GCC Market Watch - 4 April

Transcription

1. GCC Market Watch April 04 , 2017 GCC Market Watch Regional Markets Today Country Current %Chg 1D %Chg YTD Bahrain (BAX) 1,348.5 0.1 10.5 Kuwait (KWSE) 7,015.8 0.2 22.1 Oman (MSI) 5,623.4 0.5 (2.8) Qatar (DSMI) 10,391.7 0.5 (0.4) S.Arabia (TASI) 6,986.2 0.3 (3.1) UAE (DFM) 3,559.7 0.6 0.8 UAE (ADSM) 4,548.9 1.8 0.1 98.5 (0.1) (1.0) S&P GCC Source: Bloomberg Note: S&P GCC index as of previous day Regional market wrap-up All GCC Markets traded in green today with ADX being the leader (+1.8%). Tadawul closed 0.3% higher; SABIC gained 1.7% and STC was up 1%. DFM was 0.6% higher driven by DIB (+1.8%) and Emaar (+1.2%). ADX ended in green (+1.8%) led by NBAD up 4.8% and ADCB 0.7% higher. DSM increased 0.5% with Al Rayan (+3.2%) and IQ (+1%). KWSE gained 0.2% with KFH (+1.9%) and Boubyan Bank (+1.2%). MSM was in green (+0.5%) led by Bank Muscat (+3.1%) and Omnatel (+0.4%). BHB ended 0.1% higher as Alba gained 1.4% and BISB advanced 2.9%. CDS-5years Dubai Bahrain Current 113 219 AbuDhabi Qatar KSA 42 62 97 Previous day 115 221 41 62 99 Week ago 123 231 44 67 102 Month ago 114 218 43 63 Year ago 220 370 95 95 155 In the news…  TAQA cut its workforce by 25% through cutting 1,000 jobs across its international operations, according to a statement. The company successfully completed its two-year strategic transformation process which saved AED 13.2bn and reduced the number of employees, the board’s report to the Abu Dhabi Securities Exchange said. TAQA’s losses by the end of 2016 stood at AED 19bn due to a drop in basic commodities prices, which led to a decline in the value of its oil and gas assets. Its fourth quarter losses reached AED 17bn. Source: Company Announcement  Bank Muscat has successfully closed an Additional Equity Tier (AET) 1 Capital transaction amounting to OMR 130mn on a private placement basis. This will increase the capital adequacy ratio of the Bank by approximately 1.4%. This transaction will help the Bank to leverage various capital instruments and enhance the capital base for supporting business growth and improving return on equity. The Bank is issuing this type of AET 1 Capital instrument for the first time. As at 2016, the bank's CAR stood at 16.9%, and Tier 1 ratio reached 14.75%. Source: Company Announcement  Turk Telekom’s majority owner, OTAS Oger missed another payment of USD 290mn due last week on its USD 4.75bn of syndicated loan, of which USD 4.6bn is outstanding currently. Recall, the company had missed the September’16 payment of USD 290mn, due to depreciation of Turkish Lira vs. USD which dented its dividends received in local