UAE: Daily Market Trading Report - 18 April

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1. IS Morning Report Wednesday , April 18, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y (AEDm) Change Change Change Change Change BUY SELL NET 4.7% ADX 104 104 - -7.1% -10.4% Local 60% 66% -5% 40% 34% 5% 45% 40% 5% 55% 60% -5% 0.3% 20.8% DFM 150 150 - -3.3% 1.2% 15.5% Local 44% 40% 3% -2.7% -0.2% 5.5% 24.5% Foreign 56% 60% -3% 0.4% 0.9% -6.2% -6.0% 1.1% Institutional 47% 51% -3% 12,586 1.6% 1.6% -5.2% -2.6% 4.9% Retail 53% 49% 3% 5,354 0.8% 1.3% -2.6% 0.8% 7.3% Total 254 254 - Nikkei225 22,163 1.4% 2.2% -6.7% -2.6% 20.3% Local 50% 51% 0% HIS 30,146 0.3% -4.3% -6.2% 50% 49% 0% ADX 4,707 0.5% DFM 3,131 -0.3% TASI 8,096 0.6% 4.5% KWSEI 6,633 0.5% -1.8% EGX 17,802 1.0% Dow Jones 24,787 0.9% -0.6% -4.7% S&P 500 2,706 1.1% -1.7% Nasdaq 7,281 1.7% FTSE 100 7,226 DAX CAC40 3.6% 1.8% -2.1% -11.3% 7.0% 7.4% 12.0% 16.6% Foreign -0.1% 3.5% -3.6% Institutional 3.1% 15.5% 18.5% 36.7% Retail 0.8% 26.0% 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 Emirates NBD Net Beats Estimates on Margins, Lower Impairments. Bank to review NIM guidance on rising rate expectations 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 Wednesday , April 18, 2018 UAE regulator says no objection to deferring Dana div approval. Esca: Dana should refer UK court order on div before UAE court Dana says U.A.E. court to review U.K. court order on div. Dana says U.A.E. court suspends U.K. order on div until review IMF sees a strong 3% growth for the UAE in 2019 Aldar, Emaar merger ruled out for now, says chairman VAT said to have 'little impact' on Abu Dhabi office market in Q1 Abu Dhabi's Al Hilal Is Said to Hire Banks for Islamic Bond Sale Dubai's Noor Bank markets $500 mln five-year sukuk OPEC+ Meeting in Saudi Is Said to Include 12 Producing Countries Saudi Binladin receives multi-billion-dollar government loans First Saudi Arabian-linked banks join al-Gosaibi debt settlement plan Egypt Plans Bid Round for Oil & Gas in Med Sea in Wks: Molla Global Markets Wrap: Asian shares crept ahead on Wednesday after Wall Street took heart from upbeat corporate earnings, though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued. Oil prices edged up on Wednesday, lifted by a reported fall in U.S. crude inventories and by the ongoing risk of supply disruptions. Brent crude oil futures LCOc1 were at $71.90 per barrel at 0117 GMT, up 32 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 33 cents, or 0.5 percent, at $66.85 a barrel. The International Monetary Fund predicted the world economy’s strongest upswing since 2011 will continue for the next two years, but warned the seeds of its demise may have already been planted. The fund on Tuesday left its forecasts for global growth this year and next at the 3.9 percent it estimated in January and raised its outlook for the U.S. as Republican tax cuts take effect. 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 Wednesday , April 18, 2018 UAE: Emirates NBD Net Beats Estimates on Margins, Lower Impairments. Bank to review NIM guidance on rising rate expectations. First-quarter net income climbs 2.39b dirhams vs 1.87b a year earlier, Dubai’s biggest bank says in a statement. Mean estimate 2.17b (5 analysts; range 2.13b - 2.25b). Mean estimate compiled by Emirates NBD 2.28b (5 analysts; range 2.08b - 2.82b). Total income 4.1b vs 3.62b. Mean estimate 4.06b (4 analysts; range 3.98b - 4.12b). Net interest income 2.98b vs 2.49b. Non-interest income 1.12b vs 1.13b. Impairment allowances 440m vs 639m. Net interest margin 2.68% vs 2.33%. Loans 311b at end March vs 295b. Deposits 332b at end March vs 319b. Impaired loan ratio 6% vs 6.3%. Emirates Islamic Bank 1Q net 209m vs 221m UAE regulator says no objection to deferring Dana div approval. Esca: Dana should refer UK court order on div before UAE court Dana says U.A.E. court to review U.K. court order on div. Dana says U.A.E. court suspends U.K. order on div until review. The UAE economy is expected to grow at 3 per cent next year, according to the latest World Economic Outlook (WEO) of the International Monetary Fund (IMF). For 2018, meanwhile, the UAE’s growth has been projected at a more