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UAE Morning Daily <<Headline>>

<<Headline>>

EQUITY RESEARCH

Market | UAE | 5 October 2016

adcbsecurities.com 1

Regional News

Arabtec to build hotel in Dubai internet city

UNB issues US$600mn unsecured bonds

UAE's ADNOC says to consolidate two key offshore oil firms

Saudi Arabia bank loans up 8% to SAR1.5tn in August

IMF maintains 1.2% growth forecast for Saudi Arabia in 2016

Iran signs first new style energy contract with a local firm

Global News

IMF trims advanced economies’ growth outlook

Eurozone PPI falls more than expected in August

US break-even rate jumps on oil as Mester pushes for fed hike

Japan services PMI slips to 48.2 in September

Hong Kong manufacturing sector continued to contract

Please refer to page 3 for detailed news

Equity Research Team

Nikhil Poddar, CFA (+971 2 696 6450)

[email protected]

Table of Contents S.No. Particulars Page

1 Market brief 2

2 News 3

3 Valuation 7

4 Corporate calendar 9

Market Snapshot GCC Markets Close 1 day % 1 Wk % 1 M % 3 M % 1 Yr % YTD %

Dubai (DFM) 3,406 -0.1 -1.8 -3.7 1.0 -5.2 8.1

Abu Dhabi (ADI) 4,409 0.3 -1.4 -1.4 -3.6 -2.4 2.4

Saudi (TASI) 5,526 2.0 -3.6 -9.4 -15.0 -25.0 -20.1

Kuwait (KSE) 5,352 -0.1 -1.1 -0.8 -0.7 -6.2 -4.7

Qatar (QSE) 10,388 0.8 -0.8 -4.3 4.1 -9.8 -0.4

Oman (MSM 30) 5,613 -1.1 -2.4 -2.0 -3.4 -3.3 3.8

Bahrain (BHB) 1,144 -0.1 0.4 0.2 0.1 -10.0 -5.9

Global Markets Close 1 day % 1 Wk % 1 M % 3 M % 1 Yr % YTD %

US

Dow Jones Ind. Avg. 18,168 -0.5 -0.3 -1.7 1.2 10.3 4.3

S&P 500 2,150 -0.5 -0.4 -1.4 2.3 10.2 5.2

Europe

Deutsche Boerse AG German 10,620 1.0 2.5 -0.6 9.4 11.2 -1.1

CAC 40 4,503 1.1 2.4 -0.9 6.3 1.0 -2.9

FTSE 100 7,074 1.3 3.9 2.6 8.5 15.4 13.3

Asia

Nikkei 225 16,830 0.6 0.9 -1.2 7.4 -6.5 -11.6

Hong Kong HSI 23,795 0.4 0.9 0.6 14.7 8.9 8.6

Shanghai SE Comp. 3,005 0.0 -0.3 -2.0 2.5 -1.6 -15.1

Global Commodities

Commodity Close 1 day % 1 Wk % 1 M % 3 M % 1 Yr % YTD %

Brent (US$/bbl) 50.9 0.0 10.7 8.6 1.5 5.7 36.5

Gold (US$/oz) 1,266 -3.3 -4.5 -4.2 -5.3 11.3 19.4

Cu (US$/MT) 4,791 -0.3 0.3 4.0 -2.6 -5.7 1.9

Al (US$/MT) 1,671 1.2 1.4 4.9 1.1 8.1 10.8

Note: Shanghai SE Comp. as of Sep 30, Nikkei 225 and Hong Kong HSI as of 07:30 AM UAE time, while other markets as of Oct 04.

Sources: Bloomberg, LME, CME Group, Exchange websites

mailto:[email protected]

PUBLICATION REASON 5 October 2016

5 October 2016

MARKET UPDATE

ADCB SECURITIES


United Arab Emirates

DFM falls 0.1% ADX increases 0.3%

Following a flat start, the DFM fell sharply and traded around 3,385 in the first hour of the trading session. It rebounded thereafter, trading between 3,385 and 3,415 as the day progressed. The index closed the day at 3,406, down 0.1%. The index remained under pressure due to a fall in the telecommunication and banking sector. The telecommunication sector fell 1.4%, led by Emirates Integrated Telecommunications, which decreased 1.4%. The banking sector declined 0.2% on fall in Emirates National Bank of Dubai. Total market turnover stood at 162 million shares worth AED266mn. Emaar Properties and GFH Financial Group were the most traded by value, accounting for AED76mn (29%) and AED36mn (14%), respectively. Of the 34 stocks traded, 17 fell, 11 rose, and 6 remained unchanged.

