UAE: Daily Market Trading Report - 9 June

Transcription

1. Morning Report 09 June 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. 9,665 3,396 12,596 1,884 10,236 32,911 4,116 12,086 7,593 14,446 6,449 28,234 21,977 1,074 169 4,108 3,764 -0.3% 0.7% -0.5% 0.3% 1.9% -0.8% -1.1% -0.7% -0.1% -0.8% -0.8% 0.0% 0.2% -0.2% -0.4% -0.1% -0.5% -4% -8% -9% -8% -8% 0% 0% 0% 3% 6% 3% 5% 10% 4% 3% 3% 7% 3M Chg. YTD Chg. 1Y Chg. 0% 0% -2% -9% -2% 1% -1% -6% 9% 13% 8% 14% 6% -2% 0% -3% 4% 14% 6% 12% 5% -14% -9% -14% -23% 3% -9% -10% -2% -6% -13% -12% -14% -12% 46% 20% 17% 22% 3% -5% -3% -13% 7% -8% -2% -3% -24% -22% -19% -3% -8% Close (AED) 2.99 5.47 5.13 Change (%) (2.3) (1.0) AEDm ADX Local Foreign Institutional Retail DFM Local Foreign Institutional Retail Total Local Foreign Buy 1,672 71% 29% 82% 18% 332 46% 54% 56% 44% 2,004 67% 33% Last Trading Day's Top Short Positions Company RAK Cer. Fertiglobe Aldar Short Interest (Short shares/Out. shares) 0.046% 0.038% 0.037% Upcoming Corporates Actions & Events Date 20-Jun 09-Jun 13-Jun 14-Jun 20-Jun 04-Jul Company Event FTSE 2Q22 Index Review Effective Date RPM BoD/General Fertiglobe AGM APEX BoD/General NBQ AGM Salama GM 52WH 3.38 5.95 5.79 High - Low 52WL 2.17 2.92 3.73 Sell 1,672 75% 25% 85% 15% 332 49% 51% 51% 49% 2,004 71% 29% Net -4% 4% -3% 3% -3% 3% 4% -4% -4% 4%
2. # KEY STORIES UAE Central Bank said it expects real GDP growth to reach 4.2% next year, up from its earlier forecast of 3.3% - WAM Dubai will list 12.5pct (625mln shares) of Tecom on DFM. The price range for the listing will be announced on June 16, the same day when the IPO starts. The subscription period for the first tranche and third tranche will run from June 16 to June 23. The subscription period for the second tranche will run from June 16 to June 24 IHC’s unit IHC Food Holding will acquire a 25% stake in Invictus Trading, an entity in JAFZA DEWA to building three water reservoirs in different parts of Dubai with storage capacity of 210MIG with total investments of about AED 550mln ADIO announces partnerships with ANSR and Talent500 as part of its AED 2bln innovation programme UAE on Jun 08 announced 867 new Covid-19 cases and 637 recoveries. The tally takes total cases in UAE to 912,953 with 895,736 recoveries and 2,305 deaths Saudi's PIF is taking an 8.1% stake in gaming group Embracer via a direct share issue Saudi Exchange announces listing of Arabian Food and Dairy Factories on parallel market on June 12 Saudi’s Nayifat Finance obtains final license from Saudi Central Bank to commence Ulend activity using fintech Saudi Steel Pipes appoints Mohammed Abdulaziz Abdulrahman Al Shayea as chairman Qatar sets July marine crude OSP at Oman/Dubai plus USD 5.45/bbl; land crude OSP at Oman/Dubai plus USD 6.20/bbl Fitch Ratings has affirmed Bahrain’s Batelco Long-Term IDR and senior unsecured rating at 'B+' with stable outlook Egypt's currency weakened to 18.71 to the U.S. dollar on Wednesday, a five-year low, before strengthening again Egypt will offer USD 40bln in assets to the private sector over four years, representing USD 10bln per year - Prime Minister # Key Global Trends/ Market Clues Asian stocks fell, U.S. bond yields rose, and a soaring dollar pushed to a two-decade high against the yen on Thursday as investors worried about the outlook for more rate rises ahead of a key meeting of the European Central Bank later in the day. But before the meeting, at which the ECB is set to bring to an end its Asset Purchase Programme and signal rate hikes to combat rising inflation, moves in the Asian session were relatively muted as many investors kept to the side-lines. Adding to concern over European inflation, data showed the euro zone economy grew much faster in the first quarter than the previous three months, despite the war in Ukraine. While Asian share markets have risen around 8% from nearly two-year lows touched last month, investors remain worried that central bank policy tightening to control inflation could spark an economic slowdown. In morning trade, MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.39%, tracking losses in U.S. stocks in the previous session. Australian shares were down 1.19% and Seoul's KOSPI slipped 0.64%, though Hong Kong's Hang Seng eked out a gain of less than 0.2% and Chinese A-shares were flat. In Japan, the Nikkei stock index was also unchanged. Overnight, the Dow Jones Industrial Average fell 0.81%, the S&P 500 lost 1.08% and the Nasdaq Composite dropped 0.73%. Oil prices extended gains on Thursday, underpinned by robust demand in the world's top consumer United States while demand is expected to rebound in China as COVID-19 curbs across major cities are relaxed. Brent crude futures for August rose 50 cents, or 0.4%, to USD 124.08 a barrel by 0153 GMT, while U.S. West Texas Intermediate crude for July was at USD 122.49 a barrel, up 38 cents, or 0.3%. Both benchmarks closed Wednesday at their highest since March 8, matching levels seen in 2008. The
