UAE: Daily Market Trading Report - 9 March

Transcription

1. SHUAA Securities Morning Report # Market Stats Indices Close 1M 3M 09 March 2020 1Y Change Change Change Change # UAE Trading Summary A EDm BUY SELL Net ADX 4,394 -5.4% -13.6% -12.9% -10.6% ADX 174 174 - DFM 2,267 -7.9% -18.1% -15.8% -12.6% Local 68% 41% 27% TASI 6,846 -8.3% -15.0% -15.5% -19.3% Foreign 32% 59% -27% BHSEASI 1,563 -3.4% -5.6% 0.9% 10.9% Institutional 51% 61% -10% EGX 11,849 -4.0% -16.0% -12.2% -20.5% Retail 49% 39% 10% Dow Jones 25,865 -1.0% -12.0% -7.7% 0.7% DFM 351 351 - S&P 500 2,972 -1.7% -11.2% -5.5% 7.2% Local 72% 39% 33% Nasdaq 8,576 -1.9% -10.4% -0.9% 14.3% Foreign 28% 61% -33% FTSE 100 6,463 -3.6% -13.9% -10.7% -10.2% Institutional 27% 60% -32% 11,542 -3.4% -15.0% -12.3% -0.4% Retail 73% 40% 32% DAX CAC40 5,139 -4.1% -14.9% -12.5% -2.8% Total 525 525 - Nikkei225 20,750 -2.7% -13.1% -11.2% -3.9% Local 70% 39% 31% HIS 26,147 -2.3% -4.9% -1.3% -10.0% Foreign 30% 61% -31% # Upcoming Corporate Actions & Events Date Company Event 09-Mar MASQ AGM 10-Mar EMIRATES NBD AGM 10-Mar AIR ARABIA AGM 11-Mar CBD AGM 11-Mar RAK CERAMICS AGM 15-Mar NBUAQ AGM 15-Mar DIB AGM 15-Mar RAK Properties AGM 15-Mar ADNIC AGM 15-Mar TABREED AGM 18-Mar US FED Policy Meeting 18-Mar IHC BoD/General 18-Mar ADCB AGM 18-Mar ALDAR AGM 22-Mar WAHA AGM 23-Mar GFH AGM 23-Mar FTSE Index 1Q20 Review Effective 24-Mar ETISALAT AGM 25-Mar KHCB AGM/EGM
2. # KEY STORIES Amanat Holdings update on potential acquisition of a strategic stake in VPS Healthcare Group. Both parties have agreed to stop their discussions in relation to the transaction Reem Investments board proposes FY dividend of 14% of paid-up capital RAK Ceramics says shares certified as sharia compliant for investment and trading Deyaar Development launches new midtown district comprising 7 buildings with 593 units NMC Health has delayed February salaries to its staff and now expects to make the payments before March 16. "The company's current expectation is that the February payroll will be completed before 16th March," a spokesman for the company said Two local companies, a sovereign wealth fund and Switzerland-based firm GK Investment are looking to buy a stake in embattled NMC Health - Sources told The National BH Mubasher Financial Services posted FY profit AED 0.33mln vs loss of AED 18.7mln year ago Wizz Air press conference in Abu Dhabi on Tuesday to announce expansion plans cancelled due to coronavirus Saudi Arabia said it has imposed a temporary lockdown on the eastern Qatif province to prevent the spread of coronavirus after 11 people there were infected. Saudi Arabia suspended travel to nine countries for its citizens and residents amid coronavirus fears and suspended the entry of people from those countries or anyone who has been there in the past 14 days Saudi's Mouwasat posted FY net profit after zakat and tax SAR 421mln vs SAR 360mln year ago. FY revenue SAR 1.86bln vs SAR 1.68bln year ago Saudi’s National Petrochemical unit Saudi Polymer signs financial agreement with Samba Financial Group and Riyad Bank for credit facility value SAR 3bln to refinance its existing loan Saudi’s United Electronics board proposes H2 cash dividend of SAR 1.25 per share. Board proposes to increase capital to SAR 600mln from SAR 500mln through bonus share issue Kuwait's Burgan Bank posted Q4 attributable net profit KWD 17.2mln vs KWD 11.6mln year ago. Board proposes FY cash dividend of 12% Egypt’s