UAE: Daily Market Trading Report - 14 April

Transcription

1. Morning Report 14 April 2022 UAE Trading Summary Market Stats Indices ADX DFM TASI BHSEASI EGX DJI S &P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. Close Chg. 1M Chg. 10,093 3,582 13,540 2,103 10,847 34,565 4,447 13,644 7,581 14,076 6,542 26,843 21,457 1,119 174 4,445 3,759 -0.1% 0.4% -0.8% 0.0% -0.5% 1.0% 1.1% 2.0% 0.1% -0.3% 0.1% 1.9% 0.3% 0.8% 0.8% 0.1% 0.4% 5% 5% 7% 3% 3% 5% 6% 6% 6% 3% 5% 7% 4% 3% 2% 4% 0% 3M Chg. YTD Chg. 1Y Chg. 20% 11% 12% 17% -10% -4% -5% -8% 0% -12% -9% -6% -13% -11% -12% -4% -13% 19% 12% 20% 17% -9% -5% -7% -13% 3% -11% -9% -7% -9% -9% -10% -7% -13% 68% 40% 38% 43% 5% 3% 7% -3% 10% -8% 6% -10% -25% -15% -15% 8% -5% Close (AED) 0.76 5.20 2.78 Change (%) 0.9 1.4 (0.4) AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 1,563 79% 21% 76% 24% 639 56% 44% 40% 60% 2,201 72% 28% Last Trading Day's Top Short Positions Company RAK Properties Aldar Yahsat Short Interest (Short shares/Out. shares) 0.081% 0.040% 0.038% Upcoming Corporates Actions & Events Date 14-Apr 15-Apr 15-Apr 20-Apr 20-Apr 21-Apr 21-Apr 21-Apr 22-Apr 27-Apr 27-Apr 28-Apr 29-Apr 29-Apr Company Alpha Dhabi Easy Lease Agthia Yahsat ADNOC Drilling Dana Gas IHC RAKBank Eshraq Deyaar AD Ports Reem EMAAR Aramex Event AGM AGM Ex-Div. date Ex-Div. date AGM AGM AGM Ex-Div. date AGM AGM/Capital Reduction AGM AGM/ Acquisition offer & delisting Ex-Div. date Ex-Div. date 52WH 0.97 5.22 3.10 High - Low 52WL 0.51 3.49 2.46 Sell 1,563 81% 19% 72% 28% 639 42% 58% 53% 47% 2,201 69% 31% Net -2% 2% 3% -3% 14% -14% -13% 13% 3% -3%
2. # KEY STORIES DEWA will be a fast entry to FTSE Global Index, Global Large Cap Index and Emerging market Index effective 19th April 2022 GFH’s subsidiary Roebuck sells Tesco logistics park in UK for USD 135mln. The asset was acquired for USD 94mln in 2017 Aramex and what3words partnership is set to further improve last mile delivery process through improved and more accurate addressing system RAKBank shareholders approved the cash dividend of 22.5 fils per share for FY21, which amount to Dh377.1mln, resulting in a payout of 49.7% Fitch re-affirmed Commercial Bank of Dubai Long-Term IDR at 'A-' with a Stable Outlook and Viability Rating at 'bb+ Fitch re-affirmed Emirates Islamic Bank Long-Term IDR at 'A+' with Stable Outlook, and upgraded its Viability Rating to 'bb' from 'bb-' Fitch re-affirmed RAKbank IDR at 'BBB+' with a Stable Outlook and Viability Rating at 'bb' Dubai real estate transaction volumes hit record levels in Q1 2022, the total transaction volume was 19,009 units for 1Q22 UAE announces updated travel protocol for unvaccinated citizens Central Bank of UAE and Bank of Korea renew bilateral currency swap agreement for up to AED 20bln and to KRW 6.1trn for a period of five years Empower district cooling network grew by 33.2% in four years UAE on Apr 13 announced 237 new Covid-19 cases and 486 recoveries. The tally takes total cases in UAE to 894,523 with 875,602 recoveries and 2,302 deaths Saudi Aslak has named Khaled Saad Al Kanhal as the new Chairman for three years and Rasheed Rashid bin Awain as the Vice Chairman Saudi Almarai has approved a cash dividend of 10% of the company's capital, for FY21 Saudi Jazan Energy and Development appoints Sultan Abdulaziz Almubarak as Chairman Saudi Sumou Real Estate announced signing of leasing and investment contract for Al Shabab Saudi club land for establishment of commercial, residential projects, hotels Qatar March CPI was up 4.42% YoY and 0.58% MoM Qatar fuel reported 1Q222 net profit of QAR 262.8mln vs QAR 253.2mln a year ago Kuwait Feb M2 money supply was up 3.85% YoY and the bank lending to private sector grew by 7.7% YoY. Egypt's EGAS and Italy's ENI signed a framework agreement to cooperate on natural gas exports # Key Global Trends/ Market Clues Asian shares tracked Wall Street higher on Thursday, while U.S. Treasury yields steadied and dollar retreated, as latest U.S. data raised hopes that inflation may be close to peaking, though several major central banks raised rates aggressively. Traders were waiting for a European Central Bank meeting later in the day, to see if it was as hawkish as others have been. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4% in early Asian trading, buoyed by a 0.5% gain in Australia's resource-heavy shares and a 0.6% advance in mainland China's blue chip stocks. Japan's Nikkei was up 1.2%. South Korean shares were an outlier on Thursday. The KOSPI index fell 0.4% as the central bank raised its policy rate to the highest since August 2019 in an unexpected move as it seeks to quell surging inflation. Oil futures were down slightly Thursday morning, after rising sharply in the first half of the week, as