currency. Saudi Telecom Co. offered the banks to lend it USD 160mn, in exchange of an ownership percentage in the company, which the lenders rejected in February 2017 as it involved taking a loss of USD 1bn on the debt’s principal. Source: Bloomberg 93 Source: Bloomberg as of LTD International Indices GCC- Equities Country Current %Chg 1D %Chg YTD DJIA 20,650.2 (0.1) 4.5 S&P 2,358.8 (0.2) 5.4 NASDAQ 5,894.7 (0.3) 9.5 2.4 FTSE 7,312.9 0.4 DAX 12,248.0 (0.1) 6.7 NIKKEI 18,810.3 (0.9) (1.6) 965.1 0.7 11.9 MSCI EM Source: Bloomberg @Apr-04 03:41 PM Oil Price Trend Brent Future Contract Oct-16 Feb-17 Jun-16 Feb-16 Oct-15 Jun-15 Feb-15 Oct-14 Jun-14 Oct-13 Feb-14 Jun-13 140 120 100 80 60 40 20 SICO Research Commodity and Currency Monitor Current %Chg 1D %Chg YTD OPEC Basket 50.68 0.5 (4.9) Brent Future 53.52 0.8 (5.8) Nymex 1M Fut 50.55 0.6 (5.9) Gold Spot 1,259.6 0.6 9.2 USD / Yen 110.39 0.6 (5.4) Euro / USD 1.0655 (0.1) 1.0 Source: Bloomberg @Apr-04 03:41 PM Raneem Seroor +973 -17515000 (extn - 5096) raneem.seroor@sicobahrain.com GCC Market Statistics Country Mcap Vol Turnover Trades $ bn mn shr $ mn VWAP 16A 17E 16A 16A 16A Saudi 432.9 110.7 685.3 60,380 17.4 15.1 1.6 3.3 10.3 UAE 196.3 336.2 143.9 4,123 13.0 11.4 1.4 4.6 11.2 85.1 290.9 83.5 5,706 15.0 14.5 1.2 3.4 8.0 145.4 10.5 84.9 3,067 13.9 12.4 1.6 3.4 12.6 Bahrain 19.8 2.9 2.0 63 9.5 9.8 0.9 5.2 8.8 Oman 20.7 25 11 994 9.5 9.5 1.0 4.8 11.2 GCC 900 776 1,011 74,333 13.5 12.6 1.5 3.7 10.3 Kuwait Qatar Source: SICO Research, Bloomberg, Reuters, Zawya © SICO 2017 All Rights Reserved Attention is drawn to the disclaimer and other information in the end P/E (x) P/B(x) D/Yld(%) ROE(%)
2. SICO RESEARCH GCC MARKET WATCH GCC Market Cap Heavyweights Company Last Vol . Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E 14.7 SABIC (KSA) 98.59 4,766 78.9 1.7 7.8 99.00 74.25 5.6 11.0 4.1 1.8 16.5 Etisalat (UAE) 18.00 1,138 42.6 0.3 -4.3 20.20 17.15 NA NA NA NA NA NA STC (KSA) 68.19 146 36.4 1.0 -6.0 74.00 51.00 8.6 14.2 5.9 2.3 16.0 15.4 QNB (Qatar) 146.50 92 33.8 0.3 -1.1 157.27 121.36 2.0 21.7 2.4 2.3 9.9 9.2 Al Rajhi (KSA) 63.10 1,522 27.3 0.1 0.0 67.50 48.60 2.5 16.5 3.6 2.0 12.6 11.4 Saudi Electric (KSA) 23.20 608 25.8 -0.2 2.8 25.80 14.30 0.6 3.5 3.0 1.6 45.7 31.8 NCB Inds Qatar (Qatar) NBK (Kuw) Samba (KSA) 38.57 452 20.6 0.4 -9.5 46.30 32.00 2.1 17.4 4.1 1.5 8.3 7.5 109.70 94 18.2 1.0 -6.6 122.00 94.50 8.3 8.8 3.6 2.0 22.5 16.1 0.68 438 12.5 0.0 9.8 0.72 0.52 1.2 10.4 4.6 1.2 12.2 11.8 20.76 268 11.1 -0.6 -14.7 25.20 15.90 2.1 12.1 4.6 1.0 8.3 8.3 Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. GCC Telecom and Transportation