Recent Research

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  FIRST LOOK NOTES

  13 Feb 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.82

  Target Price

  2.25

  Upside (%)

  +23.63%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 4Q25 - First Look Note

  Connected capacity has grown from 992 K RT in 2017 to 1,656 K RT in December 2025, implying a 6.6% CAGR since 2017. Refinanced its AED 5.5 Bn term loan, extending maturities from September 2025 and 2027 to between September 2027 and February 2028.

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• 

  EARNINGS CALL INSIGHT

  11 Feb 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.90

  Target Price

  2.25

  Upside (%)

  +18.42%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 4Q25 - Earnings Call Insight

  Revenue grew 3.0% YOY to AED 833 Mn in 4Q25, due to higher revenue from demand charges supported by strong real estate activity and new project additions in the region.

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• 

  FIRST LOOK NOTES

  10 Nov 2025

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.61

  Target Price

  2.15

  Upside (%)

  +33.54%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 3Q25 - First Look Note

  Connected capacity grew from 1,604k RT in 3Q24 to 1,628k RT in 3Q25 and the Consumption volume declined by 6 Mn RTh YOY to 1,165 Mn RTh in 3Q25.

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• 

  EARNINGS CALL INSIGHT

  07 Nov 2025

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.63

  Target Price

  2.15

  Upside (%)

  +31.90%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 3Q25 - Earnings Call Insight

  Revenue grew 3.0% YOY to AED 1,133 Mn in 3Q25 driven by higher revenue from demand charges due to strong real estate activity and new project additions in the region. Utilities cost increased marginally from AED 597.3 in 3Q24 to AED 603.6 Mn in 3Q25.

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• 

  INITIAL COVERAGE (EQUITIES)

  15 Sep 2025

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.70

  Target Price

  2.15

  Upside (%)

  +26.47%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) - Initiation Coverage

  We initiate coverage on Emirates Central Cooling Systems Corporation PJSC (“Empower” or “The Company”) with a Valuation of AED 2.15 per share.

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