UAE: Daily Market Trading Report - 28 October

Transcription

1. Morning Report 28 October 2021 UAE Trading Summary Market Stats Indices Close Chg . 1M Chg. 3M Chg. YTD Chg. 1Y Chg. ADX DFM TASI BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HIS 7,854 2,864 11,808 1,737 11,364 35,491 4,552 15,236 7,253 15,706 6,754 29,098 25,564 -0.6% -0.1% -0.3% 0.1% 0.8% -0.7% -0.5% 0.0% -0.3% -0.3% -0.2% -1.1% 0.0% 1% 2% 4% 2% 8% 2% 2% 2% 3% 1% 2% -4% 8% 10% 4% 8% 9% 5% 1% 3% 4% 4% 1% 3% 4% -4% 56% 15% 36% 17% 5% 16% 21% 18% 12% 14% 22% 6% -4% 68% 31% 44% 22% 7% 29% 34% 33% 27% 30% 43% 24% 5% MSCI EM MSCI Asia 1,283 200 -1.0% -0.1% 1% -1% 2% 2% -1% 0% 13% 13% US Fut. EU Fut. 4,550 4,204 0.1% -0.1% 5% 4% 3% 2% 21% 19% 39% 43% AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 2,081 61% 39% 80% 20% 209 35% 65% 61% 39% 2,289 58% 42% Sell 2,081 70% 30% 77% 23% 209 44% 56% 55% 45% 2,289 67% 33% Last Trading Day's Top Short Sell Positions Company Fertiglobe Aldar ADNOC Dril. Short Volume (Shrs.) Short Volume (% of total volume) Total Stock Volume (mShrs.) Total Stock Turnover (AEDm) (483,001) (399,494) (199,730) 0.2% 0.7% 3.5% 203.7 61.0 5.7 616.9 247.0 17.0 Upcoming Corporates Actions & Events Date Company Event 28-Oct 31-Oct 31-Oct 31-Oct 01-Nov 04-Nov 08-Nov 11-Nov Ajman Bank Etisalat ADCB ADIB AD Aviation IHC ADNH GFH BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results Net -9% 9% 2% -2% -9% 9% 7% -7% -9% 9%
2. # KEY STORIES FAB posted quarterly group net profit AED 3.85bln versus AED 2.51 billion dirhams year ago. Quarterly group total operating income AED 6.41bln versus AED 4.31bln year ago. Quarterly group net interest income AED 3.14bln versus AED 2.85bln year ago. For nine months, the lender posted net profit of AED 9.2bln, up 26% YoY. CBD posted Q3 net profit AED 375mln versus AED 285.3mln year ago. Q3 total operating income AED 815.9mln versus AED 694.7mln year ago. DFM posted quarterly net loss of AED 0.6mln dirhams versus profit of AED 41.1mln year ago. Q3 total income AED 47.1mln versus AED 90.4mln year ago IHC's Al Seer Marine announced acquisition of two reefer ships and one bulk carrier Ooredoo posted quarterly net profit QAR 196.6mln versus QAR 649.8mln year ago. Quarterly revenue QAR 7.61bln versus QAR 7.30bln year ago National International Holding posted Q3 net profit KWD 1mln versus KWD 0.2mln year ago. Q3 total operating revenue KWD 1.8mln versus KWD 1.1mln year ago Wizz Air Abu Dhabi will add its first Russian destination, Moscow, to its route network, taking to 33 announced flight destinations since it launched operations in January 2021 GlobalFoundries Inc sold shares in its initial public offering at USD 47 a piece, at the higher end of its targeted price range, to raise about USD 2.6bln, people familiar with the matter said ADNEC announced the launch of its plan for expanding the facilities and infrastructure of the group’s centres in Abu Dhabi and London Fitch Ratings has affirmed Abu Dhabi's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AA' with a Stable Outlook UAE on Oct 27 announced 95 new Covid-19 cases and 136 recoveries. The tally takes total cases in UAE to 739,566 with 733,640 recoveries and 2,135 deaths Saudi investment min says FDI up 60% this year, excluding Aramco pipeline deal Saudi's SABIC to invest at Teesside plant in northeast England Saudi’s Riyad Bank posted quarterly net profit SAR 1,543mln versus SAR 1,296mln year ago. Quarterly total income SAR 2,175mln versus SAR 2,376mln year ago Saudi’s Bank Aljazira