GCC Daily Market Update - 25 April

Transcription

1. DAILY MARKET UPDATE April 25 , 2017 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) 2,374.2 20,763.9 5,508.0 7,264.7 12,455.0 5,268.9 93,802.8 18,875.9 24,139.5 3,129.5 29,655.8 25.5 216.1 66.0 150.1 406.4 209.7 1,378.9 255.1 97.5 (43.6) 290.5 1.1 1.1 1.2 2.1 3.4 4.1 1.5 1.4 0.4 (1.4) 1.0 0.5 0.5 1.3 (0.8) 1.2 2.9 5.5 (0.2) 0.1 (2.9) 0.1 6.0 5.1 13.2 1.7 8.5 8.4 20.0 (1.2) 9.7 0.8 11.4 10,153.8 6,977.5 4,530.8 3,430.9 6,831.1 5,466.6 1,335.6 1,643.9 3,164.8 (43.6) 8.8 9.2 (38.9) 12.0 (7.9) (1.1) (0.1) 41.5 (0.4) 0.1 0.2 (1.1) 0.2 (0.1) (0.1) (0.0) 1.3 (2.3) (0.3) 2.0 (1.4) (2.8) (1.5) (1.5) 0.2 1.3 (2.7) (3.2) (0.3) (2.8) 18.8 (5.5) 9.4 3.8 8.9 51.6 49.2 3.1 1,275.8 255.3 (0.4) (0.4) (0.0) (11.6) 1.5 (0.7) (0.8) (1.1) (0.9) 0.6 (1.9) (2.2) (3.8) 2.3 (2.9) (8.8) (7.9) (17.6) 10.8 2.8 Global Most Global indices ended in green on Monday after centrist candidate Emmanuel Macron won the first round of French presidential election, defusing some of the political tension that had been weighing on the markets. US indices were up mainly supported by financials stocks as investor awaits tax reforms announcements from the President Trump this week. Industry and Tech shares also gained. However, Utility and Real Estate shares were down following sharp rise in 10-year Treasury yields. In Europe, CAC 40 surged 4.1%, marking its biggest daily percentage gain in about five years, as Emmanuel Macron’s progress allayed fears related to the victory of Le Pen and possibilities of French exit of the EU. In Asia, Shanghai Composite fell 1.4%, mainly dragged by the Industrial and Material producers stocks. Nikkei gained 1.4% due to weaker yen. GCC Gulf indices were mixed on Monday. Dubai main index fell 1.1% with shares of Union Properties down 3.2% on profit booking. Abu Dhabi main index edged up 0.2% with First Abu Dhabi Bank gaining 1.4%. Gas explorer Abu Dhabi National Energy (TAQA) rose 3.3% as investors turned bullish on reports that the company is planning to sell some of its international assets, while a state-run utility is increasing its stake in TAQA. Saudi Arabia’s TASI edged up 0.1% lifted by Insurance stocks following the strong results from Company for Cooperative Insurance and Malath Cooperative Insurance. Qatar QE index closed 0.4% lower on Monday making it the eighth consecutive session of fall. Selling pressure continued from foreign institutions and individual investors. Profit booking was witnessed in Telecom and Transport counters. Trade turnover and volumes were on the increase in the bourse, with Banking, Real Estate and Telecom sectors together accounting for about 77% of the total volumes. Out of total 44 stocks listed, 41 exchanged hands, of which, 13 rose, 25 fell and 3 remained unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.9 1.5 3.7 59.5 DSM 20 15.2 1.5 3.7 43.4 Saudi Arabia (TASI) 17.2 1.6 3.3 624.2 UAE (ADX) 17.0 1.3 4.4 39.1 UAE (DFM) 14.8 1.3 4.0 53.3 Kuwait (KSE) 23.5 1.3 3.5 60.7 Oman (MSM) 12.0 1.1 5.3 4.2 Source: Bloomberg Bahrain (BAX) 8.1 0.8 5.9 0.8 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Qatar Cin & Film Distrib Al