Aramex reported 3Q16 net profit of AED72.2mn, 3% lower Y-o-Y (5% below our estimate). Revenue grew 15% Y-o-Y to AED 1,050mn, coming in broadly in line (-2% vs. estimate); revenue performance was driven by growth across most regions, with Asia-Pacific a key contributor. Net profit was impacted by the reduced number of working days due to public holidays, in addition to slower economic activity in the GCC.   Management added that cross border e-commerce was the key growth driver and will continue to drive Aramex’s business strategy and expansion plans going forward. The company is pursuing partnerships with innovative logistics and technology companies to further transform Aramex into a leading technology enterprise and grow e-commerce proposition. That being said, Aramex remains cautious on its outlook due to global economic uncertainties. It will continue to develop its international cross-border e-commerce offering and pursue strategic investments in innovative products and services across growth markets for the remainder of 2016 and into 2017 (company disclosure, Wafaa Baddour)   Aramex: AED3.68 as of 31 October 2016, Rating: Buy, FV: AED4.45 per share, MCap: USD1,468mn, ARMX UH / ARMX.DU