UAE: Daily Market Trading Report - 6 December

Transcription

1. Morning Report 06 December 2021 UAE Trading Summary Market Stats Chg . 1M Chg. 3M Chg. YTD Chg. 1Y Chg. Indices Close ADX DFM TASI BHSEASI EGX DJI S&P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI 8,772 3,090 11,142 1,768 11,401 34,580 4,538 15,085 7,122 15,170 6,766 28,030 23,523 2.6% 0.5% 2.4% 0.4% 0.7% -0.2% -0.8% -1.9% -0.1% -0.6% -0.4% -0.6% -0.1% 9% -1% -5% -1% -2% -4% -3% -5% -2% -5% -3% -5% -5% 15% 6% -2% 6% 3% -2% 0% -2% 0% -4% 1% -4% -8% 74% 24% 28% 19% 5% 13% 21% 17% 10% 11% 22% 2% -13% 77% 28% 28% 18% 4% 15% 24% 22% 10% 14% 21% 5% -11% MSCI EM MSCI Asia 1,225 192 -0.9% -0.4% -3% -3% -7% -7% -5% -4% -1% -1% US Fut. EU Fut. 4,559 4,114 0.4% 1.1% -3% -6% 1% -4% 22% 14% 23% 15% Close (AED) 0.56 0.39 1.05 Change (%) 4.1 3.1 (0.9) AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Last Trading Day's Top Short Positions Company Manazel Eshraq Dana Short Interest (Short shares/Out. shares) 0.102% 0.032% 0.031% Upcoming Corporates Actions & Events Date Company Event 08-Dec 09-Dec 09-Dec 09-Dec 12-Dec 16-Dec 20-Dec 26-Dec Etisalat GM Dana Gas GM/Dividend UPP AGM Aramex BoD/Acquisition Al Qudra GM/Acquisition DFM AGM FTSE 4Q EM Index Effective Date RAK Cement GM/Acquisition High - Low 52WH 52WL 0.64 0.33 0.48 0.29 1.27 0.67 Buy 2,010 72% 28% 59% 41% 455 60% 40% 24% 76% 2,465 70% 30% Sell 2,010 79% 21% 51% 49% 455 56% 44% 31% 69% 2,465 75% 25% Net -7% 7% 7% -7% 5% -5% -7% 7% -5% 5%
2. # KEY STORIES IHC board approves to initiate sale and transfer of IHC entities' shareholding in Al Tamouh Investments to Al Qudra, in consideration of issuance by Al Qudra to company of unsecured mandatory convertible bonds Al Qudra Holding board seeks shareholders’ approval on acquisition of Al Tamouh Investments Company Majid Al Futtaim and Aldar Properties are working to create digital real estate sales platforms for their businesses Aramex board to meet on 9th Dec to discuss most recent updates regarding the Company’s potential acquisition of MNG Kargo. IHC’s tech-focused Multiply Group starts trading on ADX main market – ADX Damac says Maple declares offer to acquire Damac shares to become unconditional Enoc Group announces partnership with Nakheel to open 14 compact stations across Dubai Maire Tecnimont SPS’s unit signed with Borouge 3 EPC contracts relating to fourth expansion phase of Ruwais Polyolefins Complex, for approximately USD 3.5bln UAE on Dec 05 announced 50 new Covid-19 cases and 75 recoveries. The tally takes total cases in UAE to 742,328 with 737,330 recoveries and 2,148 deaths Saudi Arabia raises January Arab Light crude prices to Asia Saudi’s PIF is selling a 5.01% stake in Saudi Telecom through a secondary share offering Saudi Tadawul Group announces the completion of the offering to individual investors, individual subscriber’s tranche w was 442.53% oversubscribed Saudi’s Hail Cement board proposes SAR 0.5 per share 9 months dividend Egypt’s Speed Medical aims to pump EGP 175mln in new investments in next year 2022 Egypt’s Heliopolis Company posted Q1 net loss after tax EGP 75.2mln versus loss EGP 41.2mln year ago Edita Food Industries starts sale in Moroccan market after new