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GCC Equity Market Monitor - 7 March

Majed Salah
By Majed Salah
7 years ago
GCC Equity Market Monitor - 7 March

Ard, Dinar, Islam, Shariah , Sukuk

Sukuk

Banking

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  1. GBCM Morning Briefing GBCM  Morning Briefing Contents GCC Equity Markets Monitor MSM Statistics and Indicators MSM Statistics and Indicators MENA, Global markets, Benchmark Indices and Currencies Performance Global Commodities and Petrochemicals Oman News MSM Market Watch 2016 Dividends/ 2017 AGM Calendar  / Regional News Coverage March 7, 2017 3/7/2017
  2. GCC  ‐ Equity Market Monitor 20.0% 15.0% 10.0% 5.0% 0.0% ‐5 0% 5.0% Daily Return YTD Return MTD Return Oman Saudi UAE (DFM) UAE (ADX) Kuwait ‐ PI ‐0.1% 0.3% 0.3% 0.1% ‐3.2% 0.1% 0.4% 0.7% ‐2.0% 0.9% 1.3% 1.1% ‐0.8% 17.4% ‐0.5% Source: Respective Stock Markets, Bloomberg, GBCM Research GBCM Morning Briefing 2 Kuwait ‐ Wtd 0.0% 12.0% 0.4% Qatar Bahrain ‐0.9% 1.8% ‐0.7% ‐0.3% 9.6% ‐0.9%
  3. MSM  ‐ Net Buy/(Sell) Position Top 5 ‐ Turnover Market Share – Previous Day Previous Day Turnover: RO 3.475 million (c. US$ 9.0 million) Figures In RO BUY SELL NET 3,237,725 3,237,725  2,624,921 2,624,921  612,804 612,804  GCC 123,179  267,285  (144,106) Arabs 39,244  29,784  9,460  OTHERS 74,724  552,882  (478,158) OMANIS MSM ‐ Lead Indicators Value  Indicators ** Mkt. Cap (In RO 000s) Value Leaders Sector Turnover (RO) Market Share Al Anwar Holding Inv Hldg 663,898 19.1% Bank Muscat Bank Muscat Banking 395 596 395,596 11 4% 11.4% Oman Fisheries Industry 392,865 11.3% Omantel Services 263,337 7.6% Oman Cables Industry 221,049 6.4% Daily Market Performance y PER (X) P/BV (X) Dividend  Yield (%) Indices  Monitor Current Closing Previous  Daily %  MTD %  Closing Chg Chg YTD % Chg MSM 30 6,676,556  9.7 1.2 5.4% MSM 30 5,799.92 5,807.81 ‐0.14% 0.34% 0.30% Financial 3,433,794  9.0 0.9 4.5% Financial 8,210.62 8,204.88 0.07% 0.56% 7.02% Industrial 1,010,386  16.1 1.4 4.7% Industrial 8,001.30 8,018.83 ‐0.22% 1.19% 8.02% Services 2,919,944  10.3 1.7 6.3% Services 3,026.02 3,029.21 ‐0.11% 0.61% ‐1.07% MSM Shariah 2,738,562  11.0 1.6 6.0% 860.18 860.18 0.00% 0.73% ‐1.02% MSM Shariah 3/7/2017 GBCM Morning Briefing 3
  4. MENA  Markets Performance Index  Global Markets Performance Closing   MENA  % Chg %MTD %YTD   5.7 0.1 ‐0.5 0.3 1.0 4.1 2.3 2.0 1.7 2.6 1.0 16.5 0.2 0.0 0.4 0.8 0.2 1.0 0.7 0.2 0.4 0.8 5.0 5.7 0.6 7.3 6.9 0.8 Egypt Jordan Tunis  Morocco Palestine Turkey 12,623.2 1.0 2,214.7 0.1 5,580.8 ‐0.2 25,106.0 0.2 535.7 0.3 91,045.0 1.5 MENA Benchmark (S&P/ MSCI) S&P GCC LMC 122.3 0.2 S&P GCC (USD) 100.2 0.1 S&P GCC (40 Index) – Price Return  1,052.9 0.0 S&P GCC (40 Index) – Total Return  1,661.6 0.1 MSCI GCC MSCI GCC 479.4 ‐0.2 0.2 MSCI Frontier  535.7 0.3 MSCI Frontier ex GCC 805.4 0.1 MSCI Arabian Index 523.3 ‐0.2 Index  Closing   Americas  % Chg %MTD %YTD   S&P 500 Dow Jones Nasdaq Brazil 2,375.3 20,954.3 5,849.2 66,341.4 ‐0.3 ‐0.2 ‐0.4 ‐0.7 0.5 