UAE: Daily Market Trading Report - 25 January

Transcription

1. 25 January 2021 Morning Report # Market Stats Indices # UAE Trading Summary Close 1M 3M Change Change Change 1Y Change AEDm Buy Sell Net ADX 5,613 0.0% 9.5% 23.2% 7.0% ADX 367 367 - DFM 2,716 -0.7% 7.5% 24.3% -4.3% Local 70% 43% 27% TASI 8,830 -0.5% 1.5% 3.8% 5.3% Foreign 30% 57% -27% BHSEASI 1,454 0.1% -2.6% 0.4% -12.1% Institutional 72% 75% -2% EGX 11,525 -1.1% 7.9% 4.9% -16.0% Retail 28% 25% 2% Dow Jones 30,997 -0.6% 3.3% 9.3% 6.2% DFM 285 285 S&P 500 3,841 -0.3% 4.2% 11.2% 15.6% Local 59% 69% -10% Nasdaq 13,543 0.1% 5.7% 17.7% 44.3% Foreign 41% 31% 10% 6,695 -0.3% 3.7% 15.7% -11.6% Institutional 27% 38% -11% 13,874 -0.2% 3.4% 10.6% 2.7% Retail 73% 62% 11% 5,560 -0.6% 1.7% 14.6% -7.5% Total 652 652 - Nikkei225 28,631 -0.4% 8.3% 22.0% 19.1% Local 65% 55% 11% HIS Foreign 35% 45% -11% FTSE 100 DAX CAC40 30,057 -1.6% 12.7% 18.8% 3.9% US Futures 3,849 0.4% 4.2% 13.4% 16.9% Europe Futures 3,600 0.3% 1.7% 15.8% -4.7% - # Last trading day's short sell positions Company Short Volume (shrs.) Short Volume (%) ADCB (245,407) 5.0% 4.9 32.0 RAK Pro. (180,000) 2.3% 7.9 4.7 FAB (111,949) 2.2% 5.0 75.2 Aldar (94,400) 0.5% 20.5 71.1 ADIB (58,718) 0.0 1.4 7.0 # Upcoming Corporate Actions & Events Date Company Event 26-Jan FAB BoD/Results 26-Jan ENBD BoD/Results 26-Jan EIB BoD/Results 9-Feb MSCI 1Q21 Index Announcment Date 11-Feb Ithmaar 19-Feb FTSE 1Q21 Index Announcment Date 14-Feb GFH BoD/Results BoD/Results Volume (m) Turnover (AEDm)
2. # Key Stories FAB issued Oman’s CMA custody license and signs service level agreement with Muscat clearing and depository Tabreed signs pact with Twofour54 to provide district cooling (3.5k RTs) to its headquarters Yas Creative Hub in Yas Bay Air Arabia resumes flights between Alexandria and Doha starting February 2, 2021 UAE Exchange, Xpress Money will restart operations soon UAE cabinet approved a public debt strategy aimed at developing the Gulf state's market for local currency bonds, the UAE’s vice president said UAE on January 24 announced 3,579 new COVID-19 cases and 4,166 recoveries. The tally takes total cases in UAE to 277,955 with 251,484 recoveries and 792 deaths Saudi Arabia names Fahad al-Mubarak as new central bank governor Saudi’s Public Investment Fund plans to double its assets to SAR 4trn by 2025, Crown Prince Mohammed bin Salman said In November, Saudi oil exports fell by SAR 24,888mln or 39.8% Saudi’s Almarai posted Q4 net profit after zakat and tax SAR 335.9mln versus SAR 311.9mln year ago. Quarterly sales SAR 3,819.6mln, up 3.1% YoY Kuwait's emir has reappointed Sheikh Sabah al-Khalid al-Sabah as prime minister Kuwait Central Bank allows banks to distribute 2020 dividends Kuwait on Sunday reduced the number of daily overseas airline passenger arrivals by 80% to 1,000 to manage the spread of a new coronavirus variant, a source told Reuters Oman will extend the close of its land borders for another week until Feb. 1, to curb the spread of the coronavirus Egypt’s SODIC total FY contracted sales EGP 