UAE: Daily Market Trading Report - 10 May

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1. IS Morning Report Thursday , May 10, 2018 # Global & Regional Benchmarks Indices Close # UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y Change Change Change Change Change BUY (AEDm) SELL NET -2.1% ADX 137 137 - -2.0% -6.5% -13.1% -14.3% -14.9% Local 54% 55% -2% 7,878 -1.7% -0.9% 6.4% 9.0% 13.7% Foreign 46% 45% 2% 1,271 -0.2% -1.3% -4.6% -4.6% -2.8% Institutional 53% 55% -2% EGX 17,460 -2.0% -1.3% 17.0% 16.3% 34.4% Retail 47% 45% 2% Dow Jones 24,543 0.7% 0.6% 1.5% -0.7% 17.2% DFM 362 362 - S&P 500 2,698 1.0% 1.5% 3.0% 0.9% 12.4% Local 60% 47% 13% Nasdaq 7,340 1.0% 3.5% 6.8% 6.3% 19.8% Foreign 40% 53% -13% FTSE 100 7,663 1.3% 5.4% 8.0% -0.3% 3.8% Institutional 38% 44% -6% 12,943 0.2% 4.4% 6.9% 0.2% 1.5% Retail 62% 56% 6% 5,535 0.2% 4.3% 9.0% 4.2% 2.5% Total 499 499 - Nikkei225 22,480 0.3% 3.1% 5.1% -1.3% 13.0% Local 58% 49% 9% HIS 30,806 0.9% 0.3% 4.4% 3.0% 23.1% Foreign 42% 51% -9% ADX 4,487 0.2% DFM 2,890 TASI KWSEI DAX CAC40 -4.8% -2.5% 2.0% # Upcoming Corporate Actions & Events Date Company Event 10-May Ishraq Board Meeting 13-May GFH Board Meeting 13-May Julphar Board Meeting 14-May Amanat Board Meeting 14-May Aldar Board Meeting 14-May Gulf Nav Board Meeting # Key Global Trends // Market Clues Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
2. IS Morning Report Thursday , May 10, 2018 Arabtec Holding 1Q18 net profit attributable to shareholders 63.6 million dirhams versus 17.6 million dirhams year ago. 1Q18 revenue 2.42 billion dirhams versus 2.19 billion dirhams year ago. Backlog of aed 16.2 billion at 31 march 2018 Emirates full-year Earnings Jump 67%, Rules Out Etihad Merger Mubadala to Compete for Global Deals With $250 Billion Portfolio RAK Ceramics 1Q18 profit after minority interest at 56 million dirhams versus 55 million dirhams year ago. 1Q18 total revenue 661.8 million dirhams versus 681.1 million dirhams year ago UAE's Taqa 1Q18 Profit Rises to 110 million dirhams versus 77 million dirhams year ago DXB Entertainments First Quarter Loss 207 Mln Dirhams AL Khaleeji Commercial Bank bsc – 1Q18 net profit attributable to shareholders 820,000 dinars vs 1.5 mln dinars year ago SHUAA in talks to buy asset management firm in Egypt. SHUAA CEO says targeting firms managing more than 1b dirhams Saudi Arabia will not act alone to fill any Iran oil shortfall Saudi central bank predicts higher inflation in Q2 Saudi lender Samba says Q1 net profit rises 6 pct Jabal Omar Development Posts Quarterly Loss on Lower Unit Sales Saudi Real Estate First Quarter Net Income 44.6 Mln Riyals Kuwait to work with OPEC, non-OPEC producers to offset any oil shortage Bahrain Has Enough Reserves to Keep Dollar Peg, Al-Maraj Says Egypt approves oil exploration deal with Italy's Eni, Egyptian firm Tharwa Telecom Egypt First Quarter Revenue 1.3% Above Estimates # Key Global Trends // Market Clues Asian stocks rose on Thursday, with energy shares leading the way as crude oil prices bolted higher after U.S. President Donald Trump's decision to pull out of a nuclear deal with Iran. Saudi stocks closed at their lowest level in more than three weeks, while most other Gulf markets were weak, as geopolitical tensions weighed on the market. The Saudi index dropped 1.7 percent to 7878 points, its lowest level since April 15. Blue-chips Al Rajhi Bank and National Commercial Bank dropped 2.3 percent and 2.2 percent respectively. In Dubai, the market was pulled back by property developer Emaar which dropped 4.9 percent. Dubai Islamic Bank lost 1.6 percent and Emirates NBD fell 2.4 percent. Oil prices clocked up more multi-year highs on Thursday as traders adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran amid an already tightening market. The United States plans to impose new sanctions against Iran, which produces around 4 percent of global oil supplies, after abandoning an agreement reached in late 2015 which limited Tehran's nuclear ambitions in exchange for removing U.S.-Europe sanctions. Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
