MENA Market Report - 26 February

Transcription

1. MENA Morning Report Sunday , February 26, 2017 Overview Regional Markets: MENA markets closed the session on a losing side as investors continue to remain on the sideline due to lack of direction of the Fed minutes. Further, oil prices are hovering around the $55 mark per barrel, which is supporting the markets from witnessing a sharp sell-off. For the regional markets, five out of the eight indexes closed in red, while three ended in green for the day. Egypt was the worst performer as it was down by 1.3% for the day, extending the weekly losses as the index witnessed selling pressure for foreigners. UAE markets ended the session on a mixed note as Dubai was down by 0.3%, while Abu Dhabi was up by 0.3% for the day. Dubai was dragged lower by broader based weakness in most traded stocks, especially Drake and Scull and Dubai Islamic Bank. Saudi Arabia was marginally down by 0.2% for the day, which was dragged lower by selling pressure in banking sector stocks. Kuwait was up by 0.3% for the day, however the index remained in red for the week. Qatar was also marginally lower by 0.2% for the day, profit booking took place after witnessing buying interest for most part of the week. Bahrain was up by 0.5%, while Oman was down by 0.3% for the day. The performance of regional markets were mixed during the week as Egypt was the worst performer as it was down by 3.3%, followed by 1.2% in Saudi Arabia and 0.5% in Dubai, while Bahrain was the best performer with gains of 1.9%, followed by 1.0% in Qatar and 0.2% in Abu Dhabi. International Markets: US markets closed on a positive note as Dow, Nasdaq and S&P were up by 0.1%, 0.2% and 0.2% respectively for the day. European markets closed in red as FTSE, CAC and DAX were down by 0.4%, 1.2% and 0.9% respectively. Asian markets closed mostly in red as Nikkei and Hang Seng were down by 0.5% and 0.6% respectively, while Shanghai was marginally up by 0.1%. Headlines (WW) Mexico warns of tariffs, spurns U.S. aid under review by Trump (GCC) GCC firms 'should tap' non-bank options for funds (WW) Trump's BAT divides US business community (SA) Saudi Arabia Shrugs Off Concerns About Deflation (WW) NY Fed holds US first quarter GDP growth view near 3.1 percent (SA) Saudi King Salman launches investment drive with Asia tour (WW) Consumer borrowing rises as spending power drives UK economy (SA) Aramco IPO could push other Gulf states to list oil assets- economist (WW) UK Consumer Credit Expands Despite Skeptical Predictions (AE) Investors remains positive on UAE market (WW) China’s New Bank Regulator Faces Host of Challenges (AE) Abu Dhabi, Saudi non-oil trade hits $4.6bn in 2016 (WW) China summons reformer to tackle banking woes (AE) UAE retailer among world’s 50 fastest growing (WW) China becomes