GCC Daily Market Update - 2 May

Transcription

1. DAILY MARKET UPDATE May 2 , 2018 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq 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) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,654.8 24,099.1 6,682.0 7,520.4 12,612.1 5,520.5 104,282.8 22,508.0 30,808.5 3,082.2 35,160.4 6.8 (64.1) 76.4 11.1 NA NA NA 40.2 NA NA NA 0.3 (0.3) 1.2 0.2 NA NA NA 0.2 NA NA NA 0.3 (0.3) 1.2 0.1 4.3 6.8 (9.3) 0.2 2.4 (2.7) 6.6 (0.7) (2.5) 4.5 (2.2) (2.4) 3.9 (9.6) (1.1) 3.0 (6.8) 3.2 9,014.3 8,158.1 4,673.3 3,030.8 4,801.2 4,731.3 1,257.9 1,681.4 3,623.8 (97.7) (50.8) 3.8 (35.2) 2.2 2.2 NA (3.6) 0.6 (1.1) (0.6) 0.1 (1.2) 0.1 0.1 NA (0.2) 0.0 (1.1) (0.6) 0.1 (1.1) 0.0 0.0 (4.6) (0.2) 0.0 5.8 12.9 6.2 (10.1) NA (7.2) (5.5) 5.6 (0.4) 73.1 67.3 2.8 1,306.8 301.5 (2.0) (1.3) 0.0 (12.4) (3.8) (2.7) (1.9) 1.4 (0.9) (1.2) (2.6) (1.5) 1.5 (0.9) (0.1) 9.5 11.8 (5.0) (0.2) (7.6) Global The US equity markets ended mostly higher yesterday, driven by gains in Technology shares. The Nasdaq index outperformed its peer indices, largely driven by gains in Apple shares. Losses in Industrial shares limited the broad market gains, as the US manufacturing activity data disappointed investors. The Stoxx Europe 600 reversed its three day rising streak and inched 0.1% lower, as most of the major regional markets remained closed on account of a public holiday. The FTSE 100 index inched 0.2% higher, amid weakness in the GBP and following release of encouraging earnings data from listed companies. In Asia, the Japanese benchmark inched 0.2% higher, on the back of weakness in the JPY and robust earnings report from the Japanese companies. GCC GCC indices ended mostly higher yesterday. Saudi Arabian index continued its downward trend to decline 0.6%, due to selling pressure in blue chip companies. Al Rajhi Bank dropped 1.9% despite reporting a 7.3% rise in Q118 net profit. In Dubai the benchmark fell by 1.2%, amid selling pressure in DAMAC Properties which inched 6.9% lower, while contractor Drake and Scull fell 3.3% on news that it did not get approval to increase its capital by the means of a new strategic partner. Qatar The QE index inched 1.1% lower yesterday, weighed by strong selling activity by foreign institutional investors. Trade turnover and volumes declined during yesterday’s trading session, with Industrials and Telecom sectors together accounting for more than 64.0% of the total volume. Ezdan Holding inched 6.9% lower, after it reported a sharp drop in Q1-18 net profit. Vodafone Qatar fell 1.8%, despite reporting the first ever profit for Q1-18. Out of the 45 listed stocks, 42 exchanged hands of which, 34 declined, 6 advanced and 2 remained unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 13.9 1.3 4.4 60.5 DSM 20 13.4 1.4 4.9 31.3 9,000 Saudi Arabia (TASI) 17.8 1.8 3.3 1,330.9 8,500 UAE (ADX) 12.3 1.4 5.2 30.5 UAE (DFM) 10.3 1.1 5.7 51.4 Kuwait (KSE) 14.2 1.2 3.9 36.0 Oman (MSM) 11.8 1.0 5.1 10.1 Bahrain (BAX) 8.0 0.8 6.5 3.9 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Qatar General Ins. Al Khaleej Takaful Grp Medicare Group Zad Holding Co Widam Food Co Top Losers Ezdan Holding Group Mesaieed Petrochem Aamal Co Al Ahli Bank Qatar Int’l Islamic Close Price 49.0 11.0 67.5 70.5 63.4 2.0 0.2 0.9 0.5 0.4 4.3 1.9 1.4 0.7 0.6 0.0 (16.9) (3.4) (4.3) 1.4 25.3 (46.5) (32.5) 4.1 0.6 10.4 16.6 10.6 30.0 55.0 (0.8) (0.9) (0.5) (1.2) (1.8) (6.9) (5.3) (4.9) (3.7) (3.1) (13.6) 32.2 21.5 (19.2) 0.8 (33.1) 356.1 31.8 13.9 3,309.1 17.0 (20.4) 1,063.0 13.3 (7.4) 20.0 9.7 (9.8) 14.5 9.8 Source: Bloomberg; Note: Prices are in local currency. 