UAE: Daily Market Trading Report - 7 June

Transcription

1. SHUAA Securities Morning Report # Market Stats Indices Close 1M 3M 07 June 2020 1Y Change Change Change Change # UAE Trading Summary A EDm BUY SELL Net ADX 4,303 0.4% 6.6% -7.8% -14.0% ADX 223 223 - DFM 2,039 2.0% 6.0% -17.7% -22.2% Local 56% 42% 14% TASI 7,208 -0.2% 9.3% -4.2% -15.4% Foreign 44% 58% -14% BHSEASI 1,273 -0.2% -2.1% -21.9% -11.2% Institutional 70% 74% -4% EGX 10,621 1.9% 5.3% -12.8% -23.0% Retail 30% 26% 4% Dow Jones 27,111 3.2% 13.5% 3.8% 6.2% DFM 310 310 - S&P 500 3,194 2.6% 11.3% 5.6% 13.0% Local 55% 62% -7% Nasdaq 9,814 2.1% 11.4% 12.3% 29.6% Foreign 45% 38% 7% FTSE 100 6,484 2.3% 10.9% -3.3% -10.2% Institutional 44% 30% 14% 12,848 3.4% 19.7% 7.6% 7.2% Retail 56% 70% -14% DAX CAC40 5,198 3.7% 15.9% -3.0% -1.8% Total 533 533 Nikkei225 22,864 0.7% 16.5% 7.2% 10.0% Local 55% 53% 2% HIS 24,770 1.7% 3.8% -7.5% -7.9% Foreign 45% 47% -2% # Upcoming Corporate Actions & Events Date Company Event 10-Jun DANA Gas BOD/General 11-Jun DAMAC AGM 18-Jun UPP AGM 21-Jun Emaar Properties AGM 21-Jun Emaar Malls AGM 21-Jun Emaar Dev AGM 22-Jun AMLAK AGM 22-Jun ARAMEX AGM 22-Jun Emirates REIT AGM 22-Jun FTSE 2Q20 Rebalancing Effective Date -
2. # KEY STORIES UAE reported 626 new cases of COVID-19 on June 06, 2020, pushing the total cases in the country up to 38,268. 1 more deaths also been confirmed, bringing the total death toll to 275. The ministry has also revealed recovery of 724 patients, taking to 21,061 the total number of patients recovered in the country FAB to use call option on USD 750m perp additional Tier 1 capital Dar Al Takaful enters pact to buy Noor Takaful, deal valued at AED215m in cash Dubai Islamic Bank has revived plans to issue a U.S. dollar-denominated sukuk, or Islamic bond, sources familiar with the matter said, a deal the bank had postponed during financial market volatility earlier this year Fitch Affirms Ajman Bank at 'BBB+'; Outlook Stable Mubadala will invest AED 4.4bln (USD 1.2bln) in the Indian digital company Jio Platforms, the Abu Dhabi media office announced in a statement Emirates Airline offers flights for passengers to 29 cities and resumes transits through its Dubai hub. More flights for passengers will be available from 15th June between Dubai and 16 cities Etihad Airways to offer special transfer flights connecting key cities on its global network, New transfer connections linking 20 cities in Europe, Asia and Australia via Abu Dhabi Saudi’s National Commercial Bank announces the commencement of its offer of additional tier 1 sukuk. Number and value of any sukuk to be offered will be determined based on market conditions Saudi National Gas and Industrialization posted quarterly net profit after zakat and tax SAR 33.4mln vs SAR 92mln year ago. Quarterly sales SAR 528.6mln vs SAR 495.3mln year ago Saudi Arabia announces reinstatement of coronavirus restrictions in Jeddah for 15 days Kuwait to cut government entities' budget for fiscal year 2020-2021 by at least 20% Cabinet Oman to set up an investment authority to manage government assets - state TV The International Monetary Fund on Friday said it had reached a staff-level agreement with Egypt for a one-year, USD 5.2bln standby loan to help the North African country grapple with the novel coronavirus pandemic and its economic fallout
3. # Key Global Trends/ Market Clues An unexpected jump in U.S. employment sent world equities and oil surging on hopes that the global economy has started to recover from the coronavirus pandemic, pulling investors out of perceived safe havens like government bonds and gold. MSCI's gauge of stocks across the globe gained 2.04%. The index is now down 4.5% for the year to date and trading at its highest level since early March, before the U.S. economy went into lockdown in an effort to slow the spread of the novel coronavirus. On Wall Street, the Dow Jones Industrial Average rose 829.16 points, or 3.15%, to 27,110.98, the S&P 500 gained 81.58 points, or 2.62%, to 3,193.93 and the Nasdaq Composite added 198.27 points, or 2.06%, to 9,814.08. Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC's decision to bring forward to Saturday discussions on whether to extend record production cuts. Brent crude futures settled up USD 2.31, or 5.8%, at USD 42.30 a barrel, surging 19.2% on the week. OPEC+, the alliance headed by Saudi Arabia and Russia, agreed to extend its biggest-ever production cuts for another month after a virtual meeting of its members on Saturday. The 23-member alliance reiterated its commitment to curb 9.7mln barrels per day - cuts that were first agreed in April to offset the decline in demand caused by the coronavirus pandemic. OPEC+ will now cut back at the same level until July, with producers who had not fulfilled their quota obligations pressed to compensate for that until September. "The meeting therefore agreed unanimously to extend the first phase of the production adjustment agreed at the 10th extraordinary OPEC and non-OPEC ministerial meeting for a further month, to now run from May 1 to July 31, 2020,” Opec said in a statement on Saturday. OPEC+ sees global oil consumption contracting by 9mln bpd for whole of 2020 - statement Mexico will not extend into July oil output cuts it agreed in April with the OPEC+ group of oil producing nations, Energy Minister Rocio Nahle said on Saturday. # UAE Stories UAE reported 626 new cases of COVID-19 on June 06, 2020, pushing the total cases in the country up to 38,268. 1 more deaths also been confirmed, bringing the total death toll to 275. The ministry has also revealed recovery of 724 patients, taking to 21,061 the total number of patients recovered in the country. First Abu Dhabi Bank decides to call its USD 750m Perpetual Tier 1 Capital Securities on June 17, according to a statement. “FAB is committed to maintaining an efficient capital structure and as such will continue to evaluate its capital position, taking into consideration prevailing market conditions and the evolving regulatory framework” Dar Al Takaful enters pact to buy Noor Takaful, deal valued at AED215m in cash. Dubai Islamic Bank has revived plans to issue a U.S. dollar-denominated sukuk, or Islamic bond, sources familiar with the matter said, a deal the bank had postponed during financial market volatility earlier this year. The United Arab Emirates' largest shariah-compliant lender had hired a group of banks in February for a deal, which one source said would have been for around USD 750mln. The sale was postponed due to turbulent market conditions resulting from the new coronavirus outbreak. Fitch Affirms Ajman Bank at 'BBB+'; Outlook Stable Mubadala will invest AED 4.4bln (USD 1.2bln) in the Indian digital company Jio Platforms, the Abu Dhabi media office announced in a statement Emirates Airline offers flights for passengers to 29 cities and resumes transits through its Dubai hub. More flights for passengers will be available from 15th June between Dubai and 16 cities: Bahrain, Manchester, Zurich, Vienna, Amsterdam, Copenhagen, Dublin, New York, Seoul, Kuala Lumpur, Singapore, Jakarta, Taipei, Hong Kong, Perth and Brisbane. From 8th June emirates will offer flights from Karachi, Lahore and Islamabad for travellers from Pakistan who wish to connect onwards to other emirates destinations. Etihad Airways to offer special transfer flights connecting key cities on its global network, New transfer connections linking 20 cities in Europe, Asia and Australia via Abu Dhabi.
4. # GCC/ MENA Saudi’s National Commercial Bank announces the commencement of its offer of additional tier 1 sukuk. Number and value of any sukuk to be offered will be determined based on market conditions. Saudi National Gas and Industrialization posted quarterly net profit after zakat and tax SAR 33.4mln vs SAR 92mln year ago. Quarterly sales SAR 528.6mln vs SAR 495.3mln year ago. Saudi Arabia announces reinstatement of coronavirus restrictions in Jeddah for 15 days. The restrictions will come into effect from Saturday and are a response to an evaluation of the health situation in the city by the relevant authorities. Kuwait to cut government entities' budget for fiscal year 2020-2021 