UAE market news & discussions for 29 October 2007A massive day's trading on the DFM today with 7.5 billion dhs of turnover - almost the highest ever seen. Despite an encouraging start, there was a sharp fall halfway through the session and the index closed down slightly for the day. Big turnover for Deyaar, Air Arabia, Dubai Investments, and DFM's own shares which surged 5%. Arabtec shone with 15% limit up trading on heavy volumes as they released excellent Q3 results today. Abu Dhabi was quieter but still saw robust trading and a slight fall with Arkan Building Materials standing out on price rise and volume. DIFX so far today has had 2 trades for Kingdom Hotel Investments. Emaar Properties said there would be more projects and they would announce them in due course. Which is precisely what we'd expect a large property developer to do - business as usual then so we're not sure why it was particularly newsworthy today. Amlak announced an agreement with the UAE Real Estate Bank to provide financing for Al Maha Tower in Abu Dhabi which seemed unlikely news to explain the 3.6% burst in share price yesterday. Oasis Leasing said they have a preliminary arrangement to take a stake in Addax Bank. Emirates Airlines was in the news today as speculation about a possible IPO increases, coming after last week's DP World IPO announcement. An estimated value of AED 70 billion and a listing on DIFX would certainly bring more life to the quiet exchange. |
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Third Quarter Results released yesterday and so far today, with brief comments
See Third Quarter reports on sharewadi.com for more comments and analysis.
- Abu Dhabi Aviation (ADAVIATION) profits were up 30% for the first nine months of 2007, but plummeted for Q3 on the back of large cost increases and losses in their investment holdings. Further review to be added to sharewadi.com.
- Abu Dhabi Islamic Bank (ADIB) saw reasonable profit growth but still came in below expectations. Their share price fell back 1.3% today after a solid 4.2% gain yesterday.
- Al Dhafra Insurance (DHAFRA) had moderate profit growth for 10% for M9 and 16% for Q3 and an average looking 2007 PE estimate of 6 compared to other insurance companies.
- Arab Heavy Industries (AHI) profits doubled for both M9 and Q3 compared to last year. Costs actually decreased for the third quarter. An impressive performance but unfortunately for interested investors, there is no activity in AHI shares. Further review will be added to sharewadi.com later.
- Arabtec Holding (ARTC) third quarter profits trashed the forecast from Shuaa, and nine month profits doubled compared to the 2006 M9 period. Shares traded 15% limit up today on high volumes. Funny, we thought the results were released after the market closed. Further review will be added to sharewadi.com later.
- Commercial Bank International (CBI) confusingly said profit for the first nine months of 2007 were profits for the third quarter, and supplied ADSM with financial statements from International Financial Brokerage. The summary had CBI profit figures though, which were up a very agreeable 1300% from 2006M9. Not so difficult since they made a loss last year.
- Dubai Financial Market (DFM) profits fell from the previous quarter and were below forecasts. Nevertheless, their shares continued to rock on with a solid 5% gain today on top of yesterday's 15% limit up increase. DFM market cap exceeds that of the Nasdaq and London Stock Exchange. Combined. Not bad for a small market with only about 50 listed stocks compared to the 3000+ you have on each of the LSE and Nasdaq.
- Emirates Foodstuffs and Mineral Water (AGTHIA) revenue and growth profit was up 40-50% for both Q3 and M9, but larger cost increases meant profit growth was lower at 20-25%. Shares fell 1.4% today.
- Fujariah Cement Industries (FCI) announced moderate 11-12% growth in Q3 and M9 profits but further comment is difficult until more details become available.
- Gulf Pharmaceuticals (JULPHAR) revenues increased, costs increased even more, and profits doubled for 2007 M9 and Q3, mostly because of big increases from share investments. Further review will be added to sharewadi.com later.
- National General Insurance (NGI) nine month profits improved after showing a loss for the same period last year, however Q3 profits fell slightly despite a doubling of underwriting income. Further review will be added to sharewadi.com later.
- National Industries Group (NIND), a Kuwait based company with a secondary listing on the DFM, released full results which revealed a staggering AED 3.4 billion of investment income contributing to their AED 2.7 billion bottom line Net Profit for the first nine months of 2007. Their shares, however, haven't seen any activity on the DFM since May this year.
- RAK Insurance (RAKNIC) underwriting revenue and M9 profits saw decent growth but Q3 profit growth was limited. Further review still to be added to sharewadi.com.
- Sharjah Cement (SCIDC) saw increased costs - a problem we saw with RAK Cement results last week. However, SCIDC still managed to turn in 64% growth in Q3 profits and 27% growth in M9 profits, with 2007 PE estimate of about 7 looking relatively cheap. They also appear to be one of the few cement companies making most of their money from producing and selling cement instead of trading in stocks.
- Union Insurance Company (UNION) turned around last year's M9 loss to make a 61m dh profit for the first nine months of this year - mostly due to gains in investments. There was even a bity of activity in their shares today with a slight 0.9% rise.
- United Insurance Company (UIC) released limited information but profit for the first nine months of 2007 was AED 21m, a gain of 1300% from the poor results for the same period last year.
New and updated topics on Dubai Share Talk
- 29 October 2007 UAE Dubai, Abu Dhabi business news
- ADIB 2007 Q3 profit AED 137m +21%, M9 483m +19% 28 Oct 2007
- AIRARABIA - Sharjah Airport Expansion 27 Oct 2007
- ALDAR 2007 Q3 profit AED 506m misses forecast - 24 Oct 2007
- AMLAK & Real Estate Bank agreement - 28 Oct 2007
- ARTC 2007 Q3 profits blitz forecast, +270% to AED 170m - 29 Oct 2007
- CBI 2007 M9 profit AED 174m +1,339% 29 Oct 2007 ... maybe?
- DFM 2007 Q3 profit AED 117m , M9 865m 27 Oct 2007
- DFM net foreign investment down to Dh 577 last week - PR 27 Oct 2007
- DHAFRA 2007 Q3 profit AED 12m +16%, M9 44m +10% 28 Oct 2007
- DIC real estate investment in Saudi - GN 29 Oct 2007
- FCI 2007 Q3 profit AED 47m +11%, M9 136m +12% 25 Oct 2007
- Insider trades ADSM DFM October 2007
- MASQ 2007 Q3 results - BOD meeting 29 Oct, released by 31 Oct 2007
- EMAAR to develop more land in Dubai - R 28 Oct 2007
- Emirates' IPO talk gathers pace
- SCIDC 2007 Q3 profit AED 69m +64%, M9 236m +27% 29 Oct 2007
- UIC 2007 M9 profit AED 21m +1,339% 25 Oct 2007
- UNION 2007 Q3 profit AED 13m +19%, M9 61m +241% 28 Oct 2007
- 28 October 2007 UAE Dubai, Abu Dhabi business news
More UAE stock market news and discussions...
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Dubai Financial Market
The DFMGI's 0.56% fall to 5122 was not unreasonable considering the solid gains in the past few weeks. We only hope it doesn't all come crashing down around our ears. Four stocks saw about AED 1 billion dhs of turnover each, with the total for DFM a staggering 7.526 billion dhs from 33,000 deals and 2.3 billion shares.
DEYAAR turnover was AED 1.35 billion and price fell 3.5% to 2.20, AIRARABIA saw AED 1.1 billion turnover and a 1.8% gain to 1.71, DFM shares rose a solid 5% to 5.07 from AED 1 billion of turnover, and Dubai Investments (DIC) fell 1.5% to 5.33 from 900m dhs of turnover.
Big gains for Arabtec (ARTC) closing at 8.83, almost 15% limit up. Other gains for MASQ with unusually active trading up 4.4% to 240.00, OIC up 3.3%, GGICO up 3%, GFH up 2.8% on limited trading, and Shuaa Capital (SHUAA) up 1.5% to 6.60.
Most actively traded stocks fell between 0-3%. The worst falls for Union Properties (UPP) down 6.7% to 4.19, Aramex (ARMX) down 5.1% to 2.96, AMAN down 4.8%, Tabreed (TABREED) down 4.3%, and GULFNAV down 3.3%.
Abu Dhabi Securities Market
A decent AED 1.37 billion dhs of turnover for Abu Dhabi paled compared to the busy day in Dubai. The ADSM index fell 0.5% to 4270. ARKAN was the top stock for today with a solid 4.5% rise to 2.09 and its 383m dhs of turnover at the top of the traded value list.
Good rises also for NBS, unusually busy and up 4.8% to 3.35, First Gulf Bank (FGB), up 3.6% to 19.30, Gulf Cement (GCEM) up 2.7% and the remainder rising either by less than 1% or on traded value of less than AED 1 million.
Worst falls for Union National Bank (UNB) down 3.4% to 9.00, ADNH down 3% to 8.49 on much greater than usual trading volume, Aabar Petroleum (AABAR) down 2.1%, Etisalat (ETISALAT) down 2% to 22.00, and the remainder falling less than 1.5% or trading less than 1 million dhs worth.
- Comment on this report and view previous reports on the Share Wadi blog.
- Discuss UAE companies at Dubai Share Talk.