Germany’s greatest trade partner (QA) Commercial Bank of Qatar misses forecasts with 99% profit slump (WW) Global sovereign debt to hit new all-time high (EG) Egyptian real estate developers say Saudi project suspended (WW) India’s Q4 economic growth seen slowing to near three-year low (EG) Egypt's Amer paints positive image of currency float (CMD) Gold hits 3-1/2-month high as Trump inflation trade fades (KW) MoE to begin termination of 25 pct of non-Kuwaiti teachers (CMD) Crude oil slips nearly 1 percent on concerns over rising U.S. output (OM) Income tax rate up in Oman, exemptions cancelled (FX) Dollar slips on doubts over swift US fiscal policy changes (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,633.91 -0.3% -0.5% -0.2% 2.9% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,653.39 0.3% 0.2% 2.3% 2.4% ˄ ˄ ˄ Saudi (SASEIDX) 7,046.17 -0.2% -1.2% -0.8% -2.3% ˄ ˄ ˄ Kuwait (KWSE) 6,809.78 0.3% -0.2% -0.3% 18.5% ˄ ˄ ˄ Egypt (EGX30) 12,240.53 -1.3% -3.3% -3.4% -0.8% ˅ ˄ ˄ Qatar (DSM) 10,925.40 -0.2% 1.0% 3.1% 4.7% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,349.31 0.5% 1.9% 3.5% 10.6% ˄ ˄ ˄ Oman (MSM30) 5,849.52 -0.3% 0.1% 1.3% 1.2% ˄ ˄ ˄ 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) 349 689 547 120 246 192 84,634 Abu Dhabi (ADSMI) 148 175 149 64 72 60 121,881 Saudi (SASEIDX) 198 271 251 965 1,249 1,099 440,443 Kuwait (KWSE) 273 410 252 92 122 79 75,578 Egypt (EGX30) 389 414 345 88 115 96 21,309 Qatar (DSM) 11 9 8 125 72 73 139,166 Bahrain (BHSEIDX) 6 4 3 3 3 2 20,910 Oman (MSM30) 28 17 17 18 10 9 17,473 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 , February 26, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 14.0 Previous 489.3 11.5 11.6 9.6 386.2 8.9 300 8 239.3 188.3 4 1.3 Current 600 13.5 11.4 12 PB 1.3 2.1 1.6 1.5 - - 0.9 1.1 Bahrain Oman - 178.1 0 106.9 87.2 1.4 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 8% 27% 18.5% 18% 5.4% 6% 4.5% 5.1% 4.2% 4% 10.6% 9% 3.7% 3.2% 2.9% 4.7% 2.4% 1.2% 0% 2.3% 2% -2.3% -9% 0.0% -0.8% 0.0% 0% -18% Dubai Abu Dhabi Saudi Kuwait 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 Sunday , February 26, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) TAKAFUL EMARAT INSURANCE PJSC 2.47 -3.52% 60 151 5,989 ARAMEX PJSC 4.65 -2.52% 333 1,570 4,507 8,519 UNION PROPERTIES PJSC 1.00 -2.06% 31,778 32,080 2.14% 4,507 8,519 GULF GENERAL INVESTMENT CO PSC 0.48 -2.04% 2,022 981 1.61% 119 222 DRAKE AND SCULL INTERNATIONAL 0.49 -2.01% 69,271 34,081 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) UMM AL QAIWAIN CEMENT INDUST 1.15 15.00% 8 9 SHARJAH CEMENT AND INDUSTRIAL 1.02 -3.77% 5 6 EMIRATES INSURANCE COMPANY PSC 5.98 15.00% 356 1,992 ARKAN BUILDING MATERIALS CO PJSC 0.79 -3.66% 1,347 1,084 ABU DHABI NATIONAL INSURANCE CO 3.10 14.81% 25 73 ABU DHABI NATIONAL FOR BUILDING 0.54 -3.57% 100 