Recent Research

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  FIRST LOOK NOTES

  18 Nov 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.15

  Target Price

  3.95

  Upside (%)

  +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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  FIRST LOOK NOTES

  18 Nov 2025

  Dubai Electricity and Water Au...

  ACCUMULATE

  Last Closing Price

  2.74

  Target Price

  3.10

  Upside (%)

  +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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  EARNINGS CALL INSIGHT

  17 Nov 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.15

  Target Price

  3.95

  Upside (%)

  +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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  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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