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First Abu Dhabi Bank - Hold (1Q19 results review: Non-interest income and lower credit cost supported earnings) First Abu Dhabi Bank (FAB) posted 1Q19 net profit of AED3.1bn, up 4% y-o-y. Earnings came 5% above our estimate but in line with consensus. 30 April 2019
Rak Bank - Buy (1Q19 results review: Non-interest income boosts earnings) RakBank reported 1Q19 net profit at AED270mn, a jump of 32% y-o-y and 20% ahead of our expectation. 25 April 2019
Dubai Islamic Bank - Buy (1Q19 results review: Growth on track) Dubai Islamic Bank (DIB) reported 1Q19 net profit at AED1.3bn, growth of 14% y-o-y and 6% above our/consensus estimates. 24 April 2019
Emirates NBD Bank - Buy (1Q19 results review: Non-interest income drives up growth) Emirates NBD’s 1Q19 net profit at AED2.7bn rose 15% y-o-y and came ~10% above our and Bloomberg consensus estimates. 18 April 2019
Emaar Properties - Buy (4Q18 results review: Strong set of results) Emaar Properties reported 4Q18 net profit of AED1.8bn (36% y-o-y and 63% q-o-q) 18 February 2019
Emaar Malls - Buy (4Q18 results review: Growth on track) Emaar Malls reported 4Q18 net profit at AED591mn (2% y-o-y), in line with our and consensus expectations. 17 February 2019
Aldar Properties - Buy (4Q18 results review: Dividend increase sustainable) Aldar Properties reported 4Q18 net profit at AED319mn, 27% below our estimate. 17 February 2019
First Abu Dhabi Bank - Hold (4Q18 results review: Valuation full, further increase in foreign ownership limit supportive) First Abu Dhabi Bank (FAB) posted 4Q18 net profit of AED2.9bn (+4% YoY), in line with our estimate. 03 February 2019
Dubai Islamic Bank - Buy (4Q18 results review:Beat on tighter cost control) Dubai Islamic Bank (DIB) reported 4Q18 net profit at AED1.3bn (+13% YoY), 8% above our estimates. 31 January 2019
Emirates NBD Bank - Buy (4Q18 results review: Growth is moderating) Emirates NBD’s (ENBD) 4Q18 net profit at AED2.38bn (10% YoY, -10% QoQ) came 5% below our estimate. 17 January 2019
UAE Real Estate-Initiating coverage - Headwinds easing, select opportunities emerge We initiate coverage on Emaar Properties, Emaar Malls and Aldar Properties with Buy ratings and on Damac Properties with a Sell rating. 12 November 2017
Rak Bank - Initiating coverage - The tide begins to turn We initiate coverage on RakBank with a Buy rating and a target price of AED5.6, implying 21% potential upside. 13 September 2017
First Gulf Bank - Buy (1Q16: Weak Quarter) First Gulf Bank (FGB) reported profit at AED1.7bn was higher than our expectations (AED1.4bn). The beat was largely due to a higher than expected gain on revaluation of investment property. 01 May 2016
DUBAI ISLAMIC BANK - Buy (1Q16: Fee Income Offsets Margin Pressure) Dubai Islamic Bank (DIB) reported profit at AED875mn was in-line with our expectations. However, the quality of the revenue profile was subdued. Higher growth in fee income compensated for a sharp drop in margins. 28 April 2016
NATIONAL BANK OF ABU DHABI - Buy (1Q16: Growth Remained Weak) National Bank of Abu Dhabi (NBAD) reported profit at AED1.27bn was in-line with our expectation. Underlying profitability growth was weak. Underlying profitability remained weak. Revenue growth was subdued primarily due to lower loan growth and weak margins. 28 April 2016
EMIRATES NBD - Buy (1Q16: Weak Core Performance ) Emirates National Bank of Dubai (ENBD) reported profit at AED1.8bn, marginally lower than our expectations (AED1.9bn). The miss was due to lower margins and higher loan loss provisioning expenses. 20 April 2016
First Gulf Bank - Buy (4Q15: Earnings beat driven by one-offs) First Gulf Bank (FGB) reported profit at AED1.7bn was higher than our expectations (AED1.4bn). The beat was largely due to a higher than expected gain on revaluation of investment property. 02 February 2016
Dubai Islamic Bank - Buy (4Q15: In line performance ) Dubai Islamic Bank’s (DIB) reported net profit of AED865mn was in-line with our expectations. 28 January 2016
National Bank of Abu Dhabi - Hold (4Q15: Profitability remained weak) National Bank of Abu Dhabi’s (NBAD) reported profit of AED1.0bn was lower than our estimates (AED1.3bn). 26 January 2016
Emirates NBD - Buy (4Q15: Strong quarter) Emirates National Bank of Dubai (ENBD) reported profit at AED2.1bn, significantly higher than our and consensus estimates. 19 January 2016
UAE Banks - Initiating coverage – Structural story appears resilient to macroeconomic challenges We initiate coverage on Dubai Islamic Bank (DIB), Emirates National Bank of Dubai (ENBD) and First Gulf Bank (FGB) with Buy ratings and National Bank of Abu Dhabi (NBAD) with a Hold rating. 08 December 2015

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