UAE: Daily Market Trading Report - 10 January

Transcription

1. Morning Report 10 January 2023 Market Stats UAE Trading Summary Indices Close Chg . 1M Chg. ADX 10,102 -0.3% -1% 3% 0% 21% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HIS MSCI EM MSCI Asia US Fut. 3,322 10,647 11,467 5,543 4,848 1,889 16,097 33,518 3,892 10,636 7,725 14,793 6,907 25,974 21,259 1,014 162 3,903 4,045 0.6% 1.0% 1.5% 0.2% 0.3% 0.1% 0.6% -0.3% 0.0% 0.6% 0.3% 1.3% 0.7% 0.6% -0.6% 2.5% 1.9% -0.3% -1.0% 0% 4% 0% -2% 1% 2% 8% 0% -1% -3% 3% 3% 3% -7% 7% 4% 2% -1% 4% -2% -8% -12% 3% 6% 0% 62% 14% 4% 0% 10% 21% 18% -5% 21% 13% 13% 8% 23% 0% 2% 7% -1% 0% 0% 10% 1% 1% 2% 4% 6% 7% 0% 8% 6% 4% 1% 8% 3% -8% -5% -7% 15% 5% 34% -7% -17% -29% 3% -7% -4% -9% -9% -17% -16% -16% -4% EU Fut. 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell Net ADX 1,329 1,329 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 69% 31% 81% 19% 250 56% 44% 76% 24% 1,579 67% 33% 74% 26% 81% 19% 250 64% 36% 74% 26% 1,579 73% 27% -5% 5% 1% -1% -9% 9% 2% -2% -6% 6% Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), EGX (Egypt), HSI (Hong Kong). Last Trading Day's Top Short Positions Company Short Interest (Short shares/Out. shares) Close (AED) Change (%) 52WH High – Low 52WL 0.083% 0.061% 0.045% 3.98 7.49 0.41 1.8 (4.0) 1.7 5.48 8.90 0.54 3.87 5.30 0.36 Agthia ESG Manazel Upcoming Corporates Actions & Events Date Company Event 10-Jan 16-Jan 16-Jan 24-Jan 30-Jan 09-Feb Air Arabia Palms Sports SALAMA UAB Aman GFH BoD/ General General Assembly General Assembly General Assembly General Assembly BoD/Result
2. # KEY STORIES FAB launched 5-year USD 500mln Islamic bond priced at 90bps over UST versus initial guidance of 95bps Aldar received an improved score of 16.1 on Sustainalytics' ESG risk assessment scale in 2022, indicating a low level of ESG risk, compared to 16.6 in 2021 ADNOC Murban RSC Ltd’s Long-Term Issuer Default Rating (IDR) affirmed at 'AA' by Fitch rating with a Stable Outlook Emirates NBD and Canada's Fairfax Group are among the bidders vying for a majority stake in IDBI Bank NBF signed a partnership agreement with Lune Technologies, to develop and deploy its pioneering Lune Data Enrichment and Insights Platform Saudi Mobile Telecommunications Company announces selling stakes in the tower’s infrastructure at a value of SAR 3.02bln Saudi Alkhorayef Water and Power Technologies Company announces awarding of contract worth SAR 33.5mln with National Water Company Saudi AlSaif Gallery and Jahez International Company for Information System Technology unveiled plans to expand their business in Kuwait and across the GCC Saudi Scientific & Medical Equipment House Company won a project contract worth SAR 194.81mln in Medina from the Saudi Ministry of Health Saudi Bank Albilad plans to buy 5mln of its ordinary shares to be allocated as treasury shares within the employee shares programme Oman’s Musandam Power Company announced FY22 net profit after tax of OMR 2.7mln versus OMR 3.1mln year ago Egypt’s Central Bank (CBE) offered T-bills at a total value of EGP 35bln through two auctions on Monday, 9 January Egypt’s Paints and Chemical Industries board approves to allow compass capital to conduct due diligence process to determine final purchase price # Key Global Trends/ Market Clues Asian shares fell on Tuesday following hawkish comments from two U.S. Federal Reserve officials overnight with investors turning cautious ahead of key inflation data, while China's reopening after COVID-19 restrictions pushed commodities higher. The U.S. dollar and U.S. treasury yields remained under pressure, with the yield on U.S. 10-year notes edging higher on Tuesday by 1.14 basis point to 3.5284%, from 3.517% late on Monday. The dollar index fell 0.068%. China's benchmark dipped 0.21% on Tuesday while Hong Kong's Hang Seng index fell 0.85%. Japan's Nikkei rose 0.57%, bucking the regional trend. Core consumer prices in Tokyo, released on Tuesday, rose a faster-than-expected 4.0% in December from a year earlier, underpinning market expectations that the Bank of Japan may phase out its massive stimulus by tweaking its yield curve control policy. In Australia, shares lost 0.19% in early trading. Oil prices were little changed on Tuesday, giving up some of the gains from the previous session, as traders awaited clarity on the Federal Reserve's plans for rate hikes to gauge the impact on the economy and fuel demand. Fed policymakers say fresh inflation data out later this week will