Khaleej Takaful Grp Dlala Holding Doha Bank Qsc QGMD Top Losers Doha Insurance Co Ooredoo Qsc Islamic Holding Group Widam Food Co Medicare Group Close Price 36.3 20.5 23.9 31.2 9.6 3.3 1.4 1.0 0.3 0.1 10.0 7.0 4.1 1.0 1.0 32.2 (2.8) 11.2 (7.6) (5.4) 0.4 0.8 53.4 (22.1) 0.0 40.0 11.2 1,317.5 173.9 (12.8) 100.5 9.7 (22.5) 48.5 NA 16.6 103.1 63.4 64.0 98.0 (0.8) (2.4) (1.4) (1.4) (2.0) (4.8) (2.3) (2.2) (2.1) (2.0) (9.1) 1.3 3.9 (5.9) 55.8 (17.3) 14.7 (9.2) 3.2 5.7 Source: Bloomberg; Note: Prices are in local currency. 0.4 88.5 18.9 81.8 92.8 10.7 15.1 68.8 NA 42.4 Qatar DSM Index 60.0 11,000 40.0 10,153.8 10,500 10,000 30/Jan 20.0 13/Feb 27/Feb 13/Mar Index Volume (mn) 27/Mar 10/Apr 0.0 24/Apr Index Value Closing Level 3,010.0 6,331.7 3,181.9 4,276.5 2,361.9 1,257.1 2,197.1 1D Change (%) (0.2) (0.5) (0.6) 0.0 (0.1) (1.9) (1.6) Buy (%) 46.8 21.5 68.3 9.4 22.3 31.7 Sell (%) 34.9 20.4 55.2 11.9 32.9 44.8 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 April 25 , 2017 GLOBAL NEWS     US Chamber of Commerce chief believes US, Mexico and Canada are likely to reach a basic accord over reworking the North American Free Trade Agreement (NAFTA) by the middle of 2018. (Source: Reuters) White House said that the congressional vote on a Republican healthcare plan may not come for weeks as leaders in the House of Representatives and the Senate continue negotiations over possible proposals. (Source: Reuters)  Saudi Arabia and Egypt joint venture electricity interconnection project worth USD 1.6bn is been aimed by global technology giants including Alstom, ABB and Siemens. (Source: Trade Arabia)  Saudi Arabia based Almarai net income attributable to shareholders grew by 13.7% QoQ to SAR 328.3mn in Q1-17 due to strong performance of the core businesses of dairy, juice, food and bakery in the GCC and reduction in the poultry business unit loss. (Source: Saudi Gazette)  Minneapolis Federal Reserve Bank President Neel Kashkari said that he does not believe that spending more to build roads and airports would necessarily result in faster US economic growth and stressed on more spending on the US education system. (Source: Reuters) Saudi Arabia based Etihad Etisalat Company reported a net loss of SAR 163.0mn in Q1-17, a decline by 132.9% YoY and revenue decreased by 16.7% YoY to SAR 2.86bn in Q1-17. (Source: Tadawul)  Saudi Arabia based Alargan Projects has given an order to supply 153 elevators for eight different projects to Kone Corporation. (Source: Trade The European Commission said that Greece's primary surplus was 4.2% of GDP in 2016, significantly above the target of 0.5% set for  China’s Ministry of Industry and Information Technology released a list of 29 steel firms that will have their licenses revoked as Beijing kept up its campaign to tackle overcapacity in the sector. (Source: Reuters) Oman's Ministry of Tourism is set to sign an agreement worth OMR 265.0mn (USD 688.22mn) with Palm’s Beach Company to develop Al Nakheel Integrated Tourism Complex in the Governorate of South Al Batinah. (Source: Trade Arabia)  Turkey home sales rose by 10% YoY in March-17 with nearly 129,000 residential properties sold. The cut in sales tax