0.0 2.4 24.1 22.2 23.5 12.0 41.9 23.0 8.6 10.2 Qatar DSM Index 9,500 20.0 9,014.3 10.0 8,000 4/Feb 0.0 18/Feb 4/Mar 18/Mar Index Volume (mn) 1/Apr 15/Apr 29/Apr Index Value Source: Bloomberg QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 3,068.7 5,851.0 3,063.4 3,094.2 1,836.4 1,074.7 1,776.7 1D Change (%) (1.2) (1.3) (1.4) 0.5 (4.8) (1.9) (0.4) Buy (%) 56.1 19.1 75.2 11.6 13.2 24.8 Sell (%) 55.2 20.2 75.4 11.2 13.4 24.6 Source: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE May 2 , 2018 launched internationally by UK-based upmarket estate agents Wetherell which is holding a Mayfair exhibition on behalf of the project maker Signature Developers. (Source: Arabian Business) GLOBAL NEWS  US President Donald Trump has postponed the imposition of steel and aluminum tariffs on Canada, the European Union and Mexico until 1st June-18, and agreed for permanent exemptions for Argentina, Australia and Brazil. (Source: Reuters)  Dubai based Emirates Global Aluminium has entered into a 15-year agreement with Singapore based LD Ports and Logistics for the transshipment of bauxite in the Republic of Guinea. (Source: Trade Arabia)  US construction spending dropped 1.7% MoM in March-18 to USD 1.3bn led by a weakness in a number of sectors including the biggest drop in home building. (Source: US Census Bureau)  Dubai based retailer Majid Al Futtaim has revealed the Carrefour Regional Distribution Centre at National Industries Park in Dubai with an investment of AED 300.0mn (USD 82.2mn). (Source: Arabian Business)  Canada’s real gross domestic product rose 0.4% YoY in February-18, led by increase in 15 of 20 sectors of the economy, along with a rebound in the activities of mining and oil and gas extraction sector.  Dubai based Vox Cinemas has opened its second multiplex which contains four screens in Riyadh Park and has plans to open 600 screens over the next five years. (Source: Arabian Business)  Germany based technology company SAP has launched the first live Public Cloud Data Center costing SAR 285.0mn in Saudi Arabia, which will enable Saudi public and private sector organizations to securely digitally transform their businesses. (Source: Trade Arabia)  Saudi Arabian Monetary Authority has entered into a partnership with Deloitte Middle East to develop a financial technology (FinTech) ecosystem associated with its Vision 2030 programme to enhance its economic competitiveness. (Source: Trade Arabia) Bahrain based GFH Financial Group has acquired 85.0% stake in UAE based lifestyle app, The Entertainer for an undisclosed value. (Source: (Source: Statistics Canada)  Australian central bank governor Philip Lowe has warned that sustained low wage growth diminishes Australia's shared sense of prosperity and workers should be prepared for wage growth to stay around 2.0%. (Source: SMH)  Japan’s monetary base increased by 7.8% YoY in April-18 to JPY 492.0tn. The nation’s current account balance rose 8.9% YoY to JPY 383.3tn in the same period. (Source: Bank of Japan)  Turkey's exports increased 10.7% YoY to USD 161.1bn during twelve months till April-18 and 15.0% YoY to USD 13.5bn in April-18, according to Turkish Exporters' Assembly. (Source: AA)  S&P has surprisingly trimmed Turley’s sovereign debt rating further into junk territory to “BB-/B” from BB/B, citing increasing concern about the outlook for inflation due to a sell-off in the local currency.  