GCC Daily Market Update - 11 May

Transcription

1. May 11 , 2022 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq 100 FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) MSCI GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 3,991.2 32,245.7 12,187.7 7,243.2 13,534.7 6,116.9 2,490.2 26,167.1 19,633.7 3,035.8 54,364.9 9.8 (85.0) 158.1 26.6 154.1 30.9 24.5 (152.2) 243.4 43.1 (105.8) 0.2 (0.3) 1.3 0.4 1.2 0.5 1.0 (0.6) 1.2 1.5 (0.2) (3.4) (2.2) (5.2) (4.0) (4.0) (6.4) 2.5 (2.5) (6.9) (0.4) (4.7) (16.3) (11.3) (25.3) (1.9) (14.8) (14.5) 34.0 (9.1) (16.1) (16.6) (6.7) 13,450.0 13,509.3 9,915.5 3,597.9 8,301.2 4,154.7 1,988.3 890.1 5,041.3 (62.9) (305.5) (88.8) (24.1) (86.6) (19.6) (39.6) (19.8) 7.3 (0.5) (2.2) (0.9) (0.7) (1.0) (0.5) (2.0) (2.2) 0.1 (1.0) (1.6) (1.6) (3.3) (0.7) (0.1) (3.3) (0.3) (5.7) 15.7 19.7 16.8 12.6 17.9 0.6 10.6 20.3 (21.9) 104.5 99.8 7.4 1,839.9 4.2 (1.4) (3.3) 0.4 (17.2) (0.0) (1.4) (3.2) 5.1 (0.9) (0.9) (2.9) (5.1) (1.2) (1.2) (2.4) 34.4 32.6 98.0 0.7 (6.7) Global Wall Street closed higher on Tuesday as investors waited for inflation data and worried about the prospects of slowing economic growth and the impact of policy tightening. The DJIA fell 0.3%, the S&P 500 gained 0.2% and the Nasdaq 100 added 1.3%. European stocks bounced back from two-month lows on Tuesday, with broad-based gains as bargain hunters lent support after a sharp selloff on worries about slowing economic growth. The pan-European STOXX 600 index rose 0.7% after closing at its lowest level since early March on Monday. In Asia, Japan’s Nikkei index fell 0.6% on Tuesday, but avoided bigger losses as investors began to buy back stocks in hopes of a rebound on Wall Street later in the day. Hong Kong fell 4%, following a one-day holiday while China stocks rebounded on Beijing’s vows to support the struggling economy, with signs of bargain hunting seen in both markets. GCC Saudi Arabia led Gulf stock markets lower on Tuesday as rising interest rates and lower economic growth rattled investors. Saudi Arabia's benchmark index closed 2.2% lower after its biggest intraday fall since late November, with the country's largest Islamic lender Al Rajhi Bank tumbling 4.1%. Dubai's index eased 0.7%, dragged down by a 3.1% fall Emirates NBD and a 1% decline in Emaar Properties. Abu Dhabi index fell 0.9%. Qatar Qatari stock market fell for a fifth day on Tuesday, falling 0.5%, hit by a 5.6% fall in QLM Life & Medical Insurance. Baladna Company (+5.4%) and Doha Bank (+2.3) were the top gainers of the day. Out of the 47 traded stocks, 13 advanced, 30 declined and 3 remained unchanged. Total traded volume in the market was higher than the previous trading session. The Transportation index advanced 0.5% while Real Estate index lower by 1.6%. Source: Refinitiv Eikon QATAR MARKET OVERVIEW Dividend Value Traded Yield (%) (USD mn) Qatar DSM Index P/E (x) P/B (x) Qatar All Share 16.0 1.6 3.3 309.3 DSM 20 