UAE: Daily Market Trading Report - 15 December

Transcription

1. SHUAA Securities Morning Report # Market Stats Indices 1M Close 15 December 2020 3M # UAE Trading Summary 1Y Change Change Change Change A EDm BUY SELL Net ADX 5,154 0.3% 6.1% 14.2% 2.3% ADX 507 507 - DFM 2,555 0.3% 12.9% 12.0% -6.1% Local 61% 65% -5% TASI 8,660 0.2% 2.7% 4.9% 8.2% Foreign 39% 35% 5% BHSEASI 1,495 0.1% 3.1% 6.6% -4.6% Institutional 68% 71% -3% EGX 11,048 0.4% 0.3% 0.1% -17.3% Retail 32% 29% 3% Dow Jones 29,862 -0.6% 1.3% 6.7% 6.1% DFM 277 277 - S&P 500 3,647 -0.4% 1.7% 7.8% 15.1% Local 54% 62% -8% Nasdaq 12,440 0.5% 5.2% 12.5% 42.4% Foreign 46% 38% 8% 6,532 -0.2% 3.4% 8.4% -11.2% Institutional 38% 42% -4% 13,223 0.8% 1.1% 0.2% -0.4% Retail 62% 58% 5,528 0.4% 2.7% 9.4% -6.6% Total 784 784 - Nikkei225 26,732 0.3% 5.3% 13.5% 11.3% Local 58% 64% -6% HIS 26,219 -0.4% 0.9% 7.1% -4.7% Foreign 42% 36% 6% US Futures 3,650 0.1% 1.9% 7.9% 15.1% Europe Futures 3,495 -0.3% 2.0% 5.2% -7.0% FTSE 100 DAX CAC40 4% # Last Trading Day's Short Sell Positions Company Short Volume (shrs.) Short Volume (%) ADNOC (182,656) 1.9% 9.5 34.3 ADIB (182,204) 2.7% 6.7 32.3 Taqa (31,973) 0.2% 19.3 29.0 (1,000) 0.0% 7.2 2.6 Manazel # Upcoming Corporate Actions & Events Date Company Event 15-Dec ETISALAT BoD/General 15-Dec NCTH BoD/General 15-Dec ARTC BoD 16-Dec DXBE BoD/General 17-Dec EMAAR DEV. BoD/General 17-Dec AGTHIA BoD/General 17-Dec DIC BoD/General 21-Dec FTSE 4Q20 Review Effective Date Volume (m) Turnover (AEDm)
2. # KEY STORIES Dubai's PMI declined to 49.0 in November from 49.9 in October National Marine Dredging shareholders approve issuance of convertible bonds (AED 2.53bln) for NPCC acquisition. Mandatory convertible bond shall be converted into 575mln new shares. Issued share capital of the company shall be increased to AED 825mln on conversion of convertible bond Al Khazna Insurance shareholders approve reduction of capital to AED 100mln from AED 420mln. Shareholders also approve allowing foreign ownership of 49% of shares of company National Bank of Ras Al Khaimah and Metlife announces a 10-year strategic preferred partnership to provide comprehensive life insurance solutions to bank's customers TAQA approved 9M20 dividend payment of AED 1.50 fils per share. This payment will constitute the first portion of the FY20 expected dividend of AED 2.50 fils per share Ithmaar Holding, the parent of Ithmaar Bank, has appointed financial and legal advisors as part of the plans of Bahrain and Kuwait Bank to acquire the bank's operations in Bahrain Mubadala considering options including spin-out of public equities fund after weak performance – sources. ADIA has shut down concentrated fund worth nearly USD 5bln at its peak – sources. Mubadala Capital reorganising structure with more focus on private market funds – spokesman The Italian government has given Abu Dhabi's ADIA a conditional green light to invest in Telecom Italia's (TIM) last-mile network, three sources close to the matter told Reuters Ras Al Khaimah-based Al Hamra Group is offering investors a 12-year UAE residency visa and a business licence when they purchase a ready-to-move-in seafront or golf-course view property in Al Hamra Village or Bab Al Bahr UAE on December 14 announced 1,092 new COVID-19 cases and 670 recoveries. The tally takes total cases in UAE to 186,041 with 164,349 recoveries and 618 deaths Saudi Pharmaceutical Industries announces ending of contract of CEO Mohammed Bin Sultan Alsultan and appoints Mohammed Bin Abdulaziz Alfadhli as acting CEO Kuwait's Boubyan Petrochemical posted Q2 net profit attributable to shareholders KWD 2.6mln vs KWD 1.1mln year ago Bahrain’s Investcorp Holdings acquires Sanos Group, a leading specialized contract research organization Omantel has attracted three bidders in the second round of the sale of its tower network, in a deal that could be worth over USD 500mln, two sources familiar with the matter told Reuters Oman Investment & Finance Company (OIFC) seeks shareholders’ approval on merger between OIFC (merging company) and Gulf Investment Services Holding Company Egypt’s Madinet Nasr shareholders approve sale of entire stake in Nasr Utilities and Installations
