Recent Research

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  FIRST LOOK NOTES

  13 Nov 2026

  Emirates Central Cooling Syste...

  BUY

  Last Closing Price

  1.57

  Target Price

  2.25

  Upside (%)

  +43.31%

  UAE Equity Research - Emirates Central Cooling Systems Corporation (Empower) 3Q26 - First Look Note

  Total connected capacity reached 1.74 Mn RT in 3Q26, with c. 84K RT addition in 9M26 and further expects to add 16-26K RT in 4Q26. Maintained its 2026 guidance for adding 100–110K RT of connected capacity.

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• 

  FIRST LOOK NOTES

  20 Aug 2026

  Dubai Electricity and Water Au...

  BUY

  Last Closing Price

  2.71

  Target Price

  3.30

  Upside (%)

  +21.77%

  UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 2Q26 - First Look Note

  DEWA expanded its customer base by 18,220 accounts during the 2Q26, taking its total customer base to a record 1.36 Mn accounts. Installed generation capacity stood at 17,979 MW as of June 2026, of which 3,860 MW was sourced from clean energy, representing 21.5% of the energy mix.

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• 

  FIRST LOOK NOTES

  18 Aug 2026

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.44

  Target Price

  3.65

  Upside (%)

  +49.59%

  UAE Equity Research - National Central Cooling Company (Tabreed) 2Q26 - First Look Note

  Net debt to EBITDA stood at 4.57x in 1H26, compared to 4.61x in 2025. Connected capacity increased 15.5% YOY to 1.58 Mn RT in 1H26, supported by organic and inorganic expansion, including the PAL Cooling acquisition.

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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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