Bahrain based national carrier Gulf Air has launched its new Boeing 787-9 Dreamliner on the Jeddah route to provide Saudi based travelers the experience of its offerings. (Source: Trade Arabia)  Kuwait based HAF United has entered into Food & Beverage venture with healthy food brand Kcal to open a restaurant on a franchise model in Kuwait. (Source: Arabian Business)  (Source: Reuters) Arabian Business) GCC NEWS  UAE has launched online UAE Free Zone Navigator which will help entrepreneurs and investors navigate across various free-trade zones when looking to establish their presence in the country. (Source: Arabian Business)  The UAE Cabinet is expected to introduce the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals whereby there will only be documented entries of 5.0% VAT in the books of both buyers and sellers while the fee payment would be exempted. (Source: Arabian Business) QATAR NEWS  Qatar’s population increased 0.8% MoM in April-18 to 2.7mn which is the all-time high figure, according to MDPS. (Source: Gulf Times)  Cumulative net profit of listed Qatari companies increased 2.9% YoY to QAR 10.9bn in Q1-18 driven by strong earnings expansion in the industrials, consumer goods, banking and transport sectors, according to Qatar Stock Exchange. (Source: Gulf Times)  The Qatar Stock Exchange held briefing session on investments for the American Women Association in Qatar (AWAQ) to recognize their role in supporting economic development. (Source: Gulf Times)  Dubai’s Department of Economic Development in collaboration with Dubai Silicon Oasis Authority have revealed joint block chain project to improve ease of doing business in Dubai and facilitate foreign direct investments. (Source: Trade Arabia)   Dubai Airports is expected to install a new passenger pre-approval system by the end of 2018 that would check air travelers 48 hours before the flight, helping to reduce the passport control time to 10 seconds. (Source: Arabian Business) Qatar based private sector companies are being encouraged by Italian chambers of commerce based in Asia, South Africa and the Gulf region to explore investment opportunities especially in the construction and food industries of Asia. (Source: Gulf Times)   Dubai’s business confidence index increased by 5.5% QoQ, in Q1-18 as local businesses expected better prospects, according to a survey conducted by the Department of Economic Development. (Source: Qatar Development Bank has entered into an agreements with five international venture capital firms, which would provide funding of more than QAR 100.0mn to the local SME enterprises. (Source: Gulf Times)  Qatar Electricity and Water Company has announced that its mega Umm Al Houl Power Plant is expected to be operational in October 18 as 99.0% the project works are completed. (Source: Gulf Times)  Qatar Post is offering 50.0% discounts