UAE: Daily Market Trading Report - 29 August

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1. Morning Report 29 August 2022 UAE Trading Summary Market Stats Close Chg . 1M Chg. ADX 10,098 0.6% 6% 6% 19% 32% DFM TASI QSI BKM MSX BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. 3,463 12,526 13,686 5,837 4,601 1,902 10,178 32,283 4,058 12,142 7,427 12,971 6,274 28,641 20,024 1,007 161 4,025 3,548 0.0% -0.5% -0.4% -0.4% 1.4% 0.1% -1.1% -3.0% -3.4% -3.9% -0.7% -2.3% -1.7% -2.8% -0.7% -1.0% -1.9% -1.1% -1.4% 7% 3% 4% -1% 2% 0% 9% 2% 3% 5% 2% -1% 1% 4% -4% 2% 1% -3% -3% 5% 0% 7% -2% 12% 0% 0% -1% 0% 3% -2% -9% -2% 8% 0% -2% -2% -3% -6% 8% 11% 18% -1% 11% 6% -15% -11% -15% -22% 1% -18% -12% -1% -14% -18% -17% -15% -16% 19% 13% 23% 6% 16% 14% -9% -8% -9% -19% 4% -18% -6% 3% -21% -21% -19% -11% -14% Indices 3M Chg. YTD Chg. 1Y Chg. AEDm Buy Sell Net ADX 1,301 1,301 - Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign 78% 22% 84% 16% 368 58% 42% 47% 53% 1,669 74% 26% 88% 12% 80% 20% 368 64% 36% 49% 51% 1,669 82% 18% -10% 10% 4% -4% -6% 6% -2% 2% -9% 9% Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), EGX (Egypt), HSI (Hong Kong). Last Trading Day's Top Short Positions Company RAK Properties Eshraq Dana Short Interest (Short shares/Out. shares) 0.090% 0.038% 0.032% Close (AED) 0.79 0.60 0.98 Upcoming Corporates Actions & Events Date 29-Aug 31-Aug 12-Sep 12-Sep 15-Sep 21-Sep Company Event ADCB General Assembly MSCI rebalancing effective date Tabreed General Assembly DIC General Assembly Agthia General Assembly Emaar General Assembly Change (%) 1.5 (0.3) 1.0 52WH 0.97 0.88 1.27 High - Low 52WL 0.56 0.47 0.96
2. # KEY STORIES ADCB has hired a group of banks for a sale of U.S. dollar-denominated debut green bonds, a document showed Iraqi Forces thwart rocket attack on UAE’s Dana Gas Methaq Takaful Insurance announces expiration of legal notice period for entry of strategic partner Al Fursan Al Alolia Investments Response Plus Holding appointed as medical services provider for Asia Cup 2022 UAE on Aug 28 announced 534 new Covid-19 cases and 649 recoveries. The tally takes total cases in UAE to 1,013,865 with 992,665 recoveries and 2,341 deaths Saudi National Bank announces the commencement of the offer of its SAR-denominated additional tier 1 sukuk Saudi’s Jabal Omar Development has reached an agreement with one of its debt holders to convert SAR 5.3bln of debt into new shares Saudi’s Maharah for Human Resources unit sign MoU to acquire El Seif Commercial Investment and Saudi Medicare full equity of 41.36% in Care Shield Holding Company Qatar July exports at SAR 44.36bln riyals, up 61.9% YoY. Qatar July imports at SAR 9.59bln, up 21.8% YoY and surplus up 78% YoY - Govt Data Qatar Investment Authority is negotiating with the Egyptian government for stakes in the Alexandria Container & Cargo Handling Company and the Eastern Company Kuwait's United Real Estate says CMA approves capital increase Egypt’s GB Auto has denied entering into any definitive agreements with regards to its 57.26%-owned subsidiary, MNT-Halan Egypt’s Emaar Misr for Development announced signing a partnership contract with Eagle Hills Egypt for Projects and Investment Management, acquiring 25% of Eagle Hills’ capital Egypt’s Canal Shipping Agencies posted FY net profit EGP 185.5mln versus EGP 200.1mln year ago. FY revenue EGP 74.4mln versus EGP 54mln year ago # Key Global Trends/ Market Clues Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations. Federal Reserve Chair Jerome Powell's promise of policy "pain" to contain inflation