GCC Daily Market Update - 14 April

Transcription

1. April 14 , 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) 4,446.6 34,564.6 14,217.3 7,580.8 14,076.4 6,542.1 2,460.4 26,843.5 21,374.4 3,186.8 58,338.9 49.1 344.2 277.1 4.1 (48.5) 4.7 (3.3) 508.5 55.2 (26.5) (237.4) 1.1 1.0 2.0 0.1 (0.3) 0.1 (0.1) 1.9 0.3 (0.8) (0.4) (1.9) (0.3) (4.2) 0.9 (2.3) (1.8) 10.2 (3.5) (2.8) (2.0) (0.4) (6.7) (4.9) (12.9) 2.7 (11.4) (8.5) 32.4 (6.8) (8.6) (12.4) 0.1 14,192.4 13,540.3 10,092.8 3,582.2 8,271.4 4,274.3 2,102.7 894.8 5,708.5 77.3 (105.9) (9.0) 13.4 27.8 26.5 (1.0) (4.0) 69.5 0.5 (0.8) (0.1) 0.4 0.3 0.6 (0.0) (0.4) 1.2 4.9 3.4 1.4 1.6 1.5 1.6 1.4 2.9 (2.8) 22.1 20.0 18.9 12.1 17.4 3.5 17.0 20.9 (11.6) 108.8 104.3 7.0 1,981.0 4.7 4.1 3.7 0.3 8.9 0.0 4.0 3.6 4.7 0.5 0.1 0.8 4.0 24.0 1.6 (0.8) 39.9 38.6 87.6 8.4 5.7 Global Global investor optimism lifted shares on Wednesday despite blurry inflation forecasts as bank earnings and oil supply concerns boosted trading sentiment. On Wall Street, the DJIA rose 1%, the S&P 500 gained 1.1% and the Nasdaq 100 added 2%. European shares retreated for a third straight session as anxiety about elevated inflation and its potential impact on upcoming earnings season dampened risk appetite. The pan-European STOXX 600 index rose 0.03%, with retail and technology stocks offsetting gains in miners. In Aisa, Japan’s Nikkei closed 1.9% higher on Wednesday to post its biggest gain in more than three weeks, as US inflation data released overnight largely met analysts’ expectations. China stocks closed lower, as weak March import data fanned fears of a further slowdown in economic growth amid the country’s worst coronavirus outbreak in two years. GCC Most stock markets in the Gulf ended higher on Wednesday with Saudi Arabia's benchmark index fell 0.7% as financial stocks dragged. The index had risen more than 4% over the past seven sessions. Dubai's index rose 0.4%, with shares of DEWA falling 2.1% on their second day on the stock exchange. The stock's stellar debut valued it at AED 149bn (USD 40.57bn) on Tuesday and is expected to heat up Dubai's IPO pipeline. The Abu Dhabi index fell 0.1%. Qatar The Qatari benchmark index rose 0.5% on Wednesday helped by Qatar Insurance (2.9%) and Dlala Brokerage & Investment Holding (+2.5%) were the top gainers of the day. Out of the 45 traded stocks, 25 advanced, 18 declined and 2 remained unchanged. Total traded volume in the market was higher than in the previous trading session. The Insurance index advanced 1.8% and Telecoms index increased by 0.8%. Source: Refinitiv Eikon QATAR MARKET OVERVIEW Dividend Value Traded Yield (%) (USD mn) Qatar DSM Index P/E (x) P/B (x) Qatar All Share 17.6 1.7 3.1 189.9 DSM 20 17.8 1.8 3.2 176.5 Saudi Arabia (TASI) 23.3 3.0 2.1 2,992.3 UAE (ADX) 24.4 2.7 1.9 359.4 UAE (DFM) 13.1 1.1 0.0 75.5 Kuwait (KSE) 14.2 1.8 2.4 194.4 Oman (MSM) 11.2 0.8 5.0 6.6 Source: Refinitiv Eikon Bahrain (BAX) 9.3 1.1 3.8 2.8 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 QATAR INS CO DLALA' BROKERA INVESTMENT HLD QA NAT CEMENT DOHA INS CO Top Losers QATARI INV GRP QA INTL IS BK QATAR OMAN INV MANNAI CORP NAT LEASING CO 2.5 1.6 2.7 5.2 2.0 2.6 12.2 0.9 9.3 0.9 0.1 0.0 0.1 0.1 0.0 (0.0) (0.2) (0.0) (0.1) (0.0) 2.9 2.6 2.3 1.8 1.5 Performance YTD YoY (%) (%) (9.8) 33.0 122.1 1.2 1.7 (1.5) (1.2) (1.1) (1.1) (1.1) Source: Refinitiv Eikon; Note: Prices are in local currency. 