MENA Market Report - 26 March

Transcription

1. MENA Morning Report Tuesday , March 27, 2018 Overview Regional Markets: MENA region closed on a negative note as five out of the eight indexes closed in red, while three in green for the day. The regional investors are trying to digest multiple news flows, which are weighing on sentiments across the regional markets. The news of seven missiles shot down by Saudi Arabia was offset by the reports that US and China have started negotiations to improve access to Chinese markets. For the day, UAE markets have ended on a mixed note as Dubai was down by 0.4%, while Abu Dhabi closed higher by 0.8% for the day. Dubai remained in red for the second consecutive session, while Abu Dhabi extended the gains to 1.6% in the past two sessions to turn the losses incurred during the month into gains. Saudi Arabia remained in the positive territory despite all the news as the index managed to close higher by 0.2% for the day after ending flat in the previous session. The index was mostly supported by 0.7% rise in petchem sector stocks, while the banking sector stocks witnessed a downward pressure during the session. Egypt closed on a positive note as it was up by 0.7% for the day, recovering the losses of 0.5% recorded in the previous session. Kuwait closed marginally lower by 0.1% for the day, the second consecutive session of losses, which is in line with the regional trend. Bahrain and Oman were both down by 0.7% and 0.9% respectively for the day. Qatar also closed in red as the index was down by 0.5% for the day, extending the losses to 1.3% in the previous two sessions. International Markets: US markets ended on a positive note as DJIA, S&P and Nasdaq were all up by 2.8%, 2.7% and 3.3% respectively for the day. European markets closed on a negative note as FTSE, CAC and DAX closed lower by 0.5%, 0.6% and 0.8% respectively for the day. At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai are up by 2.3%, 0.9% and 1.0% respectively. Headlines (WW) US sends China to-do list to reduce trade imbalance (GCC) GCC pay raises are likely to be frozen in 2018 (WW) China's Jan-Feb industrial profit growth strong, but pace slows from 2017 (GCC) Strong construction pipeline to boost GCC's interiors sector (WW) China warns against 'trade war,' appeals for cooperation (SA) Saudi Arabia, Korea identify 40 joint projects within framework of Vision 2030 (WW) China's new C.bank head vows steady opening of financial sector (AE) UAE C.bank assets rise to USD 108.5bn in 12 months (WW) UK Mortgage approvals fall 11% in February (AE) DIFC's Fintech ecosystem gains further momentum in 2018 (WW) Japan business mood likely to fall in March (AE) Dubai consumers show high levels of skills and discretion (WW) French deficit below 3% of GDP for first time in decade (EG) Egypt’s tourism to revive on Middle East, Africa, US arrivals (WW) India's oil import