IS Morning Report Monday, November 12, 2018

Transcription

1 # Global & Regional Benchmarks # UAE Trading Summary Indices Close 1Day 1Mnth 3Mnth YTD 1Y (AEDm) BUY SELL NET ADX 5, % 0.7% 3.3% 13.7% 14.4% ADX DFM 2, % 2.3% -2.5% -16.4% -18.7% Local 70% 76% -6% TASI 7, % 2.4% -4.4% 6.7% 11.2% Foreign 30% 24% 6% BHSEASI 1, % -0.3% -2.7% -1.4% 3.8% Institutional 62% 45% 17% EGX 13, % 2.2% -13.8% -9.6% -4.9% Retail 38% 55% -17% Dow Jones 25, % 2.6% 2.7% 5.1% 11.0% DFM S&P 500 2, % 0.5% -1.8% 4.0% 7.7% Local 66% 67% -2% Nasdaq 7, % -1.2% -5.5% 7.3% 9.7% Foreign 34% 33% 2% FTSE 100 7, % 1.6% -7.3% -7.6% -4.4% Institutional 29% 29% 1% DAX 11, % 0.0% -7.2% -10.7% -12.2% Retail 71% 71% -1% CAC40 5, % 0.2% -5.7% -3.9% -5.1% Total Nikkei225 22, % -1.9% -0.1% -2.2% -1.8% Local 67% 70% -3% HIS 25, % -0.5% -9.5% -14.2% -11.8% Foreign 33% 30% 3% # Upcoming Corporate Actions & Events Date Company Event 12-Nov SALAMA Board Meeting / Results 12-Nov UPP Board Meeting / Results 13-Nov CBI Board Meeting 13-Nov GFH Board Meeting / Results 13-Nov DSI Board Meeting / Results 13-Nov Tabreed Board Meeting / Results 13-Nov DAMAC Board Meeting / Results 13-Nov Air Arabia Board Meeting / Results

2 13-Nov ITHMR Board Meeting / Results 13-Nov GULFNAV Board Meeting / Results 14-Nov Dana Gas Board Meeting / Results 14-Nov ADNOC Board Meeting / Results 14-Nov ALDAR Board Meeting / Results # KEY STORIES U.A.E. Lifts 20% Cap on Banks' Property Loans: Bank Group Chief UAE banks federation sees around 5 pct loan growth for 2019 Abu Dhabi Islamic Bank Gets Approval for 25% Foreign Ownership Dana Gas says based on records from ADX, Ajman bank shareholding exceeded 5 pct of share capital of Dana Gas Emirates NBD mandates ANZ, Bofa Merrill Lynch, Citi, Emirates NBD Capital and ING for 5 year dollar bond Adnoc awards Total 40% stake in gas concession Adnoc and Aramco to ink agreement at Adipec India to lease out half of Padur strategic oil storage to ADNOC National Takaful Company posted nine-month net profit 9.1 mln dirhams vs 5.8 mln dirhams year ago Abu Dhabi National Takaful posted Q3 net profit 16.1 mln dirhams vs 13.1 mln dirhams year ago Fujairah Cement Industries posted Q3 profit 0.3 mln dirhams vs 6.2 mln dirhams year ago Sudatel Telecom Group posted Q3 profit attributable to shareholders $2.9 mln vs $4.6 mln year ago National Marine Dredging posted Q3 profit 46.4 mln dirhams vs 22.5 mln dirhams year ago Gulf Cement posted nine-month net profit 1.6 mln dirhams vs 33.1 mln dirhams year ago Alkhabeer Capital launches IPO of real estate investment fund on Tadawul Saudi developer signs deal for $340m Irish development Saudi Exchange reports 49.2 mln riyals in foreigner s net sales last week Saudi Electricity Q3 net profit after zakat and tax 4.93 bln riyals vs profit of 5.26 bln riyals year ago Saudi's Tawuniya posted Q3 net profit of shareholders capital investment of 35.7 mln riyals vs 16.7 mln riyals year ago Saudi's Wataniya Insurance posted Q3 net profit of shareholders capital investment mln riyals vs mln riyals year ago Omantel posted nine-month group profit mln rials vs 64.2 mln rials year ago. Egypt's Banque Misr seeks to borrow $550mln before end vice chairman