quashed hopes that the central bank would ride to the rescue of markets as so often in the past. The tough love message was driven home by European Central Bank board member Isabel Schnabel who warned over the weekend that central banks must now act forcefully to combat inflation, even if that drags their economies into recession. That triggered a sharp fall in Euribor futures as markets priced in the risk the ECB could hike by 75 basis points next month. The hawkish message was not what Wall Street wanted to hear and S&P 500 futures were down a further 1.1%, having shed almost 3.4% on Friday. Nasdaq futures NQc1 lost 1.5% with tech stocks pressured by the outlook for slower economic growth. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.9%. Japan's Nikkei dropped 2.8%, while South Korea shed 2.3%. Chinese blue chips lost 0.6%, while EUROSTOXX 50 futures slid 1.4% in the wake of the ECB's rate warnings. Oil prices rose 1% on Monday, as expectations OPEC will cut output if needed to support prices, conflict in Libya, and rising demand amid soaring natural gas prices in Europe helped offset a dire outlook for growth in the United States. U.S. West Texas Intermediate crude futures jumped USD 1.09, or 1.2%, to USD 94.15 a barrel at 0241 GMT, adding to a 2.5% gain last week. Brent crude futures rose 89 cents, or 0.9%, to USD 101.88 a barrel, extending a 4.4% gain last week. Both benchmark contracts had traded lower earlier in the day as the dollar climbed after Friday's blunt comments from Federal Reserve Chairman Jerome Powell that the United States faced a prolonged period of slow growth amid further rate hikes. Oil prices have been buoyed by hints from Saudi Arabia and other members of the OPEC+, that they could cut output in order to balance the market.
3. # UAE Stories ADCB has hired a group of banks for a sale of U.S. dollar-denominated debut green bonds, a document showed. The bond sale could snap a weeks-long stretch with no issuance from the region. The banks will arrange a series of investor meetings starting. An issuance of five-year senior unsecured green bonds of benchmark size will follow, subject to market conditions. Benchmark usually means at least USD 500mln. Proceeds from the planned debt sale will finance or refinance green loans eligible under ADBC's green bond framework. Iraqi Forces thwart rocket attack on UAE’s Dana Gas. A rocket strike against the UAE energy company Dana Gas in Sulaymaniyah, northern Iraq, was reportedly stopped, according to Iraqi security officials. According to Iraqi authorities, the country’s security forces discovered the rockets in the Khor Mor gas field in the Kurdistan Region of Iraq, poised to hit the UAE’s Dana Gas Company. Methaq Takaful Insurance announces expiration of legal notice period for entry of strategic partner Al Fursan Al Alolia Investments. Response Plus Holding appointed as medical services provider for Asia Cup 2022. Being the official medical services provider, RPM will offer comprehensive medical services for players, support staff, officials, crew, and other stakeholders. As per the agreement, the company will support the tournament by providing emergency medical services, sports medicine services, medical admissions and treatment, and ambulance support. Abu Dhabi’s sovereign wealth funds are in active negotiations with Think and Learn Pvt Ltd, the parent of Byju’s, to be part of the USD 400-500mln fundraise that the company is planning, said people close to the development. Sources close to the company said Byju’s potential investors are