posted quarterly net profit SAR 204.5mln versus SAR 181.6mln year ago Saudi’s Savola Group posted quarterly net profit after zakat and tax SAR 122.4mln versus SAR 283.7mln year ago. Quarterly sales SAR 6,048.5mln versus SAR 4,587.3mln year ago Commercial Bank of Kuwait posted Q3 net profit KWD 21.7mln versus KWD 15.9mln year ago. Q3 total operating revenue KWD 31.3mln versus KWD 35.2mln year ago Bahrain wants the tourism industry to contribute 11.4% of GDP by the end of 2026 from 6.8% in 2019, the government's media office said # Key Global Trends/ Market Clues Global stocks eased from record peaks as a stark reminder of supply chain snags in corporate earnings reports stalled their rally, while investors also looked to whether central banks may consider tightening
3. monetary policy earlier than thought . MSCI's gauge of world stocks, ACWI, dipped 0.05% in early Thursday trade, with Japan's Nikkei leading the loss with fall of 1.1%. Mainland Chinese shares slipped 0.2% while MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.1%. On Wall Street overnight, the S&P 500 lost 0.51% from all-time high hit on Tuesday though the Nasdaq ended little changed, thanks to strong earnings from Microsoft and Google parent Alphabet. With global supply disruption fuelling worries about inflation, investors are keeping close eye on whether the world's central banks will look to reduce their generous pandemic stimulus measures more quickly. The Bank of Canada ended its quantitative easing sooner than expected and signalled it could hike interest rates earlier than previously thought, as soon as April 2022. The Fed is almost unanimously expected to announce tapering of its bond purchase at its policy meeting next week. Oil prices fell on Wednesday for a second straight day, with Brent hitting its lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude. Brent crude dropped USD 1.36, or 1.6%, to USD 83.22 a barrel by 0130 GMT, a two-week low, having declined by 2.1% in the previous session. U.S. oil fell USD 1.28, or 1.6%, to USD 81.38 a barrel, a one-week low, after dropping 2.4% on Wednesday. Crude stocks rose by 4.3mln barrels last week, the U.S. Energy Department said, more than double the 1.9mln-barrel gain forecast by analysts. Still, gasoline stocks fell by 2mln barrels to the lowest in nearly four years, even as U.S. consumers struggle with rising prices to fill their tanks. # UAE Stories First Abu Dhabi Bank (FAB) posted quarterly group net profit AED 3.85bln versus AED 2.51 billion dirhams year ago. Quarterly group total operating income AED 6.41bln versus AED 4.31bln year ago. Quarterly group net interest income AED 3.14bln versus AED 2.85bln year ago. For nine months, the lender posted net profit of AED 9.2bln, up 26% YoY. Commercial Bank of Dubai (CBD) posted Q3 net profit AED 375mln versus AED 285.3mln year ago. Q3 total operating income AED 815.9mln versus AED 694.7mln year ago. Dubai Financial Market (DFM) posted quarterly net loss of AED 0.6mln dirhams versus profit of AED 41.1mln year ago. Q3 total income AED 47.1mln versus AED 90.4mln year ago. IHC's Al Seer Marine announced acquisition of two reefer ships and one bulk carrier. The company's latest acquisition is part of its expansion strategy, which will see the company multiply into the commercial shipping segment. Ooredoo posted quarterly net profit QAR 196.6mln versus QAR 649.8mln year ago. Quarterly revenue QAR 7.61bln versus QAR 7.30bln year ago. National International Holding posted Q3 net profit KWD 