UAE: Daily Market Trading Report - 7 July

Transcription

1. Morning Report 07 July 2022 UAE Trading Summary Market Stats Indices ADX DFM TASI BHSEASI EGX DJI S &P 500 Nasdaq FTSE DAX CAC40 Nikkei225 HSI MSCI EM MSCI Asia US Fut. EU Fut. Close Chg. 1M Chg. 9,194 3,062 11,417 1,869 8,670 31,038 3,845 11,362 7,108 12,595 5,912 26,108 21,529 981 156 3,854 3,444 -0.2% -1.9% 0.6% -0.4% 0.1% -0.4% 0.4% 0.3% 1.2% 1.6% 2.0% 0.7% -0.4% 0.1% 0.3% 0.1% 1.0% -5% -10% -11% -2% -13% -6% -7% -6% -7% -14% -10% -6% 0% -7% -8% -7% -10% 3M Chg. YTD Chg. 1Y Chg. -8% -13% -14% -12% -24% -11% -14% -18% -6% -11% -9% -5% -2% -14% -13% -14% -8% 9% -4% 1% 4% -27% -15% -19% -27% -4% -21% -17% -9% -8% -20% -19% -19% -20% 32% 10% 4% 19% -15% -11% -11% -23% 0% -19% -9% -9% -23% -27% -24% -11% -16% Close (AED) 0.33 2.71 0.65 Change (%) 0.3 (1.1) (0.6) AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 1,167 80% 20% 91% 9% 251 48% 52% 56% 44% 1,418 74% 26% Last Trading Day's Top Short Positions Company Eshraq Rak Cer. RAK Pro. Short Interest (Short shares/Out. shares) 0.070% 0.057% 0.050% Upcoming Corporates Actions & Events Date 21-Jul 08-Aug 10-Aug 11-Aug Company Event Al Firdous AGM Ithmaar BoD/Result GFH BoD/Result MSCI EM Index Review Announcement Date 52WH 0.55 3.38 0.97 High - Low 52WL 0.29 2.18 0.56 Sell 1,167 75% 25% 83% 17% 251 45% 55% 63% 37% 1,418 69% 31% Net 5% -5% 8% -8% 4% -4% -7% 7% 5% -5%
2. # KEY STORIES GFH Financial Group has announced its acquisition of a USD 300mln student housing portfolio affiliated to select top-rated universities located in Texas, Michigan and Missouri Eshraq Investments submitted final request to SCA for issuance of certificate of amendment of memorandum of association in execution of acquisition of Goldilocks Investment Response Plus Holding says unit Response Plus Medical Services signs MoU with Program Jaheziya ERC disclosed that the date of listing of the new shares will be 7 July 2022. The listing of the shares shall be done after trading hours Arabian Scandinavian Insurance receives all necessary regulatory and internal approvals for allowing foreign ownership to 49% of capital ADX and BHB announced the launch of the region's first digital exchange hub – Tabadul. Tabadul will allow investments across BHB and ADX and enable investors to trade directly on both exchanges through licensed brokers in both markets Salik appoints Ibrahim Sultan Al Haddad as CEO ENOC Group expands its compact station network with latest opening in Dubai South UAE on Jul 06 announced 1,690 new Covid-19 cases and 1,568 recoveries. The tally takes total cases in UAE to 956,382 with 936,594 recoveries and 2,322 deaths Saudi’s CMA approves capital increase request for Saudi Telecom through the issuance of bonus shares to SAR 50bln from SAR 20bln Saudi’s CMA approves Red Sea International’s request to reduce its capital to SAR 302.3mln from SAR 600mln Saudi’s CMA approves capital increase request for Jabal Omar Development Company through debt conversion Saudi’s CMA approves registration and offering shares of International Human Resources Company in the parallel market Saudi’s Solutions by STC announces the signing of a SAR 298.1mln contract with Saudi Telecom Company for expansion of internal internet network Kuwait Finance House received approval of CBK to acquire 100% of capital shares of Ahli United Bank Egypt’s El Sewedy Electric board approves to buy upto 30mln treasury shares Egypt’s Marseilia Egyptian Gulf Real Estate Investment board amends bonus shares decision and proposes to distribute 3 bonus shares for every 100 shares Egypt’s Taaleem Management Services posted Q3 net profit EGP 136.4mln versus EGP 97.4mln year ago. Q3 operating revenue EGP 263mln versus EGP 267.4mln year ago # Key Global Trends/ Market Clues The euro huddled at a two-decade low on Thursday as investors fretted about a looming recession, while equities were caught between growth worries and relief that a slowdown might put the brakes on interest rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan edged up from a two-month low and rose 0.3% in early trade. Japan's Nikkei advanced 0.7%. The Australian and New Zealand dollars scraped themselves from two-year lows. S&P 500 futures were flat. Overnight the index rose 0.4% and Treasuries dropped as traders grappled with generally positive U.S. economic data, with solid job openings, and hawkish minutes from the June Federal Reserve meeting. Two-year Treasury yields shot up 14 basis points overnight and hovered at 2.9691% in the Asia session. That is above the 10-year yield of 2.9206%, showing the bond market is pointing to a slowdown in growth as rate hikes hit.
