FAB Retains Buy Rating on Borouge After Q3 Results

08:20 AM EST, 11/03/2026 (MT Newswires) -- FAB Securities reiterated its investment view on Borouge (ADX:BOROUGE) following the Abu Dhabi-listed petrochemicals company's third-quarter results. "We maintain our BUY rating on Borouge with a target price of AED 2.95. Borouge's profitability remained under pressure in 3Q26, mainly due to lower selling prices compared to 2Q26 and elevated logistics and feedstock costs, partially offset by a recovery in production and sales volumes," the research firm said in a first look note released Tuesday. "Average selling prices increased 22.0% YOY to USD 1,249 per tonne in 3Q26 but declined 19% QOQ as benchmark prices moderated from the 2Q26 peak, while sales volumes declined 21.0% YOY to 1,069 kt in 3Q26 from 1,355 kt in 3Q25." Borouge's attributable net profit for the third quarter amounted to $107 million, down from the year-ago $292 million and slightly below FAB's forecast of $112 million. Revenue, meanwhile, edged down 0.2% over the period to $1.44 billion.