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UAE: Daily Market Trading Report - 26 March

IM Insights
By IM Insights
2 weeks ago
UAE: Daily Market Trading Report - 26 March

Zakat, Sales

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  1. SHUAA Securities Morning Report # Market Stats Indices Close 1M 3M 26 March 2020 1Y Change Change Change Change # UAE Trading Summary A EDm BUY SELL Net ADX 3,921 7.4% -20.6% -23.2% -23.4% ADX 254 254 - DFM 1,823 6.4% -31.8% -34.3% -30.8% Local 58% 48% 10% TASI 6,209 0.2% -20.0% -25.6% -28.4% Foreign 42% 52% -10% BHSEASI 1,385 1.8% -16.6% -13.6% -2.2% Institutional 57% 55% 2% EGX 9,866 1.0% -26.0% -28.2% -32.8% Retail 43% 45% -2% 21,201 2.4% -21.7% -25.7% -16.9% DFM 344 344 - Local 51% 54% -3% Foreign 49% 46% 3% Dow Jones S&P 500 2,476 1.2% -20.9% -23.2% -11.5% Nasdaq 7,384 -0.5% -17.6% -17.5% -3.3% FTSE 100 5,688 4.4% -18.9% -25.5% -20.8% Institutional 37% 36% 1% DAX 9,874 1.8% -22.8% -25.8% -13.0% Retail 63% 64% -1% - CAC40 4,432 4.5% -22.0% -26.5% -15.7% Total 598 598 Nikkei225 19,547 8.0% -13.5% -17.8% -6.8% Local 54% 51% 3% HIS 23,527 3.8% -12.5% -15.6% -17.5% Foreign 46% 49% -3% # Upcoming Corporate Actions & Events Date Company Event 26-Mar DAMAC BoD/General 26-Mar ESHRAQ AGM 29-Mar ADIB AGM 30-Mar EMAAR BoD 30-Mar EMAAR DEV BoD 30-Mar EMAAR MALLS BoD 30-Mar CBI AGM 30-Mar REEM AGM 30-Mar RAKBANK AGM 30-Mar CBI AGM 30-Mar GFH AGM 31-Mar ADNOC AGM 07-Apr ARMX AGM 09-Apr JULPHAR AGM 12-Apr IHC AGM 13-Apr UAB AGM 13-Apr AMANAT AGM
  2. # KEY STORIES UAE reported 85 new cases of the Covid-19 coronavirus taking total to 333. 7 patients have recovered, taking the total number of recoveries to 52 in the country Abu Dhabi banks (FAB, ADCB and ADIB) in coordination with Abu Dhabi Department of Finance and the Abu Dhabi Department of Economic Development announce 17 financial initiatives for supporting the community and businesses in Abu Dhabi Dubai Economy has ordered all commercial establishments in the emirate to close for two weeks starting from Wednesday. All shops, except grocery stores, supermarkets, cooperative societies, and pharmacies that provide for the basic needs of residents, have to remain closed until April 8, although online sales are allowed during this period UAE will restrict the movement of traffic and people from 8 p.m. on Thursday to 6 a.m. on Sunday as it disinfects public transport and public facilities Salama board recommends FY cash dividend of 3 fils per share, first cash dividend since IPO Khaleeji Commercial Bank shareholders approve de-listing of bank's shares from DFM. Shareholders approve reduction of paid-up capital to BD 89.2mln from BD 105mln DXB Entertainments shareholders approve continuity of company's operations Gulf Navigation Holding says its accumulated losses stands at AED 445.2mln as at Dec 31, 2019 with accumulated losses to capital ratio of 44% Union Properties Board approves utilization of statutory reserve to amortize part of accumulated losses. Accumulated losses stand at AED 2.14bln as of Dec 31, 2019 National Cement board proposes FY cash dividend of 10% of share nominal value Dubai has directed private sector companies to implement remote working systems for 80% of staff from now until April 9 Water and electricity bills for businesses in the UAE are to be reduced by 20pct for the next three months Etihad staff to take 25-50% temporary pay cut amid coronavirus crisis Saudi Arabia’s Ministry of Health has confirmed a second death from coronavirus and recorded 133 new cases on Wednesday, taking the total number of infections to 900 Tadawul announces a temporary reduction of trading hours for all listed securities to be from 10 a.m. to 1 p.m effective from Thursday 26 march Saudi Arabia is tightening a partial curfew imposed nationwide to contain the spread of the coronavirus, barring entry or exit from Riyadh, Mecca and Medina as well as movement between all provinces started on Wednesday Saudi February CPI +1.2% YoY and +0.3% MoM Saudi's Dar Al Arkan posted FY net profit after zakat and tax SAR 304.6mln vs SAR 508.8mln year ago. FY sales SAR 3.49bln vs SAR 6.41bln year ago Saudi’s Basic Chemical Industries posted FY net profit after zakat and tax SAR 59.3mln vs SAR 70.5mln year ago. FY sales SAR 534.6mln vs SAR 605.2mln year ago