0.7 0.4 ‐0.5 6.1 6.0 8.7 10.2 ‐0.3 ‐0.5 ‐0.6 1.2 2.3 1.0 2.9 2.3 4.2 ‐0.2 0.4 ‐0 0.2 2 ‐0.1 0.6 0.2 1.2 ‐0.2 09 0.9 ‐0.3 0.1 1.0 1.2 7.6 89 8.9 4.1 3.4 ‐3.6 %MTD %YTD %YTD  0.5 0.1 ‐0.7 ‐1.0 ‐1.2 0.2 ‐0.6 ‐0.5 0.0 0.1 ‐0.5 ‐0.1 ‐1.7 0.0 0.0 0.0 ‐0.1 0.0 0.0 ‐0.5 0.6 0.3 2.7 ‐0.8 1.0 0.7 0.6 ‐0.1 1.9 5.7 1.0 ‐5.0 0.0 0.0 0.0 0.0 0.0 0.0 Europe FTSE 100 CAC 40 DAX Asia Pacific Nikkei  Hang Seng Sensex Shanghai Korea Russia Global Benchmark Indices Index Closing  % Chg %MTD %YTD  1,845.7 ‐0.2 0.4 5.4 MSCI World ‐Ex MSCI World  Ex USA USA 1,761.9 0.0 0.3 4.2 MSCI Europe‐ USD 1,524.5 ‐0.2 0.6 3.6 934.4 0.4 ‐0.2 8.4 MSCI EM Index Dollar Index USD Vs EURO  USD Vs Canadian Dollar  USD Vs Japanese Yen  USD Vs GBP  USD Vs Swedish Krona USD Vs Swiss Franc  USD Vs Chinese Renminbi USD Vs Hong Kong Dollar  USD Vs Indian Rupee  USD Vs Aus Dollar  USD Vs Indonesia Rupiah  USD Vs Turkish Lira Spot  USD Vs Omani Riyal  USD Vs UAE Dirham  USD Vs Saudi Riyal  USD Vs Kuwait Dinar  USD Vs Qatar Riyal  USD Vs Bahrain Dinar  Fixed Income (Bloomberg/EFFAS Bond Indices)  US 10+ Yr TR 551 1 551.1 ‐0.5 05 ‐1.7 17 00 0.0 Euro Liquid 10+ Yr TR 227.7 ‐0.2 ‐0.7 ‐1.6 ‐0.8 ‐0.5 Commodity (Bloomberg)  Commodity  87.0 ‐0.1 Source: Data taken from Bloomberg GBCM Morning Briefing 19,345.7 23,683.2 29 001 9 29,001.9 3,231.1 2,094.4 1,110.5 Global Currencies Index Global Equity (MSCI) MSCI World – USD , 7,350.1 4,972.2 11,958.4 4 Closing Closing  % Chg % Chg In Comparison with USD 101.670 1.058 1.340 113.940 1.224 9.018 1.012 6.902 7.764 66.635 0.762 13345.000 3.710 0.385 3.673 3.750 0.306 3.641 0.377 0.0 0.0 0.1 0.0 0.0 0.0 0.0 ‐0.1 0.0 0.1 0.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
  5. Commodities  Performance Index  Petrochemical Performance Closing   % Chg %MTD %YTD  NYMEX Crude 53.2 0.0 ‐1.5 ‐4.1 ICE Brent Crude 55.9 ‐0.1 ‐1.0 ‐3.6 Crude Oil, Oman  54.8 0.2 ‐0.5 1.1 NYMEX Natural Gas  2.9 ‐0.6 3.9 ‐19.2 168.4 0.7 ‐2.6 ‐9.5 Precious Metals Gold Spot  1,225.2 0.0 ‐1.9 6.3 Silver Spot 17.7 ‐0.4 ‐3.3 11.3 Platinum Spot  974.8 ‐0.4 ‐4.8 7.9 Palladium Spot  772.2 ‐0.1 0.1 12.9 Base Metals  LME Aluminium‐Spot 1 865 8 1,865.8 ‐1.0 10 ‐2.8 28 95 9.5 LME Copper‐Spot 5,843.8 ‐1.0 ‐2.1 5.8 LME Zinc‐Spot 2,731.5 ‐1.3 ‐3.0 6.8 LME Lead‐Spot 2,239.8 ‐0.2 ‐0.6 12.0 LME Nickel‐Spot 11 039 8 11,039.8 09 0.9 10 1.0 10 8 10.8 Steel  620.0 US ‐ Hot Roll Coil Steel  0.0 0.0 ‐1.1 Agriculture  C Corn ‐ A i C Active Contract  378 0 378.0 ‐0.1 01 11 1.1 57 5.7 Wheat ‐ Active Contract  459.0 0.1 3.4 9.2 CBOT ‐ Soya bean  1,035.8 ‐0.1 0.0 2.3 Shipping  B lti D I d Baltic Dry Index  979 0 979.0 Closing %MTD %YTD A Aromatics (in USD/ MT)  i (i USD/ MT) Energy  NYMEX Gasoline  Index  43 4.3 14 0 14.0 19 1.9 Benzene Aromatics Rotterdam  970.0 ‐4.4 14.1 Benzene FOB Korea Spot 905.0 ‐6.2 9.0 Benzene CFR Japan Spot 910.0 ‐6.2 9.0 Benzene CFR India Spot 915.0 ‐6.2 8.9 480.7 ‐3.5 3.8 Condensates (in USD/ MT)  European Naptha  Naphtha C&F Japan  487.8 ‐3.7 ‐1.8 Naphtha CIF NWE Cargo 479.1 ‐2.4 ‐1.4 p g p p