7.4bln, surpassing management guidance after excluding Malaaz # Key Global Trends/ Market Clues Asian shares rose on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by expectations of a USD 1.9trn fiscal stimulus plan to help revive the U.S. economy. Global equity markets have scaled record highs in recent days on bets COVID vaccines will start to reduce the inflection rates worldwide and on a stronger U.S. economic recovery under President Joe Biden. MSCI's broadest index of Asia-Pacific shares outside Japan rose slightly to 721.96 and just a short distance away from last week's record high of 727.31. The benchmark is up 8.5% so far in January, on track for its fourth straight monthly rise. Japan's Nikkei rebounded from falls in early trading to be up 0.36%. Australian shares were slightly higher too after the country's drug regulator approved the Pfizer/BioNTech COVID-19 vaccine with authorities saying a phased rollout will begin late next month. Chinese shares rose, with the blue-chip CSI300 index up 0.6%. Oil prices slipped for a second straight session on Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel demand. Brent crude futures for March fell 15 cents, or 0.3%, to USD 55.26 a barrel by 0158 GMT, while U.S. West Texas Intermediate crude for March was at USD 52.19 a barrel, down 8 cents, or 0.2%.
3. # UAE Stories FAB issued Oman’s CMA custody license and signs service level agreement with Muscat clearing and depository. Has become a direct custodian member of Muscat Clearing and Depository in Oman. Tabreed signs pact with Twofour54 to provide district cooling to its headquarters Yas Creative Hub in Yas Bay. Tabreed to deliver cooling capacity of 3,500 refrigeration tons by year- end. Air Arabia resumes flights between Alexandria and Doha starting February 2, 2021. Two flagship brands of the troubled Finablr Group - UAE Exchange and Xpress Money are expected to restart operations soon following the recapitalisation and revamping of the global payment solutions firm. A consortium of Prism Group of Israel and Abu Dhabi’s Royal Strategic Partners, which reached a pact in December to acquire the debt-ridden Finablr for “a nominal initial consideration of USD 1, has appointed Moelis & Company as its advisor. The appointment of the advisor represents a significant milestone in the consortium’s plan to recapitalise Finablr on behalf of its customers, employees and stakeholders, the consortium said in a statement. UAE cabinet approved a public debt strategy aimed at developing the Gulf state's market for local currency bonds, the UAE’s vice president said. "The goal is to build a bond market in the local currency and stimulate the country's financial and banking sector," UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said. Individual emirates such as Dubai, Abu Dhabi, and Sharjah, have already become issuers of international debt. The UAE has no debt of its own but plans to sell federal bonds soon. The United Arab Emirates on January 24 announced 3,579 new COVID-19 cases, bringing the total confirmed