15.3 32.5 7.6 96.8 (4.8) (0.7) (7.2) 168.2 2.1 2.8 23.4 43.1 1.4 134.2 (27.8) Vol. (‘000) P/E TTM 3,968.2 2,304.0 57,621.4 33.1 378.4 15.1 54.9 86.1 15.0 13.3 2,244.3 1,973.0 1,198.8 279.9 1,512.0 16.9 20.6 55.2 15.4 NA 14,800 14,400 14,000 13,600 13,200 12,800 12,400 12,000 11,600 11,200 17-Jan 600.0 14192.4 400.0 200.0 0.0 31-Jan 14-Feb 28-Feb Index Volume (mn) 14-Mar 28-Mar 11-Apr Index Value Closing Level 6,246.8 8,961.2 5,267.8 2,686.3 1,901.8 1,110.6 3,965.1 1D Change (%) 0.8 0.4 0.6 1.8 0.0 0.8 0.4 Source: Refinitiv Eikon Qatar Trading Summary Buy (%) Sell (%) Qatari Individuals 45.6 45.7 Qatari Institutions 11.6 20.4 Qatari – Total 57.3 66.1 Foreign Individuals 13.5 13.4 Foreign Institutions 29.3 42.7 20.5 33.9 Foreign – Total Source: Qatar Exchange 1
2. April 14 , 2022 GLOBAL NEWS  Alphabet Inc's Google said it plans to invest about USD 9.5bn across its US offices and data centers this year, up from USD 7bn last year. (Source: Reuters)  Elon Musk was sued on Tuesday by former Twitter Inc shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2% stake in the social media company. (Source: Reuters)  Britain's GlaxoSmithKline sought to bolster its cancer business by agreeing a USD 1.9bn deal to buy US drug developer Sierra Oncology, the latest move to fend off pressure from activist shareholder Elliott. (Source: Reuters)  Airbus urged Europe not to block imports of titanium from Russia, saying sanctions on the strategic metal would damage aerospace while barely hurting Russia's economy. (Source: Reuters)  BoJ Governor Haruhiko Kuroda warned the recent rise in inflation driven by higher import costs could hurt the economy, stressing the central bank's resolve to keep monetary policy ultra-loose. (Source: Reuters)  Big Japanese firms including Sumitomo Mitsui Financial Group, Tokyo Electric Power and Mitsubishi Corp will face resolutions from activist shareholders urging greater commitment to tackling climate change at their annual meetings this year. (Source: Reuters)  China's imports unexpectedly fell in March as COVID-19 curbs across large parts of the country hampered freight arrivals and weakened domestic demand, while export growth slowed, prompting analysts to expect a worsening in trade in the second quarter. (Source: Reuters)  China's top offshore oil and gas producer CNOOC Ltd. is preparing to exit its operations in Britain, Canada and the US, because of concerns in Beijing the assets could become subject to Western sanctions, industry sources said. (Source: Reuters) GCC NEWS  The UAE’s MoE has approved a new policy regarding the pricing mechanism for basic consumer goods in the country. (Source: Gulf Business)  Emirates Islamic Bank has launched the Emarati Business Account initiative, designed specifically to support the UAE's national companies. The new account builds on the bank's ongoing commitment to supporting the UAE's SME sector. (Source: Emirates News Agency)  Dubai International Airport remained the world’s busiest hub in terms of the number of global travelers during the year 2021. The city saw 29.1mn passengers in 2021, up by 12.7% YoY, according to figures issued by the Airports Council International annual report. (Source: Arab News)  The Sharjah Chamber of Commerce and Industry has seen a rise in the number of transactions and memberships during the Q1-22, with an estimated 1996 new companies joining and 15,572 memberships renewed, the highest since 2018. (Source: Gulf Business)  The Dubai Multi Commodities Centre said that 665 new companies registered in the freezone in Q1-22, making it the best Q1 since its inception 20 years ago. The latest figures represent a 