Aramex reported 1Q2016 net profit of AED96.9 million,12% higher Y-o-Y and missing our forecast by 4% on one-off acquisition cost related to Fastway Couriers. Excluding this one-off, net profit growth reached 18% Y-o-Y. Revenue grew 13% Y-o-Y to AED1,048 million (2% above our estimate), driven by international express on robust e-commerce growth and domestic express on the consolidation of recently-acquired Fastway Couriers (during the second half of January 2016). Management commented that though 1Q2016 finished strongly, the company experienced slower growth at end of quarter; a trend management is closely watching to quickly adjust to any volatility. Management remains cautiously optimistic about continuing 1Q growth momentum further into 2016.   Technology and acquisitions developments: Aramex launched a new mobile app in 1Q2016, which will be rolled out across the UAE and additional markets in 2Q2016. A “Rapid Scaling-Up” Model will soon be unveiled to leverage more partnerships with delivery businesses worldwide, extend global reach and improve delivery transit times. Management believes the use of these innovative technologies will help Aramex to quickly adjust to challenging market conditions, increase capacity and tap into unlimited resources across markets. Aramex continues to actively look for future acquisitions in key markets, particularly in Asia and Africa (where it is witnessing a steady growth particularly in Sub-Sahara Africa). (Earnings release, Wafaa Baddour)   Aramex: AED3.42 as of 21 March 2016, Rating: Buy, FV: AED4.20 per share, MCap: USD1,364 million, ARMX UH / ARMX.DU