plant operation. Has invested about EGP 200mln till now in Morocco # Key Global Trends/ Market Clues Asian share markets lagged a bounce in U.S. and European futures on Monday, while bonds surrendered some of their recent gains and oil rallied as Saudi Arabia lifted its crude prices. November's mixed U.S. jobs report did little to shake market expectations of a more aggressive tightening by the Federal Reserve, leaving a week to wait for a consumer price report that could make the case for an early tapering. Omicron remained a concern as the variant spread to about one-third of U.S. states, though there were reports from South Africa that cases there only had mild symptoms. Early trade was cautious as MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.4%. Japan's Nikkei eased 0.6%, even as the government considered raising its economic growth forecast to account for a record USD 490bln stimulus package. Chinese blue chips managed a 0.7% gain after state media quoted Premier Li Keqiang as saying
3. Beijing will cut banks ' reserve requirement ratios (RRR) "in a timely way". Wall Street was looking to rally after Friday's late slide, with S&P 500 futures adding 0.4%. EUROSTOXX 50 futures firmed 1.1%. Oil prices rose by more than USD 1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, and as indirect U.S.-Iran talks on reviving a nuclear deal appeared to hit an impasse. Brent crude futures for February gained USD 1.69, or 2.4%, to USD 71.57 a barrel by 0033 GMT while U.S. West Texas Intermediate crude for January were at USD 67.92 a barrel, up USD 1.66, or 2.5%. On Sunday, Saudi Arabia raised January official selling prices for all crude grades sold to Asia and the United States by up to 80cents from the previous month. # UAE Stories International Holding Company (IHC) board approves to initiate sale and transfer of IHC entities' shareholding in Al Tamouh Investments to Al Qudra, in consideration of issuance by Al Qudra to company of unsecured mandatory convertible bonds, which will be converted into ordinary shares in issued share capital of Al Qudra. Al Qudra Holding board seeks shareholders’ approval on acquisition of Al Tamouh Investments Company. Board seeks approval of issuance mandatory convertible bonds with an aggregate principal amount of AED 2.24bln, as acquisition price to be paid by company to acquire Al Tamouh Investments. Such mandatory convertibles shall be converted into 2.24bln shares with a nominal value of AED 1 per share. Majid Al Futtaim and Aldar Properties are working to create digital real estate sales platforms for their businesses, said the companies in a statement on Sunday. The move follows the issuance of a new ‘Elaw’, which will allow for the digitalisation of real estate transactions. The developers are aiming to be the first to implement such online sales systems in UAE, with the platforms set to be launched in the first quarter of 2022. Aramex board to meet on 9th Dec to discuss most recent updates regarding the Company’s potential acquisition of MNG Kargo. IHC’s tech-focused Multiply Group starts trading on ADX main market – ADX Damac Properties disclosed that final results of the offer evidence that the ownership of