UAE: Daily Market Trading Report - 7 April

Transcription

1. SHUAA Securities Morning Report # Market Stats Indices Close 1M 3M 07 April 2020 1Y Change Change Change Change # UAE Trading Summary A EDm BUY SELL Net ADX 3,723 1.3% -19.8% -25.7% -26.0% ADX 199 199 - DFM 1,692 0.6% -31.2% -37.2% -39.1% Local 63% 51% 12% TASI 6,861 1.6% -8.1% -16.4% -24.3% Foreign 37% 49% -12% BHSEASI 1,310 -0.9% -19.0% -17.3% -7.7% Institutional 54% 71% -16% EGX 9,447 1.9% -23.5% -28.5% -38.0% Retail 46% 29% 16% 22,680 7.7% -12.3% -21.0% -14.2% DFM 290 290 - S&P 500 2,664 7.0% -10.4% -17.9% -7.9% Local 58% 35% 23% Nasdaq 7,913 7.3% -7.7% -12.8% -0.3% Foreign 42% 65% -23% FTSE 100 5,582 3.1% -13.6% -26.3% -25.0% Institutional 36% 57% -21% 10,075 5.8% -12.7% -23.2% -16.1% Retail 64% 43% 21% Dow Jones DAX CAC40 4,346 4.6% -15.4% -27.7% -20.6% Total 489 489 - Nikkei225 18,576 4.2% -10.5% -19.9% -14.8% Local 60% 41% 19% HIS 23,749 2.2% -9.2% -15.9% -20.7% Foreign 40% 59% -19% # Upcoming Corporate Actions & Events Date Company Event 08-Apr DEYAAR AGM 09-Apr JULPHAR AGM 09-Apr ETISALAT BoD 12-Apr IHC AGM 13-Apr UAB AGM 13-Apr AMANAT AGM 14-Apr DU AGM 14-Apr DANA AGM 15-Apr SHUAA AGM 16-Apr AGTHIA AGM 20-Apr AJMAN BANK AGM 23-Apr DP World AGM 12-May GFH BoD/Results 14-May ITHMAAR BoD/Results 21-Jun Emaar Properties AGM 21-Jun Emaar Malls AGM 21-Jun Emaar Dev AGM
2. # KEY STORIES UAE’s reported 277 new cases of the Covid-19 virus on Monday, taking total cases to 2,076. One death was also reported, thereby raising the total death toll in the UAE to 11. 23 new recoveries were recorded, taking the total recoveries to 167 Abu Dhabi Commercial Bank announces completes full integration of Union National Bank and Al Hilal Bank ahead of schedule Emaar Properties, Emaar Development and Emaar Malls postponed their scheduled general assembles in Aprl-20 to June-20 and to convene board meeting in May to approve agenda of assembly Emaar suspends work on several Dubai projects, including plans for tallest tower due to virus – sources Emaar has announced a reduction of salaries across the board, ranging from 15 to 50pct amid the precautionary measures against the Covid-19 coronavirus GFH Financial Group shareholders approve FY cash dividends of 3.34% of share capital, less than initially proposed dividend of 5.57% of share capital in light of the current market environment Moody's affirms Tabreed's ratings following purchase of Emaar district cooling assets, outlook stable Fitch downgraded DP World Long-Term Issuer Default Rating (IDR) to 'BBB' from 'BBB+' and the Short-Term IDR to 'F2' from 'F1'. The ratings remain on Rating Watch Negative NMC Health said on Monday it is in talks with Abu Dhabi Commercial Bank, seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration Commercial Bank of Dubai has exposure to NMC healthcare Group of fully secured credit facilities totalling 140.1mln and to UAE Exchange totalling AED 410.2mln Gulf Pharmaceutical Industries has net exposure of AED 9.9mln to NMC Dubai, Abu Dhabi and KSA Securities and Commodities Authority extends disclosure of corporates financial results ending March 31 until reporting time of financial results for period ending June 30 Saudi Arabia reported on Monday reported 138 new coronavirus cases in the past 24 hours, taking the Kingdom’s total to 2,523. 4 patients died from the virus, taking the count to 38 KSA imposed on Monday a 24-hour curfew in the capital Riyadh and a number of cities effective immediately and until further notice Saudi's Safco gets general authority for competition approval to proceed with acquisition of Sabic Agri-Nutrients Investment Company Kuwait placed a full lockdown on two densely-populated districts and extended a public holiday by two weeks until April 26 as precautionary measures against the coronavirus Kuwait International Bank has aggregate exposure of USD 75mln to NMC Healthcare Kuwaits’ Warba Bank has aggregate exposure to NMC Healthcare of USD 67.2mln
