External broker reports(aggregated public sources), International Securities

International Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Emirates Central Cooling Syste / Equity Bottom-Up

<ul><li>Empower reported 3Q24 attributable profit of AED261mn, down 6% YoY (+18% QoQ)</li><li>The result was in line with our estimates</li><li>While the revenue grew by 5% YoY, 7% higher net financial charges and tax expense in 3Q24 resulted in YoY decline in profits</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.

Empower reported 3Q24 attributable profit of AED261mn, down 6% YoY (+18% QoQ)The result was in line with our estimatesWhile the revenue grew by 5% YoY, 7% higher net financial charges and tax expense in 3Q24 resulted in YoY decline in profitsContent 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.

Empower - 3Q24 Attributable Profit Down 6% YoY (+18% QoQ) To AED261mn

<ul><li>Empower reported 2Q24 attributable profit of AED221mn, down 6% YoY (+35% QoQ). The result was in line with our estimates.</li><li>The 1H24 dividend of AED0.0425/sh. is expected to be paid in 2H24.</li><li>While the gross profits grew 8% YoY, 19% higher financial charges and tax expense in 2Q24 resulted in YoY decline in profits. </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.

Empower reported 2Q24 attributable profit of AED221mn, down 6% YoY (+35% QoQ). The result was in line with our estimates.The 1H24 dividend of AED0.0425/sh. is expected to be paid in 2H24.While the gross profits grew 8% YoY, 19% higher financial charges and tax expense in 2Q24 resulted in YoY decline in profits. 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.

Empower - 2Q24 Attributable Profit Down 6% YoY (+35% QoQ) To AED221mn, in Line with Estimates

<ul><li>Empower reported 1Q24 core attributable profit of AED163mn, down 2% YoY and 36% QoQ</li><li>The QoQ decline in profits is mainly led by lower seasonal demand in 1Q24 vs 4Q23 while the YoY decline is led by implication of corporate taxes as well as 42% higher financial charges</li><li>Revenues jumped 9% YoY to AED538mn following integration of Dubai Airport assets as well as organic expansion</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.

Empower reported 1Q24 core attributable profit of AED163mn, down 2% YoY and 36% QoQThe QoQ decline in profits is mainly led by lower seasonal demand in 1Q24 vs 4Q23 while the YoY decline is led by implication of corporate taxes as well as 42% higher financial chargesRevenues jumped 9% YoY to AED538mn following integration of Dubai Airport assets as well as organic expansionContent 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.

Empower: 1Q24 Earnings Inched Down 2% YoY, Upgrade to Buy on Price Correction

Thematic (Sector/Industry)

<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

<ul><li>We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ.</li><li>Along with the result, we expect the company to announce a 1H dividend of AED0.09/sh., in line with revised guidance of increasing dividends by 10% annually.</li><li>We expect total rig count to increase to 138 rigs, up from 137 rigs in 1Q24 and 116 rigs in 2Q23. </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 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ.Along with the result, we expect the company to announce a 1H dividend of AED0.09/sh., in line with revised guidance of increasing dividends by 10% annually.We expect total rig count to increase to 138 rigs, up from 137 rigs in 1Q24 and 116 rigs in 2Q23. 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.

United Arab Emirates

Emirates Central Cooling Systems Corporation, doing business as Empower, provides district cooling services. The Company serves commercial, industrial, and residential customers in the United Arab Emirates.

Emirates Central Cooling Syste (EMPOWER UH)

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Emirates Central Cooling Syste (EMPOWER UH)

Empower - 3Q24 Attributable Profit Down 6% YoY (+18% QoQ) To AED261mn

Empower reported 3Q24 attributable profit of AED261mn, down 6% YoY (+18% QoQ). The result was in line with our estimates

International Securities

Empower - 2Q24 Attributable Profit Down 6% YoY (+35% QoQ) To AED221mn, in Line with Estimates

Empower reported 2Q24 attributable profit of AED221mn, down 6% YoY (+35% QoQ). The result was in line with our estimates.

International Securities

Empower: 1Q24 Earnings Inched Down 2% YoY, Upgrade to Buy on Price Correction

The QoQ decline in profits is mainly led by lower seasonal demand in 1Q24 vs 4Q23 while the YoY decline is led by implication of corporate taxes as...

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

2Q24 Quarterly results previews

We expect ADNOC Drilling to post 2Q24e shareholder’s profit of USD282mn, up 24% YoY and 3% QoQ. Along with the result, we expect the company to...

International Securities

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