GCC Daily Market Update - 3 March

Transcription

1. March 3 , 2022 GLOBAL MARKETS MARKET COMMENTARY 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) Change Performance Value (%) MTD (%) YTD (%) 4,386.5 33,891.4 14,243.7 7,429.6 14,000.1 6,498.0 1,986.1 26,393.0 22,343.9 3,484.2 55,468.9 80.3 596.4 237.7 99.4 95.3 101.5 16.2 (451.7) (417.8) (4.6) (778.4) 1.9 1.8 1.7 1.4 0.7 1.6 0.8 (1.7) (1.8) (0.1) (1.4) 0.3 (0.0) 0.0 (0.4) (3.2) (2.4) 2.1 (0.5) (1.6) 0.6 (1.4) (8.0) (6.7) (12.7) 0.6 (11.9) (9.2) 6.9 (8.3) (4.5) (4.3) (4.8) 13,431.3 12,654.7 9,680.1 3,467.7 7,799.3 4,057.6 1,969.3 844.5 5,680.3 158.9 (19.7) 158.8 70.1 161.8 2.2 0.8 8.9 55.2 1.2 (0.2) 1.7 2.1 2.1 0.1 0.0 1.1 1.0 3.7 0.5 3.9 3.4 2.1 0.1 0.3 2.5 (0.1) 15.5 12.2 14.0 8.5 10.7 (1.7) 9.6 14.1 (11.1) 112.9 110.6 4.8 1,920.9 4.7 8.0 7.2 0.2 (21.5) 0.1 7.6 7.0 4.1 (1.1) 1.5 11.8 15.5 8.2 1.1 4.7 45.2 47.1 27.7 5.1 4.5 Global Wall Street ended sharply higher on Wednesday after Federal Reserve Chair Jerome Powell signaled the central bank would likely raise interest rates less than some investors had feared. The DJIA rose 1.8%, the S&P 500 gained 1.9% and the Nasdaq 100 climbed 1.7%. The pan-European STOXX 600 index rose 0.90%, rebounding from an earlier decline. In Asia, China shares fell on Wednesday with new-energy vehicle makers leading losses as investors dumped equities with high valuations amid worries over the impact of aggressive sanctions imposed against Russia. Japan’s Nikkei index fell 1.7%. GCC Major Gulf bourses jumped on Wednesday with Saudi Arabia's benchmark index ended flat with gains in energy stocks offset by losses in financials. Oil giant Saudi Aramco jumped nearly 4% to hit a record high of SAR 43.05. Dubai's main index surged 2.1% to mark its best day since Nov. 15. Dubai Islamic Bank rose 4.7% after shareholders approved its annual cash dividend. In Abu Dhabi, the index climbed 1.7% in its fourth straight day of gains. Shares of Abu Dhabi National Energy Company gained 3.3% after its board proposed a special cash dividend. Qatar The Qatari benchmark index closed 1.2% higher on Wednesday helped by Investment Holding Group (+10%) and Mesaieed Petrochemical Holding Co (+8.7%) were the top gainers of the day. Out of the 47 traded stocks, 22 advanced, 22 declined and 3 remained unchanged. Total traded volume in the market was lower than in the previous trading session. The Industrials index advanced 2.1% and the Transportation index increased by 1.9% while Insurance index declined by 0.2%. Source: Refinitiv Eikon QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All Share 17.0 1.6 3.3 445.5 DSM 20 17.2 1.8 3.4 400.2 Saudi Arabia (TASI) 22.3 2.8 2.1 3,311.1 UAE (ADX) 22.6 2.6 2.2 359.4 UAE (DFM) 13.1 1.1 0.0 171.7 Kuwait (KSE) 13.3 1.8 2.2 385.2 Oman (MSM) 10.3 0.8 4.3 19.8 Bahrain (BAX) 8.8 1.1 4.1 2.2 GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Refinitiv Eikon Qatar Trading Activity Close 1D Change Price Value (%) Top Gainers INVESTMENT HLD MESAIEED PETRO QATARI INV GRP EZDAN HOLIDING QA GAS TRANSPO Top Losers QA CINEMA & FI QA NAT CEMENT SALAM INTL INV QA ISLAMIC