Asyad Shipping H1’26 First Take: A mixed bag, yet tracking in-line with FY expectations

研报英文原文证据摘录

Asyad Shipping H1’26 First Take: A mixed bag, yet tracking in-line with FY expectations

J P M O R G A N CEEMEA Equity Research

15 July 2026

Asyad Shipping Underweight

ASCO.OM, ASCO OM

H1’26 First Take: A mixed bag, yet tracking in-line with Price (14 Jul 26):RO0.281

FY expectations Price Target (Dec-27):RO0.227

Our Take: Earlier this morning, ASC released its initial unaudited H1’26 financial MENA Industrials

ACresults, with headline Q2 EBITDA recording an avg 8% miss vs BBG consensus Anna Antonova, CFA

and our forecasts, yet net profit beating expectations by on avg 10% (likely partly (971) 4428-1766

driven by recorded gains from vessel sales). That said, group H1 EBITDA/net anna.antonova@jpmorgan.com

income is tracking at a robust avg 46%/57% of FY’26E JPMe/BBG consensus J.P. Morgan Securities plc

forecasts, with profitability trends also generally falling in line with expectations

(e.g. H1 EBITDA/net income margin at 65%/23%). In the earnings press release,

ASC commented that despite continued geopolitical uncertainty, it has benefited

from positive market conditions across its key shipping segments. Limited further

details were disclosed at this stage, with a fuller update and management

presentation expected later in August. On our numbers, ASC (UW) shares trade at

a premium vs global shipping peers, so we prefer ADNOC L&S (OW) on a relative

basis. The ongoing uncertainty surrounding the Middle East conflict (with risks

recently escalating) gives rise to a supportive freight rates environment, which in

turn may present upside risks to H2/FY’26 earnings for the Shipping sector, in our

view.

• Noteworthy Areas: 1) Group H1’26 gross revenue recorded +5% YoY. ASC

maintained strong revenue levels despite the expiry of certain LNG contracts