3. traders weighed a larger-than-expected build in U .S. oil stocks against tightening global supply. Brent futures were down 38 cents, or 0.35%, at USD 108.38 a barrel, and U.S. WTI futures were off 58 cents, or 0.56%, to USD 10.65 a barrel at 0046 GMT. Both contracts on Wednesday had shrugged off a large build in U.S. crude inventories to end the trading session roughly 4% higher. The jump in prices came as worries of more disruptions to global supply continued to rattle the market. IEA have said that global oil inventories have decreased for 14 consecutive months. Roughly 700,000 bpd of Russian oil production has reportedly been shut in so far in April and Russian oil supply is expected to fall by 1.5 mln bpd in April and by around 3 mln bpd from May. It said that lower demand, more output from OPEC+ and beyond along with IEA states' stock releases should prevent sharp deficit. It also lowers 2022 estimate for global oil demand by 260,000 bpd on Covid in China. It said traditional Russian oil customers are cutting back, no signs of increased volumes going to China. # UAE Stories DEWA will be a fast entry to FTSE Global Index, Global Large Cap Index and Emerging market Index effective 19th April 2022. GFH’s subsidiary Roebuck sells Tesco logistics park in UK for USD 135mln. The asset was acquired for USD 94mln in 2017 and was providing a total annual returns in excess of 16%. GFH eyes new transactions alongside Roebuck in the European logistics market following raft of successful early exits, including Amazon Spain portfolio. With GFH’s backing, Roebuck targets new acquisitions of around USD 500m over 2022. Aramex and what3words partnership is set to further improve last mile delivery process through improved and more accurate addressing system. As part of the Company’s plans to further enhance the efficiency of its last mile delivery, Aramex has integrated what3words into its retail application programming interface (API) platform. The integration enables regional e-commerce businesses to give their customers the option to have their packages accurately delivered to any what3words address across the region. RAKBank shareholders approved the cash dividend of 22.5 fils per share for FY21, which amount to Dh377.1mln, resulting in a payout of 49.7%. Fitch re-affirmed Commercial Bank of Dubai Long-Term IDR at 'A-' with a Stable Outlook and Viability Rating at 'bb+. Fitch re-affirmed Emirates Islamic Bank Long-Term IDR at 'A+' with Stable Outlook, and upgraded its Viability Rating to 'bb' from 'bb-'. The upgrade of the VR reflects improved asset quality that is now in line with peers'. Fitch re-affirmed RAKbank IDR at 'BBB+' with a Stable Outlook and Viability Rating (VR) at 'bb'. Dubai real estate transaction volumes hit record levels in Q1 2022, the total transaction volume was 19,009 units for 1Q22. March recorded 7,865 transactions, up 83.4% for same month in 2021. UAE announces updated travel protocol for unvaccinated citizens. The new protocol is in-line with the UAE’s policy aimed at achieving sustainable recovery and the return to normalcy, noting that it allows unvaccinated individuals to travel if they can present a negative PCR test result taken 48 hours before their departure. Central Bank of UAE and Bank of Korea renew bilateral currency swap agreement. The agreement will continue to allow exchange of local currencies between the two central banks of up to AED 20bln and to KRW 6.1trn for a period of five years. The agreement will come into effect today April 13, 2022. Empower district cooling network grew by 33.2% in four years. The Total length of its district cooling pipeline network across Dubai has exceeded more than 369 km by the end of 2021. The company attributed the network expansion in 2021 to the new projects added to Empower's portfolio, most notably the Marsa Al Arab, and the expansions of Dubai Healthcare City, Dubai Land Residential Complex (DLRC), Business Bay and the expansion of DIFC to provide company’s district cooling services to Wasl1 and others. UAE on April 12 announced 237 new Covid-19 cases, bringing the total confirmed cases in the country to 894,523. At the same time, 486 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 875,602, UAE's Ministry of Health and Prevention said. It has reported zero deaths from Covid-19 during the past 24 hours. The nationwide death toll stands at 2,302.