Maple shall become 21.610% of Damac’s share capital. Consolidated ownership of ultimate offeror in addition to ownership of associated group members shall become 95.537% of Damac’s share capital. The company said that Maple declares that offer has become unconditional in all respects. Cash consideration for shares for which acceptance and transfer forms been provided during offer period will be settled on 6 Dec 2021. Enoc Group announces partnership with Nakheel to open 14 compact stations across Dubai. First compact station out of 14 stations opened at Dragon Mart 2 earlier this month, next compact station to be opened will be in International City with plans to open by Q2 of 2022. By Q3 2022, plans to open 5 more compact stations in Dubai with remaining 7 to be launched across additional locations by 2023. Maire Tecnimont SPS’s unit signed with Borouge 3 EPC contracts relating to fourth expansion phase of Ruwais Polyolefins Complex, for approximately USD 3.5bln. UAE on Dec 05 announced 50 new Covid-19 cases, bringing the total confirmed cases in the country to 742,328. At the same time, 75 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 737,330, 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 2,148. # GCC/MENA Saudi Arabia's state oil producer Aramco raised its January official selling price (OSP) to Asia for its flagship Arab Light crude to USD 3.30 a barrel versus Oman/Dubai crude, up USD 0.60 from December, the company said on Sunday. The company set the Arab Light OSP to North-western Europe at minus USD 1.30 per barrel versus ICE Brent and to the United States at plus USD 2.15 per barrel over ASCI
4. Saudi ’s The Public Investment Fund (PIF) is selling a 5.01% stake in Saudi Telecom through a secondary share offering, STC said on Sunday. PIF plans to sell 100.2mln shares at a price range of SAR 100 to SAR 116 per share, potentially raising as much as SAR 11.623bln at the top end of the range. The final price will be determined on Dec. 10. PIF currently owns 70% of Saudi Telecom, which is Saudi Arabia's largest telecoms operator and also owns subsidiaries and has stakes in companies operating in Kuwait, Bahrain, the United Arab Emirates and Turkey. Saudi Tadawul Group announces the completion of the offering to individual investors, individual subscriber’s tranche witnessed participation by 598,327 subscribers and was 442.53% oversubscribed. Saudi’s Hail Cement board proposes SAR 0.5 per share 9 months dividend. Egypt’s Speed Medical aims to pump EGP 175mln in new investments in next year 2022. Aim of reaching from of 135 branches to 185 branches of medical analysis lab by end of next year. Expansion of speed hospital by crossing to reach from 65 beds to a capacity of 140 beds. Egypt’s Heliopolis Company posted Q1 net loss after tax EGP 75.2mln versus loss EGP 41.2mln year ago. Edita Food Industries starts sale in Moroccan market after new plant operation. Has invested about EGP 200mln till now in Morocco. Factory in Morocco ready to have capacity of three production lines, one is operating now. Company owns 76% of Edita Food Industries – Morocco. Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business
