Integrated Securities Morning Report 17 February 2019

Transcription

1 Integrated Securities Morning Report 17 February 2019 # Market Stats 1M 3M 1Y # UAE Trading Summary Indices Close Change Change Change Change AEDm Buy Sale Net ADX 5, % 1.1% -0.4% 10.0% ADX DFM 2, % 1.7% -8.8% -23.9% Local 49% 41% 9% TASI 8, % 3.3% 12.6% 14.9% Foreign 51% 59% -9% BHSEASI 1, % 2.4% 4.8% 2.4% Institution 70% 73% -3% EGX 14, % 11.4% 9.5% 0.1% Retail 30% 27% 3% Dow Jones 25, % 4.8% 1.8% 2.6% DFM S&P 500 2, % 3.9% 1.4% 1.6% Local 38% 54% -16% Nasdaq 7, % 4.4% 3.1% 3.2% Foreign 62% 46% 16% FTSE 100 7, % 3.9% 3.2% -0.8% Institution 56% 99% -43% DAX 11, % 0.8% -0.4% -9.3% Retail 44% 1% 43% CAC40 5, % 5.7% 2.5% -2.4% Total Nikkei225 20, % 1.1% -3.6% -3.8% Local 44% 47% -4% HIS 27, % 3.0% 6.6% -10.3% Foreign 56% 53% 4% # Upcoming Corporate Actions & Events Date Company Event 20-Feb ENBD General Assembly 21-Feb SHUAA B. Meeting 25-Feb FAB General Assembly 26-Feb Mashreq General Assembly 04-Mar AJMAN BANK General Assembly 06-Mar Tabreed General Assembly 06-Mar DIB General Assembly # KEY STORIES ADIB says there's currently no M&A activity with other banks. ADIB says always studying options available in market Emaar Properties posted FY net profit AED6.11bln vs AED5.57bln year ago. FY revenue AED25.69bln vs AED18.75bln year ago. Q4 net profit AED1.79bln and Q4 revenue

2 AED8.30bln. As of end-dec 2018, sales back log stands at over AED36.45 dirhams to be recognised as revenues in coming years Dana Gas posted reported a net loss of USD 186million (AED 681mm) in 2018 as compared to a net profit of USD 83million (AED 304mm) in The net loss was driven by one-off non-cash impairments of USD187m (AED685m) for Zora UAE, and USD59m (AED216m) for Egypt. Net Profit, before Impairments, was USD64 million (AED235 mm) as compared on a like-for-like basis with USD5 million (AED18 mm) in Adnoc Distribution posted FY profit 2.13bln dirhams vs 1.80bln dirhams year ago. Board proposes FY cash dividend of 0.06 dirham per share Eshraq Properties posted FY profit 3 mln dirhams vs 32.5 mln dirhams year ago RAK Properties reported net income for the full year of AED150.5mln in 2018 vs. AED192m in Board Decides Not to Distribute Div for FY revenue AED101.4mln in 2018 vs. AED313mln Salama posted FY net profit AED0.6mln versus AED37.5mln year ago. FY revenues AED1.06bn versus AED808.7mln year ago Ooredoo shareholders on March 19 to discuss regulatory decision regarding splitting the nominal value of listed companies shares Ras Al Khaimah Ceramics intends to invest in production facility Union Properties posted FY net profit 62.3mln dirhams vs loss of 2.38bln dirhams year ago Wahat Al Zaweya Investment & Real Estate Development posted FY net profit 307.2mln dirhams vs loss of 30.6mln dirhams year ago Gulf Medical Projects posted FY net profit 119.7mln dirhams vs 1.44bln dirhams year ago Shuaa Capital posted Q4 net loss 29.2mln dirhams vs profit of 14.2mln dirhams year ago Arkan Building Materials posted FY net profit 52.4mln dirhams vs 30.2mln dirhams year ago National Marine Dredging posted FY revenue 1.53bln dirhams vs 1.42bln dirhams a year ago Bildco posted FY net loss 52.6mln dirhams vs loss of 25.4 mln dirhams year ago Ras Al Khaimah Poultry and Feeding FY net loss 7.4mln dirhams vs profit of 1.2mln dirhams year ago Commercial Bank International posted FY net profit attributable to shareholders 225.5mln dirhams vs 174.6mln dirhams year ago Al Fujairah National insurance posted FY net profit 30.6mln dirhams vs 28mln dirhams year ago Al Buhaira National Insurance posted FY net profit 46.8mln dirhams vs 52.2mln dirhams year ago Rak Insurance posted FY net profit 22.5mln dirhams vs 27.7mln dirhams year ago