and real estate companies’ campaigns helped the growth, Turkish Statistical Institute said. (Source: AA) Oman is considering a merger of its two main sovereign wealth funds, State General Reserve Fund with Oman Investment Fund to create an entity with USD 25.0bn assets. (Source: Bloomberg)  Bahrain’s consumer inflation rose 0.8% YoY in March-17. Housing and utility costs, which account for 24% of consumer expenses, rose 2.8% YoY while prices of food and non-alcoholic beverages, which account for 16%, fell 1.5% YoY. (Source: Reuters)  Bahrain based Bin Faqeeh Real Estate Investment Company has joined hands with The Luxury Network, Qatar, to work towards its aim of real estate related investments. (Source: The Gulf Online)  Bahrain based Dilmunia Mall Development Company is set to develop unique family-centric mall worth BHD 52.0mn (USD 137.0mn) with an area of 26,754 m2 in the heart of Dilmunia Island. (Source: Trade Arabia) Arabia) Athens under its bailout program. (Source: Reuters)   GCC NEWS  GCC region’s largest active pipeline of hotel expansion includes 21,000 rooms under Hilton group of which 16,000 rooms are already under construction and set to open before 2020, according to data from market research firm STR. (Source: Trade Arabia)  Dubai residential property prices in rental market declined by 3.6% YoY in March-17 due to a steep fall in apartment and villa prices compared to March-16. (Source: Trade Arabia)  Dubai based developer Nakheel announced to construct worth AED 240.0mn (USD 65.3mn), hotel at Ibn Battuta Mall consisting 375 rooms. (Source: Trade Arabia)  International Civil Aviation Organization’s (ICAO) safety audit report has ranked Qatar among the world's top countries in civil aviation safety. (Source: Qatar Tribune)  Dubai based Emaar Hospitality Group has revealed 6 new hotel projects as part of its regional and international expansion plans at the Arabian Travel Market 2017 in Dubai. (Source: Trade Arabia)  Limited liability companies (LLCs), which represent 82% of Qatar's total trade activity, registered a growth of 12% in 2016, said Minister of Economy and Commerce. (Source: Qatar Tribune)  Dubai tourism sector welcomed 4.57mn travelers in Q1-17, an increase of 11% YoY driven by obtaining free visas on arrival in the UAE. (Source: Trade Arabia)  ZAD Holding Company is in the process of expanding the capacity of its flour mill by 70 metric tonnes per day (mtpd) by June 2017 to bring the company’s total milling capacity by around 890 mtpd. (Source: Gulf  Dubai Aerospace Enterprise has inked an agreement to acquire 100% stake in AWAS group of companies whose funds were managed by Terra Firma Capital Partners and the Canadian Pension Plan Investment Board (CPPIB). (Source: Trade Arabia)  Dubai based Jebel Ali Customs Center has carried out 729,000 customs transactions during Q1-17, making a record high, director Yousuf Al Hashemi said. (Source: Trade Arabia)  Abu Dhabi state-owned International Petroleum Investment Company will receive USD 1.2bn from Malaysia’s government fund 1Malaysia Development Bhd (1MDB) under a deal to settle a dispute in which the Emirati fund is claiming about USD 