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)

Thematic (Sector/Industry)

United arab emirates Financials / Thematic (Sector/Industry)

<ul><li>Growing UAE economy should provide the necessary impetus for the UAE banks to grow locally, whilst the option to expand globally remains open</li><li>UAE banks remain undervalued within the wider GCC market despite better-than-expected performance in FY23, as the impact of the new UAE corporate tax and NIMs contraction as a result of fall in interest rates worry investors</li><li>We remain optimistic on UAE banks as we see earnings to stabilize at current levels after absorbing the impact of UAE corporate tax in FY24 and NIM contraction in FY25; maintain ‘Buy’ on FAB, ENBD and ADCB, and ‘Hold’ on ADIB and DIB</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>

Growing UAE economy should provide the necessary impetus for the UAE banks to grow locally, whilst the option to expand globally remains openUAE banks remain undervalued within the wider GCC market despite better-than-expected performance in FY23, as the impact of the new UAE corporate tax and NIMs contraction as a result of fall in interest rates worry investorsWe remain optimistic on UAE banks as we see earnings to stabilize at current levels after absorbing the impact of UAE corporate tax in FY24 and NIM contraction in FY25; maintain ‘Buy’ on FAB, ENBD and ADCB, and ‘Hold’ on ADIB and DIBContent 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.

UAE Banks: Keep calm and carry on