After a positive start, ADX saw volatility in the initial hour of trading and hit an intra-day low of 4,398. Thereafter, it saw positive momentum and traded in a narrow range around 4,410 until late afternoon. In the last few minutes of trade, sellers dragged the market and closed the day at 4,409, up 0.3%. The ADX ended in the green zone, led by a rise in the telecommunication and real estate sectors. The telecommunication sector added 0.5%, as Emirates Telecommunications (Etisalat) increased 0.5%. The real estate sector gained 1.5%, as Aldar Properties closed 2.0% higher. Total market turnover stood at 55 million shares worth AED133mn. Etisalat and First Gulf Bank were the most traded by value, accounting for AED36mn (27%) and AED30mn (23%), respectively. Of the 26 stocks traded, 11 rose, 10 fell, and 5 remained unchanged.

Transactions by investor type (DFM) Transactions by investor type (ADX)

Type Market Share% Buy% Sell% Net%

Net Value*

Arab 14.3 16.0 12.7 3.4 8.9

GCC 12.6 7.9 17.3 -9.4 -25.1

Others 22.9 25.4 20.4 5.0 13.2

UAE Nationals 50.2 50.7 49.6 1.1 2.9

Type

Market Share%

Buy% Sell% Net% Net

Value*

Arab 8.2 7.9 8.4 -0.5 -0.7

GCC 8.7 14.3 3.0 11.4 15.1

Others 39.9 39.9 39.9 0.1 0.1

UAE Nationals 43.3 37.8 48.7 -10.9 -14.5

* in AED million * in AED million

Top gainers (DFM) Top gainers (ADX)

Company Latest 1D Chg

Marka 1.16 9.4%

Al Salam Bank - Sudan 1.24 3.3%

TABREED 1.77 2.3%

Al Salam Group 0.64 1.6%

HITS Telecom 0.45 1.3%


National Marine Dredging Co. 4.74 11.8%

Ras Al Khaimah Ceramic Co. 2.85 4.8%

Agthia Group 6.25 4.0%

AD National Co. Building Mat. 0.56 3.7%

Dana Gas 0.56 3.7%

Top losers (DFM) Top losers (ADX)


GGICO 0.50 (3.1%)

SHUAA Capital 0.84 (1.9%)

Gulf Navigation Holding 1.10 (1.8%)

Emirate Integrated Telecommunications- du 6.40 (1.4%)

Ekttitab Holding 0.46 (1.3%)


Gulf Medical Projects 2.50 (7.4%)

International Fish Farming Co. 1.75 (5.4%)

Abu Dhabi National Energy 0.56 (3.5%)

Gulf Pharmaceutical Co. 2.08 (1.9%)

Abu Dhabi Islamic Bank 3.60 (1.4%)

Sources: Exchange websites (DFM and ADX) and Reuters Sources: Exchange websites (DFM and ADX) and Reuters

3,370

3,385

3,400

3,415

3,430

10

:00

AM

10

:30

AM

11

:00

AM

11

:30

AM

12

:00

PM

12

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PM

1:0

0 P

M

1:3

0 P

M

2:0

0 P

M

4,390

4,400

4,410

4,420

4,4301

0:0

0 A

M

10

:30

AM

11

:00

AM

11

:30

AM

12

:00

PM

12

:30

PM

1:0

0 P

M

1:3

0 P

M

2:0

0 P

M


PUBLICATION REASON 5 October 2016 MARKET UPDATE

ADCB SECURITIES

5 October 2016

Regional News

Arabtec to build hotel in Dubai internet city

Arabtec confirmed that it has been awarded a contract to build a hotel in Dubai Internet City. Source: http://www.thenational.ae/business/property/arabtec-to-build-hotel-in-dubai-internet-city

October 04, 2016

Dubai’s Drake says working to resolve US$53mn Saudi Arabia construction dispute

Drake & Scull has said it hopes to reach a mutual agreement to settle a SAR200nm (US$53.3mn) dispute over the construction of a real estate project in Saudi Arabia.

Source: http://www.arabianbusiness.com/dubai-s-drake-says-working-resolve-53m-saudi-construction-dispute-647692.html#.V_OlgiF97cs

October 04, 2016

UNB issues US$600mn unsecured bonds

Union National Bank (UNB) successfully priced a 5-year senior unsecured bond worth AED2.20bn (US$600mn).