3. # Key Global Trends/ Market Clues Asian stocks drifted lower on Tuesday as worries about increasing COVID-19 deaths and lockdowns overshadowed optimism about the roll-out of coronavirus vaccinations. Markets showed little reaction to China's industrial output, which grew in line with expectations in November, expanding for an eighth straight month as an economic recovery gathered pace. The number of coronavirus deaths in the United States crossed 300,000 on Monday as the hardest hit nation started its first vaccine inoculations. Most Asian markets retreated in early trade, with MSCI's index of Asia-Pacific shares outside Japan falling 0.4%, having hit a string of record highs last week. E-mini futures for the S&P 500 rose 0.1%. Chinese stocks were down 0.2%. Markets in Japan and South Korea, both grappling with surging infection numbers and growing public frustration, slipped 0.2% and 0.3%. Hong Kong gave up 0.5%. Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East. U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3%, to USD 46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4%, to USD 50.09 a barrel, erasing half of Monday's gains. OPEC has lowered its oil demand forecast for 2020 again, according to the latest version of the Monthly Oil Market Report released on Monday. OPEC now expects global oil demand to fall to 9.77mln barrels per day in 2020 to reach 89.99mln barrels per day this year, compared to over 90mln bpd projected for its November MOMR. OPEC’s projections for 2021 oil demand is 95.89mln bpd, down 410,000 from its projection of 96.3mln bpd that the group made in its November MOMR, and 96.8mln bpd that it made in its October MOMR. OPEC has rescheduled its Joint Technical Committee and Joint Ministerial Monitoring Committee meetings to January, the cartel said Monday in a statement on its website. JTC and JMMC meetings, originally scheduled for Dec. 16 and Dec. 17, have been rescheduled for Jan. 3-4 2021, respectively. OPEC and OPEC+ ministerial meeting scheduled for Jan 4. # UAE Stories Dubai's non-oil private sector shrank for a second consecutive month in November as the pandemic drove business sentiment to an historic low, a survey showed on Monday. The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) declined to 49.0 in November from 49.9 in October, which was just below the 50-mark that separates growth from contraction and snapped a third-quarter growth streak. National Marine Dredging Company shareholders approve issuance of mandatory convertible bonds with a nominal value of AED 1 each in an aggregate principal amount of AED 2.53bln convertible bonds to be issued to General Holding Company (SENAAT) and the other minority shareholders of National Petroleum Construction Company (NPCC) as the acquisition price to be paid by the company to acquire NPCC. Mandatory convertible bond shall be converted into 575mln new shares. Issued share capital of the company shall be increased to AED 825mln on conversion of convertible bond. Al Khazna Insurance shareholders approve reduction of capital to AED 100mln from AED 420mln. Shareholders also approve allowing foreign ownership of 49% of shares of company. Reduction of capital to extinguish part of accumulated losses that amounted to AED 411.4mln. Shareholders approve use of legal reserve and balance of issuance premium in full to extinguish another part of accumulated losses. National Bank of Ras Al Khaimah and Metlife announces a 10-year strategic preferred partnership to provide comprehensive life insurance solutions to bank's customers across United Arab Emirates. Partnership offers life insurance solution for bank’s customers with highest non-medical underwriting limit of USD 1.25mln. TAQA announced on Monday that its shareholders have approved a new progressive dividend policy for 2020-2022. For the first nine months of 2020, the dividend payment will be AED 1.50 fils per share (AED 1.687bln in total). This payment will constitute the first portion of the full-year 2020 dividend, which is expected to be AED 2.50 fils per share (AED 2.811bln in total), which will grow by 10pct annually for the following two years (2.75 fils per share for 2021 and 3.00 fils per share for 2022).