3. help them decide whether they can slow the pace of interest rate hikes at their upcoming meeting , to just a quarter point increase instead of the larger jumps they used for most of 2022. Brent futures for March delivery fell 16 cents to USD 79.49 a barrel, a 0.2% drop. U.S. crude fell 5 cents, or 0.07%, to USD74.58 per barrel. China also issued a second batch of 2023 crude import quotas, according to sources and documents reviewed by Reuters, raising the total for this year by 20% from the same time last year. U.S. crude oil stockpiles likely fell 2.4mln barrels, with distillate inventories also seen slightly down. # UAE Stories FAB launched a USD 500mln Islamic bond, or sukuk, pricing tighter than guidance on strong demand for the issue. The spread on the five-year sukuk was set at 90 bps over US Treasuries (UST) at launch, tightened from final guidance of around 95bps earlier in the day after orders of over USD1.35bln. Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, Sharjah Islamic Bank, Standard Chartered Bank, and The Islamic Corporation for the Development of the Private Sector were mandated joint lead managers on the deal. Aldar received an improved score of 16.1 on Sustainalytics' ESG risk assessment scale in 2022, indicating a low level of ESG risk, compared to 16.6 in 2021. Aldar has witnessed a robust YoY improvement in its ratings across three major global environmental, social, and governance (‘ESG’) benchmarks as gains continued to be made as a result of the strategic integration of ESG into the firm’s operating model. Aldar’s higher ESG ratings from Sustainalytics, MSCI, and the S&P Dow Jones Sustainability Index (‘DJSI’) were driven by enhanced data disclosure, governance, and risk management processes as well as improved supply chain and environmental management. Aldar’s 2022 MSCI’s ESG Rating upgraded to ‘BBB’ from ‘BB’ in 2021. S&P Dow Jones Sustainability Index saw Aldar score 60 points in 2022 compared to 58 points in 2021. ADNOC Murban Long-Term Issuer Default Rating (IDR) affirmed at 'AA' by Fitch ratings with a Stable Outlook. The rating of ADNOC Murban reflects its overall strong ties with its 100% parent Abu Dhabi National Oil Company (ADNOC). Emirates NBD and Canada's Fairfax Group are among the bidders vying for a majority stake in IDBI Bank, reported Moneycontrol citing government and industry sources. Billionaire Prem Watsa-led Fairfax and Dubai-based Emirates NBD have submitted expressions of interest (EoIs) for the stake, stated the publication. The Department of Investment and Public Asset Management (DIPAM) said Multiple Expressions of Interest received for the Strategic Disinvestment of Government and LIC Stake in IDBI Bank. The transaction will now move to the second stage. Shortlisted bidders would be asked to put in financial bids in the second stage. NBF signed a partnership agreement with Lune Technologies, to develop and deploy its pioneering Lune Data Enrichment and Insights Platform. Lune will be deploying its Lune Insights solution, which leverages proprietary machine learning technology to convert raw customer payment and transaction data into valuable data points, enabling NBF to provide hyperpersonalized, high-value financial services to its customers in the UAE. GCC/MENA Saudi Mobile Telecommunications Company announces selling stakes in the tower’s infrastructure at a value of SAR 3.02bln. ZAIN KSA will sell at least 8,069 physical towers infrastructure and retain ownership of all other equipment from wireless communication antennas, software, technology, and IPS.
