External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>ADNOC Drilling posted 3Q24 profit after tax of USD335mn, up 30% YoY (+14% QoQ)</li><li>The result was higher than our estimates mainly led by outstanding growth in OFS business as well as lower operating expenses</li><li>The YoY jump in profits was led by rampant rig addition which reached 140 rigs in 3Q24 versus 124 rigs in 3Q23 as well as contribution from investment in associates</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.

ADNOC Drilling posted 3Q24 profit after tax of USD335mn, up 30% YoY (+14% QoQ)The result was higher than our estimates mainly led by outstanding growth in OFS business as well as lower operating expensesThe YoY jump in profits was led by rampant rig addition which reached 140 rigs in 3Q24 versus 124 rigs in 3Q23 as well as contribution from investment in associatesContent 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.

ADNOC Drilling: 3Q24 profit up 30% YoY (+14% QoQ) to USD335mn, higher than estimates

<ul>
<li>ADNOC Drilling posted 2Q24 profit after tax of USD295mn, up 30% YoY (+7% QoQ). The board recommended 1H24 cash dividend of AED0.09/sh., 10% higher YoY.</li>
<li>The result and divided were in line with our estimates.</li>
<li>The YoY jump in profits was led by rampant rig addition which reached 140 rigs in 2Q24 versus 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.


ADNOC Drilling posted 2Q24 profit after tax of USD295mn, up 30% YoY (+7% QoQ). The board recommended 1H24 cash dividend of AED0.09/sh., 10% higher YoY.
The result and divided were in line with our estimates.
The YoY jump in profits was led by rampant rig addition which reached 140 rigs in 2Q24 versus 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.

ADNOC Drilling - 2Q24 Profit up 30% YoY (+7% QoQ) To USD295mn, in Line with Estimates

Thematic (Sector/Industry)

<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>ADNOC Drilling posted 1Q24 core profit after tax of USD275mn, up 26% YoY (-4% QoQ), in line with our estimates</li><li>The company also revised its dividend policy, enhancing the annual increase to 10% for 2024-2028 from 5%, previously</li><li>The YoY jump in profits was led by rampant rig addition which reached 137 rigs in 1Q24 versus 115 rigs in 1Q23</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.

ADNOC Drilling posted 1Q24 core profit after tax of USD275mn, up 26% YoY (-4% QoQ), in line with our estimatesThe company also revised its dividend policy, enhancing the annual increase to 10% for 2024-2028 from 5%, previouslyThe YoY jump in profits was led by rampant rig addition which reached 137 rigs in 1Q24 versus 115 rigs in 1Q23Content 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.

ADNOC Drilling: 1Q24 Core Profit up 26% YoY (-4% QoQ) To USD275mn, in Line with Estimates

<ul><li>We revise our FV on ADNOC Drilling to AED4.67/sh., offering 18.3% price upside from last close.</li><li>We maintain our Buy recommendation. We expect FY23-FY27 EBITDA and core net profit CAGR of 10% and 12%, respectively, taking EBITDA and net profit to USD2.2bn and 1.5bn in FY27e, respectively.</li><li>Stock is a mix of value and growth with 14% FY24 expected core net profit growth to USD 1.1bn and dividend of AED0.17/sh., translating into dividend yield of 4.4%.</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 revise our FV on ADNOC Drilling to AED4.67/sh., offering 18.3% price upside from last close.We maintain our Buy recommendation. We expect FY23-FY27 EBITDA and core net profit CAGR of 10% and 12%, respectively, taking EBITDA and net profit to USD2.2bn and 1.5bn in FY27e, respectively.Stock is a mix of value and growth with 14% FY24 expected core net profit growth to USD 1.1bn and dividend of AED0.17/sh., translating into dividend yield of 4.4%.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.

ADNOC Drilling: Sustained Earnings Growth and Rising Dividends

United Arab Emirates

ADNOC Drilling Company P.J.S.C. operates as a drilling company. The Company provides drilling and well construction services for conventional and unconventional reservoirs on land, sea, and artificial islands. ADNOC Drilling serves clients worldwide.

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ADNOC Drilling PJSC (ADNOCDRI UH)

ADNOC Drilling: 3Q24 profit up 30% YoY (+14% QoQ) to USD335mn, higher than estimates

ADNOC Drilling posted 3Q24 profit after tax of USD335mn, up 30% YoY (+14% QoQ). The result was higher than our estimates mainly led by outstanding...

International Securities

ADNOC Drilling - 2Q24 Profit up 30% YoY (+7% QoQ) To USD295mn, in Line with Estimates

ADNOC Drilling posted 2Q24 profit after tax of USD295mn, up 30% YoY (+7% QoQ). The board recommended 1H24 cash dividend of AED0.09/sh., 10% higher...

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

ADNOC Drilling: 1Q24 Core Profit up 26% YoY (-4% QoQ) To USD275mn, in Line with Estimates

We expect 4-year (2023-2027) EBITDA CAGR of 10% while the stock offers FY24 revised dividend yield of 4.6%. We maintain Buy with Fair Value of...

International Securities

ADNOC Drilling: Sustained Earnings Growth and Rising Dividends

We revise our FV on ADNOC Drilling to AED4.67/sh., offering 18.3% price upside from last close. We maintain our Buy recommendation.

International Securities

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