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 Gas reported 3Q24 core profit of USD1.22bn, up 12% YoY (+7% QoQ). The result was slightly higher than our estimate of USD1.16bn.</li><li>On reported basis, profit came in at USD1.24bn, up 11% YoY.</li><li>The YoY jump in core profits is led by favorable margins on LNG and export liquids which resulted in EBITDA from the segments increasing by 107% and 17%, respectively. </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 Gas reported 3Q24 core profit of USD1.22bn, up 12% YoY (+7% QoQ). The result was slightly higher than our estimate of USD1.16bn.On reported basis, profit came in at USD1.24bn, up 11% YoY.The YoY jump in core profits is led by favorable margins on LNG and export liquids which resulted in EBITDA from the segments increasing by 107% and 17%, respectively. 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 Gas - 3Q24 Core Earnings up 12% YoY (+7% QoQ) To USD1.22bn

<ul><li>ADNOC Gas reported 1Q24 core profit of USD1</li><li>19bn, up 22% YoY (-6% QoQ)</li><li>The YoY jump in profits is led by 14% higher sales volumes as well as higher margins on domestic sales</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 Gas reported 1Q24 core profit of USD119bn, up 22% YoY (-6% QoQ)The YoY jump in profits is led by 14% higher sales volumes as well as higher margins on domestic salesContent 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 Gas: 1Q24 Core Earnings up 22% YoY (-6% QoQ) To USD1.19bn, Higher than Estimates

<ul><li>We revise our FV on ADNOC Gas to AED3.72/sh., offering 19% price upside. We maintain our Buy recommendation</li><li>The company is expected to incur capital expenditure of USD13-14bn over next 5 years, boosting both domestic and export volume capacity.</li><li>We expect revenues to register a 5-year CAGR (2023-28) of 6% to reach USD23.4bn in FY28</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 Gas to AED3.72/sh., offering 19% price upside. We maintain our Buy recommendationThe company is expected to incur capital expenditure of USD13-14bn over next 5 years, boosting both domestic and export volume capacity.We expect revenues to register a 5-year CAGR (2023-28) of 6% to reach USD23.4bn in FY28Content 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 Gas: Rampant Capacity Expansion to Push Profits Higher

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>We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ.</li><li>Along with the result, we expect the company to announce a 1H dividend of AED0.09/sh., in line with revised guidance of increasing dividends by 10% annually.</li><li>We expect total rig count to increase to 138 rigs, up from 137 rigs in 1Q24 and 116 rigs in 2Q23. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ.Along with the result, we expect the company to announce a 1H dividend of AED0.09/sh., in line with revised guidance of increasing dividends by 10% annually.We expect total rig count to increase to 138 rigs, up from 137 rigs in 1Q24 and 116 rigs in 2Q23. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Arab Emirates

ADNOC Gas plc operates as an integrated gas processing company. The Company specializes in crude oil and natural gas refining, marketing, supply, and transportation. ADNOC Gas serves customers worldwide.

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Adnoc Gas (ADNOCGAS UH)

ADNOC Gas - 3Q24 Core Earnings up 12% YoY (+7% QoQ) To USD1.22bn

ADNOC Gas reported 3Q24 core profit of USD1.22bn, up 12% YoY (+7% QoQ). The result was slightly higher than our estimate of USD1.16bn.

International Securities

ADNOC Gas: 1Q24 Core Earnings up 22% YoY (-6% QoQ) To USD1.19bn, Higher than Estimates

ADNOC Gas reported 1Q24 core profit of USD1. 19bn, up 22% YoY (-6% QoQ). The YoY jump in profits is led by 14% higher sales volumes as well as...

International Securities

ADNOC Gas: Rampant Capacity Expansion to Push Profits Higher

The company is expected to incur capital expenditure of USD13-14bn over next 5 years, boosting both domestic and export volume capacity.

International Securities

3Q24 Quarterly Previews for IS Coverage Universe

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ. We expect total rig count to increase to 143 rigs,...

International Securities

2Q24 Quarterly results previews

We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ. Along with the result, we expect the company to...

International Securities

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