UAE: Daily Market Trading Report - 25 November

Transcription

1. Morning Report 25 November 2022 Market Stats UAE Trading Summary Indices Close Chg . 1M Chg. ADX 10,514 0.1% 5% 5% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HIS MSCI EM MSCI Asia US Fut. 3,325 10,939 11,867 5,705 4,555 1,863 12,779 34,194 4,027 11,285 7,467 14,540 6,707 28,383 17,514 946 155 4,042 3,960 0.0% -0.2% -0.2% 0.8% 0.3% -0.1% 1.4% 0.3% 0.6% 1.0% 0.0% 0.8% 0.4% 1.0% -0.8% 1.4% 1.6% 0.2% -0.1% -2% -9% -5% 6% 4% 0% 24% 9% 6% 3% 6% 12% 9% 5% 16% 12% 15% 3% 10% -3% -12% -13% -3% 0% -2% 26% 4% -3% -9% 0% 10% 5% 0% -8% -4% -2% 0% 10% EU Fut. 3M Chg. YTD Chg. 1Y Chg. 24% 4% -3% 2% -3% 10% 4% 7% -6% -16% -28% 1% -8% -6% -1% -25% -23% -20% -15% -8% 25% 5% -4% 1% -5% 11% 4% 13% -4% -14% -29% 2% -8% -5% -3% -28% -25% -21% -12% -8% AEDm Buy Sell Net ADX 1,328 1,328 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 69% 31% 84% 16% 256 52% 48% 44% 56% 1,585 66% 34% 82% 18% 81% 19% 256 61% 39% 45% 55% 1,585 79% 21% -13% 13% 2% -2% -9% 9% 0% 0% -13% 13% Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), EGX (Egypt), HSI (Hong Kong). Last Trading Day's Top Short Positions Company Short Interest (Short shares/Out. shares) Close (AED) Change (%) 52WH High – Low 52WL 0.024% 0.022% 0.020% 0.92 4.80 4.50 (0.3) (0.4) (1.1) 1.26 4.94 5.79 0.90 1.51 3.92 Dana Multiply Aldar Upcoming Corporates Actions & Events Date Company Event 28-Nov 28-Nov 29-Nov 29-Nov 1-Dec 06-Dec 12-Dec 15-Dec 19-Dec Salik Union Coop Al Ramz Orient MSCI Rebalancing Fidelity United DEWA AAN FTSE Rebalancing BoD/General BoD/General BoD/Treasury Shares BoD/General Effective Date General Assembly General Assembly General Assembly Effective Date
2. # KEY STORIES Abu Dhabi’s economy accelerated by more than 11% on an annual basis during the 1H22, helped by a marked increase in oil prices IHC plans to sell 20% of its technology unit in IPO next year, its CEO said , adding that the company is aiming for a first quarter IPO of Pure Health to raise more than USD 1bln Americana sets final IPO price at AED 2.62 per share in UAE implying a market capitalisation for of USD 6.01bln with aggregate over subscription level of 58x Sukoon finalized the acquisition of the UAE Life insurance portfolio from Assicurazioni Generali S.p.A, strengthening its market position with individual life AUM reaching above AED 1bln Al Ramz received a binding offer to acquire the entirety of Al Ramz treasury shares amounting to 9.4235% of issued shares for a price of AED 1.10 per share DEWA announced that the water reservoir project in Hatta is 75.9% complete, with a cost of AED 86mln, the project is expected to be completed in April 2023 DIC’s joint venture EMICOOL, signed a PPA with Emirates Electrical Engineering (EEE) confirming the increase in solar capacity by 238% within DCP1 along with head office Finance House launched MENA’s first instant loan facility for SMEs in the UAE against their gold holdings or gold-related investments UAE on Nov 24 announced 224 new Covid-19 cases and 227 recoveries. The tally takes total cases in UAE to 1,043,390 with 1,022,576 recoveries and 2,348 deaths Saudi CMA approves registration and the initial public offering of Saudi Aramco Base Oil Company Saudi CMA approves Dallah Healthcare Company request to increase its capital to acquire 18.98% shares of International Medical Centre Company Saudi Tadawul Group subsidiary Tadawul Advanced Solutions signed SPA with national two ventures to acquire 51% shares in direct financial network for SAR 134mln Saudi Mouwasat Medical Services suspends to purchase full shares of the owners of Al-Marasem International Hospital in Egypt Saudi Power and Water Utility Company reported 3Q22 net profit after zakat and tax of SAR 309.66mln versus SAR 255.44mln in the same period last year Egypt’s Marseilia Egyptian Gulf Real Estate Investment reported 9M22 consolidated net loss of EGP 13.3mln versus loss of EGP 25.5mln in