MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , April 08, 2018 Economic & Market News Reuters: US factory activity slowed in March amid shortages of skilled workers and rising capacity constraints, but growth in the manufacturing sector remains underpinned by strong domestic and global economies. According to the ISM, the data showed a surge in the cost of raw materials and worries among manufacturers about the impact of steel and aluminum import tariffs imposed by US President last month to shield domestic industries from what he has described as unfair competition from other countries. The ISM index of national factory activity slipped to a reading of 59.3 last month from 60.8 in February. The survey’s prices index jumped to its highest level since April 2011. There were price increases across 17 of 18 industry sectors last month, while a measure of new orders dropped, a gauge of backlog orders rose to levels last seen in May 2004. US financial markets were little moved by the data, with investors worrying about a global trade war after China increased tariffs by up to 25% on 128 American products in response to the duties on aluminum and steel imports. Still, the outlook for manufacturing remains upbeat amid dollar weakness, which is boosting the competitiveness of American-made goods on the international market. Zawya: Growth in Saudi Arabia's non-oil private sector slowed in March, reaching its lowest level since August 2009. The Saudi economy continues to struggle with the impact of low oil prices and government austerity measures such as the imposition of a 5% value-added tax, despite plans by Riyadh to boost state spending this year. The seasonally adjusted Emirates NBD Saudi Arabia PMI fell to 52.8 last month from 53.2 in February. Output growth accelerated to 58.6 from 56.9, but growth in new orders dropped to a record low of 50.5 from 52.9. Employment growth slowed moderately. The fall in the pace of expansion in Saudi Arabia’s non-oil private sector to its lowest levels on record last month will prompt firms to continue price discounting in a bid to galvanise demand. Despite the sluggish growth at present, business optimism at 71.0 remains far above the 12 -month average of 61.4. Output prices fell outright for a second straight month in March with a reading of 49.9, while input price inflation slowed sharply to 50.7. Al Masah Capital: The Geo-political tensions are rising further at the back of an increase intensifying fear of a trade war between the US and China, reflected negatively on most of the global markets which ended the week in red. Oil prices joined the losing parade, with crude losing most of its YTD gains and ending the week at USD67.11 per barrel and the WTI losing 4.4% on a weekly basis. On the regional front, most of the indexes ended on a negative note with Bahrain leading the pack with losses of -2.7%, followed by -2.6% in Kuwait, -0.8% and -0.2% in Dubai and Egypt, respectively. On the winning team, Abu Dhabi index was the best performer with gains of +2.2%, adding to its YTD performance to reach +6.6%, mainly driven by the index heavyweight FAB that witnessed a decent foreign inflow on the last trading day of the week. Saudi Arabia ended the week with gains of +1.0%, followed by Oman with gains of +0.5%. For the coming period, the global scene will have its effects on investors’ sentiments keeping them on edge, which will be reflected on trading volumes that are likely to remain muted. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 67.11 -4.50% -4.50% 0.36% 2.70 -1.17% -1.17% -8.53% 0.67% 0.67% 2.34% Dubai (DFMGI) 3,083.37 -0.81% -0.81% -8.51% Oil (Brent) Abu Dhabi (ADSMI) 4,688.57 2.25% 2.25% 6.60% Natural Gas Saudi (SASEIDX) 7,953.36 1.05% 1.05% 10.06% Gold 1332.89 Kuwait (KWSE) 4,867.87 -2.64% -2.64% 0.60% Silver 16.35 0.18% 0.18% -3.53% Egypt (EGX30) 17,410.59 -0.23% -0.23% 15.92% EURUSD 1.23 -0.32% -0.32% 2.38% Qatar (DSM) 8,792.91 2.55% 2.55% 3.16% GBPUSD 1.41 0.54% 0.54% 4.28% Bahrain (BHSEIDX) 1,282.90 -2.69% -2.69% -3.67% USDJPY 106.91 0.61% 0.61% -5.11% Oman (MSM30) 4,798.90 0.53% 0.53% -5.89% USDCHF 0.96 0.59% 0.59% -1.57% TR GCC (Reuters) 192.06 0.77% 0.77% 0.52% AUDUSD 0.77 -0.04% -0.04% -1.62% TR MENA 134.88 0.63% 0.63% 1.69% USDCAD 1.28 -0.85% -0.85% 1.63% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 23,932.76 -0.71% -0.71% -3.18% 1 Month 2.022 1.14% -0.386 0.45% S&P 500 2,604.47 -1.38% -1.38% -2.59% 2 Month 2.331 0.81% -0.364 -1.81% NASDAQ 6,433.21 -2.25% -2.25% 0.58% 3 Month 2.466 0.58% -0.324 -0.40% 374.82 1.07% 1.07% -3.69% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,183.64 1.80% 1.80% -6.56% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,241.27 1.19% 1.19% -5.24% CAC 40 5,258.24 1.76% 1.76% -1.02% Nikkei 225 21,567.52 0.53% 0.53% -5.26% SENSEX 33,626.97 2.00% 2.00% -1.26% Shanghai Composite 3,131.11 -1.19% -1.19% -5.32% Hang Seng 29,844.94 -0.83% -0.83% -0.25% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , April 08, 2018 Economic & Market News (continued) Zawya: Growth in the UAE's non-oil private sector slowed to a 10-month low in March, dropping for a third month after the introduction of a 5% valueadded tax at the start of the year. The seasonally adjusted Emirates NBD UAE PMI, which covers manufacturing and services, fell to 54.8 last month from 55.1 in February. Output growth fell to a 23-month low of 57.1 from 57.7 while growth in new orders dropped to 60.2 from 61.5. Employment growth hit a 17-month low. According to Emirates NBD, although the UAE’s PMI score continues to moderate from the pre-VAT boost enjoyed at the end of 2017, it remains firmly in expansionary territory, and continued discounting by firms should help stimulate demand. Firms are more positive towards future output than they were last month, reflecting new orders that remain strong at 60.2. Output prices fell outright for a second straight month in March, with the pace of deflation accelerating, while input price inflation slowed to its lowest level in 10 months. Reuters: Growth in China’s manufacturing sector picked up more than expected in March as authorities lifted winter pollution restrictions and steel mills cranked up production as construction activity swings back into high gear. The official PMI rose to 51.5 in March, from 50.3 in February. Business conditions in China’s vast manufacturing sector have now improved for 20 straight months. According to Reuters, the reading would pick up slightly to 50.5 as heavy industry and the construction sector emerged from a winter lull. Boosted by government infrastructure spending, a resilient property market and unexpected strength in exports, China’s manufacturing and industrial firms helped the economy produce better than expected growth of 6.9% in 2017. But economists widely expect that pace to cool this year, citing the drag from weaker property investment and rising borrowing costs, even without any global trade shocks. Zawya: According to the Central Bank of Kuwait, the current account recorded a surplus of KWD 1,108 million for fourth quarter of 2017 against a surplus of KWD 488 million during the comparative period, representing a hike of KWD 620 million or 127.1%. The upturn in the current account surplus can be attributed to the appreciation in the surplus of balance on goods and the depreciation in the surplus of primary income