3. IS Morning Report Thursday , May 10, 2018 U.S. shale producers will not boost output to offset any global oil squeeze after President Donald Trump abandoned the Iran nuclear deal, one of the industry's most prominent executives said on Wednesday. # UAE Stories Arabtec Holding 1Q18 net profit attributable to shareholders 63.6 million dirhams versus 17.6 million dirhams year ago. 1Q18 revenue 2.42 billion dirhams versus 2.19 billion dirhams year ago. Backlog of aed 16.2 billion at 31 march 2018. Dubai’s Emirates Group reported a 67 percent jump in full-year profit and said there are no plans to merge with Etihad Airways, the Abu Dhabi airline that’s shrinking operations following a record loss. The world’s biggest long-haul carrier boosted net income to 4.11 billion dirhams ($1.1 billion) in the 12 months ended March 31 as higher oil prices spurred a revival in Middle East travel, it said in a statement Wednesday. Sales rose 8.1 percent to 102 billion dirhams. Abu Dhabi’s Mubadala Investment Co. is set to do bigger deals, scout for investments more widely and spread its presence over more industries after a recent tie-up with another local fund doubled its size. The combination of Mubadala and the Abu Dhabi Investment Council in March created an entity with more than $250 billion of assets, enough to join an exclusive club of sovereign wealth funds and national state pension plans that compete globally with private equity for the largest acquisitions. RAK Ceramics 1Q18 profit after minority interest at 56 million dirhams versus 55 million dirhams year ago. 1Q18 total revenue 661.8 million dirhams versus 681.1 million dirhams year ago UAE's Taqa 1Q18 Profit Rises to 110 million dirhams versus 77 million dirhams year ago. 1Q18 revenue 4.3 billion dirhams versus 4.1 billion dirhams year ago. Says free cash flow of aed 1.6 billion, a decrease of 22% on 2017. "Total liquidity remains strong at 12.6 billion dirhams, including aed 3.6 billion in cash and cash equivalents and aed 8.9 billion of undrawn credit facilities". Production volumes of 123.8 boe/d, down 6 percent from q1 2017 impacted by natural decline and north sea platform maintenance. "total debt was reduced by aed 790 million during the period, total interest paid was reduced by aed 58 million compared to same period 2017" DXB Entertainments reported loss for the first quarter of 207 million dirhams. 1Q revenue 173 million dirhams. Says 45% growth in visits to 851,013. EBITDA losses at 25 million dirhams vs 137 million year ago. CEO Mohamed Almulla: "The steady decrease in EBITDA losses over the past quarters, is a promising sign we are getting closer to reaching our EBITDA break-even target". CEO Mohamed Almulla: “We continue to see signs of improvement across the business, in April we hit a new record daily visitation figure, with over 36,000 visits during the ‘Big Day Out’ festival" SHUAA in talks to buy asset management firm in Egypt. SHUAA CEO says targeting firms managing more than 1b dirhams GCC/ MENA: Saudi Arabia is monitoring the impact of the U.S. withdrawal from the Iran nuclear deal on oil supplies and is ready to offset any shortage but it will not act alone to fill the gap, an OPEC source familiar with the kingdom's oil thinking said. Saudi Arabia's central bank expects inflation to increase in the second quarter on an expected spike in consumer demand during the Muslim holy month of Ramadan which begins next week. Samba Financial Group, Saudi Arabia's third-largest bank by assets, reported a 6 percent rise in first-quarter net profit on Wednesday, in line with analysts' forecasts. The bank made a profit of 1.3 billion riyals ($347 million) in Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
4. IS Morning Report Thursday , May 10, 2018 the three months to March 31, up from 1.2 billion riyals in the same period a year earlier, it said in a bourse statement. Jabal Omar Development Posts Quarterly Loss on Lower Unit Sales. The Saudi property developer posts 128 million loss for the three months ended March 31 vs profit of 63 million a year ago. Rev. 142m riyals vs 271m. Saudi Real Estate reported net income for the first quarter of 44.6 million riyals. 1Q revenue 80.3 million riyals. Proposes Raising Capital W/ Bonus Shr:1 for 1. Says 6.5% decline in profit due to admin, general expenses due to unification of units, rise in zakat provisions, lower share in affiliate company. Kuwaiti oil minister Bakhit al-Rashidi said on Wednesday his country will work with OPEC and non-OPEC oil producers to limit impact of any possible shortage in supplies, state news agency KUNA reported, after U.S. President Donald Trump quit a nuclear deal with Iran. On Tuesday, Trump abandoned a nuclear deal with Iran and announced plans for the "highest level" of sanctions against the OPEC member. Bahrain has enough foreign reserves to maintain its currency’s peg to the U.S. dollar, central bank Governor Rasheed Al-Maraj said, as higher oil prices help the island-kingdom ease pressure on its strained public finances. Al-Maraj, speaking in an interview on Wednesday in the capital Manama, said he wasn’t aware of any current talks between Bahrain and its Gulf Arab allies over financial support that could help the country avoid devaluation. “At this level we have adequate reserves to maintain the peg,” he said. Egypt has approved an exploration agreement with Italy's Eni and the Egyptian Tharwa company to search for oil and gas in the Mediterranean off the coast of northern Sinai, the Egyptian oil minister said on Wednesday. Under the deal, Eni and Tharwa will spend $105 million in two stages over six years, which involve drilling one well in the first stage and another in the second, Tarek El Molla told journalists. Telecom Egypt reported revenue for the first quarter that was 1.3% above the average analyst estimate. 