Recent Research

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  EARNINGS CALL INSIGHT

  12 Aug 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.42

  Target Price

  3.65

  Upside (%)

  +50.83%

  UAE Equity Research - National Central Cooling Company (Tabreed) 2Q26 - Earnings Call Insight

  Revenue remained broadly stable at AED 642 Mn in 2Q26 compared to 2Q25, as higher Value Chain Business revenue offset the decline in Supply of Chilled Water revenue.

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• 

  FIRST LOOK NOTES

  11 Aug 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.56

  Target Price

  2.25

  Upside (%)

  +44.23%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 2Q26 - First Look Note

  Revenue declined by 2.7% YOY due to lower occupancy amid regional conflict leading to reduce cooling consumption. 1,707 K RT connection added in 2Q26, taking the total connected capacity to 1.71 Mn RT.

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• 

  EARNINGS CALL INSIGHT

  11 Aug 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.56

  Target Price

  2.25

  Upside (%)

  +44.23%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 2Q26 - Earnings Call Insight

  Connected capacity increased by 1,707 K RT during 2Q26, taking the total connected capacity to 1.71 Mn RT, reflecting continued expansion of the district cooling

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• 

  FIRST LOOK NOTES

  03 Mar 2026

  Dubai Electricity and Water Au...

  ACCUMULATE

  Last Closing Price

  3.00

  Target Price

  3.30

  Upside (%)

  +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,

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• 

  FIRST LOOK NOTES

  19 Feb 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.03

  Target Price

  3.95

  Upside (%)

  +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.

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• 

  EARNINGS CALL INSIGHT

  16 Feb 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  3.01

  Target Price

  3.95

  Upside (%)

  +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.

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