The general evaluation of EMIRATES NBD (AE), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 28, 2022, the closing price wa...
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...
​ ENBD and ATW have both submitted a bid for Barclays Egypt, which wasmanaged up until March 2016 by BGA. Both are able to absorb theacquisition from internal sources, but ENBD should be able to capturebetter synergies, given the existing foothold in Egypt and the familiarityof the Egyptian market. We calculate a positive EPS effect of 3% for ENBD and 11% for ATW ifthey agree to pay 1.6x BV, with 0.8%pts and 1.1%pts negative impact onT1, respectively. Egypt will represent 14-16% of earni...
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