IS Morning Report Monday, February 12, 2018

Transcription

1 Global & Regional Benchmarks UAE Trading Summary Indices Close 1Day 1Mnth 3Mnth YTD 1Y (AEDm) BUY SELL NET ADX 4, % -0.2% 4.8% 4.2% 0.3% ADX DFM 3, % -5.2% -4.2% -1.5% -10.3% Local 80% 66% 14% TASI 7, % 0.5% 5.7% 1.4% 4.4% Foreign 20% 34% -14% KWSEI 6, % 1.2% 7.5% 3.6% 0.0% Institutional 70% 49% 21% EGX 14, % -2.7% 3.9% -1.3% 14.7% Retail 30% 51% -21% Dow Jones 24, % -6.2% 3.3% -2.1% 19.3% DFM S&P 500 2, % -6.0% 1.4% -2.0% 13.1% Local 71% 51% 20% Nasdaq 6, % -5.3% 1.8% -0.4% 19.9% Foreign 29% 49% -20% FTSE 100 7, % -8.8% -4.6% -7.7% -2.3% Institutional 46% 32% 13% DAX 12, % -8.6% -7.8% -6.3% 3.8% Retail 54% 68% -13% CAC40 5, % -7.9% -5.6% -4.4% 5.2% Total Nikkei225 21, % -9.6% -5.7% -6.1% 10.3% Local 74% 56% 18% HIS 29, % -5.6% 1.8% -0.9% 25.8% Foreign 26% 44% -18% Upcoming Corporate Actions & Events Date Company Event 12-Feb Oman Insurance BOD Meeting 13-Feb Amlak BOD Meeting 13-Feb ADNIC BOD Meeting 13-Feb RAK Cement Board Meeting Key Stories Dubai-based Emaar Properties said on Sunday it posted a net profit of $1.55 billion in 2017, about 8 percent higher than a year earlier Dubai Investments plans to sell shares in its cooling unit Emicool in the fourth quarter and aims to start a 3-billion-dirham ($817 million) real estate investment trust as it seeks to boost profit DXB Entertainments reported loss for the full year that was wider than the average analyst estimate.

2 The regulator of Abu Dhabi's international financial centre said it could create rules for exchanges handling virtual currencies Air Arabia Full Year Net Income 3.3% Above Estimates, To Pay 10 Fils/Shr Div for 2017 Agthia Full Year Net Income Misses Lowest Estimate, Global Markets Wrap: Asian share markets found a semblance of calm on Monday as S&P futures extended their bounce, though bond investors were still fretting about the risks from looming U.S. inflation data. MSCI's broadest index of Asia-Pacific shares outside Japan. edged up 0.8 percent, having suffered a 7.3 percent drubbing last week. Yields on U.S. 10-year Treasury paper touched a four-year top of percent, moving ever further above the S&P 500's dividend yield of 2.34 percent. The ascent of yields offered some support to the U.S. dollar, which gained 1.4 percent on a basket of currencies last week to currently stand at DXY. The euro clawed back 0.3 percent to $ EUR= on Monday, after losing 1.8 percent last week. Oil prices rose by 1 percent on Monday, recovering at least some of last week's steep losses as Asian stock markets found their footing after days of chaotic trading. Looming over oil markets, however, was rising production in the United States which is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices. Brent crude futures were at $63.42 per barrel at 0250 GMT, up 63 cents, or 1 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude futures were at $59.83 a barrel. That was up 63 cents, or 1.1 percent, from their last settlement. U.S. energy companies added 26 oil rigs looking for new production this week, boosting the count to 791, the highest since April 2015, General Electric's <GE.N Baker> Hughes energy services said on Friday. UAE: Dubai-based Emaar Properties said on Sunday it posted a net profit of $1.55 billion in 2017, about 8 percent higher than a year earlier. The developer of the more than 160-storey Burj Khalifa, the world's tallest tower, had made $1.43 billion in net profit in The latest statement came after Emaar chairman Mohamed Alabbar said on Wednesday the firm had made $1.8 billion in profit and close to $5 billion in sales in 2017.

