Positive outlook with logistics and shipping upside

研报英文原文证据摘录

Positive outlook with logistics and shipping upside

MENA Energy

ADNOC L&S (ADNOCLS UH)

EQUITY RESEARCH Quick Take

June 19, 2026

Positive outlook with logistics and shipping upside Price: AED6.09

Price Target: AED7.50 Takeaways

Rating: Overweight Recently, Cantor hosted meetings with ADNOC L&S, a leading global

Key Statistics: maritime logistics company, and several institutional investors in New York,

Symbol ADS: ADNOCLS to discuss the company’s outlook. ADNOC L&S gave a positive view on the

UH shipping fundamentals, especially in light of the recent news regarding the

52-Week Range 4.12 - 6.42 potential full reopening of the Strait of Hormuz, see news. The company Market Cap 45,056.9

reiterated its conservative approach to its FY26 profitability guidance not ADV (3 mo) 8,466,849

Free Float (%) 22.000 only for its Shipping segment, but also its Integrated Logistics, which

Shares Out (M) 7,398.5 assumes a minimum activity level. The company also acknowledged that

it was not fully utilizing its balance sheet but has not yet found suitable

Research Analysts: opportunities that meet its return criteria.

Scott Darling

+971 52 699 0785 Overall, the discussions reiterated our positive view on the company. While

scott.darling@cantor.com we could see near-term share price weakness should shipping day rates

fall with the reopening of the Strait of Hormuz, we believe the shares offer

One-Year Price History good value relative to its global shipping peers, with upside to consensus

6.5 earnings from better-than-expected integrated logistics performance and

5.5 potential upside to the dividend.

4.5 4 Background to ADNOC L&S. ADNOC L&S is a fully integrated global

06/25 09/25 12/25 03/26 06/26 maritime logistics company, based in Abu Dhabi with leverage to oil, natural