BofA forecasts strong ADNOc supply and service results
Bank of America expects Adnoc Logistics and Services to achieve strong profit growth in the upcoming period, supported by robust performance in the oil tanker market, expansion in the liquefied natural gas sector, and integrated logistics services. The bank has raised the stock's target price to 8.6 AED and recommends buying it. It anticipates a 102% increase in the company's EBIT (earnings before interest, taxes, depreciation, and amortization), compared to the management's forecast of mid-sixties percentage growth. This surge is attributed to strong operational momentum and the company's benefits from the oil tanker market, in addition to support from expansions in the liquefied natural gas and logistics sectors. This reflects sustainable structural growth and a reduced reliance on shipping market fluctuations.
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