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  • 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.
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  • 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.
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  • 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.
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  • 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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  • UAE Flag
    EARNINGS CALL INSIGHT
    07 Nov 2025
    Emirates Central Cooling Syste...
    BUY
    AED 1.63
    AED 2.15
    +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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  • UAE Flag
    INITIAL COVERAGE (EQUITIES)
    15 Sep 2025
    Emirates Central Cooling Syste...
    BUY
    AED 1.70
    AED 2.15
    +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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  • 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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