MENA Market Report - 29 October

Transcription

1. MENA Morning Report Sunday , October 29, 2017 Overview Regional Markets: MENA markets ended the last trading session on a negative note as four out of the eight indexes closed in red, while two in green and two remained unchanged for the day. Regional markets witnessed similar performance throughout the week as all of the indexes ended in red with the exception of Egypt. Third quarter earnings have dominated the trading activity across the region as stability in oil prices didn't have much impact on the markets. UAE markets ended on a negative note as Dubai and Abu Dhabi were both down by 0.4% and 0.7% respectively for the day. Saudi Arabia closed marginally higher by 0.1% for the day, however the sentiments were weak during the week. Egypt closed higher by 0.4% for the day, extending the weekly gains as investors continued to buy into the market with the expectations of improving economic environment going forward. Kuwait and Qatar closed flat during the session, while the regional markets were mostly under pressure. Bahrain and Oman were also under pressure during the session as they were down by 0.1% and 0.8% respectively for the day. Regional markets ended the week on a negative note as Oman was the worst performer with losses of 2.1%, followed by 1.4% in Saudi Arabia and 0.8% in Abu Dhabi. Egypt was the only index that managed to close on a positive note as the index advanced by 1.8%, which also helped the index in recovering the losses to turn in green for the month of October. International Markets: US markets closed on a positive note as DJIA, Nasdaq and S&P were all up by 0.1%, 2.2% and 0.8% respectively for the day. European markets closed on a positive note as FTSE, DAX and CAC were all up by 0.3%, 0.6% and 0.7% respectively. Asian markets closed in green as Nikkei, Hang Seng and Shanghai were all up by 1.2%, 0.8% and 0.3% respectively. Headlines (WW) US economy doing just fine without tax cuts (GCC) Gulf row holds back single currency plan- Bahrain cenbank (WW) Worldwide debt more than triple economic output as central bank shift looms (SA) Saudi Arabia reform push targets wealth fund doubling assets (WW) China will not set target to double GDP from 2021 (SA) Saudi investment ambitions impress but foreign money may be slow to come (WW) UK personal insolvencies hit 5-year high in gloomy sign for economy (SA) Saudi private sector to grow, crypto-currencies need watching (WW) S&P and Fitch leave UK credit rating on hold but warn on Brexit (SA) Saudi Arabia to give foreign investors full access to parallel stock market (WW) Japan maintains recovery on track (SA) Dubai's DP World to develop Jeddah port into a trade gateway (WW) South Korea economy posts fastest growth in seven years (AE) UAE, Saudi eye joint investments to reduce food security risks (CMD) Oil prices inch lower on increases in US crude inventories, production (AE) Abu Dhabi real estate hit by weak job market (CMD) Gold turns positive after touching 2-1/2 week low (AE) VAT on commercial property not expected to have significant impact (FX) Dollar stalls despite upbeat US data, Fed chair talk (AE) Big spending helps create more jobs in UAE (FX) Sterling drops to three-week low against dollar on BoE rate view (KW) Kuwait ministry approves new conditions for recruiting expats (FI) Beijing's dollar bonds seek to reprice China risk (BH) Bahrain boosts real estate sector, establishes regulatory authority (FI) Saudi may make more but smaller international bond issues in 2018 (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,651.10 -0.4% -0.6% 2.4% 3.4% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,467.72 -0.7% -0.8% 1.6% -1.7% ˄ ˅ ˅ Saudi (SASEIDX) 6,910.65 0.1% -1.4% -5.1% -4.2% ˅ ˅ ˄ Kuwait (KWSE) 6,623.49 0.0% -0.1% -0.8% 15.2% ˅ ˅ ˄ Egypt (EGX30) 13,955.47 0.4% 1.8% 0.5% 13.0% ˄ ˄ ˄ Qatar (DSM) 8,128.25 0.0% -0.5% -2.2% -22.1% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,277.38 -0.1% -0.1% -0.5% 4.7% ˅ ˅ ˅ Oman (MSM30) 4,958.57 -0.8% -2.1% -3.5% -14.3% ˅ ˄ ˅ 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) 452 221 262 118 83 88 85,062 Abu Dhabi (ADSMI) 53 106 109 39 48 51 132,787 Saudi (SASEIDX) 160 131 151 677 745 781 436,452 Kuwait (KWSE) 96 108 96 59 77 63 75,578 Egypt (EGX30) 457 331 299 81 67 69 20,916 Qatar (DSM) 4 9 10 40 53 68 91,341 Bahrain (BHSEIDX) 2 3 3 1 2 2 20,334 Oman (MSM30) 16 18 17 6 9 9 13,818 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 Sunday , October 29, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 10.3 11.1 11.4 11.5 11.2 386.2 9.3 300 8 239.3 188.3 4 1.3 Current 489.3 13.5 12 Previous 600 1.6 2.1 1.6 - - 1.1 0.8 0.9 Bahrain Oman - 178.1 0 106.9 87.2 1.3 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% 4.7% 5.1% 4.5% 9% 3.7% 3.5% 4% 15.2% 18% 6.0% 5.4% 6% 13.0% 0% -1.7% -9% 2% 4.7% 3.4% -4.2% -18% 0.0% 0.0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -14.3% -22.1% -27% 0% 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 , October 29, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ISLAMIC ARAB INSURANCE CO PSC 0.57 -1.56% 14,699 8,415 2,740 EMAAR MALLS PJSC 2.33 -1.27% 1,155 2,708 27,646 30,963 DUBAI ISLAMIC INSURANCE & REINS 0.90 -1.21% 5,411 4,894 0.85% 13,940 16,379 AFKAR S&P UAE UCITS ETF CLASS A 4.15 -1.19% 8 33 0.81% 351 348 DAMAC PROPERTIES DUBAI CO PSC 3.95 -1.00% 1,871 7,426 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) AXA GREEN CRESCENT INSURANCE CO 0.69 15.00% 1 1 GULF CEMENT CO PSC 1.00 -6.54% 13 13 AL KHAZNA INSURANCE COMPANY 0.30 3.45% 1,655 488 ABU DHABI AVIATION 2.80 -6.35% 66 192 NATIONAL MARINE DREDGING PSC 3.70 2.78% 3 11 BANK OF SHARJAH PJSC 1.23 -3.15% 2 3 ABU DHABI NATIONAL HOTELS CO 2.65 1.92% 35 93 AGTHIA GROUP PJSC 5.10 -1.92% 197 1,017 RAS AL KHAIMAH CEMENT CO PSC 0.76 1.33% 3 2 FIRST ABU DHABI BANK PJSC 10.30 -1.90% 6,448 67,061 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AL SAMAANI FACTORY METAL INDUS 57.00 11.76% 1 67 SAUDI TELECOM COMPANY SJSC 65.20 -3.98% 550 36,586 TABUK CEMENT CO SJSC 12.94 9.85% 1,384 17,108 MOBILE TELECOMMUNICATIONS CO 6.37 -3.78% 16,459 106,901 MEDITERRANEAN AND GULF COOP 31.45 9.77% 844 25,368 RAYDAN COMPANY CJSC 16.50 -2.94% 66 1,105 ARAB SEA INFORMATION SYSTEMS CO 12.84 9.56% 21 258 ETIHAD ETISALAT CO SJSC 13.02 -2.54% 3,038 40,071 AL KATHIRI HOLDING CO 17.80 9.20% 2 32 ETIHAD ATHEEB TELECOMM 6.34 -2.46% 158 1,012 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT AND MIDDLE EAST FINANCIAL 27.50 17.02% 100 3 KUWAIT HOTELS CO KPSC 180.00 -14.29% 0 0 JIYAD HOLDING CO KSCP 55.00 9.78% 1,161 61 WARBA INSURANCE COMPANY KSCP 80.10 -10.70% 61 5 GULF FRANCHISING HOLDING CO KSCP 70.00 9.20% 0 0 BOUBYAN INTERNATIONAL INDUST 40.70 -8.33% 150 6 AMWAL INTERNATIONAL INVEST 35.00 9.03% 2 0 AMWAL INTERNATIONAL INVEST CO 32.10 -8.29% 30 0 CREDIT RATING AND COLLECTION CO 27.00 8.00% 3 0 EKTTITAB HOLDING CO KSCP 34.00 -8.11% 30 1 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MISR REFRIGERATION AND AC 114.65 9.98% 0 44 EL EBOUR COMPANY FOR REAL EST 6.99 -8.03% 40 294 OCTOBER PHARMA FOR PHARMA 57.62 9.96% 1 75 DELTA INSURANCE CO SAE 14.99 -5.37% 15 235 GRAND CAPITAL FOR FINANCIAL 4.93 9.80% 6 26 ASSIUT ISLAMIC NATIONAL TRADE 6.34 -4.23% 11 71 UNIVERSAL CO FOR PACKAGING 25.54 9.24% 58 1,428 EL NASR TRANSFORMERS AND ELECTR 12.93 -4.15% 136 1,801 AJWA FOR FOOD INDUSTRIES CO EGP 3.16 7.85% 2,604 7,929 CAIRO FOR EDUCATIONAL AFFAIRS 