6.5bn. (Source: Financial Times)   Abu Dhabi International Airport passengers rose by 0.3% YoY to 2.032mn in March-17. London, Bangkok, Bombay, Doha and Jeddah were the most popular destinations in Q1- 2017, according to WAM report. (Source: Arabian Business) Ras Al Khaimah based Al Marjan Island’s plot is been acquired by Crowngate International to develop a new upscale resort valued at AED220.0mn (USD 59.8mn). (Source: Trade Arabia) QATAR NEWS Times)  Qatar Airways will finalize a long-negotiated agreement to buy 49% of Italy's Meridiana in the coming days and soon apply with Qatar's sovereign wealth fund to start an Indian airline. (Source: Qatar Tribune)  Qatar Airways also plans to buy stake in another foreign airline to extend its expansion push that’s sees the Gulf carrier build up overseas holdings and announce new routes to the US, said CEO Akbar al-Baker. (Source: Bloomberg)  Masraf Al Rayan has reported a net profit of QAR 510.0mn in Q1-17. Bank’s financing grew 3% YoY to QAR 67.2bn and investments by 6% to QAR 15.6bn in Q1-17. (Source: Gulf Times)  Qatar Navigation reported a net profit declined 33.0% YoY to QAR 236.0mn for Q1-17 as the company faced market challenges similar to that in 2016. (Source: QNA)  Qatar National Cement Company reported a decline in its net profit by 31.4% YoY to QAR 84.83mn in Q1-17 and EPS amounted to QAR 1.30 for Q1-17. (Source: QE) 2
3. DAILY MARKET UPDATE April 25 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.0898 USD/QAR 3.6414 109.7700 EUR/QAR 3.9684 USD/JPY GBP/USD 1.2826 JPY/QAR 0.0332 USD/CHF 0.9958 GBP/QAR 4.6705 USD/CAD 1.3501 CHF/QAR 3.6568 AUD/USD 0.7571 CAD/QAR 2.6971 NZD/USD 0.7017 AUD/QAR 2.7569 USD/INR 63.9375 INR/QAR 0.0570 USD/TRY 3.5716 TRY/QAR 1.0195 USD/ZAR 13.0153 ZAR/QAR 0.2798 USD/BRL 3.1279 BRL/QAR 1.1642 FX Commentary USD ended lower against EUR and other major currencies on Monday with dollar index down about 1%, as the euro jumped to five-month peak amidst relief over Emmanuel Macron's victory against anti-euro nationalist Marine Le Pen in the first round of France's presidential elections. The French result also boosted investor’s appetite for risk strengthening the CAD. The currency however weakened later due to lower oil prices. GBP suffered its heaviest one-day fall against the euro since early January as positive sentiments from UK general election were overshadowed by stronger demand for Euro after the first round results of the France presidential election. JPY weakened against EUR as the French election results led to risk-on mode and dampened demand for safe-haven currency. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.93 0.95 0.99 1.16 1.74 (0.42) (0.38) (0.37) (0.33) (0.12) QAIBOR 1.43 1.51 1.69 1.95 2.69 4.0% SAIBOR NA 1.09 1.29 1.73 2.21 2.0% EIBOR 0.69 0.89 1.07 1.45 2.22 BMIBOR 0.83 1.03 1.50 1.85 2.53 NA NA 1.38 1.63 2.13 LIBOR EURIBOR KIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 6.0% 1.90% 1.24% 0.0% 2 Yrs 2.63% 2.91% 3.18% 1.81% 2.09% 2.28% 7 Yrs 10 Yrs US 5 Yrs Qatar 4.30% 2.93% 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 25.3 (1.0) Turkey 224.8 UK 26.8 (11.8) Brazil 217.8 (47.7) Germany 17.4 (2.5) Egypt 