1mln versus KWD 0.2mln year ago. Q3 total operating revenue KWD 1.8mln versus KWD 1.1mln year ago. Wizz Air Abu Dhabi will add its first Russian destination, Moscow, to its route network, taking to 33 announced flight destinations since it launched operations in January 2021. GlobalFoundries Inc sold shares in its initial public offering at USD 47 a piece, at the higher end of its targeted price range, to raise about USD 2.6bln, people familiar with the matter said. The IPO gives GlobalFoundries a valuation of about USD 26bln, making it one of the biggest stock market floatation of the year in the United States. Abu Dhabi's sovereign wealth fund Mubadala Investment Co, which holds a majority stake in GlobalFoundries, sold 22mln shares in the IPO. The Abu Dhabi National Exhibitions Company (ADNEC) announced the launch of its plan for expanding the facilities and infrastructure of the group’s centres in Abu Dhabi and London. Expansion and development work at Abu Dhabi National Exhibition Centre will increase the overall interior space for exhibitions by 12pct to reach 92,000 square meters, while the overall outdoor space for exhibitions will
4. exceed 59 ,000 square meters, increasing the overall area of Abu Dhabi National Exhibition Centre by 7pct to over 151,000 square meters. Development work for the ExCeL London centre in the UK which is owned fully by ADNEC, will include beginning the third stage of expanding its facilities. Fitch Ratings has affirmed Abu Dhabi's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AA' with a Stable Outlook. The 'AA' rating reflects Abu Dhabi's strong fiscal and external metrics and high GDP per capita, balanced by high dependence on hydrocarbons, a relatively weak, but improving, economic policy framework and low governance indicators compared with peers. Fitch expect Abu Dhabi to post a fiscal surplus of 1.6% of GDP in 2021, after a deficit of 4.7% of GDP in 2020. UAE on Oct 27 announced 95 new Covid-19 cases, bringing the total confirmed cases in the country to 739,566. At the same time, 136 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 733,640, UAE's Ministry of Health and Prevention said. It has reported 1 deaths from Covid19 during the past 24 hours. The nationwide death toll stands at 2,135. # GCC/MENA Saudi Arabia's investment minister said on Wednesday foreign direct investment (FDI) had seen a big jump this year, even without Aramco's oil pipeline sale. Minister Khalid al-Falih told an investment conference: "FDI has been fantastic this year, 60% jump excluding Aramco oil pipeline." Saudi oil producer Aramco has agreed in April a USD 12.4bln deal to sell a 49% stake in its pipelines to a consortium led by U.S.-based EIG Global Energy Partners. The British government said that Saudi’s SABIC would invest nearly GBP 1bln at its Teesside facility in northeast England with the aim of decarbonisation. Saudi’s Riyad Bank posted quarterly net profit SAR 1,543mln versus SAR 1,296mln year ago. Quarterly total income from special commissions/financing & investments SAR 2,175mln versus SAR 2,376mln year ago. Saudi’s Bank Aljazira posted quarterly net profit SAR 204.5mln versus SAR 181.6mln year ago. Quarterly total income from special commissions/financing & investments SAR 757.6mln versus SAR 755.3mln year ago. Saudi’s Savola Group posted quarterly net profit after zakat and tax SAR 122.4mln versus SAR 283.7mln year ago. Quarterly sales SAR 6,048.5mln versus SAR 4,587.3mln year ago. Commercial Bank of Kuwait posted Q3 net profit attributable KWD 21.7mln versus KWD 15.9mln year ago. Q3 total operating revenue KWD 31.3mln versus KWD 35.2mln year ago. Bahrain wants the tourism industry to contribute 11.4% of gross domestic product by the end of 2026 from 6.8% in 2019, the government's media office said. