Abu Dhabi Ports Company PJSC: Off The 1Q26 Call

研报英文原文证据摘录

Abu Dhabi Ports Company PJSC: Off The 1Q26 Call

Update

May 13, 2026 01:56 PM GMT

Morgan Stanley & Co. International plc+MAbu Dhabi Ports Company PJSC | Europe Ricardo Rezende, CFA

Equity Analyst

Off The 1Q26 Call Ricardo.Rezende@morganstanley.comGiulia Faro +44 20 7677-9886

Research Associate

Giulia.Faro@morganstanley.com +44 20 7425-7581

Bottom line: neutral. The call reinforced that AD Ports’ diversified model is

Sylvia C Richards

absorbing the immediate shock from regional disruption, with Maritime/Shipping Research Associate

benefiting from higher rates and vessel redeployment. However, visibility remains Sylvia.Richards@morganstanley.com +44 20 7677-3354

low as the duration of the disruption cannot be quantified. Management’s core Abu Dhabi Ports Company PJSC (ADPORTS.AD,

message was that the business is resilient and guidance is maintained, based on ADPORTS DH)

current visibility. The key uncertainty remains the duration of the regional conflict, EEMEA - Transport | United Arab Emirates

the timing of Strait reopening, and how quickly trade routes normalize thereafter. Stock Rating Overweight

Industry View No Rating

Maritime/Shipping outlook. Management indicated maritime is the most resilient Price target AED 7.00

Shr price, close (May 12, 2026) AED 4.36

asset class in the portfolio and is tracking materially better in Q2 than in Q1. Vessel 52-Week Range AED 5.52- 3.49

redeployment into critical Gulf, India and regional routes is supporting both earnings Mkt cap, curr (mn) AED 21,468

Net debt (12/26e) (mn)* AED 17,094

and margins, while higher market freight rates are being passed through to EV, curr (mn)* AED 43,020

customers. In terms of shipping rates, pricing has moved with the market, reflecting * = GAAP or approximated based on GAAP