25% increase compared to the five-year average, according to Dubai Media Office. (Source: Gulf Business)  Dubai carrier Emirates has launched Dubai Experience, a platform for customers to browse, create and book customized itineraries including flights, hotel stay, visits to key attractions, and other dining and leisure experiences in Dubai and the UAE. (Source: Gulf Business)  Abu Dhabi's state holding company ADQ has bought shares worth USD 1.85bn in five publicly traded Egyptian companies, two sources familiar with the transactions said on Tuesday, helping Egypt after the Ukraine crisis prompted foreign investors to flee. (Source: Reuters)  Adnoc Logistics & Services has signed a shipbuilding contract for the construction of two 175,000-cu-m LNG vessels that will join its fleet in 2025. (Source: Trade Arabia)  Saudi Arabia’s PIF has advanced from sixth to fifth place among the largest sovereign funds in the world for the first time, with assets valued at SAR 2.3tn (USD 620bn). (Source: Arab News)  Saudi Arabia and Kuwait affirmed their right to exploit the natural resources in their joint Dorra natural gas field. (Source: Arab News)  Saudi Arabia’s General Authority for Competition approved 49 applications for mergers and acquisitions in Q1-22, an 88% jump from a year ago. (Source: Arab News)  Minister of Human Resources and Social Development Eng. Ahmed AlRajhi revealed that the number of non-profit sector organizations has risen to more than 3,400, an increase of over 164%. (Source: Saudi Gazette)  Sumou Real Estate Co. signed a 25-year contract with the Al Shabab football club in Saudi Arabia to develop the club's commercial land in Riyadh. (Source: Arab News)  Saudi Arabia’s PIF is eyeing a stake in Tata Power Co. Ltd’s green energy business, Mint reported. The business, tentatively called consumer renewables will include all power assets of Tata except coal and carbon-fueled power projects, it added. (Source: Arab News)  Mazoon Electricity, a member of Oman's Nama Group, said that its total investment in the project plan to enhance the power network to the end of the year reached OMR 80mn (USD 207mn). (Source: Trade Arabia)  The Royal Oman Police has launched a new service for the transfer of vehicle ownership through its website. (Source: Muscat Daily)  Air Products, a world-leading industrial gases company in operation for over 80 years, has announced that it has acquired Air Liquide's industrial gases business in the UAE and Bahrain. (Source: Trade Arabia)  GFH Financial Group has announced that its UK subsidiary, Roebuck Asset Management, has concluded an off-market sale of a Tesco Distribution Centre for over USD 135mn. (Source: Trade Arabia)  Bahrain’s Survey & Land Registration Bureau and RERA have signed key agreements with Beyon Connect, a subsidiary of the kingdom's leading telecom services operator Batelco, as part of its modernization efforts. (Source: Trade Arabia) QATAR NEWS  Qatar’s construction industry is growing rapidly. The country offers new business opportunities for the local industries and SMEs. There have been many initiatives by the government to support them, said an official. (Source: The Peninsula)  QatarEnergy signed a series of time-charter parties with a subsidiary of Mitsui O.S.K Lines for the long-term charter and operation of 4 LNG ships, constituting the first batch of TCPs awarded under QatarEnergy’s massive LNG shipping programme. (Source: The Peninsula)  Qatar is a very important market for Chinese technology giant Huawei. Terming Qatar as a very advanced ICT market. (Source: The Peninsula)  QIB net profit attributable to the shareholders of the bank amounted to QAR 855mn for Q1-22, representing a growth of 14% over the same period in 2021. (Source: The Peninsula)  QIB has been recognized on a global and national level at the Global Finance Magazine’s World’s Best Islamic Banks Awards for 2022. (Source: The Peninsula) 2
