Morning Report                                                      07 August 2023 
 
 
Market Stats 
 
UAE Trading Summary 
 
 
 
1M 
3M 
YTD 
1Y 
 
 
 
 
 
Indices 
Close 
Chg. 
Chg. 
Chg. 
Chg. 
Chg.  
AEDm 
Buy 
Sell 
Net 
ADX 
9,786 
0.0% 
2% 
1% 
-4% 
0% 
 
ADX 
1,148 
1,148 
- 
DFM 
4,083 
0.8% 
4% 
14% 
22% 
23% 
 
Local 
76% 
80% 
-3% 
TASI 
11,351 
-0.2% 
-2% 
2% 
8% 
-8% 
 
Foreign 
24% 
20% 
3% 
QSI 
10,821 
0.2% 
6% 
2% 
1% 
-19% 
 
Institutional 
61% 
58% 
3% 
BKM 
5,585 
0.4% 
1% 
0% 
0% 
-5% 
 
Retail 
39% 
42% 
-3% 
MSX 
4,760 
-0.5% 
-1% 
1% 
-2% 
2% 
 
DFM 
345 
345 
- 
BHSEASI 
1,982 
0.0% 
1% 
4% 
5% 
4% 
 
Local 
64% 
72% 
-9% 
EGX 
17,697 
0.0% 
3% 
2% 
21% 
76% 
 
Foreign 
36% 
28% 
9% 
DJI 
35,066 
-0.4% 
2% 
6% 
6% 
7% 
 
Institutional 
42% 
46% 
-4% 
S&P 500 
4,478 
-0.5% 
1% 
10% 
17% 
8% 
 
Retail 
58% 
54% 
4% 
Nasdaq 
13,909 
-0.4% 
1% 
16% 
33% 
9% 
 
Total 
1,493 
1,493 
- 
FTSE 
7,564 
0.5% 
1% 
-2% 
2% 
2% 
 
Local 
73% 
78% 
-5% 
DAX 
15,952 
0.4% 
-1% 
1% 
15% 
17% 
 
Foreign 
27% 
22% 
5% 
CAC40 
7,315 
0.8% 
-1% 
0% 
13% 
12% 
 
 
 
 
Nikkei225 
32,193 
0.1% 
-4% 
10% 
23% 
15% 
 
 
 
 
 
HIS 
19,489 
-0.3% 
1% 
-2% 
-1% 
-3% 
 
 
 
 
 
MSCI EM 
1,018 
0.2% 
1% 
4% 
6% 
2% 
 
 
 
 
 
MSCI 
A i
166 
0.3% 
0% 
3% 
7% 
4% 
 
 
 
 
 
US Fut. 
4,516 
0.4% 
2% 
9% 
17% 
9% 
 
 
 
 
 
EU Fut. 
4,337 
-0.3% 
2% 
0% 
15% 
17% 
 
 
 
 
 
Notes: TASI (KSA), QSI (Qatar), BKM (Kuwait), MSX(Oman), BHSEASI (Bahrain), 
EGX (Egypt), HSI (Hong Kong). 
 
Last Trading Day's Top Short Positions 
 
 
Short Interest (Short 
shares/Out. shares) 
Close 
Change 
High – Low 
Company 
(AED) 
(%) 
52WH 
52WL 
Burjeel 
 
0.051% 
2.61 
8.8 
2.72 
2.00 
RAKCEC 
 
0.050% 
2.71 
0.7 
3.03 
2.50 
Eshraq 
 
0.033% 
0.57 
(1.0) 
0.68 
0.42 
 
Upcoming Corporates Actions & Events 
Date 
Company 
Event 
07-Aug 
ESHRAQ 
BoD/Results 
07-Aug 
Yahsat 
BoD/Results 
07-Aug 
Orient Takaful 
BoD/Results 
07-Aug 
ERC 
BoD/Results 
07-Aug 
Al Ramz 
BoD/Results 
07-Aug 
QHolding  
BoD/General 
07-Aug 
ADNOC Drilling 
BoD/General 
07-Aug 
ADNOC Distribution 
BoD/General 
07-Aug 
ADNOC Gas 
BoD/General 
08-Aug 
ADAVIATION 
BoD/Results 
08-Aug 
EIB 
BoD/Results 
08-Aug 
DRC 
BoD/Results 
08-Aug 
Bayanat  
BoD/Results 
09-Aug 
Hily Holding 
BoD/Results 
09-Aug 
Gulf Cement 
BoD/Results 
09-Aug 
SHUAA 
BoD/Results