3 Abu Dhabi Ship Building posted FY net loss attributable to shareholders 135.9mln dirhams versus profit of 103.6mln dirhams year ago Sharjah Cement and Industrial Development posted FY net profit 29mln dirhams vs 65mln dirhams year ago Emirates Investment Bank FY net profit 38.7mln dirhams vs 56.5mln dirhams year ago Aan Digital Services posted FY net loss 0.9mln dinars vs loss of 6.9mln dinars year ago Sharjah Insurance posted FY net profit 17.3mln dirhams vs 22.4mln dirhams year ago Union Insurance posted FY net profit 10.4mln dirhams vs 10.2mln dirhams year ago Dar Al Takaful posted FY net profit 6.7mln dirhams versus 10.1mln dirhams year ago Al Sagr National Insurance posted FY net profit 21.8mln dirhams vs 20.4mln dirhams year ago Dubai Islamic Insurance and Reinsurance posted FY net profit 5.3mln dirhams vs 9.5mln dirhams year ago Al Khazna Insurance posted FY net loss 3.9mln dirhams vs loss of 140.5mln dirhams year ago Finance House posted FY net profit attributable to shareholders 11.8mln dirhams vs 34.3mln dirhams year ago Al Wathba National Insurance posted FY net profit 38.6mln dirhams vs 72.2mln dirhams year ago Sudatel Telecom Group posted FY net profit USD 28.4mln vs USD 45mln year ago UAE to launch new industrial strategy in 2019 Saudi Aramco, Total to develop retail fuel network in Saudi Arabia Saudi Yamama Cement company posted Q4 net profit after zakat and tax 7mln riyals vs 12.2mln riyals year ago Saudi Al Kathiri Holding posted FY net profit after zakat and tax 9.3mln riyals vs 6.6mln riylas year ago Egypt c.bank cuts key interest rates after inflation eases # Key Global Trends/ Market Clues Progress in the U.S.-China trade talks helped send world stock markets broadly higher on Friday and pulled investors out of the safety of government bonds. MSCI's gauge of stocks across the globe gained 0.82 percent. The index is up nearly 10 percent for the year. Oil prices rose more than 2 percent to their highest this year on Friday after an outage at Saudi Arabia s offshore oilfield boosted expectations for tightening supply, while progressing U.S.-Sino trade talks strengthened demand sentiment. The international Brent crude benchmark rose $1.68, or 2.6 percent, to settle at $66.25 a barrel, its highest since November.

4 # UAE Stories ADIB says there's currently no M&A activity with other banks. ADIB says always studying options available in market Emaar Properties posted FY net profit AED6.11bln vs AED5.57bln year ago. FY revenue AED25.69bln vs AED18.75bln year ago. Q4 net profit AED1.79bln and Q4 revenue AED8.30bln. As of end-dec 2018, sales back log stands at over AED36.45billion to be revenue recognised in coming years. Dana Gas posted reported a net loss of USD 186million (AED 681mm) in 2018 as compared to a net profit of USD 83million (AED 304mm) in The net loss was driven by one-off non-cash impairments of USD187m (AED685m) for Zora UAE, and USD59m (AED216m) for Egypt. Net Profit, before Impairments, was USD64 million (AED235 mm) as compared on a like-for-like basis with USD5 million (AED18 mm) in Dana Gas posted FY revenue AED1.7bln vs AED1.65bln year ago. Dana Gas said proceeding with further expansion plans in KRI and are looking to more than double our production and cash flows in next three years. Dana Gas Group production during 2018 averaged 63,050 boepd versus 67,600 boepd in Dana Gas 2019 dividend of 5.5 fils per share, a 10% increase on 2018, proposed by the board. Adnoc Distribution posted FY profit AED2.13bln vs AED1.80bln year ago. FY revenue AED22.89bln vs AED19.76bln year ago. Q4 profit AED446mln vs AED492mln year ago. Q4 revenue AED5.97bln vs AED5.54 bln year ago. Board proposes FY cash dividend of 0.06 dirham per share. Eshraq Properties posted FY profit AED3 mln vs AED32.5 mln year ago. FY revenue AED26mln vs AED23.4mln year ago RAK Properties reported net income for the full year of AED150.5mln in 2018 vs. AED192m in Board Decides Not to Distribute Div for FY revenue AED101.4mln in 2018 vs. AED313mln Salama posted FY net profit AED0.6mln versus AED37.5mln year ago. FY revenues AED1.06bn versus AED808.7mln year ago Ooredoo shareholders on March 19 to discuss regulatory decision regarding splitting the nominal value of listed companies shares Ras Al Khaimah Ceramics announces intention to invest in production facility that utilises latest technology in ceramics manufacturing. In first phase, the company will initially add about 10mln square metres per annum to company's tile total production capacity. Union Properties posted FY net profit 62.3mln dirhams vs loss of 2.38bln dirhams year ago. FY revenue 763mln dirhams vs 639.8mln dirhams year ago. Wahat Al Zaweya Investment & Real Estate Development posted FY net profit 307.2mln dirhams vs loss of 30.6mln dirhams year ago. FY revenue 1.15bln dirhams vs 5.8mln dirhams year ago. Gulf Medical Projects posted FY net profit 119.7mln dirhams vs 1.44bln dirhams year ago. FY revenue 485.5mln dirhams vs 438.1mln dirhams year ago. Shuaa Capital posted Q4 net loss 29.2mln dirhams vs profit of 14.2mln dirhams year ago. Shuaa Capital continues to extend diversification plan beyond core business lines, including rolling out activities in Kuwait, Turkey and Jordan. Q4 revenue 60.1mln dirhams vs 42.8mln dirhams year ago. Arkan Building Materials posted FY net profit 52.4mln dirhams vs 30.2mln dirhams year ago. FY group revenue 909.2mln dirhams vs 908.6mln dirhams year ago. National Marine Dredging posted FY revenue 1.53bln dirhams vs 1.42bln dirhams a year ago. FY net profit 123.1mln dirhams vs 101.1mln dirhams year ago.