being given two options — either they come as equity investors at a USD 22bln valuation or opt for a convertible pre-initial public offering instrument with a 20% discount to an IPO valuation band. The floor of the band is USD 22bln while the ceiling is pegged at USD 35bln. If the IPO timelines are delayed, the valuation discount will go up every six months. UAE on Aug 28 announced 534 new Covid-19 cases, bringing the total confirmed cases in the country to 1,013,865. At the same time, 649 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 992,665, UAE's Ministry of Health and Prevention said. It has reported no deaths from Covid19 during the past 24 hours. The nationwide death toll stands at 2,341. # GCC/MENA Saudi National Bank announces the commencement of the offer of its SAR-denominated additional tier 1 sukuk. Amount and terms of offer of sukuk will be determined subject to market conditions. Saudi’s Jabal Omar Development has reached an agreement with one of its debt holders to convert SAR 5.3bln of debt into new shares. Jabal Omar Development said it will issue more than 225mln new shares "and in exchange will extinguish all debts" it owes to the Alinma Makkah Real Estate Fund and "settle all rights and obligations related to the Fund." Saudi’s Maharah for Human Resources unit sign MoU to acquire El Seif Commercial Investment and Saudi Medicare full equity of 41.36% in Care Shield Holding Company. Unit receives certificate of "no obligation to report" from General Authority of Competition with regards to acquisition transaction. Parties to transaction can proceed with completion of transaction. Qatar July exports at SAR 44.36bln riyals, up 61.9% YoY. Qatar July imports at SAR 9.59bln, up 21.8% YoY and surplus up 78% YoY - Govt Data Qatar Investment Authority is negotiating with the Egyptian government for stakes in the Alexandria Container & Cargo Handling Company and the Eastern Company, sources close to the matter revealed to Daily News Egypt. The authority aims to take 10 to 20% of the shares owned by the Holding Company for Maritime and Land Transport, which currently amounts to about 35%. The deals are expected to be implemented by the end of this week. The sources indicated that the agency is also interested in investing in a number of non-government-owned companies, especially Cairo Investments. Kuwait's United Real Estate says CMA approves capital increase. Egypt’s GB Auto has denied entering into any definitive agreements with regards to its 57.26%-owned subsidiary, MNT-Halan. The statement was made in line with the news reporting that UAE-based Chimera Investments seeks to acquire a stake in Halan, according to a stock exchange statement on Thursday. GB
4. Auto reiterated it will notify its shareholders and relevant authorities as soon as it enters into any definitive agreements related to any of its units . Egypt’s Emaar Misr for Development announced signing a partnership contract with Eagle Hills Egypt for Projects and Investment Management, acquiring 25% of Eagle Hills’ capital, according to a bourse statement on Sunday. In June 2022, the ordinary general meeting (OGM) of Emaar Misr approved a partnership with Eagle Hills to develop a residential, tourist, and commercial project in the North Coast region. To participate in the project, Emaar Misr had to either purchase a 25% stake in Eagle Hills at a nominal value of EGP 15.62 per share or sign a partnership and management contract to share in the project and profits with 25%. Egypt’s Canal Shipping Agencies posted FY net profit EGP 185.5mln versus EGP 200.1mln year ago. FY revenue EGP 74.4mln versus EGP 54mln year ago. *Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus List MCAP PRICE (AEDm) (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 64,356 9.25 11.30 7.34 12.28 1.21 4.0% (0.8) (2.7) 12.3 30.0 ADIB 33,414 9.20 10.46 5.53 13.87 1.64 3.4% 2.2 13.4 38.5 71.8 3,471 6.09 7.63 5.20 10.21 1.34 6.6% (1.1) 2.2 (4.0) 18.9 ADNOC Dist. 58,625 4.69 4.88 3.80 22.02 16.59 4.4% 9.8 14.1 12.6 9.4 ADNOC Drill.