding 100%. • It enjoys superior industry margins (EBITDAm c.37-40%) given cost-effective NG supply contracts, with a price-linked formula ensuring margin protection throughout the cycle. • EPS is expected to grow at an 8% CAGR in FY 25-30e, despite a moderate EBITDA CAGR of 2%, driven by declining finance costs (deleveraging), with potential upside from brownfield methanol expansion (+50% methanol capacity). • Despite the commencement of IGC payments in FY 25e (80% of OQ LPG FCFs in return for non cash notional gas costs), the CMP still implies an attractive FCFY of c.14% in FY 25-29e. • We initiate coverage at a TP of OMR 0.16 and a Buy rating. It trades at a 20% discount to regional peers (8x EV/EBITDA in FY 25e) and offers a superior DY of >8% (+5% p.a. in FY 26e as per the IPO policy), with upside to dividends as FCFs comfortably cover CapEx and deleveraging (net debt/EBITDA peaked at 1.9x in FY 24A, on our numbers) OQBI’s diversified product basket, a favorable methanol/ammonia exposure, and feedstock cost advantage position it as a superior regional petchem player. OQBI is an integrated producer of methanol, ammonia, and LPG products in Oman, with a combined production capacity of 1,816 ktpa. Given the majority shareholding by OQ (51%), it benefits from LT, a take-or-pay off-take agreement with OQ Trading for export globally (primarily Asia/MENA). Methanol is the largest contributor to total revenues/EBITDA (c.50%), with the ramp-up of LPG/ammonia plants in FY 21A/FY 22A, respectively. A well-balanced market for methanol/ammonia should drive price recovery over FY 25-30e, offsetting the subdued LPG price outlook. OQBI’s product prices are expected to slightly decline in FY 25e y/y on soft demand, subdued energy prices and global capacity growth, yet we forecast a gradual recovery in methanol prices in FY 25-30e (to a LT price of USD 330/t, vs. USD 280/t spot price) driven by improving MTO economics as demand picks up, and upside from marine fuel applications, despite capacity growth. For ammonia, we also expect a gradual recovery towards a LT price of USD 380/t, still 8% below mid-cycle levels, on elevated gas costs and strong demand being equally matched by capacity growth. LPG prices, however, are expected to dip in FY 25e vs. FY 24A on a softer oil price outlook, while a slight recovery is expected towards FY 27e on an anticipated pick-up in petchem demand, production slowdown from high-cost producers, and lower supply growth after FY 30e. Favorable NG cost agreements underpin above-average margins(EBITDAm of 37-40%). The gas supply agreement for the methanol business is based on a netback-linked pricing formula, providing margin protection through the cycle (5-year avg. gas cost stood at USD 3/mmBtu). For the LPG plant, OQBI receives rich natural gas from IGC at no immediate cost. In return, IGC receives lean gas and a share of the LPG product sales proceeds (commencing in FY 25e), based on a payment waterfall where the remaining cash, after covering OpEx, CapEx, and financing obligations, is allocated between IGC (80%) and OQBI (20%). OQBI’s EBITDAm averaged 40% over the past 4 years (the highest in the regional petchem space), with revenues/EBITDA growing at a CAGR of 15%/17% owing to capacity growth and improving utilization rates, despite the downtrend in product prices (commodity upcycle in FY 21/22A). EPS is expected to grow at an 8% CAGR in FY 25-30e, despite soft EBITDA growth, driven by declining finance costs (deleveraging). Beyond FY 25e, we expect EBITDA to grow at a 2% CAGR, as a 3% revenue CAGR in FY 25-30e (slight recovery in prices, stable volumes) is partly offset by OpEx growth and higher natural gas prices. EBITDA margins are expected to average 36% in FY 25-30e, on our numbers. Nevertheless, we expect EPS to grow at an 8% CAGR on lower finance costs (deleveraging), with further upside from potential rate cuts (every 50bps lower interest rate impacting EPS by 3%). Given the commencement of IGC payments in FY 25e, FCFF should see a dip in FY 25e, still implying an attractive FCFY of 12%. OQBI generated robust FCFs in FY 21-24A, on healthy EBITDA growth and the non-cash nature of gas costs at the LPG plant. Unlevered FCFs amounted to OMR 112m in FY 24A, with a FCF conversion rate of 120%. Nevertheless, we assume the payment of OMR 37m to the IGC in FY 25e (first payment made in April-25A), below notional gas costs, driving an expected 36% y/y drop in FCFs in FY 25e, still implying a robust FCF conversion rate of 90% and an industry-leading FCF yield of 12%. On our numbers, FCFs averaging OMR 83m in FY 25-30e are sufficient to cover dividends (averaging OMR 39m p.a. over the same period) as well as gradual deleveraging, with room to uplift dividends after FY 26e, given ample room on its balance sheet (net debt/EBITDA peaking at 1.9x in FY 24A), barring any significant growth/M&A CapEx. We initiate coverage with a Buy rating at a TP of OMR 0.16 (23% upside) on an attractive valuation (DY >8%). OQBI trades at a c.20% discount to regional peers (8x EV/EBITDA in FY 25e) and offers a decent DY of 8% (+5% p.a. in FY 26e as per the IPO policy), with upside to dividends after the end of the IPO stated policy on robust FCF generation. Despite trading almost in line with its peers in Oman on an EV/EBITDA and DY basis, OQBI trades at a superior FCFY of 12% in FY 25e (averaging 14% in FY 25-30e) vs. <9% for Oman peers, implying a decent valuation discount. Upside to our valuation includes i) higher-than-expected product prices/utilization rates, and ii) capacity growth (potential methanol brownfield project adding 50% methanol capacity). Major downside risks involve lower-than-expected product prices/volumes, and any unfavorable changes in the LPG waterfall agreement with the IGC. Oman offers a compelling investment opportunity given the current valuation discount vs. regional markets and potential EM upgrade expected by mid-2027e.