3. United States posted a record fall in strategic crude reserves even as commercial stocks rose last week , data from the Energy Information Administration (EIA) showed on Wednesday. Efforts by OPEC+ oil producers to boost output are "not encouraging", UAE energy minister Suhail alMazrouei said on Wednesday, noting the group was currently 2.6mln barrels per day short of its target. "According to last month's report, we have seen the conformity (to output cuts) of the OPEC+ group and the conformity was more than 200%," Mazrouei told an energy conference in Jordan. Conformity above 100% means a country is producing less than what it is supposed to be as OPEC+ looks to gradually remove its production curbs. "The risk is when China is back," Mazrouei said in an apparent reference to Chinese demand. Prospects for demand growth in China, which is relaxing lockdowns, have been buoying crude prices recently. # UAE Stories The United Arab Emirates central bank said on Wednesday it expects real GDP growth to reach 4.2% next year, up from its earlier forecast of 3.3%, state news agency (WAM) reported. The central bank had projected real GDP growth to reach 5.4% in 2022. Dubai will list 12.5pct of Tecom, the operator of business free zones home to more than 7,800 companies, on the Dubai Financial Market (DFM). Dubai Holding will sell 625mln shares in Tecom, which comprises 10 business districts that include Dubai Internet City, Dubai Media City, Dubai Design District among others. The price range for the listing will be announced on June 16, the same day when the IPO starts. The subscription period for the first tranche and third tranche will run from June 16 to June 23. The subscription period for the second tranche will run from June 16 to June 24. The selling shareholder reserves the right to amend the offering and size and the expected date of listing on the Dubai stock exchange is July 5. The Company expects to pay a dividend amount of AED 800mln per annum over the next three years (through to October 2025) IHC’s unit IHC Food Holding will acquire a 25% stake in Invictus Trading, an entity in Jebel Ali Free Zone (JAFZA). Subject to the regulatory approvals and completion of legal formalities, the transaction will be completed through one of IHC Food Holding's subsidiaries, according to a bourse filing on Wednesday. Established in February 2014, Invictus Trading initially met the raw material needs of the largest manufacturing conglomerate in Sudan, DAL Group. The company has been developed into a trading company, specialising in various commodities, agri-food, and finished goods trading business across Africa, Middle East, and Asia. DEWA to building three water reservoirs in different parts of Dubai with storage capacity of 210MIG with total investments of about AED 550mln. Abu Dhabi Investment Office (ADIO) announces partnerships with ANSR and Talent500 as part of its AED 2bln innovation programme. Under the agreement, ADIO will provide the company’s financial and non-financial incentives to support their growth in Abu Dhabi. UAE on Jun 08 announced 867 new Covid-19 cases, bringing the total confirmed cases in the country to 912,953. At the same time, 637 more patients have recovered from the virus, taking the tally of recoveries in the UAE to 895,736, UAE's Ministry of Health and Prevention said. It has reported no deaths from Covid-19 during the past 24 hours. The nationwide death toll stands at 2,305. # GCC/MENA Saudi Arabia's sovereign wealth fund is taking an 8.1% stake in gaming group Embracer via a direct share issue as part of a push into the games and esports industry. Sweden's Embracer said in a statement it was issuing 99.9mln shares at a price of SC 103.47 per share to Savvy Gaming Group which is owned by Saudi Arabia’s USD 600bln Public Investment Fund (PIF), raising SC 10.3bln (USD 1.05bln). Upon settlement the fund would hold 8.1% of shares and 5.4% of votes in Embracer, it said. Saudi Exchange announces listing of Arabian Food and Dairy Factories on parallel market on June 12. Saudi’s Nayifat Finance obtains final license from Saudi Central Bank to commence Ulend activity using fintech. Saudi Steel Pipes appoints Mohammed Abdulaziz Abdulrahman Al Shayea as chairman. The company appoints Mariano Armengol Lamazares as CEO. Qatar sets July marine crude OSP at Oman/Dubai plus USD 5.45/bbl; land crude OSP at Oman/Dubai plus USD 6.20/bbl.
