UAE: Daily Market Trading Report - 10 August

Transcription

1. Morning Report 10 August 2022 UAE Trading Summary Market Stats Close Chg . 1M Chg. ADX 10,120 0.2% 10% 1% 19% 34% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. 3,385 12,330 13,519 5,893 4,650 1,900 9,969 32,774 4,122 12,494 7,488 13,535 6,490 28,000 19,849 1,002 160 4,125 3,709 1.1% 0.3% -0.3% 0.2% -0.2% 0.0% -0.8% -0.2% -0.4% -1.2% 0.1% -1.1% -0.5% -0.9% -0.2% 0.0% -0.4% 0.0% -0.2% 9% 8% 12% 4% 13% 1% 14% 5% 6% 7% 4% 4% 8% 6% -8% 0% 1% 7% 7% -7% -11% 0% -8% 11% -8% -9% 2% 3% 7% 4% 1% 7% 6% 0% -1% -1% 5% 3% 6% 9% 16% 0% 13% 6% -17% -10% -14% -20% 1% -15% -9% -3% -15% -19% -17% -13% -13% 20% 10% 24% 9% 16% 18% -8% -7% -7% -16% 5% -14% -5% 1% -24% -23% -20% -7% -11% Indices 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell Net ADX 1,482 1,482 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 80% 20% 73% 27% 340 53% 47% 50% 50% 1,822 75% 25% 79% 21% 72% 28% 340 56% 44% 37% 63% 1,822 74% 26% 1% -1% 1% -1% -3% 3% 13% -13% 1% -1% Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), EGX (Egypt), HIS (Hong Kong). Last Trading Day's Top Short Positions Company Manazel Eshraq Aldar Short Interest (Short shares/Out. shares) 0.030% 0.028% 0.022% Close (AED) 0.41 0.55 4.96 Upcoming Corporates Actions & Events Date 10-Aug 10-Aug 10-Aug 11-Aug 11-Aug 11-Aug 11-Aug 12-Aug 29-Aug Company Event GFH BoD/Result Air Arabia BoD/Result Aramex BoD/Result DIC BoD/Result Julphar BoD/Result Emirates Insurance BoD/Result MSCI EM Index Review Announcement Date AD Ports BoD/Result ADCB AGM Change (%) 2.0 64.1 1.6 52WH 0.64 0.55 5.79 High - Low 52WL 0.36 0.29 3.92
2. # KEY STORIES Dubai saw July PMI improving to 56.4, up from 56.1 reported last month and its best since June 2019 Chimera Investment buys controlling stake in Egypt's Beltone Financial, as part of its expansion into regional markets TAQA 1H22 net income up 50% to AED 4.3bln and revenues were up 15% to AED 25.4bln, the board declares interim cash dividend of 0.60fils per share Invictus reported 2Q22 net profits of AED 102.7mln vs AED 74.4 mln a year ago, revenue from contracts with customers were AED 1.47bln vs 977.6mln a year ago ADNIC reported 2Q22 net profits of AED 102.3mln vs AED 115.1mln a year ago, on gross underwritten premiums of AED 947mln vs. AED 773.4mln NCC reported 2Q22 net profit of AED 6.5mln vs AED 5.0mln a year ago, revenue of AED 29.2mln vs AED 27.6mln Eshraq completes acquisition of 99.25% of Goldilocks funds, assets now exceed USD 1.34bln with book value expected to be AED 0.92-0.96 per share Al Ramz reported 2Q22 net profits of AED 13.6mln vs. AED 19.9mln a year ago, and net commission income of AED 11.9mln vs. AED 8.9mln a year ago Finance House reported fall in 1H22 net profit to AED 14.6mln vs 17.1mln in 1H21 Foodco reported 2Q22 net profit of AED 5.2mln vs. AED 15.8mln in a year ago period Insurance House reported fall in 1H22 net profits to AED 4.0mln, vs. AED 6.1mln in 1H21, appoints Mohammed Yassin Othman as CEO RAK Poultry and Feeding reported 1H22 net profits of AED 2.3mln and revenues of AED 4.0mln UAE on Aug 09 announced 919 new Covid-19 cases and 859 recoveries. The tally takes total cases in UAE to 1,000,556 with 979,362 recoveries and 2,337 deaths Saudi SABIC recorded 2Q22 net profit of SAR 7.9bln, up 4%, but warns that margins are expected to be under pressure in the second half of the year due to global factors Saudi Theeb Rent a Car reported 2Q22 net profit after zakat and tax SAR 43.1mln and sales of SAR 226.6mln Saudi Nahdi Medical reported 2Q22 net profit after tax and zakat SAR 268.5mln, up 18.4% YoY, and revenues of SAR 2.2bln up 8.2% YoY Saudi Retal Urban Development reported 2Q22 net profit after zakat and tax of SAR 30.03mln over sales of SAR 134.15mln Saudi Arabian Cement reported 2Q22 net profit after zakat and tax of SAR 45mln and sales of SAR 231mln Kuwait Investment reported 2Q22 net loss of KWD 8.4mln vs. profit of KWD 10.2mln in 2Q21 Egypt SAIB registers 79% surge in 1H22 profits to USD 16.0mln vs. USD 8.9mln in 1H21 Egypt Nile Pharmaceuticals reported full year net profit after tax of EGP 90.3mln vs. EGP 64.4mln a year ago and revenues of EGP 885.6mln vs EGP 755.5mln a year ago. Egypt Free Shops reported full year net profit of EGP 167.1mln vs EGP 132.2mln a year and consolidated sales of EGP 826.5mln vs. EGP 681.4mln a year ago. EGP Arab Aluminum reported 1H22 net profit after tax of EGP 15.0mln vs. EGP 12.7mln a year ago on revenues of EGP 203.5mln vs. EGP 193.4mln a year ago.