the same period last year Egypt’s Housing and Development Bank announced 9M22 consolidated net profit after tax of EGP 2bln versus EGP 1.58bln year ago Egypt’s El Ebour Company for Real Estate Investment board approves to increase issued capital to EGP 200mln from EGP 88.1mln # Key Global Trends/ Market Clues Shares hit a two-month high and the dollar swooped towards a three-month low, after Federal Reserve signals of smaller interest rate rises from next month were followed by the message from Frankfurt that the ECB will plough on. With Wall Street shut for Thanksgiving, it was up to Europe to continue the rebound in market confidence that has been building for more than a month. It seemed a bit of a struggle early on when London's FTSE refused to budge, but there were just enough gains in the rest of Europe. Futures markets show investors now see U.S. rates peaking just above 5% by May and are pricing in a roughly 75% chance that the Fed now switches to 50 basis point rises rather than the 75 bps it has been using recently. The ECB's equivalent minutes out showed its rate setters fear that inflation may now be getting entrenched in the euro zone. The euro rose as high as USD 1.0447, edging it closer to its recent four-month top of USD 1.0481, while the dollar weakened 0.6% against the Japanese yen to 138.70 yen and past USD 1.20
3. against sterling . Overnight, Asian markets had seen Japan's Nikkei and South Korean shares both rose around 1%. Benchmark Brent oil edged lower while WTI crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much it would limit supply. A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent crude futures were down 29 cents, or 0.3%, to USD 85.12 a barrel, while U.S. WTI crude futures rose 2 cents, to USD 77.96. Trading volumes were thin because of the Thanksgiving holiday in the United States. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. Oil prices also came under pressure after the Energy Information Administration (EIA) said that U.S. gasoline and distillate inventories rose substantially last week. # UAE Stories Abu Dhabi’s economy accelerated by more than 11% on an annual basis during the 1H22, helped by a marked increase in oil prices. The city, saw its GDP rise to AED 543bln (USD 147.8bln) in the 1H22, according to government figures published non-oil sectors also showed “positive growth,” according to the government’s media office, with the health and social work activity sector rising nearly 30%, and accommodation and food services increasing 29%. Mainly dependent on oil for most of their revenues, Arab Gulf nations, including the UAE, have been leading diversification plans to push their economies away from crude. IHC plans to sell 20% of its technology unit in IPO next year, its CEO said , adding that the company is aiming for a first quarter IPO of Pure Health to raise more than USD 1bln. IHC, Pure Health, under Alpha Dhabi, aims to raise more than $1 billion in a first-quarter IPO delayed from this year. Pure Health has played a major role in the UAE screening for COVID-19. Asked about plans for International Technology Holding (ITH), CEO Syed Basar Shueb said IHC will likely list 20% of it in the third quarter and is in talks with local firms about possible acquisitions by the group born out of IHC’s IT sector holdings. Americana sets final IPO price at AED 2.62 per share in UAE. Company announced the successful conclusion of the concurrent book-building and subscription period for its IPO. The final price for the shares to be sold in the Offering (the "Final Offer Price") has been set at AED 2.62 per share in the UAE and SAR 2.68 per Share in Saudi Arabia, implying a market capitalisation for Americana Restaurants of USD 6.01bln (equivalent to AED 22.07bln or SAR 22.58bln). The Offering was priced at the top of its range. Based on the Final Offer Price, the total offering size is USD 1.80bln, equivalent to AED 6.62bln or SAR 6. 