16.0 1.7 3.3 292.8 Saudi Arabia (TASI) 21.8 2.8 2.3 2,505.2 UAE (ADX) 21.8 2.7 2.0 359.4 UAE (DFM) 13.1 1.1 0.0 84.6 Kuwait (KSE) 14.3 1.8 2.4 274.3 Oman (MSM) 10.8 0.7 5.2 6.2 Source: Refinitiv Eikon Bahrain (BAX) 8.6 1.1 4.2 3.1 QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation GCC Fundamentals Source: Refinitiv Eikon Qatar Trading Activity Close 1D Change Price Value (%) Top Gainers BALADNA COMPAN DOHA BK LTD ZAD HOLDING INVESTMENT HLD QA ISLAMIC INS Top Losers QLM LIFE MANNAI CORP QATAR ALUMINIU BARWA REAL EST INMA HOLDING 1.7 2.7 18.4 2.4 8.5 5.9 8.4 2.1 3.3 6.2 0.1 0.1 0.4 0.0 0.1 (0.4) (0.5) (0.1) (0.1) (0.1) 5.4 2.3 2.2 1.4 1.3 Performance YTD YoY (%) (%) 19.0 (15.3) 15.4 91.3 6.2 (5.6) (5.3) (5.2) (2.5) (2.0) Source: Refinitiv Eikon; Note: Prices are in local currency. 16.8 75.9 16.3 7.2 57.8 Vol. (‘000) P/E TTM 7.2 1,38,090.1 (1.4) 6,608.9 22.3 0.1 114.7 20,674.9 7.6 17.3 24.4 11.6 26.4 72.8 14.4 13.5 112.2 27.3 1.6 21.8 104.2 456.2 47,205.4 3,947.9 721.1 19.1 14.9 12.3 11.1 31.4 14,800 14,400 14,000 13,600 13,200 12,800 12,400 12,000 11,600 10-Feb 13,450.0 600.0 400.0 200.0 0.0 24-Feb 10-Mar 24-Mar Index Volume (mn) 7-Apr 21-Apr 5-May Index Value Closing Level 6,002.5 8,702.9 4,808.0 2,648.9 1,807.3 1,124.4 3,919.1 1D Change (%) (0.1) (0.3) (0.8) (0.5) (1.6) (0.9) 0.5 Source: Refinitiv Eikon Qatar Trading Summary Buy (%) Sell (%) Qatari Individuals 34.4 36.9 Qatari Institutions 17.8 28.0 Qatari – Total 52.2 64.9 Foreign Individuals 13.8 12.5 Foreign Institutions 34.1 47.8 22.6 35.1 Foreign – Total Source: Qatar Exchange 1
2. May 11 , 2022 GLOBAL NEWS  Tesla Inc is recalling about 130,000 vehicles in the US following an overheating issue that may cause the center touchscreen display to malfunction, the National Highway Traffic Safety Administration said. (Source: Reuters)  CVS Health Corp, Walgreens Boots Alliance Inc and Walmart Inc begin a first-of-its-kind trial to determine what the pharmacy chains owe for their role in the opioid epidemic in two Ohio counties, which are seeking USD 878mn. (Source: Reuters)  German officials are quietly preparing for any sudden halt in Russian gas supplies with an emergency package that could include taking control of critical firms, three people familiar with the matter told Reuters. (Source: Reuters)  The balance of long-term Japanese government debt surpassed JPY 1qn (USD 7.7tn) for the first time in fiscal 2021, which ended in March, to reach its highest-ever level, the Finance Ministry said. (Source: Japan Times)  Japan's telecommunications giant Nippon Telegraph and Telephone Corp. said it will reorganize its business structure by consolidating its overseas operations in October under a subsidiary NTT Data Corp. to enhance its competitiveness in the area of digitalization. (Source: Mainichi)  China's pharmaceutical firms saw their combined business revenue climb 18.7% YoY in 2021. Companies in this sector together raked