INS DLALA' BROKERA 2.5 2.9 2.4 1.5 3.8 3.4 5.6 1.0 8.4 1.5 0.2 0.2 0.2 0.1 0.1 (0.2) (0.2) (0.0) (0.2) (0.0) 10.0 8.7 7.5 5.1 3.6 Performance YTD YoY (%) (%) 103.9 40.4 9.9 8.7 13.8 (5.9) (2.9) (1.9) (1.8) (1.7) Source: Refinitiv Eikon; Note: Prices are in local currency. (3.0) 9.3 20.9 5.5 19.0 297.1 55.3 36.0 (6.2) 11.6 (10.5) 32.7 65.0 17.2 (17.5) Vol. (‘000) P/E TTM 55,601.8 37,433.1 14,475.0 23,813.5 12,132.5 NA 19.8 22.2 103.8 15.4 39.2 1,249.1 56,360.6 333.1 1,146.3 NA 16.2 NA 14.8 27.1 Qatar DSM Index 13,600 13,200 12,800 12,400 12,000 11,600 11,200 10,800 10,400 6-Dec 600.0 13,431.3 400.0 200.0 0.0 20-Dec 3-Jan 17-Jan Index Volume (mn) 31-Jan 14-Feb 28-Feb Index Value Source: Refinitiv Eikon QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 5,761.2 8,500.8 4,907.6 2,599.7 1,943.0 1,158.2 4,090.4 1D Change (%) 1.0 (0.1) 2.1 (0.2) 0.2 (0.2) 1.9 Source: Refinitiv Eikon Qatar Trading Summary Buy (%) Sell (%) Qatari Individuals 26.8 35.6 Qatari Institutions 13.9 33.5 Qatari – Total 40.7 69.1 Foreign Individuals 10.0 10.2 Foreign Institutions 49.3 59.3 21.7 31.9 Foreign – Total Source: Qatar Exchange 1
2. March 3 , 2022 GLOBAL NEWS  Exxon Mobil said it would exit Russia's oil and gas operations that it has valued at more than USD 4bn and halt new investment as a result of Moscow's invasion of Ukraine. (Source: Reuters)  CesiumAstro Inc, a startup that builds hardware and software for aerospace communications, said it has raised USD 60mn in funding from investors including Airbus Ventures and Kleiner Perkins. (Source: Reuters)  The EU is excluding seven Russian banks from the SWIFT messaging system that underpins global transactions as part of its sanctions over Russia's invasion of Ukraine, the EU official journal said. (Source: Reuters)  Russia's largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia's invasion of Ukraine and Western sanctions. (Source: Reuters)  Capital spending by Japanese companies in the October-December period rose 4.3% from a year earlier, increasing for the third consecutive quarter, on the back of a recovery from the fallout of the coronavirus pandemic, government data showed. (Source: Mainichi)  Honda Motor said it has suspended exports of cars and motorcycles to Russia, signaling the likelihood more Japanese automakers would join the global swell of companies halting business with Russia after the invasion of Ukraine. (Source: Reuters)  China will not join in sanctions on Russia that have been led by the West, the country's banking regulator said, adding that he believed the impact of the measures on China would be limited. (Source: Reuters)  Turkey’s exports registered another all-time monthly high in February, but its trade deficit widened mainly due to the surging energy bill. Exports were up 25.4% YoY to USD 20bn last month and Imports surged 45.6% YoY to USD 28.1bn, the data showed, mainly due to swelling energy imports. (Source: Daily Sabah) GCC NEWS  Middle East operators have opened the first regional community lab in collaboration with Telecom Infra Project and Intel, following the signing of the Open Radio Access