77bln.Offering achieved an aggregate over subscription level of approximately 58x. Sukoon has finalized the acquisition of the UAE Life insurance portfolio from Assicurazioni Generali S.p.A. The agreement, signed on February 22nd, 2022, is in line with Generali’s overall strategy to rationalize its business model in UAE by strengthening its ecosystem of partnership proposition. The transfer which covers unit-linked life insurance policies has been approved by regulators including the Central Bank of UAE and the IVASS in Italy. The migration of portfolio has been completed on the 21st of November. Sukoon will continue to provide policyholders with
4. access to best-in-class insurance services and system . This transaction strengthens Sukoon’s market position with individual life AUM reaching above AED 1bln. Al Ramz received a binding offer to acquire the entirety of Al Ramz treasury shares amounting to 9.4235% of issued shares for a price of AED 1.10 per share. The binding offer was issued by credible and financially sound national institution which is an existing significant shareholder having no representation on the board of directors. Al Ramz board of directors will convene on 29 November 2022 to consider the offer. If approved, the sellback of the treasury shares is expected to increase book value per share by AED 0.04, cash position by AED 57mln, and shares in circulation by 51.8mln shares. DEWA announced that the water reservoir project it is building in Hatta is 75.9% complete. The project has a storage capacity of 30mln imperial gallons (MIG), at a cost of approximately AED 86mln. It is expected to be complete in April 2023. DIC’s joint venture EMICOOL, has signed a Power Purchase Agreement with Emirates Electrical Engineering (EEE). The agreement confirms the company is increasing its solar capacity by 238% within its District Cooling Plant 1 (DCP1) along with its head office boundaries, located in Dubai Investments Park 1. Finance House launched MENA’s first instant loan facility for SMEs in the UAE against their gold holdings or gold-related investments. The aim of the Finance House’s SME gold loan is to provide finance-seeking entrepreneurs with faster, easier, and cost-effective access to liquidity to meet their various business needs. UAE on Nov 24 announced 224 new Covid-19 cases, bringing the total confirmed cases in the country to 1,043,390. At the same time, 227 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 1,022,576, UAE's Ministry of Health and Prevention said. It has reported 0 death from Covid-19 during the past 24 hours. The nationwide death toll stands at 2,348. # GCC/MENA Saudi CMA approves the registration and the initial public offering of Saudi Aramco Base Oil Company - Luberef company's shares Saudi CMA approves Dallah Healthcare Company request to increase its capital to acquire 18.98% shares of International Medical Centre Company. Dallah Healthcare's requested to increase its capital to SAR 976.8mln from SAR 900mln by issuing 7.7mln ordinary shares. Saudi Tadawul Group subsidiary Tadawul Advanced Solutions signed sale and purchase agreement with national two ventures to acquire 51% shares in direct financial network. The transaction value is SAR 134mln and financial impact will be determined based on performance of target after acquisition, and it is expected to have positive effect. Saudi Mouwasat Medical Services updates on MOU to purchase full shares of owners of AlMarasem International Hospital in Egypt. The company decided to suspend work of MOU to purchase entire shares of owners of Al Marasem International hospital due to failure to complete due diligence work. Saudi Power and Water Utility Company reported 3Q22 net profit after zakat and tax of SAR 309.66mln versus SAR 255.44mln in the same period last year. The quarter saw increase in general and administrative expenses. 3Q22 sales were recorded SAR 1,767.94mln versus SAR 1,645.48mln year ago.
