External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul>
<li>We expect ADNOC Drilling to post 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.</li>
<li>Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.</li>
<li>We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, respectively.</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 4Q23e profits of USD263mn, up 2% QoQ and 13% YoY.
Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.
We expect total rig count to reach 129 rigs, compared to 124 rigs and 115 rigs in 3Q23 and 4Q22, respectively.

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.

Equity Bottom-Up

National Central Cooling  PJ / Equity Bottom-Up

National Central Cooling  PJ (TABREED UH)

<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

<ul><li>Tabreed posted 1Q24 core attributable profit of AED112mn, down 5% YoY (-31% QoQ), in line with our estimates</li><li>Earnings dropped YoY on introduction of corporate tax and 13% higher admin expenses (admin expense-to-revenue up to c.16.3% in 1Q24 vs 14.6% in 1Q23), while revenue increased by 1% and financial charges dropped 32%</li><li>On QoQ, core profits were 31% lower mainly due to seasonally lower demand in 1Q24 vs 4Q23</li><li>We maintain our Hold recommendation on Tabreed with a Fair Value of AED3.97/sh. The stock trades at FY24 P/E of 16.5x and offers 4.7% dividend yield</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 1Q24 core attributable profit of AED112mn, down 5% YoY (-31% QoQ), in line with our estimatesEarnings dropped YoY on introduction of corporate tax and 13% higher admin expenses (admin expense-to-revenue up to c.16.3% in 1Q24 vs 14.6% in 1Q23), while revenue increased by 1% and financial charges dropped 32%On QoQ, core profits were 31% lower mainly due to seasonally lower demand in 1Q24 vs 4Q23We maintain our Hold recommendation on Tabreed with a Fair Value of AED3.97/sh. The stock trades at FY24 P/E of 16.5x and offers 4.7% dividend yieldContent 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 - 1Q24 Core Attributable Profit Down 5% YoY (-31% QoQ) To AED112mn

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.

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National Central Cooling PJ (TABREED UH)

4Q23 Quarterly Result Previews

Our 4Q23e result would take FY23e profit to USD967mn, up 21% YoY and towards the high end of the management’s guided range of USD850mnUSD1bn.

International Securities

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

Tabreed - 1Q24 Core Attributable Profit Down 5% YoY (-31% QoQ) To AED112mn

We maintain our Hold recommendation on Tabreed with a Fair Value of AED3.97/sh. The stock trades at FY24 P/E of 16.5x and offers 4.7% dividend yield

International Securities

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