until 15th June-18 to ship parcels and packages through Global Priority services to more than 220 destinations globally for the holy month of Ramadan. (Source: Gulf Times)  Vodafone Qatar has launched an upgraded version of its Distributed Denial of Service attacks (DDoS) mitigation solution to protect businesses and governmental sectors’ networks from being attacked. Arabian Business)  Dubai witnessed the inauguration of the third phase of Mohammed bin Rashid Al Maktoum Solar Park which is a 200-megawatt facility to be built by Abu Dhabi based renewable company Masdar in partnership with Electricite de France. (Source: Arabian Business)  Dubai based specialist corporate finance firm Lumina has announced its plans to expand into Saudi Arabia by focusing on linking the country with global investors. (Source: Arabian Business)  Dubai based DP World’s flagship Jebel Ali Port has handled 158,000 tons of tea cargo in FY-17, according to report from Dubai Media Office. (Source: Trade Arabia)  Dubai luxury residential skyscraper, The 118 is expected to be (Source: Peninsula Qatar)  Qatar Islamic Bank has opened a new branch at Tawar Mall to provide easy access to QIB’s banking services to customers working and residing within the busy area of Al Duhail. (Source: Peninsula Qatar) 2
3. DAILY MARKET UPDATE May 2 , 2018 FX RATES Currencies Value Currencies Value EUR/USD 1.2023 USD/QAR 3.6415 109.8600 EUR/QAR 4.3782 USD/JPY GBP/USD 1.3644 JPY/QAR 0.0331 USD/CHF 0.9966 GBP/QAR 4.9685 USD/CAD 1.2849 CHF/QAR 3.6539 AUD/USD 0.7490 CAD/QAR 2.8341 NZD/USD 0.7005 AUD/QAR 2.7275 USD/INR 66.1613 INR/QAR 0.0550 USD/TRY 4.1041 TRY/QAR 0.8873 USD/ZAR 12.6528 ZAR/QAR 0.2878 USD/BRL 3.5063 BRL/QAR 1.0386 FX Commentary The USD strengthened against a basket of major currencies yesterday, with the dollar index rising 0.7% to settle at 92.496. The strength in USD came amid expectations that the US Fed might adopt a hawkish tone for its future rate hike measures. The CAD pared its losses against the USD, after Bank of Canada Governor provided a positive outlook for the domestic economy despite fears of high household debt in the nation. Better than expected Canadian GDP data also helped the currency to regain some ground. The EUR fell against the USD, after weaker than expected economic data hurt investor sentiments. The GBP weakened against USD, weighed by dismal UK manufacturing data. The AUD remained broadly unchanged against the USD, after the Reserve Bank of Australia left its policy rates unchanged. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1.70 1.75 1.91 2.36 2.77 (0.44) (0.38) (0.37) (0.33) (0.19) 2.27 2.33 2.44 2.64 3.04 4.0% SAIBOR NA 1.92 2.07 2.39 2.79 2.0% EIBOR 1.64 1.81 2.01 2.53 3.11 BMIBOR 1.63 1.93 2.43 2.78 3.28 NA NA 1.75 2.00 2.44 LIBOR EURIBOR QAIBOR KIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 6.0% 3.32% 2.50% 3.96% 4.20% 4.42% 2.82% 2.93% 2.98% 3.14% 7 Yrs 10 Yrs US 30 Yrs 5.03% 0.0% 2 Yrs 5 Yrs Qatar Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 4.0% US 27.8 (0.5) Turkey 201.1 UK 18.2 (7.2) Brazil 178.5 6.7 Germany 11.8 (0.3) Egypt 271.6 (81.6) France 18.9 (2.3) Abu Dhabi 65.1 4.8 Italy 91.4 (29.4) Bahrain 306.2 32.7 Greece 329.9 (142.1) Dubai 114.0 (16.3) Russia 134.5 3.5 Qatar 90.4 (13.1) Japan 25.4 (8.6) Saudi