55 AXA GREEN CRESCENT INSURANCE CO 0.80 6.67% 716 555 AL KHALEEJ INVESTMENT CO PJSC 1.15 -2.54% 50 58 ABU DHABI SHIP BUILDING PJSC 2.82 4.83% 15 42 WAHA CAPITAL PJSC 2.21 -1.78% 2,699 6,018 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) ARABIAN SHIELD COOPERATIVE INSUR 62.75 10.09% 1,348 80,692 AL AHLIA FOR COOPERATIVE INSUR 13.10 -7.75% 2,980 40,674 AL JAZIRA MAWTEN REIT 19.40 9.92% 4,271 79,127 AMANA COOPERATIVE INSURANCE CO 18.90 -6.67% 1,502 29,398 SAUDI INDUSTRIAL DEVELOPMENT CO 12.60 5.88% 7,824 95,847 BUPA ARABIA FOR COOPERATIVE 130.25 -3.52% 316 41,855 NAJRAN CEMENT CO SJSC 11.80 5.36% 5,561 63,953 MOUWASAT MEDICAL SERVICES CO 136.00 -2.86% 44 6,085 MALATH COOPERATIVE INSURANCE 9.00 4.05% 2,021 17,833 SAUDI INDIAN COMPANY FOR COOP 18.60 -2.36% 1,163 21,894 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) AL MOWASAT HEALTHCARE CO KSCC 300.00 20.00% 15 4 KUWAIT CABLE VISION COMPANY 30.00 -7.69% 110 3 GULF FRANCHISING HOLDING CO KSCP 61.00 8.93% 267 16 KUWAIT FINANCIAL CENTRE KPSC 99.00 -6.60% 9 1 NOOR FINANCIAL INVESTMENT CO 58.00 7.41% 4,118 231 SHUAIBA INDUSTRIAL COMPANY KPSC 480.00 -5.88% 247 122 JEERAN HOLDING COMPANY KSCP 73.00 7.35% 2,040 144 ALIMTIAZ INVESTMENT GROUP CO 176.00 -5.38% 4,690 849 WETHAQ TAKAFUL INSURANCE CO 62.00 6.90% 2,443 147 BURGAN FOR WELL DRILLING TRAD 90.00 -5.26% 104 10 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MISR FERTILIZERS PRODUCTION CO 61.31 8.28% 279 16,441 EGYPTIAN CO FOR INTERNATIONAL 3.70 -9.76% 3 11 MEDINET NASR FOR HOUSING 20.17 7.00% 3,699 72,165 PAINTS AND CHEMICAL INDUSTRIES 25.77 -7.50% 3 79 EGYPTIAN SATELLITE CO SAE 7.99 4.86% 2 16 ISMAILIA DEVELOPMENT AND REAL 3.07 -6.97% 52 165 MARSA MARSA ALAM FOR DEVELOP 1.41 4.44% 1,371 1,892 GLOBAL TELECOM HOLDING SAE 6.44 -6.80% 32,908 219,661 SABAA INTERNATIONAL COMPANY 3.49 3.87% 84 288 EGYPTIAN CHEMICAL INDUSTRIES SAE 6.55 -6.70% 2,599 17,634 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) QATARI INVESTORS GROUP QSC 59.50 6.25% 522 30,164 OOREDOO QSC 109.30 -3.79% 258 28,702 QATAR ISLAMIC INSURANCE CO QSC 67.30 6.15% 419 27,405 DLALA BROKERAGE AND INVESTMENT 20.00 -2.44% 103 2,093 QATAR GAS TRANSPORT CO LTD 23.65 2.38% 960 22,434 QATAR INSURANCE CO SAQ 73.50 -1.87% 101 7,518 QATAR INTERNATIONAL ISLAMIC 69.70 1.46% 218 15,075 MAZAYA QATAR REAL ESTATE DEVEL 14.51 -1.49% 672 9,823 WIDAM FOOD CO QSC 67.00 1.21% 48 3,226 MEDICARE GROUP QSC 86.00 -1.38% 484 41,943 Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES ISLAMIC BANK PJSC 10.40 14.66% 9 87 SHUAA CAPITAL PSC 1.77 2.31% 3,422 NATIONAL CENTRAL COOLING CO PJSC 1.91 2.14% NATIONAL CENTRAL COOLING CO PJSC 1.91 AL SALAM BANK SUDAN PLC 1.89 Dubai Top Gainers Saudi Arabia Abu Dhabi Top Gainers Kuwait Top Gainers 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 , February 26, 