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus list Company MCAP PRICE (AEDm) HIGH-LOW VALUATION Div. HISTORICAL RETURN (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 57,882 8.32 8.45 5.65 11.83 1.01 3.2% 11.5 22.9 40.1 48.0 ADIB 21,137 5.82 5.90 4.24 11.38 1.08 3.5% 1.9 7.8 29.0 39.4 ADNIC 3,192 5.60 5.93 4.00 7.42 1.22 6.3% 7.3 12.2 17.7 50.1 ADNOC Dist. 53,247 4.26 5.01 3.28 19.91 15.74 4.8% 3.9 0.3 19.2 33.4 ADNOC Drill.* 47,997 3.00 3.07 2.77 23.86 4.62 5.0% NA NA NA NA Agthia 4,670 5.90 7.32 3.99 NM 1.74 2.8% 3.6 (2.7) 44.4 46.5 Air Arabia 6,393 1.37 1.45 1.07 NM 1.22 0.0% (0.7) 1.5 7.0 24.5 Ajman Bank 1,472 0.70 0.83 0.64 20.71 0.57 0.0% 1.2 (6.5) (10.1) 0.9 31,921 4.06 4.26 2.57 14.43 1.25 3.6% 0.2 5.2 33.9 54.0 268,585 26.86 30.20 15.00 NA NA NA (0.5) 1.4 NA NA Amanat 2,850 1.14 1.25 0.75 11.64 1.04 1.9% 3.6 8.6 39.0 47.7 Aramex 6,368 4.35 4.80 3.50 34.59 2.43 3.0% 23.6 16.3 2.6 13.8 ASM 16,079 16.08 16.94 13.00 NM 4.36 NA 7.1 NA NA NA BOS 1,509 0.69 0.76 0.48 NA 0.44 0.0% 25.6 31.7 14.1 35.6 Dana Gas 7,205 1.03 1.15 0.64 12.81 0.90 5.3% (6.4) 16.5 54.5 62.2 Deyaar 1,704 0.30 0.34 0.25 NA 0.39 0.0% (3.0) 1.0 5.0 8.5 DFM 8,240 1.03 1.29 0.81 NM 1.05 0.0% (1.0) (5.5) 10.8 23.1 DIC 7,313 1.72 1.90 1.12 16.45 0.62 NA (0.6) 1.2 24.7 58.6 DIB 37,071 5.12 5.19 4.00 15.51 1.00 3.9% 3.6 8.0 15.9 28.5 DU 28,148 6.21 7.22 5.40 33.97 3.43 4.0% (5.9) (5.9) 11.9 15.3 Easy Lease 1,408 46.94 66.85 10.00 44.96 22.95 NA 2.9 74.2 166.7 - Emaar Dev. 15,599 3.90 4.08 2.21 7.31 1.22 0.0% 2.4 6.6 41.8 71.1 Emaar Malls 26,157 2.01 2.14 1.40 26.69 1.33 0.0% (0.5) 3.6 9.8 35.8 Emaar Pro. 28,924 4.04 4.29 2.55 13.33 0.52 2.5% 0.2 2.3 17.5 55.3 ENBD 87,480 13.85 14.35 9.30 10.96 1.02 2.9% 0.4 2.6 39.3 51.0 2,525 10.10 11.80 3.01 NM 7.27 NA 22.4 173.0 NA NA Aldar Alpha Dhabi ESG Eshraq 756 0.33 0.37 0.29 NA 0.56 NA 8.0 (7.1) 2.2 6.6 Etisalat 221,233 25.44 25.90 16.64 24.02 4.69 4.7% 4.5 13.9 58.9 59.1 FAB 194,365 17.80 18.70 11.32 17.66 1.84 4.2% (1.9) 9.5 45.2 63.4 GFH IHC Julphar Mashreq 3,190 0.83 0.84 0.53 11.31 0.85 2.0% 13.2 9.9 44.0 56.3 264,941 145.50 152.80 38.32 56.29 16.62 NA (0.4) 11.1 246.4 279.3 2,299 1.99 2.32 1.20 NA 2.42 NA 8.7 10.6 49.6 33.6 6.6 12,870 72.50 72.50 60.00 NA 0.67 0.0% 5.1 20.4 6.8 Palms Sports 2,025 13.50 21.48 4.30 25.10 7.50 NA (9.9) 8.2 2.3 NA RAK Bank 6,704 4.00 4.24 3.50 11.17 0.83 3.8% 1.0 1.3 2.6 12.7 RAK Pro. 1,434 0.72 0.76 0.38 6.94 0.36 5.6% 3.5 8.6 49.4 86.2 RAK Cer. 2,733 2.75 3.08 1.33 NM 1.23 2.7% 2.1 26.6 98.5 112.7 RPM 2,460 12.30 20.00 10.10 NA NA NA NA NA NA NA Salama 901 0.75 0.97 0.72 6.06 1.15 11.1% (0.7) (8.6) (3.1) 9.3 SIB 5,577 1.81 1.89 1.15 10.93 0.72 4.4% 3.4 18.3 45.3 65.3 Shuaa 1,696 0.67 0.80 0.59 8.42 1.11 4.5% (2.6) (5.8) 3.1 14.9 Tabreed 7,711 2.78 3.15 2.35 14.59 1.46 2.1% 11.2 (1.4) 9.4 18.3 138,287 1.23 1.78 1.22 28.40 1.94 2.0% (1.6) (7.1) (13.2) (12.3) Union Pro. 1,158 0.27 0.32 0.23 2.94 0.40 0.0% (5.3) 10.7 (3.6) (4.3) Waha 3,364 1.73 1.96 1.00 6.09 1.00 3.5% 3.0 17.7 51.6 78.4 Yahsat * 6,563 2.69 3.10 2.46 26.10 1.98 5.9% 5.5 NA NA NA Zee Store 3,746 37.46 53.00 7.95 NM 18.11 NA (7.3) 294.3 (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend 256.8 NA TAQA
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