UAE: Daily Market Trading Report - 25 April

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1. IS Morning Report Wednesday , April 25, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y (AEDm) Change Change Change Change Change 97 -2.6% -12.5% -10.0% -11.6% Local 51% 57% -6% 49% 43% 6% 55% 43% 12% 45% 57% -12% -2.8% 14.4% DFM 242 242 - -1.5% 10.3% Local 55% 47% 8% 45% 53% -8% 2.1% Institutional 47% 42% 5% -2.8% 0.7% Retail 53% 58% -5% 2.5% 3.2% Total 339 339 - -2.6% 16.3% Local 54% 50% 4% 46% 50% -4% -0.1% DFM 3,080 -0.9% TASI 8,315 -0.2% KWSEI 6,633 0.5% 0.0% 18,122 0.2% 6.7% 19.5% 20.7% 44.0% Retail Dow Jones 24,024 -1.7% 2.1% -9.0% S&P 500 2,635 -1.3% 1.8% -7.2% Nasdaq 7,007 -1.7% 0.2% -5.4% FTSE 100 7,425 0.4% 7.3% -2.5% -3.4% 12,551 -0.2% 5.6% -5.6% 5,444 0.1% 6.8% -0.7% Nikkei225 22,180 -0.4% 7.6% -6.3% HIS 30,379 -0.8% 0.2% -7.0% CAC40 NET 97 4,682 DAX SELL 2.7% ADX ADX EGX BUY 1.6% 1.0% 6.6% 6.0% 10.6% 15.1% 20.2% Foreign -0.3% 3.5% -2.9% Institutional 1.5% 16.3% Foreign 1.5% 24.2% Foreign - Upcoming Corporate Actions & Events Date Company Event 26-April ADCB Board Meeting (2017 results) 26-April Agthia Board Meeting (2017 Results) 26-April UPP Board Meeting 29-April Eshraq Annual General Assembly 29-April FAB Board Meeting (2017 results) Key Stories Etisalat Q1 profit flat on higher impairments, expenses 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 25, 2018 DSI Holders Ask Board to Consider New Shares, Convertible Bonds United Arab Bank Q1 Profit Rises Gulf General Investment - Shareholders approve plan to solve accumulated losses, which includes capital reduction to 586 mln dirhams from 1.79 bln dirhams Abu Dhabi's Mubadala and MIP to sell 50 pct stake in Abu Dhabi Terminals Emirates Global Aluminium share sale on track for second half Saudi privatisation programme targets $11 bln non-oil revenues by 2020 Saudi inflation edges down in March Bahrain Sells 100 Million Dinars 364-day Bills; Bid-Cover 1.23 Bahrain's Alba seeks exemption from U.S. aluminium tariffs Medinet Nasr Housing Targets Sealing Sodic Deal Within 6 Months Egypt's CI Capital IPO covered almost 30 times Egypt's Qalaa Holdings' shares fall after regulator demands fair value study Global Markets Wrap: Asian shares fell on Wednesday as a rise in U.S. bond yields to 3 percent and warnings from bellwether U.S. companies of higher costs drove fears that corporate earnings growth may peak soon. Creeping gains in U.S. Treasury yields are fuelling fears. The 10-year yield, a benchmark for global borrowing costs, has been driven steadily higher by a combination of concerns over inflation, growing debt supply, and rising Federal Reserve borrowing costs. The 10-year U.S. Treasuries yield rose to as high as 3.003 percent on Tuesday and last stood at 2.992 percent. A break of its January 2014 high of 3.041 percent could turn investors even more bearish. As of April 19, foreign investors were net buyers of Saudi stocks for the 16th straight week. They were net purchasers of 1.4 billion riyals ($370 million), more than any other week since at least October 2015, when Bloomberg started compiling the data. Saudi Arabian stocks are trading at the most expensive level since 2015 relative to emerging markets as foreign investors continue buying into a potential status upgrade by MSCI Inc. as oil surges. 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 25, 2018 UAE: Etisalat on Tuesday reported flat profit growth in the first quarter as higher expenses and impairments weighed on its bottom line. Etisalat made a net profit attributable to shareholders of 2.11 billion dirhams ($575 million) in the three months ending March 31, 2018, it said in a statement. That compared with 2.10 billion dirhams in the same period a year ago. Operating expenses in the first quarter were 8.52 billion dirhams, up 7 percent year-on-year. Impairments and losses booked in the first quarter jumped more than 400 percent when compared to the firstquarter of 2017. Etisalat's subscriber base reached 144 million during the first quarter, a 3 percent growth year-onyear. In the UAE, its subscriber base touched 12.9 million, up 3 percent over the same period last year. Last month, Etisalat’s board approved to buy-back up to 5 percent of the company’s paid-up capital for the purpose of cancelling or reselling. DSI Holders Ask Board to Consider New Shares, Convertible Bonds. Shareholders ask board to consider raising capital by 500 million dirhams via issuing new shares with minimum value of 1.25 dirhams to a strategic partner, Dubai-based Drake & Scull says in statement to stock exchange. Potential new shares would be subject to one year trading ban. Another option for board to consider is issuing convertible bonds with a value not exceeding 1 billion dirhams. United Arab Bank Q1 Profit Rises. Q1 net profit 36 million dirhams versus 28 million dirhams year ago. Q1 net interest income 128 million dirhams versus 119 million dirhams year ago. As at end march 2018, loans and advances