4. Saudi Alkhorayef Water and Power Technologies Company announces awarding of contract with National Water Company . The contract is for operation and maintenance of water networks, water treatment plants and water wells with a value of SAR 33.5mln. The contract duration is 36 months with expected financial impact during 2Q23. Saudi Al Saif Stores for Development and Investment Company (Alsaif Gallery) and Jahez International Company for Information System Technology unveiled plans to expand their business in Kuwait and across the GCC. Alsaif Gallery rented two branches in Kuwait to be inaugurated during the 1Q23 and 2Q23, respectively, according to a bourse disclosure. Saudi Scientific & Medical Equipment House Company won a project contract worth SAR 194.81mln in Medina from the Saudi Ministry of Health. The deal covers the maintenance, cleaning, and non-medical operation of Al Madinah Al Munawarah Hospital in King Salman Medical City for five years, according to a bourse disclosure. Scientific & Medical Equipment House expected that the project will reflect on its income statements during the second quarter 2Q23, adding that it will unveil any further details regarding the agreement in due time. Saudi Bank Albilad plans to buy 5mln of its ordinary shares to be allocated as treasury shares within the employee shares programme. The lender’s board granted its approval for the transaction, which will be self-funded. Out of the total class of purchased shares, the percentage of the treasury shares at Bank Albilad currently accounts for 0.36%. Oman’s Musandam Power Company announced FY22 net profit after tax of OMR 2.7mln versus OMR 3.1mln year ago.FY22 revenue recorded OMR 18.5mln versus OMR 18.2mln year ago Egypt’s Central Bank (CBE) offered treasury bills (T-bills) at a total value of EGP 35bln through two auctions on Monday, 9 January. The first issue stood at EGP 13.50bln and will mature in 91 days on 11 April 2023. Valued at EGP 21.50bln, the second offering carries a tenor of 273 days until 10 October this year. Moreover, the central bank auctioned zero-coupon treasury bonds (Tbonds) worth EGP 1.50bln through one tranche, holding a 1.5-year maturity period until 2 July 2024. Egypt’s Paints and Chemical Industries board approves to allow compass capital to conduct due diligence process to determine final purchase price. *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% ADCB 62,335 8.96 11.30 8.15 11.89 1.17 4.1% (2.6) (4.2) (0.4) 7.9 ADIB 33,195 9.14 10.46 6.71 11.34 1.57 3.4% 0.2 (4.6) 0.3 39.4 3,391 5.95 7.63 5.78 10.10 1.31 6.7% 0.8 (0.8) (4.0) (8.2) ADNOC Dist. 57,622 4.61 4.88 3.80 19.87 19.06 4.5% 1.8 3.4 4.5 15.4 ADNOC Drill.