External broker reports(aggregated public sources), International Securities

International Securities

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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<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><p><em>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.</em></p>

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

Adnoc Gas

ADNOC Gas: Rampant Capacity Expansion to Push Profits Higher