  3. Saudi ’s Emaar the Economic City posted FY net loss after zakat and tax SAR 509mln vs loss of SAR 138mln year ago. FY sales SAR 987mln vs SAR 1.01bln year ago Egypt’s Sinai Cement posted FY consolidated net loss attributable EGP 446.1mln vs loss of EGP 306.2mln year ago. FY consolidated net sales EGP 752.3mln vs EGP 803.7mln year ago # Key Global Trends/ Market Clues A two-day equities rally lost momentum on Thursday, and investors sold riskier currencies, as stimulus negotiations dragged on in Washington and investors fretted over a likely spike in U.S. jobless claims. MSCI's broadest index of Asia-Pacific shares outside Japan wobbled either side of flat. Japan's Nikkei slumped 4% and U.S. stock futures fell 1%. Hong Kong's Hang Seng was down 0.5% by mid-morning while regional trade was mixed. Indexes in China posted meagre gains and Australia, Indonesia and Thailand advanced. Oil prices were mixed on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity. Brent crude futures rose 12 cents, or 0.4%, to USD 27.51. The United States said on Wednesday it has urged Saudi Arabia to "reassure" oil and financial markets as the world grapples with a coronavirus pandemic that has paralyzed major economies. The appeal was made by Secretary of State Mike Pompeo in a telephone conversation on Tuesday with Crown Prince Mohammed bin Salman, the State Department said. # UAE Stories UAE Ministry of Health and Prevention reported 85 new cases of the Covid-19 coronavirus taking total to 333. The ministry also announced that seven patients have recovered, taking the total number of recoveries to 52 in the country. The Abu Dhabi Government has unveiled a comprehensive package of financial incentives. A collective effort by Abu Dhabi banks - First Abu Dhabi Bank, Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank – in coordination with Abu Dhabi Department of Finance and the Abu Dhabi Department of Economic Development, the package is aimed at supporting the community and businesses in Abu Dhabi. Designed to provide for the immediate needs of individuals and small to medium-sized enterprises (SMEs) in Abu Dhabi, these 17 financial initiatives seek to reduce finance-related costs, facilitate the ease of access to financing, and maintain the resilience of the Abu Dhabi economy. The measures announced today include 10 banking-related initiatives specifically for individuals, and seven financial initiatives for SMEs. Dubai Economy has ordered all commercial establishments in the emirate to close for two weeks starting from Wednesday. All shops, except grocery stores, supermarkets, cooperative societies, and pharmacies that provide for the basic needs of residents, have to remain closed until April 8, although online sales are allowed during this period. UAE will restrict the movement of traffic and people from 8 p.m. on Thursday to 6 a.m. on Sunday as it disinfects public transport and public facilities, state news agency WAM said on Wednesday. The health and interior ministries urged people to stay in their homes throughout the period and only go out to buy food or medicine, receive healthcare or to work in vital sectors including energy, banking, communications, postal services, shipping, water and food, civil aviation and construction, WAM said. Salama board recommends FY cash dividend of 3 fils per share, first cash dividend since IPO. Khaleeji Commercial Bank shareholders approve de-listing of bank's shares from DFM. Shareholders approve reduction of issued and paid-up capital to BD 89.2mln from BD 105mln. Shareholders approve issuance of sukuk as additional tier 1 capital instrument upto USD 200mln. DXB Entertainments shareholders approve continuity of company's operations.
