UAE: Daily Market Trading Report - 2 November

Transcription

1. Morning Report 02 November 2021 UAE Trading Summary Market Stats Indices Close Chg . 1M Chg. 3M Chg. YTD Chg. 1Y Chg. ADX DFM TASI BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HIS 7,925 2,882 11,723 1,760 11,568 35,914 4,614 15,596 7,289 15,806 6,893 29,647 25,388 0.8% 0.6% 0.2% 1.0% 1.3% 0.3% 0.2% 0.6% 0.7% 0.7% 0.9% -0.2% -0.9% 3% 1% 2% 3% 10% 5% 6% 7% 4% 4% 6% 3% 2% 7% 4% 6% 10% 7% 3% 5% 6% 4% 2% 4% 9% -3% 57% 16% 35% 18% 7% 17% 23% 21% 13% 15% 24% 8% -8% 71% 34% 49% 23% 11% 36% 41% 43% 31% 37% 50% 29% 4% MSCI EM MSCI Asia 1,265 199 0.0% 0.7% 1% 2% -1% 1% -2% -1% 15% 16% US Fut. EU Fut. 4,597 4,265 -0.2% -0.3% 6% 7% 4% 4% 23% 21% 39% 42% AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 1,668 71% 29% 78% 22% 1470 16% 84% 87% 13% 3,139 45% 55% Sell 1,668 74% 26% 75% 25% 1470 23% 77% 77% 23% 3,139 50% 50% Last Trading Day's Top Short Sell Positions Company Manazel FAB ADNOC Drill Short Volume (Shrs.) Short Volume (% of total volume) Total Stock Volume (mShrs.) Total Stock Turnover (AEDm) (742,528) (141,373) (63,565) 0.8% 0.8% 0.4% 95.4 17.1 16.9 58.7 310.4 51.4 Upcoming Corporates Actions & Events Date Company Event 2-Nov 3-Nov 3-Nov 3-Nov 4-Nov 4-Nov 4-Nov 4-Nov 8-Nov Agthia Aldar Arkan DIC IHC Fertiglobe Yahsat Aramex ADNH BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results BoD/Results Net -4% 4% 3% -3% -6% 6% 10% -10% -5% 5%
2. # KEY STORIES Deputy Ruler of Dubai announced the listing of 10 government and state-owned companies on the DFM. Approved the establishment of a market making fund up to AED 2bln to increase liquidity and to also launch an AED 1bln fund to support tech company IPOs Abu Dhabi Aviation posted quarterly profit of AED 52.6mln versus AED 60.2mln a year ago. Board decided not to proceed with acquisition of Falcon Aviation Services Damac Properties disclosed that Maple acquires total 800mln shares in Damac (13.223% stake) through a series of on-market floor trading at a price of AED 1.40 per share Founder sees Damac Properties takeover complete by March Dana Gas's collections rise to USD 283m in 2021, 86% increase in collections on the back of higher oil prices Air Arabia Abu Dhabi expands operations to three cities in India starting from November 3, 2021. Expands operations to Cochin, Calicut and Trivandrum Shuaa Capital insurance assets under management grow to USD 136mln, expected to reach half a billion dollars within next three years Aramex inaugurates its new express courier handling facility at King Khalid International Airport RAKNIC posted Q3 profit AED 3.9mln versus AED 5.5mln year ago. Q3 insurance premium revenue earned AED 114.2mln versus AED 143mln year ago ENBD REIT disclosed regarding strategic disposal of asset, that counterparty was unable to conclude transaction within the agreed time and further negotiations have ended NMC Healthcare looks to exit administration and handover to new ownership before end of year Empower acquires the district cooling systems of Dubai International Airport for AED 1.1bln Dubai airport to return to full capacity in two weeks - Chairman UAE on Nov 01 announced 78 new Covid-19 cases and 110 recoveries. The tally takes total cases in UAE to 739,983 with 734,242 recoveries and 2,136 deaths Saudi's SRC signs refinancing agreement for USD 2.7bln property portfolio Saudi’s City Cement posted quarterly net profit after zakat and tax SAR 38mln versus SAR 51.1mln year ago. Quarterly sales SAR 111.6mln versus SAR 140.6mln year ago Saudi’s Jadwa REIT signed agreement with Worley Parsons Engineering Consultancies to lease Alyaum tower for annual rental value of SAR 16.1mln Kuwait’s Jazeera Airways posted Q3 revenue KWD 31.7mln, up 421.7%. Q3 net profit KWD 11.8mln, up 310.2% Kuwait's Jazeera Airways is in talks to buy 30 Airbus A320neo or Boeing BA.N 737 MAX jets in a deal worth up to USD 2bln Al Ahli Bank Of Kuwait gets CBK initial approval for unsecured Tier 2 bonds issuance Egypt Aluminium posted Q1 net profit after tax EGP 304.7mln versus loss of EGP 151mln year ago. Q1 revenue EGP 3.34bln versus EGP 2.19bln year ago Egypt’s Speed Medical signed exclusive contract with Al-Jazira Sports Club to open a branch of Speed Lab