346.5 (135.6) 2.0% 1.58% 2.25% 2.09% 1.94% 2.50% 2.26% 1.0% 0.96% 1.78% 1.54% 1.33% 0.0% 2 Yrs 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs France Spreads 6M Change 5 Years CDS Spread 6M Change (19.6) 32.7 1.5 Abu Dhabi 38.6 (26.9) Italy 163.6 25.5 Bahrain 221.4 (150.6) Greece 863.2 (170.0) Dubai 109.9 (41.7) Russia 158.0 (65.5) Qatar 57.9 (28.6) Japan 25.9 (6.9) Saudi Arabia 85.4 (53.9) Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event Period Survey 09:45 France Manufacturing Confidence Apr 105 Prior 104 11:30 UK PSNB ex Banking Groups Mar 3.1b 1.8b 16:00 US FHFA House Price Index MoM Feb 0.40% 0.00% 17:00 US New Home Sales Mar 584k 592k 17:00 US Conf. Board Consumer Confidence Apr 122.5 125.6 17:00 US Richmond Fed Manufact. Index Apr 16 22 Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) 145.9 4.2 (18.0) 43.1 (19.8) 45.6 NA NA NA 510.0 (5.0) (1.1) 281.4 16.3 (10.6) 20.7 (43.3) (14.4) Qatar General Insurance & Re Masraf Al Rayan Commercial Bank International BBK BSC QoQ (%) NA NA NA 15.8 3.2 19.7 248.9 (2.6) 1.7 89.7 4.9 133.9 Abu Dhabi Islamic Bank NA NA NA 577.5 20.0 27.0 Aluminium Bahrain Bsc 190.4 21.7 9.9 25.6 505.5 88.5 NA NA NA 14.6 (48.3) (4.5) Invest Bank Aldrees Petroleum Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE April 25 , 2017 QSE MAIN FINANCIAL INDICATORS (As on 20th April 2017) Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing 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 Industries Qatar Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej 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 (%) 2.7 0.0 0.0 9.6 1.5 5.1 4.8 2.8 0.0 4.8 6.4 2.2 5.2 3.1 5.1 3.0 5.6 3.0 4.8 0.0 7.7 5.4 5.3 4.9 4.3 3.9 3.7 4.1 3.6 1.7 7.0 4.7 3.8 3.1 3.5 1.8 3.8 5.9 2.3 7.2 3.3 0.0 6.5 4.4 3.3 0.0 2.7 3.1 4.9 4.9 4.6 3.5 P/B Ratio (x) 1.5 0.7 2.5 0.9 2.7 0.9 2.5 0.9 1.0 1.7 1.7 2.3 1.0 1.8 1.4 2.8 2.3 1.5 1.9 1.5 0.7 3.9 0.8 1.7 1.1 1.3 2.0 1.3 2.9 2.9 1.3 1.6 1.8 0.9 0.8 2.4 0.5 2.6 1.5 0.7 1.4 1.0 0.6 1.0 1.5 1.7 1.6 2.1 1.3 0.6 0.9 1.6 P/E Ratio (x) 11.2 39.8 (H) (‫)م‬ 7.6 70.7 12.2 15.1 (H) (‫)م‬ (M) (‫)س‬ 10.6 12.1 10.8 22.9 11.9 6.7 43.9 16.1 48.2 15.2 (M) (‫)س‬ 10.5 12.7 6.7 13.1 19.0 1543.2 22.2 18.6 14.9 26.8 10.6 10.6 19.6 37.5 11.1 19.0 15.6 14.1 18.0 8.4 22.5 19.9 11.4 15.3 15.4 (M) (‫)س‬ 23.1 14.5 11.9 11.6 12.1 14.5 EPS (QR) 3.2 0.8 0.1 4.1 0.9 1.2 2.8 0.1 (M) (‫)س‬ 9.4 5.2 13.8 0.4 5.6 11.7 2.3 10.0 0.7 8.9 (M) (‫)س‬ 1.0 5.1 12.8 5.8 0.7 0.0 4.9 0.8 14.0 2.2 4.1 7.3 2.3 0.5 1.6 3.7 2.5 4.2 3.1 4.1 0.7 0.7 1.7 1.2 6.8 (M) (‫)س‬ 1.6 3.6 1.7 6.2 2.6 3.0 BV/Share (QR) 24.2 42.0 9.1 34.9 24.4 16.7 16.9 20.6 9.0 57.9 37.5 65.1 9.8 36.8 56.5 36.1 70.1 21.6 70.7 6.5 14.7 16.8 108.5 43.9 12.5 19.5 55.4 11.4 72.3 20.4 32.7 47.2 24.6 21.1 21.3 29.7 72.8 23.0 36.4 46.9 11.4 13.2 30.2 17.3 69.3 5.6 23.1 25.2 15.4 123.9 33.2 27.3 Stock Price (QR) 35.5 29.9 23.1 31.2 64.8 14.7 41.9 17.7 8.8 99.8 62.6 147.8 9.7 78.8 101.6 160.1 33.0 134.9 9.5 10.5 64.5 85.3 14.0 25.9 108.5 14.7 209.0 59.6 43.1 77.1 19.5 17.2 70.9 39.1 59.8 34.8 15.4 13.5 19.2 105.5 9.7 52.0 20.5 72.1 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 ‫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