Orascom Development Egypt forms a strategic alliance with Cairo for Investment and Real Estate Development to develop two new schools with a total investment cost of up to EGP 450mln Egyptian Tourah Portland Cement posted FY net loss EGP 617.3mln vs profit of EGP 36.1mln year ago. FY sales EGP 531.8mln vs EGP 1.10bln year ago Egypt's Suez Cement posted FY standalone net loss EGP 1.26bln vs profit of EGP 10.7mln year ago. Board authorizes MD and CFO to negotiate sale of Suez Cement's 51% shareholding in Hilal Cement-Kuwait with any interested buyer Egypt’s Giza General Contracting and Real Estate Investment posted FY consolidated net profit EGP 53.5mln vs EGP 62.8mln year ago
3. # Key Global Trends/ Market Clues Asian stock markets plunged Monday after oil prices nosedived on worries a global economy weakened by a virus outbreak might be awash in too much crude. Tokyo's benchmark tumbled 6.2%, while Sydney fell 6.1%. Seoul sank 4.4% and Hong Kong lost 3.9%. The number of infections from the virus that causes COVID-19 has topped 100,000 worldwide. Companies have been hit by sweeping anti-disease measures. Apple says slowdowns in manufacturing iPhones in China will hurt its sales totals. An airline industry group says carriers could lose as much as USD 113bln in potential ticket sales. Adding to pessimism, China reported Saturday that its exports fell 17% and imports were off 4% from a year earlier in January and February after Beijing shut factories, offices and shops in the most severe anti-disease measures ever imposed. Oil prices plunged around 33% on Monday exceeding percentage decline of 1991, after Saudi Arabia slashed prices and set plans for a big increase in crude production in April. Prices fell as much as 33% following the Saudi move to start a price war after Russia balked at making the further steep output cuts proposed by OPEC to stabilize oil markets hit by worries over the global spread of the coronavirus. Brent crude futures were down 33%, at USD 31.83 a barrel by 0419 GMT, after earlier dropping to USD 31.02, their lowest since Feb. 12, 2016. Saudi Arabia plans to boost its crude output above 10mln barrels per day (bpd) in April after the current deal to curb production expires at the end of March, two sources told Reuters on Sunday. # UAE Stories Amanat Holdings update on potential acquisition of a strategic stake in middle east operation of VPS Healthcare Group. Both parties have agreed to stop their discussions in relation to the transaction. Amanat Holdings says will continue to assess other opportunities. Reem Investments board proposes FY dividend of 14% of paid-up capital. RAK Ceramics says shares certified as sharia compliant for investment and trading. Deyaar Development launches new midtown district comprising 7 buildings with 593 units.
4. NMC Health has delayed February salaries to its staff and now expects to make the payments before March 16 . "The company's current expectation is that the February payroll will be completed before 16th March," a spokesman for the company said in an email. The company normally pays its staff by the 25th of each month, a source familiar with the matter told Reuters. Last week, the company said it would ask for an informal debt standstill to stabilise its finances and hired Moelis to advise it in talks with banks. Two local companies, a sovereign wealth fund and Switzerland-based firm GK Investment are looking to buy a stake