Recent Research

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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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  FIRST LOOK NOTES

  13 Feb 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.82

  Target Price

  2.25

  Upside (%)

  +23.63%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 4Q25 - First Look Note

  Connected capacity has grown from 992 K RT in 2017 to 1,656 K RT in December 2025, implying a 6.6% CAGR since 2017. Refinanced its AED 5.5 Bn term loan, extending maturities from September 2025 and 2027 to between September 2027 and February 2028.

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  EARNINGS CALL INSIGHT

  11 Feb 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.90

  Target Price

  2.25

  Upside (%)

  +18.42%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 4Q25 - Earnings Call Insight

  Revenue grew 3.0% YOY to AED 833 Mn in 4Q25, due to higher revenue from demand charges supported by strong real estate activity and new project additions in the region.

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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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