3. # Key Global Trends/ Market Clues Asian shares fell and the dollar steadied on Wednesday as investors waited for a key U.S. report on inflation to provide hints to the Federal Reserve's plans for future monetary tightening. The Consumer Price Index (CPI) report will be released later today, with markets watching for signs that inflation eased in July despite last week's unexpectedly strong U.S. jobs numbers. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.51%, while Japan's Nikkei extended losses from the previous day and was down 0.65%. South Korea's KOSPI lost 0.64%, Australia's AXJO dropped 0.12%, and Taiwan's TAIEX fell 0.70%. Oil prices edged lower on Wednesday, after industry data showed U.S. crude inventories unexpectedly rose last week, signaling a potential hiccup in demand. U.S. crude stocks rose by about 2.2mln barrels for the week ended Aug. 5, according to market sources citing American Petroleum Institute figures. Analysts had forecast a small 400,000-barrel drop in crude inventories. Brent crude futures fell 6 cents to USD 96.25 a barrel by 0002 GMT. U.S. WTI futures declined 16 cents to USD 90.34 a barrel. # UAE Stories Dubai saw July PMI improving to 56.4, up from 56.1 reported last month and its best since June 2019. The non-oil sector PMI activity saw its fastest rise in three years, as companies remained optimistic about growth over the next 12 months. Chimera Investment buys controlling stake in Egypt's Beltone Financial, as part of its expansion into regional markets. Chimera acquired the 55.9% stake in Beltone Financial Holding at a price of EGP 1.485 (USD 0.078) per share. The company also named Dalia Khorshid as new CEO of Beltone. TAQA 1H22 net income up 50% to AED 4.3bln and revenues were up 15% to AED 25.4bln, the board declares interim cash dividend of 0.60fils per share Invictus reported 2Q22 profits of AED 102.7mln vs AED 74.4 mln a year ago, revenue from contracts with customers were at AED 1.47bln vs 977.6mln a year ago ADNIC reported 2Q22 net profits of AED 102.3mln vs AED 115.1mln a year ago, on gross underwritten premiums of AED 947mln vs. AED 773.4mln NCC reported 2Q22 net profit of AED 6.5mln vs AED 5.0mln a year ago, revenue of AED 29.2mln vs AED 27.6mln Eshraq completes acquisition of 99.25% of Goldilocks funds, assets now exceed USD 1.34bln with book value expected to be AED 0.92-0.96 per share. The company said after both a capital decrease and issuing new shares, the new issued capital of is AED 2.8bln. Al Ramz reported 2Q22 net profits of AED 13.6mln vs. AED 19.9mln a year ago and net commission income of AED 11.9mln vs. AED 8.9mln a year ago. Finance House reported fall in 1H22 net profit to AED 14.6mln vs 17.1mln in 1H21. First half net interest income and income from Islamic financing and investment assets were reported at AED 62.5mln vs. AED 68.4mln a year ago. Foodco reported 2Q22 net profit of AED 5.2mln vs. AED 15.8mln in a year ago period. The 2Q22 total income reported was AED 32.7mln vs. AED 25.6mln a year ago. Insurance House reported fall in 1H22 net profits to AED 4.0mln, vs. AED 6.1mln in 1H21, appoints Mohammed Yassin Othman as CEO. RAK Poultry and Feeding reported 1H22 net profits of AED 2.3mln and revenues of AED 4.0mln. UAE on Aug 09 announced 919 new Covid-19 cases, bringing the total confirmed cases in the country to 1,000,556. At the same time, 859 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 979,362, UAE's Ministry of Health and Prevention said. It has reported no deaths from Covid-19 during the past 24 hours. The nationwide death toll stands at 2,337. # GCC/MENA Saudi SABIC recorded 2Q22 net profit of SAR 7.9bln, up 4%, but warns that margins are expected to be under pressure in the second half of the year due to global factors. The result beats analysts' mean estimate of SAR 6.17bln. On a sequential quarter basis, the profit was 22% higher Saudi Theeb Rent a Car reported 2Q22 net profit after zakat and tax SAR 43.1mln and sales of SAR 226.6mln. The short-term rental revenues increased by 43.7% and long-term rental revenues increased by 19.0% reaching SAR 77.8mln. Quarter saw lower number of motor vehicles sold but increased in resale values in the car sales segment.
