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  • UAE Flag
    FIRST LOOK NOTES
    14 Aug 2025
    Dubai Electricity and Water Au...
    ACCUMULATE
    AED 2.73
    AED 3.10
    +13.55%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 2Q25 - First Look Note

    As of 2Q25, DEWA served 1,292,487 customer accounts, reflecting a 4.8% increase compared to 2Q24. In 2Q25, DEWA commissioned two 132 kV substations and 483 11 kV substations, bringing its total installed power generation capacity to 17,979 MW in 1H25.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Aug 2025
    National Central Cooling Compa...
    BUY
    AED 2.93
    AED 3.95
    +34.81%

    UAE Equity Research - National Central Cooling Company (Tabreed) 2Q25 - First Look Note

    Tabreed commissioned three new greenfield plants in the UAE and Saudi Arabia, along with incremental capacity expansions within existing concessions such as Yas Island, adding 41.6 KRT in 1H25. Tabreed maintains 3-5% YOY annual organic capacity growth guidance through 2027, with AED 200–300 Mn annual capex and stable EBITDA margins of 50-53%, excluding major M&A contributions like PAL Cooling.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    11 Aug 2025
    National Central Cooling Compa...
    BUY
    AED 2.92
    AED 3.95
    +35.27%

    UAE Equity Research - National Central Cooling Company (Tabreed) 2Q25 - Earnings Call Insight

    Achieved a total connected capacity of 1.37 Mn RTs as of 2Q25, supported by record organic additions of over 37K RTs during 2Q25. Consumption volume rose 8% YOY in 2Q25, recovering from weather-related weakness in 1Q25 and benefitting from both new capacity and growing demand across the network.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    02 Jul 2025
    National Central Cooling Compa...
    BUY
    AED 2.79
    AED 3.95
    +41.58%

    UAE Equity Research - National Central Cooling Company (Tabreed) - PAL Cooling Acquisition Insight

    Tabreed and CVC DIF are jointly acquiring PAL Cooling at an enterprise value of AED 4.1 Bn, with each partner holding a 50% stake through a newly formed joint venture. The transaction will be funded through a combination of equity and debt. Tabreed will contribute AED 1.2 Bn in equity, with the remaining amount financed through project-level debt.
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  • UAE Flag
    FIRST LOOK NOTES
    16 May 2025
    National Central Cooling Compa...
    BUY
    AED 2.66
    AED 3.95
    +48.50%

    UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - First Look Note

    Tabreed signed a concession agreement in partnership with Dubai Holding Investments to establish a concession capacity of 250,000 RT in Palm Jebel Ali, with a total project capex of AED 1.5 Bn funded through internal cash accruals.
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  • UAE Flag
    FIRST LOOK NOTES
    15 May 2025
    Dubai Electricity and Water Au...
    ACCUMULATE
    AED 2.68
    AED 2.98
    +11.19%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 1Q25 - First Look Note

    Company invested AED 2.3 Bn in 1Q25 to support energy transition and capacity expansion. Plans to increase desalinated capacity to 735 MIGD using efficient reverse osmosis technology. Expected to increase power generation capacity to 22 GW by 2030.
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  • UAE Flag
    EARNINGS CALL INSIGHT
    15 May 2025
    National Central Cooling Compa...
    BUY
    AED 2.65
    AED 3.95
    +49.06%

    UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - Earnings Call Insight

    Total connected capacity reached 1.33 Mn Refrigeration Tons (RT) in 1Q25. Added new customers of 4,599 RT in UAE in 1Q25. Consumption volume fell 7% YOY due to cold weather experienced in 1Q25 compared to 1Q24.
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  • UAE Flag
    FIRST LOOK NOTES
    10 Mar 2025
    Dubai Electricity and Water Au...
    BUY
    AED 2.53
    AED 2.98
    +17.79%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 4Q24 - First Look Note

    DEWA’s customer base grew 4.8% YOY to 1.27 Mn in 4Q24. Gross power generation rose 5.22% YOY to 14.05 terawatt hours (TWh) in 4Q24. DEWA produced 59.19 TWh of electricity in 2024, with a 5.42% increase from 2023.
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  • UAE Flag
    FIRST LOOK NOTES
    25 Feb 2025
    National Central Cooling Compa...
    BUY
    AED 2.82
    AED 3.95
    +40.07%

    UAE Equity Research - National Central Cooling Company (Tabreed) 4Q24 - First Look Note

    The Company’s total connected capacity reached 1,325 Mn RT in 2024. Tabreed’s EBITDA grew 4.5% YOY to AED 1.25 Bn in 2024 with improved margin of 51.4%. Net debt to LTM EBITDA declined from 4.11x in 4Q23 to 3.70x in 4Q24 showcasing proactive debt management.
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