Source: http://english.mubasher.info/news/3003321/UNB-issues-600m-unsecured-bonds October 04, 2016

Drake, Lamar in talks over Jeddah tower

Drake & Scull is coordinating with Lamar Investment and Real Estate to reach an amicable resolution to the significant challenges that DSI faces to implement the latter firm’s tower project in Jeddah.

Source: http://english.mubasher.info/news/3003234/DSI-Lamar-in-talks-over-Jeddah-tower

October 04, 2016

UAE’s ADNOC says to consolidate two key offshore oil firms

Abu Dhabi National Oil Co. (ADNOC) said, it planned to consolidate the operations of two of its offshore oil companies into a new entity, as part of a bigger restructuring of the OPEC member’s main energy firm in the era of cheap oil.

Source: http://www.zawya.com/mena/en/story/UAEs_ADNOC_to_consolidate_two_key_offshore_oil_firms-TR20161004nL5N1CA1PIX2/

October 04, 2016

Abu Dhabi property prices, rents continue to fall in 3Q16

Apartment prices in Abu Dhabi declined marginally by 0.5% during the 3Q16, taking average annual falls to 3%, according to Cavendish Maxwell’s report said.

Source: http://www.arabianbusiness.com/abu-dhabi-property-prices-rents-continue-fall-in-q3-647707.html#.V_Rs8CF97cs October 04, 2016

Foreign investors net inflow reaches near AED1bn on DFM

Dubai Financial Market (DFM) said foreign investors’ net inflow reached AED917nm in 2016 to date and their ownership of the market capitalization reached 22.2%, equivalent to AED74.3bn.

Source: http://gulfnews.com/business/sectors/markets/foreign-investors-net-inflow-reaches-near-dh1-billion-on-dfm-1.1906633 October 04, 2016

China Construction Bank lists US$600mn bond on Nasdaq Dubai

The Hong Kong branch of China Construction Bank (CCB) listed a US$600mn (AED2.2bn) bond on Nasdaq Dubai, the region’s international financial exchange.

Source: http://gulfnews.com/business/sectors/markets/china-construction-bank-lists-600m-bond-on-nasdaq-dubai-1.1906634 October 04, 2016

UAE banks’ required reserves down by end-August

The UAE banks’ required reserves fell 1.4% or AED1.7bn by the end of August, compared to figures recorded by the end of July, according to the Central Bank of the UAE.

Source: http://english.mubasher.info/news/3003048/UAE-banks-required-reserves-down-by-end-August October 04, 2016

UAE insurers return to profits despite pressures

During the 1H16, UAE insurers reported aggregate profits after aggregate losses in 2015, indicating a recovery is under way despite sizable economic pressures and growth in the GCC following a prolonged slump in oil prices.

Source: http://www.zawya.com/mena/en/story/UAE_insurers_return_to_profits_in_H1-GN_03102016_041051/ October 04, 2016



ADCB SECURITIES

5 October 2016

Sanad to buy US$2.98mn property in UAE, Saudi Arabia

The board of Sanad Holding agreed on Monday to purchase properties in the UAE and Saudi Arabia for KWD900,000 (US$2.98mn).

Source: http://english.mubasher.info/news/3003233/Sanad-to-buy-2-98m-property-in-UAE-KSA October 04, 2016

New Hijri year sees implementation of 5 new measures

Saudi Arabia started the implementation of the new visa fees. Under the new scheme, the fee for a single entry visa into the Kingdom is SAR2,000. But the fee is waived if the visitor is entering Saudi Arabia for the first time to perform Haj or Umrah.

Source: http://www.zawya.com/mena/en/story/Saudi_Arabia_implements_new_visa_fees-ZAWYA20161004034241/ October 04, 2016

Saudi Arabia central bank studying how to reschedule mortgages

Saudi Arabia’s central bank is studying how commercial banks should reschedule housing mortgage loans after government austerity measures reduced many borrowers’ incomes, a Saudi newspaper reported.

Source: http://www.zawya.com/mena/en/story/Saudi_central_bank_studying_how_to_reschedule_mortgages-TR20161004nL5N1CA1HWX2/ October 04, 2016

Saudi Arabia bank loans up 8% to SAR1.5tn in August

Bank loans issued to Saudi Arabia’s private and public sectors reached SAR1.5tn by the end of August, an 8% y-o-y increase, new figures released by the Saudi Arabian Monetary Agency showed.

