UAE: Daily Market Trading Report - 29 November

Transcription

1. SHUAA Securities Morning Report # Market Stats Indices 1M Close 29 November 2020 3M # UAE Trading Summary 1Y Change Change Change Change A EDm BUY SELL Net ADX 4,972 -0.3% 7.5% 9.8% -1.5% ADX 427 427 DFM 2,420 0.3% 11.7% 5.7% -10.5% Local 49% 44% 5% TASI 8,693 0.1% 6.6% 9.3% 10.4% Foreign 51% 56% -5% BHSEASI - 1,468 0.4% 2.3% 6.9% -3.5% Institutional 83% 78% 5% EGX 10,981 -0.8% 4.5% -4.1% -20.3% Retail 17% 22% -5% Dow Jones 29,910 0.1% 8.9% 5.0% 6.2% DFM 241 241 - S&P 500 3,638 0.2% 7.3% 4.4% 15.4% Local 45% 45% 0% Nasdaq 12,206 0.9% 6.8% 5.0% 40.2% Foreign 55% 55% 0% 6,368 0.1% 11.1% 6.1% -14.3% Institutional 39% 40% -1% 13,336 0.4% 10.5% 1.8% 0.4% Retail 61% 60% 5,598 0.6% 18.3% 11.6% -5.5% Total 667 667 Nikkei225 26,645 0.4% 13.5% 14.8% 13.7% Local 48% 44% 3% HIS 26,895 0.3% 8.5% 6.4% -0.2% Foreign 52% 56% -3% FTSE 100 DAX CAC40 1% - # Last Trading Day's Short Sell Positions Company Short Volume (shrs.) Short Volume (%) (50,000) 0.3% 17.7 84.6 (124,038) 8.6% 1.4 0.6 (13,118) 0.2% 6.5 39.5 ADIB RAK PROP. ADCB Volume (m) Turnover (AEDm) # Upcoming Corporate Actions & Events Date Company Event 29-Nov AGTHIA General Assembly/Merger 30-Nov NBF General Assembly 30-Nov ARABTEC General Assembly/Dissolution 1-Dec 3Q20 MSCI Index Review Effective Date 6-Dec ERC General Assembly 10-Dec ARAMEX General Assembly 13-Dec TAQA General Assembly 14-Dec NMDC General Assembly/Merger 15-Dec ETISALAT BoD/General
2. # KEY STORIES ENBD REIT for 6 month period ending Sep-20 posted loss of USD 26.2mln vs loss of USD 10.0mln a year ago. Unrealised revaluation losses during the period are at USD 33.2mln vs USD 15.0mln a year ago. Board approved an interim dividend of USD 4.85mln or USD 0.0194 per share from net rental income generated during 6-month period ADNOC awards USD 519mln contract further expanding world's largest 3d seismic survey to CNPC affiliate bringing total onshore and offshore seismic survey area to 85,000 km2 Moody's changes the outlook on Senaat to negative; affirms A3 ratings Al Dahra Agricultural Company and Israel's Watergen have signed a strategic partnership in the field of water security Abu Dhabi’s government is granting AED 7.2bln (USD 2bn) in homes, land parcels and mortgage loans to more than 6,100 citizens in the emirate ahead of the UAE’s National Day on December 2 Jinko Power Technology says its unit plans to buy 50% stake in Sweihan Solar Holding Company Limited for USD 22.3mln, will own 20% stake in a solar power station firm in Abu Dhabi after the transaction UAE on November 28 announced 1,252 new COVID-19 cases and 741 recoveries. The tally takes total cases in UAE to 166,502 with 153,449 recoveries and 569 deaths Fitch Ratings has revised the Outlooks on eight Saudi banks' Long-Term Issuer Default Ratings (IDRs) to Negative from Stable and affirmed their IDRs at 'BBB+' Saudi’s Sadara Basic Services Company announces that its parent, Sadara Chemical Company, wishes to re-profile its debt Saudi’s Bawan Company disclosed that one of its subsidiaries signed an agreement to supply electrical distribution transformers with Saudi Electricity Company for contract value SAR 82.4mln Moody's assigns Ba2 corporate family rating to Kuwait Investment Company; outlook changed to negative S&P says Bahrain 'B+/B' ratings affirmed; outlook stable. Expect sharp widening in Bahrain's deficit in 2020, followed by steady budgetary consolidation Egypt expects economic growth of between 2.8% and 4.0% in the fiscal year 2021/22, which starts next July, Finance Minister Egypt's subsidy bill for petroleum products declined 77% to EGP 18.6bln in the financial year that ended in June, the finance ministry Egypt’s Sarwa Capital announces the closing of its inaugural sukuk issuance of EGP 2.5bln
