MENA Market Report - 2 April

Transcription

1. MENA Morning Report Sunday , April 02, 2017 Overview Regional Markets: MENA markets ended the last trading session of the week and month on a positive note as five out of the eight indexes closed in green, while three ended in red. However, the month of March has witnessed mixed trends across the region despite no change in fundamentals from the previous month. The rise in few markets was mostly news based, while the broader region has been experiencing the impact of ex-dividend and profit booking after a subdued February. Egypt was the best performing index in March as it was up by 8.9%, followed by 3.6% in Kuwait, while Dubai led the losers with decline of 4.1%, followed by 4.0% in Oman and 2.9% in Qatar. Going forward, April is likely to be an important month of regional equities as first quarter earnings will set the tone for rest of the year, especially provide the reassurance to the investors. For the day, UAE markets ended on a positive note as Dubai and Abu Dhabi were up by 1.0% and 0.2% respectively. Dubai witnessed buying activity after being under pressure in the past few sessions, which helped the index in ending the week on a positive note. Saudi Arabia also ended on a positive note as it was up by 0.8% for the day, adding the gains of 1.1% witnessed on previous day. Kuwait closed higher by 0.3% for the day, after closing lower by 0.6% on the previous day. Qatar ended on a negative note as it was down by 0.3% for the day, continuing its downward trend for most of the month. Egypt closed marginally higher by 0.1% for the day, but ending the week on a negative note. International Markets: US markets closed on a negative note as Dow, Nasdaq and S&P were down by 0.3%, 0.04% and 0.2% respectively. European markets also ended on a mixed note as FTSE was down by 0.6%, while DAX and CAC were up by 0.5% and 0.7% respectively. Asian markets closed on a slightly negative note as Nikkei and Hang Seng were down by 0.8 % each, while Shanghai was up 0.4%. Headlines (WW) US economic growth revised higher, boosted by consumer spending (SA) Riyadh to reap USD 1.3 billion per year from new white land tax (WW) US Commerce Department to launch China market economy review (SA) Domestic tourism 'to surge by 40% between 2015 and 2020' (WW) Weekly jobless claims fall less than expected (SA) Saudi top 20 brands valued at USD 37 billion (WW) British economy sends mixed signals as Brexit divorce begins (AE) UAE prepares for post oil era with diversification (WW) UK households run down savings to record low in warning sign for economy (AE) UAE health care market to grow to USD 28 billion by 2021 (WW) China March official manufacturing PMI rises to 51.8, beats forecasts (AE) UAE eyes new law to lure more foreign investors in industry (WW) China approves 7 new free trade zones in bid to open economy (AE) Dubai to add health insurance fines to visa fees (WW) Japan output jump, low jobless rate yet to spark inflation (EG) Egypt, Saudi Arabia sign deal to establish company to invest in start-ups (CMD) Oil prices end higher, but lose nearly 6% for the quarter (EG) Egypt sees inflation falling to 15.2% in FY 2017/18 (CMD) Gold marks its 8th first quarter gain in 10 years (EG) Moody's sees Egypt's economy growing but reforms slipping (FX) Sterling rallies to session high of USD 1.25 (QA) Qatar denies violating labor law by blocking migrants from leaving (FX) Dollar slips against euro, yen, but posts 1st weekly rise in March (KW) Kuwait delays enforcement of selective tax policy until mid-year (FI) Yields slide after Fed officials' cautious tone on US economy (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,480.43 Abu Dhabi (ADSMI) 4,443.53 1.0% 0.5% -4.1% -1.4% ˅ ˅ ˄ 0.2% -1.2% -2.4% -2.3% ˅ ˄ ˄ Saudi (SASEIDX) 7,001.63 0.8% 1.8% 0.4% -2.9% ˅ ˅ ˄ Kuwait (KWSE) 7,029.43 0.3% -0.2% 3.6% 22.3% ˄ ˄ ˄ Egypt (EGX30) 12,994.80 0.1% -0.3% 8.9% 5.3% ˄ ˄ ˄ Qatar (DSM) 10,390.60 -0.3% -0.5% -2.9% -0.4% ˅ ˄ ˄ Bahrain (BHSEIDX) 1,355.99 -1.8% -1.4% 0.5% 11.1% ˄ ˄ ˄ Oman (MSM30) 5,550.60 -0.1% -1.5% -4.0% -4.0% ˅ ˅ ˄ 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) 287 537 509 108 202 184 82,221 Abu Dhabi (ADSMI) 216 153 144 166 69 61 116,785 Saudi (SASEIDX) 166 228 243 928 1,099 1,089 432,701 Kuwait (KWSE) 256 411 279 82 123 88 75,578 Egypt (EGX30) 203 360 346 72 95 87 19,759 Qatar (DSM) 10 10 9 92 93 84 131,836 Bahrain (BHSEIDX) 4 5 4 3 3 2 21,027 Oman (MSM30) 17 18 18 10 11 10 16,420 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 Sunday , April 02, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.7 386.2 8.5 300 8 239.3 188.3 4 1.1 Current 489.3 11.1 9.1 1.3 2.0 1.6 1.4 - - 0.9 1.1 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 27% 5.7% 5.6% 4.0% 4% 3.3% 1.9% 2% Oman Average 22.3% 0.0% Egypt 5.3% Qatar Bahrain -1.4% -2.3% -2.9% Dubai Abu Dhabi Saudi -0.4% -4.0% -9% 0% Kuwait 9% 0% 0.0% Saudi Bahrain 11.1% 4.1% Abu Dhabi Qatar 18% 5.0% Dubai Egypt Year to Date Perfomance Dividend Yield 8% 6% Previous 600 12.8 11.9 10.9 12 PB Oman Average 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 Sunday , April 02, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) GULF NAVIGATION HOLDING PJSC 1.37 -2.84% 534 743 ARAMEX PJSC 4.95 -2.56% 1,221 6,125 16,852 AL SALAM BANK SUDAN PLC 1.96 -2.00% 485 961 5,258 29,180 AJMAN BANK PJSC 1.29 -1.53% 300 390 5,258 29,180 AIR ARABIA PJSC 1.06 -0.93% 18,471 19,671 DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) 2.90 7.41% 35 98 WAHA CAPITAL PJSC 1.94 -7.62% 675 1,363 ESHRAQ PROPERTIES COMPANY PJSC 1.07 4.90% 41,324 43,184 DANA GAS PJSC 0.42 -2.33% 6,745 