on one hand, and the contraction in the services account deficit and the increase in the secondary income deficit on the other. The surplus in the current account mainly reflects a surge in the value of oil exports at a greater rate than that of value of merchandise imports resulting in increasing surplus of the balance on goods to KWD 2,291 million during the last quarter of 2017 as compared to KWD 1,748 million during the previous quarter. Furthermore, deficit in the services account fell by KWD 348 million or 17.9% to KWD 1,596 million during the fourth quarter of 2017 compared to a deficit of KWD 1,944 million during the previous quarter. As for the developments in the financial account of the State of Kuwait’s BOP during the fourth quarter of 2017, the net value of residents external assets included in the financial account grew at a better pace by KWD 3,425 million against a growth of KWD 1,432 million during the previous quarter, i.e. a surge of KWD 1,993 million or 139.1%. US Government Bonds - Yield to Maturity (%) 4 3 1.927 1.715 1.720 2 2.274 2.274 2.090 2.055 1.901 2.744 2.775 2.971 3.017 10Y 30Y 2.587 2.565 1.621 1.677 1 0 1M 3M 6M 12M 2Y 5Y Last Week Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 140 50 130 40 120 110 30 100 20 90 80 10 70 Oct-14 Dec-14Mar-15May-15 Jul-15 Sep-15Nov-15 Jan-16Mar-16May-16 Jul-16 Sep-16Nov-16 Jan-17Mar-17May-17 Jul-17 Sep-17Nov-17 Jan-18Mar-18 S&P 500 STOXX Europe 600 TR MENA MSCI Asia ex. Japan PE MENA Market - Price Ratios 16 4 5-Year CDS Rates (basis points) PB 600 14.4 11.0 12 8 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 0 60 12.3 12.3 11.7 7.6 1.0 7.7 1.3 1.8 2.6 - - 1.2 - 0.8 0.9 288.9 300 253.6 147.2 109.0 1.5 60.5 85.6 85.3 - 0 - 0 Dubai Abu Dhabi Saudi Kuwait Egypt Data and News Source: Thomson Reuters Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 2
3. Weekly Investment Report Sunday , April 08, 2018 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 104.12 104.16 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.52 2.52 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 2.34 2.34 AAA 98.26 98.28 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.79 0.79 AAA 107.50 107.53 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.44 102.71 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 3.22 3.22 110.75 111.35 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.72 2.72 AAA 96.19 96.20 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.42 4.42 Aa3 149.82 150.82 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 6.95 6.94 B 99.17 99.98 United States of America US TREASURY N/B USD 15/05/2045 3.00 3.01 3.01 AAA 99.78 99.83 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.44 7.45 BB- 83.46 84.28 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.72 2.72 A 101.37 101.39 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 3.27 3.27 A 104.13 104.20 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 3.32 3.33 A 104.88 104.95 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.53 3.55 Baa3 99.42 99.49 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.49 3.49 Aa3 103.27 104.02 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 3.23 3.23 AA 100.88 101.63 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.80 3.80 A 102.13 102.20 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.01 1.01 A+ 102.85 103.55 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.54 3.55 A 102.48 103.23 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.17 4.17 Baa2 102.13 102.56 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.74 3.75 A3 100.16 100.45 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.30 4.30 A 108.91 109.22 