UAE: Daily Market Trading Report - 26 February

Transcription

1. IS Morning Report Monday , February 26, 2018 Global & Regional Benchmarks Indices Close UAE Trading Summary 1Day 1Mnth 3Mnth YTD 1Y Change Change Change Change Change BUY (AEDm) SELL NET ADX 4,582 0.1% -1.3% 7.0% 4.2% -1.6% ADX 50 50 DFM 3,307 0.6% -4.9% -4.1% -1.9% -9.2% Local 57% 48% 10% TASI 7,494 -0.4% 0.0% 8.1% 3.7% 6.3% Foreign 43% 52% -10% KWSEI 6,757 0.8% 1.9% 8.3% 5.4% -0.8% Institutional 65% 59% 7% 15,468 1.0% 2.0% 8.8% 3.0% 26.1% Retail 35% 41% -7% Dow Jones 25,310 1.4% -4.9% 7.4% 2.4% 21.6% DFM 184 184 - S&P 500 2,747 1.6% -4.4% 5.6% 2.8% 16.1% Local 53% 58% -5% Nasdaq 7,337 1.8% -2.2% 6.5% 6.3% 25.5% Foreign 47% 42% 5% FTSE 100 7,244 -0.1% -5.5% -2.2% -5.8% 0.0% Institutional 34% 28% 6% 12,484 0.2% -6.4% -4.4% -3.4% 5.8% Retail 66% 72% -6% 5,317 0.2% -3.8% -1.4% 0.1% 9.7% Total 234 234 - Nikkei225 22,148 1.2% -6.3% -1.8% -2.7% 14.9% Local 54% 56% -1% HIS 31,459 0.6% -5.1% 5.3% 5.1% 31.3% Foreign 46% 44% 1% EGX DAX CAC40 - Upcoming Corporate Actions & Events Date Company Event 26-Feb ITHMAR Board Meeting 07-March Gulf Medical Projects AGM 10-March RAK Properties AGM 14-March RAK Bank AGM 21-March Ajman Bank AGM 21-March DU AGM Key Stories FAB - shareholders authorize FAB board to issue any type of bonds, Islamic Sukuk, non-convertible into shares under existing programmes for amount not exceeding $7.5 bln GFH Financial Group Board Elects Jassim Al Seddiqi as Chairman 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 Monday , February 26, 2018 FAB Expects to Open Branch in Saudi Arabia This Year: Deputy CEO RAK Bank Board calls AGM on march 14 to discuss increase in amount of medium term notes that bank can issue to $2 billion Adnoc Distribution to Keep Debt/Ebitda Ratio at 2x Max Depa delists its GDRs from London Stock Exchange Virgin Hyperloop eyes doubling capital, in talks with Dubai, Saudi Arabia, EU Saudis See Oil Output Cuts Easing in 2019 Without Hurting Market Saudi developer Dar Al Arkan meets bond investors for non-deal roadshow. Saudi Jazan Refinery to Reach Full Capacity in 2019 Bahrain Committed to VAT, Upgrading Industries: Finance Minister Bahrain’s Alba on track to complete debt financing for smelter expansion Saudi January inflation jumps to 3.0 percent on VAT, gasoline price hike Orascom Development Egypt to Cut Debt by EGP1B with Asset Sales Egypt signals that $15 billion gas deal will hinge on Israeli debt concessions Global Markets Wrap: Asian share markets were in a cautious mood on Monday as investors braced for an event-packed week headlined by U.S. inflation data and the first House testimony by the new head of the Federal Reserve. Sentiment was fragile with the dollar losing early gains and safe-haven bonds firming as E-Mini futures for the S&P 500 ESc1 turned 0.1 percent lower. Yields on U.S. 10-year Treasuries had also backed off to 2.85 percent and away from a four-year top of 2.957 percent. Bond traders are pricing less than the three quarter-point rate hikes that Fed officials signaled as likely this year. While the slump in stocks at the start of February may have been in part fueled by concerns tied to the 10-year yield approaching 3 percent, many strategists have said they felt equities could continue to rise until reaching 3.5 percent or 4 percent. 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 Monday , February 26, 2018 Oil prices extended gains to hit their highest level in nearly three weeks on Monday, supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global supplies. U.S. West Texas Intermediate crude for April delivery was up 20 cents, or 0.3 percent, at $63.75 a barrel by 0342 GMT after rising 3 percent last week. London Brent crude gained 12 cents, or 0.2 percent, to $67.43, after climbing nearly 4 percent last week. Libya Oil Field's Halt Disrupts Crude Exports From Key Terminal. ibya’s oil exports from the Mellitah terminal will be “modified” after protests disrupted production at the key El-Feel deposit for the first time in two months, putting the OPEC nation’s