5 Bildco posted FY net loss 52.6mln dirhams vs loss of 25.4mln dirhams year ago. FY revenue 78.4mln dirhams vs 80.3mln dirhams year ago. Ras Al Khaimah Poultry and Feeding FY net loss 7.4mln dirhams vs profit of 1.2mln dirhams year ago. FY revenue 30.1mln dirhams vs 41.4mln dirhams year ago. Commercial Bank International posted FY net profit attributable to shareholders 225.5mln dirhams vs 174.6mln dirhams year ago. FY interest income 848mln dirhams vs 831mln dirhams year ago. Al Fujairah National insurance posted FY net profit 30.6mln dirhams vs 28mln dirhams year ago. FY revenue 266.6mln dirhams vs 243.2mln dirhams year ago. Al Buhaira National Insurance posted FY net profit 46.8mln dirhams vs 52.2mln dirhams year ago. FY revenue 486.7mln dirhams vs 529.9mln dirhams year ago. Rak Insurance posted FY net profit 22.5mln dirhams vs 27.7mln dirhams year ago. FY insurance revenue 494mln dirhams vs 471.7mln dirhams year ago. Abu Dhabi Ship Building posted FY net loss attributable to shareholders 135.9mln dirhams versus profit of 103.6mln dirhams year ago. FY revenue 456mln dirhams vs 712.1mln dirhams year ago. Sharjah Cement and Industrial Development posted FY net profit 29mln dirhams vs 65mln dirhams year ago. FY revenue 597mln dirhams vs 650mln dirhams year ago. Emirates Investment Bank FY net profit 38.7mln dirhams vs 56.5mln dirhams year ago. FY revenue 190mln dirhams vs 209.6mln dirhams year ago. Aan Digital Services posted FY net loss 0.9mln dinars vs loss of 6.9mln dinars year ago. FY revenue 73.6mln dinars vs 45.4mln dinars year ago. Sharjah Insurance posted FY net profit 17.3mln dirhams vs 22.4mln dirhams year ago. FY revenue 53mln dirhams vs 56.4mln dirhams year ago. Union Insurance posted FY net profit 10.4mln dirhams vs 10.2mln dirhams year ago. FY revenue 951.9mln dirhams vs 1.05bln dirhams year ago. Dar Al Takaful posted FY net profit 6.7mln dirhams versus 10.1mln dirhams year ago. FY gross contribution 290.6mln dirhams versus 389.6mln dirhams year ago. Al Sagr National Insurance posted FY net profit 21.8mln dirhams vs 20.4mln dirhams year ago. FY revenue 355.7mln dirhams vs 362.4mln dirhams year ago. Dubai Islamic Insurance and Reinsurance posted FY net profit 5.3mln dirhams vs 9.5mln dirhams year ago. Al Khazna Insurance posted FY net loss 3.9mln dirhams vs loss of 140.5mln dirhams year ago. Finance House posted FY net profit attributable to shareholders 11.8mln dirhams vs 34.3mln dirhams year ago. Al Wathba National Insurance posted FY net profit 38.6mln dirhams vs 72.2mln dirhams year ago. Sudatel Telecom Group posted FY net profit USD 28.4mln vs USD 45mln year ago. The UAE will launch a new industrial strategy this year as the country aims to boost the non-oil sector as part of its diversification plans, according to the country s energy and industry minister. The industrial strategy will focus on the role of industrial SMEs (small and medium enterprises) and how the country can benefit from them, Suhail Al Mazroui said. # GCC/ MENA Saudi Aramco, Total to develop retail fuel network in Saudi Arabia.

6 Yamama Cement company posted Q4 net profit after zakat and tax 7mln riyals vs 12.2mln riyals year ago. Q4 revenue 160.4mln riyals vs 168.9mln riyals year ago. Al Kathiri Holding posted FY net profit after zakat and tax 9.3mln riyals vs 6.6mln riylas year ago. FY sales 50.8mln riyals vs 43mln riylas year ago. Egypt's central bank made a surprise cut to its overnight interest rates on Thursday, citing a strong drop in inflation and an improvement in other macroeconomic indicators. The bank lowered its deposit rate to percent from and its lending rate to percent from 17.75, it said in a statement, its first rate cuts since March (Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian Business)

7 # UAE FOCUS LIST - COMPANY DATA (Source: Bloomberg) ^ current dividend yield based on last year dividend declaration

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