3. Egypt ’s Delta Sugar posted nine-month net profit after tax EGP 411.6mln versus loss of EGP 62.3mln year ago. Nine-month revenue EGP 2.49bln versus EGP 2.26bln year ago # Key Global Trends/ Market Clues Asian shares were mixed on Tuesday and currencies held tight ranges as nervous investors awaited several key central bank meetings that could set the tone for risk appetite heading into next year. MSCI's gauge of Asia-Pacific shares outside Japan recovered early losses to be 0.8% higher, with Japan's Nikkei edging 0.2% lower and Australia's S&P/ASX 200 down 0.6%. The immediate focus was on the Reserve Bank of Australia's (RBA) meeting on Tuesday, with the Federal Reserve and Bank of England due to hold their policy decisions later in the week. Overnight, Wall Street advanced to record highs helped by gains for energy shares and Tesla. The Dow Jones Industrial Average rose 0.26%, after eclipsing 36,000 points for the first time during intraday trading. The S&P 500 gained 0.18% while the Nasdaq Composite added 0.63%. Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world's top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3%, to USD 84.99 a barrel by 0117 GMT while U.S. West Texas Intermediate (WTI) crude futures rose by 19 cents, or 0.2%, to USD 84.24 a barrel. # UAE Stories His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, today announced the listing of 10 government and stateowned companies on the Dubai Financial Market (DFM) as part of accelerating new listings in various sectors including energy, logistics and retail. H.H. Sheikh Maktoum bin Mohammed also announced the formation of a Dubai Markets Supervisory Committee and specialised courts for capital markets in Dubai. The Securities and Exchange Higher Committee approved the establishment of a market making fund worth up to AED 2bln to increase liquidity in the markets. The Committee will also launch an AED 1bln fund to support tech company IPOs and encourage innovative financial products and solutions. The Committee also approved the formation of two specialised courts within the Commercial Court to settle securities disputes starting from January 2022. Abu Dhabi Aviation posted quarterly profit of AED 52.6mln versus AED 60.2mln a year ago. Quarterly revenue AED 442.1mln vs AED 301.8mln a year ago. Board decided not to proceed with acquisition of Falcon Aviation Services as two parties did not reach an agreement on acquisition value. Damac Properties disclosed that Maple acquires total 800mln shares in Damac (13.223% stake). Acquisition has been completed through a series of on-market floor trading at a price of AED 1.40 per share. Ownership of Maple as at this date has become 17.723% of Damac’s share capital. Consolidated ownership of ultimate offeror in addition to ownership of associated group members (as both are defined in the offer document) has become 91.650% of Damac’s share capital. Dubai property tycoon Hussain Sajwani said that it would take a few months for the takeover to complete, affirming when asked it would be completed by the end of the first quarter. Dana Gas's collections rise to USD 283m in 2021, 86% increase in collections on the back of higher oil prices. Collections in the KRI increased 78% to USD 150mln in first ten months of 2021 while Egypt collections increase 96% to USD 133mln Air Arabia Abu Dhabi expands operations to three cities in India starting from November 3, 2021. Expands operations to Cochin, Calicut and Trivandrum. Shuaa Capital insurance assets under management grow to USD 136mln, expected to reach half a billion dollars within next three years. Aramex inaugurates its new express courier handling facility at King Khalid International Airport. Ras Alkhaima National Insurance Company (RAKNIC) posted Q3 profit AED 3.9mln versus AED 5.5mln year ago. Q3 insurance premium revenue earned AED 114.2mln versus AED 143mln year ago.