Naphtha fob Singapore Spot  52.9 ‐3.8 ‐1.5 0.9 25.4 Olefins (in USD/ MT)  Ethylene Spot  1,160.0 Ethylene FOB Korea Spot 1,295.0 0.0 17.2 Ethylene FOB Japan Spot 1,290.0 0.0 17.3 945 0 945.0 ‐3.6 36 93 9.3 3.6 16.1 Propylene FOB Korea Spot Propylene FOB Korea Spot Intermediate (in USD/ MT)  2EH CFR Far East Asia 1,010.0 2EH CFR South East Asia 1,030.0 3.5 15.7 DOP CFR Far East Asia 1,010.0 ‐0.5 2.5 Polymers (in USD/ MT)  LLDPE Future Contract (CNY/ MT)  9,615.0 ‐0.2 ‐3.4 Film Grd Poly HDPE Far E Spot 1,140.0 ‐5.0 ‐2.6 Film Grd Poly HDPE SE Asia 1,210.0 ‐0.8 3.4 y p Film Grd Poly HDPE India Spot 1,180.0 , 0.0 4.4 1,715.0 1.5 10.7 UREA Cornbelt 285.0 ‐1.7 3.6 UREA Middle East 270.0 0.0 10.2 US Urea Avg Retail Price US Urea Avg. Retail Price 379 1 379.1 00 0.0 98 9.8 Urea (in USD/ MT)  Urea Price (RMB/ MT)  Source: Data taken from Bloomberg 3/7/2017 GBCM Morning Briefing 5
  6. Oman News Oman  Chlorine‐ Announcement of Dividends (Source: MSM)  The Board of Oman Chlorine SAOG has approved the audited consolidated financials for 2016 and approved the proposal to distribute cash  dividend of 15% for the year 2016.  The above is subject to approval in the Annual General Meeting to be held on March 28, 2017.  At the current levels, based on the cash dividends, the dividend yield works out to be 3.1% levels Dhofar Beverages and Food Stuff‐ Announcement of Dividends (Source: MSM)  The Board of directors has recommended to the AGM 5% of cash dividend to the shareholder’s. Annual General Meeting will be conducted  on 30th March 2017 at its Salalah registered office. on 30th March 2017 at its Salalah registered office  At the current levels, based on the cash dividends, the dividend yield works out to be 1.9% levels Construction sector set for 10% Omanisation (Source: Times of Oman)  A mandatory Omanisation rate of 10% is likely to come into effect before the end of June, according to an official at the Oman Society of Contractors (OSC).  The proposal was drafted by the OSC in December last year and according to the chief executive officer (CEO) of OSC; the draft is in the advanced stages of approval.  At present, the compulsory Omanisation percentage according to law is 30% in the construction industry, but they are focusing on real Omanisation than theoretical GBCM Morning Briefing 6
  7. Oman News Al Maha in expansion mode , eyes bunkering (Source: Oman Tribune)  Oman’s emergence as a key logistics and trans‐shipment hub has influenced Al Maha Petroleum Products Marketing Company to enter bunker business and it is currently in the process of finding a strategic partner, as per news sources quoting the CEO of the company  The company has a huge investment budget to support growth and on the retail side it planned to add to its 200‐plus petrol pumps in the coming months.  Oman has a strategic location for bunkering and it would be cheaper for vessels to refuel here rather than in neighbouring ports.  