bill to jump by 25% in FY'18 (EG) Egypt’s trade with Turkey grows despite political rift (CMD) Oil prices fall as US trade dispute with China looms (QA) Qatar to invest USD 19bn in Turkey this year (CMD) Gold dips as trade war fears ease on report of US-China talks (QA) Sudan, Qatar to sign USD 4bn deal to manage Red Sea port (FX) Dollar hits 16-month lows vs. Yen as trade fears, Japanese political woes hurt (OM) Oman economy to maintain growth trajectory in 2018 (FX) Sterling climbs as markets bet on May rate rise (OM) Oman C.bank eases curb on use of interbank money positions (FI) Political worries push up Italian bond yields; ratings upgrade helps Spain (Source: Thomson Reuters, Bloomberg) MENA Markets Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) Index 3,103.80 -0.4% -1.5% -4.3% -7.9% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,651.05 0.8% 1.6% 1.2% 5.7% ˄ ˄ ˄ Saudi (SASEIDX) 7,857.46 0.2% 0.2% 5.9% 8.7% ˄ ˄ ˄ Kuwait (KWSE) 6,624.26 -0.1% -0.6% -2.2% 3.4% ˅ ˄ ˄ Egypt (EGX30) 17,104.34 0.7% 0.2% 10.5% 13.9% ˄ ˄ ˄ Qatar (DSM) 8,711.91 -0.5% -1.3% 0.7% 2.2% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,325.63 -0.7% -0.6% -3.2% -0.5% ˅ ˄ ˄ Oman (MSM30) 4,758.42 -0.9% -0.9% -4.9% -6.7% ˅ ˅ ˅ Market Cap (USD mln) 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) Dubai (DFMGI) 145 219 240 67 90 102 82,351 Abu Dhabi (ADSMI) 71 71 79 37 39 42 134,886 Saudi (SASEIDX) 174 174 173 1,113 984 940 494,402 Kuwait (KWSE) 34 84 85 32 48 53 75,578 Egypt (EGX30) 437 294 336 116 100 91 29,851 Qatar (DSM) 7 11 10 44 87 77 102,135 Bahrain (BHSEIDX) 5 7 6 3 3 3 22,025 Oman (MSM30) 20 15 17 7 11 12 13,275 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 1
2. MENA Morning Report Tuesday , March 27, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 Current 11.7 12.1 10.9 10.7 7.6 7.6 4 1.0 1.3 2.5 1.8 - - 145.3 108.2 1.2 0.8 0.9 Bahrain Oman - 280.4 254.4 300 86.0 83.3 59.4 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi 6.0% 5.5% 5.0% 5.9% 5.0% 4.3% 4.1% 4% 2.8% 2% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 8% 6% Previous 600 14.2 12 8 PB Qatar Bahrain Oman Average 15% 12% 9% 6% 3% 0% -3% -6% -9% -12% 13.9% 8.7% 5.7% 3.4% 2.2% -0.5% -6.7% -7.9% 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 , March 27, 2018 Top Performers by Country (* indicates native currency; Latest data) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) AMANAT HOLDINGS PJSC 1.29 -3.73% 0 3,783 DXB ENTERTAINMENTS PJSC 0.51 -2.67% 0 3,321 ARABTEC HOLDING PJSC 2.25 -2.60% 2,436 5,554 AMLAK FINANCE PJSC 0.83 -2.59% 2,787 2,338 DUBAI INVESTMENTS PJSC 2.11 -2.31% 3,165 6,757 Close * DoD % Volume ('000) Value (AED ‘000) RAK PROPERTIES PJSC 0.71 -8.97% 12,395 9,234 132 UNITED ARAB BANK PJSC 1.35 -6.25% 25 34 86 46 AGTHIA GROUP PJSC 4.26 -3.18% 108 467 2,157 25,448 NATIONAL BANK OF RAS AL KHAIMAH 4.35 -3.12% 140 620 3,549 9,334 ABU DHABI SHIP BUILDING PJSC 