Arabia 90.4 6.6 2.76% 3.00% 2.96% 2.93% 2.0% 1.56% 2.24% 2.08% 1.93% 3.02% 2.52% 0.0% 2 Yrs 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs Spreads 6M Change 5 Years CDS Spread 6M Change 9.6 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey 10:50 France Markit France Manufacturing PMI Apr F 53.4 53.4 12:00 Eurozone GDP SA QoQ Q1 A 0.40% 0.60% 12:00 Eurozone GDP SA YoY Q1 A 14:00 US MBA Mortgage Applications 21:00 US FOMC Rate Decision (Upper Bound) Prior 2.50% 2.70% Apr-27th - (0.20%) May-02nd 1.75% 1.75% Net Profit (mn) YoY (%) QoQ (%) Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Ezdan Holding Group NA NA NA 103.3 (89.1) (63.4) Al Rajhi Bank NA NA NA 2,383.0 7.3 (2.9) Emaar Properties NA NA NA 1,501.0 8.4 10.6 Dar Al Arkan Real Estate Dev NA NA NA 331.1 NA 3.3 Commercial Bank Of Kuwait NA NA NA 10.1 NA (75.4) Mabanee Co NA NA NA 12.2 0.9 (1.9) Qurain Petrochemical Indus NA NA NA 19.2 4.4 250.3 Warba Bank NA NA NA 2.9 123.7 44.7 Abu Dhabi National Insurance NA NA NA 95.2 28.6 95.1 Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE May 2 , 2018 QSE MAIN FINANCIAL INDICATORS (As on 26th April 2018) Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing Qatar First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Mannai Corp. Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Investment Holding Industries Qatar Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Alkhaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 3.1 2.8 0.0 11.2 3.7 6.8 5.6 5.2 0.0 4.0 7.1 4.0 6.9 4.5 8.3 6.0 6.2 4.4 5.8 0.0 0.0 6.7 9.3 6.1 5.4 0.0 4.4 4.6 4.1 3.9 2.2 7.7 8.1 4.4 0.0 5.8 3.5 4.6 6.6 4.0 6.8 4.5 0.0 8.6 5.5 4.4 0.0 3.4 4.0 6.9 5.8 6.0 4.6 P/B Ratio (x) 1.2 0.9 0.2 0.8 1.1 0.6 2.1 0.5 0.8 1.7 1.3 2.3 0.8 1.7 0.7 1.9 2.0 1.1 1.9 1.2 0.4 3.4 0.6 1.5 0.9 0.9 0.5 1.9 1.5 2.4 1.6 1.1 1.2 1.7 0.6 0.6 1.5 0.7 2.3 1.1 0.8 1.0 0.6 4.8 1.0 1.1 1.8 1.2 1.5 0.9 0.5 0.7 1.4 P/E Ratio (x) 10.2 24.1 19.0 7.5 (M) (‫)س‬ 7.2 13.3 153.5 (M) (‫)س‬ 10.5 10.2 10.4 24.5 11.1 4.3 26.5 14.2 18.2 14.2 (M) (‫)س‬ (M) (‫)س‬ 10.6 4.6 12.2 13.9 40.5 11.6 19.7 19.7 13.4 17.0 10.0 11.1 17.4 20.0 15.4 27.8 13.5 12.8 20.8 8.3 17.4 29.3 8.5 12.3 13.0 (M) (‫)س‬ 18.7 11.6 9.6 14.7 11.4 13.0 EPS (QR) 3.0 1.5 0.6 3.6 (M) (‫)س‬ 1.5 2.7 0.1 (M) (‫)س‬ 10.2 5.5 14.5 0.3 5.8 11.1 2.5 9.7 1.2 9.7 (M) (‫)س‬ (M) (‫)س‬ 6.0 15.2 5.4 0.8 0.5 0.5 5.5 0.9 14.7 2.0 3.9 5.0 2.4 0.6 0.8 1.3 3.5 4.1 1.7 4.4 0.6 0.2 1.7 1.2 6.1 (M) (‫)س‬ 1.5 3.7 1.5 4.1 2.1 3.0 BV/Share (QR) 25.2 42.1 48.6 34.9 24.0 17.5 17.6 20.1 7.7 64.7 45.0 66.7 8.8 38.4 64.5 35.6 69.0 21.1 71.1 4.7 12.9 19.0 116.2 44.7 12.7 19.8 10.5 56.6 11.6 81.7 21.4 34.4 48.0 25.0 19.3 20.8 25.1 70.8 23.4 32.4 48.6 11.4 12.8 3.0 14.7 72.2 5.3 23.7 27.9 15.7 118.3 32.8 27.1 Stock Price (QR) 31.0 35.9 11.2 26.9 27.0 11.1 36.0 9.6 6.1 106.8 56.2 150.1 7.3 48.0 67.2 137.5 22.6 138.0 5.6 5.7 63.8 70.0 11.1 18.5 5.7 108.0 17.1 197.0 34.6 39.0 55.5 11.5 13.0 37.0 47.5 52.9 36.7 11.1 7.1 14.6 79.6 9.3 42.7 14.6 60.5 - Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫مجمع المناعي‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫ا س ت ثمار ال قاب ضة‬ ‫صناعات قطر‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫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 materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4