4. Saudi Nahdi Medical reported 2Q22 net profit after tax and zakat SAR 268 .5mln, up 18.4% YoY, and revenues of SAR 2.2bln up 8.2% YoY. Saudi Retal Urban Development reported 2Q22 net profit after zakat and tax of SAR 30.03mln over sales of SAR 134.15mln. Quarter saw decrease in the development contracts revenues and increase in general and administrative expenses. Saudi Arabian Cement reported 2Q22 net profit after zakat and tax of SAR 45mln and sales of SAR 231mln. The quarter saw increase in the average sale price and increase in share of profit of associate companies. However, finance costs were lower and the company also reported decrease in the G&A and S&M expenses. Kuwait Investment reported 2Q22 net loss of KWD 8.4mln vs. profit of KWD 10.2mln in 2Q21 Egypt SAIB registers 79% surge in 1H22 profits to USD 16.0mln vs. USD 8.9mln in 1H21. Earnings per share amounted to USD 1.02 in 1H22, vs. USD 0.57 in 1H21. Interest income fell by 7% during to USD 184.7mln, vs. USD 197.8mln in 1H21. Egypt Nile Pharmaceuticals reported full year net profit after tax of EGP 90.3mln vs. EGP 64.4mln a year ago and revenues of EGP 885.6mln vs EGP 755.5mln a year ago. Egypt Free Shops reported FY 22 net profit of EGP 167.1mln vs EGP 132.2mln a year. Consolidated net sales reported were EGP 826.5mln vs EGP 681.4mln a year ago. EGP Arab Aluminum reported 1H22 net profit after tax of EGP 15.0mln vs. EGP 12.7mln a year ago on revenues of EGP 203.5mln vs. EGP 193.4mln a year ago. *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ ADCB 62,129 8.93 11.30 7.29 11.85 1.16 ADIB 32,979 9.08 10.46 5.40 13.68 1.62 3,494 6.13 7.63 5.20 9.90 ADNOC Dist. 57,250 4.58 4.63 3.80 ADNOC Drill.* 58,400 3.65 3.92 2.77 AD Ports 24,585 4.83 5.85 3,918 4.95 7.07 10,733 2.30 Company ADNIC Agthia Air Arabia Ajman Bank Aldar Alpha Dhabi HIGH-LOW VALUATION Div. TOTAL RETURN ** 1M% 3M% YTD% 12M% 4.1% 8.8 (12.6) 8.4 25.0 3.4% 13.5 4.4 36.7 70.5 1.28 6.5% (1.9) (13.4) (3.3) 17.7 21.51 16.21 4.5% 7.8 11.7 9.9 9.6 23.79 5.35 4.1% 8.6 0.8 9.6 - 3.22 29.09 1.39 - (4.7) (6.0) - - 4.20 NM 1.40 3.3% (5.0) 7.6 (2.1) (16.6) 2.36 1.31 10.99 1.71 3.7% 15.6 11.7 67.1 74.3 1,527 0.73 0.91 0.64 11.82 0.60 - 4.0 (9.1) (11.8) (3.8) 38,999 4.96 5.79 3.92 14.31 1.34 3.0% 13.8 (12.1) 27.9 21.5 240,200 24.02 30.00 23.78 NA NA - (2.9) (12.3) (12.0) (17.6) Amanat 2,375 0.95 1.27 0.89 21.16 0.88 6.3% 4.1 (9.5) (12.9) (5.5) Aramex 5,754 3.93 4.80 3.50 31.08 2.15 3.3% 8.6 - (1.1) 9.3 ASM 