IS Morning Report Wednesday, November 14, 2018

Transcription

1 # Global & Regional Benchmarks # UAE Trading Summary Indices Close 1Day 1Mnth 3Mnth YTD 1Y (AEDm) BUY SELL NET ADX 4, % 0.7% 2.8% 12.9% 13.7% ADX DFM 2, % 2.3% -2.3% -17.6% -20.4% Local 37% 41% -4% TASI 7, % 6.7% -1.8% 7.3% 11.1% Foreign 63% 59% 4% BHSEASI 1, % -0.8% -2.7% -2.0% 3.6% Institutional 69% 65% 4% EGX 13, % 0.0% -11.8% -9.8% -4.2% Retail 31% 35% -4% Dow Jones 25, % -0.2% -0.1% 2.3% 8.0% DFM S&P 500 2, % -1.6% -4.1% 1.8% 5.6% Local 68% 62% 6% Nasdaq 7, % -3.9% -8.5% 4.3% 6.9% Foreign 32% 38% -6% FTSE 100 7, % 0.8% -7.3% -8.2% -4.9% Institutional 49% 26% 22% DAX 11, % -0.4% -7.2% -11.2% -12.0% Retail 51% 74% -22% CAC40 5, % 0.1% -5.6% -4.0% -4.0% Total Nikkei225 21, % -3.7% -2.2% -4.0% -2.3% Local 55% 54% 2% HIS 25, % -0.2% -7.2% -13.9% -11.6% Foreign 45% 46% -2% # Upcoming Corporate Actions & Events Date Company Event 14-Nov ADNOC Board Meeting / Results 14-Nov ALDAR Board Meeting / Results 14-Nov MARKA Board Meeting / Results 18-Nov Dana Gas Board Meeting/ Operations Update # KEY STORIES Emaar Development posted Q3 net profit 682 mln dirhams vs 1.03 bln dirhams year ago

2 Air Arabia posted net profit of AED 300 million for 3Q18, 20 per cent lower than the corresponding 2017 figure Dubai real estate market's slowdown to continue in 2019, expected to pick up towards end 2020: DAMAC chairman GFH Financial posted Q3 net profit attributable to shareholders $30.9 mln vs $25.1 mln year ago Dana Gas posted Q3 net profit 61 mln dirhams vs 375 mln dirhams year ago Takaful Emarat posted Q3 profit attributable to shareholders 6.7 mln dirhams vs 0.5mln dirhams year ago Alabbar says noon will list within next 4 years Emirates airline warns oil, dollar to hit H1 profit ADNOC awards 40-yr concession to Italy's Eni for gas project ADNOC signs framework agreement with Uzbekneftegaz Bildco posted Q3 consolidated net profit 8.7 mln dirhams vs loss of 13 mln dirhams year ago Oman Insurance Company posted Q3 profit attributable to shareholders 24.7 mln dirhams vs 31.2 mln dirhams year ago Al Dhafra insurance posted Q3 profit 28.8 mln dirhams vs 19 mln dirhams year ago Dar Al Takaful posted Q3 profit attributable to shareholders 3 mln dirhams vs 3.9 mln dirhams year ago Dubai Investments disclosed that the company and its associated group holds more than 5% stake in Ajman Bank IMF projects UAE s economic growth at 3.7 per cent in 2019 Over 90 mln passengers expected to use Dubai's main airport in CEO Warren Buffett to expand his real estate empire to Dubai IMF not changing Saudi recovery forecasts after Khashoggi affair official Saudi's Medgulf signs one-year health insurance contract with Saudi Electricity Glasspoint and Occidental of Oman sign agreement to cooperate on project to facilitate oil production in Oman. Misr National Steel posted nine-month net profit EGP mln vs egp 92.4 mln year ago Misr Fertilizers Production posted Q3 consolidated net profit attributable to shareholders of EGP mln vs loss of EGP mln year ago Raya Contact Center posted Q3 net profit EGP 48.5 mln vs EGP 42.5 mln year ago National Company for Maize Products posted nine-month net profit EGP mln vs EGP mln year ago Wadi Kom Ombo for Land Reclamation posted Q1 net profit EGP 16.1 mln vs EGP 2.3 mln year ago # Key Global Trends/ Market Clues Oil prices struggled for traction on Wednesday after sinking on worries about weakening world demand and oversupply, while global shares sagged with slowing growth concerns overshadowing potential positives such as progress in the Brexit saga. Concerns about global growth pushed MSCI's broadest index of Asia-Pacific shares outside Japan down 0.4 percent.