4. Fitch Ratings has affirmed Bahrain ’s Batelco Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'B+'. The Outlook is Stable. Egypt's currency weakened to 18.71 to the U.S. dollar on Wednesday, a five-year low, before strengthening again, Refinitiv Data showed. The pound was bid at 18.71 to the dollar, its weakest since Feb. 2, 2017, when it weakened to as low as 18.78 pounds. Egypt has been suffering from a shortage of foreign currency since the coronavirus pandemic chased away many tourists, international portfolio investors withdrew funds and the Ukrainian crisis pushed up commodity import prices. Egypt will offer USD 40bln in assets to the private sector over four years, representing USD 10bln per year, the Egyptian Prime Minister, Mostafa Madbouly, said. This announcement was made during Madbouly's meeting with a number of representatives from major global investment funds to highlight investment opportunities in the Egyptian market. The Egyptian Prime Minister confirmed that the government is adopting new policies to raise the private sector's contribution to the total investments in Egypt from 30% to 65% during the next three years. 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% YTD% 12M% ADCB 67,695 9.73 11.30 6.65 12.92 1.27 3.8% (5.4) (7.1) 18.1 34.3 ADIB 30,763 8.47 10.46 5.36 14.10 1.55 3.7% (4.0) (4.4) 27.5 56.7 3,511 6.16 7.63 4.78 9.95 1.29 6.5% (13.0) (10.9) (2.9) 35.9 ADNOC Dist. 51,875 4.15 4.63 3.80 22.63 19.80 5.0% 0.5 2.7 (0.4) (1.4) ADNOC Drill.* 53,280 3.33 3.92 2.77 21.70 4.88 4.5% (8.5) (8.4) (0.0) - AD Ports 25,959 5.10 5.85 3.22 30.72 1.47 - (5.9) 51.3 - - 3,847 4.86 7.07 4.20 NM 1.36 3.4% 10.5 5.3 (3.9) (27.2) 9,800 2.10 2.24 1.31 10.03 1.56 4.0% (1.9) 33.3 52.6 60.3 Company ADNIC Agthia Air Arabia Ajman Bank HIGH-LOW VALUATION Div. HISTORICAL RETURN 1,594 0.76 0.91 0.64 13.42 0.62 - (5.6) (8.0) (7.9) 3.7 40,335 5.13 5.79 3.73 16.52 1.41 2.9% (8.7) 19.7 32.3 38.6 256,000 25.60 30.20 15.00 NA NA - (6.0) (6.1) (6.2) NA 2,498 1.00 1.27 0.92 8.88 0.94 6.0% (5.8) (5.9) (8.4) 12.4 6,120 4.18 4.80 3.50 33.05 2.29 3.1% 5.0 9.8 5.2 5.2 ASM 11,700 11.70 16.94 10.46 NM 1.99 - (11.5) (2.8) (15.8) NA Borouge* 93,479 3.11 3.27 2.85 16.68 5.13 5.1% - - - - BOS Dana Gas DEWA* Deyaar DFM 1,166 0.53 0.76 0.49 NA 0.31 - NaN (5.2) (14.5) (0.3) 7,695 1.10 1.27 0.78 6.07 0.89 7.3% (7.6) 