UAE: Daily Market Trading Report - 27 July

Transcription

1. Morning Report 27 July 2022 UAE Trading Summary Market Stats Indices Close Chg . 1M Chg. ADX 9,538 -0.4% 3% -5% 13% 33% 3,247 11,964 1,897 9,350 31,762 3,921 11,563 7,306 13,097 6,211 27,655 20,582 990 159 3,954 3,577 0.4% 0.8% 0.4% 1.2% -0.7% -1.2% -1.9% 0.0% -0.9% -0.4% -0.3% -1.6% -0.2% -0.6% 0.8% 0.2% 1% 4% 5% -1% 1% 0% 0% 1% 0% 2% 4% -4% -2% 0% 1% 1% -11% -11% -8% -12% -4% -6% -7% -1% -5% -3% 4% 5% -6% -4% -5% -2% 2% 6% 6% -22% -13% -18% -26% -1% -18% -13% -4% -11% -20% -18% -17% -17% 18% 10% 19% -13% -10% -11% -22% 4% -16% -6% -1% -20% -25% -20% -10% -12% DFM TASI BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell Net ADX 1,416 1,416 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 85% 15% 89% 11% 132 49% 51% 51% 49% 1,548 82% 18% 84% 16% 89% 11% 132 55% 45% 41% 59% 1,548 81% 19% 2% -2% 0% 0% -6% 6% 10% -10% 1% -1% Last Trading Day's Top Short Positions Company Aldar Agthia RAK Properties Short Interest (Short shares/Out. shares) 0.042% 0.037% 0.035% Close (AED) 4.75 5.39 0.70 Upcoming Corporates Actions & Events Date 27-Jul 27-Jul 27-Jul 27-Jul 27-Jul 28-Jul 28-Jul 28-Jul 28-Jul 28-Jul 29-Jul 08-Aug 08-Aug 10-Aug 11-Aug Company Event Borouge BoD/Result FAB BoD/Result ENBD BoD/Result Multiply BoD/Result RPM BoD/Result Alpha Dhabi BoD/Result Aldar BoD/Result ADCB BoD/Result ASM BoD/Result Q Holding BoD/Result Ghitha Holding BoD/Result IHC BoD/Result Ithmaar BoD/Result GFH BoD/Result MSCI EM Index Review Announcement Date Change (%) (1.2) 0.9 (0.7) 52WH 5.79 7.07 0.97 High - Low 52WL 3.85 4.20 0.56
2. # KEY STORIES RAKBank posted Q2 net profit AED 310.5mln versus AED 191mln year ago. Q2 net interest income AED 462.2mln versus AED 443.9mln year ago Tabreed posted Q2 profit from continuous operations of AED 152.1mln vs AED 135.1mln a year ago. Q2 revenue AED 555.8mln vs AED 511.4mln a year ago Apex Investment net profit reached AED 54.25mln in Q2 2022 from AED 3.55mln loss in Q2 2021. Revenue for Q2 increased to AED 277.47mln from AED 29.66mln in Q2 2021 ESG posted Q2 net profit of AED 36.6mln vs AED 17.2mln a year ago. Q2 revenue AED 201.0mln vs AED 49.0mln a year ago Response Plus amends agenda for board meeting scheduled on 27th July, to include proposition of to amend Articles of Association to facilitate distribution of interim and/or semiannual dividend for shareholders subject to approvals India competition regulator approves acquisition of stake in Tata Power Renewable Energy indirectly by Blackrock and Mubadala UAE on Jul 26 announced 1,257 new Covid-19 cases and 1,057 recoveries. The tally takes total cases in UAE to 985,524 with 964,828 recoveries and 2,332 deaths Saudi’s Sipchem posted quarterly profit of SAR 1,263.1mln versus SAR 829.9mln year ago. Quarterly sales of SAR 3,193mln versus SAR 2,362.7mln year ago Saudi’s Yamama Cement posted quarterly net profit SAR 90.7mln versus SAR 77.7mln year ago. Quarterly sales SAR 209.3mln versus SAR 202.6mln year ago Saudi’s Yanbu Cement posted quarterly net profit SAR 48.04mln versus SAR 41.83mln year ago. Quarterly sales SAR 238.17mln versus SAR 242.69mln year ago Saudi’s Bindawood Holding disclosed acquisition by its subsidiary of 62% of the shares of International Applications Trading Company