  4. Gulf Navigation Holding says its accumulated losses stands at AED 445 .2mln as at Dec 31, 2019 with accumulated losses to capital ratio of 44%. Union Properties Board approves utilization of statutory reserve to amortize part of accumulated losses. Accumulated losses stand at AED 2.14bln as of Dec 31, 2019 with accumulated losses to capital ratio 49.93%. National Cement board proposes FY cash dividend of 10% of share nominal value. Dubai has directed private sector companies to implement remote working systems for 80% of staff from now until April 9, the authority regulating business in the emirate said. Pharmacies, grocery stores, supermarkets and cooperative societies were excluded from the order, Dubai Economy said. Water and electricity bills for businesses in the UAE are to be reduced by 20pct for the next three months. Shopping malls, commercial shops, hotels, hotel apartments and plants will all benefit from the announcement by the UAE cabinet, which is designed to support businesses during the current coronavirus pandemic. Etihad Airways staff have taken pay cuts of up to 50pct as the coronavirus continues to wreak havoc throughout the aviation industry. # GCC/ MENA Saudi Arabia’s Ministry of Health has confirmed a second death from coronavirus and recorded 133 new cases on Wednesday, taking the total number of infections to 900. Tadawul announces a temporary reduction of trading hours for all listed securities to be from 10 a.m. to 1 p.m effective from Thursday 26 march. Saudi Arabia is tightening a partial curfew imposed nationwide to contain the spread of the coronavirus, barring entry or exit from Riyadh, Mecca and Medina as well as movement between all provinces started on Wednesday. The orders, approved by King Salman, also added four hours in the three cities to the 21-day curfew that began on Monday, so that it will start at 3pm instead of 7pm as of Thursday, SPA said. Saudi February CPI +1.2% YoY and +0.3% MoM. Saudi's Dar Al Arkan posted FY net profit after zakat and tax SAR 304.6mln vs SAR 508.8mln year ago. FY sales SAR 3.49bln vs SAR 6.41bln year ago. Saudi’s Basic Chemical Industries posted FY net profit after zakat and tax SAR 59.3mln vs SAR 70.5mln year ago. FY sales SAR 534.6mln vs SAR 605.2mln year ago. Saudi’s Emaar the Economic City posted FY net loss after zakat and tax SAR 509mln vs loss of SAR 138mln year ago. FY sales SAR 987mln vs SAR 1.01bln year ago. Egypt’s Sinai Cement posted FY consolidated net loss attributable EGP 446.1mln vs loss of EGP 306.2mln year ago. FY consolidated net sales EGP 752.3mln vs EGP 803.7mln year ago. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)
  5. # UAE FOCUS LIST - COMPANY DATA MCAP Company PRICE HIGH - LOW 52WH 52WL VALUATION TTM P/E DIV TTM P/B YLD (%)^ HISTORICAL RETURN 1M% 3M% 6M% 12M% ADCB 39,307 5.65 10.26 4.33 7.83 0.71 8.1% (25.5) (28.4) (30.0) (40.3) ADIB 14,527 4.00 5.85 3.60 6.33 0.76 6.8% (28.2) (26.7) (21.3) (8.7) 1,387 3.70 3.70 2.60 7.39 0.92 8.1% - 32.1 23.3 - 31,998 2.56 3.20 2.19 14.43 8.54 8.2% (15.5) (14.4) 0.1 18.5 Agthia 1,536 2.56 4.15 2.55 11.21 0.78 5.9% (14.7) (26.6) (26.9) (32.6) Air Arabia 4,480 0.96 1.61 0.87 4.52 0.81 NA (26.9) (32.5) (15.0) 3.2 Ajman Bank 1,153 0.55 0.98 0.50 14.08 0.46 6.4% (34.6) (37.6) (40.1) (37.5) Al Waha Capital 1,556 0.80 1.30 0.72 NA 0.52 NA (5.9) (12.6) (20.0) (37.5) Aldar Properties 13,366 1.70 2.37 