4. # GCC/MENA Saudi Aslak has named Khaled Saad Al Kanhal as the new Chairman for three years and Rasheed Rashid bin Awain as the Vice Chairman. The two officials assumed their new roles on 10 April this year and will remain in position until 9 April 2025. Saudi Almarai has approved a cash dividend of 10% of the company's capital, for FY21. The cash dividend payout stands at SAR 1 per share, aggregating at a total value of SAR 1bln. Saudi Jazan Energy and Development appoints Sultan Abdulaziz Almubarak as Chairman Saudi Sumou Real Estate announced signing of leasing and investment contract for Al Shabab Saudi club land, located on King Fahd road and Olaya Eoad, for establishment of commercial, residential projects, hotels. The contract period is of 25 years. Qatar March CPI was up 4.42% YoY and 0.58% MoM. Qatar fuel reported 1Q222 net profit of QAR 262.8mln vs QAR 253.2mln a year ago. 1Q21 saw relative increase in sales of petroleum and non-petroleum products. Kuwait Feb M2 money supply was up 3.85% YoY and the bank lending to private sector grew by 7.7% YoY. Egypt's EGAS and Italy's ENI signed a framework agreement to cooperate on natural gas exports The natural gas agreement aims at maximising joint production, allows for exporting LNG to Italy and Europe. 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% 12M% ADCB 73,331 10.54 11.30 6.15 13.99 1.37 3.5% (0.2) 22.8 28.0 75.8 ADIB 31,889 8.78 10.46 4.82 15.37 1.55 3.5% (0.3) 30.1 32.2 84.2 4,001 7.02 7.63 4.72 9.49 1.47 5.7% 4.3 6.6 10.7 57.1 ADNOC Dist. 51,375 4.11 5.01 3.85 22.81 16.04 5.0% 2.5 (0.6) (1.3) (2.8) ADNOC Drill.* 58,080 3.63 3.92 2.77 26.05 5.96 4.1% (1.1) 7.7 6.8 NA AD Ports Company ADNIC HIGH-LOW VALUATION Div. HISTORICAL RETURN 18,986 3.73 4.07 3.22 22.47 1.78 - 9.4 - - - Agthia 3,641 4.60 7.32 4.31 NM 1.32 3.6% 1.1 (4.2) (10.7) (26.7) Air Arabia 9,193 1.97 2.00 1.25 12.77 1.51 4.3% 24.3 45.1 43.1 66.0 Ajman Bank 1,680 0.80 0.91 0.64 14.46 0.64 - (3.0) (2.4) (2.9) 14.1 40,886 5.20 5.22 3.49 17.66 1.52 2.9% 19.3 25.3 30.3 44.4 270,000 27.00 30.20 15.00 NA NA - (1.0) 7.9 (1.1) NA Amanat 2,700 1.08 1.27 0.85 9.61 0.97 5.6% 0.8 (1.0) (1.0) 33.5 Aramex 5,505 3.76 4.80 3.50 30.70 2.07 3.5% (4.3) (6.2) (8.3) (1.9) ASM 13,100 13.10 16.94 10.46 NM 2.26 - 10.1 7.4 (5.8) NA BOS 