4. Ithmaar Holding , the parent of Ithmaar Bank, has appointed KPMG Bahrain as a financial advisor and Hassan Al Radhi and associates as legal advisors as part of the plans of Bahrain and Kuwait Bank (BBK) to acquire the bank's operations in Bahrain. BBK also seeks to acquire specific assets of IB Capital, a wholly-owned subsidiary of Ithmaar Holding. Mubadala is considering options including the spin-out of an internally managed USD 500mln public equities fund after a weak performance, two sources said. Mubadala Investment Co, which manages more than USD 230bln in assets, plans to take a decision on what to do with its long-short public equities fund, part of investment arm Mubadala Capital, by early next year, the sources said. One of the sources said the fund which is down to around USD 500mln in assets under management from a peak of USD 1bln - could be either spun out or unwound. One of the sources said Mubadala's equities fund had piled up too many illiquid assets in its portfolio. "While we are pleased with the overall portfolio performance within Mubadala Capital, we're in the process of re-organizing its structure," a Mubadala spokesman told Reuters in an email. "As part of the re-organization, we have conducted reviews of our various Mubadala Capital businesses, including our public markets fund where the intention is to reduce our exposure over time." Mubadala said the plan also includes an increased focus on its private market funds, including in its core private equity, venture capital and Brazil special situations businesses. The Italian government has given Abu Dhabi's ADIA a conditional green light to invest in Telecom Italia's (TIM) last-mile network, three sources close to the matter told Reuters on Monday. The planned sale would give Abu Dhabi an indirect 10.3% stake in TIM's last-mile grid in a deal worth about EUR 500mln euros (USD 608mln), a fourth source said. A Ras Al Khaimah-based property developer is offering investors a 12-year UAE residency visa and a business licence when they purchase a ready-to-move-in seafront or golf-course view property in Al Hamra Village or Bab Al Bahr. Al Hamra group has launched this deal in partnership with Ras Al Khaimah Economic Zone. The United Arab Emirates on December 14 announced 1,092 new COVID-19 cases, bringing the total confirmed cases in the country to 186,041. At the same time, 670 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 164,349. UAE's Ministry of Health and Prevention said. It has reported 1 death from COVID-19 during the past 24 hours. The nationwide death toll stands at 618. # GCC/ MENA Saudi Pharmaceutical Industries & Medical Appliances Corporation announces ending of contract of CEO Mohammed Bin Sultan Alsultan and appoints Mohammed Bin Abdulaziz Alfadhli as acting CEO. Kuwait's Boubyan Petrochemical posted Q2 net profit attributable to shareholders KWD 2.6mln vs KWD 1.1mln year ago. Q2 total operating revenue KWD 16.9mln vs KWD 19.7mln year ago. Bahrain’s Investcorp Holdings acquires Sanos Group, a leading specialized contract research organization. Oman Telecommunications (Omantel) has attracted three bidders in the second round of the sale of its tower network, in a deal that could be worth over USD 500mln, two sources familiar with the matter told Reuters. Oman Investment & Finance Company (OIFC) seeks shareholders’ approval on merger between OIFC (merging company) and Gulf Investment Services Holding Company (merged company). Seeks shareholders’ approval for increasing company's authorized capital from OMR 20mln to OMR 30mln. Seeks shareholders’ approval on increasing paid-up capital from OMR 20mln to OMR 23.7mln. Increased paid-up capital shall be allocated to GIS's shareholders on pro-rata of their shareholding in GIS. Seeks shareholders’ approval on issuing secondary, unsecured bonds of OMR 0.75mln for a term of five years with 5% interest. Bonds shall be allocated to GIS's shareholders on pro-rata of shareholding in GIS. Egypt’s Madinet Nasr shareholders approve sale of entire stake in Nasr Utilities and Installations. 