crude production at risk of a decline again. China's ruling Communist Party on Sunday set the stage for President Xi Jinping to stay in office indefinitely, with a proposal to remove a constitutional clause limiting presidential service to just two terms in office. UAE: FAB - shareholders authorize FAB board to issue any type of bonds, islamic sukuk, non-convertible into shares under existing programmes for amount not exceeding $7.5 bln GFH Financial Group Board Elects Jassim Al Seddiqi as Chairman. GFH board also elects Shaikh Ahmed Khalifa al Khalifa as chairman of GFH Capital. Board accepts resignation of Chandan Gupta as CFO. The board also accepted the resignation of Dr. Ahmed Al‐Mutawa from his memberships at the GFH board, Khaleeji Commercial Bank and GFH Capital. First Abu Dhabi Bank expects to open a branch in Saudi Arabia this year pending regulatory approval, Deputy CEO Andre Sayegh says in Abu Dhabi. Improving economy will help bring down provisions Commercial banking license to include investment banking. Focusing on expanding in Egypt ad India and growth in existing markets. Bank in the process of hiring. CFO James Burdett says FAB expects to issue sukuk "soon;" bank is very liquid, will only issue "when the price is optimal" RAKBANK Board Calls AGM To Discuss Increase in Medium Term Notes. Board calls AGM on march 14 to discuss increase in amount of medium term notes that bank can issue to $2 billion Adnoc Distribution to Keep Debt/Ebitda Ratio at 2x Max. Net Debt-to-EBITDA ratio was 1.18 at the end of 2017, service-station unit of Abu Dhabi’s government-owned oil producer says in statement. Expects new service station construction and opening costs to be reduced by up to 40% from 2019 onward. Expects to invest less than 700m dirhams in capital investment program in 2018. Board to propose cash dividend of 0.0588 dirham per share. Says risks potentially affecting financial and operational results include supply chain risks, asset integrity and information technology risks. 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 Monday , February 26, 2018 Depa delists its GDRs from London Stock Exchange Virgin Hyperloop One, the futuristic transportation concept inspired by Elon Musk, expects to double money it has raised from investors that may include pension and sovereign wealth funds who will help anchor agreements in Saudi Arabia, the UAE and Europe, its chief executive said. GCC: Saudis See Oil Output Cuts Easing in 2019 Without Hurting Market. OPEC and its allies including Russia may next year ease the crude-output curbs that have helped prices recover from the worst crash in a generation, according to Saudi Arabia’s oil minister. Saudi Arabian real estate developer Dar Al Arkan met fixed income investors last week for a so-called non-deal roadshow, discussions that were not linked to any specific plan for a bond issue, sources familiar with the matter said. Dar Al Arkan, which issued $500 million of Islamic bonds last April, held the meetings to update investors on the company’s business, but no concrete bond issue plan was discussed, said one source, declining to be named because of commercial sensitivities. Saudi Jazan Refinery to Reach Full Capacity in 2019, Saudi Aramco will begin to ramp up production at Jazan refinery on kingdom’s Red Sea coast this year, Saudi Arabia Energy MinisterKhalid Al-Falih said in New Delhi Saturday. “The ramp-up will start in 2018, but it will be on stream fully in 2019” “We will announce the schedule, but it’s coming up nicely and it’s a remote location, difficult infrastructure, greenfield site, coastal location” Bahrain Committed to VAT, Upgrading Industries: Finance Minister, Bahrain’s government is working with parliament on a VAT law and is committed to being ready for it by yr-end, Finance Minister Ahmed Al Khalifa says at conference in Manama. VAT implementation shouldn’t affect growth, Bahrain has $32b infrastructure plan, focusing on upgrading roads, housing and aluminum manufacturer Alba, Not looking at reducing subsidies “but redirecting