stand at 12.78 billion dirhams, down 5 percent year-on-year. As of end-march 2018, customer deposits stand at 14.97 billion dirhams, down 4 percent year-on-year. As of end-march 2018, capital adequacy ratio tier 1 stand at 14.6 percent. Abu Dhabi state investor Mubadala Investment Co and Mubadala Infrastructure Partners (MIP), an emerging markets infrastructure fund manager, have reached a deal to sell their combined 50 percent stake in Abu Dhabi Terminals to Abu Dhabi Ports, the remaining shareholder, for an undisclosed amount, the two companies said on Tuesday. The planned initial public offering (IPO) of Emirates Global Aluminium (EGA) is on track for the second half of 2018, the company's chief executive said on Tuesday. EGA is likely to be the second major listing by a state company in the United Arab Emirates since Abu Dhabi National Oil Co. (ADNOC) listed shares in its retail petrol station unit in 2017. GCC/ MENA: Saudi Arabia aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from its privatisation programme by 2020 and create up to 12,000 jobs, according to a document published by the official Saudi Press Agency on Tuesday. The initiative targets 14 public-private partnership (PPP) investments worth 24 billion to 28 billion riyals. It includes the corporatisation of Saudi ports and the privatisation of the production sector at the Saudi Saline Water Conversion Corp (SWCC) and the Ras Al Khair desalination and power plant, the document showed. Saudi inflation edges down in March to 2.8% compared to 2.9% recorded in Feb. In January, the statistics agency changed the base year for the consumer price index to 2013 from 2007 and adjusted the basket of goods and services, giving housing and utilities a much bigger weighting. Food and beverage prices jumped 6.0 percent from a year earlier in March after the introduction of 5 percent value-added tax across the economy at the start of this year. Prices of housing and utilities rose 1.0 percent, while transport jumped 10.4 percent after a gasoline price hike. Aluminium Bahrain (Alba) ALBH.BH, owner of one of the world’s largest aluminium smelters, is seeking an exemption from U.S. tariffs, its chief executive said on Tuesday. 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 25, 2018 Bahrain sold 100 million dinars ($265 million) of bills due Apr 25, 2019. Investors offered to buy 1.23 times the amount of securities sold. The bills were sold at a price of 96.142, have a yield of 3.97 percent and will settle on Apr 26. Egypt's CI Capital IPO covered almost 30 times. A public share offering of Egyptian investment bank CI Capital was covered 29.45 times at a price of 7.7 Egyptian pounds ($0.4360) per share, traders told Reuters on Tuesday. The investment bank is trying to raise 1.7 billion in the initial public offering by selling 41.5 percent of its shares on the Egyptian Exchange. Egypt's Qalaa holdings' shares fell 6 percent after the Financial Regulatory Authority demanded the company to prepare a study to assess the fair value of its shares, the country's watchdog said on Tuesday. The Financial Regulatory Authority has the right to request Egyptian-listed companies conduct a study assessing the fair value of its shares in case the price moves more than 50 percent in either direction within three months. The company's shares jumped about 95 percent on the Egyptian stock exchange in two months and are up around 166 percent in the past twelve months. Medinet Nasr Housing Targets Sealing Sodic Deal Within 6 Months. Property developer wants to conclude a tie-up with Sixth of October Development & Investment "as fast as possible" so as not to interrupt the operations of both companies, Medinet Nasr’s Investor Relations head, Salah Katamish, informed. (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) GFH 73.43% 0.55 19,663,505 24,541,031 Aramex 62.19% 0.07 1,024,870 4,068,734 Eshraq 35.47% 0.05 1,162,500 825,375 Amanat 21.55% 0.02 500,000 680,000 4.02% 0.02 30,000 55,200 18.28% 0.01 150,000 315,000 Al Waha Capital 7.99% 0.01 183,851 348,068 Amlak Finance 20.57% 0.01 147,500 119,700 Emaar Malls 10.11% 0.01 1,301,430 2,798,075 Tabreed 46.89% 0.01 271,351 475,218 Takaful Ins Arabtec Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Integrated Securities (Regulated by the Securities & Commodity Authority) Al Bateen Towers, C2 P.O.Box 107077, Abu Dhabi, UAE Shares Mcap Change Change (AED) 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 25, 2018 DSI 15.91% -0.20 (2,141,975) (3,191,543) Dar Al Takaful 21.73% -0.20 (300,000) (192,000) Gulf Nav 19.99% -0.17 (1,562,656) (1,625,162) AXA Green Crescent 23.85% -0.11 (220,000) (176,000) RAK Bank 17.92% -0.06 (1,005,600) (4,425,288) Union Properties 24.32% -0.05 (2,144,770) (1,717,961) DXBE 31.70% -0.05 (3,999,956) (1,671,982) Deyaar Dev 10.58% -0.05 (2,889,000) (1,349,163) Manazel 19.95% -0.04 (1,040,000) (561,600) Emaar Properties 36.99% -0.03 (2,147,922) (11,792,090) (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