ADNOC L&S (ADNOCLS UH) Hold: Not a cyclical story

研报英文原文证据摘录

ADNOC L&S (ADNOCLS UH) Hold: Not a cyclical story

1 July 2026

ADNOC L&S (ADNOCLS UH) EquitiesEnergy Equipment &

Services

Hold: Not a cyclical story United Arab Emirates

◆ Stronger 2026 guidance implies deployment of tanker fleet in

MAINTAIN HOLD

the Gulf region

TARGET PRICE (AED) PREVIOUS TARGET (AED)◆ We revise estimates but note an unchanged dividend outlook

6.30 6.00

◆ Raise target price to AED6.30 (from AED6.00), retain Hold

SHARE PRICE (AED) UPSIDE/DOWNSIDE

Stronger 2026 guidance. ADNOC L&S revised its 2026 guidance again this week to 5.92 +6.4%

reflect the ongoing strength of its shipping segment, as well as gradual improvement in (as of 01 Jul 2026)

activity in the Integrated Logistics segment. The company now guides for high 20%s

MARKET DATA

yoy EBITDA growth and high 60%s net income growth in 2026 (previously we modelled Market cap (AEDm) 43,799 Free float 22%

13% and 16% growth rates respectively). We believe the revised guidance implies Market cap (USDm) 11,926 BBG ADNOCLS

3m ADTV (USDm) 14 RIC ADNOCLS.

many of the company’s tankers (those which are not on long-term charters) are now

contracted by the parent company and deployed in the Gulf area where tanker rates FINANCIALS AND RATIOS (USD)

Year to 12/2025a 12/2026e 12/2027e 12/2028e

remain exceptionally strong, despite a sharp correction recently (details on page 5). HSBC EPS 0.11 0.17 0.14 0.14

Capex, leverage and dividend policy guidance remained unchanged though. HSBC EPS (prev) 0.11 0.13 0.13 0.14

Change (%) 0.0 31.1 12.3 5.7

Unchanged dividend outlook: Exceptionally strong tanker rates and strong 2026 Consensus EPS 0.11 0.14 0.13 0.15

PE (x) 14.2 9.4 11.2 11.3

financial guidance underscores relatively high cyclical exposure at ADNOC L&S, Dividend yield (%) 2.7 2.9 3.0 3.2