modest 2 per cent compared to the projections of 3.4 per cent made in last October. The country’s economic growth has been revised downwards to 0.5 per cent in 2017 from a projected 1.3 per cent in October last year. A merger between UAE property giants Aldar and Emmar is not on the table, according to Mohamed Khalifa Al Mubarak, chairman of Aldar Properties. The launch of VAT in the UAE has had little effect on the commercial occupier market in Abu Dhabi, according to a new report. Knight Frank's Q1 2018 Abu Dhabi Commercial Market Review said that this is also likely to be the case going forward in the UAE capital's office market. Al Hilal Bank hires Emirates NBD, First Abu Dhabi Bank, HSBC, JPMorgan and Nomura to manage sale of dollardenominated Islamic bonds, according to 2 people with knowledge of the deal. Sale expected to be benchmark sized; happen in 2Q. Information from people who asked not to be identified as details are private. 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 Wednesday , April 18, 2018 Dubai-based Noor Bank has started marketing a five-year sukuk worth $500 million with an initial price guidance of around 175 basis points over mid-swaps, a document from one of the banks leading the transaction showed. Noor Bank, rated A-(minus) by Fitch, plans to price the senior unsecured Islamic bonds later on Tuesday. GCC/ MENA: Energy ministers from Saudi Arabia, Russia, U.A.E., Oman, Algeria, Kuwait, Venezuela, Iraq, Brunei to attend meeting Friday of joint ministerial monitoring committee in Jeddah, according to person with knowledge of the matter, who asked not to be identified because the matter isn’t public. Saudi Binladin receives multi-billion dollar government loans. The money will be used to prioritise work on projects deemed key to the government, as well as to pay staff and creditors. Two Saudi Arabian-linked banks have become the first lenders with ties to the kingdom to sign a debt settlement plan with Ahmad Hamad al-Gosaibi and Brothers (AHAB), the company’s chief executive said, opening the way for the conglomerate to try to push through a multibillion-dollar deal with creditors. Egypt Plans Bid Round for Oil & Gas in Med Sea in Wks: Molla. Bid round will be for exploration in the Mediterranean Sea, Oil Minister Tarek El-Molla tells reporters in Alexandria. Egypt will also issue bid round for oil and gas exploration in Red Sea by end of this year. Country may give up 1 of its floating storage and regasification units by 2H. Will continue importing small amounts of liquefied natural gas until September, then halt imports. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Volume Triggers Company Close Chg.(%) 52WH 52WL Turnover 30 DA Turnover Abu Dhabi Aviation 2.80 (5.72) 3.10 2.44 11,527,921 29,673 Marka 0.34 (8.58) 1.42 0.37 15,640,321 1,168,646 Invest Bank 2.35 (3.29) 2.69 1.98 1,864,753 212,250 Aramex 4.06 (3.33) 5.50 4.06 13,519,548 2,414,399 International Holding 1.44 (1.37) 1.75 1.35 2,551,041 464,931 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 Wednesday , April 18, 2018 Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Marka 17.02% 2.02 10,100,000 3,767,916 Gulf Nav 20.12% 0.11 1,011,130 1,051,747 Ajman Bank 10.77% 0.10 1,680,323 1,764,627 DXBE 31.75% 0.10 7,999,913 3,552,542 Islamic Arab Ins. 23.49% 0.07 833,212 351,562 4.35% 0.06 180,000 90,015 Aldar 25.72% 0.06 4,717,578 9,955,716 Eshraq 35.46% 0.02 465,000 344,156 DSI 16.13% 0.02 214,198 368,480 Aan 54.96% 0.01 86,502 23,320 Abu Dhabi Nat. C. BM Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Dana Gas 60.44% -0.09 (6,278,961) (6,154,387) Deyaar Dev 10.68% -0.08 (4,622,400) (2,205,245) Methaq Takaful Ins. 23.82% -0.08 (120,000) (94,815) Dubai Isl. Ins 12.53% -0.07 (158,025) (107,475) Dubai Investments 15.58% -0.05 (2,126,010) (4,465,350) Dar Al Takaful 21.83% -0.05 (75,000) (51,533) RAK Properties 28.88% -0.04 (800,000) (536,088) KHCB 7.49% -0.02 (191,871) (182,081) Amanat 21.63% -0.02 (500,000) (675,110) 3.80% -0.02 (2,500,000) (6,326,033) ADNOC Distribution (Source: ADX, DFM, Bloomberg 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
6. IS Morning Report Wednesday , April 18, 2018 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