Source: http://www.argaam.com/en/article/articledetail/id/447309 October 04, 2016

IMF maintains 1.2% growth forecast for Saudi Arabia in 2016

Saudi Arabia’s economy is expected to grow at a modest rate of 1.2% in 2016 despite fiscal consolidation, before picking up to 2% next year, the International Monetary Fund said in its latest World Economic Outlook.

Source: http://www.argaam.com/en/article/articledetail/id/447414 October 04, 2016

Bahrain launches US$2bn bond offering

The Kingdom of Bahrain has launched a US$2bn bond offering comprising a US$1bn sukuk and a US$1bn conventional bond, according to a lead.

Source: http://www.zawya.com/mena/en/story/Bahrain_launches_2bn_bond_Sukuk_offering-TR20161004nL5N1CA3LOX4/ October 04, 2016

Egypt seen keeping pound steady at dollar sale despite devaluation talk

Egypt’s central bank will keep the Egyptian pound steady against the dollar at Tuesday's weekly auction of foreign currency, bankers said, confounding expectations of a devaluation that had helped fuel a stock market surge.

Source: http://www.zawya.com/mena/en/story/Egypt_keeping_pound_steady_at_dollar_devaluation_talk-TR20161004nL5N1CA1ULX2/ October 04, 2016

World Bank approves US$1bn for Egypt fiscal balances, energy reforms

World Bank has approved a US$1bn loan to Egypt to improve its fiscal balances and support reforms in energy subsidies, the bank said in a Middle East and North Africa release

Source: http://www.zawya.com/mena/en/story/World_Bank_approves_1bln_for_Egypt-ZAWYA20161004052357/ October 04, 2016

Iran signs first new style energy contract with a local firm

The National Iranian Oil Company (NIOC) on signed a new style output contract with an Iranian firm, a long-awaited template for new contracts it hopes will attract foreign energy investors back to boost output after years of sanctions.

Source: http://www.zawya.com/mena/en/story/Iran_signs_first_new_style_energy_contract_with_a_local_firm-TR20161004nL5N1CA1RWX3/ October 04, 2016

http://www.argaam.com/en/article/articledetail/id/447414



ADCB SECURITIES

5 October 2016

Global News

IMF trims advanced economies’ growth outlook

Growth projection for advanced economies for this year was cut to 1.6% from 1.8%. The outlook for next year was retained at 1.8%.

Source: http://www.rttnews.com/2699138/imf-trims-advanced-economies-growth-outlook.aspx?type=useco

October 04, 2016

Eurozone PPI falls more than expected in August

Industrial producer prices fell 0.2% m-o-m in August, reversing a 0.3% climb in July, which was revised from a 0.1% increase, figures from Eurostat showed.

Source: http://www.rttnews.com/2698966/eurozone-ppi-falls-more-than-expected-in-august.aspx?type=eueco

October 04, 2016

ECB must weigh impact of low rates on bank profits, knot says

The European Central Bank must consider the impact of negative interest rates on the profitability of the region’s banking system, Governing Council member Klaas Knot said.

Source: http://www.bloomberg.com/news/articles/2016-10-04/ecb-must-weigh-impact-of-low-rates-on-bank-profits-knot-says

October 04, 2016

US break-even rate jumps on oil as Mester pushes for fed hike

A Treasury market gauge of inflation expectations climbed to a four-month high as Federal Reserve Bank of Cleveland President Loretta Mester said that the economy is ready for higher interest rates.

Source: http://www.bloomberg.com/news/articles/2016-10-04/u-s-breakeven-rate-jumps-on-oil-as-mester-pushes-for-fed-hike

October 04, 2016

Japan consumer confidence at 3-year high

The consumer confidence index rose to 43.0 in September from 42.0 in the previous month, survey figures from Cabinet Office showed. Meanwhile, economists had expected the index to fall to 41.5.

Source: http://www.rttnews.com/2698867/japan-consumer-confidence-at-3-year-high.aspx?type=aeco

October 04, 2016

Japan services PMI slips to 48.2 in September

The services sector in Japan continued to contract in September, at a faster pace, the latest survey from Nikkei showed with a PMI score of 48.2.