In the retail segment the company had a market share of 33% and aim is to go high, reach 50% and would like to be No 1 in fuel supply on p y was focusingg especially p y on individual customers at the fuel stations and 46 p petrol p pumps p were refurbished in the retail side. The company 2016 and more would be upgraded this year.  The company’s market share in the commercial segment was 45%, which was the largest, adding that it would like to become the main supplier to Mwasalat, which is expanding its inter‐ and intra‐city bus services. GBCM Morning Briefing 7
  8. MSM ‐ Market Watch Source Bloomberg, Source: Bloomberg GBCM Research Market Outlook – Range bound activity likely to prevail, MSM support seen at 5,780 levels… During the last trading session, the GCC markets continued to trade on a mixed note amid weak global market sentiments along with the h looming l i US Fed F d rate hike hik next week. k Kuwait K i and d Qatari Q i markets k revealed l d profit fi booking b ki trend. d Oman O ended d d marginally i ll lower l f for the day amid dull market participation. We expect the MSM and the regional markets to see range bound activity for the day with the ongoing dividend season. We maintain technical support for MSM at 5,780 points and resistance around 5,860 levels. GBCM Morning Briefing 8
  9. 2016  Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   PAT  EPS  DPS Dividend  Cash  Cash  Payout (%) Dividends  Dividend Stock  Dividend Mand.  Mand Conv.  Bonds Dividend  AGM Date Yield (%) Muscat Thread Mills 0.094 0.100 1390 1479 66 0.004 0.003 55.7% 37 2.5% 2.5% 2.7% Computer Stationery 0.260 0.100 2600 1000 126 0.013 0.010 79.6% 100 10.0% 0.0% 3.8% 8‐Mar‐17 Oman National Engineering Oman National Engineering 0.161 0.100 16100 10000 1,249 , 0.012 0.010 80.1% 1000 10.0% 0.0% 6.2% 12‐Mar‐17 12 Mar 17 United Power 3.400 1.000 6800 2000 941 0.471 0.500 106.3% 1000 50.0% 0.0% 14.7% 13‐Mar‐17 Gulf Mushroom 0.336 0.100 11555 3439 317 0.009 0.000 0.0% 0 0.0% 10.0% 0.0% 13‐Mar‐17 National Biscuit 3.750 1.000 3750 1000 647 0.647 0.150 23.2% 150 15.0% 0.0% 4.0% 14‐Mar‐17 Raysut Cement 1.475 0.100 295000 20000 20,734 0.104 0.065 62.7% 13000 65.0% 0.0% 4.4% 14‐Mar‐17 H t lM Hotel Management t 1 250 1.250 1 000 1.000 3750 3000 1 877 1,877 0 626 0.626 0 750 0.750 119 9% 119.9% 2250 75 0% 75.0% 0 0% 0.0% 60 0% 60.0% 15 M 17 15‐Mar‐17 National Detergent 0.704 0.100 11977 1701 1,108 0.065 0.050 76.8% 851 50.0% 0.0% 7.1% 15‐Mar‐17 Muscat Gases 0.582 0.100 17460 3000 804 0.027 0.030 111.9% 900 30.0% 0.0% 5.2% 16‐Mar‐17 Bank Muscat 0.476 0.100 1188215 249625 176,560 0.071 0.025 35.3% 62406 25.0% 5.0% 5.3% 19‐Mar‐17 Sweets of Oman 1.340 0.100 9380 700 502 0.072 0.040 55.8% 280 40.0% 0.0% 3.0% 19‐Mar‐17 Ubar Hotels 0.129 0.100 6452 5002 473 0.009 0.004 42.3% 200 4.0% 0.0% 3.1% 19‐Mar‐17 Al Sharqia Inv. Holding 0.133 0.100 11970 9000 1,109 0.012 0.005 40.6% 450 5.0% 0.0% 3.8% 19‐Mar‐17 Al Maha Petro 1.590 0.100 109710 6900 8,086 0.117 0.100 85.3% 6900 100.0% 0.0% 6.3% 20‐Mar‐17 Ooredoo 0.604 0.100 393168 65094 46,300 0.071 