them to where they are needed”. Aluminium Bahrain (Alba), owner of one of the world’s largest aluminium smelters, will raise by the end of this year's first quarter the final debt amount needed to fund its Line 6 expansion project, a company official told Reuters. With Line 6, Alba ALBH.BH will become the world’s largest single aluminium smelter complex, increasing production capacity by 540,000 metric tonnes to a total capacity of 1.5 million tonnes per year, the company says. Saudi January inflation jumps to 3.0 percent on VAT, gasoline price hike, Saudi Arabia’s annual consumer price inflation jumped to 3.0 percent in January after the government introduced a 5 percent value-added tax and hiked domestic gasoline prices at the start of the year, official data showed on Sunday. The figures suggested the new tax and more expensive fuel, part of a government drive to cut a big budget deficit caused by low oil prices, had a large impact on Saudi consumer spending power in some areas last month. Consumer prices rose 3.9 percent from the previous month in January. Egypt: Orascom Development Egypt to Cut Debt by EGP1B with Asset Sales. Company sold 100% of its equity stake in Tamweel Group, and stakes in 3 hotels and a land plot in the Makadi Red Sea resort area, it says in an emailed statement. Sales will result in interest saving of around EGP100m annually through 2024. Company is in talks with banks to “optimize” repayment schedule. Sold Tamweel to a consortium of local 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 Monday , February 26, 2018 and international investors for up to EGP300m. Hotels and land plot were sold to Meeting Point International Egypt, a subsidiary of FTI Group, for enterprise value of EGP939.3m Egypt signals that $15 billion gas deal will hinge on Israeli debt concessions. Egyptian officials have signaled that a giant $15 billion deal to buy natural gas from Israel hinges on Israel’s backing down from rulings awarding it $1.8 billion or more of compensation when Egypt cut off its supply of gas to Israel in 2012. In Israel, however, officials deny that there has been any agreement on compensation. “Israel hasn’t given up on the debt and the matter did not come up for discussion during talks on the Leviathan export deal to Egypt that was signed [last] week,” Israel’s Ministry of Energy said. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business) Volume Triggers Company Close Chg.(%) 52WH 52WL Turnover 30 DA Turnover 4.80 3.90 124,248 22,834 Comm. Bank Dubai 4.00 - Gulf Navigation 1.09 (1.80) 1.52 0.91 12,538,909 3,957,955 GFH Financial Group 1.37 5.38 2.82 1.24 66,678,844 30,895,332 Al Salam Bank Bahrain 1.40 4.48 1.41 0.85 11,950,373 7,635,476 Shuaa Capital 1.09 (2.68) 2.02 1.00 4,107,906 2,689,673 Daily Foreign Ownership Increase Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Marka 14.65% 0.31 1,550,000 852,500 Al Salam Bank Bahrain 40.48% 0.10 2,121,713 2,963,308 Shuaa Capital 18.18% 0.07 745,500 812,595 GFH 72.24% 0.07 2,502,628 3,407,350 Union Properties 18.94% 0.06 2,573,724 2,246,861 Islamic Arab Ins. 22.94% 0.05 595,151 296,450 Amlak Finance 20.89% 0.04 600,000 543,000 Dubai Investments 16.10% 0.02 850,404 1,938,921 DXBE 31.28% 0.01 799,991 445,595 8.33% 0.01 183,851 410,293 Al Waha Capital 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 Monday , February 26, 2018 Daily Foreign Ownership Decrease Company Name Foreign Change Ownershp (%) (%) Shares Mcap Change Change (AED) Gulf Nav 30.12% -0.97 (9,700,000) (10,573,000) Dar Al Takaful 21.17% -0.17 (255,000) (182,835) Sudatel 79.90% -0.09 (1,089,609) (599,285) RAK Bank 18.08% -0.06 (1,005,600) (4,777,299) Arabtec 18.39% -0.05 (750,000) (1,890,000) DSI 16.84% -0.04 (428,395) (783,963) Ajman Bank 10.80% -0.03 (504,097) (554,506) Dana Gas 59.28% -0.03 (2,092,987) (1,569,740) Manazel 20.48% -0.02 (520,000) (296,400) GGICO 19.42% -0.01 (179,133) (62,697) 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
7. IS Morning Report Monday , February 26, 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