9,750 9.75 16.94 9.56 NM 1.43 - (5.3) (26.2) (29.9) (35.0) 91,977 3.06 3.27 2.78 16.4 5.04 5.2% 5.9 2.0 - - BOS 1,166 0.53 0.76 0.49 - - - - - (14.5) (3.6) Dana Gas 7,065 1.01 1.27 0.88 5.58 0.82 7.9% 1.0 (13.7) (1.1) 20.6 127,500 2.55 3.05 2.48 20.82 1.37 4.9% 0.8 (7.6) - - Borouge* DEWA* Deyaar 2,214 0.51 0.73 0.37 21.26 0.50 - 11.7 (19.3) (21.0) 32.1 DFM 13,920 1.74 3.05 0.98 NM 1.77 1.7% 13.7 (32.3) (38.0) 66.2 DIC 10,417 2.45 2.64 1.63 14.92 0.85 4.9% 12.9 1.2 33.0 45.0 DIB 43,300 5.98 6.63 4.90 9.04 1.10 4.2% 10.1 (6.1) 15.7 23.8 DU 27,515 6.07 7.28 5.67 22.60 3.18 3.5% 6.9 (5.2) (5.1) (5.2) Easy Lease 1,082 36.06 66.85 24.00 25.01 10.36 - (9.8) (30.7) 24.3 18.2 Emaar Dev. 17,840 4.46 5.32 3.69 5.08 1.15 - 8.8 (12.0) 2.1 19.9 Emaar Pro. 45,725 5.59 6.47 3.91 7.54 0.72 2.7% 8.8 (9.1) 17.0 42.7 ENBD 86,853 13.75 15.50 11.80 9.33 1.02 3.6% 16.0 (6.5) 4.8 4.5 1,465 5.86 11.80 3.65 NM 2.45 - (9.8) (26.8) (26.8) 58.8 Etisalat 247,685 28.48 39.06 22.34 26.45 5.25 2.8% 10.7 (16.2) (9.2) 20.0 FAB 220,952 20.00 24.06 16.39 14.87 1.98 2.5% 9.1 (8.3) 9.8 22.8 44,329 5.34 5.95 2.92 9.35 5.24 7.5% 17.6 (3.8) 57.6 NA 4,293 1.13 1.34 0.69 11.65 1.04 3.9% 11.9 (5.8) (0.0) 55.3 20,464 84.70 123.00 10.26 NA 10.58 - 1.3 (16.1) 208.0 714.4 613,313 336.80 345.00 140.00 67.20 25.18 - 16.9 49.9 121.6 138.7 ESG Fertiglobe* GFH Ghitha IHC Julphar 1,560 1.35 2.32 1.20 24.44 1.64 - 3.8 0.0 (26.6) (26.6) Mashreq 17,052 85.00 85.00 53.98 7.36 0.84 1.2% 6.3 13.3 6.9 60.1 Multiply 23,520 2.10 2.35 1.51 NA 2.23 - 18.0 5.5 14.1 NA NMDC 22,985 27.86 34.96 10.40 19.57 3.99 - (3.9) (7.1) 113.7 160.9 Palms 1,542 10.28 21.48 9.24 14.74 4.11 - 4.7 (19.7) (15.9) (5.5) RAK Bank 8,045 4.80 5.40 3.85 8.18 0.97 4.7% 6.7 (8.6) 6.7 21.5 RAK Pro. 1,350 0.68 0.97 0.56 12.59 0.33 - 3.8 (12.3) (12.5) (3.6) RAK Cer. 2,931 2.95 3.38 2.66 NM 1.36 6.8% 8.9 5.7 7.1 7.9 RPM 1,554 7.77 20.00 7.05 21.25 5.88 - (2.3) (29.4) (19.5) NA 629 0.52 0.87 0.50 22.26 0.81 - (8.5) (22.7) (29.7) (34.1) SIB 5,793 1.88 2.12 1.65 9.88 0.76 4.3% 10.6 (2.6) 0.3 18.5 Shuaa 1,281 0.51 0.83 0.47 - 0.89 - 2.6 (19.1) (26.3) (34.0) Tabreed 8,052 2.83 2.92 2.27 15.02 1.33 2.1% (0.4) 16.0 17.4 1.7 TAQA 141,667 1.26 1.53 1.13 21.81 2.18 3.8% 4.1 (8.9) (1.7) 4.8 Waha 2,570 1.29 1.91 1.24 11.31 0.75 5.9% (7.2) (14.6) (18.9) (20.3) Salama Yahsat * 6,514 2.67 2.91 2.46 23.98 1.97 5.9% 4.3 0.0 0.3 2.1 (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
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