3 Gb Auto posted Q3 net income EGP mln vs loss of EGP mln year ago Nozha International Hospital posted nine-month net profit after tax EGP 30.8 mln vs EGP 25.4 mln year ago East Delta Flour Mills Q1 net profit EGP 33 mln vs EGP 29 mln year ago Egypt's Ibnsina Pharma posted nine-month net profit EGP mln vs EGP mln year ago Egyptian Media Production City posted nine-month net profit after tax EGP 62.6 mln vs EGP 23.3 mln year ago Al Ezz Dekheila Steel Company posted nine-month net profit after EGP 2.27 bln vs EGP 1.40 bln year ago Egyptian Gulf Bank posted nine-month consolidated net profit after tax from continuous operations of EGP mln vs EGP mln year ago. Heliopolis Co for Housing and Development s shareholders approve FY dividend EGP 0.50 per share # Key Global Trends/ Market Clues Asian shares drifted lower on Monday as signs of softening demand in China rekindled anxiety about the outlook for world growth, but Saudi Arabia's plans to cut production helped to halt a slide in oil prices. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.07 percent, trimming earlier losses on a bounce in Chinese shares, but struggling to break into positive territory. Australian shares added 0.13 percent, while Japan's Nikkei stock index gained 0.11 percent. Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 percent since early October. International benchmark Brent crude oil futures were at $71.11 per barrel at 0051 GMT, up 93 cents, or 1.3 percent from their last close. Saudi Arabia plans to reduce oil supply to world markets by 0.5 million barrels per day in December, its energy minister said on Sunday, as the OPEC power faces uncertain prospects in its attempts to persuade other producers to agree a coordinated output cut. # UAE Stories The United Arab Emirates has lifted a 20 percent cap on real-estate loans by banks and is working on new regulations for lending to the property industry, the chairman of the U.A.E. Banks Federation said. A new statute leaves the limit on banks real-estate loans to the discretion of the central bank, Abdul Aziz Al Ghurair, also chief executive officer of Mashreqbank PSC, told reporters at a conference in Dubai on Sunday. A previous rule restricted real-estate loans to 20 percent of a bank s total deposits and was inflexible, he said. There is no restriction today on real-estate lending, Al Ghurair said. The central bank may come back with some restriction and may choose to change it from year to year, depending on the views on real estate in the economy. UAE banks federation sees around 5 pct loan growth for 2019 and banks will pass cost of rising interest rates on to customers. Abu Dhabi Islamic Bank PJSC, the United Arab Emirates second-biggest bank complying with Muslim banking rules, said it obtained the Abu Dhabi Executive Council s approval to allow foreigners to own up to 25 percent of its shares. The board decided to implement the decision Nov. 19, according to a statement. Abu Dhabi Islamic Bank s