cases in the country to 277,955. At the same time, 4,166 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 251,484. UAE's Ministry of Health and Prevention said. It has reported 9 deaths from COVID-19 during the past 24 hours. The nationwide death toll stands at 792. # GCC/MENA Saudi Arabia's central bank governor Ahmed al-Kholifey was removed from his post and replaced by Fahad al-Mubarak in a decree by the king on Sunday, state media reported. Saudi’s Public Investment Fund plans to double its assets to SAR 4trn by 2025, Crown Prince Mohammed bin Salman said. In November, Saudi oil exports fell by SAR 24,888mln or 39.8%, while Saudi merchandise imports value up 8.4% in November. Saudi non-oil exports, increased by 12.0% YoY in November 2020, rising up to SAR 20,576mln Saudi’s Almarai posted Q4 net profit after zakat and tax SAR 335.9mln versus SAR 311.9mln year ago. Quarterly sales SAR 3,819.6mln, up 3.1% YoY. Q4 recorded a gain of SAR 9.8mln compared to last year loss of SAR 27.9mln. Kuwait's emir has reappointed Sheikh Sabah al-Khalid al-Sabah as prime minister, after the cabinet resigned last week in a standoff with parliament over its vote to question the premier, the state news agency KUNA reported on Sunday. The prime minister and the cabinet had been acting in a caretaker role since the resignation. The emir tasked the prime minister with nominating a new cabinet. Kuwaiti banks will be allowed to distribute cash profits based on their 2020 financial results, the Central Bank of Kuwait said Saturday. Due to the strength and durability of the financial results of Kuwaiti banks and due to not using their provisions during 2020, they can distribute dividends, the bank said in a statement. Kuwait on Sunday reduced the number of daily overseas airline passenger arrivals by 80% to 1,000 to manage the spread of a new coronavirus variant, a source told Reuters. Oman will extend the close of its land borders for another week until Feb. 1, to curb the spread of the coronavirus, state news agency ONA said on Sunday, citing a decision by the Gulf state's coronavirus emergency committee. Egypt’s SODIC total FY contracted sales EGP 7.4bln, surpassing management guidance after excluding Malaaz. Cancellations of 14% of gross contracted sales were recorded during the year. Due to permitting delays in the North Coast Region, the launch of Malaaz was postponed to 2021.
4. Cancellations were negatively affected by client ’s initial response to Covid-19 outbreak in addition to cancellation of a bulk transaction in Q3. Malaaz project was targeted to contribute circa EGP 1bln to EGP 8.4bln sales guidance. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)