Qatar Fuel Company posted H1 net profit QAR 501.3mln versus QAR 461.1mln year ago Kuwait Finance House notifies board of Ahli United Bank of firm intention to make a voluntary conditional offer to acquire up to 100% of issued ordinary shares of AUB by way of a share swap Oman’s Sohar International Bank received HSBC Oman's acceptance to enter into a nonbinding MoU with Sohar International on proceeding to exclusive merger discussions Bahrain May M2 money supply +1.08% YoY and private sector credit +6.04% YoY - C. Bank IMF says Egypt needs deeper reforms as it seeks another loan – Bloomberg Egypt’s Orascom Financial Holding board accepts mandatory purchase offer from Chimera Investment or any of its units to acquire Beltone Financial Holding # Key Global Trends/ Market Clues Better-than-expected results at Microsoft and Google helped soothe a nervous mood in stock markets on Wednesday, while a cut in Russian gas flow dragged on the euro and a Federal Reserve meeting due later in the day kept bonds and the dollar on edge. Nasdaq 100 futures bounced 1.4% and S&P 500 futures were up 0.8% in Asia after Microsoft forecast steep revenue growth and Google parent Alphabet posted strong search engine ad sales. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6% and Japan's Nikkei fell 0.3%. The Federal Reserve is expected to announce a 75 basis point rate hike at 1800 GMT but investors are wary of a surprise in either direction and have preferred safe assets such as dollars. Benchmark 10-year Treasury yields were steady at 2.8068% on Wednesday, below two-year yields at 3.0528%. Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected drawdown in U.S. crude stockpiles. Brent crude futures were at USD 104.35 a barrel
3. at 0250 GMT , down 5 cents, or 0.05%. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to USD 95.07 a barrel. WTI had climbed nearly USD 1 earlier in the session. After Tuesday's settlement, industry group the American Petroleum Institute said crude stocks in the United States fell by 4mln barrels last week. That was four times bigger than the decline expected by analysts in a Reuters poll. The Biden administration said on Tuesday it will sell an additional 20mln barrels of oil from the country's Strategic Petroleum Reserve as part of a previously announced plan to tap the facility to calm oil prices boosted by Russia's invasion of Ukraine and a recovery in demand following the COVID-19 pandemic. The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April, the IMF said in an update of its World Economic Outlook. It added that world GDP actually contracted in the second quarter due to downturns in China and Russia. The Fund cut its 2023 growth forecast to 2.9% from the April estimate of 3.6%, citing the impact of tighter monetary policy. # UAE Stories RAKBank posted Q2 net profit AED 310.5mln versus AED 191mln year ago. Q2 net interest income AED 462.2mln versus AED 443.9mln year ago. As of end-June, gross loans and advances stand at AED 35.8bln, up 7.8% YoY. As of end-June, customer deposits stand at AED 39.6bln, up 6.8%YoY. Tabreed posted Q2 profit from continuous operations of AED 152.1mln vs AED 135.1mln a year ago. Q2 revenue AED 555.8mln vs AED 511.4mln a year ago. Apex Investment net profit reached AED 54.25mln