3. Fitch says Oman external funding risks rise as it faces a sharply higher fiscal deficit and drawdown of fiscal reserves this year Oman March CPI -0 .29% YoY and -0.51% MoM Egypt on Monday reported 149 new coronavirus cases, total now at 1322. Also reported seven new fatalities taking total to 85 deaths Egypt’s Edita Food Industries board approves to buyback up to 2% (14.5mln shares) of outstanding shares # Key Global Trends/ Market Clues Asian stock markets rallied for a second day on Tuesday, and riskier currencies rose, buoyed by tentative signs the coronavirus crisis may be levelling off in New York and receding in Europe. Gains lacked Monday's momentum, but were broad, even though global coronavirus cases kept rising and an economic crash on a scale not seen for generations looms large. The United States is bracing for its toughest week yet as the death toll climbs above 10,000 while across the Atlantic, British Prime Minister Boris Johnson has entered intensive care after his COVID-19 symptoms worsened. Japan's Nikkei rose 2% and has erased most of last week's losses after Prime Minister Shinzo Abe promised a massive USD 991bln economic stimulus package - equal to 20% of GDP. MSCI's broadest index of Asia-Pacific shares outside Japan pared early gains, but rose almost 1%. U.S. stock futures eased 0.2% following a 7% surge on Wall Street on Monday. Oil rose on Tuesday amid hopes that the world's biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. Brent crude was up by 73 cents, or 2.2%, at USD 33.78 a barrel by 0026 GMT after falling more than 3% on Monday. The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. President Donald Trump said on Monday that OPEC had not pressed him to ask U.S. oil producers to reduce their output to support global prices, which have been hard-hit by the economic fallout of the coronavirus pandemic. # UAE Stories UAE’s reported 277 new cases of the Covid-19 virus on Monday, taking total cases to 2,076. One death was also reported, thereby raising the total death toll in the UAE to 11. 23 new recoveries were recorded, taking the total recoveries to 167. Abu Dhabi Commercial Bank announces completes full integration of Union National Bank and Al Hilal Bank ahead of schedule. Emaar Properties, Emaar Development and Emaar Malls postponed their scheduled general assembles in Aprl20 to June-20 and to convene board meeting in May to approve agenda of assembly. Emaar Properties has suspended work on major projects in Dubai, sources familiar with the matter said, as the coronavirus pandemic exacerbates a real estate slowdown in the business hub. Emaar has suspended projects at Dubai Creek Harbour, a new development touted as offering homes to 200,000 people, four the sources said. That included suspending work on the Dubai Creek Harbour Tower, billed as being higher than Dubai's Burj Khalifa, which is now the world's tallest building, they said. Emaar has announced a reduction of salaries across the board, ranging from 15 to 50pct amid the precautionary measures against the Covid-19 coronavirus. Emaar chairman, Mohamed Alabbar, will receive a 100pct salary cut while the salary of senior management will be slashed by half.