Source: http://www.rttnews.com/2699248/japan-services-pmi-slips-to-48-2-in-september.aspx?type=aeco

October 04, 2016

UK shop prices slide 1.8% in September

Shop prices in the UK were down 1.8% y-o-y in September, the British Retail Consortium said. Source: http://www.rttnews.com/2699223/uk-shop-prices-slide-1-8-in-september-brc.aspx?type=eueco

October 04, 2016

British construction sector returns to growth in September

The construction sector PMI rose unexpectedly to 52.3 in September from 49.2 in August, data from Markit. The score was expected to fall to 49.

Source: http://www.rttnews.com/2698945/british-construction-sector-returns-to-growth-in-september.aspx?type=alleco

October 04, 2016

Hong Kong manufacturing sector continued to contract

The manufacturing sector in Hong Kong continued to contract in September and at an accelerated pace, the latest survey from Nikkei showed with a PMI score of 49.3.

Source: http://www.rttnews.com/2699243/hong-kong-manufacturing-sector-continued-to-contract-nikkei.aspx?type=aeco

October 04, 2016



ADCB SECURITIES

5 October 2016

Valuation table

Dubai Financial Market - Valuation table

Name Day

close Chg YTD

3M ADVT

M. Cap. Trailing

P/E Trailing

P/B Dividend

yield Earnings

growth

(AED) (%) (%) U$mn U$mn (x) (x) (%) (%)

