MENA Market Report - 14 June

Transcription

1. MENA Morning Report Wednesday , June 14, 2017 Overview Regional Markets: MENA markets ended on a positive note as investors are selective buyers into the markets after the downward pressure witnessed in the past few sessions. Further, oil prices also seem to be stabilizing at the current levels, which is helping in supporting the market sentiments. For the regional markets, four indexes ended in green, while three were unchanged and one ended in red for the day. UAE markets were the best performers as Dubai and Abu Dhabi closed up by 0.4% and 0.6% for the day. Both Dubai and Abu Dhabi have witnessed buying interest during the week and the month as they have appreciated by 3.1% and 2.5% in June so far. The buying interest seems to be on the back of valuations which seems to be attractive as Dubai has underperformed its regional peers in the past one year. Qatar closed on a negative note as it was down by 0.4% for the day after rising by 0.8% on the previous day. However, the overall trend continues to remain negative for the index as investors prefer to exit their positions due to the ongoing geopolitical rifts. Saudi Arabia closed on a flat note for the day after rising by 0.2% on the previous day. Kuwait also closed flat for the day, continuing its range bound movement during the week. Egypt closed higher by 0.3% for the day, which was in line with the sentiments seen across the region. Bahrain was up by 0.4%, while Oman was flat for the day. International Markets: US markets closed in green as Dow, Nasdaq and S&P were all up by 0.4%, 0.7% and 0.5% respectively. European markets closed on a slightly positive note as FTSE was down by 0.2%, while DAX and CAC were up by 0.6% and 0.4% respectively. At the time of writing of this report, Asian markets have opened on a mixed note as Hang Seng and Shanghai are down by 0.2% and 0.5% respectively, while Nikkei is up by 0.1%. Headlines (WW) US Federal Reserve set to raise benchmark interest rates (SA) Saudi Arabia's expat tax to hurt foreign workers, businesses (WW) US Economic Confidence Index Steady at +4 (SA) Saudi Arabia plans new free economic zones in Jeddah (WW) US producer prices unchanged as energy costs drop (SA) Saudi Mining Sector Facing Major Obstacles (WW) US recession remote in next 12 months (AE) UAE inflation rate at 2.2% in first 5 months of 2017 (WW) UK inflation jumps again in May, tightening squeeze on consumers (AE) CSR to become integral part of UAE's private sector (WW) Asia central banks rebuild USD 6 trillion defence as Fed hike looms (EG) Egypt's GDP growth projected to hit 5.3% by 2019 (WW) Asian shares rebound, despite US tech slump (EG) Egypt seeks to become regional energy hub to Europe (WW) German economy continues upturn in second quarter (QA) Qatar crisis to speed the rise of Asia's spot LNG trade (CMD) Gold steady as market awaits cues from Fed meeting (QA) Qatar shares bounce back as minister assures on economy (CMD) Oil prices expected to bounce back after brutal week (QA) Credit rating actions to hurt Qatar companies (FX) Sterling recovers ground as inflation jets higher (QA) Qatar's Ooredoo placed on negative credit watch by S&P Global Ratings (FX) High inflows force RBI to buy dollar in forward market (BH) Fitch revises Bahrain's outlook to negative; affirms IDR 'BB+' (FI) Yields rise as traders await debt auctions, Fed meeting (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,441.85 0.4% 1.2% 3.1% -2.5% ˄ ˅ ˅ Abu Dhabi (ADSMI) 4,537.60 0.6% 1.4% 2.5% -0.2% ˅ ˅ ˄ Saudi (SASEIDX) 6,820.60 -0.0% -0.7% -0.7% -5.4% ˅ ˅ ˄ Kuwait (KWSE) 6,776.72 0.0% -0.1% -0.1% 17.9% ˄ ˅ ˄ Egypt (EGX30) 13,531.34 0.3% -1.1% 1.4% 9.6% ˄ ˄ ˄ Qatar (DSM) 9,095.45 -0.4% -1.5% -8.1% -12.9% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,327.48 0.4% 0.3% 0.6% 8.8% ˄ ˅ ˄ Oman (MSM30) 5,313.71 -0.0% -0.8% -2.0% -8.1% ˅ ˅ ˅ 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) 581 290 439 158 99 157 80,603 Abu Dhabi (ADSMI) 427 92 131 99 49 60 133,502 Saudi (SASEIDX) 94 171 205 437 789 962 430,039 Kuwait (KWSE) 19 246 337 13 70 99 75,578 Egypt (EGX30) 355 284 330 116 79 89 20,248 Qatar (DSM) 14 12 10 73 91 87 108,847 Bahrain (BHSEIDX) 2 4 4 1 2 3 20,422 Oman (MSM30) 8 16 17 5 9 10 15,824 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 Wednesday , June 14, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 11.7 12.0 11.1 9.1 386.2 8.6 300 8 239.3 188.3 4 1.1 1.5 2.1 1.7 1.3 - - 0.9 1.0 Bahrain Oman - 178.1 106.9 87.2 1.4 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 27% 8% 6% Current 489.3 13.8 11.3 12 Previous 600 5.0% 5.9% 5.4% 4.5% 4.3% 4% 3.5% 0% 2% -9% 0.0% 0.0% Egypt Qatar Bahrain -2.5% -0.2% -5.4% -8.1% -12.9% -18% 0% Kuwait 8.8% 9.6% 9% 3.0% Dubai Abu Dhabi Saudi 17.9% 18% 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 Wednesday , June 14, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value AL SAFWA MUBASHER FINANCIAL 1.51 -9.93% 0 1 7,763 NATIONAL CENTRAL COOLING CO PJSC 1.90 -2.11% 10,840 20,817 5,121 4,833 SHUAA CAPITAL PSC 1.47 -1.36% 61 90 16,782 12,529 EMAAR MALLS GROUP PJSC 2.56 -1.17% 1,510 3,887 89,247 82,114 AL SALAM BANK SUDAN PLC 1.85 -1.08% 107 199 DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 0.60 15.00% 236,620 132,713 ABU DHABI NATIONAL FOR BUILDING 0.60 -8.33% 25 16 FUJAIRAH CEMENT INDUSTRIES CO 0.97 12.37% 2 2 FIRST ABU DHABI BANK PJSC 10.85 -0.46% 1,138 12,377 AL KHAZNA INSURANCE COMPANY 0.41 9.76% 378 148 ABU DHABI ISLAMIC BANK PJSC 3.62 -0.28% 178 647 RAK PROPERTIES PJSC 0.64 6.25% 70,714 43,926 MANAZEL REAL ESTATE PJSC 0.53 5.66% 31,827 16,416 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) GULF UNION COOPERATIVE INSUR 15.94 10.04% 319 4,857 SAUDI RESEARCH AND MARKETING 29.35 -2.39% 65 1,921 SALAMA COOPERATIVE INSURANCE 16.30 4.66% 686 10,926 SAUDI FISHERIES CO SJSC 26.50 -2.26% 184 4,930 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 38.40 4.17% 585 22,007 JAZAN DEVELOPMENT COMPANY SJSC 12.98 -2.00% 10 131 NATIONAL MEDICAL CARE 44.25 3.84% 286 12,434 SAUDI PUBLIC TRANSPORT COMPANY 14.08 -1.99% 320 4,547 SAUDI INDIAN COMPANY FOR COOP 12.70 3.46% 635 7,926 AL HAMMADI COMPANY FOR DEV 37.90 -1.85% 501 19,182 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 1190.00 9.24% 23 27 YIACO MEDICAL COMPANY KPSC 240.00 -20.00% 121 33 SALBOOKH TRADING CO KSCP 54.00 7.96% 55 3 AUTOMATED SYSTEMS CO KPSC 265.00 -18.87% 0 0 INTERNATIONAL RESORTS COMPANY 31.50 7.62% 61 2 ENERGY HOUSE HOLDING COMPANY 41.50 -10.84% 0 0 NATIONAL CLEANING CO KSCP 44.00 4.55% 1 0 GULF FRANCHISING HOLDING CO KSCP 65.00 -10.62% 330 23 ARZAN FINANCIAL GROUP FINANCING 33.50 4.48% 200 7 KUWAIT REMAL REAL ESTATE CO KPSC 69.80 -9.74% 907 67 Top Gainers Close DoD % Volume Value Top Losers Close DoD % Volume Value EGYPT GAS CO SAE 97.47 8.76% 31 2,870 PORTO GROUP HOLDING SAE 0.43 -4.65% 99,613 43,878 ARABIAN FOOD INDUSTRIES CO SAE 8.87 8.34% 4,218 35,973 EGYPTIAN ARABIAN COMPANY 1.13 -4.42% 204 236 ISMAILIA DEVELOPMENT RE 3.53 6.52% 3 9 SHOROUK FOR MODERN PRINTING 11.18 -4.20% 1 15 BELTONE FINANCIAL HOLDING SAE 10.31 5.33% 538 5,408 ORANGE EGYPT FOR TELECOM 97.22 -4.13% 1 68 EL NILE COMPANY FOR PHARMA 14.20 5.07% 8 106 ALEXANDRIA CO FOR PHARMA 79.61 -3.84% 0 15 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) GULF WAREHOUSING CO QSC 45.65 6.90% 475 20,976 QATAR INDUSTRIAL MANUFACTURING 41.50 -2.65% 1 32 AHLI BANK QSC 33.00 4.85% 0 6 ALIJARAH HOLDING CO QSC 14.30 -2.10% 1,210 17,487 QATAR OMAN INVESTMENT CO QSC 8.78 