in embattled NMC Health. The names of the companies interested in bidding cannot be revealed as discussions are still ongoing, sources close to the company told The National. BH Mubasher Financial Services posted FY profit AED 0.33mln vs loss of AED 18.7mln year ago. Wizz Air press conference in Abu Dhabi on Tuesday to announce expansion plans cancelled due to coronavirus. # GCC/ MENA Saudi Arabia said it has imposed a temporary lockdown on the eastern Qatif province, an oil-producing region to prevent the spread of coronavirus after 11 people there were infected. All the individuals who had been diagnosed with the disease in the kingdom have either been to Iran or interacted with people who visited Iran. The Saudi interior ministry said in a statement that no one would be allowed to enter or exit Qatif and that work at all public and private sectors in the province had been suspended with the exception of institutions providing necessary services. Saudi Arabia suspended travel to nine countries for its citizens and residents amid coronavirus fears and suspended the entry of people from those countries or anyone who has been there in the past 14 days, the state news agency reported early on Monday, quoting a source in the Interior Ministry. The nine countries are the United Arab Emirates, Kuwait, Bahrain, Lebanon, Syria, South Korea, Egypt, Italy and Iraq. Saudi's Mouwasat posted FY net profit after zakat and tax SAR 421mln vs SAR 360mln year ago. FY revenue SAR 1.86bln vs SAR 1.68bln year ago. New hospital in Khobar contributed with SAR 48mln negative result during current period. Saudi’s National Petrochemical unit Saudi Polymer signs financial agreement with Samba Financial Group and Riyad Bank for credit facility value SAR 3bln to refinance its existing loan. Credit facility duration 4 years and to be repaid in 8 semi-annual scheduled instalments starting June 2020 and end in Dec 2023. Saudi’s United Electronics board proposes H2 cash dividend of SAR 1.25 per share. Board proposes to increase capital to SAR 600mln from SAR 500mln through bonus share issue. Kuwait's Burgan Bank posted Q4 attributable net profit KWD 17.2mln vs KWD 11.6mln year ago. Q4 total operating revenue KWD 69.9mln vs KWD 58.7mln year ago. Board proposes FY cash dividend of 12%. Egypt’s Orascom Development Egypt forms a strategic alliance with Cairo for Investment and Real Estate Development to develop two new schools with a total investment cost of up to EGP 450mln. Egyptian Tourah Portland Cement posted FY net loss EGP 617.3mln vs profit of EGP 36.1mln year ago. FY sales EGP 531.8mln vs EGP 1.10bln year ago. Egypt's Suez Cement posted FY standalone net loss EGP 1.26bln vs profit of EGP 10.7mln year ago. Board approves USD 125 loan from Heidelberg cement with tenor of 3 years and interest rate of around 6.5%. Board authorizes MD and CFO to negotiate sale of Suez Cement's 51% shareholding in Hilal Cement-Kuwait with any interested buyer. Egypt’s Giza General Contracting and Real Estate Investment posted FY consolidated net profit EGP 53.5mln vs EGP 62.8mln year ago. FY consolidated revenue EGP 1.12bln vs EGP 973.1mln year ago. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)
