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

ADNOC Logistics & Services / Equity Bottom-Up

ADNOC Logistics & Services ( ADNOCLS EQUITY)

<ul><li>ADNOC Logistics &amp; Services reported 3Q24 profit of USD175mn, up 18% YoY (-16% QoQ), below our estimates as the gross margins came in lower than our estimate owing to 30% QoQ lower EBITDA from shipping business</li><li>On YoY, higher profits were led by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-Island</li><li>Shipping segment benefited YoY from strong charter rates as well as contribution from four new VLCCs acquired in 2023</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>

ADNOC Logistics &amp; Services reported 3Q24 profit of USD175mn, up 18% YoY (-16% QoQ), below our estimates as the gross margins came in lower than our estimate owing to 30% QoQ lower EBITDA from shipping businessOn YoY, higher profits were led by higher rates and improved utilization in integrated logistics segment as well as continued contribution from the USD975mn EPC contract for G-IslandShipping segment benefited YoY from strong charter rates as well as contribution from four new VLCCs acquired in 2023Content 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 L&S - 3Q24 Earnings up 18% YoY (-16% QoQ) To USD175mn, Below Estimates