3. # Key Global Trends/ Market Clues Stocks rose across the globe on Friday to close at a fresh high and remained on track for their strongest monthly performance on record but the Nasdaq outperformed on Wall Street and Treasury yields fell, indicating lingering concerns over rising coronavirus cases globally. A global stock index touched a record high for the third session this week while the dollar index, a measure of the greenback versus six peers, touched a three-month low and closed at its lowest since April 2018. On Wall Street, the main indexes rose and the Nasdaq Composite hit a record high. The Nasdaq outperformance mirrors recent sessions when, despite rising stocks, the focus was on the economic impact of the pandemic. The U.S. expects a further surge in coronavirus infections following the Thanksgiving holiday. The Dow Jones Industrial Average rose 37.9 points, or 0.13%, to 29,910.37, the S&P 500 gained 8.7 points, or 0.24%, to 3,638.35 and the Nasdaq Composite added 111.44 points, or 0.92%, to 12,205.85. European stocks rose after the European Central Bank reinforced expectations of further stimulus next month and Sweden's Riksbank made a surprise increase to its quantitative-easing program. The pan-European STOXX 600 index rose 0.41% and MSCI's gauge of stocks across the globe gained 0.39% to 623.75 after touching a high of 624.29. Emerging market stocks rose 0.12%, while Japan's Nikkei rose 0.40%. Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting this week. Brent crude January futures rose 38 cents to settle at USD 48.18 a barrel, while the more active February contract gained 46 cents to USD 48.25. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at USD 45.53 a barrel. Brent rose 7.2% over the week, while WTI gained 8% for the week. Encouraging news on potential COVID-19 vaccines from AstraZeneca and others have lifted the markets. # UAE Stories ENBD REIT for 6 month period ending Sep-20 posted loss of USD 26.2mln vs loss of USD 10.0mln a year ago. Unrealised revaluation losses during the period are at USD 33.2mln vs USD 15.0mln a year ago. Operating revenue at USD 13.7mln vs USD 14.1mln a year ago. Board approved an interim dividend of USD 4.85mln or USD 0.0194 per share from net rental income generated during 6-month period. Property portfolio value stands at USD 377mln as at 30th Sep 2020. ADNOC awards USD 519mln contract further expanding world's largest 3d seismic survey to CNPC affiliate bringing total onshore and offshore seismic survey area to 85,000 km2. Moody's changes the outlook on Senaat to negative; affirms A3 ratings. Al Dahra Agricultural Company and Israel's Watergen have signed a strategic partnership in the field of water security, UAE news agency WAM said on Thursday. "The agreement aims to build a strategic partnership between the two sides to provide water from the air and add a renewable source of clean water suitable for human and agricultural consumption," WAM said. Abu Dhabi’s government is granting AED 7.2bln (USD 2bn) in homes, land parcels and mortgage loans to more than 6,100 citizens in the emirate ahead of the UAE’s National Day on December 2, the Abu Dhabi Media Office has reported. The government will also exempt some retirees and families of deceased citizens from mortgage repayments, the media office said on Twitter. The total breakdown of the package includes 3,099 plots of land, 2,000 housing loans and 601 homes, which were granted to citizens in Abu Dhabi, Al Ain and Al Dhafra, as well as home loan repayment exemptions for 381 citizens, worth AED 340mln. Jinko Power Technology says its unit plans to buy 50% stake in Sweihan Solar Holding Company Limited for USD 22.3mln, will own 20% stake in a solar power station firm in Abu Dhabi after the transaction. The United Arab Emirates on November 28 announced 1,252 new COVID-19 cases, bringing the total confirmed cases in the country to 166,502. At the same time, 741 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 153,449. UAE's Ministry of Health and Prevention said. It has reported 2 death from COVID-19 during the past 24 hours. The nationwide death toll stands at 569.