• Q3 25/26A NI of KWD 4.7m beat ACe by 27% and rose 50% q/q on stronger revenues, margin expansion, and lower finance costs. Reported NI fell 33% y/y solely due to Equate deferring dividends for the third consecutive quarter; recurring NI (excl. Equate dividends) surged 53% y/y. • Revenues of KWD 28m rose 5% y/y (+22% q/q), driven by education (+7%) and petrochemicals (+4%) segments. Reported EBITDA of KWD 9m missed ACe by 21% and fell 22% y/y, though recurring EBITDA (ex-Equate) rose by 19% y/y. • Education subsidiaries drove core investment income growth, with core investments (ex-Equate) generating KWD 7.0m, up 8% y/y. EYAS led the way with NI up 49% y/y on record student enrolment, while EPG grew 14% y/y. Sama Education held steady, though Nafais’s 23% y/y declione in healthcare revenue following suspension of the Afia Health Insurance program drove net income down by 32% y/y. Muna Noor also saw weaker profitability on lower revenues. • Equate resumed dividends post quarter-end (KWD 10.1m, -15% vs. ACe and -47% y/y), ending three consecutive quarters of deferral and removing a key overhang. • We maintain our Buy rating with our SoTP based TP of KWD 0.68. The stock trades at 12x FY 26e P/E and provides a DY of 7% (assuming a flat DPS of KWD 40/fils at 85% DPO). LFL net income (excl. Equate dividends) grew by 53% y/y in Q3 25/26A, mainly driven by higher education sector profitability. BPCC reported net income of KWD 4.7m in Q3 25/26A, 27% ahead of ACe and up 50% q/q (-33% y/y). The beat to our estimates is driven by higher-than-expected sales (+4%), higher-than-expected margins, expanding GMP vs. ACe (+70ppts), higher-than-expected other income (+35%), and lower-than-expected net finance costs (-26%). This was partially offset by lower-than-expected share of income from associates (-8%). On y/y basis, net income dipped 33% due to Equate group deferring its interim dividends for the third quarter in a row, while Q3 24/25A included a KWD 3.9m dividends from Equate. On a recurring basis (after excluding the impact of EQUATE dividend income and one-off items), NI is up by 53% y/y, on stronger share of income from associates, weaker net finance costs and weaker SG&A expenses. Revenues came in at KWD 28m, surging 22% q/q, (+4% vs ACe) and up 5% y/y. The y/y hike in revenues is driven by a stronger educational sector (+7% y/y) and a stronger petrochemicals sector revenue (+4% y/y). EBITDA came in at KWD 9m, down 11% q/q, -22% y/y, and missing our EBITDA estimate by 21%. The q/q drop in EBITDA is on the back of lower investment income, lower share of income from associates (-16% q/q), higher SG&A costs, which was partially offset by higher other income. On recurring basis, after deducting EQUATE impact, EBITDA surged 19% y/y despite flat GPm with the hike coming from higher share of income from associates, weaker SG&A expenses, and weaker finance costs. The education sector profitability drove core investment income growth. As of Q3 25/26A, the investment portfolio reached KWD 507.4m, with core investments (excl. Equate) accounting for c.38% of the total investments. Income from core investments increased 8% y/y to KWD 7.0m, with growth driven primarily by BPC's education subsidiaries. EYAS reported net income of KWD 3.9m (KWD 2.4m BPC's share at 62.8% ownership), growing strongly by 49% y/y, supported by its highest-ever student enrolment for the Fall semester. EPG reported net income growth of c.14% y/y at KWD 1.4m, driven by higher revenue from increased student enrolment and contribution from new assets within the Group. Sama Education Co. maintained its consistent growth trajectory, reporting a net profit of KWD 4.0m compared to KWD 3.9m in the same period last year. On the other hand, Nafais reported a net income of KWD 1.5m compared to KWD 2.2m in the same period last year, with the decline primarily due to a c.23% drop in healthcare revenue following the suspension of the Afia Health Insurance program due to changes in local regulations, partially offset by higher educational revenue and cost management initiatives. Muna Noor posted a net income of OMR 106K in 3Q 25/26 compared to OMR 244K in the Q3 24/25A, with the decline primarily attributable to lower revenue. Notably, Equate Group deferred its interim dividend distribution this period (vs. KWD 3.9m in 3Q24/25), which weighed on reported net income of KWD 4.7m (EPS: 8.80 fils vs. 13.16 fils in 3Q 24/25); on a like-for-like basis excl. Equate dividends, net income grew by approximately 53% q/q. Equate announced dividends of KWD 10.09m to reflect in Q4 25/26e, signaling an end to three consecutive quarters of deferral. This should provide a meaningful boost to Q4 25/26e reported earnings and removes a key overhang on the stock. We had expected Equate dividend payment to come at KWD 11.9m, 15% above announced dividends and 49% below FY 24/25A dividends. We maintain our Buy rating at TP of KWD 0.68/share; FY 26e P/E of 12x and c.7% DY. We maintain our Buy recommendation at a target price of KWD 0.68/share. BPC is trading at FY25/26e P/E of 12x and offering a DY of c.7%. We note that the company is yet to formalize a new dividend policy after the previous 3-year dividend policy that came to an end in FY 23/24A. They paid a dividend of KWD 40 fils/share for FY 24/25A, which we assume will remain flat in FY 25/26e.