4. ENBD REIT update regarding the potential strategic disposal of a real estate asset accounting for more than 5 % of its net asset value. Counterparty was unable to conclude transaction within the agreed time and further negotiations have ended. Will continue to assess disposal opportunities to realise value. NMC Healthcare posted Q3 revenues of USD 915mln and adjusted EBITDA post-IFRS 16 of USD 155mln. Number of patient encounters across the group is 6.7mln year-to-date. 16 December 2021 is date for completion of restructuring and delivery from administration to new owner. Company, creditors and advisors are working to secure the final regulatory and other approvals to ensure the company can complete the restructuring and group can exit administration in the expected timeframe of 16 December 2021. Empower acquires the district cooling systems of Dubai International Airport for AED 1.1bln. Under acquisition agreement, empower will own and manage all the existing district cooling infrastructure of Dubai International Airport, with all its facilities and complexes, with a capacity of up to 110,000RT that include five units. Dubai's airport plans to reopen its last remaining closed concourse in two weeks, allowing it to return to full capacity for the first time since the outbreak of the COVID-19 pandemic, Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said on Monday. UAE on Nov 01 announced 78 new Covid-19 cases, bringing the total confirmed cases in the country to 739,983. At the same time, 110 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 734,242, UAE's Ministry of Health and Prevention said. It has reported no deaths from Covid19 during the past 24 hours. The nationwide death toll stands at 2,136. # GCC/MENA Saudi Real Estate Refinance Company (SRC) has signed a partnership agreement with Real Estate Development Fund (REDF) to refinance a real estate portfolio worth AED 10bln, SRC said in a statement. Saudi’s City Cement posted quarterly net profit after zakat and tax SAR 38mln versus SAR 51.1mln year ago. Quarterly sales SAR 111.6mln versus SAR 140.6mln year ago. Saudi’s Jadwa REIT signed agreement with Worley Parsons Engineering Consultancies to lease Alyaum tower for annual rental value of SAR 16.1mln. Agreement will be for six (6) years. Kuwait’s Jazeera Airways posted Q3 revenue KWD 31.7mln, up 421.7%. Q3 net profit KWD 11.8mln, up 310.2%. Q3 passengers 302.9 thousand, up 361.8%. Q3 load factor 65.6%, up 26.7%. Kuwait's Jazeera Airways is in talks to buy 30 Airbus A320neo or Boeing 737 MAX jets in a deal worth up to USD 2bln, the airline's chairman said on Monday. It currently operates a fleet of 17 Airbus A320 jets. Al Ahli Bank Of Kuwait gets CBK initial approval for unsecured Tier 2 bonds issuance. Egypt Aluminium posted Q1 net profit after tax EGP 304.7mln versus loss of EGP 151mln year ago. Q1 revenue EGP 3.34bln versus EGP 2.19bln year ago. Egypt’s Speed Medical signed exclusive contract with Al-Jazira Sports Club to open a branch of Speed Lab. Duration of contract is three years. 13 new Speed Lab has been opened, bringing total number labs branches to 134. Egypt’s Delta Sugar posted nine-month net profit after tax EGP 411.6mln versus loss of EGP 62.3mln year ago. Nine-month revenue EGP 2.49bln versus EGP 2.26bln year ago. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus list Company MCAP PRICE (AEDm) HIGH-LOW VALUATION Div. HISTORICAL RETURN (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 57,255 8.23 8.45 5.65 11.70 1.00 3.3% 9.9 16.9 38.6 49.5 ADIB 21,245 5.85 5.90 4.26 11.70 1.07 3.5% 1.0 4.3 29.7 41.8 ADNIC 3,306 5.80 5.93 4.00 7.69 1.26 6.0% 10.3 18.1 21.9 55.5 ADNOC Dist. 53,996 4.32 5.01 3.28 20.19 15.96 4.8% 6.4 1.5 20.8 35.3 ADNOC Drill.* 48,796 3.05 3.07 2.77 24.26 4.69 4.9% NA NA NA NA Agthia 4,591 5.80 7.32 4.03 NM 1.71 2.8% 1.1 (5.4) 42.0 42.0 Air Arabia 6,580 1.41 1.45 1.07 NM 1.25 0.0% 3.7 5.2 10.2 30.6 Ajman Bank 1,527 0.73 0.83 0.64 17.66 0.59 0.0% (0.4) (4.1) (6.8) 6.9 32,470 4.13 4.26 2.57 14.68 1.27 3.5% 1.2 1.7 36.2 60.1 255,779 25.58 30.20 15.00 NA NA NA (5.6) (12.5) NA NA Amanat 2,900 1.16 1.25 0.75 11.84 1.06 1.9% 7.4 11.5 41.5 51.6 Aramex 6,383 4.36 4.80 3.50 34.67 2.43 3.0% 23.9 21.8 2.9 11.2 ASM 15,899 15.90 16.94 13.00 NM 4.31 NA 6.3 NA NA NA BOS 1,496 0.68 0.76 0.48 NA 0.43 0.0% 24.8 28.3 13.1 40.5 Dana Gas 7,205 1.03 1.15 0.64 12.81 0.90 5.3% (2.8) 17.3 54.5 67.1 Deyaar 1,797 0.31 0.34 0.25 NA 0.41 0.0% 0.3 6.9 10.7 16.0 DFM 8,479 1.06 1.29 0.81 NM 1.08 0.0% 1.9 (0.0) 14.0 30.9 DIC 7,313 1.72 1.90 1.12 16.45 0.62 NA (1.1) (1.7) 24.7 58.6 DIB 37,142 5.13 5.19 4.00 13.68 0.97 3.9% 3.6 4.9 16.1 30.9 DU 28,102 6.20 7.22 5.40 33.92 3.42 4.0% (6.3) (6.1) 11.8 15.8 Easy Lease 1,299 43.32 66.85 10.00 41.49 21.18 NA (5.0) 60.8 146.1 - Emaar Dev. 15,599 3.90 4.08 2.22 7.31 1.22 0.0% 0.8 4.0 41.8 74.9 Emaar Malls 26,287 2.02 2.14 1.40 26.83 1.34 0.0% 1.0 2.5 10.4 42.3 Emaar Pro. 29,066 4.06 4.29 2.55 13.39 0.52 2.5% (0.5) 0.7 18.0 60.3 ENBD 87,478 13.85 14.35 9.30 10.96 1.02 2.9% (2.5) 4.1 39.3 51.7 2,437 9.75 11.80 3.01 NM 7.01 NA 21.1 157.3 NA NA Aldar Alpha Dhabi ESG Eshraq 832 0.36 0.40 0.29 NA 0.61 NA 17.0 2.3 12.6 17.0 Etisalat 224,880 25.86 26.00 16.64 24.42 4.77 4.6% 7.7 9.3 61.6 62.1 FAB 198,728 18.20 18.70 11.36 18.06 1.88 4.1% 2.4 9.9 48.4 67.7 25,483 3.07 3.13 2.92 NA NA 5.8% - - - - 3,203 0.84 0.86 0.53 11.36 0.86 2.0% 15.9 11.9 45.7 61.7 267,119 146.70 152.80 39.14 56.76 16.75 NA 0.1 11.2 249.3 274.8 Fertiglobe* GFH IHC Julphar 2,333 2.02 2.32 1.20 NA 2.45 NA 11.6 12.2 51.9 35.6 12,870 72.50 72.50 60.00 NA 0.67 0.0% 3.6 20.4 6.8 6.6 Palms Sports 1,869 12.46 21.48 4.30 23.17 6.92 NA (14.1) 5.1 (5.6) NA RAK Bank 6,871 4.10 4.24 3.50 11.45 0.85 3.7% 5.4 5.1 5.1 15.5 RAK Pro. 1,480 0.74 0.77 0.38 7.16 0.37 5.4% 7.9 6.5 54.2 90.7 RAK Cer. 2,713 2.73 3.08 1.33 NM 1.22 2.7% 0.6 22.4 97.1 117.4 RPM 2,364 11.82 20.00 10.10 58.89 10.55 NA NA NA NA NA 911 0.75 0.97 0.72 6.13 1.16 11.0% (0.1) (8.4) (2.0) 13.5 SIB 5,546 1.80 1.89 1.16 10.87 0.72 4.4% 2.9 13.2 44.5 63.0 Shuaa 1,757 0.69 0.80 0.59 8.72 1.15 4.3% 3.1 (11.2) 6.8 21.8 Tabreed 7,711 2.78 3.15 2.39 14.59 1.46 2.1% 3.3 1.1 9.4 16.0 TAQA 138,283 1.23 1.78 1.20 28.40 1.94 2.0% (3.1) (3.5) (13.2) (9.8) Waha 3,364 1.73 1.96 1.00 6.09 1.00 3.5% 0.0 17.7 51.6 78.4 Yahsat * 6,709 2.75 3.10 2.46 26.68 2.02 5.7% 7.4 NA NA NA Zee Store 3,590 35.90 53.00 7.95 NM 17.36 NA (0.9) 263.4 (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend 241.9 NA Mashreq Salama
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