UAE: Daily Market Trading Report - 29 December

Transcription

1. 29 December 2020 Morning Report # Market Stats Indices # UAE Trading Summary Close 1M 3M Change Change Change 1Y Change AEDm Buy Sell Net ADX 5,106 0.2% 2.7% 13.7% 1.1% ADX 353 353 - DFM 2,515 0.0% 3.9% 11.2% -9.1% Local 65% 79% -13% TASI 8,715 -0.3% 0.3% 4.6% 4.3% Foreign 35% 21% 13% Institutional 83% 84% -1% Retail 17% 16% 1% BHSEASI 1,490 -0.3% 1.5% 2.8% -7.1% EGX 10,659 0.7% -2.9% -2.8% -23.2% Dow Jones 30,404 0.7% 1.7% 10.2% 6.1% DFM 109 109 S&P 500 3,735 0.9% 2.7% 11.5% 15.3% Local 57% 59% -2% Nasdaq 12,899 0.7% 5.7% 16.0% 43.2% Foreign 43% 41% 2% 6,502 0.0% 2.1% 9.7% -14.9% Institutional 26% 27% -1% 13,790 1.5% 3.4% 7.1% 3.4% Retail 74% 73% 1% 5,588 1.2% -0.2% 15.4% -7.4% Total 463 463 - Nikkei225 26,854 0.7% 0.8% 14.2% 12.7% Local 63% 74% -11% HIS Foreign 37% 26% 11% Volume (m) Turnover (AEDm) FTSE 100 DAX CAC40 26,591 -0.3% -2.2% 12.1% -6.8% US Futures 3,741 0.4% 2.9% 12.2% 16.0% Europe Futures 3,575 0.3% 0.9% 11.2% -4.4% # Last trading day's short sell positions Company Short Volume (shrs.) Short Volume (%) (253,000) 1.0% 24.6 79.0 (15,000) 2.4% 0.6 10.8 Aldar Properties Etisalat # Upcoming Corporate Actions & Events Date Company Event 29-Dec SHUAA BoD/General 30-Dec DXBE BoD/Offer Consideration 30-Dec ADNOC BoD/Acqusition 30-Dec SIB BoD/General 30-Dec ARAMEX BoD/General 11-Feb Ithmaar BoD/Results 14-Feb GFH BoD/Results -
2. # Key Stories Al Mal Capital raises AED 350mln from the IPO of its real estate investment trust unit. The company has earlier (Oct-20) said that it was targeting an offer size of AED 500mln Agthia board approve issuance of mandatory convertible bonds (120mln) with a nominal value of AED 1 each in an aggregate principal amount of AED 450mln (at a conversion price of AED 3.75 per each new share) to Senaat as the acquisition price to be paid to acquire Al Foah Company DXB Entertainments is set to hire some advisors to review Meraas’ proposal to buy out the troubled theme park operator Gulf Cement Company obtained SCA approval to reduce issued share capital from AED 821mln to AED 411mln Ooredoo has entered into an exclusive and non-legally binding MoU with CK Hutchison in relation to a potential transaction to combine their respective telecommunications businesses in Indonesia, PT Indosat Tbk and PT Hutchison 3 Indonesia GMS announced two contract extensions, further increasing secured fleet utilisation for 2021 to 75%. This compares to a level of 66% for 2020 at the same time last year DP World has been chosen as a preferred bidder to operate and manage the Multipurpose Terminal at the Port of Luanda in Angola UAE extends tourist visas for one month without government fees UAE on December 28 announced 1,027 new COVID-19 cases and 1,253 recoveries. The tally takes total cases in UAE to 202,863 with 179,925 recoveries and 660 deaths Saudi STC announces investment of up to USD 500mln over five years in cloud services in partnership with EWTP Arabia Capital and Alibaba cloud Saudi’s Abdullah Abdul Mohsin Al-Khodari Sons Company disclosed that initial losses from withdrawal of projects nearly SAR 260mln Saudi’s Halwani Brothers Company board proposes FY cash dividend of SAR 1.5 per share Kuwait will not extend its decision to suspend flights beyond Jan. 1 and will open its land and sea borders the next day, the cabinet said in a statement Egypt’s Ministry of Finance buys 59.6mln shares in Misr Fertilizers Production for a total deal value of EGP 2.93bln Abu Dhabi Islamic Bank Egypt says Assiut Islamic Trading receives offer from a group of investors to buy all shares of Assiut Islamic Trading at EGP 28.50 per share Egypt’s Sarwa Capital Holding announces the closing of EGP 1.6bln securitization bonds backed by portfolios of Sarwa subsidiary Contact Credit and its affiliate companies