0.042 59.0% 27339 42.0% 0.0% Al Omaniya Financial Services y 0.286 0.100 76608 26786 5,311 0.020 0.017 85.7% 4554 17.0% 0.0% Oman Cement 0.490 0.100 162128 33087 12,227 0.037 0.030 81.2% 9926 30.0% Al Anwar Ceramics 0.170 0.100 50356 29621 1,700 0.006 0.008 139.4% 2370 Al Jazeira Services 0.195 0.100 21785 11172 1,641 0.015 0.015 102.1% 1676 8‐Mar‐17 7.0% 20‐Mar‐17 5.9% 21‐Mar‐17 0.0% 6.1% 21‐Mar‐17 8.0% 0.0% 4.7% 21‐Mar‐17 15.0% 0.0% 7.7% 21‐Mar‐17 8.0% Salalah Beach Resort 1.380 1.000 8625 6250 498 0.080 0.080 100.4% 500 8.0% 0.0% 5.8% 22‐Mar‐17 Oman Orix Leasing Oman Orix Leasing 0 135 0.135 0 100 0.100 33890 25104 5 531 5,531 0 022 0.022 0 009 0.009 40 8% 40.8% 2259 9 0% 9.0% 4 0% 4.0% 6 7% 6.7% 22 Mar 17 22‐Mar‐17 Oman Oil Marketing 1.860 0.100 119970 6450 9,602 0.149 0.060 40.3% 3870 60.0% 0.0% 3.2% 23‐Mar‐17 National Bank of Oman 0.247 0.100 364271 147478 55,800 0.038 0.016 42.1% 23478 15.9% 5.0% 6.4% 26‐Mar‐17 Al Maha Ceramics 0.486 0.100 25515 5250 2,091 0.040 0.030 75.9% 1588 30.2% 4.8% 6.2% 26‐Mar‐17 Oman Cables 1.600 0.100 143520 8970 15,254 0.170 0.085 50.0% 7625 85.0% 0.0% 5.3% 26‐Mar‐17 Salalah Port Services 0.632 0.100 113657 17984 5,726 0.032 0.020 62.8% 3597 20.0% 0.0% 3.2% 27‐Mar‐17 Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 9
  10. 2016  Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   PAT  EPS  DPS Dividend  Cash  Cash  Payout (%) Dividends  Dividend Stock  Dividend Mand.  Mand Conv.  Bonds Dividend  AGM Date Yield (%) Port Services 0.322 0.100 30603 9504 2,716 0.029 0.055 192.4% 5227 55.0% 0.0% 17.1% 27‐Mar‐17 National Gas 0.532 0.100 29260 5500 2,796 0.051 0.011 21.6% 605 11.0% 9.1% 2.1% 27‐Mar‐17 Muscat National Holding Muscat National Holding 1 770 1.770 1 000 1.000 8850 5000 1 339 1,339 0 268 0.268 0 100 0.100 37 3% 37.3% 500 10 0% 10.0% 100 0% 100.0% 5 6% 5.6% 27 Mar 17 27‐Mar‐17 Taageer Finance 0.134 0.100 33981 25359 4,474 0.018 0.013 73.7% 3297 13.0% 0.0% 9.7% 27‐Mar‐17 Oman United Insurance 0.398 0.100 39800 10000 4,053 0.041 0.030 74.0% 3000 30.0% 0.0% 7.5% 28‐Mar‐17 Oman Chlorine 0.488 0.100 33233 6810 1,905 0.028 0.015 53.6% 1022 15.0% 0.0% 3.1% 28‐Mar‐17 Voltamp Energy 0.520 0.100 31460 6050 3,630 0.060 0.018 30.0% 1089 18.0% 17.0% 3.5% 29‐Mar‐17 A Saffa Foods 0.800 0.100 96000 12000 4,575 0.038 0.020 52.5% 2400 20.0% 0.0% 2.5% 29‐Mar‐17 Ominvest 0.526 0.100 334426 63579 23,900 0.038 0.015 39.9% 9537 15.0% 10.0% 2.9% 29‐Mar‐17 HSBC Bank Oman 0.128 0.100 256040 200031 16,900 0.008 0.005 59.2% 10002 5.0% 0.0% 3.9% 30‐Mar‐17 Dhofar Beverage 0.260 0.100 5200 2000 133 0.007 0.005 75.4% 100 5.0% 1.9% 30‐Mar‐17 Al Kamil Power l il 0 312 0.312 0 100 0.100 30030 9625 3 728 3,728 0 039 0.039 0 010 0.010 25 8% 25.8% 963 10 0% 10.0% 0 0% 0.0% 3 2% 3.2% 3 31‐Jul‐17 l Port Services 0.322 0.100 30603 9504 2851 30.0% 0.0% 9.3% 1‐Aug‐17 National Finance 0.156 0.100 42296 27113 6,349 0.023 0.014 59.8% 3796 14.0% 3.0% 9.0% Al Madina Takaful 0.100 0.100 17500 17500 1,661 0.009 0.006 NM 1050 6.0% 0.0% 6.0% Bank Dhofar 