by at least 20% - Cabinet Oman to set up an investment authority to manage government assets - state TV The International Monetary Fund on Friday said it had reached a staff-level agreement with Egypt for a oneyear, USD 5.2bln standby loan to help the North African country grapple with the novel coronavirus pandemic and its economic fallout. The agreement, which must be finalized by the fund's executive board, would safeguard economic gains achieved by Egypt over the past three years and put the country on strong footing for sustained recovery, the IMF said. (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 34,578 4.97 9.09 3.82 9.35 0.71 7.6% 19.8 (18.3) (29.5) (44.7) ADIB 12,494 3.44 5.85 3.19 6.36 0.69 8.0% (0.3) (31.7) (27.3) (23.0) 1,739 3.05 3.70 2.60 4.90 0.85 9.8% (1.6) (17.6) 7.0 (10.3) 36,625 2.93 3.20 2.40 17.96 12.79 6.5% 5.8 1.0 11.8 8.9 Agthia 1,614 2.69 3.84 2.50 13.04 0.81 5.6% (10.3) (6.2) (19.1) (25.3) Air Arabia 5,367 1.15 1.61 0.87 5.70 1.28 NA 7.5 (3.7) (14.8) 11.7 Ajman Bank 1,260 0.60 0.98 0.50 15.38 0.50 0.0% 0.0 (14.4) (33.3) (33.8) Al Waha Capital 1,283 0.66 1.08 0.63 NA 0.43 NA (7.4) (22.4) (34.0) (31.2) Aldar Properties 13,602 1.73 2.37 1.35 7.86 0.57 8.4% 3.0 (8.5) (14.3) (4.9) Amanat Holdings 1,955 0.78 1.03 0.56 32.57 0.76 2.8% 7.1 4.6 (9.2) (20.2) Amlak Finance 474 0.32 0.64 0.20 NA 0.66 0.0% (7.6) (20.0) (30.1) 16.6 Arabtec 876 0.58 2.05 0.44 NA 0.74 0.0% (12.6) (17.7) (52.9) (62.1) Aramex 4,890 3.34 4.47 2.00 10.70 1.83 4.9% 16.8 11.0 (9.7) (22.0) Bank of Sharjah 1,260 0.60 1.00 0.56 NA 0.33 0.0% (3.2) (18.9) (24.1) NA DAMAC Properties 4,035 0.67 1.05 0.36 NA 0.29 NA 14.0 11.0 (13.4) (22.4) Dana Gas 4,316 0.62 1.10 0.53 7.46 0.45 8.9% (7.4) (20.3) (28.7) (37.7) Deyaar Development 1,531 0.27 0.43 0.18 21.77 0.34 0.0% (1.9) (11.7) (25.4) (14.5) Dubai Financial Market 6,232 0.78 1.00 0.50 48.96 0.82 3.2% 12.1 0.4 (11.5) 9.6 Dubai Investment 5,528 1.30 1.43 0.98 8.41 0.46 NA 15.0 7.4 0.8 1.6 Dubai Islamic Bank 26,646 3.68 5.86 3.04 5.66 0.75 9.5% 4.0 (24.3) (24.7) (27.0) DXB Entertainments 1,064 0.13 0.24 0.09 NA 0.37 0.0% (7.6) (21.8) (36.4) (33.5) Emaar Dev 8,560 2.14 4.91 1.79 3.17 0.89 0.0% 1.4 (39.5) (39.2) (45.4) Emaar Malls 18,090 1.39 2.17 0.98 7.91 0.99 0.0% 17.8 (11.5) (28.0) (28.4) Emaar Properties 18,687 2.61 5.53 1.90 3.01 0.35 0.0% 3.2 (20.9) (36.2) (41.6) Emirates Integrated Tele 23,208 5.12 6.35 4.33 14.18 2.58 6.6% (2.5) (11.4) (2.8) 2.0 Emirates NBD 56,723 8.98 13.93 6.33 3.91 0.72 4.5% 9.5 (19.8) (21.1) (16.1) (40.8) ADNIC ADNOC Dist Eshraq Investments (A EDm) (A ED) 544 0.23 0.45 0.16 NA 0.38 NA (11.4) (18.2) (33.9) Etisalat 145,236 16.70 17.80 11.02 16.77 3.22 4.8% 11.8 14.1 5.9 2.5 First Abu Dhabi Bank 126,017 11.54 16.24 7.78 11.20 1.34 6.4% 5.3 (13.5) (19.9) (22.3) 1,920 0.54 0.97 0.45 6.10 0.48 6.3% (3.1) (31.8) (35.7) (41.3) 374 0.37 0.84 0.28 NA 0.63 0.0% 4.9 (18.3) (41.6) 51,036 28.02 32.10 0.95 NM 13.08 NA 11.2 107.6 369.3 60.4 50.0 NA (5.6) (5.6) (8.9) GFH Gulf Navigation Holding IHC Julphar (53.2) 2,788.7 983 1.50 1.58 0.60 NA 2.73 0.0% 105.5 12,063 67.95 86.80 62.00 6.39 0.57 5.9% 4.5 National Bank of Fujairah 9,536 4.98 4.98 3.75 21.77 1.55 1.9% NaN 3.3 3.3 NA Tabreed 5,431 2.00 2.22 1.50 11.43 1.15 5.3% (0.5) 0.0 7.5 27.4 RAK Bank 5,699 3.40 5.00 3.33 5.82 0.80 8.8% (4.5) (19.4) (20.3) (28.4) 698 0.35 0.48 0.33 6.93 0.18 11.5% (2.0) (7.3) (7.8) (18.8) 1,381 1.39 1.81 1.24 8.58 0.61 10.3% (6.1) (10.8) 1.0 (5.8) 576 0.48 0.71 0.30 9.33 0.72 NA (7.3) (2.1) (3.9) (9.7) Sharjah Islamic Bank 3,236 1.05 1.29 0.95 5.91 0.44 4.5% 1.0 (8.7) (6.0) 0.2 SHUAA Capital 1,466 0.58 1.05 0.40 963.33 1.00 NA (0.9) (25.9) (41.7) (35.8) Mashreqbank RAK Properties RAK Ceramics SALAMA Takaful Emarat Insurance 206 1.37 1.62 0.97 NA 1.73 6.0% (4.2) 10.5 21.2 (11.0) TAQA 4,155 0.69 0.92 0.40 17.76 1.00 0.0% (2.1) 2.2 19.3 (14.4) Union Properties 1,162 0.27 0.38 0.15 NA 0.43 0.0% (4.2) 39.7 (10.3) (17.4) United Arab Bank 1,844 0.89 1.25 0.81 NA 0.85 0.0% (0.2) (9.7) (27.9) (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration NaN
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