GCC科技传媒通信、出行及基建：常态化运营水平与正常化节奏比表面业绩超预期更重要；给予"买入"评级的复苏标的与复利型公司仍最具优势

Heading into 3Q26 earnings season, we think the set-up is again more about run-rate confidence than headline beats. Our preferred Buy-rated names are Rasan, Elm and stc Solutions in Saudi, and Parkin, Salik, ADNOC Distribution and du in the UAE. The quarter should confirm that UAE mobility and tourism-linked revenues remained seasonally soft through the summer, but the key debate is the pace of normalization into 4Q rather than the magnitude of the 3Q slowdown. High-frequency traffic and app-engagement data suggest the 2Q26 weakness was cyclical rather than structural, with resident-led demand holding up. In telecoms, the core debate is UAE enterprise, prepaid and roaming pressure. Rasan remains a standout, with near-term competitive risk over-discounted versus its earnings trajectory. Elm and stc Solutions remain preferred for backlog visibility, revenue durability and execution. Neutral-rated e&, DEWA, stc and Mobily look relatively defensive, while Sell-rated Zain KSA should see sta