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% 8.15 3.82 12.01 0.79 6.1% 1.8 12.8 22.3 (11.9) ADIB 17,579 4.84 5.85 3.19 11.16 0.93 5.7% 5.7 16.6 30.5 (2.3) 2,936 5.15 5.17 2.70 7.88 1.24 5.8% 26.2 33.8 71.7 80.7 ADNOC Dist TTM P/E TTM P/B YLD (%)^ HISTORICAL RETURN 6.25 ADNIC 52WL DIV 43,484 (A ED) 52WH VALUATION ADCB (A EDm) 1M% 45,625 3.65 3.71 2.40 21.96 16.42 5.2% 8.3 9.6 27.9 36.0 Agthia 2,580 4.30 4.60 2.50 86.99 1.38 3.5% (0.7) 38.3 59.3 31.2 Air Arabia 5,927 1.27 1.61 0.87 NA 1.45 7.1% 11.4 10.4 10.4 (7.8) Ajman Bank 1,617 0.77 0.93 0.50 58.60 0.64 0.0% 9.1 7.1 30.7 (13.6) Al Waha Capital 2,236 1.15 1.18 0.62 NA 0.74 NA 4.5 21.7 66.7 26.4 Aldar Properties 25,160 3.20 3.26 1.35 14.08 1.01 4.5% 19.4 55.3 87.1 62.2 Amanat Holdings 2,113 0.85 0.92 0.56 143.71 0.85 2.6% 6.7 1.0 7.5 (1.3) 410 0.27 0.54 0.20 NA 0.83 0.0% 6.6 (17.0) (16.0) (43.5) Aramex 6,398 4.37 4.45 2.00 17.75 2.50 3.8% 9.2 16.2 35.0 26.4 Bank of Sharjah 1,491 0.71 0.83 0.50 NA 0.46 0.0% 39.2 34.0 15.4 (10.0) DAMAC Properties 8,833 1.46 1.54 0.36 NA 0.67 NA 37.7 51.3 108.9 84.8 Dana Gas 5,191 0.74 0.98 0.53 NA 0.66 7.4% 12.8 1.2 16.1 (14.6) Deyaar Development 1,699 0.29 0.39 0.18 46.37 0.37 0.0% 8.5 (0.0) (4.2) (19.0) Dubai Financial Market 7,480 0.94 0.98 0.50 51.52 0.97 2.7% 12.5 10.0 14.3 1.3 Dubai Investment 6,123 1.44 1.48 0.98 9.93 0.51 NA 23.1 21.0 20.0 24.3 33,814 4.67 5.86 3.04 8.92 0.90 7.5% 10.1 8.4 20.7 (5.9) 960 0.12 0.21 0.09 NA 0.84 0.0% 4.3 (8.4) (21.6) (40.6) Emaar Dev 11,200 2.80 3.97 1.79 5.63 1.02 0.0% 16.7 24.4 27.9 (22.4) Emaar Malls 23,946 1.84 1.94 0.98 21.00 1.26 0.0% 10.2 28.7 38.3 (1.1) Emaar Properties 26,061 3.64 4.28 1.90 6.21 0.46 0.0% 27.3 25.1 28.2 (9.0) Emirates Integrated Tele 26,155 5.77 6.35 4.33 14.28 3.08 5.9% 5.9 10.5 16.0 12.6 Emirates NBD 68,851 10.90 13.90 6.33 9.27 0.83 3.7% 8.5 0.5 22.6 (9.5) 807 0.35 0.46 0.16 NA 0.57 NA 7.4 (9.2) 44.0 2.1 Etisalat 150,106 17.26 17.34 11.02 16.79 3.20 4.6% 0.5 4.5 6.6 10.0 First Abu Dhabi Bank 146,983 13.46 15.92 7.78 14.82 1.45 5.5% 8.5 18.3 18.7 (5.9) 2,231 0.62 0.93 0.45 17.70 0.64 5.5% 10.1 (0.6) 10.1 (25.3) Amlak Finance Dubai Islamic Bank DXB Entertainments Eshraq Investments GFH Gulf Navigation Holding IHC Julphar 435 0.43 0.63 0.28 NA 0.82 0.0% 8.1 (10.1) 2.9 (31.1) 74,132 40.70 41.00 6.00 33.66 13.06 NA 1.8 9.9 40.2 578.3 14.2 16.0 91.1 1.5 1.5 (16.6) 1,675 1.45 1.54 0.54 NA 1.53 0.0% (2.7) 12,054 67.90 86.80 62.00 18.27 0.57 5.9% - National Bank of Fujairah 9,536 4.98 4.98 4.98 NA NA 1.9% NA NA NA 3.3 Tabreed 7,088 2.61 2.75 1.67 13.78 1.43 4.0% 0.8 19.2 35.9 41.8 RAK Bank 6,369 3.80 5.00 3.33 9.20 0.83 7.9% 8.6 8.3 11.4 (10.9) 952 0.48 0.48 0.33 8.75 0.25 8.4% 17.8 20.8 34.8 23.1 RAK Ceramics 1,471 1.48 1.81 1.24 17.88 0.64 9.7% 7.2 5.7 8.8 7.5 SALAMA 1,009 0.83 0.88 0.30 6.47 1.16 NA 0.8 12.6 69.7 55.2 Sharjah Islamic Bank 3,944 1.28 1.32 0.95 8.16 0.52 3.7% 9.4 7.6 16.4 14.6 SHUAA Capital 1,729 0.68 1.00 0.40 16.23 1.22 NA 8.9 (2.3) 19.2 (31.1) Mashreqbank RAK Properties Takaful Emarat Insurance 236 1.57 1.60 1.03 NA 1.88 5.3% 9.8 9.0 14.6 41.4 168,651 1.50 1.78 0.40 55.76 2.71 0.0% 1.4 7.1 130.8 160.9 Union Properties 1,278 0.30 0.39 0.15 4.43 0.42 0.0% 16.4 (0.7) (21.6) (0.3) United Arab Bank 1,751 0.85 1.13 0.81 NA 1.05 0.0% (5.0) (5.0) (5.0) (14.2) TAQA (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration
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