in CNY 3.37tn (USD 502bn) in revenue last year, Zhou Jian, an official with the Ministry of Industry and Information Technology. (Source: China Daily)  China-based BMW Automotive Trading Ltd. has recalled 194 imported cars in the Chinese market due to software defects, according to the country's top-quality watchdog. (Source: China Daily)  The number of unemployed people in Turkey rose by 0.4% points to 11.5% in March, the country’s statistical authority announced on Tuesday. The number of unemployed people aged 15 and over increased by 153,000 to almost 3.9mn in March, compared to the previous month, the TurkStat said. (Source: Daily Sabah) GCC NEWS  Dubai led the global ranking for attracting FDI in 2021 with a record 418 greenfield projects, the Dubai Media Office reported. (Source: Arab News)  The Dubai government has established a debt management office and appointed Rashid Ali bin Obood Al-Falasi as its chief executive, in a move analysts say will streamline debt issuance and improve transparency. (Source: Reuters)  ADNOC Distribution posted net profit growth of 6.3% to AED 671mn (USD 183mn) in Q1-22. The performance was boosted by higher fuel volume which climbed 11% in Q1-21. (Source: Arab News)  Abu Dhabi-listed Emirates Steel Arkan saw its net profit rose by fiftyfold in Q1-22 on the back of higher sales. Net profit for Q1-22 reached AED 72.6mn (USD 19.7mn), up by 5,900% from just AED 1.2mn YoY. (Source: Zawya)  Mubadala Investment Company and ENGIE announced that they signed an MoU to explore the development of a digital platform for charging electric vehicles in Abu Dhabi and the Middle East region. (Source: Khaleej Times)  Abu Dhabi is inviting companies to develop and bid for a stake of up to 40% in a new solar project, as the capital of the UAE bolsters its renewable energy capacity and tries to neutralize carbon emissions by 2050. Emirates Water and Electricity Co. will seek bidders to build a 1.5gw plant in the Ajban area of the UAE’s desert. (Source: Gulf Business)  Abu Dhabi entertainment company Miral has launched its strategic roadmap at this year’s edition of the Arabian Travel Market event as it looks to reinforce Abu Dhabi’s position as a global tourism hub. (Source: Arab News)  Saudi Arabia’s Prince Sultan Aviation Academy is planning to open its doors to members of the general public interested in the aviation industry, its CEO told Arab News on Monday. (Source: Arab News)  Saudi Arabian banks have managed to contain the fallout from the COVID-19 outbreak, thanks to rising oil prices, Fitch Ratings said in its Peer Review. (Source: Arab News)  Saudi Aramco briefly became the world’s top-valued company as its shares soared to yield a SAR 9.24tn (USD 2.463tn) market cap on Tuesday. (Source: Arab News)  The Red Sea Development Co. is on a bigger mission now after it added AMAALA to its portfolio with the two projects now expected to contribute around SAR 33bn (USD 8.8bn) to the Saudi economy in five years. (Source: Arab News)  Saudi Arabian Airlines, also known as SAUDIA, is aiming for a 25% growth in female employment by 2025, said Ibrahim Koshy, the airlines’ CEO. (Source: Arab News)  Innovation development is a key enabler that will determine the future of aviation, according to Fahad Abdul Kareem, VP Industrial Services at Saudi Aramco. (Source: Arab News)  The aviation sector, rebounding now after the pandemic, will deliver SAR 280bn (USD 75bn) to Saudi Arabia’s national GDP by 2030, said Faisal Al-Ibrahim, minister of economy. (Source: Arab News)  Oman’s refineries and petroleum industries’ production declined by 25% by the end of March 2022 compared to March 2021, mainly due to the transfer of the outline to the Sohar 2 Refinery since February 2022. (Source: Trade Arabia)  Gulf Japan Food Fund an international private equity fund focused on the food and beverage industry has invested in Oman Fisheries Co SAOG, one of the largest fisheries companies in Oman. (Source: Trade Arabia)  The Central Bank of Oman raised OMR 129mn by way of allotting treasury bills on Tuesday. The treasury bills are for a maturity period of 91 days, from May 11 until August 10, 2022. (Source: Times of Oman)  Jazeera Airways, Kuwait's leading low-cost airline, has announced the launch of a new service to the Gautam Buddha International Airport in Bhairahawa, Nepal. (Source: Trade Arabia) QATAR NEWS  Qatar banking sector’s total assets have increased by 0.8% MoM (0.3% in 2022) in March 2022 to reach QAR 1.832tn, according to a report by QNB Financial Services. (Source: The Peninsula)  Qatar’s luxury goods market, which has been valued at USD 1.84bn and is expected to grow at a healthy CAGR of 2.55% in the forecast period 2019-2024, is regarded as the world's fastest-growing luxury market, according to a report by Mordor Intelligence. (Source: Arab News)  Qatar’s Hamad International Airport has witnessed a strong increase in passenger traffic, with a 162% surge in Q1-22 YoY. (Source: Trade Arabia)  GWC was recognized for its persistent and pioneering work towards safeguarding the health and safety of its employees, at the Occupational Safety and Health Conference, with the theme Occupational Safety and Health - Commitments and Responsibilities. (Source: The Peninsula)  Ahlibank has announced the launch of a special campaign to offer the bank’s customers exclusive discount of 10%, in addition to other benefits, when they use Ahlibank Visa Credit Card to book their next flights on Qatar Airways. (Source: Reuters) 2
