External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

National Central Cooling  PJ / Equity Bottom-Up

<ul><li>Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. </li><li>The YoY uptick in profits was led by higher overall connected capacity which increased to 1.33mn Refrigeration Tons (RT) from 1.31mn RT in 1Q24 as well as 7% lower financial charges following deleveraging. On QoQ basis, profit decline was mainly due to seasonal factors. </li><li>The company continues to focus on capacity expansion and optimizing capital structure which will contribute to growth in FY25. We maintain Buy on Tabreed with FV of AED3.97/share.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. The YoY uptick in profits was led by higher overall connected capacity which increased to 1.33mn Refrigeration Tons (RT) from 1.31mn RT in 1Q24 as well as 7% lower financial charges following deleveraging. On QoQ basis, profit decline was mainly due to seasonal factors. The company continues to focus on capacity expansion and optimizing capital structure which will contribute to growth in FY25. We maintain Buy on Tabreed with FV of AED3.97/share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tabreed - 1Q25 Attributable Profit up 3% YoY (-20% QoQ) To AED115mn; in Line with Estimates

Thematic (Sector/Industry)

<ul><li>We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.</li><li>In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. </li><li>We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 1Q25e core attributable profit of USD338mn, up 23% YoY but down 3% QoQ.In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to ensure a like for like comparison. We expect total rig count to increase to 142 rigs, in line with 4Q24, but up from 137 rigs in 1Q24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 Quarterly Result Previews - 24 April 2025

<ul><li>We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.</li><li>This would take the FY24 core profits to USD1.24bn, up 27% YoY.</li><li>Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ.This would take the FY24 core profits to USD1.24bn, up 27% YoY.Core profits remove the impact of one-off USD55mn depreciation reversal booked in 4Q23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q24 Quarterly Result Previews - 30th January 2025

<ul><li>MSCI Index Review: No Additions/Deletion to MSCI UAE standard Index in Nov-24 Index Review, Alef Education added to the small cap index, whereas ADAviation, SIB and Tabreed deleted</li><li>MSCI UAE standard index expected to see an overall outflow of USD44mn</li><li>There were no addition/deletions in the MSCI UAE standard index</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MSCI Index Review: No Additions/Deletion to MSCI UAE standard Index in Nov-24 Index Review, Alef Education added to the small cap index, whereas ADAviation, SIB and Tabreed deletedMSCI UAE standard index expected to see an overall outflow of USD44mnThere were no addition/deletions in the MSCI UAE standard indexContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.</li><li>We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.</li><li>On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ.We expect total rig count to increase to 143 rigs, up from 140 rigs in 2Q24 and 124 rigs in 3Q23.On YoY basis, we expect revenue to increase by 26% to USD976mn, led by higher number of rigs and continued expected growth in the Oil Field Services (OFS) business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q24 Quarterly Previews for IS Coverage Universe

United Arab Emirates

National Central Cooling Co PJSC is an Abu Dhabi based utility company. The Company provides the design, financing, construction and operation of district cooling facilities for the supply of chilled water to air conditioning systems for commercial, military, residential and government customers.

National Central Cooling  PJ (TABREED UH)

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National Central Cooling PJ (TABREED UH)

Tabreed - 1Q25 Attributable Profit up 3% YoY (-20% QoQ) To AED115mn; in Line with Estimates

Tabreed posted 1Q25 attributable profit of AED115mn, up 3% YoY (-20% QoQ), in line with our estimates. The YoY uptick in profits was led by...

International Securities

1Q25 Quarterly Result Previews - 24 April 2025

In 4Q24, the company booked a one-off positive phasing impact of USD50mn which is excluded from our analysis when calculating core profits to...

International Securities

4Q24 Quarterly Result Previews - 30th January 2025

We expect ADNOC Drilling to post 4Q24e core attributable profit of USD335mn, up 22% YoY and flat QoQ. This would take the FY24 core profits to...

International Securities

MSCI EM Nov-2024 Index Review

MSCI Index Review: No Additions/Deletion to MSCI UAE standard Index in Nov-24 Index Review, Alef Education added to the small cap index, whereas...

International Securities

3Q24 Quarterly Previews for IS Coverage Universe

We expect ADNOC Drilling to post 3Q24e shareholder’s profit of USD311mn, up 21% YoY and 6% QoQ. We expect total rig count to increase to 143 rigs,...

International Securities

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