3 Oil markets struggled to find their footing on Wednesday after plunging by 7 percent the previous session, with surging supply and the spectre of faltering demand keeping investors on edge. International benchmark Brent crude oil futures were up 4 cents at $65.51 per barrel. OPEC on Tuesday trimmed its global oil demand forecasts for this year and next, as kingpin Saudi Arabia tries to cut output to bolster prices in a weakening market. In its latest monthly report covering October, OPEC said demand is expected to increase 1.5 million barrels per day (mbd) this year, down 40,000 mbd from its previous estimate, to give a daily total of mbd. The cartel said this reflected lower-than-expected demand in the Middle East and to a lesser degree in China. The commercial start-up of Turkey's new $6.3 billion oil refinery has been delayed until early next year and the plant is not expected to reach full capacity until mid-2019, three sources familiar with the matter said, as tests revealed minor faults. # UAE Stories Emaar Development posted Q3 net profit 682 mln dirhams vs 1.03 bln dirhams year ago. Q3 revenue clocked in at 3.04 bln dirhams vs 3.32 bln dirhams year ago. As of Sep 18, the company s sales backlog stands at bln dirhams, to be recognised in next three to four years. Air Arabia posted nine-month net profit of AED 530 million, 17 per cent lower than the net profits recorded for corresponding period in Nine-month turnover of AED 3 billion, 8 per cent increase compared to AED 2.8 billion registered during same period last year. Net profit for third quarter of 2018 reached AED 300 million, 20 per cent lower than the corresponding 2017 figure. Revenue for third quarter stood at AED 1.28 billion, a 10 percent increase compared with aed 1.16 billion in same period of The long-running slowdown in Dubai s residential real estate market will continue next year, but is expected to recover by end of 2020 or (20)21, Hussain Sajwani, chairman of Dubai s Damac Properties said on Monday. GFH Financial posted Q3 net profit attributable to shareholders $30.9 mln dinars vs $25.1 mln year ago. Q3 total income clocked in at $64.4 mln vs $52.2 mln year ago. Dana Gas posted Q3 net profit 61 mln dirhams vs 375 mln dirhams year ago. Q net profit included one-off income arising from the same entitlement adjustment of AED333m and interest on overdue receivables AED18m. Q revenue increased 6% to AED422m from AED396m. Takaful Emarat posted Q3 profit attributable to shareholders 6.7 mln dirhams vs 0.5mln dirhams year ago. E-commerce giant noon plans to float on the stock market in a global cross-listing within the next four to five years, its chairman Mohamed Alabbar has told Arabian Business. Emirates earnings are being squeezed by higher oil prices, a strong dollar, and instability in the global economy, the airline's chief commercial officer said on Tuesday. The warning came ahead of Emirates' half-year financial results for the period ending September 30, which will be released on Thursday. Adnoc says signs 40-years concession pact with Italy s ENI awarding it a 25 pct stake in offshore gas project. Adnoc s Ghasha concession consists of the Hail, Ghasha, Dalma and other offshore fields. ENI contributes 25 pct of development cost of the multi-billion us dollar project and Adnoc further that the are in discussion with other potential partners for remaining 15 pct stake in Ghasha concession. Adnoc signs framework agreement with Uzbekistan gas producer Uzbekneftegaz. Adnoc will provide Uzbekneftegaz strategic advice in relation to upstream and downstream operations. Bildco posted Q3 consolidated net profit 8.7 mln dirhams vs loss of 13 mln dirhams year ago.

4 Oman Insurance Company posted Q3 profit attributable to shareholders 24.7 mln dirhams vs 31.2 mln dirhams year ago. Al Dhafra insurance posted Q3 profit 28.8 mln dirhams vs 19 mln dirhams year ago. Dar Al Takaful posted Q3 profit attributable to shareholders 3 mln dirhams vs 3.9 mln dirhams year ago. Dubai Investments disclosed that the company and its associated group holds more than 5% stake in Ajman Bank. The UAE economy is projected to grow at 2.9 per cent in 2018 and 3.7 per cent in 2019 against an estimated growth of 0.8 per cent, according to the latest regional economic outlook report from the International Monetary Fund (IMF). Over 90 mln passengers expected to use Dubai's main airport in 2018 CEO. Warren Buffett s real estate brokerages is extending its reach to regions from Italy to Japan and the Middle East. Berkshire Hathaway HomeServices this month teamed up with London-based Kay & Co, its second franchisee in Europe, after Rubina Real Estate in Berlin. The company hopes to add Milan, Vienna and Dubai to its network before the year s out. # GCC/ MENA The International Monetary Fund is not changing its forecasts for a recovery in Saudi Arabia's economy following the furore over the death of Saudi journalist Jamal Khashoggi, a senior IMF official said. Saudi's Medgulf signs one-year health insurance contract with Saudi Electricity. Contract value over 570 mln riyals representing more than 5 pct of company's total revenue. Glasspoint and Occidental of Oman sign agreement to cooperate on project to facilitate oil production in Oman. Glasspoint Solar would deploy its proven solar technology to produce up to 100,000 barrels of solar steam per day. Misr National Steel posted nine-month net profit EGP mln vs egp 92.4 mln year ago. Misr Fertilizers Production posted Q3 consolidated net profit attributable to shareholders of EGP mln vs loss of EGP mln year ago. Raya Contact Center posted Q3 net profit EGP 48.5 mln vs EGP 42.5 mln year ago. National Company for Maize Products posted nine-month net profit EGP mln vs EGP mln year ago Wadi Kom Ombo for Land Reclamation posted Q1 net profit EGP 16.1 mln vs EGP 2.3 mln year ago. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)

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