3. May 11 , 2022 FX RATES Currencies Value Currencies Value EUR/USD 1.0557 USD/QAR 3.6533 130.4300 EUR/QAR 3.8568 USD/JPY GBP/USD 1.2352 JPY/QAR 0.0280 USD/CHF 0.9960 GBP/QAR 4.5126 USD/CAD 1.3023 CHF/QAR 3.6680 AUD/USD 0.6935 CAD/QAR 2.8053 NZD/USD 0.6286 AUD/QAR 2.5336 USD/INR 76.7023 INR/QAR 0.0476 USD/TRY 15.2487 TRY/QAR 0.2396 USD/ZAR 16.1379 ZAR/QAR 0.2264 USD/BRL 5.1313 BRL/QAR 0.7120 FX Commentary The USD rose on Tuesday, after fluctuating between modest gains and declines earlier in the session as it held near a two-decade high ahead of a key reading on inflation that could provide clues on the Federal Reserve's monetary policy path. The US Dollar index rose 0.3% to 103.70. The EUR/USD slipped 0.1% to 1.0527. The GBP/USD went down 0.1% to 1.2322. The USD/JPY traded down 0.1% at 130.43. The USD/CNY went up 0.1% at 6.7343, earlier data showed China's export growth slowed to its weakest in almost two years, as the central bank pledged to step up support for the slowing economy. The USD/CAD traded 0.1% higher at 1.3023 as oil prices fell and recent volatility in global equity markets continued. The risk-sensitive AUD/USD went down 0.3% at 0.6935 while the NZD/USD weakened 0.7% at 0.6286. Source: Refinitiv Eikon INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.83 0.08 0.84 1.40 2.67 (0.65) (0.57) (0.53) (0.40) 0.26 0.45 0.50 1.00 1.15 1.35 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year SAIBOR 1.63 1.58 1.82 2.61 3.07 EIBOR 0.91 0.84 0.94 1.42 2.68 BMIBOR 1.60 1.78 2.52 2.57 3.54 KIBOR 0.81 1.25 1.56 1.81 2.38 Source: Refinitiv Eikon 2.86% 2.0% 0.0% 3.37% 2.84% 4.0% 2.62% 2.0% 2.83% 4.71% 3.56% 3.90% 2.91% 2.99% 3.12% 5 Yrs 10 Yrs US 30 Yrs 0.0% 2 Yrs 5 Years CDS 3.06% 3.02% 2.98% 1.56% 1.22% 0.86% 2.86% 2.01% 3 Yrs Qatar 5 Yrs Current 7 Yrs 10 Yrs Last Year 30 Yrs Source: Refinitiv Eikon Spread 6M Change 5 Years CDS Spread 6M Change US 16.0 2.3 Turkey 678.8 UK 12.5 1.8 Brazil 243.9 9.9 Germany 13.1 3.7 Egypt 867.0 508.4 Abu Dhabi France 0.25% 2 Yrs 6.0% Source: Refinitiv Eikon, Investing.com US Swap Rates 4.0% Qatar vs US Treasuries Yields 275.2 23.5 2.9 63.3 18.7 Italy 134.3 55.0 Bahrain 302.1 67.3 Greece 158.0 68.4 Dubai 100.0 3.4 Russia 6,640.5 6,557.8 Qatar 62.3 22.6 Japan 20.3 0.7 Saudi Arabia 70.2 16.6 Source: Refinitiv Eikon, worldgovernmentbonds.com ECONOMIC CALENDAR Time Country Event 15:30 US CPI MoM, SA Period Survey Prior Apr 0.2% 1.2% Source: Refinitiv Eikon GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) 6736.0 57.3 8.2 670.7 6.3 17.4 Adnoc Drilling Company 601.2 15.0 NA 174.5 58.9 NA Abu Dhabi National Insurance 412.3 10.1 0.2 68.1 -22.7 -19.8 Abu Dhabi National Oil Co Saudi Industrial Investment 0.0 -100.0 NA 235.0 -23.1 93.2 Umm Al Qura Cement Company 65.6 -27.4 -2.9 13.8 -55.4 -13.9 Wafrah for Industry and Devel 34.6 60.2 181.5 NA NA NA Commercial Bank of Kuwait 30.1 -3.1 1.8 22.2 55475.0 60.6 263.4 Al Kout Industrial Projects Co Agthia Group United Foods Co 7.8 13.4 -10.7 2.1 55.6 1053.1 58.2 10.4 82.2 65.8 -27.1 189.4 40.5 38.0 8.2 -0.4 226.2 4.2 -0.3 3.6 -5.5 NA NA Al Khaleej Investment Company Source: Refinitiv Eikon; Note: All figures are in local currency 3