5. # UAE Focus list Company MCAP PRICE (AEDm) (AED) HIGH - LOW TTM P/E DIV HISTORICAL RETURN 3M% 6M% 12M% 46,127 6.63 8.00 3.82 12.74 0.84 5.7% 6.2 18.0 30.0 (10.9) ADIB 18,233 5.02 5.81 3.19 11.58 0.96 5.5% 5.2 19.5 38.3 (6.0) 2,879 5.05 5.17 2.95 7.72 1.21 5.9% (1.0) 34.7 60.3 68.3 ADNOC Dist 52WL VALUATION ADCB ADNIC 52WH TTM P/B YLD (%)^ 1M% 48,750 3.90 3.96 2.40 23.47 17.55 4.9% 2.1 16.4 30.5 31.9 Agthia 3,694 5.13 5.59 2.50 103.78 1.65 2.9% 22.7 17.1 80.0 57.9 Air Arabia 6,113 1.31 1.61 0.87 NA 1.50 6.9% 4.8 18.0 17.0 (8.5) Ajman Bank 1,623 0.77 0.90 0.50 58.83 0.65 0.0% (0.9) 13.5 31.0 (10.1) Al Waha Capital 2,178 1.12 1.20 0.62 NA 0.72 NA 1.8 8.7 34.9 22.9 Aldar Properties 27,362 3.48 3.82 1.35 15.31 1.10 4.2% 8.1 60.4 107.1 70.8 Amanat Holdings 2,020 0.81 0.92 0.56 137.41 0.81 2.7% (0.2) 2.0 (6.6) 7.1 383 0.26 0.48 0.20 NA 0.78 0.0% (0.4) (7.3) (20.3) (43.5) Aramex 6,383 4.36 4.49 2.00 17.71 2.50 3.8% (1.8) 5.8 28.2 25.8 Bank of Sharjah 1,365 0.65 0.83 0.50 NA 0.42 0.0% 1.6 22.6 22.6 (20.2) DAMAC Properties 8,349 1.38 1.75 0.36 NA 0.64 NA (2.8) 23.2 68.3 Dana Gas 4,876 0.70 0.93 0.53 NA 0.62 7.9% (1.0) (0.4) (2.0) (18.8) Deyaar Development 1,768 0.31 0.37 0.18 48.26 0.39 0.0% 8.9 9.3 12.1 (16.6) Dubai Financial Market 9,920 1.24 1.28 0.50 68.32 1.28 2.0% 34.8 51.2 57.0 36.1 Dubai Investment 7,058 1.66 1.72 0.98 11.44 0.59 NA 15.3 48.2 44.3 32.7 Dubai Islamic Bank 36,493 5.04 5.85 3.04 9.63 0.98 6.9% 7.7 22.6 32.6 (4.8) DXB Entertainments 664 0.08 0.20 0.08 NA 0.58 0.0% (20.2) (24.5) (30.3) (55.6) Emaar Dev 12,160 3.04 3.97 1.79 6.11 1.11 0.0% 9.4 36.3 45.5 (21.2) Emaar Malls 24,727 1.90 1.99 0.98 21.69 1.31 0.0% 1.6 28.4 35.7 3.8 Emaar Properties 28,209 3.94 4.22 1.90 6.73 0.50 0.0% 10.1 51.0 51.5 (4.1) Emirates Integrated Tele 29,917 6.60 6.71 4.33 16.34 3.52 5.2% 15.2 20.0 31.9 22.1 Emirates NBD 72,957 11.55 13.85 6.33 9.83 0.88 3.5% 9.0 19.1 29.9 (11.4) Amlak Finance Eshraq Investments 95.7 753 0.32 0.46 0.16 NA 0.53 NA 3.5 7.6 15.3 3.5 Etisalat 169,587 19.50 20.98 11.02 18.97 3.62 4.1% 12.1 14.2 16.0 24.6 First Abu Dhabi Bank 163,363 14.96 15.90 7.78 16.47 1.61 4.9% 13.3 33.6 40.9 0.1 2,380 0.66 0.93 0.45 18.88 0.68 5.1% 12.4 17.5 16.7 (15.1) (2.2) GFH Gulf Navigation Holding IHC Julphar 414 0.41 0.55 0.28 NA 0.78 0.0% 81,964 45.00 47.96 10.32 37.22 14.44 NA (3.1) (18.0) (13.1) 7.9 15.4 40.0 301.8 60.5 1,617 1.40 1.54 0.54 NA 1.47 0.0% 1.4 (6.0) 16.7 11,974 67.45 72.05 62.00 18.15 0.57 5.9% (0.7) (0.8) 0.8 National Bank of Fujairah 9,536 4.98 4.98 4.98 NA NA 1.9% NA NA NA 3.3 Tabreed 7,848 2.89 2.95 1.67 15.26 1.58 3.6% 10.7 27.9 47.4 52.1 RAK Bank 6,754 4.03 5.00 3.33 9.76 0.88 7.4% 3.9 13.5 14.5 (11.3) RAK Properties 1,172 0.59 0.64 0.33 10.78 0.31 6.8% 23.6 52.6 60.5 39.1 RAK Ceramics 1,679 1.69 1.81 1.24 20.41 0.73 8.5% 13.4 20.7 28.0 17.6 990 0.82 0.92 0.30 6.34 1.14 NA (3.8) 9.2 63.3 62.4 Sharjah Islamic Bank 4,253 1.38 1.40 0.95 8.80 0.56 3.5% 5.3 17.9 23.2 14.2 SHUAA Capital 1,843 0.73 0.88 0.40 17.31 1.30 NA 6.6 19.6 34.4 (15.4) Mashreqbank SALAMA Takaful Emarat Insurance (4.2) 237 1.58 1.60 1.18 NA 1.90 5.2% 5.3 10.5 8.2 12.1 165,278 1.47 1.78 0.42 54.65 2.66 0.0% 2.1 4.6 40.1 210.1 1,214 0.28 0.39 0.15 4.21 0.40 0.0% 1.4 1.8 0.4 34.8 United Arab Bank 1,664 0.81 0.90 0.81 (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration NA 1.00 0.0% (4.9) (9.7) (9.7) (10.0) TAQA Union Properties
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