5. # UAE FOCUS LIST - COMPANY DATA MCAP Company PRICE HIGH - LOW 3M% 6M% 12M% 10.26 5.90 8.26 0.75 7.7% (23.3) (20.3) (29.6) (36.2) ADIB 17,652 4.86 5.85 4.20 7.96 0.96 5.6% (15.5) (4.7) (5.8) 6.8 1,388 3.70 3.70 2.60 7.39 0.92 8.1% 23.3 29.8 34.5 - ADNOC Dist TTM P/E TTM P/B YLD (%)^ HISTORICAL RETURN 5.96 ADNIC 52WL DIV 41,466 (A ED) 52WH VALUATION ADCB (A EDm) 1M% 36,250 2.90 3.20 2.00 16.35 9.67 7.2% (5.5) 3.6 12.1 32.4 Agthia 1,812 3.02 4.15 2.88 10.72 0.93 5.0% (8.5) (12.7) (13.7) (19.0) Air Arabia 5,367 1.15 1.61 0.90 5.42 0.97 NA (22.8) (22.8) (4.2) 23.7 Ajman Bank 1,367 0.65 0.98 0.64 16.69 0.54 5.4% (24.4) (28.3) (29.8) (28.0) Al Waha Capital 1,633 0.84 1.46 0.75 NA 0.55 NA (8.2) (14.4) (19.2) (41.3) Aldar Properties 15,018 1.91 2.37 1.63 7.57 0.60 7.3% (14.3) (13.6) (12.8) 6.7 Amanat Holdings 1,775 0.71 1.06 0.70 29.57 0.69 2.1% (11.2) (18.0) (19.2) (28.6) Amlak Finance 510 0.34 0.64 0.25 NA 0.45 0.0% (23.4) (29.9) 6.3 (3.4) Arabtec 969 0.65 2.28 0.64 NA 0.82 7.7% (25.7) (54.8) (59.4) (69.8) Aramex 3,953 2.70 5.01 2.70 7.95 1.51 6.1% (26.8) (26.6) (35.4) (37.9) Bank of Sharjah 1,512 0.72 1.00 0.70 NA 0.39 0.0% (10.6) (8.7) (16.8) (26.6) DAMAC Properties 3,388 0.56 1.46 0.54 17.68 0.24 NA (18.0) (32.7) (40.0) (59.7) Dana Gas 5,456 0.78 1.10 0.78 NA 0.57 7.1% (13.3) (16.8) (20.7) (9.9) Deyaar Development 1,549 0.27 0.43 0.27 21.65 0.34 0.0% (22.8) (26.0) (16.0) (24.3) Dubai Financial Market 5,816 0.73 1.00 0.65 48.18 0.74 0.0% (23.4) (25.2) (18.7) (7.7) Dubai Investment 4,932 1.16 1.63 1.13 12.79 0.42 NA (10.8) (10.1) (12.8) (9.4) Dubai Islamic Bank 35,480 4.90 5.86 4.66 7.09 1.01 7.1% (13.7) (7.9) (7.5) (5.2) DXB Entertainments 1,168 0.15 0.27 0.15 NA 0.40 0.0% (18.9) (32.7) (35.4) (39.9) Emaar Dev 12,440 3.11 4.91 3.11 3.58 1.39 16.7% (18.6) (14.1) (24.5) (17.9) Emaar Malls 18,741 1.44 2.17 1.44 8.20 1.05 6.9% (18.2) (25.0) (23.0) (14.3) Emaar Properties 21,264 2.97 5.53 2.97 3.43 0.41 5.1% (25.7) (27.7) (40.5) (37.3) Emirates Integrated Tele 25,838 5.70 6.35 5.00 14.93 2.99 6.1% (8.1) 3.6 (0.5) 12.0 Emirates NBD 65,377 10.35 13.93 8.87 4.25 0.80 3.9% (22.8) (11.5) (19.9) 16.1 553 0.24 0.55 0.24 NA 0.39 NA (22.7) (31.4) (41.2) (44.7) Etisalat 130,103 14.96 17.80 14.64 14.97 2.79 5.3% (7.2) (9.1) (10.4) (11.0) First Abu Dhabi Bank 133,661 12.24 16.96 11.84 11.17 1.24 6.0% (13.9) (15.0) (13.9) (11.9) 2,853 0.77 1.11 0.77 9.06 0.71 4.2% (15.0) (14.6) (16.7) (20.1) 372 0.37 1.00 0.37 NA 0.43 0.0% (23.8) (42.0) (55.5) 24,626 13.52 13.90 0.87 NM 24.03 NA 2.0 127.6 285.2 Eshraq Investments GFH Gulf Navigation Holding IHC Julphar (53.6) 1,238.6 1,083 0.94 1.60 0.77 NA 1.32 0.0% NA 3.9 (18.7) (41.6) 12,782 72.00 86.80 66.00 6.19 0.59 5.6% 2.3 0.0 (1.4) (10.0) National Bank of Fujairah 9,232 4.99 4.99 3.88 NA NA 1.3% NA NA NA NA Tabreed 5,241 1.93 2.14 1.44 11.08 1.06 4.9% (7.2) 3.8 12.9 14.9 RAK Bank 7,459 4.45 5.00 4.10 6.81 0.96 6.7% (9.2) (5.3) (1.1) 3.5 860 0.43 0.50 0.39 8.54 0.22 0.0% (2.1) 1.4 (4.4) (7.3) 1,609 1.70 1.99 1.42 9.79 0.66 8.4% 2.4 6.3 7.6 (12.1) 530 0.44 0.71 0.43 23.65 0.70 NA (18.9) (19.2) (37.0) (5.6) Sharjah Islamic Bank 3,359 1.09 1.29 1.00 6.16 0.45 7.3% (6.3) (3.2) (4.0) 3.1 SHUAA Capital 1,973 0.78 1.05 0.60 NA 1.48 NA (0.6) (21.0) (19.8) 14.4 Mashreqbank RAK Properties RAK Ceramics SALAMA Takaful Emarat Insurance TAQA Union Properties United Arab Bank 197 1.31 1.62 0.97 NA 1.42 5.3% (4.4) 7.4 (4.4) (16.0) 3,713 0.61 0.96 0.40 22.50 0.93 0.0% (15.6) 6.4 (23.5) (29.7) 776 0.18 0.44 0.18 NA 0.26 0.0% (9.5) (40.8) (45.5) (51.6) 1,848 0.90 1.30 0.81 NA 0.86 0.0% 10.3 (9.5) (10.3) (22.1) (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration
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