09-Aug 
ARMX 
BoD/Results 
09-Aug 
Al Ansari 
BoD/Results 
09-Aug 
Amlak Finance 
BoD/Results 
10-Aug 
MSCI 
MSCI Review 
10-Aug 
RAKCEC 
Last Div Entitlement Date 
10-Aug 
Shuaa 
Earnings Call 
10-Aug 
Al Ansari 
Earnings Call 
10-Aug 
Salik 
BoD/Results 
10-Aug 
DEWA 
BoD/Results 
10-Aug 
GFH 
BoD/Results 
10-Aug 
Salam Bah 
BoD/Results 
10-Aug 
Burjeel  
Last Div Entitlement Date 
11-Aug 
Al Firdous 
BoD/Results 
13-Aug 
Ithmaar Holding 
BoD/Result 
14-Aug 
NAHO 
BoD/Result 
 
 
# KEY STORIES   
 
ADNOC Distribution posted 2Q23 profits of AED551mn, down 38% YoY. The company also announced 
a 1H23 dividend of AED 0.103/sh. 
ADNOC Gas posted 2Q23 profits of USD984mn, down 29% YoY. The company declared a dividend of 
AED0.08/sh. for 1H23. 
Empower posted 2Q23 profit of AED236mn, down 6% YoY. The company did not declare any dividends 
for 1H23 
Sharjah Cement and Industrial Development Company posted 2Q23 attributable profit of AED1.6mn 
versus loss of AED8.5mn, a year ago 
United Fidelity Insurance Company posted 2Q23 loss of AED5.1mn, against 2Q22 profit of AED418,660 
e&’s CEO Hatem Dowidar told CNBC Arabia on Wednesday they were seeking to increase its stake in 
Vodafone to 20% 
RTA has selected banks to work on the planned initial public offering of the city's taxi business and listing 
of its parking division 
Seha, a subsidiary of PureHealth, has entered into a collaborative agreement with Sanofi. The 
partnership aims to enhance diagnostic performance and accuracy in the field of rare diseases 
The number of the international visitors to Dubai exceeded the pre-pandemic level in the 1H23, growing 
by 20% YoY 
Saudi Shatirah House Restaurant Company posted 1H23 revenue and net profit after zakat and tax of 
SAR 132mn and SAR3.3mn, respectively 
Saudi Alkhorayef Water and Power Technologies signs off long-term O&M contracts for sewage 
treatment plants with national water company at a contract value of SAR1.62bn for 15 years 
Saudi Real Estate Company posted 2Q23 revenue and net loss after zakat and tax of SAR355.5mn and 
SAR82.5mn, respectively 
Saudi Arabian Internet and Communications Services Company announces signing of a contract with 
Saudi Telecom Company to establish and develop the internet and communications networks 
Kuwait’s Salhia Real Estate Company signs credit facilities agreement with a local bank for KWD25mn 
to be utilized to finance Beorma project in UK 
Kuwait Commercial Bank posted 2Q23 attributable net profit of KWD44.1mn versus KWD21.7mn, a year 
ago

Egypt’s Thiqah for Business Administration and Development posted 1H23 net loss after tax of 
EGP2.1mn versus profit of EGP792,795, a year ago 
Egypt’s Nasr Company for Civil Works posted 1H23 net loss after tax of EGP8.7mn versus loss of 
EGP11.1mn, a year ago 
 