3 Dubai Investments PJSC plans to sell shares in its cooling unit Emicool in the fourth quarter and aims to start a 3-billion-dirham ($817 million) real estate investment trust as it seeks to boost profit. Chief Executive Officer Khalid Bin Kalban told Bloomberg Television that Al Mal Capital PSC, majority-owned by DIC, is advising the company on the planned initial public offering and that more banks will be hired. The process will hopefully value Emicool, formally called Emirates District Cooling LLC, at between 1.3 billion to 1.5 billion dirhams, he said. DXB Entertainments reported loss for the full year that was wider than the average analyst estimate. FY loss 1.12 billion dirhams, estimate loss million (range loss million to 1.10 billion) (Bloomberg data). FY revenue 552 million dirhams, estimate million (range million to 1.45 billion). Net operating loss 445 million vs 510 million. Made operational cost savings via realizing synergies The regulator of Abu Dhabi's international financial centre said it could create rules for exchanges handling virtual currencies, in a sign that authorities in the United Arab Emirates may allow trade in cryptocurrencies such as bitcoin to develop. The Financial Services Regulatory Authority (FSRA) is considering whether to establish a framework for virtual currency exchanges, the FSRA, which supervises the Abu Dhabi Global Market (ADGM), said on Sunday. Air Arabia Full Year Net Income 3.3% Above Estimates, Air Arabia reported net income for the full year that was 3.3% above the average analyst estimate. FY net income 662 million dirhams, estimate million (range million to million) (Bloomberg data), FY revenue 3.74 billion dirhams, estimate 3.77 billion (range 3.69 billion to 3.83 billion) (BD), FY load factor 79%, To Pay 10 Fils/Shr Div for 2017, Says more than 8.5 million passengers flew with Air Arabia in 2017, Added 21 new routes to network in 2017 from its five operating hubs in the U.A.E., Morocco, Egypt and Jordan, 4Q profit 26 million vs loss of 33 million yr ago; 4Q turnover 858 million vs 814 million. Agthia Full Year Net Income Misses Lowest Estimate, FY net income million dirhams, estimate million (range million to million), FY revenue 2.05 billion dirhams, estimate 2.07 billion (range 2.05 billion to 2.09 billion) (BD) Says despite external economic challenges, the company managed to grow revenue and mitigate the impact on profit of significantly reduced subsides and increased operating costs. The government of the United Arab Emirates has no intention of raising the current rate of value-added tax (VAT) or excise tax in the medium term, Obaid Al Tayer, the country s minister of state for financial affairs said. GCC: Savola Fourth Quarter Revenue Misses Lowest Estimate, Savola reported revenue for the fourth quarter that missed the lowest analyst estimate. 4Q revenue 5.8 billion riyals, estimate 6.17 billion (range 5.85 billion to 6.50 billion), 4Q loss 37.5 million riyals, estimate profit million (range million to million) (BD) (3 estimates), 4Q operating profit 88.8 million riyals. Herfy Food Full Year Profit 3.2% Below Estimates, Herfy Food reported profit for the full year that was 3.2% below the average analyst estimate. FY profit million riyals, estimate million (range million to million), FY revenue 1.16 billion riyals, estimate 1.15 billion (range 1.14 billion to 1.16 billion) (BD), FY operating profit million riyals, Says FY profit dropped 8% mainly due to increase in selling and marketing expenses, general and administrative expenses, and finance costs.

4 Saudi Arabian utility developer ACWA Power IPO-ACPO.SE expects to submit tenders for projects this year worth $4.5 billion in Saudi Arabia and will also target projects in Morocco and the United Arab Emirates, its chief executive said. ACWA Power CEO Paddy Padmanathan also confirmed the developer of electricity and water projects in the Middle East, Africa and Southeast Asia has shortlisted banks to arrange an initial public offering (IPO). Al Rajhi Bank 1120.SE, Saudi Arabia's second-largest lender by assets, reported a 19.8 percent rise in its fourth-quarter net profit on Sunday, broadly in line with analysts' forecasts. The bank made 2.45 billion riyals ($653.4 million) in the three months to Dec. 31, up from 2.05 billion riyals in the same period a year earlier, it said in a bourse statement. Egypt: Remittances from expatriate Egyptians rose by 29.3 percent year-on-year in December to around $2.6 billion, the central bank said on Sunday. The bank said remittances have jumped by 19.2 percent to $29.1 billion since the country floated its pound currency in November 2016 as part of economic reforms tied to a $12 billion loan from the International Monetary Fund. Region: The World Bank's private sector arm urged international companies on Sunday to overcome concerns about funding reconstruction projects in Iraq and seize high-yield investment opportunities in the country. The International Finance Corporation's (IFC) country manager for Iraq, Ziad Badr, was speaking in Kuwait ahead of an international conference this week for donors and investors to rebuild and revive Iraq's economy as the country emerges from a devastating three-war against Islamic State. (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)

5 Volume Triggers Company Close Chg.(%) 52WH 52WL Turnover 30 DA Turnover Dubai Nat. Insurance ,481 13,041 Shuaa Capital 1.10 (0.90) ,192,544 1,338,881 Waha Capital ,051,091 7,766,277 Abu Dhabi Nat. Energy ,473,069 1,584,242 Al Khazna Insurance ,000 95,699 Daily Foreign Ownership Increase Company Name Foreign Ownership (%) (%) Shares Mcap (AED) Methaq Takaful Ins % , ,850 Marka 15.28% , ,000 GFH 72.13% ,839,609 2,535,231 DXBE 31.72% ,999,956 2,375,974 Al Salam Bank Bahrain 39.82% ,062,949 1,241,701 Aldar 26.16% ,358,789 5,330,863 RAK Ceramics 54.77% , ,232 Sudatel 80.13% , ,596 Arabtec 18.51% , ,000 FAB 11.09% ,085,071 12,477,689 Daily Foreign Ownership Decrease Company Name Foreign Ownership (%) (%) Shares Mcap (AED) Islamic Arab Ins % (3,927,998) (2,012,472) Air Arabia 24.17% (8,866,730) (11,349,414) Shuaa Capital 17.71% (1,810,500) (2,009,655) DSI 16.81% (1,499,383) (2,938,790)

6 Deyaar Dev 11.31% (4,044,600) (2,200,262) Eshraq 36.22% (1,395,000) (990,450) Manazel 20.64% (1,040,000) (592,800) Amanat 22.09% (750,000) (1,102,500) UNB 11.82% (825,428) (3,268,694) Dubai Investments 16.17% (1,275,606) (2,997,674) (Source: ADX, DFM, Bloomberg, Reuters)