0.2 7.7 48.7 127,500 2.55 3.05 2.48 20.82 1.37 4.9% (9.3) - - - Aldar Alpha Dhabi Amanat Aramex 2,369 0.41 0.55 0.28 29.52 0.41 - (14.4) (11.6) (15.5) 34.4 16,080 2.01 3.05 0.98 NM 2.05 1.5% (24.4) (11.1) (28.3) 78.5 DIC 9,652 2.27 2.64 1.63 13.82 0.79 5.3% (8.1) 2.9 23.2 44.1 DIB DU 43,227 5.97 6.63 4.72 9.76 1.13 4.2% (7.4) (0.5) 15.5 24.3 27,243 6.01 7.28 5.80 23.59 3.26 3.5% (8.9) (8.2) (7.7) (10.2) Easy Lease 1,278 42.60 66.85 23.72 34.92 14.13 - (18.2) 59.6 46.9 70.4 Emaar Dev. Emaar Pro. ENBD ESG 17,960 4.49 5.32 3.55 5.11 1.16 - (13.0) 4.7 2.7 20.4 47,770 5.84 6.47 3.89 7.88 0.75 2.6% (7.6) 14.5 22.2 47.2 86,537 13.70 15.50 12.50 9.44 1.06 3.6% (9.0) (8.4) 4.5 4.5 1,770 7.08 11.80 3.48 NM 3.45 - (13.7) 4.4 (11.5) 87.3 Etisalat 246,119 28.30 39.06 21.98 26.18 5.03 2.8% (17.4) (20.5) (9.7) 31.5 FAB Fertiglobe* GFH 219,185 19.84 24.06 15.95 14.78 1.97 2.5% (11.0) (10.1) 8.9 21.3 45,408 5.47 5.95 2.92 12.69 5.59 7.3% (2.5) 8.7 55.4 NA 4,279 1.12 1.34 0.66 11.61 1.03 4.0% (8.2) (2.5) (0.9) 74.2 21,249 87.95 123.00 8.99 NA 9.40 - (14.0) 64.1 219.8 877.2 509,880 280.00 295.00 95.65 67.05 17.78 - 26.1 51.4 84.2 188.7 Ghitha IHC Julphar Mashreq Multiply NMDC Palms Sports RAK Bank RAK Pro. RAK Cer. RPM Salama SIB Shuaa Tabreed TAQA Waha Yahsat * 1,456 1.26 2.32 1.20 22.81 1.53 - (8.7) (14.9) (31.5) (12.5) 15,347 76.50 79.95 53.10 9.80 0.75 1.3% 2.0 23.2 (3.8) 44.1 21,504 1.92 2.35 1.51 NA 2.06 - (5.0) 21.5 4.3 NA 21,318 25.84 33.38 8.19 20.48 3.88 - (11.2) 103.5 98.2 206.5 1,872 12.48 21.48 10.50 19.31 5.36 - (6.6) 13.2 2.1 (4.0) 7,793 4.65 5.40 3.77 9.03 0.91 4.8% (11.4) (8.8) 3.3 18.6 1,352 0.68 0.97 0.58 8.06 0.33 - (13.1) (13.3) (12.3) 14.2 2,971 2.99 3.38 2.17 NM 1.35 6.7% 6.0 6.4 8.6 36.4 1,900 9.50 20.00 7.05 23.65 7.37 - (12.0) 19.6 (1.6) NA 730 0.60 0.87 0.56 25.81 0.94 - (11.1) (5.9) (18.4) (27.6) 5,670 1.84 2.12 1.45 10.56 0.75 4.3% (5.6) (7.5) (1.8) 31.1 1,377 0.54 0.83 0.50 NA 0.95 - (13.8) (7.8) (20.7) (12.1) 7,967 2.80 2.92 2.27 15.35 1.37 2.1% 14.3 14.3 16.1 3.5 142,791 1.27 1.53 1.13 21.98 2.20 3.7% (9.5) 6.4 (0.9) (3.7) 2,820 1.45 1.91 1.32 6.45 0.82 5.2% (3.3) (4.4) (8.9) 12.9 (0.5) NA 6,465 2.65 3.10 2.46 23.80 1.96 6.0% (1.5) (1.2) (Source Bloomberg) ^ Current dividend yield based on latest dividend declaration. * Expected dividend
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