2,867 ABU DHABI NATIONAL HOTELS CO 3.14 4.67% 461 1,414 NATIONAL BANK OF ABU DHABI PJSC 10.25 -1.91% 23,036 238,419 EMIRATES DRIVING CO PJSC 9.60 3.78% 382 3,600 INVEST BANK PSC 2.40 -1.64% 513 1,242 INTERNATIONAL FISH FARMING 2.00 2.56% 492 972 SUDATEL TELECOM GROUP LTD 0.66 -1.49% 377 251 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) TAIBA HOLDING CO SJSC 44.50 9.07% 563 24,000 NATIONAL AGRICULTURE DEV 28.30 -3.08% 1,133 32,573 BANK ALJAZIRA JSC 16.65 7.77% 12,047 193,361 SAUDI INDUSTRIAL INVESTMENT 20.60 -2.83% 1,109 23,179 BANQUE SAUDI FRANSI SJSC 25.90 4.02% 422 10,721 AL HAMMADI COMPANY FOR DEV 40.80 -2.63% 625 25,855 JAZAN DEVELOPMENT COMPANY SJSC 14.00 3.70% 577 7,938 MALATH COOPERATIVE INSURANCE 21.45 -2.50% 447 9,704 SAHARA PETROCHEMICAL CO SJSC 15.50 3.33% 3,608 55,024 ARAB SEA INFORMATION SYSTEMS CO 17.75 -2.47% 293 5,273 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 55.00 10.00% 0 0 COMMERCIAL BANK OF KUWAIT KPSC 430.00 -5.49% 7 3 ZIMA HOLDING CO KSC 60.00 9.09% 7,852 451 AL ARGAN INTERNATIONAL REAL 172.00 -5.49% 1 0 KUWAIT BUILDING MATERIALS 128.00 8.47% 10 1 AAYAN REAL ESTATE COMPANY KSCP 88.00 -5.38% 843 76 NATIONAL CONSUMER HOLDING 130.00 8.33% 68 9 DANAH AL SAFAT FOODSTUFF CO 91.00 -5.21% 10,570 988 PALMS AGRO PRODUCTION CO KSCP 104.00 7.22% 0 0 JEERAN HOLDING COMPANY KSCP 46.50 -5.10% 76 4 Close DoD % Volume Value Close * DoD % Volume ('000) Value (EGP ‘000) WADI KOM OMBO FOR LAND RECLA 6.71 10.00% 13 86 TRANS OCEANS TOURS SAE 0.05 -16.67% 88 5 EGYPTIAN STARCH AND GLUCOSE 14.54 9.98% 181 2,508 ORANGE EGYPT FOR TELECOM 89.82 -8.10% 2 220 EGYPTIAN TOURAH PORTLAND 11.74 9.93% 287 3,212 GRAND CAPITAL FOR FINANCIAL 4.17 -7.54% 17 73 EL EBOUR COMPANY FOR RE 4.27 9.77% 50 203 ARAB ALUMINUM CO SAE 16.23 -6.83% 39 655 RAYA HOLDING FOR FINANCIAL 10.81 9.63% 869 8,984 EDITA FOOD INDUSTRIES SAE 17.03 -4.91% 37 651 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) AL KHALEEJ TAKAFUL GROUP QSC 21.70 2.84% 10 216 QATAR ISLAMIC INSURANCE CO QSC 63.00 -7.76% 49 3,220 QATARI GERMAN COMPANY 9.90 1.75% 16 155 AHLI BANK QSC 34.00 -5.29% 1 24 DOHA BANK QSC 31.40 1.29% 374 11,673 MEDICARE GROUP QSC 95.70 -3.63% 81 7,912 MAZAYA QATAR REAL ESTATE 14.43 1.26% 1,126 16,152 QATARI INVESTORS GROUP QSC 61.20 -1.92% 33 2,032 QATAR INTERNATIONAL ISLAMIC 68.50 1.18% 794 54,072 ALIJARAH HOLDING CO QSC 19.05 -1.55% 624 11,986 Close * DoD % Volume ('000) Value (AED ‘000) DAMAC PROPERTIES DUBAI CO PSC 2.82 2.55% 0 15,865 EMIRATES NBD BANK PJSC 8.30 2.47% 40 328 DXB ENTERTAINMENTS PJSC 1.02 2.10% 16,693 DUBAI ISLAMIC BANK PJSC 5.60 1.82% DUBAI ISLAMIC BANK PJSC 5.60 1.82% Close * ABU DHABI AVIATION Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers NATIONAL SLAUGHTER HOUSE CO Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Sunday , April 02, 