# Key Global Trends/ Market Clues 
 
Asian share markets were in a cautious mood on Monday after a mixed U.S. jobs report sparked a rally 
in beaten-down bonds, but new hurdles lay ahead in the shape of U.S. and Chinese inflation figures due 
later this week. MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction firmer in thin 
trade, after losing 2.3% last week. Japan's Nikkei slipped 0.2%, but found support at its July low. A 
summary of the last Bank of Japan meeting showed members felt making yield policy more flexible would 
help extend the life of its super-easy stimulus. Chinese blue chips eased 0.7% with investors still 
disappointed at the lack of major and concrete stimulus steps from Beijing. EUROSTOXX 50 futures 
dipped 0.3% and FTSE futures 0.5%. Going the other way, S&P 500 futures added 0.4% and Nasdaq 
futures 0.5%. With roughly 90% of S&P 500 earnings reported, results are 4% better than consensus 
estimates with more than 79% of companies beating the Street.  Data on U.S. consumer prices are 
forecast to show headline inflation picking up slightly to an annual 3.3%, but the more important core rate 
is seen slowing to 4.7%.  In China, the market is looking for further signs of deflation with annual consumer 
prices seen down around 0.5%, and producer prices falling 4%. On Monday, two-year yields were ticking 
higher again to 4.82%, with the 10-year up at 4.06%. 
Oil prices edged down on Monday, but were still near their highest levels since mid-April after top 
producers Saudi Arabia and Russia pledged to keep supplies down for another month to tighten global 
markets further and support prices. Brent crude futures slipped 0.1% to USD86.14 a barrel, while U.S. 
West Texas Intermediate crude was at USD82.73 a barrel, down 0.1%. Both contracts notched their sixth 
consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022. 
Oil prices have in recent weeks been underpinned by expectations of U.S. interest rate hikes tapering 
off, a reduction in OPEC+ supplies and hopes of stimulus boosting oil demand recovery in the world's top 
crude importer China after a dismal second quarter. The world's top exporter Saudi Arabia on Thursday 
extended its voluntary production cut of 1mn barrels per day (bpd) to the end of September, adding that 
it could be extended beyond then or deepened. The kingdom's production for September will be around 
9mn bpd. Russia said on Thursday would cut oil exports by 300,000 bpd in September. In addition, a 
Russian warship was last week seriously damaged in a Ukrainian naval drone attack on Russia's Black 
Sea navy base at Novorossiysk. The port that handles 2% of the world's oil supply has resumed 
operations. In line with production cuts, Saudi Aramco raised on Saturday the official selling prices for 
most grades it sells to Asia for a third month in September. In the U.S., the number of operating oil rigs 
fell by four to 525 last week, dropping for an eighth week in a row to their lowest since March 2022, Baker 
Hughes said in its weekly report on Friday. 
 
 
 
# UAE Stories 
 
ADNOC Distribution posted 2Q23 profits of AED551mn, down 38% YoY. The company also announced 
a 1H23 dividend of AED 0.103/sh. 
ADNOC Gas posted 2Q23 profits of USD984mn, down 29% YoY. The company declared a dividend of 
AED0.08/sh. for 1H23. 
Empower posted 2Q23 profit of AED236mn, down 6% YoY. The company did not declare any dividends 
for 1H23. 
Sharjah Cement and Industrial Development Company posted 2Q23 attributable profit of AED1.6mn 
versus loss of AED8.5mn, a year ago.

United Fidelity Insurance Company posted 2Q23 loss of AED5.1mn, against 2Q22 profit of AED418,660. 
e&’s CEO Hatem Dowidar told CNBC Arabia on Wednesday they were seeking to increase its stake in 
Vodafone to 20%. The company & has been gradually building up its stake in the British telecoms 
company ever since it took a 9.8% stake for USD4.4bn in May 2022. Its ownership as of April stood at 
14.61%, according to an SEC filing. 
RTA has selected Citigroup, Bank of America Corp. and Emirates NBD Capital to work on the planned 
initial public offering of the city's taxi business, in what would be the emirate's first privatization of the 
year. The transport regulator has separately appointed Emirates NBD, HSBC Holdings Plc and Goldman 
Sachs Group Inc. to work on the listing of its parking division. The government plans to sell shares in the 
taxi business as soon as this year, while the parking unit's listing is slated to follow next year. 
Seha, a subsidiary of PureHealth, has entered into a collaborative agreement with Sanofi. The 
partnership aims to enhance diagnostic performance and accuracy in the field of rare diseases, with a 
particular focus on expediting the screening process for lysosomal storage disorders (LSDs) and reducing 
the average diagnostic journey for rare disease patients. 
The number of the international visitors to Dubai exceeded the pre-pandemic level in the 1H23, growing 
by 20% YoY. The emirate said there were 8.55mn international visitors in the January-to-June period this 
year, the best first-half performance yet, exceeding the pre-pandemic figure of 8.36mn tourists in the first 
half of 2019. 
 
# GCC/MENA 
 
Saudi Shatirah House Restaurant Company posted 1H23 revenue and net profit after zakat and tax of 
SAR 132mn and SAR3.3mn, respectively. 
Saudi Alkhorayef Water and Power Technologies signs off long-term O&M contracts for sewage 
treatment plants with national water company at a contract value of SAR1.62bn for 15 years. 
Saudi Real Estate Company posted 2Q23 revenue and net loss after zakat and tax of SAR355.5mn and 
SAR82.5mn, respectively. 
Saudi Arabian Internet and Communications Services Company announces signing of a contract with 
Saudi Telecom Company to establish and develop the internet and communications networks at a 
contract value of SAR381.9mn for 2 years. 
Kuwait’s Salhia Real Estate Company signs credit facilities agreement with a local bank for KWD25mn 
to be utilized to finance Beorma project in UK. 
Kuwait Commercial Bank posted 2Q23 attributable net profit of KWD44.1mn versus KWD21.7mn, a year 
ago. 
Egypt’s Thiqah for Business Administration and Development posted 1H23 net loss after tax of 
EGP2.1mn versus profit of EGP792,795, a year ago. 
Egypt’s Nasr Company for Civil Works posted 1H23 net loss after tax of EGP8.7mn versus loss of 
EGP11.1mn, a year ago. 
 
