Recent Research

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  FIRST LOOK NOTES

  16 May 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.66

  Target Price

  3.95

  Upside (%)

  +48.50%

  UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - First Look Note

  Tabreed signed a concession agreement in partnership with Dubai Holding Investments to establish a concession capacity of 250,000 RT in Palm Jebel Ali, with a total project capex of AED 1.5 Bn funded through internal cash accruals.

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• 

  FIRST LOOK NOTES

  15 May 2025

  Dubai Electricity and Water Au...

  ACCUMULATE

  Last Closing Price

  2.68

  Target Price

  2.98

  Upside (%)

  +11.19%

  UAE Equity Research - Dubai Electricity and Water Authority (DEWA) 1Q25 - First Look Note

  Company invested AED 2.3 Bn in 1Q25 to support energy transition and capacity expansion. Plans to increase desalinated capacity to 735 MIGD using efficient reverse osmosis technology. Expected to increase power generation capacity to 22 GW by 2030.

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• 

  EARNINGS CALL INSIGHT

  15 May 2025

  National Central Cooling Compa...

  BUY

  Last Closing Price

  2.65

  Target Price

  3.95

  Upside (%)

  +49.06%

  UAE Equity Research - National Central Cooling Company (Tabreed) 1Q25 - Earnings Call Insight

  Total connected capacity reached 1.33 Mn Refrigeration Tons (RT) in 1Q25. Added new customers of 4,599 RT in UAE in 1Q25. Consumption volume fell 7% YOY due to cold weather experienced in 1Q25 compared to 1Q24.

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• 

  FIRST LOOK NOTES

  10 Mar 2025

  Dubai Electricity and Water Au...

  BUY

  Last Closing Price

  2.53

  Target Price

  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

  2.82

  Target Price

  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

  2.93

  Target Price

  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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