3. April 14 , 2022 FX RATES Currencies Value Currencies Value EUR/USD 1.0915 USD/QAR 3.6400 125.6600 EUR/QAR 3.9731 USD/JPY GBP/USD 1.3145 JPY/QAR 0.0290 USD/CHF 0.9345 GBP/QAR 4.7848 USD/CAD 1.2566 CHF/QAR 3.8951 AUD/USD 0.7448 CAD/QAR 2.8967 NZD/USD 0.6794 AUD/QAR 2.7111 USD/INR 75.5954 INR/QAR 0.0482 USD/TRY 14.5908 TRY/QAR 0.2495 USD/ZAR 14.5554 ZAR/QAR 0.2501 USD/BRL 4.6899 BRL/QAR 0.7761 FX Commentary The USD eased back from a nearly two-year high on Wednesday as the EUR reversed course and turned positive ahead of a policy-setting meeting at the ECB on Thursday. The US Dollar index fell 0.5% at 99.79. The EUR/USD went up 0.5% at 1.0885. The GBP/USD jumped 0.9% to 1.3115. The USD/JPY traded up 0.3% at 125.66 as aggressive tightening from the Federal Reserve contrasted sharply with the BoJ’s ultra-loose monetary policy. The USD/CNY traded up 0.04% at 6.3678. The USD/CAD traded 0.6% lower at 1.2566 as the BoC raised interest rates by 50 BPS on Wednesday, the biggest hike in more than 20 years. The risk-sensitive AUD/USD went down 0.2% at 0.7448. The NZD/USD traded down 0.8% at 0.6794 after the RBNZ raised interest rates by 50 BPS its most aggressive hike in over two decades but tempered its rate outlook. Source: Refinitiv Eikon INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.33 0.08 0.55 1.04 2.31 (0.65) (0.57) (0.54) (0.43) 0.01 0.45 0.50 1.00 1.15 1.35 4.0% SAIBOR 0.97 0.97 1.40 2.32 2.79 EIBOR 0.38 0.42 0.65 1.05 2.30 2.0% BMIBOR 1.03 1.27 1.77 1.91 2.88 KIBOR 0.69 1.06 1.44 1.69 2.19 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year Source: Refinitiv Eikon 2.60% 2.71% 2.73% 1.67% 1.34% 0.98% 2.61% 2.09% 1.0% 0.28% 2 Yrs 2.89% 2.37% 2.33% 2.53% 4.04% 3.03% 3.31% 2.62% 2.68% 2.80% 5 Yrs 10 Yrs US 30 Yrs 0.0% 2 Yrs 5 Years CDS 2.70% 2.0% 0.0% 6.0% 3 Yrs Qatar Source: Refinitiv Eikon, Investing.com US Swap Rates 3.0% Qatar vs US Treasuries Yields 7 Yrs 10 Yrs Last Year 30 Yrs Source: Refinitiv Eikon 5 Years CDS Spread 6M Change 15.6 2.0 Turkey 592.5 UK 13.5 2.6 Brazil 216.9 15.3 Germany 14.1 4.5 Egypt 576.5 217.7 France 27.5 6.6 Abu Dhabi 47.0 2.4 Italy 98.5 26.3 Bahrain 303.9 69.2 10.9 Greece 5 Yrs Current Spread 6M Change US 152.0 124.8 49.5 Dubai 107.4 Russia 12,227.7 12,142.8 Qatar 51.4 6.3 Japan 18.3 (1.3) Saudi Arabia 51.4 (5.7) Source: Refinitiv Eikon, worldgovernmentbonds.com ECONOMIC CALENDAR Time Country Event 17:15 Euro Zone ECB Refinancing Rate Period Survey Prior Apr 0.00% 0.00% 17:15 Euro Zone 18:00 US ECB Deposit Rate Apr -0.50% -0.50% Initial Jobless Clm 4 Apr, w/e 173k 166k Source: Refinitiv Eikon GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) National Real Estate Co 14.7 114.3 160.1 NA NA NA Arab Sea Information Systems 23.5 250.2 100.5 11.3 NA 861.5 National Petroleum Services Co 8.1 28.4 9.4 1.6 65.5 76.9 Al-Massaleh Real Estate Co 1.2 -46.8 1.4 -1.9 NA NA 28.5 -20.2 -6.7 2.2 40.0 85.0 Heavy Engineering Ind and Ship QoQ (%) Sohar Power Company 6.7 -2.8 -33.8 NA NA NA Commercial Real Estate Co 9.6 42.9 -44.8 -3.9 NA NA 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 April 14, 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