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 77,404 96.75 0.0% 5.7% 4,448 114,752 98.50 73.25 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 42,742 18.05 1.4% -4.0% 1,518 7,463 20.20 17.15 18 3.7 4.4% 3 Qatar National Bank SAQ QA 37,062 146.10 -0.5% 0.0% 219 8,785 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 35,602 66.75 0.4% -7.9% 517 9,204 74.00 51.00 16 2.2 6.0% 5 Al Rajhi Banking & Investment Corp SA 27,626 63.75 0.4% 1.2% 2,339 39,760 67.50 48.60 13 2.0 3.5% 6 Saudi Electricity Co SJSC SA 25,723 23.15 1.3% 3.3% 1,765 10,894 25.80 14.30 46 1.6 3.0% 7 National Commercial Bank SJSC SA 21,068 39.50 1.3% -7.3% 895 9,430 46.30 32.00 8 1.3 4.1% 8 Industries Qatar QSC QA 18,328 110.30 -0.3% -6.1% 159 4,823 122.00 94.50 23 2.0 3.6% 9 DP World Ltd AE 17,845 21.50 -0.5% 22.8% 320 1,876 22.25 15.53 18 2.0 1.8% 10 Jabal Omar Development Co SJSC SA 16,854 68.00 -0.7% -9.0% 226 4,099 76.00 46.00 83 6.2 0.0% 11 Emirates Islamic Bank PJSC AE 16,265 11.00 0.0% 0.0% 3 8 11.95 1.57 452 8.9 0.0% 12 First Gulf Bank PJSC AE 15,806 12.90 -0.4% 0.4% 10,031 35,237 14.00 10.50 10 1.6 0.0% 13 Almarai Co SJSC SA 15,041 70.50 1.8% 2.9% 367 6,901 71.00 50.00 28 4.3 1.3% 14 National Bank of Abu Dhabi PJSC AE 14,667 10.25 -1.9% 2.6% 23,036 64,295 10.90 7.60 11 1.1 4.4% 15 Emaar Properties PJSC AE 14,231 7.30 1.1% 2.4% 4,887 9,714 7.79 5.88 10 1.3 2.1% 16 National Bank of Kuwait SAKP KW 12,837 660.00 1.5% 6.6% 3,351 7,258 723.81 523.81 13 1.2 4.3% 17 Saudi Arabian Mining Co SJSC SA 12,745 40.90 0.2% 4.9% 348 3,792 43.80 27.80 119 1.7 0.0% 18 Emirates NBD Bank PJSC AE 12,560 8.30 2.5% -2.2% 40 90 9.00 7.56 7 0.8 4.8% 19 Ezdan Holding Group QSC QA 11,510 15.80 -0.4% 4.6% 1,081 4,692 20.24 14.63 23 1.4 3.2% 20 Samba Financial Group SJSC SA 11,387 21.35 1.2% -12.3% 606 3,451 25.20 15.90 9 1.0 4.4% 21 Kingdom Holding Co SA 10,575 10.70 0.5% -10.5% 148 423 13.15 9.90 78 1.4 0.0% 22 Kuwait Finance House KSCP KW 10,037 530.00 0.5% 8.0% 5,943 10,337 572.73 400.00 15 1.7 0.0% 23 Abu Dhabi Commercial Bank PJSC AE 9,625 6.80 0.3% -1.4% 1,651 3,057 7.68 5.66 9 1.2 5.9% 24 Emaar Malls Group PJSC AE 9,355 2.64 1.5% 0.8% 4,243 3,050 3.10 2.47 18 2.1 3.8% 25 Saudi British Bank SJSC SA 9,060 22.65 2.5% 0.0% 122 740 25.90 16.40 9 1.1 0.0% 26 Masraf Al Rayan QSC QA 8,682 42.15 -0.8% 12.1% 841 9,736 44.20 32.10 15 2.5 4.7% 27 Yanbu National Petrochemicals Co SJSC SA 8,588 57.25 -0.4% 6.0% 853 13,021 59.75 37.00 14 2.0 5.2% 28 Ooredoo QSC QA 8,498 96.60 -0.4% -5.1% 109 2,900 116.10 81.50 14 1.4 3.6% 29 Riyad Bank SJSC SA 8,440 10.55 1.0% -8.7% 777 2,187 11.80 8.55 9 0.8 6.2% 30 Banque Saudi Fransi SJSC SA 8,323 25.90 4.0% -0.8% 422 2,915 27.80 18.00 9 1.1 4.1% Company Name Total M-Cap; W. Avg Yield 548,487 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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