Recent Research

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  FIRST LOOK NOTES

  10 Mar 2025

  Dubai Electricity and Water Au...

  BUY

  Last Closing Price

  AED 2.53

  Target Price

  AED 2.98

  Upside (%)

  +17.79%

  UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 4Q24 - First Look Note

  DEWA’s customer base grew 4.8% YOY to 1.27 Mn in 4Q24. Gross power generation rose 5.22% YOY to 14.05 terawatt hours (TWh) in 4Q24. DEWA produced 59.19 TWh of electricity in 2024, with a 5.42% increase from 2023.

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• 

  FIRST LOOK NOTES

  25 Feb 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  AED 2.82

  Target Price

  AED 3.95

  Upside (%)

  +40.07%

  UAE Equity Research - National Central Cooling Company (Tabreed) 4Q24 - First Look Note

  The Company’s total connected capacity reached 1,325 Mn RT in 2024. Tabreed’s EBITDA grew 4.5% YOY to AED 1.25 Bn in 2024 with improved margin of 51.4%. Net debt to LTM EBITDA declined from 4.11x in 4Q23 to 3.70x in 4Q24 showcasing proactive debt management.

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  EARNINGS CALL INSIGHT

  17 Feb 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  AED 2.93

  Target Price

  AED 3.95

  Upside (%)

  +34.81%

  UAE Equity Research - National Central Cooling Company (Tabreed) 4Q24 - Earnings Call Insight

  Tabreed’s revenue declined 1.6% YOY to AED 583 Mn in 4Q24 owing to a decline in revenue of Value Chain Business and Supply of Chilled Water. The gross profit declined 4.3% YOY to AED 266 Mn in 4Q24. Gross profit margin declined from 46.9% in 4Q23 to 45.6% in 4Q24.

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• 

  FIRST LOOK NOTES

  28 Nov 2024

  National Central Cooling Compa...

  BUY

  Last Closing Price

  AED 2.88

  Target Price

  AED 3.95

  Upside (%)

  +37.15%

  UAE Equity Research - National Central Cooling Company (Tabreed) 3Q24 - First Look Note

  The Company's capacity reached 1,318K RT in 3Q24, primarily driven by an increase in capacity in the UAE. Tabreed's consumption volume grew by 6.0% YOY, reaching 2.0 Bn RT hours in 9M24, reflecting strong cooling demand and higher volumes. EBITDA grew 1.4% YOY to AED 330 Mn in 3Q24, while EBITDA margin declined 8 bps YOY to 42.8% in 3Q24.

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• 

  FIRST LOOK NOTES

  27 Nov 2024

  Dubai Electricity and Water Au...

  BUY

  Last Closing Price

  AED 2.50

  Target Price

  AED 2.98

  Upside (%)

  +19.20%

  UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 3Q24 - First Look Note

  DEWA’s customer base grew 4.2% YOY to 1.25 Mn in 3Q24. Gross power generation rose 3.9% YOY to 19.6 Tera Watt hours (TWh) in 3Q24. Out of which, 1.8 TWh is generated from green energy. Total desalination water production rose 4.6% YOY to 40.5 Bn imperial gallons in 3Q24.

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• 

  EARNINGS CALL INSIGHT

  18 Nov 2024

  National Central Cooling Compa...

  BUY

  Last Closing Price

  AED 3.04

  Target Price

  AED 3.95

  Upside (%)

  +29.93%

  UAE Equity Research - National Central Cooling Co (Tabreed) 3Q24 - Earnings Call Insight

  Tabreed revenue grew 2.1% YOY to AED 771 Mn in 3Q24, mainly attributable to the growth in the supply of chilled water and value chain business. The Company’s consumption revenue grew 6.0% YOY in 9M24 owing to the strong demand. Direct cost rose 1.0% YOY to AED 483 Mn in 3Q24.

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