4. GFH Financial Group shareholders approve FY cash dividends at a rate of 3 .34% of share nominal value, less than initially proposed dividend at a rate of 5.57% of share capital in light of the current market environment. Moody's affirms Tabreed's ratings following purchase of Emaar district cooling assets, outlook stable. Fitch Ratings has downgraded DP World PLC's Long-Term Issuer Default Rating (IDR) to 'BBB' from 'BBB+' and the Short-Term IDR to 'F2' from 'F1'. The ratings remain on Rating Watch Negative. NMC Health said on Monday it is in talks with Abu Dhabi Commercial Bank, seeking to convince it to withdraw an application that the lender had filed proposing that NMC be placed under administration. The resolution with lenders is likely to involve changes to corporate governance at the company and the composition of the board itself, said NMC, which has been struggling with high debt and management issues. Commercial Bank of Dubai has exposure to NMC healthcare Group of fully secured credit facilities totaling 140.1mln and to UAE Exchange totaling AED 410.2mln. Gulf Pharmaceutical Industries has net exposure of AED 9.9mln to NMC Dubai, Abu Dhabi and KSA. Securities and Commodities Authority extends disclosure of corporates financial results ending March 31 until reporting time of financial results for period ending June 30. # GCC/ MENA Saudi Arabia reported on Monday reported 138 new coronavirus cases in the past 24 hours, taking the Kingdom’s total to 2,523. 4 patients died from the virus, taking the count to 38. 63 patients have recovered, raising the number to 551. KSA imposed on Monday a 24-hour curfew in the capital Riyadh and a number of cities effective immediately and until further notice, as a precautionary measure against coronavirus spread, state news agency (SPA) reported. The cities are Tabuk, Dammam, Dhahran, Al-Hofuf, Jeddah, Taif, Al-Qatif, Al-Khobar. Entry and exit between cities is still under ban. Residents are allowed to leave their houses only for essential needs inside their residential area, and between 6 a.m. and 3 p.m. only, SPA added. Saudi's Safco gets general authority for competition approval to proceed with acquisition of Sabic AgriNutrients Investment Company. Kuwait placed a full lockdown on two densely-populated districts and extended a public holiday by two weeks until April 26 as precautionary measures against the coronavirus, a statement from the cabinet said on Monday, April 6. Kuwait International Bank has aggregate exposure of USD 75mln to NMC Healthcare. Kuwaits’ Warba Bank has aggregate exposure to NMC Healthcare of USD 67.2mln. Fitch says Oman external funding risks rise as it faces a sharply higher fiscal deficit and drawdown of fiscal reserves this year. Fitch says willingness of lenders to fund Oman's large external financing needs will be critical to sustainability of country's Government finances. Fitch believe there is a real prospect for acceleration of fiscal reform under Oman's new sultan. Oman March CPI -0.29% YoY and -0.51% MoM. Egypt on Monday reported 149 new coronavirus cases, its highest daily toll since confirming the first infection in February. The North African country, which also reported seven new fatalities on Monday, has so far recorded 1,322 cases including 85 deaths. A total of 259 people had recovered from the fast-spreading disease and been released from hospitals as of Monday, Egypt’s Edita Food Industries board approves to buyback up to 2% (14.5mln shares) of outstanding shares. (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 26,576 