External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

International Securities’ equity research analysis and advisory have been a vital source of market intelligence for our distinguished clients over the years. The equity research team’s main objective is to cover listed equities and to provide thoughtful, insightful, differentiated and timely research that can help clients make informed decisions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Air Arabia posted 1Q24 profit after tax if AED241mn, down 29% YoY (+7% QoQ), below our estimates</li><li>While the revenue increased 8% YoY to AED1</li><li>5bn led by fleet expansion, margins came in lower due to inflationary costs, supply chain challenges and corporate taxes</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.

Air Arabia posted 1Q24 profit after tax if AED241mn, down 29% YoY (+7% QoQ), below our estimatesWhile the revenue increased 8% YoY to AED15bn led by fleet expansion, margins came in lower due to inflationary costs, supply chain challenges and corporate taxesContent 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.

Air Arabia - 1Q24 Earnings Down 29% YoY (+7% QoQ) To AED241mn, Below Estimates

Thematic (Sector/Industry)

<ul>
<li>We expect ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.</li>
<li>Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.</li>
<li>We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, 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.


We expect ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.
Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.
We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, 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.

United Arab Emirates

Aramex PJSC (formerly Arab International Logistics) provides transportation services. The Company invests in the freight, express, logistics and supply chain management business through acquiring and owning stakes in one or more existing companies in the Middle East, particularly the UAE.

Dubai Investments PJSC offers venture capital.  The Company invests in joint ventures and local companies.  Dubai Investments holds interests in dairy farms, publishers and real estate developers, and manufacturers of glass, pharmaceuticals, vegetable oils, building materials, and aluminum extrusions.

SkyWest, Inc. operates regional airlines that offer scheduled passenger service to destinations in the United States, Canada, Mexico, and the Caribbean.

Hanjin KAL Corporation is a holding company. The Company, through its subsidiaries, engages in airline, hotel, and travel related services. Hanjin also invests in real estates.

Dart Group plc, an aviation services and distribution group, operates cargo and passenger aircraft on charter contracts and scheduled low cost services throughout Europe.  The Group also distributes fresh produce and temperature controlled products to supermarkets and wholesale markets throughout the United Kingdom.  Dart conducts freight forwarding services from various airports.

Wizz Air Holdings Plc provides passenger and cargo air transportation services. The Company offers flight and connection programs in Central and Eastern Europe.

PAL Holdings, Inc., through its subsidiaries, engages in the air transportation of passengers and cargo in the Philippines and internationally. As of December 31, 2014, its route network covered 32 points in the Philippines and 35 international destinations. The company was formerly known as Baguio Gold Holdings Corporation and changed its name to PAL Holdings, Inc. in January 2007. The company was incorporated in 1930 and is based in Makati, the Philippines. PAL Holdings, Inc. is a subsidiary of Trustmark Holdings Corporation.

Vietnam Airlines JSC operates as an airline. The Company provides air transportation services for passengers, baggage, and cargos on domestic and international routes. Vietnam Airlines serves customers worldwide.

Pegasus Hava Tasimaciligi AS offers scheduled air passenger transportation services. The Company offers air transport services within Turkey and between Turkey and other European destinations.

Juneyao Airlines Co. Ltd. supplies air transportation services. The Company provides domestic and international routes for passengers and cargoes. Juneyao Airlines also offers ticket home delivery and electronic ticketing services.

JetBlue Airways Corporation provides nonstop passenger flight service through its Airbus A320 aircraft.  The Company's airline is based in New York's John F. Kennedy Airport and currently flies to various destinations in the United States.

China Airlines Limited provides scheduled international air transportation for passengers and cargo freight throughout cities in Europe, America, Asia, and Australia.

Air Arabia PJSC offers budget airline services. The Company flies within the Middle East and to destinations in Europe, North Africa, and South Asia.

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Air Arabia PJSC (AIRARABI UH)

Air Arabia - 1Q24 Earnings Down 29% YoY (+7% QoQ) To AED241mn, Below Estimates

Air Arabia posted 1Q24 profit after tax if AED241mn, down 29% YoY (+7% QoQ), below our estimates. While the revenue increased 8% YoY to AED1

International Securities

4Q23 Quarterly Result Previews

Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.

International Securities

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