UAE: Daily Market Trading Report - 17 April

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1. IS Morning Report Tuesday , April 17, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y (AEDm) Change Change Change Change Change BUY SELL NET 1.0% 6.5% 3.0% ADX 117 117 - -1.8% -11.3% -6.8% -9.3% Local 38% 51% -13% 62% 49% 13% 63% 43% 20% 37% 57% -20% -0.6% 19.1% DFM 100 100 - -4.5% 0.2% 14.0% Local 53% 44% 8% -4.4% -1.9% 3.7% 22.2% Foreign 47% 56% -8% -0.9% 0.5% -6.8% -6.4% 41% 55% -14% 12,391 -0.4% 0.0% -6.0% -4.1% 2.3% Retail 59% 45% 14% 5,313 0.0% 0.6% -3.3% 0.0% 4.8% Total 217 217 - Nikkei225 21,844 0.0% 0.8% -8.5% -4.0% 19.0% Local 45% 48% -3% HIS 30,316 0.0% -3.8% -5.2% 55% 52% 3% ADX 4,682 -0.4% DFM 3,140 -0.3% TASI 8,050 1.0% 3.9% KWSEI 6,633 0.5% -1.9% 17,620 0.2% Dow Jones 24,573 0.9% -1.5% -5.9% S&P 500 2,678 0.8% -2.7% Nasdaq 7,156 0.7% FTSE 100 7,198 EGX DAX CAC40 3.1% 6.8% 11.4% 14.8% Foreign 0.5% 3.5% -4.1% Institutional 3.7% 15.9% 17.3% 35.9% Retail -1.8% Institutional 1.3% 25.0% Foreign Upcoming Corporate Actions & Events Date Company Event 19-Apr AMAN General Assembly 22-Apr Eshraq Properties Annual General Assembly 23- April DSI Annual General Assembly Meeting (AGM) Key Stories Arabtec Could Complete Transformation Plan Earlier in 2019: CEO Marka anticipates operational profitability in 1Q18 Mubadala Real Estate Planning to Start REIT Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
2. IS Morning Report Tuesday , April 17, 2018 Aldar launches masterplan Alghadeer Emirates NBD of Open Two More Branches in Saudi Arabia TAQA to issue $1.75 bln dual-tranche bond Union Cement Co plans to delist shares from ADX Yamama Cement First Quarter Revenue Misses Lowest Estimate Kuwait Hints at Oil-Cuts Deal Extension at June Supply Talks Masraf Al Rayan First Quarter Net Income Beats Highest Estimate Egypt’s Suez Canal revenues rise to $463m in March Global Markets Wrap: Asia stocks rose modestly on Tuesday following data showing China's economy grew a little faster than expected in the first quarter. The dollar was barely changed, with demand for safe-haven U.S. Treasuries ebbing as investor risk appetite improved in parts of the broader markets as investors took the view Western-led strikes on Syria were a one-off intervention. China's economy grew a welcome 6.8 percent in the first quarter of 2018 from a year earlier, official data showed on Tuesday, unchanged from the previous quarter. The 10-year U.S. Treasury note yield was at 2.834 percent after rising to 2.865 on Monday, its highest since March 22. Oil rebounded from the biggest loss in more than a week as OPEC hinting at extending output cuts fans optimism and investors anticipate a drop in U.S. stockpiles. Futures in New York climbed 0.5 percent after losing 1.7 percent on Monday. Kuwait said the Organization of Petroleum Exporting Countries and allied producers will discuss extending an agreement to cut oil output into 2019. Adding to optimism, analysts surveyed by Bloomberg forecast U.S. crude inventories probably fell last week after holding below the five-year average the previous four weeks. Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
3. IS Morning Report Tuesday , April 17, 2018 UAE: Dubai-based developer Arabtec Holding could complete the third and final stage of a transformation plan aimed at revampimg the company’s business earlier than it had initially targeted in 2019, CEO Hamish Tyrwhitt says on the sidelines of an event in Abu Dhabi. Program is allowing company to deliver “consistent bottom line and sustainable growth and profitability”. Arabtec gained 0.5% on Monday, compared with a drop of 0.4% for Dubai’s main index. Company recommended in March the distribution of dividend for the first time since 2012 after posting net income that beat the highest estimate by analysts. Says experiencing a “strong wave of momentum” in the U.A.E., also looking at expansion opportunities in Saudi Arabia and other countries in the region. Projects in Dubai gaining momentum on the back of Expo 2020. Other markets with opportunities include Egypt, Bahrain, Jordan. “Our strategy is more of following our clients in the U.A.E. into markets that they’re going in” Marka anticipates operational profitability in 1Q18. The company’s successful restructuring program showing positive impact. Mubadala Real Estate is in talks with potential partners to develop projects and start a real estate investment trust, Executive Director Ali Eid Al Mheiri says in an interview with The National. Discussions with two or three developers. Proposed REIT would initially incorporate assets from the half-developed Al Maryah Island Aldar announces the launch of a new AED10 billion masterplan that will incorporate and greatly enhance one of its already established destinations – Alghadeer, which sits close to the border of Abu Dhabi and Dubai within its Seih Al Sdeirah landbank. Emirates NBD to soon open a branch in Khobar and a second branch in Riyadh, the Dubai government-controlled bank says in a statement. Abu Dhabi National Energy Co (TAQA) is to issue $1.75 billion in bonds split into a $750 million seven-year tranche and a $1 billion 12-year tranche, a document from one of the banks leading the deal showed. The bond issue, expected to price later on Monday, is the latest sizeable debt sale out of the Gulf, which last week flooded international debt capital markets with about $24 billion in new paper. Saudi Arabia completed an $11 billion deal and Qatar followed with a $12 billion transaction. Union Cement Co, which is currently listed on the Abu Dhabi Securities Exchange (ADX), said on Monday it plans to de-list its shares from the stock exchange and convert the company into a private joint stock company. The decision was approved at the company’s general assembly held on March 25, the company said in an emailed statement. GCC/ MENA: Yamama Cement reported revenue for the first quarter that missed the lowest analyst estimate. 