4. # GCC/ MENA Fitch Ratings has revised the Outlooks on eight Saudi banks' Long-Term Issuer Default Ratings (IDRs) to Negative from Stable and affirmed their IDRs at 'BBB+'. The banks are Riyad Bank, Arab National Bank, Banque Saudi Fransi, Alinma, Saudi Investment Bank, Bank Aljazira, The Saudi British Bank and Gulf International Bank - Saudi Arabia. Saudi’s Sadara Basic Services Company announces that its parent, Sadara Chemical Company, wishes to reprofile its debt. Sadara Chemical Company has received a letter from its parent to request its consent to amend certain commercial terms relating to its sukuk of SAR 7.50bln. Saudi’s Bawan Company disclosed that one of its subsidiaries signed an agreement to supply electrical distribution transformers with Saudi Electricity Company for contract value SAR 82.4mln. Contract duration until 31 March 2022. Contract for supplying electrical distribution transformers to Saudi Electricity Company. Moody's assigns Ba2 corporate family rating to Kuwait Investment Company; outlook changed to negative. S&P says Bahrain 'B+/B' ratings affirmed; outlook stable. Expect sharp widening in Bahrain's deficit in 2020, followed by steady budgetary consolidation. Predicts that oil prices will be higher in 2021, support from other GCC sovereigns should support Bahrain's reserve position over next year. Egypt expects economic growth of between 2.8% and 4.0% in the fiscal year 2021/22, which starts next July, Finance Minister Mohamed Maait said in televised comments on Friday. Egypt had hoped for growth of 6.06.5% before the coronavirus crisis, Maait told the DMC channel. Egypt's subsidy bill for petroleum products declined 77% to EGP 18.6bln in the financial year that ended in June, the finance ministry said in a statement on Saturday. The country's subsidy bill for staple commodities fell 7.6% in the same year to EGP 80.4bln, statement said. Egypt’s Sarwa Capital announces the closing of its inaugural sukuk issuance of EGP 2.5bln. Proceeds will be used for further expansion of contact credit and its affiliate companies. Issue was co-underwritten by Commercial International Bank and Ahli United Bank. 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 42,370 6.09 8.15 3.82 11.70 0.77 6.2% 5.4 6.3 38.4 (13.6) ADIB 17,397 4.79 5.85 3.19 11.05 0.92 5.7% 13.5 18.6 45.6 1.4 2,947 5.17 5.17 2.70 7.91 1.24 5.8% 32.2 34.3 49.9 81.4 ADNIC ADNOC Dist (A EDm) (A ED) 43,875 3.51 3.57 2.40 21.12 15.79 5.4% 3.8 12.3 29.2 38.0 Agthia 2,604 4.34 4.60 2.50 87.80 1.39 3.5% 2.6 42.8 59.0 30.5 Air Arabia 5,833 1.25 1.61 0.87 NA 1.43 7.2% 13.6 6.8 23.8 (6.1) Ajman Bank 1,533 0.73 0.93 0.50 55.56 0.61 0.0% 7.0 5.5 31.5 (17.7) Al Waha Capital 2,081 1.07 1.16 0.62 NA 0.69 NA 8.1 9.5 50.9 