0.257 0.100 488094 189920 47,622 0.025 0.014 53.8% 25639 13.5% 7.5% 5.3% Ahli Bank 0.202 0.100 287857 142504 29,600 0.021 0.010 48.1% 14250 10.0% 0.0% 5.0% 0.030 Shell Oman 2.000 0.100 200000 10000 16,000 0.160 0.106 66.3% 10600 106.0% 0.0% 5.3% Bank Sohar 0.158 0.100 253511 160450 19,112 0.012 0.005 42.0% 8023 5.0% 10.0% 3.2% United Finance 0.155 0.100 50577 32630 4,505 0.014 0.010 72.4% 3263 10.0% 5.0% 6.5% Oman Fiber Optic 4 570 4.570 1 000 1.000 32973 7215 2 536 2,536 0 351 0.351 0 300 0.300 85 4% 85.4% 2165 30 0% 30.0% 0 0% 0.0% 6 6% 6.6% Muscat Finance 0.140 0.100 37341 26672 5,138 0.019 0.010 51.9% 2667 10.0% 7.0% 7.1% Salalah Mills 1.475 0.100 71041 4816 3,691 0.077 0.040 52.2% 1927 40.0% Oman Chromite 3.640 1.000 10920 3000 489 0.163 0.100 61.3% 300 10.0% 0.0% 2.7% Gulf Stone Gulf Stone 0.120 0.100 4356 3630 375 0.010 0.010 96.9% 363 10.0% 0.0% 8.3% Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 10 2.7%
  11. 2016  Final Dividends/ 2017 AGM Calendar  FY2016 Company‐ Figures in RO 000s Last Closing Par Value Market Cap  Equity   PAT  EPS  DPS Dividend  Cash  Cash  Payout (%) Dividends  Dividend Stock  Dividend Mand.  Conv.  Bonds Dividend  AGM Date Yield (%) Final Dividends Final Dividends Al Jazeera Steel Products 0.254 0.100 31724 12490 4,601 0.037 0.009 24.4% 1124 9.0% 0.0% 3.5% 23‐Mar‐17 Omantel 1.405 0.100 1053750 75000 116,700 0.156 0.070 45.0% 52500 70.0% 0.0% 5.0% 30‐Mar‐17 Gulf Hotels 10.495 1.000 35977 3428 1,735 0.506 0.250 49.4% 857 25.0% 0.0% 2.4% Sembcorp Salalah 0.245 0.100 233870 95457 14,629 0.015 0.004 23.5% 3436 3.6% 0.0% 1.5% 2‐Apr‐17 Omantel 1.405 0.100 1053750 75000 22500 30.0% 0.0% 2.1% Aug‐17 SMN Power 0.696 0.100 138946 19964 11,752 0.059 0.016 27.2% 3194 16.0% 0.0% 2.3% 1‐May‐17 Sembcorp Salalah 0.245 0.100 233870 95457 14,629 0.015 0.010 67.9% 9928 10.4% 0.0% 4.2% 1‐Nov‐17 SMN Power 0.696 0.100 138946 19964 3394 17.0% 0.0% 2.4% 25‐Nov‐17 Phoenix Power 0.146 0.100 213540 146260 18,458 0.013 0.003 25.4% 4680 3.2% 0.0% 2.2% Jul‐17 Phoenix Power 0.146 0.100 213540 146260 18,458 0.013 0.005 37.2% 6874 4.7% 0.0% 3.2% Jan‐18 0.030 0.017 Source: Bloomberg, GBCM Research, ** Div. Yield calculated on distributed Cash Dividends only GBCM Morning Briefing 11
  12. UAE  News Abu Dhabi Islamic Bank considering dollar sukuk issue (Source: Reuters)  Abu Dhabi Islamic Bank (ADIB) is considering whether to make a U.S. dollar‐denominated sukuk issue over the next few months, as per news sources. The lender could potentially issue in May this year.  The Islamic lender would join a number of Gulf Cooperation Council banks raising debt internationally through both Islamic and conventional b d to improve their bonds h liquidity, l d which h h has h been b curtailed l d by b low l oill prices, and d to bolster b l their h capitall ratios. UAE growth could reach 4% this year, says Minister of Economy (Source: The National)  The UAE Minister of Economy says he expects GDP growth to reach 3.5 to 4% this year, boosted by higher oil prices and infrastructure ‐projects under way ahead of Expo 2020.  That compares with growth of about 3.7 per cent last year, a somewhat more sanguine assessment than those of independent economists such as the IMF.  The IMF in October projected growth for the UAE of 2.3 per cent for 2016 and 2.5 per cent for 2017. Before 2015, the economy had been growing at more than 4 per cent for several years amid high oil prices. GBCM Morning Briefing 12