5. Egypt ’s Marseilia Egyptian Gulf Real Estate Investment reported 9M22 consolidated net loss of EGP 13.3mln versus loss of EGP 25.5mln in the same period last year. 9M22 consolidated net revenue recorded EGP 259.5 mln versus EGP 202.6mln year ago. Egypt’s Housing and Development Bank reported 9M22 consolidated net profit after tax of EGP 2bln versus EGP 1.58bln in the same period last year. 9M22 consolidated Interest revenue recorded EGP 7.05bln versus EGP 5.09bln year ago. Egypt’s El Ebour Company for Real Estate Investment board approves to increase issued capital to EGP 200mln from EGP 88.1mln. *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
6. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 65,051 9.35 11.30 8.10 12.41 1.22 4.0% 2.5 1.6 13.5 13.8 ADIB 34,686 9.55 10.46 5.92 11.85 1.64 3.3% 3.8 4.8 43.8 53.9 3,374 5.92 7.63 5.70 10.05 1.31 6.8% (1.0) (3.0) (6.7) 7.8 ADNOC Dist. 55,250 4.42 4.88 3.80 19.05 18.27 4.7% 0.9 (3.5) 8.6 10.7 ADNOC Drill* 53,120 3.32 3.92 2.97 20.32 5.36 4.5% (2.6) (8.5) 1.9 - AD Ports Company ADNIC HIGH-LOW VALUATION Div. TOTAL RETURN ** 29,522 5.80 6.87 3.22 34.93 1.55 - 2.3 14.6 - - Agthia 3,420 4.32 5.67 4.20 NM 1.23 3.8% (1.6) (11.4) (12.3) (20.0) Air Arabia 9,567 2.05 2.36 1.36 7.17 1.40 4.1% 1.0 (8.5) 48.9 40.2 Ajman Bank Aldar Alpha Dhabi 1,844 0.88 0.88 0.66 13.30 0.74 - 20.6 20.8 7.9 6.8 35,382 4.50 5.79 3.92 12.60 1.20 3.3% 3.0 (6.8) 16.1 13.0 272,600 27.26 30.50 23.78 NA NA - 12.7 11.2 (0.1) (4.8) Amanat 2,053 0.82 1.21 0.81 32.42 0.76 7.3% (8.9) (13.9) (24.8) (24.8) Aramex 5,271 3.60 4.45 3.52 30.13 2.07 3.6% (2.7) (7.0) (9.9) (10.5) ASM 9,860 9.86 15.00 8.89 NM 1.45 - 5.5 7.2 (29.1) (30.1) 81,156 2.70 3.27 2.63 14.5 4.45 - (0.4) (9.6) - - BOS 1,076 0.49 0.64 0.45 - - - - - (21.1) (17.1) Dana Gas 6,450 0.92 1.26 0.90 8.82 0.74 8.7% 0.1 (0.2) (5.4) (4.9) 119,000 2.38 3.05 2.34 19.43 1.31 5.2% (4.0) (5.5) - - Borouge* DEWA* Deyaar 2,223 0.51 0.70 0.44 17.14 0.50 - (1.2) (9.8) (21.1) (19.5) DFM 12,400 1.55 2.95 1.36 NM 1.57 1.9% 6.9 (15.3) (45.4) (40.1) DIC 9,525 2.24 2.64 1.80 5.76 0.75 5.4% 0.4 (5.4) 25.3 24.6 DIB 41,634 5.75 6.63 5.02 8.39 1.03 4.3% (4.6) (1.9) 11.7 12.3 DU 25,520 5.63 7.28 5.62 20.35 3.02 3.7% (3.3) (8.0) (12.6) (5.1) Easy Lease 1,197 39.90 61.90 24.00 27.06 10.50 - 1.1 1.8 37.6 28.9 Emaar Dev. 17,160 4.29 5.32 4.02 4.64 0.99 - (5.1) (10.6) (1.8) (6.7) Emaar Pro. 49,406 6.04 6.60 4.45 6.96 0.76 2.5% (2.4) 2.3 27.8 27.3 ENBD 83,695 13.25 15.50 11.80 7.91 0.95 3.8% 2.3 (2.2) 0.6 3.7 1,818 7.27 8.90 5.30 NM 2.89 - 27.8 15.8 (9.1) (9.7) Etisalat 219,506 25.24 39.06 22.66 23.51 5.36 3.2% 4.3 (2.3) (18.4) (14.6) FAB 200,404 18.14 24.06 17.02 14.41 1.78 2.7% 1.9 (8.1) (0.4) (2.1) 38,767 4.67 6.11 3.40 7.31 5.66 8.5% (7.5) (11.9) 