* 49,917 3.12 3.92 2.90 19.09 5.04 4.8% 0.3 (10.1) 4.7 - AD Ports 30,793 6.05 6.87 3.22 36.44 1.61 - 5.2 6.1 5.4 - 3,150 3.98 5.48 3.87 NM 1.14 4.1% (3.9) (17.1) (0.0) (14.7) 10,266 2.20 2.36 1.39 7.70 1.51 3.9% 3.3 6.8 2.3 58.7 Company ADNIC Agthia Air Arabia Ajman Bank HIGH-LOW VALUATION Div. TOTAL RETURN ** 12M% 2,499 1.19 1.24 0.66 18.02 1.00 - 9.2 64.1 0.8 46.0 34,830 4.43 5.79 4.07 12.40 1.18 3.4% (0.2) 2.1 (0.0) 9.9 257,986 25.80 30.50 23.78 NA NA - (4.4) 6.2 (4.7) 0.2 2,135 0.85 1.18 0.81 33.73 0.79 NA 1.7 (10.5) 0.5 (23.1) 26,954 3.20 3.33 2.66 0.60 0.68 - 13.5 13.5 7.7 13.5 Aramex 5,022 3.43 4.45 3.38 28.71 1.97 3.8% (5.2) (8.8) (2.6) (12.6) ASM 9,399 9.40 13.96 8.89 NM 1.38 - (1.1) 3.9 (0.2) (25.0) Bayanat 12,368 4.81 6.24 3.17 65.04 30.74 - (12.5) 17.3 (1.8) 17.3 Borouge* 79,047 2.63 3.27 2.50 14.1 4.34 6.0% (0.4) (7.1) 4.0 - Burjeel 11,711 2.25 2.68 2.25 39.28 20.34 - (1.3) (2.6) (0.9) (2.6) (5.0) Aldar Alpha Dhabi Amanat Americana Dana Gas 6,351 0.91 1.26 0.89 8.69 0.73 8.8% 1.5 (4.4) (1.3) 114,994 2.30 3.00 2.27 18.78 1.26 7.2% (2.1) (5.2) (0.9) - 11,759 1.47 2.95 1.36 NM 1.49 2.0% (6.4) 2.1 (2.6) (44.9) DIC 9,226 2.17 2.64 1.98 5.58 0.73 5.5% (1.4) (7.7) - 16.0 DIB 41,125 5.68 6.63 5.35 8.29 1.01 4.4% 1.4 (5.3) (0.4) 7.7 DU 25,338 5.59 6.88 5.58 20.21 3.00 3.8% (1.4) (4.4) (3.6) (12.8) Easy Lease 1,021 34.04 61.90 25.96 23.08 8.96 - (5.8) (9.2) (2.2) 13.5 Emaar Dev. 17,319 4.33 5.32 4.02 4.68 1.00 - 3.6 (6.7) (1.8) (1.6) Emaar Pro. 51,704 5.85 6.60 4.62 6.74 0.73 2.6% (4.6) (2.0) (0.2) 21.3 Empower 13,799 1.38 1.45 1.31 - - 6.2% 0.7 1.5 (2.8) 1.5 ENBD 81,795 12.95 15.50 11.80 7.73 0.92 3.9% (0.8) (1.9) (0.4) (0.2) DEWA* DFM ESG 1,872 7.49 8.90 5.30 NM 2.98 - (7.5) 32.8 (3.5) (5.2) Etisalat 204,363 23.50 39.06 22.66 21.89 4.99 3.4% (0.6) (3.0) 2.8 (19.7) FAB 178,962 16.20 24.06 15.68 12.87 1.59 4.3% (2.1) (9.5) (5.3) (10.6) 33,785 4.07 6.11 3.63 6.37 4.93 11.8% (5.8) (25.6) (3.8) - 3,519 0.91 1.32 0.88 9.49 0.91 4.8% (4.4) (4.3) 1.9 (27.2) Fertiglobe* GFH Ghitha 17,189 71.15 123.00 25.00 NA 8.31 - 4.3 (5.3) (2.5) 174.9 896,451 408.70 410.10 152.00 55.39 17.75 - (0.3) 13.5 (0.3) 167.1 Invictus 4,189 3.74 6.50 3.50 - - - (5.3) - (2.1) - Mashreq 19,558 97.50 119.00 62.10 5.90 0.88 1.0% - (5.8) - 28.3 Multiply 53,645 4.79 5.08 1.51 NA 2.71 - (3.8) 43.0 3.2 NA NMDC 20,789 25.20 34.96 12.36 17.26 3.47 - (1.2) 4.1 2.9 86.1 Palms Sports 1,483 9.89 14.94 8.64 12.09 3.63 - (3.4) 6.5 0.9 (15.9) RAK Bank 7,794 4.65 5.40 4.19 7.03 0.90 4.8% - (3.1) (1.1) (1.1) RAK Pro. 1,322 0.66 0.97 0.56 42.51 0.32 - (6.5) (10.9) (2.8) (17.1) RAK Cer. 2,842 2.86 3.38 2.67 NM 1.35 7.0% 5.9 (2.7) 1.1 5.2 RPM 1,128 5.64 12.68 5.37 15.43 4.27 - 1.4 (10.9) (5.0) NA SIB 5,978 1.94 2.12 1.65 9.57 0.78 4.1% (0.5) (3.0) (0.5) 3.5 Salik 19,124 2.55 2.63 2.19 12.40 60.34 5.5% 7.1 12.3 2.8 14.9 IHC Tabreed 8,507 2.99 3.52 2.27 14.15 1.35 2.0% 3.8 6.0 1.0 23.5 TAQA 403,617 3.59 4.17 1.17 51.24 5.84 1.3% (1.1) 39.9 4.7 193.0 Waha 2,644 1.36 1.65 1.24 10.11 0.76 5.6% (1.4) (3.5) - (10.9) Yahsat * 6,270 2.57 2.92 2.47 27.70 2.09 6.3% (6.2) (4.1) 2.8 0.2 Source: Bloomberg ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
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