  13. GCC News Qatar Reinsurance launches $450 million perpetual bond (Source: Reuters)  Qatar Reinsurance Co., a subsidiary of Qatar Insurance Co., has launched a $450 million perpetual bond with a yield of 4.95%, a document issued by one of the lead banks showed.  Initial price guidance for the subordinated Tier 2 non‐call 5.5‐year bond was in the 5.5% area earlier. Pricing guidance was tightened to 5.125 percent area initially, ll and d then h further f h to 5 percent, before b f the h bond b d launch l h at 4.95% Saudi Aramco’s IPO on track to take place in H2 2018 (Source: Arabian Business)  Saudi Aramco’s listing process is going as planned, and is expected to take place in the second half of 2018, as per news sources quoting the chief executive of the company.  The listing will happen in the second half of 2018, everything is going smoothly and the company is evaluating different stock exchanges.  The CEO said an overhang in world oil supplies was expected to ease in the first half of 2017 and that the industry needed to maintain investments for the long term despite lower prices. Saudi housing ministry inks deal to build 462 homes in East Riyadh (Source: Argaam)  Saudi Arabia’s housing ministry has signed an agreement with local real estate development firm Al‐Tahaluf Real Estate Co. to build 462 residential villas in East Riyadh, the ministry said in a statement.  This comes as part of the public‐private partnerships recently approved by the Saudi cabinet.  The 85,000 square meter project offers high quality 436 duplex villas and 36 stand‐alone villas, at affordable prices ranging from SAR 530,000 to SAR 590,000, the statement said. GBCM Morning Briefing 13
  14. | Institutional Sales ‐ Hunaina Banatwala, (+968) 2235 0717 |Institutional Brokerage ‐ Talal Al Balushi, (+968) 2235 0725| | Equity Research ‐ Kanaga Sundar, Sundar (+968) 2235 0727 | Vijay Sridharan, Sridharan (+968) 2235 0728 | Disclaimer: This document has been prepared and issued by Gulf Baader Capital Markets SAOC ("the Company") on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all care has been taken to ensure that the facts stated are accurate and the opinions given are reasonable, neither Gulf Baader Capital Markets SAOC nor any employee shall be in anyway responsible for the contents of this report. report The Company may have a position and may perform buying/selling for itself or its clients in any security mentioned in this report. This is not an offer to buy or sell the investments referred therein. 3/7/2017 GBCM Morning Briefing 14