External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

National Central Cooling  PJ / Equity Bottom-Up

National Central Cooling  PJ (TABREED UH)

<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><p><em>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.</em></p>

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