DUBAI ISLAMIC BANK (AE), a company active in the Money Center Banks industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date March 1, 2022, the closing price was AED 6.15 and its expected value was estimated a...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Sequential improvement in 3Q20 business activity. This was evident in the progressive rise in fee income posted by most names (c.+13.3%, on average q-o-q), with banks citing improved consumer spending trends, credit card usage, and trade finance activity as drivers for growth. NIMs continued to fall q-o-q (-c14bps, on average), albeit at a slower pace, as the bulk of asset repricing took place in 1H20. 3Q20 saw sequential reductions in provisions, save for ENBD, as the bank continued to ramp up ...
Prefer Dubai banks, against limited macro triggers, a softened flow story. The UAE has been grappling with: i) the recent oil price volatility (weak Brent prices, averaging USD64/bbl since 2019 onset up until the Aramco drill, vs. the UAE’s fiscal breakeven oil price of USD65/bbl, amid slowing output), ii) weakening demand (Sep-19 PMI eased to lowest reading in 8 years), and iii) subdued construction activity (y-t-d award intake dropped by 39% y-o-y). This, coupled with the current and potential...
Maintain positive outlook on Dubai activity. This is driven by Dubai’s strong pipeline, where we calculate contractor backlogs remain robust for 2018 at USD69bn (70% more that of Abu Dhabi), supported by dedicated infrastructure spending (47% y-o-y budgeted increase in 2018 vs. 27% in 2017). We note that oil price stability appears to be stimulating activity in Abu Dhabi, where industry data suggests project award growth of 17% this year, after a weak 2017 following the emirate’s fiscal consolid...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
​​Group net income marginally misses our expectations (-2.5%) on slightly lower than expected revenues (-3.3%), but bottom line lower on higher share of minority interest.Asset quality remains intact with continued improvement in NPL and coverage ratios, whilst FY 16e CoR guidance maintained at 75-80bps, in line with YtD levels. Credit costs continue to be driven by precautionary provisioning (collective charges and not specific) on consumer book taken in light of headwinds seen in the comin...
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