2.51% 1,151 9,978 INDUSTRIES QATAR QSC 98.00 -1.73% 82 8,113 QATARI INVESTORS GROUP QSC 50.70 1.38% 21 1,072 QATAR NATIONAL BANK SAQ 135.00 -1.33% 214 29,090 QATAR ELECTRICITY AND WATER CO 189.90 1.32% 33 6,183 QATARI GERMAN COMPANY 7.70 -1.30% 5 42 Close DoD % Volume Value DEYAAR DEVELOPMENT PJSC 0.51 3.92% 0 12,222 DAR AL TAKAFUL PJSC 1.08 2.78% 0 AMLAK FINANCE PJSC 0.95 2.20% ARABTEC HOLDING PJSC 0.75 1.73% UNION PROPERTIES PJSC 0.93 1.30% Top Gainers Close * DANA GAS PJSC Abu Dhabi Dubai Top Gainers Saudi Arabia Top Gainers Egypt Kuwait Top Gainers EYAS FOR HIGER AND TECHNICAL Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Wednesday , June 14, 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 78,962 98.70 -0.5% 7.9% 2,566 67,529 102.50 76.00 15 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,323 17.45 0.6% -7.2% 693 3,294 20.20 17.20 17 3.4 4.6% 3 Saudi Telecom Company SJSC SA 37,121 69.60 -0.3% 0.0% 82 1,519 74.00 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 33,569 133.20 -1.3% -10.1% 214 7,779 157.27 122.82 10 1.8 2.4% 5 First Abu Dhabi Bank PJSC AE 32,047 10.80 -0.5% 8.1% 1,138 3,347 11.55 7.88 10 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 26,867 62.00 0.3% -1.6% 2,257 37,309 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Company SJSC SA 23,667 21.30 -1.0% -4.9% 679 3,855 25.80 14.30 11 1.3 3.3% 8 National Commercial Bank SJSC SA 22,801 42.75 -0.1% 0.4% 385 4,386 45.00 32.00 9 1.4 3.7% 9 DP World Ltd AE 18,260 22.00 -3.4% 25.6% 155 930 23.85 15.53 19 2.1 1.7% 10 Almarai Co SJSC SA 17,558 82.30 -0.1% 20.1% 54 1,188 87.00 51.50 32 5.2 1.1% 11 Jabal Omar Development Co SJSC SA 16,407 66.20 -0.3% -11.4% 92 1,622 76.00 46.00 71 6.0 0.0% 12 Industries Qatar QSC QA 15,897 96.30 -1.7% -18.0% 82 2,156 122.00 94.00 18 1.8 0.0% 13 Emaar Properties PJSC AE 15,421 7.91 1.0% 10.9% 10,543 22,707 7.92 6.07 10 1.3 1.9% 14 National Bank of Kuwait SAKP KW 13,022 667.00 0.0% 7.7% 80 176 723.81 523.81 13 1.3 4.3% 15 Saudi Arabian Mining Co SJSC SA 12,729 40.85 -0.2% 4.7% 95 1,036 44.00 27.80 676 1.9 0.0% 16 Emirates NBD Bank PJSC AE 12,258 8.10 1.1% -4.6% 525 1,158 9.00 7.60 7 0.8 4.9% 17 Samba Financial Group SJSC SA 12,096 22.68 1.3% -6.9% 169 1,020 25.20 15.90 9 1.0 4.2% 18 Abu Dhabi Commercial Bank PJSC AE 10,361 7.32 0.1% 6.1% 821 1,637 7.68 5.66 9 1.3 5.5% 19 Kingdom Holding Co SA 9,873 9.99 -0.1% 0.0% 81 215 12.95 9.90 69 1.3 5.0% 20 Kuwait Finance House KSCP KW 9,150 481.00 0.0% -2.0% 672 1,067 572.73 400.00 13 1.6 3.2% 21 Emaar Malls Group PJSC AE 8,966 2.53 -1.2% -3.4% 1,510 1,040 3.00 2.47 17 2.0 4.0% 22 Saudi British Bank SJSC SA 8,960 22.40 -0.9% -10.4% 160 957 25.90 16.40 9 1.1 0.0% 23 Banque Saudi Fransi SJSC SA 8,596 26.75 -0.7% 2.5% 381 2,720 27.70 18.00 9 1.0 3.9% 24 Emirates Islamic Bank PJSC AE 8,576 5.80 0.0% 0.0% 1 1 11.95 1.57 106 4.6 0.0% 25 Ezdan Holding Group QSC QA 8,381 11.58 -0.9% 0.0% 284 896 20.24 10.72 14 1.0 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,250 55.00 -0.5% 1.9% 38 558 61.75 37.00 12 2.0 5.5% 27 Riyad Bank SJSC SA 8,240 10.30 0.6% -10.8% 83 228 11.80 8.55 10 0.8 6.3% 28 Masraf Al Rayan QSC QA 8,104 39.60 -0.3% 5.3% 415 4,480 45.40 33.05 15 2.5 5.1% 29 Ooredoo QSC QA 8,093 92.60 -0.3% -9.0% 109 2,750 116.10 86.50 16 1.4 3.8% 30 Dubai Islamic Bank PJSC AE 7,778 5.78 -0.3% 3.8% 2,280 3,588 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 543,334 3.1% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority (“DFSA”). The information contained in this report does not constitute an offer to sell securities or the solicitation of an 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 for professionals 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. 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