2.14 -2.73% 19 40 DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) 21.70 5.03% 1,017 21,530 WAFRAH FOR INDUSTRY AND DEV 17.52 -9.69% 1,101 20,329 ADVANCED PETROCHEMICAL CO SJSC 50.80 4.74% 581 28,850 TALEEM REIT FUND 11.00 -6.78% 1,724 19,654 ABDULLAH SAAD MOHAMMED ABO M 12.46 3.83% 8 95 AL KATHIRI HOLDING CO 23.02 -5.73% 11 270 MIDDLE EAST HEALTHCARE CO CJSC 59.40 3.13% 549 32,092 AL JAZIRA MAWTEN REIT 15.80 -3.19% 606 9,730 YANBU NATIONAL PETROCHEMICALS 72.50 2.98% 535 38,228 AL GASSIM INVESTMENT HOLDING CO 12.70 -2.91% 930 11,989 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) MENA REAL ESTATE CO KSCP 27.30 19.74% 6 0 KUWAIT CABLE VISION COMPANY 9.60 -20.00% 0 0 CREDIT RATING AND COLLECTION CO 28.00 16.67% 0 0 GULF FRANCHISING HOLDING CO KSCP 51.20 -20.00% 127 7 20.00 -16.67% 11 0 Close DoD % Volume Value DAR AL TAKAFUL PJSC 0.70 3.39% 0 504 AIR ARABIA PJSC 1.19 2.59% 0 8,908 DUBAI ISLAMIC INSURANCE & REINS 0.71 2.00% 5 4 EMAAR PROPERTIES PJSC 5.80 1.22% 5,630 32,457 DUBAI FINANCIAL MARKET PJSC 1.05 0.96% 8,014 8,375 Close * DoD % Volume ('000) Value (AED ‘000) GULF CEMENT CO PSC 1.06 3.92% 90 94 ABU DHABI NATIONAL ENERGY CO 0.80 3.90% 168 SUDATEL TELECOM GROUP LTD 0.55 3.77% FIRST ABU DHABI BANK PJSC 11.95 2.58% ABU DHABI NATIONAL OIL COMPANY 2.66 2.31% Top Gainers Close * DUR HOSPITALITY CO SJSC Dubai Top Gainers Saudi Arabia Abu Dhabi Top Gainers Egypt Kuwait Top Gainers Top Losers OSOUL INVESTMENT CO KSCP 61.70 12.59% 1,040 61 KUWAIT AND MIDDLE EAST FINANCIAL GULF INVESTMENT HOUSE KSCP 15.50 9.93% 292 4 HILAL CEMENT CO KSCP 56.00 -16.42% 2 0 BOUBYAN INTERNATIONAL INDUSTRY 32.40 8.00% 0 0 SULTAN CENTER FOOD PRODUCTS CO 33.50 -11.84% 1,696 61 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) MISR NATIONAL STEEL SAE 42.72 9.06% 0 317 DELTA CO FOR PRINTING AND PACKAG 9.51 -9.08% 5 55 DELTA CO FOR CONSTRUCTION 6.54 8.46% 671 4,215 EL NASR FOR MANUFACTURING AGRI NORTH UPPER EGYPT DEVELOPMENT 7.18 7.97% 386 2,666 AL EZZ DEKHEILA STEEL COMPANY ARAB VALVES CO SAE 1.62 7.28% 40 62 QALAA HOLDINGS SAE 2.26 7.11% 84,495 184,622 Close DoD % Volume Value MEDICARE GROUP QSC 69.22 5.50% 78 5,232 AL KHALEEJ TAKAFUL GROUP QPSC 10.90 2.83% 59 629 ZAD HOLDING CO SAQ 101.99 1.99% 1 AL KHALIJ COMMERCIAL BANK PQSC 11.18 1.64% EZDAN HOLDING GROUP QSC 11.00 1.01% Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters 14.20 -7.25% 109 1,608 1001.63 -6.85% 1 770 ARAB ALUMINUM CO SAE 31.42 -3.50% 4 118 NASR CO FOR CIVIL WORKS SAE 23.59 -3.40% 17 418 Close DoD % Volume Value QATAR FUEL CO QSC 106.21 -8.46% 61 6,782 QATAR INSURANCE CO SAQ 37.89 -4.44% 192 7,434 102 QATAR NAVIGATION QPSC 57.59 -3.21% 22 1,260 82 914 ALIJARAH HOLDING CO QPSC 10.40 -2.44% 142 1,499 342 3,740 ISLAMIC HOLDING GROUP QPSC 30.30 -1.91% 6 190 Top Losers 3