Banks

Ajman Bnk 1.5 0.0 -14.8 1.3 663 14.5 1.2 NA 70.1

Comm Bnk of Dubai 5.5 0.0 -12.7 0.0 4,197 16.0 1.9 3.6 -12.0

Dubai Islamic Bnk. 5.3 0.0 -6.1 8.4 7,131 7.0 1.3 7.8 12.5

Emirates NBD 8.1 -0.6 9.5 0.8 12,256 6.5 1.1 4.9 42.2

Mashreq Bnk. 71.3 0.0 -13.1 0.2 3,444 5.8 0.7 5.6 0.0

Consumer Discretionary

Dubai Parks & Resorts 1.6 0.0 NA NA NA NA NA NA -500.0

Marka 1.1 -3.6 -3.3 0.0 158 NA 1.4 NA NA

Energy

Gulf Navigation 1.1 -1.8 77.4 1.4 165 24.1 1.9 NA 105.6

Insurance

Arabian Scandina 2.0 0.0 -7.0 NA 84 23.5 1.0 3.5 NA

Islamic Arab 0.5 0.6 20.6 1.3 156 NA 0.7 NA -240.5

Dubai Ins. 2.2 0.0 -13.6 NA 59 5.9 0.4 10.1 17.9

Dubai Islamic Ins. 0.6 0.0 9.7 0.1 37 NA 1.0 NA 0.0

Dubai Natl Ins. 2.5 0.0 4.2 0.0 79 7.6 0.6 8.0 12.9

Islamic Arab Ins 0.5 0.6 20.6 1.3 156 NA 0.7 NA -240.5

National General Ins. 1.9 0.0 -49.7 0.0 78 15.9 0.7 5.2 -61.0

Oman Ins. 1.4 0.0 -35.2 0.0 176 12.0 0.3 7.1 -63.3

Takaful House 2.8 -0.4 59.0 0.8 116 28.3 3.2 1.9 4.5

Takaful Emarat 1.0 -1.0 136.4 1.3 27 NA 2.0 NA NA

Industrials

Air Arabia 1.3 -0.7 -2.2 2.2 1,690 11.9 1.3 6.8 -8.3

Aramex 3.9 0.0 21.8 2.3 1,535 16.0 2.6 3.9 -2.1

Drake & Scull 0.5 -3.2 15.4 4.1 299 NA 0.6 NA NA

Tabreed 1.8 2.3 47.5 1.0 356 13.6 0.3 3.4 22.2

Materials

National Cement 2.9 0.0 -17.2 0.0 281 11.8 0.7 8.7 -16.1

Non-Bank Financial Institutions

Amanat Hldg. 0.8 -0.5 5.2 2.3 569 28.7 0.8 1.8 NA

Amlak Finance 1.3 -0.8 -9.2 2.3 523 9.0 1.2 NA 115.0

Dubai Investment 2.1 0.5 1.5 3.5 2,260 7.6 0.8 5.9 -18.2

Dubai Financial 1.3 0.0 3.3 1.7 2,766 53.1 1.3 3.9 -65.3

Gulf General Inv 0.5 -3.1 -23.9 0.9 244 NA 0.9 NA NA

Shuaa Capital 0.9 -3.2 107.9 1.8 245 NA 1.0 NA NA

Real Estate & Constructions

Arabtec Holding 1.4 -2.0 15.2 14.1 1,809 NA 2.1 NA NA

Damac Prop. 2.3 -0.4 -3.0 1.8 3,706 3.8 1.3 6.7 17.6

Deyaar Development 0.6 -0.5 10.3 1.4 892 9.9 0.7 NA 3.3

Emaar Prop. 6.9 -2.8 22.5 15.7 13,587 11.4 1.2 2.2 18.8

Emaar Malls 2.6 0.0 -4.7 1.6 9,319 18.3 2.3 3.8 25.3

Union Prop. 0.7 -2.0 4.5 3.3 784 5.8 0.5 NA -47.5

Telecommunication

Emirates Integrated (Du) 6.4 -1.4 25.5 1.1 7,965 15.2 3.8 5.2 -8.7

Source: Bloomberg, ADCB Securities Equity Research



ADCB SECURITIES

5 October 2016

Valuation table (cont’d)

Abu Dhabi Exchange - Valuation table

Name Day

close Chg YTD

3M ADVT

M. Cap. Trailing

P/E Trailing

P/B Dividend

yield Earnings

growth

(AED) (%) (%) U$mn U$mn (x) (x) (%) (%) Banks Abu Dhabi Comm. Bnk 6.4 1.3 -2.9 3.5 9,750 7.5 1.4 7.0 25.7 Abu Dhabi Islamic Bnk 3.6 -1.4 -8.6 0.8 3,105 6.7 1.2 6.7 14.4 Bnk of Sharjah 1.4 0.0 -9.1 0.2 800 12.1 0.6 NA -6.9 Commercial Bnk 2.0 0.0 7.6 0.0 941 NA 1.5 NA NA First Gulf Bnk 11.5 -2.5 -9.5 6.5 14,028 8.9 1.7 8.7 7.3 Invest Bnk 2.2 0.5 10.0 0.1 951 15.9 1.2 3.4 -29.8 Natl. Bnk. of Abu Dhabi 8.9 -1.2 12.1 2.2 12,652 9.7 1.3 5.0 -6.4 Natl. Bnk. of Umm Al-Qawain 3.8 0.0 15.2 0.0 1,912 21.3 1.8 4.6 67.9 Natl. Bnk. of Ras Al-Khaimah 5.2 0.0 -16.8 0.2 2,373 7.6 1.2 9.6 -3.4 Sharjah Islamic Bnk 1.5 0.0 0.7 0.1 997 7.9 0.8 6.6 6.3 United Arab Bnk 2.3 0.0 -58.2 0.2 842 NA 1.2 NA NA Union Insurance Bnk 1.4 0.0 18.2 NA 129 NA 1.5 NA -35.0 Union National Bnk 4.1 2.5 -12.4 0.8 3,071 7.5 0.7 4.9 -5.8 Consumer Staples & Discretionary Abu Dhabi Natl. Hotels 3.1 0.0 6.9 0.0 844 14.1 0.4 2.3 18.5 Emirates Driving 7.2 0.0 42.6 0.0 176 5.8 1.3 4.2 43.4 Natl. Corp for Tourism & Hotels 3.3 -9.9 -1.3 0.0 508 10.6 2.6 4.3 5.7 Agthia Group 6.3 4.0 -18.5 1.1 1,021 14.9 2.3 2.0 19.9 Intl. Fish Farming Hldg. 1.8 -5.4 51.1 0.0 243 NA 1.7 NA 31.0 Foodco Hldg. 4.6 0.0 15.0 NA 125 9.6 1.0 3.3 27.9 Energy Dana Gas 0.5 0.0 9.8 1.1 1,062 7.7 0.4 NA 16.7 Health Care Gulf Medical Proj. 2.5 -7.4 0.0 0.0 476 10.4 1.4 3.0 13.2 Gulf Pharmaceuticals 2.1 -1.9 -13.5 0.0 618 9.5 1.0 5.1 18.8 Insurance Abu Dhabi Natl. 4.0 0.0 -15.6 0.3 109 7.3 1.6 4.2 16.7 Al Buhaira Natl. 2.3 0.0 -6.8 0.0 159 17.5 0.9 4.3 27.3 Al Khazana 0.4 0.0 24.1 0.0 41 NA 0.5 NA 12.3 Al Ain Ahlia 60.0 0.0 0.0 NA 245 40.5 0.8 3.3 -68.4 Al Wathba Natl. 4.4 0.0 -2.2 NA 248 30.3 1.1 2.3 -83.0 Emirates 6.0 0.0 -0.8 0.0 245 12.1 0.9 7.5 -14.3 Industrials Abu Dhabi Aviation 2.8 0.0 -8.3 0.0 333 4.5 0.5 6.2 25.0 Abu Dhabi Ship Bldg. 2.5 0.0 -15.5 0.0 141 9.8 1.3 4.1 NA Natl Marine Dredging 4.2 -7.8 -13.5 0.0 323 10.8 0.4 10.5 69.4 Ras Al Khaimah Ceramics 2.7 -6.2 -14.3 1.0 666 9.6 0.9 10.0 -13.0 Materials Abu Dhabi Natl. Co 0.6 3.7 24.4 0.0 46 NA 0.5 NA NA Arkan Bldg. 0.8 -1.3 -15.6 0.0 362 16.0 0.7 NA 26.1 Fujairah Cement 0.9 0.0 -32.0 0.0 82 4.5 0.3 5.9 97.2 Gulf Cement Co 0.9 0.0 -5.2 0.1 203 12.1 0.6 9.8 28.6 Ras Al Khaimah Cement 0.8 0.0 -12.2 0.0 120 21.4 0.7 6.3 8.0 Ras Al Khaimah White Cement 1.1 0.0 -22.0 0.0 150 55.0 0.7 6.4 -49.0 Sharjah Cement 0.9 0.0 -14.7 0.0 140 8.7 0.4 7.5 0.0 Union Cement 1.2 0.9 -2.5 0.0 211 9.8 0.7 10.4 27.3 Non-Bank Financial Institutions Waha Capital 1.9 0.5 -12.0 0.6 1,006 6.6 0.8 10.5 -65.0 Real Estate & Constructions Aldar Properties 2.6 -4.1 12.5 7.1 5,587 7.6 1.0 3.8 13.7 Eshraq Properties 0.8 -1.2 47.3 4.2 513 160.6 1.0 NA NA Rak Properties 0.6 0.0 5.5 1.2 316 6.7 0.3 8.6 0.0 Telecommunication Etisalat 19.9 0.5 23.6 6.7 47,118 19.3 3.9 4.0 7.3 Ooredoo Qsc 92.0 0.0 24.3 0.0 8,023 13.8 1.3 3.3 1.4 Utilities Abu Dhabi Natl. 0.6 7.4 19.1 0.3 925 NA 3.0 NA 40.0