3. Brent crude futures extended declines for a third session on Thursday , slipping under USD 100 a barrel, as fears of a potential global recession spurred concerns about oil demand. Brent crude futures fell 94 cents, or 0.9%, to USD 99.75 a barrel by 0231 GMT after tumbling to a session low of USD 98.50 earlier. WTI crude futures slid 79 cents, or 0.8%, to USD 97.74 a barrel. Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on Tuesday despite tight global supplies. WTI slid 8% while Brent tumbled 9% - a USD 10.73 drop that was the third biggest for the contract since it started trading in 1988. Oil prices have slid alongside other commodities such as metals and palm oil as central banks across the world raised interest rates to battle inflation, fanning fears of recession that could dampen demand for commodities. # UAE Stories GFH Financial Group has announced its acquisition of a USD 300mln student housing portfolio affiliated to select top-rated universities located in Texas, Michigan and Missouri in the US. The acquisition is in partnership with GFH subsidiary Student Quarters, an Atlanta-based student housing specialist. The five assets acquired include facilities near Texas A&M University, Michigan State University and Missouri State University. The portfolio has more than 2,000 beds with assets located within walking distance of their respective affiliated universities. Eshraq Investments updates concerning the acquisition of Goldilocks Investment. The company submitted final request to SCA for issuance of certificate of amendment of memorandum of association in execution of acquisition. The company confirms that its final shareholding in Goldilocks is expected to be 99.2%. Certificate will allow Eshraq to decrease the capital and subsequently increase it. Following the capital reduction, Eshraq’s accumulated losses will be completely eliminated. After decrease and increase of capital of Eshraq issued capital is expected to be AED 2.80bln. Response Plus Holding says unit Response Plus Medical Services signs MoU with Program Jaheziya. Program is accredited and certified by national, international bodies with aim to collaborate to enhance skills of frontline manpower across UAE. Emirates Refreshment Company (ERC) disclosed that after obtaining approval from the Securities and Commodities Authority (S.C.A). It has been determined that the date of listing of the new shares will be 7 July 2022. The listing of the shares shall be done after trading hours. Arabian Scandinavian Insurance receives all necessary regulatory and internal approvals for allowing foreign ownership to 49% of capital. Abu Dhabi Securities Exchange (ADX) and Bahrain Bourse (BHB) announced the launch of the region's first digital exchange hub – Tabadul. Based on the mutual market access model, Tabadul will allow investments across Bahrain Bourse and Abu Dhabi and enable investors to trade directly on both exchanges through licensed brokers in both markets. Tabadul will be accessible to all investors who have registered with eligible local brokers and filled out the requisite KYC documents required by the local exchange in their country of residence. Securities on Tabadul are traded in the respective exchange's local currency, and in the specified currency of the traded asset for some cases, with no minimum amount required for orders. Investors can trade on-boarded exchanges during the designated days and trading hours. A new CEO has been appointed at Dubai’s road toll operator Salik PJSC ahead of its expected initial public offering. Ibrahim Sultan Al Haddad was appointed at the company’s first board meeting, which was chaired by council chairman Mattar Al Tayer, director general of Dubai’s Roads and Transports Authority (RTA). Al Haddad has served as the commercial and investment director at the RTA for the past nine years, Salik said in a statement today. ENOC Group expands its compact station network with latest opening in Dubai South. UAE on Jul 06 announced 1,690 new Covid-19 cases, bringing the total confirmed cases in the country to 956,382. At the same time, 1,568 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 936,594, UAE's Ministry of Health and Prevention said. It has reported 3 deaths from Covid19 during the past 24 hours. The nationwide death toll stands at 2,322.