4 board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighboring emirate, Dubai Islamic Bank PJSC, currently allows 25 percent foreign ownership. Dana Gas says based on records from ADX, Ajman bank shareholding exceeded 5 pct of share capital of Dana Gas. Equitativa reports strong y-o-y EBITDA growth of 28% for Emirates REIT. The property income grew by 19% to a total of USD 52.1 million for the nine-months period (YTD 2017: USD 43.9 million). The growth continued into property operating income which grew by 22% to a total of USD 40.6 million for the nine months period (YTD 2017: USD 33.3 million). The robust performance in what is traditionally the softest quarter of the year, enabled a strong conversion to the bottom line leading to a 28% growth in EBITDA to USD 27.1 million (YTD 2017: USD 21.2 million). This growth was driven by the REIT's most recent acquisitions in the commercial and education sectors, including the European Business Centre and the Lycée Français Jean Mermoz, as well as the increase of the rental income from commercial lease-up at Index Tower. The Net Asset Value at the end of the period was at USD 1.76 per share, or USD million, compared to USD 1.73 per share in the same period of 2017, with a total year-onyear return of 8%, including the two dividend distributions totalling 8 cents per share (USD 24.0 million), which were paid in January and June The gearing ratio stood at 41%. Emirates NBD mandates ANZ, Bofa Merrill Lynch, Citi, Emirates NBD Capital and ING for 5-year dollar bond. The planned bond will be of benchmark size, which generally means upwards of $500 million. Abu Dhabi National Oil Co. granted Total a 40 percent stake in an unconventional gas concession to help boost the emirate s production. Total will explore, appraise and develop the Ruwais Diyab Unconventional Gas Concession, according to an Adnoc statement. The project will help Adnoc reach its target of 1 billion cubic feet a day of unconventional gas output by 2030, it said. Abu Dhabi National Oil Company and Saudi Aramco will sign an agreement in the capital on Monday, according to an invitation to media on the first day of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec). Adnoc and Aramco signed an agreement in June to jointly invest in a US$44 billion (Dh161.61bn) refinery on the west coast of India. Aramco, which in April signed an agreement to jointly develop the 1.2 million barrel per day Ratnagiri refining and chemicals complex in western Indian state Maharashtra with a group of Indian refiners, will share its stake with Adnoc, making it the first such agreement between the two energy companies. India plans to lease out half of its Padur strategic oil reserve site in southern India to Abu Dhabi National Oil Co. (ADNOC) for storing crude, sources said. Indian Strategic Petroleum Reserves Ltd (ISPRL) will sign an initial agreement with ADNOC on Monday. National Takaful Company posted nine-month net profit 9.1 mln dirhams vs 5.8 mln dirhams year ago. Abu Dhabi National Takaful posted Q3 net profit 16.1 mln dirhams vs 13.1 mln dirhams year ago. Fujairah Cement Industries posted Q3 profit 0.3 mln dirhams vs 6.2 mln dirhams year ago. Sudatel Telecom Group posted Q3 profit attributable to shareholders $2.9 mln vs $4.6 mln year ago. National Marine Dredging posted Q3 profit 46.4 mln dirhams vs 22.5 mln dirhams year ago. Gulf Cement posted nine-month net profit 1.6 mln dirhams vs 33.1 mln dirhams year ago. # GCC/ MENA

5 Alkhabeer Capital launched the initial public offering (IPO) of its Shari ah compliant real estate investment fund on the Saudi Stock Exchange (Tadawul). Alkhabeer REIT (real estate investment trust) fund, with assets in excess of SAR1 billion ($267m), launched a SAR237 million ($62m) IPO, equating to 24% of total fund assets. Saudi developer Fawaz Alhokair Group signed an agreement with Waterford City and County Council to invest $340 million ( 300m) constructing a mall, hotel and housing development in the south-east Irish city. Saudi Exchange reports 49.2 mln riyals in foreigner s net sales last week. Saudi Electricity Q3 net profit after zakat and tax 4.93 bln riyals vs profit of 5.26 bln riyals year ago. Saudi's Tawuniya posted Q3 net profit of shareholders capital investment of 35.7 mln riyals vs 16.7 mln riyals year ago. Saudi's Wataniya Insurance posted Q3 net profit of shareholders capital investment mln riyals vs mln riyals year ago. Omantel posted nine-month group profit mln rials vs 64.2 mln rials year ago. Banque Misr is seeking to borrow $550 million from foreign lenders before the year's end to improve dollar liquidity, the vice chairman of Egypt's second largest bank said on Sunday. GB Auto posted Q3 net income EGP mln vs loss of EGP mln year ago. Nozha International Hospital posted nine-month net profit after tax EGP 30.8 mln vs EGP 25.4 mln year ago. East Delta Flour Mills Q1 net profit EGP 33 mln vs EGP 29 mln year ago. Egypt's Ibnsina Pharma posted nine-month net profit EGP mln vs EGP mln year ago. Egyptian Media Production City posted nine-month net profit after tax EGP 62.6 mln vs EGP 23.3 mln year ago. Al Ezz Dekheila Steel Company posted nine-month net profit after EGP 2.27 bln vs EGP 1.40 bln year ago. Egyptian Gulf Bank posted nine-month consolidated net profit after tax from continuous operations of EGP mln vs EGP mln year ago. Heliopolis Co for Housing and Development s shareholders approve FY dividend EGP 0.50 per share. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)

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