External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

ADNOC Logistics & Services / Equity Bottom-Up

ADNOC Logistics & Services ( ADNOCLS EQUITY)

<ul><li>We revise our FV on ADNOC Logistics &amp; Services to AED6.10/sh. as we roll forward our estimates and incorporate acquisition of Navig8 as well as recently announced planned addition of 8 LNG carriers, 4 VLACs and 9 VLECs.</li><li>Although we stay convinced on ADNOC L&amp;S’ growth story, we revise our recommendation to Hold following a stellar price performance of 176% since IPO and 45% Ytd.</li><li>However, we flag ADNOC L&amp;S as a top candidate to add on dips. </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 Logistics &amp; Services to AED6.10/sh. as we roll forward our estimates and incorporate acquisition of Navig8 as well as recently announced planned addition of 8 LNG carriers, 4 VLACs and 9 VLECs.Although we stay convinced on ADNOC L&amp;S’ growth story, we revise our recommendation to Hold following a stellar price performance of 176% since IPO and 45% Ytd.However, we flag ADNOC L&amp;S as a top candidate to add on dips. 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.

ADNOCL&S:  Rampant Organic and Inorganic Growth to Push Profits Higher