4. MENA Morning Report Tuesday , March 27, 2018 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 91,365 114.20 0.4% 12.2% 3,629 110,533 115.40 94.25 19 2.1 3.7% 2 Saudi Telecom Company SJSC SA 45,176 84.70 1.2% 23.5% 425 9,596 85.00 65.10 17 2.7 4.7% 3 Emirates Telecommunications Group Co AE 42,152 17.80 0.0% 1.7% 1,132 5,485 18.85 15.75 18 3.5 4.5% 4 First Abu Dhabi Bank PJSC AE 35,460 11.95 2.6% 16.6% 2,157 7,017 11.95 10.05 13 1.3 5.9% 5 National Commercial Bank SJSC SA 33,868 63.50 -0.3% 15.2% 928 15,723 65.00 37.00 13 2.0 2.7% 6 Qatar National Bank QPSC QA 33,748 133.00 -0.4% 5.5% 82 3,005 151.00 115.01 9 1.6 4.5% 7 Al Rajhi Banking & Investment Corp Ltd SA 32,848 75.80 -1.0% 17.3% 7,181 145,167 78.20 61.00 14 2.2 5.3% 8 Saudi Electricity Company SJSC SA 22,756 20.48 1.4% -2.8% 1,353 7,391 26.05 19.76 8 1.1 3.4% 9 DP World Ltd AE 19,580 23.59 -1.7% -5.6% 84 539 27.06 20.30 17 1.8 1.7% 10 Industries Qatar QSC QA 18,042 108.55 0.5% 11.9% 73 2,173 115.00 85.00 20 1.9 4.6% 11 Saudi Arabian Mining Co SJSC SA 16,827 54.00 1.9% 3.6% 744 10,714 57.10 39.50 88 2.4 0.0% 12 National Bank of Kuwait SAKP KW 15,624 790.00 0.5% 8.5% 2,828 7,470 800.00 640.00 15 1.4 3.6% 13 Emirates NBD Bank PJSC AE 15,587 10.30 0.0% 25.6% 219 613 10.55 7.95 7 1.0 3.9% 14 Almarai Co SJSC SA 14,641 54.90 0.4% 2.0% 702 10,272 78.64 50.00 26 3.8 1.4% 15 Samba Financial Group SJSC SA 14,481 27.15 -0.2% 15.4% 972 7,040 27.30 20.50 11 1.2 5.5% 16 Emirates Islamic Bank PJSC AE 14,047 9.50 0.0% -3.1% 1 1 10.20 4.90 73 7.1 0.0% 17 Saudi British Bank SJSC SA 12,601 31.50 0.8% 16.7% 156 1,310 31.55 20.60 12 1.4 4.5% 18 Jabal Omar Development Co SJSC SA 11,934 48.15 -2.5% -18.5% 683 8,772 75.60 48.05 332 4.4 0.0% 19 Kuwait Finance House KSCP KW 11,370 590.00 0.5% 2.4% 3,252 6,416 650.00 467.00 18 1.8 2.9% 20 Riyad Bank SJSC SA 11,345 14.18 0.3% 12.7% 2,244 8,484 14.20 10.10 11 1.1 5.1% 21 Emaar Properties PJSC AE 11,307 5.80 1.2% -11.3% 5,630 8,891 8.43 5.70 7 0.8 0.0% 22 Yanbu National Petrochemicals Co SJSC SA 10,876 72.50 3.0% 22.9% 535 10,345 72.50 52.00 17 2.4 4.5% 23 Banque Saudi Fransi SJSC SA 9,451 29.40 0.7% 3.2% 2,760 21,637 33.40 23.40 10 1.1 4.8% 24 Abu Dhabi Commercial Bank PJSC AE 9,200 6.50 -1.5% -4.4% 1,059 1,874 7.50 6.50 8 1.0 6.5% 25 Abu Dhabi National Oil Co for Dist AE 9,054 2.66 2.3% 0.0% 3,549 2,571 2.90 2.50 18 11.7 0.0% 26 Kingdom Holding Co SA 9,004 9.11 0.1% 2.4% 227 551 11.30 7.90 53 1.1 5.5% 27 Alinma Bank SJSC SA 8,208 20.52 1.2% 7.1% 23,248 127,222 20.86 14.00 15 1.5 3.9% 28 Ezdan Holding Group QSC QA 8,016 11.00 1.0% -8.9% 342 1,033 16.30 6.19 17 1.0 0.0% 29 Saudi Arabia Fertilizers Co SJSC SA 7,923 71.30 0.4% 9.4% 225 4,284 72.60 57.00 34 4.3 2.5% 30 Arab National Bank SA 7,654 28.70 -0.7% 15.9% 429 3,280 29.45 19.00 9 1.2 4.2% Company Name Total M-Cap; W. Avg Yield 604,144 3.7% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary 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 AMCL 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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