FIRST ABU DHABI BANK (AE), a company active in the Money Center Banks industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 8, 2022, the closing pr...
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...
The MSCI EM index continues to develop positively from a price perspective and we expect higher prices ahead. RS for the MSCI EM index is consolidating when compared to the MSCI EAFE index, which we believe is largely due to consolidation in the U.S. dollar. Therefore, the direction of the dollar will be critical for EM equities. A breakout in the USD may begin to create problems for EM, whereas a failure to break above 97.70-98 resistance and a gradual weakening of the USD should be an environm...
Opportunity in EM countries Our cautious outlook and expectation for continued downward pressure on global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. • Opportunity in EM. Both a top-down and bottoms-up analysis po...
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...
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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...
​ The new NBAD ─ regional power house like QNB ─ offers a compellinginvestment case underpinned by i) margin expansion driven by acombination of NBAD’s robust credit rating and FGB’s retail strength,ii) cost reduction, already underway, with C/I ratio trendingdownwards to FGB’s levels and iii) strong balance sheet growthsupported by big ticket items and the solid market share. No surprises in the recent pro forma numbers released by NBAD-FGBwith goodwill estimated at AED 16bn, ...
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