in Q2 2022 from AED 3.55mln loss in Q2 2021. Revenue for Q2 increased by 836% to AED 277.47mln from AED 29.66mln in Q2 2021 driven mainly by acquiring Apex Holding, its’s subsidiaries. Emirates Stallions Group (ESG) posted Q2 net profit of AED 36.6mln vs AED 17.2mln a year ago. Q2 revenue AED 201.0mln vs AED 49.0mln a year ago. Response Plus amends agenda for board meeting scheduled on 27th July, to include proposition of to amend Articles of Association to facilitate distribution of interim and/or semi-annual dividend for shareholders subject to approvals. India competition regulator approves acquisition of stake in Tata Power Renewable Energy indirectly by Blackrock and Mubadala. UAE on Jul 26 announced 1,257 new Covid-19 cases, bringing the total confirmed cases in the country to 985,524. At the same time, 1,057 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 964,828, UAE's Ministry of Health and Prevention said. It has reported no deaths from Covid19 during the past 24 hours. The nationwide death toll stands at 2,332. # GCC/MENA Saudi’s Sipchem posted quarterly profit of SAR 1,263.1mln versus SAR 829.9mln year ago. Quarterly sales of SAR 3,193mln versus SAR 2,362.7mln year ago. Saudi’s Yamama Cement posted quarterly net profit SAR 90.7mln versus SAR 77.7mln year ago. Quarterly sales SAR 209.3mln versus SAR 202.6mln year ago. Saudi’s Yanbu Cement posted quarterly net profit SAR 48.04mln versus SAR 41.83mln year ago. Quarterly sales SAR 238.17mln versus SAR 242.69mln year ago. Saudi’s Bindawood Holding disclosed acquisition by its subsidiary of 62% of the shares of International Applications Trading Company. Consideration will be paid as agreed on the amended appendix of the sale and purchase agreement. Founder and shareholder Majed M. Altahan will continue his role as CEO. Qatar Fuel Company posted H1 net profit QAR 501.3mln versus QAR 461.1mln year ago. Kuwait Finance House notifies board of Ahli United Bank of firm intention to make a voluntary conditional offer to acquire up to 100% of issued ordinary shares of AUB by way of a share swap. On July 6, 2022,
4. AUB board accepts revised share exchange ratio of 2 .695 AUB shares for each KFH share as proposed by KFH. Oman’s Sohar International Bank received HSBC Oman's acceptance to enter into a non-binding MoU with Sohar International on proceeding to exclusive merger discussions. On basis of merger by incorporation, HSBC Oman would be dissolved. Shareholders offered a consideration valuing HSBC Oman at 1.0x book value. Consideration consisting of share of Sohar International with option for shareholders of HSBC Oman to elect to receive consideration in cash. Bahrain May M2 money supply +1.08% YoY and private sector credit +6.04% YoY - C. Bank IMF says Egypt needs deeper reforms as it seeks another loan. Egypt needs “decisive progress on deeper fiscal and structural reforms” to boost the economy’s competitiveness - Bloomberg Egypt’s Orascom Financial Holding board accepts mandatory purchase offer from Chimera Investment or any of its units to acquire Beltone Financial Holding. *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ ADCB 63,865 9.18 11.30 6.74 12.19 1.20 ADIB 32,686 9.00 10.46 5.37 13.56 1.60 3,528 6.19 7.63 4.91 10.00 ADNOC Dist. 52,497 4.20 4.63 3.80 ADNOC Drill.