3. # Key Global Trends/ Market Clues Asian shares jumped on Tuesday, with Japanese stocks hitting a 30-year high, as hopes that a longawaited U.S. pandemic relief package would be expanded and a Brexit trade deal supported investor risk appetite. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.46%. Australian stocks rose 0.55%. Japan's Nikkei leapt 1.63% to its highest since August 1990, while shares in China rose 0.1%. Futures for the S&P 500 added 0.32%. The dollar nursed losses against major currencies and Treasury yields rose after U.S. President Donald Trump's approval of a stimulus package related to the coronavirus outbreak increased risk appetite. Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand their pandemic aid payments and a final Brexit deal is set to stabilize trade between Europe and the UK. Brent crude climbed 23 cents, or 0.5%, to USD 51.09 a barrel, as of 0410 GMT and U.S. West Texas Intermediate (WTI) crude futures added 23 cents, or 0.5%, to USD 47.85 a barrel. Russian Deputy Prime Minister Alexander Novak said on Monday he expected there would be 5 to 6mln barrels per day (bdp) in additional demand for oil next year. He added that global oil demand remained below pre-crisis levels. # UAE Stories Al Mal Capital raises AED 350mln from the IPO of its real estate investment trust unit. The company has earlier (Oct-20) said that it was targeting an offer size of AED 500mln. Al Mal Capital REIT plans to list shares on Dubai Financial Market in January and plans to acquire a diversified portfolio of real estate properties targeting long-term lease agreements. The IPO proceeds along with Islamic financing from local banks will be utilized to invest in a diversified portfolio of high-performing UAE sectors, including healthcare, education and industrial assets, with a target annual return of 7%. Agthia board approve issuance by the company of mandatory convertible bonds with a nominal value of AED 1 each in an aggregate principal amount of AED 450mln (at a conversion price of AED 3.75 per each new share in the company) to Senaat as the acquisition price to be paid to acquire Al Foah Company. Board approve to issue, upon the conversion of the bonds of 120mln, new shares with a nominal value of AED 1 each all of which are fully paid up. Board further approved, increment in issued share capital of the company from AED 600mln to AED 720mln. DXB Entertainments is set to hire some advisors to review Meraas’ proposal to buy out the troubled theme park operator. State-backed Meraas Leisure and Entertainment made a conditional offer on December 20, 2020 to pay in cash and acquire the remaining shares of DXBE. Gulf Cement Company obtained SCA approval to reduce issued share capital from AED 821mln to AED 411mln. The AGM has earlier approved the company’s capital reduction for the purpose of extinguishing accumulated losses as of September 30, 2020. Ooredoo has entered into an exclusive and non-legally binding Memorandum of Understanding (MoU) with CK Hutchison Holdings Limited in relation to a potential transaction to combine their respective telecommunications businesses in Indonesia, PT Indosat Tbk and PT Hutchison 3 Indonesia. The exclusivity period for the MoU is valid until 30 April 2021. Ooredoo is in the early stages of assessing the merits of such a potential transaction. GMS announced two contract extensions, totalling a further 13 months, for two K-Class vessels, at day rates in line with expectations. These contract extensions will further increase secured fleet utilisation for 2021 to 75%. This compares to a level of 66% for 2020 at the same time last year. The contract extensions are with a leading oil and gas EPC Contractor in the UAE. DP World has been chosen as a preferred bidder to operate and manage the Multipurpose Terminal (MPT) at the Port of Luanda in Angola, according to the Emirates News Agency (WAM). DP World plans to invest USD 190mln during the 20-year period of the concession to improve the existing infrastructure and acquire new equipment to enhance the efficiency of the MPT. The group aims to raise the annual throughput of the MPT, which manages containers and general cargo, to around 700,000 TEUs per year. With a quay of 610 metres and a depth of 12.5 metres, the MPT is the first seaport terminal located on the western coast of Southern Africa to be operated and managed by DP World.
