Showing 9 of 43
  • UAE Flag
    FIRST LOOK NOTES
    03 Mar 2026
    Dubai Electricity and Water Au...
    ACCUMULATE
    AED 3.00
    AED 3.30
    +10.00%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 4Q25 - First Look Note

    DEWA expanded its customer base by 17,823 accounts during the 4Q25, reflecting steady and consistent growth. Installed generation capacity increased 4.7% to 17,979 MW by the end of 2025,
  • UAE Flag
    FIRST LOOK NOTES
    19 Feb 2026
    National Central Cooling Compa...
    BUY
    AED 3.03
    AED 3.95
    +30.36%

    UAE Equity Research - National Central Cooling Company (Tabreed) 4Q25 - First Look Note

    Tabreed’s consumption volume decreased 1.5% YOY to 2.6 Bn RTH in 2025, due to relatively cooler weather conditions. The Company expects capacity to increase 3%-5% with an organic capex of AED 200-300 Mn and EBITDA margins of 50%-53% for the medium term from 2026-2028.
  • UAE Flag
    EARNINGS CALL INSIGHT
    16 Feb 2026
    National Central Cooling Compa...
    BUY
    AED 3.01
    AED 3.95
    +31.23%

    UAE Equity Research - National Central Cooling Company (Tabreed) 4Q25 - Earnings Call Insight

    Total connected capacity rose 18.8% YOY to 1.57 Mn RT as of 4Q25 owing to organic and inorganic expansion. Excluding the impact of inorganic expansion, the connected capacity rose 4.4% YOY in 4Q25. Consumption volume softened from 0.64 Bn refrigerated tons hour (RTh) in 4Q24 to 0.60 RTh in 4Q25.
  • UAE Flag
    FIRST LOOK NOTES
    13 Feb 2026
    Emirates Central Cooling Syste...
    BUY
    AED 1.82
    AED 2.25
    +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.
  • UAE Flag
    EARNINGS CALL INSIGHT
    11 Feb 2026
    Emirates Central Cooling Syste...
    BUY
    AED 1.90
    AED 2.25
    +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.
  • UAE Flag
    FIRST LOOK NOTES
    18 Nov 2025
    National Central Cooling Compa...
    BUY
    AED 3.15
    AED 3.95
    +25.40%

    UAE Equity Research - National Central Cooling Company (Tabreed) 3Q25 - First Look Note

    Tabreed completed the acquisition of PAL Cooling Holding for an enterprise value of AED 4.1 Bn, adding c. 600k RT of capacity across eight exclusive concessions on Abu Dhabi’s main island and Al Reem Island.
  • UAE Flag
    FIRST LOOK NOTES
    18 Nov 2025
    Dubai Electricity and Water Au...
    ACCUMULATE
    AED 2.74
    AED 3.10
    +13.14%

    UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 3Q25 - First Look Note

    As of 3Q25, DEWA served 1,309,206 customer accounts, reflecting a 4.7% increase compared to 3Q24. In 3Q25, DEWA commissioned two 132 kV substations and five hundred and twenty 11 kV substations, bringing its total installed power generation capacity to 17,979 MW in 9M25.
  • UAE Flag
    EARNINGS CALL INSIGHT
    17 Nov 2025
    National Central Cooling Compa...
    BUY
    AED 3.15
    AED 3.95
    +25.40%

    UAE Equity Research - National Central Cooling Company (Tabreed) 3Q25 - Earnings Call Insight

    Total connected capacity rose 4.5% YOY to 1.38 Mn RT as of 3Q25. It added a capacity of 52.9k RT during 9M25. Consumption volume declined from 1.02 RTh in 3Q24 to 1.00 RTh in 3Q25, due to mild weather. Revenue declined marginally by 0.7% YOY to AED 759 Mn in 3Q25 due to a decline in consumption revenue owing to mild weather, partially offset by an increase in fixed revenue.
  • UAE Flag
    FIRST LOOK NOTES
    10 Nov 2025
    Emirates Central Cooling Syste...
    BUY
    AED 1.61
    AED 2.15
    +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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