3.82 10.26 3.82 5.29 0.48 9.9% (37.1) (46.7) (46.9) (57.1) ADIB 12,712 3.50 5.85 3.48 5.54 0.67 7.8% (35.2) (34.0) (32.0) (21.9) 2,109 3.70 3.70 2.60 7.39 0.92 8.1% NA 23.3 23.3 - 37,499 3.00 3.20 2.40 16.91 10.00 6.4% (0.0) 2.7 13.9 20.0 Agthia 1,890 3.15 4.15 2.50 13.79 0.96 4.8% 4.3 (6.3) (12.5) (22.6) Air Arabia 4,153 0.89 1.61 0.87 4.19 0.75 NA (21.8) (37.1) (22.5) (9.6) Ajman Bank 1,151 0.55 0.98 0.50 14.05 0.46 0.0% (23.0) (37.7) (40.2) (37.4) Al Waha Capital 1,546 0.80 1.19 0.72 NA 0.52 NA (5.4) (12.6) (22.1) (29.6) Aldar Properties 11,558 1.47 2.37 1.35 5.83 0.47 9.9% (20.3) (23.0) (20.7) (17.9) Amanat Holdings 1,600 0.64 1.06 0.56 26.66 0.62 3.4% (15.2) (16.8) (29.7) (35.6) Amlak Finance 356 0.24 0.64 0.20 NA 0.50 0.0% (37.1) (49.0) (46.5) (27.1) Arabtec 765 0.51 2.28 0.44 NA 0.64 0.0% (27.5) (58.2) (71.2) (76.3) Aramex 3,792 2.59 4.85 2.00 7.62 1.45 6.4% (13.7) (26.6) (36.0) (46.0) Bank of Sharjah 1,365 0.65 1.00 0.65 NA 0.35 0.0% (13.3) (19.8) (20.7) (29.8) DAMAC Properties 2,892 0.48 1.39 0.36 15.78 0.21 NA (19.7) (30.2) (48.1) (65.1) Dana Gas 4,057 0.58 1.10 0.53 7.02 0.42 9.5% (30.9) (34.8) (38.6) (40.2) Deyaar Development 1,231 0.21 0.43 0.18 17.21 0.27 0.0% (28.3) (39.0) (40.0) (40.8) Dubai Financial Market 4,440 0.56 1.00 0.50 36.78 0.56 4.5% (27.4) (35.7) (34.1) (27.0) Dubai Investment 4,635 1.09 1.63 0.98 7.05 0.39 NA (11.4) (13.5) (14.2) (23.8) Dubai Islamic Bank 22,011 3.04 5.86 3.04 4.40 0.62 11.5% (37.5) (38.9) (36.6) (38.6) 960 0.12 0.26 0.09 NA 0.33 0.0% (25.9) (29.4) (42.3) (53.7) Emaar Dev 7,680 1.92 4.91 1.79 2.84 0.80 0.0% (44.3) (48.8) (53.1) (50.6) Emaar Malls 13,665 1.05 2.17 0.98 5.98 0.74 0.0% (33.5) (42.3) (44.7) (41.0) Emaar Properties 16,109 2.25 5.53 1.90 2.60 0.30 0.0% (31.6) (42.5) (50.1) (55.0) Emirates Integrated Tele 24,250 5.35 6.35 4.33 14.01 2.80 6.4% (10.1) (2.7) (4.5) 3.1 Emirates NBD 41,436 6.56 13.93 6.33 2.69 0.51 6.1% (39.6) (45.3) (45.0) (42.6) ADNIC ADNOC Dist DXB Entertainments Eshraq Investments (A EDm) (A ED) 498 0.21 0.55 0.16 NA 0.35 NA (18.9) (32.5) (44.0) (53.5) Etisalat 121,751 14.00 17.80 11.02 14.01 2.61 5.7% (7.1) (11.7) (11.6) (14.2) First Abu Dhabi Bank 109,197 10.00 16.96 7.78 9.12 1.01 7.4% (23.8) (29.6) (30.4) (34.0) 1,947 0.55 1.11 0.45 6.19 0.49 6.2% (34.9) (32.5) (38.1) (44.3) 296 0.29 1.00 0.28 NA 0.50 0.0% (28.4) (41.2) (58.6) 26,593 14.60 15.00 0.87 NM 12.24 NA 8.0 129.2 192.0 GFH Gulf Navigation Holding IHC Julphar (64.8) 1,364.4 868 0.75 1.58 0.75 NA 1.24 0.0% (19.9) (23.3) (40.1) (52.6) 12,782 72.00 86.80 66.00 6.19 0.59 5.6% NA 2.4 9.1 (5.3) National Bank of Fujairah 9,536 4.98 4.98 3.75 18.58 1.50 1.9% 3.3 3.3 3.3 NA Tabreed 5,431 2.00 2.18 1.44 11.49 1.10 5.3% (0.0) 9.3 11.1 28.2 RAK Bank 6,705 4.00 5.00 3.75 6.12 0.86 7.5% (16.5) (15.8) (12.1) (2.7) 666 0.33 0.50 0.33 6.61 0.17 12.0% (14.5) (14.9) (17.7) (22.9) 1,262 1.27 1.81 1.24 7.31 0.50 11.2% (18.1) (6.6) (4.8) (22.0) 472 0.39 0.71 0.30 7.95 0.60 NA (19.3) (29.1) (38.8) (16.3) Sharjah Islamic Bank 3,051 0.99 1.29 0.95 5.59 0.41 4.8% (13.9) (11.4) (9.9) (6.4) SHUAA Capital 1,037 0.41 1.05 0.40 681.67 0.71 NA (49.4) (48.8) (56.9) (51.5) Mashreqbank RAK Properties RAK Ceramics SALAMA Takaful Emarat Insurance TAQA Union Properties United Arab Bank 199 1.33 1.62 0.97 NA 1.68 6.2% (1.5) 10.8 (4.3) (17.4) 3,633 0.60 0.94 0.40 15.53 0.87 0.0% (11.8) 49.8 (10.6) (32.7) 944 0.22 0.44 0.15 NA 0.35 0.0% 15.2 (16.7) (28.6) (42.1) 1,848 0.90 1.25 0.81 NA 0.86 0.0% - (20.7) (18.5) (24.7) (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration
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