4. QSE MAIN FINANCIAL INDICATORS (as on 21th March 2022) Company QNB Qatar Islamic Bank Comm. Bank of Qatar Doha Bank Ahli Bank Intl. Islamic Bank Rayan Qatar First Bank (QFC) National Leasing Dlala Qatar Oman Inma Banks & Financial Services Zad Holding Company Qatar German Co. Med Salam International Baladna Medicare Cinema Qatar Fuel Widam Mannai Corp. Al Meera Consumer Goods & Services QAMCO Ind. Manf. Co. National Cement Co. Industries Qatar The Investors Electricity & Water Aamal Gulf International Mesaieed Investment Holding Industrials Qatar Insurance Doha Insurance QLM General Insurance Alkhaleej Takaful Islamic Insurance Insurance United Dev. Company Barwa Ezdan Holding Mazaya Real Estate Ooredoo Vodafone Qatar Telecoms Qatar Navigation Gulf warehousing Co Nakilat Transportation Market Dividend Yield (%) 2.4 2.5 2.2 2.8 3.7 3.1 NA 0.0 0.0 0.0 0.0 0.8 2.2 NA 0.0 0.0 3.6 3.9 1.7 4.1 0.0 0.1 4.7 3.0 3.3 3.7 0.0 5.2 4.0 4.4 4.0 0.0 3.9 0.0 4.5 0.0 0.0 4.1 0.0 1.3 4.5 1.0 3.6 0.0 NA 3.3 0.4 4.1 3.6 4.0 3.6 2.4 3.3 3.3 2.8 P/B Ratio (x) 2.6 2.6 1.6 0.8 1.5 1.8 NA 1.8 0.7 2.1 0.9 2.4 2.6 NA 8.5 0.7 1.2 2.0 1.6 2.0 2.1 1.7 2.5 2.0 2.1 0.9 1.1 3.0 1.0 1.7 1.0 1.1 2.1 2.3 2.2 0.7 0.8 3.1 0.3 1.8 29.4 0.8 0.5 0.6 NA 1.1 1.7 1.1 1.5 1.2 0.7 1.2 1.9 1.2 2.1 P/E Ratio (x) 15.8 15.2 12.7 11.9 14.0 15.7 NA 10.5 (M) (‫)س‬ 56.8 54.9 57.8 17.4 NA (H) (‫)م‬ 20.9 20.7 25.6 (H) (‫)م‬ 18.8 (M) (‫)س‬ 13.6 19.5 22.6 16.2 11.1 15.2 14.5 16.9 13.6 26.0 65.2 19.0 92.4 15.8 13.0 12.7 17.8 15.7 24.2 16.5 14.5 16.4 12.0 NA (M) (‫)س‬ 47.8 (H) (‫)م‬ 21.3 81.1 13.3 11.1 15.0 14.1 18.3 May 11, 2022 EPS (QR) 1.4 1.5 0.6 0.2 0.3 0.7 NA 0.1 (M) (‫)س‬ 0.0 0.0 0.1 0.6 NA 0.0 0.1 0.1 0.3 0.0 1.0 (M) (‫)س‬ 0.6 1.0 0.3 0.2 0.3 0.3 1.3 0.1 1.3 0.0 0.0 0.1 0.0 0.4 0.2 0.1 0.3 0.1 0.2 0.5 0.2 0.1 0.3 NA (M) (‫)س‬ 0.0 0.0 0.1 0.1 0.6 0.4 0.2 0.3 0.3 BV/Share (QR) 8.5 8.8 4.5 3.3 2.6 5.7 NA 0.8 1.4 0.8 0.9 2.6 4.3 NA 0.3 1.6 1.2 3.7 2.2 9.1 1.5 4.8 7.7 3.3 1.1 3.6 4.7 6.5 2.4 10.7 1.2 1.8 1.4 1.0 2.6 3.4 2.4 1.8 5.9 2.1 0.3 3.5 3.1 5.4 NA 0.8 0.9 6.6 1.1 3.5 13.0 3.5 1.9 3.8 2.8 Stock Price (QR) 22.6 22.9 7.3 2.7 3.9 10.4 5.1 1.5 0.9 1.6 0.9 6.2 17.0 2.4 1.1 1.5 7.2 3.5 18.4 3.2 8.2 19.2 2.4 3.3 5.2 19.4 2.5 18.2 1.3 1.9 2.8 2.4 2.5 1.9 5.4 1.9 3.8 8.8 1.5 3.5 1.4 0.9 7.3 1.7 8.5 4.3 3.7 Company QNB ‫الم ف‬ ‫التجاري‬ ‫بنك الدوحة‬ ‫اﻻه‬ ‫الدو‬ ‫ال ان‬ QFC ‫اﻷول‬ ‫اﻻجارة‬ ‫دﻻلة‬ ‫قطروعمان‬ ‫إنماء‬ ‫البنوك والخدمات المال ة‬ ‫زاد‬ ‫الطب ة‬ ‫السﻼم‬ ‫لدنا‬ ‫الرعا ة‬ ‫الس نما‬ ‫قطر للوقود‬ ‫ودام‬ ‫مجمع المنا‬ ‫الم ة‬ ‫الخدمات والسلع اﻻستهﻼ ة‬ ‫قامكو‬ ‫التح ل ة‬ ‫اﻻسمنت‬ ‫صناعات قطر‬ ‫المس ثم ن‬ ‫كه اء وماء‬ ‫أعمال‬ ‫الخليج الدول ة‬ ‫مس ع د‬ ‫اس ثمار القا ضة‬ ‫الصناعات‬ ‫قطر‬ ‫الدوحة‬ ‫كيو إل إم‬ ‫العامة‬ ‫الخليج الت اف‬ ‫اﻻسﻼم ة‬ ‫التأم‬ ‫المتحدة للتنم ة‬ ‫بروة‬ ‫إزدان القا ضة‬ ‫مزا ا‬ ‫العقارات‬ Ooredoo ‫فودافون قطر‬ ‫اﻻتصاﻻت‬ ‫المﻼحة‬ ‫مخازن‬ ‫ناقﻼت‬ ‫النقل‬ Source: Qatar Exchange; Note: The above-mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material or for any delays, inaccuracies, errors in, or omissions of the said information. 4