*Source: ADX, DFM, Bloomberg, Reuters, Gulf News, The National, Arabian business

# UAE Focus List 
 
 
MCAP 
PRICE 
HIGH-LOW 
VALUATION 
Div. 
PRICE RETURNS  
Company 
(AEDm) 
(AED) 
52WH 
52WL 
PE 
PB 
(%)^ 
1M% 
3M% 
YTD% 
12M% 
IHC 
867,451 
395.50 
410.10 
313.00 
51.23 
11.27 
- 
0.1 
0.1 
(3.5) 
22.4 
TAQA 
370,993 
3.30 
4.17 
1.22 
21.34 
4.70 
1.5% 
(2.4) 
4.0 
(3.8) 
166.8 
ADNOCGAS* 
268,601 
3.50 
3.62 
2.77 
17.53 
3.57 
4.4% 
9.4 
2.9 
- 
24.6 
Alpha Dhabi 
200,978 
20.10 
30.50 
17.52 
20.19 
4.79 
- 
(5.2) 
(7.5) 
(25.8) 
(17.3) 
Etisalat 
192,178 
22.10 
28.92 
21.66 
19.51 
4.61 
3.6% 
(0.5) 
(5.6) 
(3.3) 
(19.5) 
FAB 
159,068 
14.40 
20.66 
12.56 
12.20 
1.37 
3.6% 
4.5 
2.1 
(15.8) 
(23.7) 
DEWA 
131,486 
2.63 
2.74 
2.24 
17.01 
1.46 
7.5% 
(1.9) 
6.0 
14.9 
11.9 
ENBD 
107,370 
17.00 
17.15 
12.40 
5.52 
1.09 
3.5% 
5.3 
21.0 
30.8 
31.3 
Borouge 
82,049 
2.73 
3.10 
2.45 
22.9 
4.83 
4.4% 
0.7 
0.7 
7.9 
(3.3) 
ADNOC Drill. 
63,673 
3.98 
4.33 
2.90 
20.49 
5.51 
3.9% 
8.2 
5.0 
33.6 
12.8 
Emaar Pro. 
62,483 
7.07 
7.15 
5.08 
7.45 
0.88 
3.5% 
4.1 
17.8 
20.6 
36.3 
ADCB 
62,432 
8.53 
9.40 
7.63 
8.91 
0.98 
6.4% 
4.0 
0.9 
(0.3) 
3.5 
ADNOC Dist. 
48,745 
3.90 
4.88 
3.84 
18.64 
18.09 
5.3% 
(1.8) 
(11.6) 
(11.6) 
(5.3) 
DIB 
41,847 
5.78 
6.20 
5.10 
7.69 
1.00 
5.2% 
4.5 
3.4 
1.4 
5.4 
Aldar 
41,274 
5.25 
5.54 
4.14 
12.15 
1.35 
3.0% 
0.8 
(2.8) 
18.5 
13.0 
ADIB 
39,584 
10.90 
11.90 
8.44 
9.73 
1.76 
4.5% 
2.3 
0.9 
19.6 
28.9 
Multiply 
38,412 
3.43 
5.08 
1.98 
2.09 
1.33 
- 
1.2 
11.0 
(26.1) 
70.6 
Americana 
34,870 
4.14 
4.23 
2.66 
33.58 
29.13 
1.1% 
4.3 
11.6 
39.4 
48.5 
AD Ports 
33,845 
6.65 
6.95 
4.78 
25.80 
1.75 
- 
2.3 
0.3 
15.9 
25.9 
Mashreq 
29,286 
146.00 
170.00 
72.90 
5.03 
1.16 
6.2% 
(7.3) 
21.7 
49.7 
85.2 
Fertiglobe 
28,885 
3.48 
6.11 
3.11 
11.59 
4.97 
18.4% 
4.2 
(1.7) 
(17.7) 
(23.7) 
ADNOCLS 
27,445 
3.71 
3.77 
2.90 
19.19 
1.50 
3.5% 
13.5 
18.5 
- 
18.5 
Emaar Dev. 
25,837 
6.46 
6.78 
4.12 
6.77 
1.34 
8.0% 
(1.8) 
16.0 
46.5 
61.1 
DU 
24,067 
5.31 
6.20 
4.95 
17.53 
2.69 
4.5% 
2.4 
6.6 
(8.4) 
(8.5) 
Salik 
23,697 
3.16 
3.50 
2.19 
17.88 
26.96 