Source: Bloomberg, ADCB Securities Equity Research



ADCB SECURITIES

5 October 2016

UAE Corporate Calendar

DFM Date Company Name Event

05-Oct-2016 Arabtec Holding BDM

05-Oct-2016 Emirates Islamic Bank BDM

06-Oct-2016 Amanat Holdings BDM

09-Oct-2016 Drake & Scull International BDM

11-Oct-2016 Gulf Navigation Holding BDM

18-Oct-2016 Al Sagar National Insurance Co. BDM

31-Oct-2016 Al Salam Bank Bahrain BDM

13-Nov-2016 GFH Financial Group BDM

ADX

Date Company Name Event

06-Oct-2016 United Insurance Co. BDM

08-Oct-2016 Ras Al Khaimah Cement Co. BDM

30-Oct-2016 Ooredoo BDM- 3Q16

Sources: Exchange websites


PUBLICATION REASON 5 October 2016

5 October 2016

DISCLAIMER

ADCB SECURITIES

Sources

All information in this report has been obtained from the following sources except where indicated otherwise:

1. Bloomberg

2. RTT News

3. Reuters

4. CNBC

5. Zawya

6. Indian Express

7. The National

8. Gulf News

9. Arabian Business

10. Mubasher

11. Argaam

Disclosures

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The information in this report was prepared by employees of ADCB Securities and is current as of the date of the report. The information contained herein has been obtained from sources that ADCB Securities believes to be reliable, but ADCB Securities does not guarantee its accuracy, adequacy, completeness, reliability, or timeliness, and will not be held liable for any investment decisions made based on this information. Moreover, ADCB Securities is not responsible for any errors or omissions or for the results obtained from the use of such information. All information and estimates included in this report are subject to change without notice. This report is intended for qualified customers of ADCB Securities.

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