4. His Highness Sheikh Mohammed bin Rashid Al Maktoum , Vice President, Prime Minister and Ruler of Dubai, has directed to extend tourist visa for all nationalities for one additional month without any government fees as some states have temporarily closed their airports and restricted travel movement. The United Arab Emirates on December 28 announced 1,027 new COVID-19 cases, bringing the total confirmed cases in the country to 202,863. At the same time, 1,253 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 179,925. UAE's Ministry of Health and Prevention said. It has reported 3 deaths from COVID-19 during the past 24 hours. The nationwide death toll stands at 660. # GCC/MENA Saudi STC announces investment of up to USD 500mln over five years in cloud services in partnership with EWTP Arabia Capital and Alibaba cloud. Saudi’s Abdullah Abdul Mohsin Al-Khodari Sons Company disclosed that initial losses from withdrawal of projects nearly SAR 260mln and still working on determining actual losses from project withdrawals. Saudi’s Halwani Brothers Company board proposes FY cash dividend of SAR 1.5 per share. Kuwait will not extend its decision to suspend flights beyond Jan. 1 and will open its land and sea borders the next day, the cabinet said in a statement on Monday. Last week, Kuwait had suspended all commercial flights and closed its land and sea borders until Jan. 1, the government communications office said, over fears about a new, more contagious coronavirus variant. Egypt’s Ministry of Finance buys 59.6mln shares in Misr Fertilizers Production for a total deal value of EGP 2.93bln. Abu Dhabi Islamic Bank Egypt says Assiut Islamic Trading receives offer from a group of investors to buy all shares of Assiut Islamic Trading at EGP 28.50 per share. Egypt’s Sarwa Capital Holding announces the closing of EGP 1.6bln securitization bonds backed by portfolios of Sarwa subsidiary Contact Credit and its affiliate companies. Bonds consist of 3 tranches with tenors of 13, 37 and 60 months. Issue brings Sarwa’s total debt issuances for this year to EGP 6bln. (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% 42,997 6.18 8.15 3.82 11.87 0.78 6.1% 1.5 11.0 22.9 (16.4) ADIB 17,179 4.73 5.85 3.19 10.91 0.91 5.8% (1.3) 9.7 26.1 (5.2) 2,907 5.10 5.17 2.70 7.80 1.22 5.9% (1.4) 37.8 61.9 70.0 32.4 ADNOC Dist 52WL VALUATION ADCB ADNIC 52WH TTM P/B YLD (%)^ 1M% 47,375 3.79 3.95 2.40 22.80 17.05 5.0% 8.0 12.5 28.9 Agthia 2,496 4.16 4.60 2.50 84.16 1.34 3.6% (4.1) 18.5 50.7 26.9 Air Arabia 5,927 1.27 1.61 0.87 NA 1.45 7.1% 1.6 14.4 2.4 (12.5) Ajman Bank 1,638 0.78 0.93 0.50 59.36 0.65 0.0% 6.8 10.6 30.0 (10.9) Al Waha Capital 2,178 1.12 1.18 0.62 NA 0.72 NA 4.7 17.9 65.2 18.5 Aldar Properties 