1,166 0.53 0.76 0.49 NULL 0.31 - (3.3) (8.9) (14.5) (4.3) Dana Gas 8,604 1.23 1.27 0.77 7.44 1.02 6.5% 7.9 19.4 16.0 68.9 Aldar Alpha Dhabi Deyaar 2,889 0.50 0.55 0.26 56.82 0.66 - 8.0 (1.0) 3.1 88.7 DFM 21,440 2.68 3.05 0.98 NM 2.70 1.1% 20.6 4.0 (4.5) 160.9 DIC 10,885 2.56 2.58 1.51 17.57 0.90 4.7% 7.1 26.7 32.6 65.1 DIB 44,893 6.20 6.63 4.44 11.75 1.15 4.0% 3.3 17.6 20.0 43.5 DU 29,600 6.53 7.28 5.90 26.89 3.47 3.2% (0.2) 1.7 0.3 0.6 Easy Lease 1,511 50.35 66.85 19.00 40.76 18.15 - 24.1 69.4 73.6 114.6 Emaar Dev. 18,440 4.61 4.75 2.54 5.68 1.27 - 6.2 5.7 5.5 81.5 Emaar Pro. 49,078 6.00 6.17 3.65 11.53 0.80 2.5% 13.2 20.0 22.7 68.2 ENBD 95,065 15.05 15.50 11.40 10.91 1.14 3.3% 1.7 16.9 14.8 32.9 1,978 7.91 11.80 3.01 NM 4.02 - 8.5 (1.0) (1.1) NA Etisalat 320,910 36.90 39.06 21.10 34.44 6.74 2.2% 5.4 23.3 16.4 72.2 FAB 258,514 23.40 24.06 14.00 21.22 2.29 2.1% 5.4 25.2 28.5 69.7 46,819 5.64 5.95 2.92 33.44 7.66 4.2% 13.9 55.4 66.4 NA 4,504 1.18 1.34 0.60 12.68 1.17 3.8% 4.4 (2.2) 4.4 100.4 ESG Fertiglobe* GFH Ghitha 11,100 111.00 120.20 7.95 NA 11.87 - 70.1 297.8 303.6 996.8 371,571 204.00 204.00 85.70 50.63 13.71 - 8.7 33.4 34.2 135.8 1,606 1.39 2.32 1.31 34.53 1.68 - (6.7) (22.8) (24.5) (0.7) Mashreq 13,541 67.50 79.95 53.10 13.51 0.67 1.5% (4.9) (11.2) (15.1) 17.3 Multiply 19,712 1.76 2.35 1.51 NA 1.94 - 10.7 4.8 (4.3) NA NMDC 12,969 15.72 18.48 6.85 12.88 2.35 - 16.6 17.7 20.6 126.5 Palms Sports 2,160 14.40 21.48 10.50 23.52 6.56 - 12.7 22.2 17.8 2.7 RAK Bank 8,800 5.25 5.33 3.63 11.64 1.05 4.3% 2.9 11.7 16.7 34.6 RAK Pro. 1,520 0.76 0.97 0.51 7.54 0.37 - (3.2) (6.2) (1.4) 49.6 RAK Cer. 2,862 2.88 3.38 1.70 NM 1.28 6.9% 0.7 2.4 4.6 81.6 RPM 1,920 9.60 20.00 7.05 29.53 7.71 - 6.9 13.2 (0.5) NA 847 0.70 0.97 0.63 20.77 1.08 - 7.9 (9.1) (8.0) (15.0) SIB 6,102 1.98 2.12 1.32 11.87 0.79 4.0% (4.3) 2.0 5.6 56.0 Shuaa 1,633 0.64 0.83 0.56 102.06 1.12 - 8.6 (6.0) (6.0) 5.8 Tabreed 7,056 2.48 3.07 2.33 13.89 1.23 2.4% (0.7) 1.7 2.9 (13.3) TAQA 149,538 1.33 1.53 1.13 25.09 2.27 3.6% 9.1 9.1 3.3 0.8 Waha 2,995 1.54 1.91 1.12 7.42 0.88 4.9% 2.2 4.1 (3.2) 41.5 Yahsat * 6,783 2.78 3.10 2.46 26.47 2.19 5.7% (2.5) 4.1 (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend 1.5 NA IHC Julphar Salama
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