Network MoU last year. (Source: Trade Arabia)  Nokia and STC have announced the successful completion of the Middle East and Africa region's first trial of a 1-Terabit high-capacity channel. (Source: Trade Arabia)  Polestar, the Swedish premium electric performance brand, has appointed the Al-Futtaim Group as its representative to enter the UAE market. (Source: Gulf Business)  The Dubai Integrated Economic Zones Authority and wasl Asset Management Group, have signed an MoU that provides a framework for both parties to work closely on Dubai’s Food Tech Valley project. (Source: Emirates News Agency)  UAE lender Mashreqbank has dismissed reports that it is considering a sale of its payments business. In a statement to the DFM, the Dubaibased bank clarified that it has not made any offer to sell the company nor received any proposals from potential buyers. (Source: Zawya)  Dubai based global port operator DP World has temporarily ceased its operations in Ukraine after Russian troops continue to launch attacks in different parts of the country. (Source: Zawya)  Dubai based investment bank and asset manager Shuaa Capital is listing its USD 100mn Special Purpose Acquisition Company in Nasdaq New York, the company said. (Source: Zawya) kind startup programme to support early-stage technology startups to scale and raise funds. (Source: Emirates News Agency)  The Department of Municipalities and Transport revealed that service fees for real estate units owners and investors in development projects were reduced by 26.4% during 2020 and 2021. (Source: Emirates News Agency)  JGroup, a multinational holding company with a vast portfolio of subsidiaries and investments, has chosen the GCC as the center of its business operations in the region with headquarters in Dubai. (Source: Trade Arabia)  TAQA said its board of directors approved a special dividend payment of AED 2.2bn (USD 599mn), taking the total dividend payments for 2021 to AED 5.3bn. (Source: Zawya)  Saudi Arabia’s exports will hit almost USD 354bn by 2030 and will be a key driver of trade growth, according to Standard Chartered. The bank said 18% of global corporates already manufacture or source in the kingdom, or plan to within 5-10 years. (Source: Zawya)  Saudi Arabia’s public debt recorded the first quarterly decrease since the Q1-17, data from a recent quarterly report by the Ministry of Finance show. The fall in public debt was driven mainly by the SAR 20.7bn (USD 5.52bn) repayment of external debt. (Source: Arab News)  Saudi Arabia has announced setting up its first EV manufacturing plant in the country as the government plans to ensure 30% of all vehicles in the capital city Riyadh run on electricity by 2030. (Source: Arab News)  Saudi Industrial Services Co has recorded a decrease in profit of 58% in FY-21 as it divested its stake in a major Jeddah terminal. Annual profit dropped to SAR 57.9mn (USD 15.4mn), down from SAR 139mn a year earlier. (Source: Arab News)  Saudi listed Amlak International for Real Estate Finance has renewed its SAR 665mn (USD 177mn) credit facility agreement with the Saudi Investment