5. # UAE Focus list Company MCAP PRICE (AEDm) HIGH-LOW VALUATION Div. HISTORICAL RETURN (AED) 52WH 52WL PE PB (%)^ 1M% 3M% YTD% 12M% ADCB 61,849 8.89 8.93 5.97 12.64 1.08 3.0% 8.7 16.8 49.7 52.4 ADIB 23,389 6.44 6.49 4.59 12.88 1.17 3.2% 9.5 14.8 42.8 43.4 ADNIC 3,317 5.82 5.93 4.63 7.86 1.22 6.0% (1.4) 11.9 22.4 20.7 ADNOC Dist. 52,624 4.21 5.01 3.48 19.68 15.56 4.9% (1.6) (3.7) 17.8 24.1 ADNOC Drill.* 52,159 3.26 3.51 2.77 25.93 5.02 4.6% 8.7 NA NA NA Agthia 4,441 5.61 7.32 4.03 NM 1.67 2.9% (2.3) (10.4) 37.3 36.7 Air Arabia 6,580 1.41 1.58 1.17 NM 1.19 0.0% (6.6) (0.7) 10.2 9.3 Ajman Bank 1,718 0.82 0.91 0.64 19.87 0.66 0.0% 10.7 12.8 4.9 12.1 32,000 4.07 4.38 3.09 14.47 1.25 3.6% (5.8) (3.1) 34.3 31.3 288,792 28.88 30.20 15.00 NA NA NA 12.8 (0.5) NA NA Amanat 2,825 1.13 1.27 0.78 9.55 1.01 1.9% (6.6) (5.0) 37.8 34.8 Aramex 5,900 4.03 4.80 3.50 34.86 2.13 3.2% (8.8) 3.1 (4.9) 2.1 ASM 14,060 14.06 16.94 13.00 NM 3.81 NA (10.3) (9.2) NA NA BOS 1,192 0.54 0.76 0.50 NA 0.32 0.0% (19.1) (3.2) (9.9) (18.9) Dana Gas 7,345 1.05 1.27 0.67 7.14 0.86 5.2% (3.7) 1.9 57.5 60.6 Aldar Alpha Dhabi Deyaar 2,554 0.44 0.55 0.25 NA 0.59 0.0% 24.5 34.8 57.3 57.9 DFM 19,679 2.46 3.05 0.87 NM 2.51 0.0% 54.7 115.8 164.5 168.3 DIC 7,994 1.88 2.08 1.26 20.76 0.67 NA (4.6) 1.6 36.3 50.9 DIB 37,289 5.15 5.59 4.44 13.74 0.98 3.9% (3.4) 1.4 16.6 17.4 DU 27,831 6.14 7.22 5.62 33.59 3.39 4.1% (5.1) (7.7) 10.7 12.2 Easy Lease 870 29.00 66.85 10.00 27.78 14.18 NA (25.6) (49.1) 64.8 - Emaar Dev. 18,200 4.55 4.75 2.45 6.78 1.34 0.0% 9.6 13.2 65.5 59.1 Emaar Pro. 38,526 4.71 5.33 3.26 12.22 0.59 2.1% (1.3) 11.3 36.9 40.5 ENBD 84,324 13.35 14.35 10.25 10.57 0.99 3.0% (5.0) (4.0) 34.3 29.3 ESG 2,000 8.00 11.80 3.01 NM 5.75 NA (10.0) 3.4 NA NA Eshraq 916 0.39 0.48 0.29 NA 0.67 NA 7.9 18.3 23.9 23.1 Etisalat 302,293 34.76 34.98 16.88 32.82 6.41 3.5% 30.1 51.5 117.2 112.6 FAB 212,934 19.50 20.02 12.78 19.35 2.01 3.8% 6.2 13.4 59.0 59.0 28,639 3.45 4.02 2.92 20.45 4.68 5.1% 15.0 - - - Fertiglobe* GFH 4,479 1.17 1.33 0.56 13.00 1.25 1.4% 6.4 56.0 103.0 107.0 276,792 152.00 165.00 39.80 58.81 17.36 NA 3.5 4.0 261.9 279.1 2,022 1.75 2.32 1.20 NA 2.03 NA (11.6) (10.7) 31.6 20.7 Mashreq 15,045 75.00 75.00 53.10 NA 0.78 0.0% 16.9 35.6 24.8 24.8 Multiply 22,399 2.00 - - NA 2.25 NA NA NA NA NA Palms Sports 1,770 11.80 21.48 4.30 21.94 6.56 NA 1.9 (24.1) (10.6) NA RAK Bank 7,039 4.20 4.72 3.63 11.73 0.87 3.6% 5.0 5.0 7.7 15.4 RAK Pro. 1,490 0.75 0.81 0.43 5.51 0.36 5.4% (1.1) 2.8 55.2 62.0 RAK Cer. 2,782 2.80 3.08 1.38 NM 1.25 2.7% 1.4 1.0 102.1 109.1 RPM 2,020 10.10 20.00 9.43 50.32 9.01 NA (11.7) (19.2) NA NA 968 0.80 0.97 0.73 15.73 1.24 10.3% (1.1) (5.9) 4.1 2.8 SIB 5,701 1.85 1.94 1.21 11.17 0.74 4.3% 1.6 5.7 48.5 60.7 Shuaa 1,848 0.73 0.83 0.59 10.20 1.19 4.1% (1.5) 3.8 12.3 20.5 Tabreed 7,045 2.54 3.15 2.39 14.79 1.29 2.3% (9.9) (10.9) (0.0) (1.2) TAQA 156,279 1.39 1.59 1.15 32.10 2.20 1.8% 14.4 1.9 (1.5) (7.0) Waha 3,325 1.71 1.96 1.06 6.70 0.98 3.5% (2.3) (10.0) 49.9 66.5 Yahsat * 6,758 2.77 3.10 2.46 30.44 2.26 5.7% (1.4) 4.1 NA NA Zee Store 2,720 27.20 53.00 7.95 NM 13.15 NA (20.0) (37.6) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend 159.0 NA IHC Julphar Salama
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