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.50 4.50 A 112.52 112.96 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.07 5.07 BBB+ 121.74 122.74 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.25 7.99 100.00 100.64 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.64 6.68 103.95 104.35 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , April 08, 2018 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.6398 1.8993 N/A 2.3827 2.5662 2.9345 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.79 1.25 1.85 1.97 2.30 2.44 2.57 2.67 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.49 2.80 2.98 3.12 3.22 3.44 3.72 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 2.03 2.03 2.28 2.46 2.39 2.68 Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.41 1.82 1.95 1.97 2.15 2.55 2.37 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.57 2.82 3.00 3.14 3.25 3.43 3.67 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.75 2.00 2.25 2.50 2.39 2.25 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 2.50 2.58 0.12 0.12 1.53 1.50 1.91 1.50 1.75 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.02 2.25 2.34 0.00 2.41 2.4200 2.4600 O/N < 1 Week 1 Week < 1 Month 1 Month > 1 Month 10.90 9.20 9.31 11.10 11.10 8.85 Re Discount Lending Benchmark 9.25 9.75 8.75 Bank Rates T-Bill Yields QIBOR Qatar T/N 1.53 Deposit Rates 1 Week 1 Month 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 10.80 11.30 11.50 11.65 11.75 11.80 12.40 12.70 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1.47 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.81 1.88 1.61 1.89 1.55 2.38 2.53 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 QCB Interest Rates Bahrain BHIBOR O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.85 2.15 2.75 2.88 3.06 3.25 3.39 3.59 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.65 1.95 3.75 3.75 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 3.21 3.45 3.59 3.63 3.65 3.63 3.68 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , April 08, 2018 Abu Dhabi Dubai Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) DXB ENTERTAINMENTS PJSC 0.45 -7.20% -28.98% 3,608 5,600 ARAMEX PJSC 4.15 -5.68% -3.49% 6,076 -2.35% 22,574 EMIRATES NBD BANK PJSC 10.30 -4.19% 25.61% 57,245 4.29% 4.29% 12,960 EMAAR PROPERTIES PJSC 5.58 -3.79% -14.65% 39,951 2.26% -8.11% 3,400 DUBAI FINANCIAL MARKET PJSC 1.02 -1.92% -8.93% 8,160 Close * WTD % YTD % Mkt. Cap. (AED mln) Close * WTD % YTD % Mkt. Cap. (AED mln) AL KHALEEJ INVESTMENT CO PJSC 2.63 31.50% 9.58% 276 WAHA CAPITAL PJSC 1.94 -11.01% 3.74% 3,772 COMMERCIAL BANK INTERNATIONAL 0.87 14.47% -5.43% 1,512 AL KHAZNA INSURANCE COMPANY 0.24 -7.69% -20.00% 101 ABU DHABI NATIONAL ENERGY CO 0.90 12.50% 63.64% 5,460 ABU DHABI AVIATION 2.89 -6.47% -5.25% 1,285 ABU DHABI ISLAMIC BANK PJSC 4.03 8.63% 6.61% 12,767 UNITED ARAB BANK PJSC 1.15 -5.74% -36.69% 2,372 FIRST ABU DHABI BANK PJSC 12.40 5.98% 20.98% 135,130 RAS AL KHAIMAH CEMENT CO PSC 0.77 -4.94% 22.22% 430 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) AL KATHIRI HOLDING CO 26.30 24.06% 19.55% 83 SOUTHERN PROVINCE CEMENT CO 43.70 -12.42% -9.62% 6,118 AL SORAYAI TRADING AND INDUSTRY 14.20 20.95% 7.17% 320 SAUDI CEMENT CO SJSC 49.20 -12.14% 3.58% 7,528 15.98 -6.22% -23.76% 195 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) NATIONAL CENTRAL COOLING CO PJSC 1.65 6.45% -9.34% 4,481 AIR ARABIA PJSC 1.20 5.26% -3.23% EMIRATES INTEGRATED TELECOM 4.98 4.62% MASHREQBANK PSC 73.00 AMANAT HOLDINGS PJSC 1.36 Top Gainers Saudi Top Gainers Kuwait Top Losers SAUDI ARABIAN REFINERIES CO SJSC 46.25 12.67% 48.71% 694 ALLIED COOPERATIVE INSURANCE 19.08 10.93% -2.15% 382 QASSIM CEMENT COMPANY SJSC 41.00 -5.42% -8.89% 3,690 COMPANY FOR COOPERATIVE INS 82.60 9.99% -12.50% 10,325 DERAYAH REIT FUND 8.14 -5.02% 0.00% 875 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) KUWAIT CABLE VISION COMPANY 21.20 85.96% 11.58% 1 DANAH AL SAFAT FOODSTUFF CO 39.10 -71.83% -70.59% 6 BOUBYAN INTERNATIONAL INDUSTRY 34.00 36.00% -7.86% 5 GULF FRANCHISING HOLDING CO KSCP 35.00 -28.86% -50.70% 1 MENA REAL ESTATE CO KSCP 29.00 25.54% -25.80% 2 KUWAIT TELECOMMUNICATIONS CO 756.00 -20.42% -5.38% 378 HEAVY ENGINEERING INDUSTRIES 231.00 14.36% 11.59% 42 AMAR FINANCE AND LEASING CO 39.70 -18.98% -27.82% 8 SULTAN CENTER FOOD PRODUCTS CO 33.00 14.19% -50.75% 19 SENERGY HOLDING COMPANY KSCP 24.50 -18.06% -30.00% 5 Top Gainers Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) 60.76 22.72% 222.16% 1,823 GLOBAL TELECOM HOLDING SAE 5.38 -18.11% -27.10% 25,400 EGYPTIAN CHEMICAL INDUSTRIES SAE 8.37 17.23% 6.08% 5,298 WADI KOM OMBO FOR LAND RECLAM 8.52 -16.63% -7.19% 48 TALAAT MOSTAFA GROUP HOLDING 13.30 16.26% 35.71% 27,445 GENERAL COMPANY FOR PAPER IND 7.50 -11.97% 1.08% 225 NORTH AFRICA CO FOR REAL ESTATE 1.09 14.74% 4.81% 186 VODAFONE EGYPT TELECOM 118.53 -10.88% -13.00% 0 PAINTS AND CHEMICAL INDUSTRIES 52.49 14.11% 26.63% 1,260 EGYPTIAN RESORTS CO SAE 2.15 -10.79% 46.26% 2,258 Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) GULF INTERNATIONAL SERVICES QSC 20.20 10.02% 14.12% 3,754 DOHA INSURANCE CO QSC 12.43 -11.84% -11.21% 622 COMMERCIAL BANK PSQC 32.55 8.50% 12.63% 13,174 ZAD HOLDING CO SAQ 84.00 -8.51% 14.07% 1,209 QATAR FUEL CO QSC 118.89 8.11% 16.49% 11,821 QATAR NAVIGATION QPSC 53.32 -5.63% -4.68% 6,106 9.26 6.56% 15.46% 7,828 INVESTMENT HOLDING GROUP 5.83 -3.95% -4.43% 484 138.00 6.15% 9.52% 127,463 DOHA BANK QPSC 26.20 -2.96% -8.07% 8,123 MISR NATIONAL STEEL SAE Egypt Top Losers SAUDI INDIAN COMPANY FOR CO-OP Top Gainers Top Gainers Qatar Top Losers VODAFONE QATAR QSC QATAR NATIONAL BANK QPSC Data and News Source: Thomson Reuters Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , April 08, 2018 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORPORATION SA 93,760 117.20 0.7% 15.1% 120.00 94.25 19.1 2.1 3.6% 2 SAUDI TELECOM COMPANY SJSC SA 44,267 83.00 0.1% 21.0% 85.00 65.10 16.4 2.7 4.8% 3 EMIRATES TELECOMMUNICATIONS GROUP AE 41,204 17.40 -1.4% -0.6% 18.85 15.75 17.5 3.4 4.6% 4 FIRST ABU DHABI BANK PJSC AE 36,794 12.40 6.0% 21.0% 12.40 10.05 13.7 1.3 5.6% 5 NATIONAL COMMERCIAL BANK SJSC SA 35,093 65.80 1.1% 19.4% 65.90 37.00 13.4 2.1 2.6% 6 QATAR NATIONAL BANK QPSC QA 35,017 138.00 6.2% 9.5% 151.00 115.01 9.7 1.6 0.0% 7 AL RAJHI BANKING & INVESTMENT CORP SA 33,713 77.80 3.2% 20.4% 78.20 61.00 13.9 2.3 5.1% 8 SAUDI ELECTRICITY COMPANY SJSC SA 23,044 20.74 0.5% -1.5% 26.05 19.76 12.5 1.2 3.4% 9 DP WORLD LTD AE 19,007 22.90 1.8% -8.4% 27.06 20.30 16.2 1.8 1.8% 10 INDUSTRIES QATAR QSC QA 18,133 109.10 3.8% 12.5% 115.00 85.00 19.9 1.9 4.6% 11 SAUDI ARABIAN MINING CO SJSC SA 16,920 54.30 -0.7% 4.2% 57.10 39.50 88.8 2.4 0.0% 12 EMIRATES NBD BANK PJSC AE 15,587 10.30 -4.2% 25.6% 11.00 7.95 7.4 1.0 3.9% 13 NATIONAL BANK OF KUWAIT SAKP KW 14,913 719.00 -4.1% 3.7% 761.90 619.05 14.3 1.4 3.8% 14 ALMARAI CO SJSC SA 14,667 55.00 -0.4% 2.2% 78.64 50.00 26.2 3.8 1.4% 15 SAMBA FINANCIAL GROUP SJSC SA 14,400 27.00 0.7% 14.8% 27.55 20.50 10.8 1.2 5.6% 16 EMIRATES ISLAMIC BANK PJSC AE 14,047 9.50 0.0% -3.1% 10.20 4.90 73.5 7.1 0.0% 17 SAUDI BRITISH BANK SJSC SA 12,000 30.00 -4.3% 11.1% 32.50 21.25 11.4 1.3 4.7% 18 JABAL OMAR DEVELOPMENT CO SJSC SA 11,995 48.40 -4.3% -18.1% 75.60 47.50 329.9 4.7 0.0% 19 YANBU NATIONAL PETROCHEMICALS CO SA 11,085 73.90 1.1% 25.3% 74.30 52.00 17.5 2.5 4.4% 20 RIYAD BANK SJSC SA 11,072 13.84 -0.3% 10.0% 14.20 10.10 10.5 1.1 