46.1 - 3,744 0.97 1.34 0.88 10.09 0.97 4.5% 8.1 (13.9) (13.9) (7.7) ESG Fertiglobe* GFH Ghitha 16,670 69.00 123.00 24.00 NA 8.06 - (0.7) (17.9) 150.9 154.6 737,314 404.80 410.00 150.20 54.86 17.58 - 4.9 18.4 166.3 168.1 Invictus 4,726 4.22 6.50 3.50 - - - 20.6 - - - Julphar 1,352 1.17 1.91 1.14 - 1.40 - (7.1) (11.4) (36.4) (34.3) Mashreq 20,061 100.00 119.00 62.10 6.05 0.91 1.0% (3.4) 25.0 25.8 33.3 Multiply 53,760 4.80 4.94 1.51 NA 2.72 - 37.5 134.1 160.9 NA NMDC IHC 20,790 25.20 34.96 12.36 17.26 3.47 - (4.4) (8.4) 93.3 93.0 Palms Sports 1,572 10.48 14.94 8.64 12.81 3.84 - (3.7) (6.4) (14.2) (13.2) RAK Bank 7,795 4.65 5.40 4.19 7.03 0.90 4.8% (3.1) (3.1) 3.3 3.3 RAK Pro. 1,458 0.73 0.97 0.56 46.88 0.35 - (0.1) (6.5) (5.4) (6.2) RAK Cer. 2,723 2.74 3.38 2.68 NM 1.29 7.3% (5.2) (7.4) 2.9 1.8 RPM 1,100 5.50 12.68 5.37 15.04 4.16 - (13.9) (29.7) (43.0) NA SIB 6,009 1.95 2.12 1.65 9.62 0.79 4.1% (0.0) (1.5) 4.0 10.2 Shuaa 1,113 0.44 0.80 0.35 - 0.91 - 8.7 (8.4) (35.9) (44.4) Tabreed 8,365 2.94 3.52 2.27 13.91 1.33 2.0% (7.8) 4.3 21.9 18.2 TAQA 423,877 3.77 4.17 1.13 53.81 6.14 1.3% 46.9 202.1 196.1 225.7 Waha 2,625 1.35 1.81 1.24 10.04 0.76 5.6% (1.5) 3.1 (15.2) (17.6) Yahsat * 6,417 2.63 2.92 2.51 28.35 2.14 6.1% (1.1) 1.1 1.8 (0.7) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
7. Disclaimer This report has been issued by International Securities for informational purposes only . This report is not and should not be construed as an offer or the solicitation of an offer to purchase or subscribe or sell any investment or subscribe to any investment management or advisory service. Recipients should not base their investment decisions on this report and should make their own investigations, and obtain independent advice, as appropriate. International Securities has based this document on information obtained from publicly available information, and sources it believes to be reliable without being independently verified for their accuracy or completeness. It makes no guarantee, representation or warranty as to its accuracy or completeness and accepts no responsibility or liability in respect thereof or for any reliance placed by any person on such information. All opinions expressed herein are subject to change without notice. This report may not be reproduced or circulated without the prior written consent of International Securities. International Securities owns the intellectual property rights and any other material contained in this report. International Securities is regulated by the United Arab Emirates Securities and Commodities Authority under license number 20200000017. International Securities is a member of the Abu Dhabi Securities Exchange, Dubai Financial Market and NASDAQ Dubai.