* 58,400 3.65 3.92 2.77 22.67 5.58 4.1% 5.1 21.9 12.0 - AD Ports 25,806 5.07 5.85 3.22 30.54 1.37 - (4.3) 7.9 - - 3,966 5.01 7.07 4.20 NM 1.42 3.3% (6.9) 9.2 (0.9) (15.2) 10,453 2.24 2.36 1.31 9.28 1.62 3.8% 2.3 16.1 62.7 67.4 Company ADNIC Agthia Air Arabia Ajman Bank Aldar Alpha Dhabi HIGH-LOW VALUATION Div. TOTAL RETURN ** 1,548 0.74 0.91 0.64 11.98 0.61 - (0.8) (3.7) (10.6) 1.0 39,313 5.00 5.79 3.92 14.43 1.35 3.0% 3.7 1.6 29.0 25.5 241,800 24.18 29.74 23.78 NA NA - (0.7) (6.6) (11.4) (18.4) Amanat 2,438 0.98 1.27 0.89 21.72 0.90 6.2% 5.4 (2.5) (10.6) (11.4) Aramex 5,783 3.95 4.80 3.50 34.15 2.29 3.3% 4.2 5.3 (0.6) 2.4 ASM 9,330 9.33 16.94 9.16 NM 1.37 - (5.9) (22.4) (32.9) (37.8) 91,075 3.03 3.27 2.78 16.25 4.99 5.3% 5.9 1.0 - - BOS 1,166 0.53 0.76 0.49 - - - - - (14.5) (1.9) Dana Gas 6,883 0.98 1.27 0.96 6.49 0.81 8.1% (1.6) (8.9) (3.6) (0.4) 130,000 2.60 3.05 2.48 21.23 1.40 4.8% 2.4 0.8 - - Borouge* DEWA* Deyaar 2,459 0.56 0.73 0.37 23.61 0.56 - 14.2 4.6 (12.2) 34.3 DFM 14,560 1.82 3.05 0.98 NM 1.86 1.6% 5.8 (15.3) (35.1) 67.5 DIC 10,502 2.47 2.64 1.63 15.41 0.88 4.9% 5.6 10.3 34.1 39.1 DIB 43,155 5.96 6.63 4.90 9.01 1.10 4.2% 2.2 1.0 15.3 21.2 DU 27,560 6.08 7.28 5.67 22.63 3.19 3.5% 0.2 4.9 (4.9) (4.5) Easy Lease 1,142 38.06 66.85 24.00 26.40 10.94 - (1.9) (20.7) 31.2 (13.5) Emaar Dev. 19,480 4.87 5.32 3.75 4.97 1.17 - 12.0 9.2 11.4 23.6 Emaar Pro. 49,896 6.10 6.47 3.91 6.75 0.78 2.5% 12.5 11.7 27.7 49.4 ENBD 86,537 13.70 15.50 11.80 9.29 1.01 3.6% 3.4 5.4 4.5 1.8 1,575 6.30 11.80 5.01 NM 2.64 - (1.4) (13.2) (21.3) 2.9 Etisalat 226,813 26.08 39.06 22.34 24.22 4.81 3.1% (2.5) (9.1) (15.6) 13.3 FAB 223,162 20.20 24.06 16.41 15.02 2.00 2.4% 4.3 1.8 10.9 22.9 46,653 5.62 5.95 2.92 9.85 5.52 7.1% 20.1 10.2 65.8 - 4,279 1.16 1.34 0.69 11.61 1.08 3.8% 7.4 1.8 2.6 62.2 ESG Fertiglobe* GFH Ghitha 20,053 83.00 123.00 22.70 NA 10.37 - (2.1) (5.7) 201.8 264.7 620,961 341.00 358.50 143.60 68.03 25.49 - 16.8 22.1 124.3 133.4 Invictus 4,267 3.81 6.50 3.55 - - - (0.5) - - - Julphar 1,513 1.31 2.32 1.20 - 1.59 - (5.1) 4.0 (28.8) (28.0) Mashreq 15,848 79.00 85.00 53.98 6.84 0.78 1.3% (1.3) 3.3 (0.6) 48.8 Multiply 23,856 2.13 2.35 1.51 NA 2.26 - 18.3 15.1 15.8 NA NMDC IHC 21,582 26.16 34.96 10.72 18.38 3.75 - (6.6) (3.3) 100.6 137.8 Palms Sports 1,680 11.20 21.48 9.24 16.05 4.47 - 3.7 0.7 (8.3) (25.3) RAK Bank 8,045 4.80 5.40 3.85 8.18 0.97 4.7% - 2.1 6.7 23.1 RAK Pro. 1,576 0.79 0.97 0.56 14.70 0.38 - 13.1 16.2 2.2 9.4 RAK Cer. 2,971 2.99 3.38 2.66 NM 1.38 6.7% 9.2 6.6 12.3 14.3 RPM 1,570 7.85 20.00 7.05 21.47 5.94 - 0.6 (12.3) (18.7) NA SIB 6,102 1.98 2.12 1.65 10.40 0.80 4.0% 12.5 7.0 5.6 16.4 Shuaa 1,227 0.48 0.83 0.47 - 0.98 - (3.0) (8.5) (29.3) (31.9) Tabreed 7,967 2.80 2.90 2.27 14.86 1.32 2.1% 1.4 14.8 16.1 2.0 TAQA 140,543 1.25 1.53 1.13 19.03 2.09 3.8% 1.3 (0.3) (2.0) 0.7 Waha 2,689 1.35 1.91 1.24 11.84 0.78 5.6% (2.9) (6.9) (15.2) (22.4) Yahsat * 6,563 2.69 2.91 2.46 21.01 2.05 5.9% 3.9 2.7 1.0 5.3 (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend. ** Including dividend
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