1Q revenue 141 million riyals, estimate 155.0 million (Bloomberg data) (2 estimates). 1Q operating profit 25.0 million riyals 1Q profit 23.8 million riyals, estimate 25.2 million (range 16.0 million to 31.1 million) (BD) (3 estimates). OPEC and allied producers will consider extending an agreement to cut oil output into 2019 when they meet in June to assess the market, Kuwait Oil Minister Bakheet Al-Rashidi said. The Organization of Petroleum Exporting Countries and other suppliers including Russia will discuss continuing the global production limits beyond the end of the year when they gather two months from now in Vienna, Al-Rashidi said. Kuwait is one of six countries responsible for monitoring compliance with the cuts accord that took effect in January 2017. Masraf Al Rayan reported net income for the first quarter that beat the highest analyst estimate. 1Q net income 531 million riyals, estimate 519.0 million (Bloomberg data) (2 estimates). 1Q profit rose 4.1% from year-ago period Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
4. IS Morning Report Tuesday , April 17, 2018 Return on average assets at 2.06%; EPS QAR0.708 vs QAR0.680. Capital adequacy ratio, using Basel-III standards, at 18.85% vs 19.46%. Cost to income ratio at 22.84%. Non-performing financing ratio at 0.50%. Egypt’s Suez Canal revenues rose to $463 million in March from $435.8 million in February, local financial newspaper Al-Borsa reported on Monday. The canal’s revenues for the first quarter of 2018 rose by 12.9 per cent year-on-year to reach $1.351 billion, the newspaper said. The Suez Canal is the fastest shipping route between Europe and Asia and one of the main sources of foreign currency for the Egyptian government (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Marka 15.00% 0.24 1,200,000 447,673 Methaq Takaful Ins. 23.90% 0.08 120,000 94,815 Dana Gas 60.53% 0.06 4,185,974 4,102,925 GGICO 19.42% 0.04 716,533 197,079 DFM 7.47% 0.03 2,398,729 2,448,400 DSI 16.11% 0.02 214,198 368,480 Gulf Cement 17.51% 0.01 82,060 88,693 KHCB 7.51% 0.01 95,936 91,040 Arkan Building 0.81% 0.01 175,000 106,767 14.98% 0.01 519,823 3,701,745 ADCB Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) RAK Properties 28.92% -0.05 (1,000,000) (670,109) Eshraq 35.44% -0.04 (930,000) (688,312) Dubai Investments 15.63% -0.03 (1,275,606) (2,679,210) Islamic Arab Ins. 23.42% -0.03 (357,091) (150,670) DIB 16.65% -0.02 (986,401) (5,546,042) Gulf Nav 20.01% -0.02 (183,842) (191,227) Al Madina 25.44% -0.02 (77,920) (29,950) Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae
5. IS Morning Report Tuesday , April 17, 2018 Dar Al Takaful 21.88% -0.01 (15,000) (10,307) Air Arabia 23.53% -0.01 (466,670) (560,096) 3.82% -0.01 (1,250,000) (3,163,017) ADNOC Distribution (Source: ADX, DFM, Bloomberg, Reuters) Institutional Sales and Trading Team Harshjit Oza harshjit@integratedsecurities.ae Direct Line: +971 2 494 2608 Disclaimer This report was prepared by Integrated Securities (“IS”) in and for the United Arab Emirates (“U.A.E.”). IS is a securities brokerage company regulated by the Emirates Securities and Commodities Authority (and neither an investment nor a financial advisory firm). The information contained in this report is given in summary and does not purport to be complete. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. Content of this report is provided solely for informational purposes and private circulation and should not be construed as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or any other financial product or instrument, or adopting any hedging or investment strategy and does not take into account your particular investment objectives, financial situation, tax implications or any other needs. Before acting on any information you should consider and confirm the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek professional financial advice. While based on information believed to be reliable, we do not guarantee and make no express or implied representation as to the accuracy of this report or complete description of the securities markets or developments referred to in this report. The information, contained in this report are as of the date indicated and are subject to change at any time without prior notice. This report may provide the addresses of, or contain hyperlinks to, websites. IS has not reviewed any such site and takes no responsibility for the content of the same. Such address or hyperlink is provided solely for your convenience and information and the content of any such website does not in any way form part of this document. Accessing such website or following such link through this report or IS’s website shall be at your own risk. The stated price of any securities mentioned in this report is as of the date indicated and is not a representation made by IS that any transaction can be effected at this price. This report is for UAE distribution and only under such circumstances as may be permitted by applicable law. The information contained in this report is not intended nor can it be construed as intended to be directed to any US persons (being any US Citizens, US Green Card Holders, or Resident Aliens subject to US income taxes for IRS purposes) unless stated otherwise. Neither IS nor its officers, directors or shareholders or other persons shall be liable for any direct, indirect, incidental or other damages including loss of profits arising in any way from the information contained in this report. This report is a mere update intended solely for the use by the intended recipients and the content of it may not be reproduced, redistributed or copied in whole or in part for any purpose without IS’s prior express consent. Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Customer service: 8003437 / +971 24 942 777 Sales & Trading : +971 24 942 666 Facsimile: +971 26 354 669 Website: www.integratedsecurities.ae