Bank. (Source: Arab News)  Saudi Arabia based B2B e-commerce platform Sary has acquired Egypt’s B2B marketplace, Mowarrid. (Source: Zawya)  The National Bank of Bahrain recently signed an MoU with the American University of Bahrain as part of its recently launched Education Finance product. (Source: Trade Arabia)  The Ministry of Transport, Communications and Information Technology has accredited Phoenix Technologies and Solutions company and Dream Lab Technologies company in the field of security assessment services in Oman. (Source: Times of Oman) QATAR NEWS  Ooredoo Group announced the selection of SAP as its partner to enable a completely digital business transformation and consolidation of all its ERP solutions across the majority of its ten operating companies. (Source: The Peninsula)  TecCentric and OmniClouds have announced a new partnership to securely and efficiently optimize, migrate, and support organizations’ migration from traditional internet connectivity models to modern, cloud-based network infrastructures. (Source: The Peninsula)  Qatar FinTech Hub founded by Qatar Development Bank to support the growth of the FinTech industry in Qatar is inviting all entrepreneurs and FinTechs from Qatar and around the world to apply to its fourth Hackathon. (Source: The Peninsula)  Qatari Diar announced its prize for The Best International Sustainable Residential Development in the world at Chelsea Barracks at the International Property Awards, which took place on February 25. (Source: The Peninsula)  Dubai Silicon Oasis the integrated free zone technology park, announced the commencement of SANDBOX, the region's first-of-its- 2
3. March 3 , 2022 FX RATES Currencies Value Currencies Value EUR/USD 1.1151 USD/QAR 3.6473 115.5000 EUR/QAR 4.0671 USD/JPY GBP/USD 1.3433 JPY/QAR 0.0316 USD/CHF 0.9205 GBP/QAR 4.8994 USD/CAD 1.2628 CHF/QAR 3.9623 AUD/USD 0.7296 CAD/QAR 2.8883 NZD/USD 0.6784 AUD/QAR 2.6611 USD/INR 75.1110 INR/QAR 0.0486 USD/TRY 14.0084 TRY/QAR 0.2604 USD/ZAR 15.3071 ZAR/QAR 0.2383 USD/BRL 5.0995 BRL/QAR 0.7152 FX Commentary The USD ended flat on Wednesday as the impact of an escalating conflict in Ukraine kept prices surging for oil and other raw materials. The US Dollar index fell 0.02% at 97.39. The EUR/USD traded down 0.04% to 1.1121. The GBP/USD went up 0.6% at 1.3403. The USD/JPY traded up 0.5% at 115.50. The USD/CNY went up 0.15% at 6.3210. The USD/CAD traded 0.9% lower at 1.2628 after the BoC raised interest rates by 25 BPS to 0.50% in its first hike since October 2018 and said it would continue with the reinvestment phase of its bond-buying program. The risk-sensitive AUD/USD went up 0.7% at 0.7296, helped by data showing the Australian economy performed strongly in Q4-21. The NZD/USD traded up 0.04% at 0.6784. Source: Refinitiv Eikon INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.08 0.08 0.23 0.51 1.18 (0.65) (0.57) (0.55) (0.53) (0.36) 0.45 0.50 1.00 1.15 1.35 SAIBOR 0.65 0.65 1.03 1.61 1.83 EIBOR 0.14 0.15 0.29 0.63 1.36 BMIBOR 0.78 1.03 1.51 1.60 2.40 KIBOR 0.56 0.88 1.25 1.50 2.06 LIBOR EURIBOR QAIBOR 1 Month 3 Month 1 Year Source: Refinitiv Eikon 0.0% 1.95% 1.49% 1.87% 1.81% 1.15% 0.80% 1.0% 1.64% 3.46% 2.58% 2.03% 1.87% 1.41% 1.47% 2.0% 1.73% 1.86% 5 Yrs 10 Yrs US 2.24% 0.0% 2 Yrs 5 Years CDS 3.0% 1.63% 4.0% 3 Yrs Qatar 30 Yrs Source: Refinitiv Eikon, Investing.com US Swap Rates 2.0% Qatar vs US Treasuries Yields 2.00% 1.93% 0.22% 2 Yrs 5 Yrs Current 7 Yrs 10 Yrs Last Year 30 Yrs Source: Refinitiv Eikon Spreads 6M Change 5 Years CDS Spread 6M Change US 12.2 2.2 Turkey 579.3 UK 11.1 (0.5) Brazil 223.2 49.6 Germany 10.2 (0.2) Egypt 520.7 177.9 France 23.0 2.0 55.7 10.2 Italy 95.1 22.3 Bahrain 295.0 78.2 Greece 92.6 18.8 Dubai 92.1 1.0 Russia 405.4 327.1 Qatar 56.7 16.1 Japan 18.9 1.4 Saudi Arabia 56.7 1.2 Abu Dhabi 217.9 Source: Refinitiv Eikon, worldgovernmentbonds.com ECONOMIC CALENDAR Time Country Event Period Survey Prior 11:50 France Markit Serv PMI Feb 57.9 57.9 11:50 France Markit Comp PMI Feb 57.4 57.4 11:55 Germany Markit Services PMI Feb 56.6 56.6 11:55 Germany Markit Comp Final PMI Feb 56.2 56.2 12:00 Euro Zone Markit Serv Final PMI Feb 55.8 55.8 12:00 Euro Zone Markit Comp Final PMI Feb 55.8 55.8 13:00 Euro Zone Unemployment Rate Jan 7.0% 7.0% Source: Refinitiv Eikon GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) 33.4 -22.6 8.8 NA NA NA Astra Industrial Group Company 599.3 -9.6 -2.1 51.8 36.6 14.1 Al Yah Satellite Communications 123.3 7.9 31.0 26.5 54.3 100.5 58.7 215.2 31.4 6.6 NA -44.2 Taiba Investments Company Makkah Construction and Dev QoQ (%) Source: Refinitiv Eikon; Note: All figures are in local currency 3
4. QSE MAIN FINANCIAL INDICATORS (as on 2nd 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 (%) 2.3 2.6 2.2 2.7 3.7 3.0 N/A 0.0 0.0 N/A N/A 1.0 2.1 N/A N/A 0.0 N/A 3.6 1.7 4.1 0.0 N/A 4.5 2.7 3.5 3.8 0.0 5.3 N/A 4.4 4.3 0.0 3.7 N/A 4.5 0.0 N/A 4.3 N/A 1.4 4.7 1.0 3.3 0.0 N/A N/A 0.3 3.8 3.6 3.8 3.5 2.3 3.2 3.2 2.7 P/B Ratio (x) 2.8 2.5 1.6 0.8 1.5 1.9 N/A 2.2 0.7 N/A N/A 1.9 2.7 N/A N/A 0.6 N/A 2.1 1.5 2.0 2.0 N/A 2.6 2.7 2.0 0.9 1.2 2.9 N/A 1.7 0.9 1.0 2.2 N/A 2.3 0.7 N/A 2.9 N/A 1.8 28.2 1.2 0.5 0.7 N/A N/A 1.9 1.2 1.5 1.2 0.7 1.2 1.9 1.2 2.2 P/E Ratio (x) 16.6 14.7 12.5 12.3 13.8 16.1 N/A 12.5 (M) (‫)س‬ N/A N/A 45.4 17.8 N/A N/A 19.2 N/A 27.4 (H) (‫)م‬ 18.8 (M) (‫)س‬ N/A 20.3 30.1 15.2 10.9 16.2 14.1 N/A 13.6 24.2 62.0 19.8 N/A 15.8 13.0 N/A 16.8 N/A 23.5 15.8 17.4 18.0 12.5 N/A N/A 41.3 (H) (‫)م‬ 21.7 86.1 13.6 11.4 15.4 14.4 18.8 March 3, 2022 EPS (QR) 1.4 1.5 0.6 0.2 0.3 0.7 N/A 0.1 (M) (‫)س‬ N/A N/A 0.1 0.6 N/A N/A 0.1 N/A 0.3 0.0 1.0 (M) (‫)س‬ N/A 1.0 0.2 0.2 0.3 0.3 1.3 N/A 1.3 0.0 0.0 0.1 N/A 0.4 0.2 N/A 0.3 N/A 0.2 0.5 0.2 0.1 0.3 N/A N/A 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 N/A 0.8 1.4 N/A N/A 2.6 4.3 N/A N/A 1.6 N/A 3.7 2.2 9.1 1.5 N/A 7.7 2.5 1.1 3.6 4.7 6.5 N/A 10.7 1.2 1.8 1.4 N/A 2.5 3.4 N/A 1.8 N/A 2.1 0.3 2.3 3.1 5.4 N/A N/A 0.9 6.6 1.1 3.5 13.0 3.5 1.9 3.8 2.6 Stock Price (QR) 23.7 22.1 7.1 2.8 3.9 10.7 5.1 1.8 0.9 1.5 0.9 4.9 17.0 2.6 1.0 1.5 7.7 3.4 18.4 3.1 7.9 20.0 2.3 3.2 5.6 18.9 2.4 18.2 1.2 1.8 2.9 2.5 2.5 2.0 5.1 2.0 3.7 8.4 1.7 3.6 1.5 0.9 7.8 1.7 8.7 4.4 3.8 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