* 54,077 3.38 3.92 2.77 AD Ports 26,467 Company ADNIC HIGH-LOW VALUATION Div. TOTAL RETURN ** 1M% 3M% YTD% 12M% 4.0% 3.7 (11.9) 11.4 40.4 3.5% 26.6 1.9 35.5 72.4 1.30 6.5% (2.4) (9.8) (2.4) 31.0 22.90 20.04 4.9% 0.5 3.7 0.8 1.4 22.03 4.96 4.4% 4.0 (5.7) 1.5 - 5.20 5.85 3.22 31.32 1.49 - 4.6 12.6 - - Agthia Air Arabia Ajman Bank 4,266 5.39 7.07 4.20 NM 1.51 3.1% 12.3 25.3 6.6 (9.5) 10,033 2.15 2.24 1.31 10.27 1.60 4.0% 2.9 5.9 56.2 67.8 1,550 0.74 0.91 0.64 13.05 0.60 - 8.4 (7.8) (10.4) (1.6) Aldar 37,345 4.75 5.79 3.85 15.30 1.30 3.2% 9.4 (13.3) 22.5 26.6 243,587 24.36 30.20 23.78 NA NA - (1.8) (10.8) (10.8) (8.0) 2,297 0.92 1.27 0.89 8.16 0.86 6.5% (1.8) (13.3) (15.7) (7.7) 5,475 3.74 4.80 3.50 29.57 2.05 3.5% (2.1) (3.5) (5.9) 3.2 Alpha Dhabi Amanat Aramex ASM 9,939 9.94 16.94 9.80 NM 1.69 - (9.1) (25.5) (28.5) (33.7) Borouge* 85,059 2.83 3.27 2.78 15.18 4.66 5.6% (4.7) - - - BOS Dana Gas DEWA* Deyaar DFM 1,166 0.53 0.76 0.49 NA NA - NA NA (14.5) 1.7 7,065 1.01 1.27 0.86 5.58 0.82 7.9% (1.0) (12.6) (1.1) 22.6 126,493 2.53 3.05 2.48 20.66 1.36 4.9% 0.4 (10.6) - - 2,074 0.47 0.73 0.37 25.83 0.36 - 3.7 (24.7) (26.0) 22.9 13,519 1.69 3.05 0.98 NM 1.73 1.8% (0.6) (36.0) (39.8) 57.0 DIC 9,907 2.33 2.64 1.63 14.19 0.81 5.2% 9.9 (5.7) 26.5 43.6 DIB DU 41,849 5.78 6.63 4.72 9.45 1.09 4.3% 0.7 (8.1) 11.9 27.0 28,193 6.22 7.28 5.67 23.15 3.26 3.4% 7.6 (6.3) (4.5) (4.2) Easy Lease 1,212 40.40 66.85 24.00 28.02 11.61 - 12.6 (27.9) 39.3 50.0 Emaar Dev. Emaar Pro. ENBD ESG 16,999 4.25 5.32 3.55 4.84 1.09 - (1.6) (14.1) (2.7) 16.1 43,432 5.31 6.47 3.91 7.16 0.69 2.8% 3.1 (13.9) 11.1 37.6 80,216 12.70 15.50 11.80 8.75 0.98 3.9% (2.3) (16.2) (3.2) (2.8) 1,555 6.22 11.80 3.65 NM 3.03 - (8.0) (26.8) (22.3) 68.1 Etisalat 231,670 26.64 39.06 22.34 24.64 4.74 3.0% (1.7) (23.9) (15.0) 20.6 FAB Fertiglobe* GFH 218,068 19.74 24.06 16.07 14.70 1.96 2.5% 7.2 (12.3) 8.4 25.6 37,520 4.52 5.95 2.92 10.49 4.62 8.8% (6.8) (18.3) 33.4 NA 4,068 1.08 1.34 0.69 11.04 0.98 4.1% 9.8 (9.2) (4.4) 50.6 20,994 86.90 123.00 9.14 NA 9.29 - 18.7 (15.6) 216.0 814.7 532,067 292.20 306.00 126.50 69.97 18.55 - 4.0 34.2 92.2 123.1 Ghitha IHC Julphar Mashreq Multiply NMDC Palms RAK Bank RAK Pro. RAK Cer. RPM Salama SIB Shuaa Tabreed TAQA Waha Yahsat * 1,606 1.39 2.32 1.20 25.17 1.68 - 6.9 0.7 (24.5) (22.8) 16,048 80.00 81.00 53.10 6.93 0.79 1.3% (0.0) 4.6 0.6 50.2 20,271 1.81 2.35 1.51 NA 1.94 - 1.7 (3.2) (1.6) NA 23,000 27.88 34.96 10.30 22.09 4.19 - 15.9 30.9 113.8 160.1 1,635 10.90 21.48 9.36 16.86 4.68 - (8.2) (18.4) (10.8) (12.7) 7,542 4.50 5.40 3.85 8.73 0.88 5.0% - (10.0) 0.0 13.9 1,390 0.70 0.97 0.56 8.28 0.34 - 21.9 (12.4) (9.9) 5.3 2,772 2.79 3.38 2.20 NM 1.26 7.2% (2.4) 0.7 1.3 32.9 1,588 7.94 20.00 7.05 19.77 6.16 - (0.9) (27.4) (17.7) NA 695 0.57 0.87 0.55 24.57 0.89 - (0.3) (16.1) (22.3) (27.5) 5,454 1.77 2.12 1.53 9.30 0.72 4.5% 4.1 (9.2) (5.6) 20.3 1,265 0.50 0.83 0.47 NA 0.88 - 0.2 (23.1) (27.2) (29.7) 7,682 2.70 2.92 2.27 14.81 1.32 2.2% (1.8) 10.2 12.0 0.5 137,162 1.22 1.53 1.13 21.11 2.11 3.9% (2.4) (10.5) (4.8) (4.7) 2,664 1.37 1.91 1.37 6.04 0.78 5.5% (2.1) (9.9) (13.9) 0.2 6,270 2.57 2.91 2.46 23.08 1.90 6.1% (0.4) (4.8) (3.5) (5.5) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
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