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 77,812 97.25 -0.8% 6.3% 2,674 69,336 98.50 71.00 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 44,403 18.75 1.4% -0.3% 1,150 5,872 20.20 16.65 18 3.8 4.3% 3 Qatar National Bank SAQ QA 39,447 155.50 1.0% 5.0% 188 8,049 157.27 121.36 12 2.1 1.9% 4 Saudi Telecom Company SJSC SA 35,072 65.75 -0.4% 0.0% 257 4,512 74.00 51.00 0 0.0 0.0% 5 Al Rajhi Banking & Investment Corp SA 28,061 64.75 -0.4% 2.8% 1,100 18,999 67.50 48.60 13 2.0 3.5% 6 Saudi Electricity Co SJSC SA 26,393 23.75 -0.2% 6.0% 1,065 6,744 25.30 14.30 32 1.5 2.9% 7 National Commercial Bank SJSC SA 22,084 41.40 -0.7% -2.8% 257 2,837 46.30 32.00 9 1.4 3.9% 8 Industries Qatar QSC QA 20,106 121.00 -0.4% 3.0% 82 2,716 122.00 94.50 25 2.2 3.3% 9 DP World Ltd AE 17,472 21.05 0.9% 20.2% 135 772 21.05 15.53 18 2.0 1.4% 10 First Gulf Bank PJSC AE 16,787 13.70 0.0% 6.6% 2,230 8,317 13.85 10.50 10 1.7 7.3% 11 Jabal Omar Development Co SJSC SA 16,422 66.25 0.8% -11.4% 632 11,157 76.00 46.00 81 6.0 0.0% 12 Emirates Islamic Bank PJSC AE 15,379 10.40 14.7% 0.0% 9 25 10.40 1.57 428 8.4 0.0% 13 National Bank of Abu Dhabi PJSC AE 15,025 10.50 0.0% 5.1% 992 2,836 10.90 7.60 11 1.2 0.0% 14 Emaar Properties PJSC AE 14,798 7.59 -0.1% 6.5% 3,996 8,258 7.79 5.59 12 1.3 2.0% 15 Almarai Co SJSC SA 14,562 68.25 0.4% -0.4% 102 1,852 70.00 48.94 27 4.2 1.3% 16 National Bank of Kuwait SAKP KW 13,669 740.00 1.4% 13.8% 1,008 2,447 750.00 550.00 14 1.3 4.1% 17 Emirates NBD Bank PJSC AE 12,713 8.40 0.5% -1.1% 193 441 9.00 7.10 7 0.9 4.8% 18 Saudi Arabian Mining Co SJSC SA 12,590 40.40 1.0% 3.6% 279 3,005 43.80 27.80 118 1.7 0.0% 19 Ezdan Holding Group QSC QA 11,620 15.95 -0.8% 5.6% 748 3,278 20.24 14.63 24 1.4 3.1% 20 Samba Financial Group SJSC SA 11,495 21.55 0.0% -11.5% 419 2,408 25.20 15.90 8 1.1 4.2% 21 Kingdom Holding Co SA 11,317 11.45 0.4% -4.2% 210 641 13.15 9.90 83 1.5 0.0% 22 Kuwait Finance House KSCP KW 10,652 620.00 1.6% 14.8% 2,132 4,336 630.00 431.82 16 1.8 2.7% 23 Abu Dhabi Commercial Bank PJSC AE 10,616 7.50 -0.8% 8.7% 1,128 2,305 7.68 5.66 10 1.3 5.3% 24 Ooredoo QSC QA 9,616 109.30 -3.8% 7.4% 258 7,731 116.10 81.50 16 1.6 3.2% 25 Emaar Malls Group PJSC AE 9,179 2.59 0.0% -1.1% 5,010 3,534 3.10 2.48 18 2.2 3.9% 26 Saudi British Bank SJSC SA 8,741 21.85 -0.7% -12.6% 77 451 25.90 16.40 8 1.1 3.4% 27 Riyad Bank SJSC SA 8,641 10.80 0.0% -6.5% 478 1,377 11.80 8.55 10 0.9 6.0% 28 Yanbu National Petrochemicals Co SJSC SA 8,589 57.25 -1.3% 6.0% 349 5,321 59.75 31.80 14 2.0 5.2% 29 Masraf Al Rayan QSC QA 8,466 41.10 -1.2% 9.3% 340 3,840 43.35 32.10 15 2.4 4.9% 30 Dubai Islamic Bank PJSC AE 8,344 6.20 -0.8% 11.3% 7,618 12,861 6.29 4.90 9 1.2 7.3% Company Name Total M-Cap; W. Avg Yield 560,071 3.0% 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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