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 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

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.

United Arab Emirates

Grandblue Environment Co., Ltd. supplies tap water. The Company also provides water supply system designing, installation, and technical consulting services.

Beijing Enterprises Water Group Limited, through its subsidiaries, develops water treatment systems.  The Group specializes in water services and environmental protection businesses, with waste water treatment as its core business segment.

Jiangxi Hongcheng Waterworks Co., Ltd. supplies and distributes tap water in Nanchang City, Jiangxi Province.

SJW Corp. is a holding company for San Jose Water Company and SJW Land Company. San Jose Water is a regulated California water utility providing water service to customers in the metropolitan San Jose area.  SJW Land owns and operates a parking facility adjacent to the San Jose Arena, as well as several undeveloped real estate parcels in San Jose.

American States Water Company purchases, produces, distributes, and sells water. The Company also distributes electricity in one community.  American States operates within various customer service areas in California.

Beijing Capital Co., Ltd. manages infrastructure facilities and operates hotels.  The Company manages the Jingtong Highway, invests in water treatment projects, and operates the Xindadu Hotel.

Aguas Andinas S.A. distributes potable water and offers sewage treatment services in the Metropolitan Region of Chile.  The company operates four processing plants.

Chengdu Xingrong Environment Co Ltd distributes tap water and provides solid and liquid waste treatment and environmental protection services.

Luenmei Holding Co., Ltd. transfers land, leases properties, and provides civil engineering services. The Company also supplies heat and water as well.

California Water Service Group is the parent company of several water utility companies.  The Company provides regulated and nonregulated water utility services to customers in California, New Mexico, and Washington.

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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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

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