5.3% 21 KUWAIT FINANCE HOUSE KSCP KW 11,031 521.00 -3.4% -0.5% 590.91 424.55 17.7 1.7 2.7% 22 EMAAR PROPERTIES PJSC AE 10,878 5.58 -3.8% -14.7% 8.43 5.58 7.0 0.8 0.0% 23 ABU DHABI COMMERCIAL BANK PJSC AE 9,384 6.63 0.5% -2.5% 7.50 6.50 8.4 1.1 6.3% 24 BANQUE SAUDI FRANSI SJSC SA 9,321 29.00 -1.2% 1.8% 33.40 25.20 9.9 1.1 4.8% 25 KINGDOM HOLDING CO SA 8,953 9.06 0.4% 1.8% 11.30 7.90 50.6 1.1 5.5% 26 ABU DHABI NATIONAL OIL CO FOR DIST AE 8,951 2.63 -0.4% -0.8% 2.90 2.50 18.2 11.5 2.2% 27 ALINMA BANK SJSC SA 8,456 21.14 2.5% 10.3% 21.14 14.00 15.7 1.5 3.8% 28 ARAB NATIONAL BANK SA 7,867 29.50 0.7% 19.1% 29.90 19.15 9.7 1.2 4.1% 29 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,744 69.70 -1.4% 6.9% 73.10 57.00 33.1 4.2 2.5% 30 EZDAN HOLDING GROUP QSC QA 7,710 10.58 0.8% -12.4% 16.30 6.19 16.5 0.9 0.0% 31 EMAAR MALLS PJSC AE 7,654 2.16 0.5% 1.4% 2.70 2.00 13.5 1.7 4.6% 32 MASRAF AL RAYAN QPSC QA 7,578 36.78 4.1% 0.0% 45.40 33.32 13.6 2.1 0.0% 33 OOREDOO QSC QA 7,260 82.50 -0.0% -9.1% 108.50 78.00 13.4 1.1 4.2% 34 DUBAI ISLAMIC BANK PJSC AE 7,132 5.30 -0.2% -14.4% 6.63 5.23 6.8 1.0 8.5% 35 MOBILE TELECOMMUNICATIONS CO KW 6,645 460.00 -4.2% 6.0% 570.00 407.00 11.6 1.4 7.6% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , April 08, 2018 Top 50 MENA Stocks by Market Capitalization — Continued (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 36 QATAR ISLAMIC BANK QPSC QA 6,465 99.59 2.1% 2.7% 105.00 86.90 10.7 1.2 5.0% 37 SAVOLA GROUP COMPANY SJSC SA 6,308 44.30 0.2% 12.3% 51.00 35.15 23.4 2.7 2.3% 38 EMIRATES INTEGRATED TELECOM AE 6,147 4.98 4.6% -2.4% 6.05 4.73 0.0 2.8 0.0% 39 RABIGH REFINING AND PETROCHEMICAL SA 6,062 25.95 4.6% 57.7% 26.15 11.00 16.0 2.3 1.9% 40 EMAAR DEVELOPMENT PJSC AE 5,860 5.38 -0.4% 5.7% 5.93 5.00 8.2 2.6 0.0% 41 COMMERCIAL INTERNATIONAL BANK EG 5,785 87.84 -1.3% 13.6% 92.10 72.00 14.3 3.6 1.1% 42 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 5,680 14.20 4.0% 32.7% 14.24 7.95 31.9 1.5 0.0% 43 QATAR ELECTRICITY AND WATER CO QSC QA 5,651 187.00 -0.5% 5.1% 218.80 161.99 12.7 2.3 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 5,315 15.40 4.8% 22.3% 16.33 10.51 17.8 1.3 4.5% 45 DAMAC PROPERTIES DUBAI CO PSC AE 5,024 3.05 2.0% -7.6% 4.57 2.48 6.7 1.3 8.2% 46 AHLI UNITED BANK BSC BA 4,981 0.63 -7.6% -6.3% 0.72 0.59 0.0 1.1 6.9% 47 ALDAR PROPERTIES PJSC AE 4,453 2.08 -2.3% -5.5% 2.50 2.02 8.2 0.7 0.0% 48 JARIR MARKETING CO SJSC SA 4,253 177.20 0.1% 21.0% 193.00 125.00 18.4 9.8 4.9% 49 DAR AL ARKAN REAL ESTATE DEVELOPMEN SA 3,859 13.40 6.7% -6.8% 15.26 5.74 26.2 0.8 0.0% 50 BANK ALBILAD SJSC SA 3,718 23.24 2.1% 13.4% 24.00 17.60 14.7 1.8 3.0% Company Name Total MCap; Weighted Avg Div Yield 722,845 3.4% Data and News 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. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unla wful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCL, as to their accuracy, completeness or correctness and AMCL does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization's estimates and views and does not represent the views of AMCL and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCL has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCL takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in un dertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCL does not accept any liability for any loss arising from the use of material presented in this report. AMCL may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCL may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCL research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the CIMA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. Copyright © 2015 Al Masah Capital Limited 7