25,318 3.22 3.26 1.35 14.17 1.02 4.5% 4.2 58.6 74.1 62.4 Amanat Holdings 2,038 0.82 0.92 0.56 138.61 0.82 2.7% (1.8) (0.0) (4.1) 0.8 386 0.26 0.50 0.20 NA 0.78 0.0% (2.3) (19.7) (17.4) (46.6) Aramex 6,442 4.40 4.49 2.00 17.87 2.52 3.8% 10.0 10.6 32.0 30.2 Bank of Sharjah 1,302 0.62 0.83 0.50 NA 0.40 0.0% (14.7) 17.0 0.8 (24.4) DAMAC Properties 8,047 1.33 1.75 0.36 NA 0.61 NA 13.7 43.8 94.2 78.8 Dana Gas 4,967 0.71 0.98 0.53 NA 0.63 7.7% 4.4 0.7 10.8 (18.8) Deyaar Development 1,606 0.28 0.38 0.18 43.85 0.35 0.0% (2.5) (2.5) (1.8) (25.7) Dubai Financial Market 7,344 0.92 0.98 0.50 50.58 0.95 2.7% 5.8 8.6 10.6 3.2 Dubai Investment 6,123 1.44 1.52 0.98 9.93 0.51 NA 15.2 26.3 24.1 17.7 Dubai Islamic Bank 33,597 4.64 5.86 3.04 8.86 0.90 7.5% 3.8 7.7 19.3 (8.7) DXB Entertainments 760 0.10 0.20 0.09 NA 0.66 0.0% (20.2) (30.7) (28.6) (46.3) Emaar Dev 11,160 2.79 3.97 1.79 5.61 1.02 0.0% 1.1 16.3 31.6 (28.8) Emaar Malls 24,337 1.87 1.94 0.98 21.34 1.28 0.0% (2.1) 24.7 32.6 2.2 Emaar Properties 25,632 3.58 4.28 1.90 6.11 0.45 0.0% 9.8 26.5 29.7 (11.4) Emirates Integrated Tele 26,019 5.74 6.35 4.33 14.21 3.06 5.9% (0.7) 8.7 16.3 10.4 Emirates NBD 66,640 10.55 13.90 6.33 8.98 0.81 3.8% (0.0) 0.5 18.5 (14.8) Amlak Finance Eshraq Investments 739 0.32 0.46 0.16 NA 0.52 NA (0.3) (0.6) 40.7 1.0 Etisalat 150,802 17.34 17.46 11.02 16.87 3.22 4.6% 2.7 4.8 4.8 11.3 First Abu Dhabi Bank 143,270 13.12 15.92 7.78 14.44 1.42 5.6% 2.5 17.8 17.1 (9.5) 2,231 0.62 0.93 0.45 17.70 0.64 5.5% 6.0 2.5 9.2 (23.5) GFH Gulf Navigation Holding IHC Julphar 415 0.41 0.62 0.28 NA 0.79 0.0% 1.7 (7.5) (6.0) (32.2) 76,136 41.80 42.00 6.10 34.57 13.41 NA 5.0 7.3 41.4 574.2 60.5 1,617 1.40 1.54 0.54 NA 1.47 0.0% (6.7) 8.5 17.6 12,054 67.90 80.00 62.00 18.27 0.57 5.9% NA 8.2 1.5 National Bank of Fujairah 9,536 4.98 4.98 4.98 NA NA 1.9% NA NA NA 3.3 Tabreed 7,115 2.62 2.75 1.67 13.84 1.43 4.0% (1.1) 15.4 37.9 39.4 RAK Bank Mashreqbank (3.4) 6,503 3.88 5.00 3.33 9.40 0.85 7.7% 7.8 9.3 10.9 (12.2) RAK Properties 942 0.47 0.48 0.33 8.66 0.25 8.5% 8.8 22.3 31.6 20.7 RAK Ceramics 1,491 1.50 1.81 1.24 18.12 0.65 9.5% 8.7 11.1 11.9 7.6 SALAMA 1,022 0.85 0.92 0.30 6.55 1.18 NA 4.3 2.2 72.0 65.1 Sharjah Islamic Bank 4,068 1.32 1.32 0.95 8.41 0.53 3.6% 8.2 13.8 18.9 17.2 SHUAA Capital 1,699 0.67 0.95 0.40 15.95 1.19 NA 11.7 2.3 26.4 (25.2) Takaful Emarat Insurance 225 1.50 1.60 1.07 NA 1.80 5.5% (3.2) 4.9 20.0 30.4 160,781 1.43 1.78 0.40 53.16 2.59 0.0% (1.7) 5.5 109.7 176.8 1,201 0.28 0.39 0.15 4.16 0.39 0.0% 1.4 (6.7) (7.6) 1.8 United Arab Bank 1,751 0.85 1.13 0.81 (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration NA 1.05 0.0% (5.0) (5.0) (5.0) (15.1) TAQA Union Properties
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