4. # GCC/MENA Saudi’s CMA approves capital increase request for Saudi Telecom through the issuance of bonus shares to SAR 50bln from SAR 20bln through issuing 1.5 bonus share for every 1 existing share owned by shareholders. Saudi’s CMA approves Red Sea International’s request to reduce its capital to SAR 302.3mln from SAR 600mln. Saudi’s CMA approves capital increase request for Jabal Omar Development Company through debt conversion. Saudi’s CMA approves registration and offering shares of International Human Resources Company in the parallel market. The company to offer 500,000 shares representing 20% of company's share capital in the parallel market. Saudi’s Solutions by STC announces the signing of a SAR 298.1mln contract with Saudi Telecom Company (STC) for expansion of internal internet network. Contract to execute project of establishing and developing internet and communications networks for STC. Contract for expansion of internet services projects. Kuwait Finance House received approval of CBK to acquire 100% of capital shares of Ahli United Bank. Egypt’s El Sewedy Electric board approves to buy upto 30mln treasury shares. Egypt’s Marseilia Egyptian Gulf Real Estate Investment board amends decision regarding issuance of 1 bonus share for every 10 shares and proposes to distribute 3 bonus shares for every 100 shares. Egypt’s Taaleem Management Services posted Q3 net profit EGP 136.4mln versus EGP 97.4mln year ago. Q3 operating revenue EGP 263mln versus EGP 267.4mln 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% ADCB 59,621 8.57 11.30 6.70 11.38 1.12 4.3% (14.3) (18.1) 4.0 30.9 ADIB 28,219 7.77 10.46 5.36 12.93 1.42 4.0% (8.6) (9.1) 17.0 48.0 3,562 6.25 7.63 4.91 10.10 1.31 6.4% 1.5 (10.6) (1.5) 28.2 ADNOC Dist. 52,372 4.19 4.63 3.80 22.85 19.99 4.9% 1.2 1.0 0.6 0.2 ADNOC Drill.* 53,917 3.37 3.92 2.77 21.96 4.94 4.4% 2.4 (3.4) 1.2 - AD Ports 25,703 5.05 5.85 3.22 30.41 1.45 - 1.6 45.5 - - 4,092 5.17 7.07 4.20 NM 1.45 3.2% 5.7 15.5 2.2 (12.6) 9,333 2.00 2.24 1.31 9.55 1.49 4.3% (2.9) 14.3 45.3 56.1 Company ADNIC Agthia Air Arabia Ajman Bank Aldar Alpha Dhabi Amanat Aramex ASM HIGH-LOW VALUATION Div. HISTORICAL RETURN YTD% 12M% 1,459 0.70 0.91 0.64 12.29 0.56 - (9.7) (13.0) (15.7) (4.1) 33,257 4.23 5.79 3.79 13.63 1.16 3.5% (18.3) (10.1) 9.1 14.3 249,986 25.00 30.20 20.40 NA NA - (2.6) (7.4) (8.4) 21.4 2,300 0.92 1.27 0.90 8.17 0.86 6.5% (8.9) (16.4) (15.6) (1.0) 5,227 3.57 4.80 3.50 28.23 1.95 3.6% (11.2) (2.0) (10.2) (5.5) 9,799 9.80 16.94 9.80 NM 1.67 - (16.2) (10.9) (29.5) (34.7) Borouge* 86,561 2.88 3.27 2.85 15.45 4.75 5.5% (9.7) - - - BOS Dana Gas DEWA* Deyaar DFM 1,166 0.53 0.76 0.49 NULL 0.31 - NA NA (14.5) (2.4) 6,995 1.00 1.27 0.81 5.52 0.81 8.0% (8.3) (14.2) (2.1) 31.0 125,993 2.52 3.05 2.48 20.58 1.35 4.9% (0.8) (12.2) - - 1,960 0.45 0.73 0.37 24.41 0.34 - (18.0) (27.5) (30.0) 15.4 11,999 1.50 3.05 0.98 NM 1.53 2.0% (26.8) (45.1) (46.5) 36.8 DIC 9,141 2.15 2.64 1.63 13.09 0.74 5.6% (5.3) (9.9) 16.7 33.3 DIB DU 38,736 5.35 6.63 4.72 8.74 1.01 4.7% (10.7) (11.3) 3.5 16.0 26,471 5.84 7.28 5.67 22.92 3.17 3.6% (3.2) (11.4) (10.3) (10.3) Easy Lease 1,230 41.00 66.85 24.00 33.61 13.60 - (8.5) 5.1 41.4 63.9 Emaar Dev. Emaar Pro. ENBD ESG 16,079 4.02 5.32 3.55 4.58 1.03 - (10.7) (9.5) (8.0) 9.2 39,997 4.89 6.47 3.89 6.59 0.63 3.1% (14.8) (14.2) 2.4 24.2 74,532 11.80 15.50 11.80 8.13 0.91 4.2% (15.1) (20.3) (10.0) (9.0) 1,700 6.80 11.80 3.65 NM 3.32 - (4.4) (6.2) (15.0) 83.8 Etisalat 224,191 25.78 39.06 22.02 23.85 4.58 3.1% (11.4) (32.5) (17.8) 20.0 FAB Fertiglobe* GFH 205,474 18.60 24.06 16.07 13.85 1.85 2.6% (6.1) (22.3) 2.1 16.5 38,018 4.58 5.95 2.92 10.63 4.68 8.7% (15.0) (18.4) 35.1 NA 3,815 0.99 1.34 0.69 10.35 0.92 4.5% (11.3) (13.6) (12.8) 39.0 20,752 85.90 123.00 9.14 NA 9.19 - 0.1 8.1 212.4 778.3 524,419 288.00 306.00 125.00 68.97 18.28 - 3.1 53.1 89.5 128.0 Ghitha IHC Julphar Mashreq Multiply NMDC Palms RAK Bank RAK Pro. RAK Cer. RPM Salama SIB Shuaa Tabreed TAQA Waha Yahsat * 1,502 1.30 2.32 1.20 23.54 1.58 - 4.0 (3.0) (29.3) (25.3) 16,048 80.00 81.00 53.10 10.25 0.79 1.3% 4.6 18.5 0.6 45.8 20,047 1.79 2.35 1.51 NA 1.92 - (7.7) 5.3 (2.7) NA 22,191 26.90 33.38 8.81 21.32 4.04 - 4.0 69.2 106.3 205.3 1,530 10.20 21.48 10.04 15.78 4.38 - (18.5) (15.0) (16.5) (14.7) 7,542 4.50 5.40 3.82 8.73 0.88 5.0% (3.2) (13.5) 0.0 13.9 1,290 0.65 0.97 0.56 7.69 0.31 - (5.3) (14.9) (16.3) 2.4 2,693 2.71 3.38 2.18 NM 1.22 7.4% (9.4) (4.9) (1.6) 29.7 1,600 8.00 20.00 7.05 19.91 6.20 - (17.4) 0.0 (17.1) NA 688 0.57 0.87 0.55 24.36 0.89 - (5.6) (13.9) (23.0) (27.4) 5,146 1.67 2.12 1.47 9.59 0.68 4.8% (9.7) (12.1) (10.9) 16.6 1,242 0.49 0.83 0.47 NULL 0.86 - (10.7) (24.6) (28.5) (19.1) 7,653 2.69 2.92 2.27 14.75 1.31 2.2% (2.2) 11.2 11.6 2.6 136,038 1.21 1.53 1.13 20.94 2.09 3.9% (6.2) (2.0) (5.6) (7.5) 2,761 1.42 1.91 1.38 6.26 0.81 5.3% (3.4) (7.8) (10.8) 5.2 (4.2) (6.3) 6,221 2.55 3.10 2.46 22.90 1.88 6.2% (4.5) (3.5) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend
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