6.52 -4.12% 2 15 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ISLAMIC INSURANCE CO QPSC 51.09 6.82% 1 25 AL KHALEEJ TAKAFUL GROUP QPSC 11.81 -3.98% 0 1 QATAR FUEL CO QSC 96.70 3.72% 31 2,917 QATAR NATIONAL CEMENT CO QSC 61.00 -3.02% 11 710 UNITED DEVELOPMENT COMPANY 13.16 3.13% 845 10,949 EZDAN HOLDING GROUP QSC 9.20 -2.54% 66 618 QATARI GERMAN COMPANY 7.00 2.94% 7 49 QATAR NAVIGATION QPSC 54.00 -1.78% 63 3,453 ISLAMIC HOLDING GROUP QPSC 34.60 2.67% 2 82 VODAFONE QATAR QSC 7.00 -1.55% 511 3,606 Close * DoD % Volume ('000) Value (AED ‘000) DEYAAR DEVELOPMENT PJSC 0.55 3.77% 238,140 128,596 SHUAA CAPITAL PSC 1.10 1.85% 2,514 AMLAK FINANCE PJSC 1.13 1.80% DUBAI FINANCIAL MARKET PJSC 1.18 DAR AL TAKAFUL PJSC 1.00 Top Gainers Abu Dhabi Dubai Top Gainers Kuwait Saudi Arabia Top Gainers Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Sunday , October 29, 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 78,798 98.50 0.0% 7.7% 2,813 73,878 105.40 83.25 16 1.9 6.1% 2 Emirates Telecommunications Group Co AE 42,506 17.95 0.3% -4.5% 1,332 6,510 19.45 17.10 18 3.6 4.5% 3 Saudi Telecom Company SJSC SA 34,772 65.20 -4.0% 0.0% 550 9,558 78.90 57.00 0 0.0 0.0% 4 First Abu Dhabi Bank PJSC AE 30,561 10.30 -1.9% 3.1% 6,448 18,087 11.55 8.50 11 1.2 4.4% 5 Qatar National Bank QPSC QA 29,880 121.80 -0.2% -17.8% 81 2,631 157.27 118.50 9 1.5 2.6% 6 Al Rajhi Banking & Investment Corp SA 27,993 64.60 0.6% 2.5% 3,084 53,125 71.70 55.00 12 2.0 3.5% 7 Saudi Electricity Company SJSC SA 26,221 23.60 0.5% 5.4% 1,305 8,212 26.05 17.60 11 1.4 3.0% 8 National Commercial Bank SJSC SA 24,905 46.70 -0.6% 9.6% 248 3,094 58.00 37.00 10 1.5 3.4% 9 DP World Ltd AE 19,530 23.53 -4.0% 34.4% 126 807 24.60 15.53 19 2.0 1.6% 10 Emaar Properties PJSC AE 16,511 8.47 -0.9% 18.8% 2,507 5,783 8.95 6.37 11 1.4 1.8% 11 Saudi Arabian Mining Co SJSC SA 15,610 50.10 -1.2% 28.5% 202 2,693 54.00 36.70 229 2.3 0.0% 12 Jabal Omar Development Co SJSC SA 15,390 62.10 0.3% -16.9% 97 1,608 76.00 59.00 66 5.6 0.0% 13 National Bank of Kuwait SAKP KW 15,288 780.00 0.6% 26.0% 3,425 8,838 800.00 561.90 15 1.4 3.7% 14 Industries Qatar QSC QA 15,266 95.00 0.0% -19.1% 38 959 122.00 85.00 22 1.7 4.2% 15 Almarai Co SJSC SA 14,986 56.20 -0.2% 2.6% 295 4,427 78.64 45.80 27 4.0 1.3% 16 Emirates NBD Bank PJSC AE 12,333 8.15 -0.6% -4.0% 770 1,709 9.00 7.60 7 0.8 4.9% 17 Samba Financial Group SJSC SA 11,946 22.40 -0.3% -8.0% 382 2,283 27.10 18.70 9 1.0 4.2% 18 Kuwait Finance House KSCP KW 11,458 600.00 0.0% 22.2% 1,726 3,427 650.00 431.82 18 1.9 2.6% 19 Abu Dhabi Commercial Bank PJSC AE 10,120 7.15 -0.7% 3.6% 464 903 7.68 5.66 9 1.2 5.6% 20 Saudi British Bank SJSC SA 10,060 25.15 -1.0% 0.6% 120 806 28.55 18.40 10 1.2 2.8% 21 Kingdom Holding Co SA 10,001 10.12 0.2% -15.3% 30 80 12.95 9.80 66 1.3 4.9% 22 Emirates Islamic Bank PJSC AE 9,980 6.75 0.0% 0.0% 3 5 11.95 1.57 106 5.2 0.0% 23 Riyad Bank SJSC SA 9,488 11.86 0.0% 2.7% 1,097 3,470 12.06 9.65 11 0.9 5.5% 24 Banque Saudi Fransi SJSC SA 9,321 29.00 -1.4% 11.1% 1,095 8,469 33.40 21.50 10 1.1 3.6% 25 Yanbu National Petrochemicals Co SJSC SA 8,280 55.20 0.4% 2.2% 265 3,898 61.75 44.00 14 2.0 5.4% 26 Emaar Malls PJSC AE 8,256 2.33 -1.3% -11.1% 1,155 733 2.80 2.25 16 1.8 4.3% 27 Dubai Islamic Bank PJSC AE 8,195 6.09 -0.3% 9.3% 1,992 3,303 6.29 5.01 8 1.2 7.4% 28 Mobile Telecommunications Company KW 7,395 516.00 0.6% 25.9% 8,040 13,723 570.00 385.00 13 1.7 6.8% 29 Ooredoo QSC QA 7,283 85.60 0.0% -15.9% 39 889 116.10 80.00 15 1.2 4.1% 30 Alinma Bank SJSC SA 7,024 17.56 0.9% 16.3% 23,305 1,09,125 18.46 13.10 14 1.3 2.8% Company Name Total M-Cap; W. Avg Yield 549,358 3.5% 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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