9.2 Aldar Properties 24,296 3.09 3.10 1.35 13.60 0.98 4.7% 21.7 49.3 75.6 55.1 Amanat Holdings 2,075 0.83 0.92 0.56 141.16 0.83 2.7% 5.1 (2.4) 5.1 (3.0) 395 0.26 0.54 0.20 NA 0.80 0.0% (1.9) (17.8) (21.5) (43.0) Aramex 5,856 4.00 4.45 2.00 16.24 2.29 4.1% (0.7) 10.5 33.8 12.6 Bank of Sharjah 1,527 0.73 0.83 0.50 NA 0.47 0.0% 37.2 37.2 23.2 (8.8) DAMAC Properties 7,079 1.17 1.21 0.36 NA 0.54 NA 12.5 35.4 88.7 50.0 Dana Gas 4,757 0.68 0.98 0.53 NA 0.60 8.1% (3.0) (5.6) 3.3 (21.5) Deyaar Development 1,647 0.29 0.39 0.18 44.95 0.36 0.0% 2.5 (5.9) 5.9 (19.7) Dubai Financial Market 6,944 0.87 1.00 0.50 47.82 0.90 2.9% 2.2 1.0 19.9 (1.9) Dubai Investment 5,315 1.25 1.39 0.98 8.62 0.45 NA 10.6 4.2 18.4 7.1 32,366 4.47 5.86 3.04 8.54 0.87 7.8% 8.5 8.5 31.5 (7.9) Amlak Finance Dubai Islamic Bank DXB Entertainments 952 0.12 0.22 0.09 NA 0.83 0.0% 8.2 (2.5) (11.2) (42.0) Emaar Dev 11,040 2.76 3.97 1.79 5.55 1.01 0.0% 23.8 21.6 43.7 (23.3) Emaar Malls 24,857 1.91 1.94 0.98 21.80 1.31 0.0% 32.6 34.5 57.9 0.0 Emaar Properties 23,341 3.26 4.28 1.90 5.56 0.41 0.0% 25.9 9.4 33.6 (21.1) Emirates Integrated Tele 26,200 5.78 6.35 4.33 14.31 3.08 5.9% 6.1 5.3 16.2 11.9 Emirates NBD 66,640 10.55 13.90 6.33 8.98 0.81 3.8% 10.9 (7.0) 17.2 (4.9) 742 0.32 0.46 0.16 NA 0.52 NA 3.9 (18.8) 32.4 (7.3) Etisalat 146,801 16.88 17.30 11.02 16.42 3.13 4.7% (0.8) 0.1 11.8 9.2 First Abu Dhabi Bank 139,776 12.80 15.92 7.78 14.09 1.38 5.8% 12.9 12.7 14.3 (11.1) 2,082 0.59 0.93 0.45 16.52 0.60 5.8% 4.5 (4.9) 6.8 (30.2) 408 0.40 0.65 0.28 NA 0.77 0.0% (7.0) (20.6) 11.7 (36.5) 72,529 39.82 41.00 5.66 NM 12.77 NA 2.1 9.1 46.2 603.5 130.2 68.0 Eshraq Investments GFH Gulf Navigation Holding IHC Julphar 1,733 1.50 1.54 0.54 NA 1.58 0.0% 0.7 24.0 12,054 67.90 86.80 62.00 18.27 0.57 5.9% (0.1) 1.5 (0.1) National Bank of Fujairah 9,536 4.98 4.98 4.98 NA NA 1.9% NA NA NA 3.3 Tabreed 7,196 2.65 2.75 1.67 13.99 1.45 4.0% 6.4 26.8 35.9 44.0 RAK Bank 6,034 3.60 5.00 3.33 8.72 0.79 8.3% 1.4 0.6 5.9 (18.6) 866 0.43 0.47 0.33 7.96 0.23 9.2% 12.5 10.5 26.6 13.6 1,371 1.38 1.81 1.24 16.67 0.60 10.4% (1.4) 6.2 (2.8) 2.2 980 0.81 0.88 0.30 6.28 1.13 NA 11.6 31.4 72.3 65.0 Sharjah Islamic Bank 3,760 1.22 1.29 0.95 7.78 0.49 3.9% 4.3 2.5 18.4 9.2 SHUAA Capital 1,521 0.60 1.03 0.40 14.28 1.07 NA (1.5) (7.0) 3.1 (40.0) Mashreqbank RAK Properties RAK Ceramics SALAMA Takaful Emarat Insurance (5.7) 233 1.55 1.60 1.03 NA 1.86 5.3% 7.6 6.9 8.4 37.2 165,278 1.47 1.78 0.40 54.65 2.66 0.0% 3.5 1.4 116.2 153.9 Union Properties 1,184 0.28 0.39 0.15 4.11 0.39 0.0% (0.0) (11.3) United Arab Bank 1,844 0.89 1.13 0.81 NA NA 0.0% NA NA TAQA (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration (8.0) (8.0) - (9.7)
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