• 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.

• INMA presents an asset-backed investment opportunity at approximately tangible book value, with multiple growth and income drivers across its three core business lines: brokerage, market making, and real estate. • The company’s solid capital base, primarily comprising cash, liquid investments, and real estate, provides a substantial margin of safety. Meanwhile, growth potential in margin lending, algo trading, and the stable annuity-like income from its market-making mandate with the Qatar Investment Authority (QIA) provide a compelling blend of stability and upside. • We begin with a BUY rating and a TP of QAR 3.75, offering a 17% upside, with FY25e being a transitional year on lower revenues from market-making.

•We initiate coverage on Al Salam Bank (ASB or the Bank) with a TP of BHD 0.26 and a BUY rating underpinned by strong growth from i) retail banking particularly mortgage financing, ii) recent KFH Bahrain acquisition, iii) asset management in Dubai AUMs set to 2x to USD 10bn by 2027) iv) upside from the high growth/return Al Salam Bank Algeria (ASBA), v) economic diversification in Bahrain, adopting best in practice policies elsewhere in the GCC, vi) potential BBK-NBB deal given its 26.19% stake in BBK (at a likely premium for BBK), vii) improved efficiency (with a costs/assets of 1.3%) and viii) improving asset quality. • RotE is among the highest in the GCC, on the back of its Islamic franchise, strong non-funded income, income from associates, and low risk-weighted asset intensity. High operating earnings should improve its relatively high leverage ratios (excluding ADT1 Capital), with payout set to rise, but only in the medium term. • Stock is trading at P/B of 1.4x (P/tNAV25e of 2.8x) and P/E26e of 7.6x while offering a strong RoE of 17.2% (RotE25e of 35.6%), return on risk-weighted assets (RoRWA) of 2.8%, and DY of 3.1%. Catalyst: materialization of the BBK-NBB deal, MSCI/FTSE EM upgrade of Bahrain in the medium term, and more prudent fiscal policy in Bahrain.

• Abraj is the leading provider of onshore drilling services in Oman, with a 29% market share, operating 27 modern drilling rigs. • 16% EPS CAGR in FY 25-28e is driven by the addition of 8 new rigs in Oman and Kuwait at higher day rates (15% premium), reaching 36 by FY 28e. • Following the capex cycle, we expect FCF expansion to OMR 29m in FY 28-29e (vs. OMR 10m in FY 26e), driving a resilient FY 28-29e FCFY of 9% and DY of 10%. • We initiate with Buy and set a TP of OMR 0.36/share (29% upside). The stock trades at a 10% discount to regional peers and offers an above-average EPS CAGR of 16% and 7% DY.