1.35 6.74 0.54 8.2% (22.4) (22.0) (19.8) (10.5) Amanat Holdings 1,442 0.58 1.06 0.56 24.03 0.56 2.6% (26.0) (33.2) (36.6) (40.5) Amlak Finance 382 0.26 0.64 0.20 NA 0.33 0.0% (39.3) (47.2) (13.0) (18.8) Arabtec 745 0.50 2.28 0.44 NA 0.63 10.1% (34.3) (60.9) (70.9) (76.4) Aramex 3,235 2.21 4.85 2.00 6.50 1.24 7.5% (35.6) (37.9) (45.7) (54.0) Bank of Sharjah 1,470 0.70 1.00 0.65 NA 0.38 0.0% (9.7) (14.6) (16.3) (25.8) DAMAC Properties 2,995 0.50 1.41 0.36 15.63 0.21 NA (22.9) (34.6) (44.8) (62.8) Dana Gas 4,001 0.57 1.10 0.53 6.92 0.41 9.6% (35.7) (38.2) (39.8) (36.9) Deyaar Development 1,260 0.22 0.43 0.18 17.61 0.28 0.0% (31.7) (40.4) (34.9) (38.6) Dubai Financial Market 4,480 0.56 1.00 0.50 37.11 0.57 0.0% (35.6) (39.4) (36.0) (24.0) Dubai Investment 4,634 1.09 1.63 0.98 7.05 0.39 NA (16.8) (16.8) (12.8) (22.1) Dubai Islamic Bank 28,382 3.92 5.86 3.75 5.67 0.81 8.9% (23.6) (22.3) (18.9) (18.8) 888 0.11 0.27 0.09 NA 0.31 0.0% (39.0) (44.2) (45.9) (54.5) Emaar Dev 8,720 2.18 4.91 2.06 2.51 0.97 23.9% (41.9) (43.7) (47.5) (44.2) Emaar Malls 14,575 1.12 2.17 0.98 6.38 0.82 8.9% (32.1) (40.7) (41.4) (37.1) Emaar Properties 16,610 2.32 5.53 1.90 2.68 0.32 6.5% (36.6) (42.1) (51.1) (51.5) Emirates Integrated Tele 22,663 5.00 6.35 4.33 13.09 2.62 7.0% (19.7) (9.4) (10.4) (5.7) Emirates NBD 46,614 7.38 13.93 6.60 3.03 0.57 5.4% (40.4) (40.4) (37.9) (23.1) ADNIC ADNOC Dist DXB Entertainments Eshraq Investments (A EDm) (A ED) 442 0.19 0.55 0.16 NA 0.31 NA (38.7) (42.4) (52.9) (58.7) Etisalat 125,574 14.44 17.80 11.02 14.45 2.69 5.5% (9.4) (13.1) (12.5) (14.6) First Abu Dhabi Bank 112,470 10.30 16.96 7.78 9.40 1.04 7.2% (23.5) (29.0) (28.4) (32.2) 1,947 0.54 1.11 0.45 6.19 0.49 5.9% (38.5) (38.8) (37.9) (45.0) 382 0.38 1.00 0.30 NA 0.44 0.0% (17.6) (39.4) (47.5) 24,624 13.52 14.00 0.87 NM 11.34 NA (0.0) 125.3 170.4 GFH Gulf Navigation Holding IHC Julphar (50.7) 1,265.7 927 0.80 1.58 0.77 NA 1.33 0.0% (14.4) (5.9) (33.3) (49.4) 12,782 72.00 86.80 66.00 6.19 0.59 5.6% - (10.0) 9.1 (10.0) National Bank of Fujairah 9,231 4.99 4.99 3.88 NA NA 1.3% NA NA NA NA Tabreed 5,186 1.91 2.14 1.44 10.97 1.05 5.0% (7.3) (1.5) 12.4 20.1 RAK Bank 7,057 4.21 5.00 3.75 6.44 0.90 7.1% (12.3) (10.4) (10.2) (2.5) 800 0.40 0.50 0.35 7.94 0.20 0.0% (9.1) (6.3) (10.7) (6.3) 1,292 1.30 1.81 1.24 7.48 0.51 11.0% (20.1) (6.2) (3.1) (19.7) (14.5) Mashreqbank RAK Properties RAK Ceramics SALAMA 471 0.39 0.71 0.30 21.00 0.62 NA (29.9) (30.5) (40.2) Sharjah Islamic Bank 3,112 1.01 1.29 0.95 5.71 0.41 7.9% (15.8) (10.3) (7.3) (2.7) SHUAA Capital 1,166 0.46 1.05 0.40 766.67 0.80 NA (43.2) (52.5) (52.1) (43.3) Takaful Emarat Insurance TAQA Union Properties United Arab Bank 210 1.40 1.62 0.97 NA 1.77 5.0% 7.7 30.8 (1.4) (11.9) 3,518 0.58 0.94 0.40 15.04 0.84 0.0% (14.7) (3.3) (19.4) (37.6) 935 0.22 0.44 0.15 NA 0.32 0.0% 6.3 (23.0) (31.0) (43.1) 1,848 0.90 1.25 0.81 NA 0.86 0.0% - (11.3) (10.4) (31.1) (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration
  6. Disclaimer This report was prepared by SHUAA Securities (“SS”) in and for the United Arab Emirates (“U.A.E.”). SS 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. SS 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 SS’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 SS 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 SS 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 SS’s prior express consent.