4.4% 
0.3 
5.3 
27.4 
45.6 
Qholding 
19,742 
2.88 
4.54 
2.15 
44.41 
1.46 
- 
20.0 
7.9 
(28.0) 
(21.1) 
Empower 
19,098 
1.91 
2.02 
1.31 
19.36 
6.88 
4.5% 
(0.0) 
11.7 
34.5 
44.0 
Presight 
18,787 
3.35 
3.85 
2.80 
44.15 
7.61 
- 
2.1 
(3.5) 
- 
- 
NMDC 
17,488 
21.20 
41.90 
17.92 
9.82 
2.39 
- 
7.5 
(3.5) 
(13.4) 
(24.4) 
Burjeel 
13,584 
2.61 
2.72 
2.00 
37.26 
11.25 
- 
16.5 
14.5 
15.0 
13.0 
DFM 
13,199 
1.65 
1.86 
1.16 
67.32 
1.67 
1.0% 
3.1 
7.1 
9.3 
(1.7) 
Air Arabia 
12,739 
2.73 
2.73 
2.00 
10.01 
1.95 
5.5% 
7.5 
19.7 
27.0 
27.8 
Bayanat 
11,236 
4.37 
6.24 
3.17 
55.55 
10.39 
- 
3.1 
(5.0) 
(10.8) 
6.6 
DIC 
10,586 
2.49 
2.60 
2.12 
6.15 
0.80 
8.0% 
(0.4) 
8.7 
14.7 
16.6 
Ghitha 
10,016 
41.46 
91.00 
33.80 
55.71 
3.69 
- 
1.9 
(4.7) 
(43.2) 
(49.4) 
Tabreed 
9,246 
3.25 
3.52 
2.67 
12.38 
1.46 
4.2% 
12.1 
11.7 
9.8 
24.2 
ASM 
7,789 
7.79 
11.40 
7.00 
NULL 
1.26 
- 
3.7 
(5.2) 
(17.3) 
(21.9) 
SIB 
7,603 
2.35 
2.38 
1.71 
9.70 
0.98 
4.0% 
7.8 
19.9 
26.5 
42.3 
Dana Gas 
6,743 
0.96 
1.07 
0.75 
10.31 
0.78 
9.3% 
8.2 
16.4 
4.8 
7.2 
Yahsat  
6,367 
2.61 
2.92 
2.39 
23.89 
1.99 
6.2% 
(0.0) 
2.0 
4.4 
5.4 
Ajman Bank 
6,182 
2.27 
2.35 
0.57 
29.06 
2.10 
- 
11.7 
46.2 
124.4 
260.2 
Aramex 
4,231 
2.89 
4.20 
2.70 
30.48 
1.68 
3.3% 
(2.0) 
(11.6) 
(17.9) 
(19.8) 
Agthia 
4,060 
5.13 
5.31 
3.87 
15.99 
1.43 
3.2% 
1.2 
6.4 
28.9 
5.2 
GFH 
3,801 
1.02 
1.20 
0.87 
9.67 
0.96 
5.7% 
(7.3) 
11.1 
14.7 
1.5 
Invictus 
3,360 
3.00 
4.80 
2.66 
8.94 
3.00 
5.2% 
3.4 
(4.5) 
(21.5) 
(15.6) 
ADNIC 
3,317 
5.82 
6.40 
5.55 
8.44 
1.27 
6.9% 
0.3 
3.6 
(6.1) 
1.1 
RAK Cer. 
2,693 
2.71 
3.03 
2.50 
8.43 
1.27 
7.4% 
0.4 
1.1 
(4.2) 
(3.3) 
ESG 
1,550 
6.20 
8.70 
4.28 
10.46 
2.27 
- 
30.0 
29.2 
(20.1) 
5.1 
Palms Sports 
1,497 
9.98 
12.34 
8.47 
12.91 
3.02 
- 
(5.0) 
(0.2) 
1.8 
(2.5) 
Easy Lease 
1,023 
34.10 
46.00 
25.58 
27.37 
7.22 
- 
3.4 
0.3 
(2.0) 
(11.4) 
RPM 
980 
4.90 
9.10 
3.65 
32.46 
4.40 
5.1% 
14.8 
11.9 
(20.8) 
(33.2) 
Source: Bloomberg ^ Current dividend yield based on latest dividend declaration. * Expected dividend.

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