•We leave our estimates for FY 25 and FY26 unchanged, with an EPS growth of 14% y/y,with RoE at 13.4%, up 0.9ppt y/y in Q2. We pencil in an EPS growth of 14% in FY25e and a 16% 5-year EPS CAGR. •Balance sheet growth was strong at 6.7% q/q and 13.8% y/y, funded by quasi equity and placements from financial institutions. In Q2, the resilient performance is supported mainly by Commercial Banking and Treasury and Proprietary segment revenues, up by +10.6%/27% y/y, despite a slower IB segment (-29% y/y) for Q2 25 due to a seasonal slowdown in deal flows. •We maintain our BUY on broad-based RoE expansion, expanding deposit base through Khaleeji franchise and growing AuM base (+10% y/y to USD 23.7bn). The stock trades at P/ tNAV 25e of 1.1x while offering RoE of >12.6% and a DY of 5.2% (to be paid semi-annually as of 2025). The next catalysts include expanding IB, improving commercial banking performance, obtaining the Kuwait license, cross-listing in KSA, and lower borrowing costs aligned with rate cuts. Our TP remains at USD 0.41/AED 1.51.

• We leave our estimates for FY 25 and FY26 unchanged, with EPS growth of 10.4% in Q1, with RoE at 12.6%, up 1.3ppt y/y. We expect an EPS growth of 14% in FY25e and a 16% 5-year EPS CAGR. • Balance sheet growth was strong at 5% q/q and 9.8% y/y, funded from quasiequity and placements from financial institutions. In Q1, the solid performance was supported mainly by IB revenues, up by +45% y/y, and improved commercial banking revenue, up +17% y/y for Q1 25, partly offset by a slightly lower contribution from the proprietary and Treasury segment. • We maintain our BUY on broad-based RoE expansion, improving deal flows and growing AuM base, up 10% y/y to USD 22.6bn. The stock trades at P/tNAV 25e of 1.1x while offering RoE of >12.6% and a DY of 5.2% (to be paid semi-annually as of 2025). The next catalysts are expanding IB and commercial banking performance, and lower borrowing costs. Our TP remains at USD 0.41/AED 1.51.

•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.

• Earnings in H1 are up ~37% y/y on 16.6% NII growth, positive JAWs of 3.1ppts, and 27.7% lower provisions with CoR at 137bps vs. 194bps in H1 24. RoE reached 18.9% in H1 vs. 16.8% in FY24A. • We still forecast a robust RoE of > 16%, even though the rate cycle is shallower than expected. It carries a substantial negative 12-month ALM gap of 22.9%, with liabilities adjusting faster than assets (NIM expanded by 45bps y/y). • The stock is still compelling at 0.8x BV and P/E 25e of 4.3x vs a mid-cycle RoE of c.17% and FY27 target >16%, the highest RoE in Jordan, mainly reflecting the strong profitability of its Iraqi franchise. Despite domestic economic challenges in Jordan, our TP of JOD 4.0 offers a significant upside.

• 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%)

• Strong Q2 results, with net profit expanding 94% y/y driven by strong topline growth across all segments, margin expansion, and one-off gain of AED 18.1m. Adj. net profit rose 57% y/y to AED 75m, lifting H1 EPS by 60% y/y. • Sales momentum continues into Q2, with new sales of AED 646m, lifting H1 sales to AED 1.4bn, already matching 2024 full year sales, driving 36% YtD backlog expansion to AED 2.6bn. • We re-iterate our Core Buy rating with a TP of AED 2.4/share, offering a significant upside of 57%. Our EV is predominantly driven by the development business (56% of EV), followed by the Hospitality portfolio (32%) and the leasing segment (12%). The stock currently trades at 14.1x P/E 25e, 11.7x P/E 26e, and 0.81x P/B.

• RAK Properties is the master developer and primary landlord of Mina, Ras Al Khaimah’s flagship coastal community. The company focuses on BTS residential developments and owns and operates a portfolio of hospitality assets and community amenities. • Ras Al Khaimah is the UAE’s 4th largest emirate with a USD ~12bn GDP, 345k+ population, and 1.28m annual visitors, set to double by 2027e. With 45k new homes needed by 2030e, RAK Properties is well positioned to capture 20%+ of RAK’s future housing demand, supported by its dominant land bank (>10m sqft residual NSA) and strong government backing. • We Initiate on RAK Properties with a Buy rating and a TP of AED 2.4/share, offering a significant upside of 85%. Our EV is predominantly driven by the development business (56% of EV), followed by the Hospitality portfolio (32%) and the leasing segment (12%).

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

• 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.