Recent Research

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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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• 

  FIRST LOOK NOTES

  14 Aug 2025

  Dubai Electricity and Water Au...

  ACCUMULATE

  Last Closing Price

  2.73

  Target Price

  3.10

  Upside (%)

  +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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• 

  FIRST LOOK NOTES

  12 Aug 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.93

  Target Price

  3.95

  Upside (%)

  +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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  EARNINGS CALL INSIGHT

  11 Aug 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.92

  Target Price

  3.95

  Upside (%)

  +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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  EARNINGS CALL INSIGHT

  02 Jul 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.79

  Target Price

  3.95

  Upside (%)

  +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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• 

  FIRST LOOK NOTES

  16 May 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.66

  Target Price

  3.95

  Upside (%)

  +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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