1Q revenue 4.8 billion pounds, estimate 4.74 billion (range 4.63 billion to 4.85 billion) (Bloomberg data). 1Q net income 688 million pounds. 1Q Ebitda 1.5 billion pounds, estimate 1.38 billion (range 1.33 billion to 1.43 billion) (BD) (3 estimates). 1Q operating profit 862 million pounds. Board Approves MENA Cable Deal. Company's board also approves 5-year $500m syndicated loan to refinance outstanding short-term U.S. dollar debt and to provide cushion for working capital needs (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) GFH 73.21% 0.08 2,860,146 4,056,590 Eshraq 35.15% 0.07 1,627,500 1,155,525 DXBE 31.45% 0.06 4,799,948 1,823,980 DAMAC Properties 41.32% 0.04 2,420,000 5,469,200 Methaq Takaful Ins. 23.74% 0.04 60,000 44,400 RAK Properties 29.22% 0.04 800,000 520,000 Dubai Isl. Ins 12.49% 0.04 90,300 57,792 Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
5. IS Morning Report Thursday , May 10, 2018 Aldar 25.81% 0.03 2,358,789 4,788,341 Arabtec 18.31% 0.02 300,000 480,000 GGICO 19.05% 0.02 358,267 97,449 Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Shuaa Capital 17.12% -0.15 (1,597,500) (1,757,250) DSI 16.29% -0.11 (1,178,087) (1,236,991) Dana Gas 60.11% -0.06 (4,185,974) (4,395,273) DIB 16.14% -0.05 (2,466,003) (13,689,863) Air Arabia 23.33% -0.05 (2,333,350) (2,753,353) Emaar Properties 36.95% -0.05 (3,579,869) (18,042,542) Union Properties 23.97% -0.04 (1,715,816) (1,389,811) Gulf Nav 19.81% -0.03 (275,763) (278,520) Amlak Finance 20.47% -0.02 (295,000) (225,000) Aan 54.96% -0.01 (86,502) (21,803) (Source: ADX, DFM, Bloomberg, Reuters) Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
6. IS Morning Report Thursday , May 10, 2018 Institutional Sales and Trading Team Harshjit Oza harshjit@integratedsecurities.ae Direct Line: +971 2 494 2608 Disclaimer This report was prepared by Integrated Securities (“IS”) in and for the United Arab Emirates (“U.A.E.”). IS is a securities brokerage company regulated by the Emirates Securities and Commodities Authority (and neither an investment nor a financial advisory firm). The information contained in this report is given in summary and does not purport to be complete. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Content of this report is provided solely for informational purposes and private circulation and should not be construed as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or any other financial product or instrument, or adopting any hedging or investment strategy and does not take into account your particular investment objectives, financial situation, tax implications or any other needs. Before acting on any information you should consider and confirm the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek professional financial advice. While based on information believed to be reliable, we do not guarantee and make no express or implied representation as to the accuracy of this report or complete description of the securities markets or developments referred to in this report. The information, contained in this report are as of the date indicated and are subject to change at any time without prior notice. This report may provide the addresses of, or contain hyperlinks to, websites. IS has not reviewed any such site and takes no responsibility for the content of the same. Such address or hyperlink is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or IS’s website shall be at your own risk. The stated price of any securities mentioned in this report is as of the date indicated and is not a representation made by IS that any transaction can be effected at this price. This report is for UAE distribution and only under such circumstances as may be permitted by applicable law. The information contained in this report is not intended nor can it be construed as intended to be directed to any US persons (being any US Citizens, US Green Card Holders, or Resident Aliens subject to US income taxes for IRS purposes) unless stated otherwise. Neither IS nor its officers, directors or shareholders or other persons shall be liable for any direct, indirect, incidental or other damages including loss of profits arising in any way from the information contained in this report. This report is a mere update intended solely for the use by the intended recipients and the content of it may not be reproduced, redistributed or copied in whole or in part for any purpose without IS’s prior express consent. Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae