MENA Market Report - 12 September

Transcription

1. MENA Morning Report Tuesday , September 12, 2017 Overview Regional Markets: MENA markets ended the week on a mixed note as investors continue to remain cautious about the regional markets. The positive sentiments seen in the global markets were not able to boost the regional markets which continue to remain subdued due to lack of regional news and ongoing geopolitical crisis. For the regional markets, four out of the eight indexes ended in red, while the other four closed in green for the day. Qatar was the worst performer as it was down by 1.6% for the day to reach 19 month low. The index witnessed broad based selling pressure as investors are concerned about the ongoing rift with other Arab states without any resolution in sight. Saudi Arabia continued its upward trend as it was up by 0.5% for the day, after rising by 0.2% on the previous day. The index was mostly supported by buying interest in banks, which was followed by energy sector stocks. UAE markets continued their mixed trend as Dubai was up by 0.2%, while Abu Dhabi was down by 0.2% for the day. Abu Dhabi was dragged lower by broad based selling pressure, especially in Etisalat and FAB, two index heavyweights. Egypt closed on a positive note as it was up by 0.6% for the day, after rising by 0.2% on the previous day. Bahrain and Oman were both down by 0.5% and 0.4% respectively, while Kuwait closed marginally higher by 0.01% for the day. International Markets: US markets closed on a positive note as DJIA, Nasdaq and S&P were all up 1.2%, 1.1% and 1.1% respectively. European markets ended on a positive note as FTSE, DAX and CAC were all up by 0.5%, 1.4% and 1.2% respectively for the day. At the time of writing this report, Asian markets have opened on a mixed note as Nikkei and Shanghai are up by 1.0% and 0.04% respectively, while Hang Seng is down by 0.2%. Headlines (WW) Hurricane Irma threatens Florida's bustling tourism industry (SA) Sovereign wealth funds boost private investments in emerging markets (WW) China's fiscal revenue sees slower growth in August (SA) Saudi, UAE agree extension of oil cuts may be considered (WW) China targets USD 3tn shadow banking industry (SA) Private equity groups see Saudi Arabia as a deep and diverse market (WW) UK economic growth expected to slow (AE) UAE, China ink MoUs on SMEs, investment and trade (WW) London stays world's top finance center despite Brexit (AE) UAE Artificial Intelligence investments to surge to USD 9bn end of 2017 (WW) Irish economic growth boosts Northern Ireland firms (AE) More jobs, orders lift Dubai's non-oil economy (WW) Japan core machinery orders rebound in July, may signal capex recovery (AE) Dubai’s developers have no reason to hit pause button (WW) India August inflation seen at 5-month high on rising food costs (AE) Abu Dhabi weighing sale of 24% stake in insurance firm ADNIC (CMD) Oil weakens on fears Irma could dent US demand (EG) Remittances from expat Egyptians at $14.5bln since currency float (CMD) Gold retreats from 1-year high as dollar gains ground (KW) Kuwait says stock market offering for first PPP project in Q1 2018 (FX) Aussie dollar to remain high as hurricanes batter US economy (KW) Kuwait inflation steadies at 1.3%, a multi-year low (FX) BoE expectations help pound recover vs. euro (OM) Weak growth and fiscal strains to weigh on Omani banks (FI) Average yields drop on Egypt's three- and nine-month T-bills (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,654.04 0.2% 0.3% 0.5% 3.5% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,438.46 -0.2% -0.3% -0.7% -2.4% ˅ ˅ ˅ Saudi (SASEIDX) 7,411.30 0.5% 0.7% 2.1% 2.8% ˄ ˄ ˄ Kuwait (KWSE) 6,927.03 0.0% 0.4% 0.5% 20.5% ˄ ˄ ˄ Egypt (EGX30) 13,533.24 0.6% 0.7% 0.9% 9.6% ˄ ˄ ˄ Qatar (DSM) 8,532.40 -1.5% -1.6% -3.0% -18.2% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,310.63 -0.5% 0.1% 1.1% 7.4% ˄ ˅ ˄ Oman (MSM30) 5,038.69 -0.4% -0.2% -0.3% -12.9% ˄ ˅ ˅ MENA Market Statistics Volume (mln) 3M Avg. Volume (mln) 6M Avg. Volume (mln) Value (USD mln) 3M Avg. Value (USD mln) 6M Avg. Value (USD mln) Market Cap (USD mln) Dubai (DFMGI) 263 218 251 80 83 91 85,483 Abu Dhabi (ADSMI) 99 113 98 44 44 46 131,489 Saudi (SASEIDX) 145 138 157 835 789 794 464,668 Kuwait (KWSE) 159 75 169 124 60 66 75,578 Egypt (EGX30) 461 278 279 81 52 66 19,590 Qatar (DSM) 11 9 10 64 71 82 103,171 Bahrain (BHSEIDX) 2 2 3 1 1 2 20,834 Oman (MSM30) 12 14 15 7 7 8 14,113 Index * ST trend based on a 5x25 day SMA crossover; MT trend based on a 25x100 day SMA crossover; LT trend based on a 50x200 day SMA crossover Data & News Source: Thomson Reuters ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Tuesday , September 12, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.2 10.6 Previous Current 600 489.3 11.0 11.0 11.7 11.2 386.2 8.6 300 8 239.3 188.3 4 1.2 1.6 2.1 1.7 1.2 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.0% 5.4% 4.7% 4% Bahrain Oman 9% 3.5% 3.1% 9.6% 7.9% 2.8% 3.5% 0% -2.4% -9% 2% -12.9% -18% 0.0% 0.0% 0% -18.2% -27% Dubai Abu Dhabi Saudi Kuwait Egypt Average 20.5% 18% 4.6% 4.2% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Tuesday , September 12, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) AL SALAM BANK SUDAN PLC 1.99 -2.01% 81 162 8,622 AMLAK FINANCE PJSC 1.16 -1.72% 3,391 3,968 5,902 ARABTEC HOLDING PJSC 3.16 -1.27% 3,434 10,922 DAR AL TAKAFUL PJSC 1.07 -0.93% 3,861 4,151 AMANAT HOLDINGS PJSC 1.13 -0.88% 5,437 6,171 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) FUJAIRAH CEMENT INDUSTRIES CO 1.15 -8.70% 6 7 15 SUDATEL TELECOM GROUP LTD 0.61 -3.28% 6,258 3,882 29 38 DANA GAS PJSC 0.83 -2.41% 24,560 20,636 13 6 ESHRAQ PROPERTIES COMPANY PJSC 0.90 -2.22% 15,350 13,972 1.75% 5,261 11,892 INTERNATIONAL HOLDING COMPANY 1.48 -2.03% 801 1,198 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) AMANA COOPERATIVE INSURANCE CO 27.00 9.81% 4,465 115,160 ARABIAN SHIELD COOPERATIVE INSUR 42.10 -4.04% 330 14,164 JAZAN DEVELOPMENT COMPANY SJSC 17.20 6.98% 970 16,140 SAUDI RESEARCH AND MARKETING 75.00 -2.67% 382 29,071 SAUDI INDIAN COMPANY FOR COOP 24.26 4.70% 2,973 70,503 ALMARAI CO SJSC 83.20 -1.68% 169 14,176 SAUDI ENAYA COOPERATIVE INSUR 20.50 3.41% 777 15,669 SAUDI PRINTING AND PACKAGING CO 24.52 -1.63% 1,813 44,820 ALINMA BANK SJSC 17.62 3.29% 31,602 547,948 AL SORAYAI TRADING AND INDUST 8.80 -1.59% 592 5,256 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) AL MADAR FINANCE AND INVEST 19.00 19.47% 5,057 88 AFAQ EDUCATIONAL SERVICES CO 132.00 -16.67% 25 4 KUWAIT COMPANY FOR PROCESS 142.00 12.68% 0 0 REAL ESTATE TRADE CENTERS CO 49.70 -12.27% 76 4 AMAR FINANCE AND LEASING COM 49.50 10.71% 1 0 AJIAL REAL ESTATE ENTERTAINMENT 160.00 -6.25% 117 19 FIRST TAKAFUL INSURANCE CO KPSC 56.20 10.14% 2 0 EYAS FOR HIGER AND TECHNICAL 850.00 -5.88% 78 69 NATIONAL MOBILE TELECOMM 1150.0 8.70% 18 20 INTERNATIONAL RESORTS COMPANY 34.80 -5.17% 145 5 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) NATIONAL CEMENT CO SAE 9.11 12.18% 159 1,370 RUBEX FOR PLASTIC MANUFACTUR 6.60 -6.21% 15 103 HOLDING COMPANY FOR FINANCIAL 0.73 10.96% 1,739 1,207 DELTA CO FOR CONSTRUCTION 5.89 -5.26% 5 31 EL EBOUR COMPANY FOR REAL EST 4.56 9.65% 3 12 NATIONAL COMPANY FOR HOUSING 18.42 -5.21% 1 20 210.42 9.21% 20 3,945 GULF ARAB INVESTMENT CO SAE 0.21 -4.76% 1 0 0.58 8.62% 51 28 SUEZ BAGS CO SAE 37.78 -4.13% 4 166 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) DOHA INSURANCE CO QSC 14.00 2.43% 0 6 MANNAI CORPORATION QPSC 70.89 -6.47% 16 1,149 DLALA BROKERAGE AND INVESTMENT 17.19 2.39% 602 10,227 QATAR GAS TRANSPORT CO LTD 16.49 -4.37% 132 2,220 SALAM INTERNATIONAL INVESTMENT 8.41 1.55% 18 151 QATAR INSURANCE CO SAQ 65.03 -3.03% 55 3,604 AL KHALIJ COMMERCIAL BANK PQSC 12.01 0.75% 1 8 QATARI GERMAN COMPANY 8.00 -2.25% 72 580 QATAR NATIONAL CEMENT CO QSC 65.50 0.69% 4 273 EZDAN HOLDING GROUP QSC 11.25 -2.22% 194 2,202 Close * DoD % Volume ('000) Value (AED ‘000) MARKA PJSC 0.68 14.87% 0 21,488 DUBAI ISLAMIC INSURANCE 0.93 2.58% 0 SHUAA CAPITAL PSC 1.20 2.50% 4,979 EMIRATES INTEGRATED TELECOMM 5.51 2.18% 88 482 AIR ARABIA PJSC 1.12 1.79% 2,636 2,927 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL INSURANCE CO 3.70 4.05% 261 947 RAS AL KHAIMAH CEMENT CO PSC 0.77 3.90% 20 SHARJAH ISLAMIC BANK PJSC 1.34 2.24% ABU DHABI NATIONAL FOR BUILDING 0.46 2.17% ALDAR PROPERTIES PJSC 2.28 Top Gainers Saudi Arabia Abu Dhabi Dubai Top Gainers Kuwait Top Gainers Egypt Top Gainers EGYPT GAS CO SAE AL OROUBA SECURITIES BROKERAGE Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Tuesday , September 12, 2017 Top 30 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * DoD % YTD % Volume ('000) Value (USD ‘000) 52w High * 52w Low * P/E P/B Div. Yield (T12M) 1 Saudi Basic Industries Corporation SJSC SA 79,998 100.00 0.4% 9.3% 4,084 108,902 105.40 76.00 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 41,915 17.70 -0.3% -5.9% 1,843 8,884 20.00 17.10 18 3.5 4.5% 3 Saudi Telecom Company SJSC SA 40,159 75.30 -0.3% 0.0% 289 5,806 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank QPSC QA 31,841 125.50 -2.0% -15.3% 385 13,282 157.27 121.70 9 1.6 2.5% 5 First Abu Dhabi Bank PJSC AE 30,415 10.25 -0.5% 2.6% 3,138 8,758 11.55 8.30 13 1.2 4.4% 6 Al Rajhi Banking & Investment Corp SA 29,379 67.80 0.9% 7.6% 1,815 32,814 71.70 48.60 13 2.1 3.3% 7 National Commercial Bank SJSC SA 29,013 54.40 1.7% 27.7% 497 7,206 58.00 32.00 12 1.8 2.9% 8 Saudi Electricity Company SJSC SA 26,643 23.98 0.8% 7.1% 1,185 7,576 26.05 14.30 11 1.4 2.9% 9 DP World Ltd AE 18,260 22.00 -0.2% 25.6% 181 1,084 23.85 15.53 18 1.8 1.7% 10 Almarai Co SJSC SA 17,450 81.80 -1.7% 19.4% 169 3,685 98.30 51.50 32 4.9 1.1% 11 Emaar Properties PJSC AE 16,961 8.70 0.2% 22.0% 4,747 11,245 8.72 6.37 11 1.5 1.7% 12 Jabal Omar Development Co SJSC SA 16,902 68.20 -0.6% -8.8% 67 1,210 76.00 46.00 73 6.2 0.0% 13 Saudi Arabian Mining Co SJSC SA 16,670 53.50 0.2% 37.2% 583 8,323 53.80 27.80 244 2.4 0.0% 14 National Bank of Kuwait SAKP KW 15,433 785.00 1.3% 26.8% 5,104 13,312 796.00 533.33 15 1.5 3.6% 15 Industries Qatar QSC QA 14,543 87.51 -1.1% -25.5% 168 4,028 122.00 87.50 20 1.6 4.6% 16 Samba Financial Group SJSC SA 13,152 24.66 0.0% 1.3% 1,250 8,219 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,485 8.25 0.0% -2.8% 190 427 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 12,029 628.00 -2.3% 27.9% 9,745 20,332 650.00 418.18 19 2.0 2.5% 19 Saudi British Bank SJSC SA 11,260 28.15 2.6% 0.0% 1,130 8,483 28.55 16.40 11 1.3 2.5% 20 Banque Saudi Fransi SJSC SA 10,607 33.00 0.0% 26.4% 189 1,664 33.40 18.00 11 1.3 3.2% 21 Kingdom Holding Co SA 10,159 10.28 -0.2% -14.0% 44 122 12.95 9.80 67 1.3 4.9% 22 Abu Dhabi Commercial Bank PJSC AE 10,021 7.08 0.0% 2.6% 808 1,558 7.68 5.66 9 1.2 0.0% 23 Riyad Bank SJSC SA 9,328 11.66 1.4% 1.0% 813 2,528 11.80 8.55 12 1.0 5.6% 24 Emirates Islamic Bank PJSC AE 8,872 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,647 2.44 0.4% 0.0% 1,499 996 2.83 2.38 17 1.9 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,535 56.90 0.2% 0.0% 343 5,201 61.75 39.90 15 2.1 0.0% 27 Dubai Islamic Bank PJSC AE 8,263 6.14 -0.6% 10.2% 2,204 3,685 6.29 5.01 10 1.3 7.3% 28 Ezdan Holding Group QSC QA 8,015 11.00 -2.2% -27.2% 194 585 18.10 10.72 14 1.0 4.5% 29 Masraf Al Rayan QPSC QA 7,499 36.40 -2.1% -3.2% 869 8,686 45.40 33.05 13 2.2 5.5% 30 Ooredoo QSC QA 7,497 85.20 -1.6% -16.3% 101 2,364 116.10 85.20 15 1.2 4.1% Company Name Total M-Cap; W. Avg Yield 571,949 3.2% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services Authority). The information contained in this report does not constitute any offer to sell securities or the solicitation of any offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended to be used by experienced investment persons with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority, and as such should not be relied upon by or distributed to “Retail Clients”. 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