Universe Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E 20.20 17.15 NA NA NA NA NA NA Etisalat (UAE) 18.00 1,138 42.6 0.3 -4.3 STC (KSA) 68.19 146 36.4 1.0 -6.0 74.00 51.00 8.6 14.2 5.9 2.3 16.0 15.4 Ooredoo (Qatar) 99.70 63 8.8 1.1 -2.1 116.10 81.50 2.4 10.0 3.5 1.4 14.6 12.4 DU (UAE) 6.19 405 7.7 -0.2 -0.2 6.99 5.56 NA NA NA NA NA NA ZAIN (Kuw) 0.46 1,195 6.3 0.0 12.2 0.52 0.32 4.5 10.2 NA 1.2 11.4 13.5 Etihad Etisalat (KSA) 22.50 808 4.6 -0.3 -6.2 32.20 16.40 -0.5 (1.3) NA 1.1 NA 95.9 Omantel (Oman) 1.39 88 2.7 0.4 -8.3 1.69 1.35 14.4 20.8 7.9 1.8 8.9 10.3 NMTC (Ooredoo) 1.12 1 2.0 0.0 -6.7 1.38 1.00 3.3 7.1 8.9 0.9 12.1 11.1 Batelco (Bah) 0.27 2 1.2 0.0 -6.3 0.31 0.27 3.8 7.4 9.3 0.9 11.8 9.7 21.80 77 18.1 2.1 24.5 22.25 15.53 NA NA NA NA NA NA DP World (UAE) Agility (Kuw) 0.65 441 2.7 1.6 4.8 0.77 0.45 3.5 5.6 4.4 0.9 15.4 16.4 Air Arabia (UAE) 1.10 10,132 1.4 0.9 -17.3 1.49 1.06 NA NA NA NA NA NA Aramex (UAE) 5.08 605 2.0 0.2 24.8 5.50 3.02 NA NA NA NA NA NA Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. GCC Banking Large Caps Company QNB (Qatar) Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E 146.50 92 33.8 0.3 -1.1 157.27 121.36 2.0 21.7 2.4 2.3 9.9 9.2 Al Rajhi (KSA) 63.10 1,522 27.3 0.1 0.0 67.50 48.60 2.5 16.5 3.6 2.0 12.6 11.4 NCB 38.57 452 20.6 0.4 -9.5 46.30 32.00 2.1 17.4 4.1 1.5 8.3 7.5 First Gulf Bk (UAE) 12.90 - 15.8 0.0 0.4 14.00 10.50 NA NA NA NA NA NA NBAD (UAE) 10.90 8,135 15.5 4.8 9.1 11.00 7.60 NA NA NA NA NA NA ENBD (UAE) 8.30 21 12.6 0.0 -2.2 9.00 7.60 NA NA NA NA NA NA NBK (Kuw) 0.68 438 12.5 0.0 9.8 0.72 0.52 1.2 10.4 4.6 1.2 12.2 11.8 20.76 268 11.1 -0.6 -14.7 25.20 15.90 2.1 12.1 4.6 1.0 8.3 8.3 0.54 5,842 9.9 1.9 10.0 0.57 0.40 1.0 9.2 3.1 1.6 17.1 16.0 Saudi British (KSA) 21.82 71 8.7 0.3 -12.7 25.90 16.40 2.1 13.1 3.5 1.0 8.4 7.6 Masraf AlRayan (Qatar) 42.20 2,069 8.7 3.2 12.2 44.20 32.10 2.4 16.6 4.7 2.5 15.3 16.6 Riyad Bk (KSA) 10.30 802 8.2 -0.6 -10.8 11.80 8.55 1.5 9.0 6.3 0.8 9.2 7.9 Saudi Fransi (KSA) 25.60 264 8.2 -0.6 -1.6 27.80 18.00 1.8 12.3 4.5 1.0 8.8 8.0 102.10 36 6.6 0.2 -1.7 117.00 91.00 1.6 15.6 4.7 1.7 11.2 10.6 19.75 75 5.3 0.3 -10.6 22.50 14.25 1.7 12.6 4.6 0.8 6.9 7.3 0.71 665 4.8 0.0 21.2 0.79 0.55 1.7 16.3 6.4 1.4 8.4 8.1 33.25 - 3.0 0.0 2.3 45.24 30.20 0.4 3.1 NA 0.7 21.7 10.5 Samba (KSA) KFH (Kuw) QISB (Qatar) Arab Nat Bk (KSA) AUB (Bah) CBQ (Qatar) Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 2
3. SICO RESEARCH GCC MARKET WATCH GCC Oil , Gas & Petroleum Universe Company SABIC (KSA) Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E 98.59 4,766 78.9 1.7 7.8 99.00 74.25 5.6 11.0 4.1 1.8 16.5 14.7 109.70 94 18.2 1.0 -6.6 122.00 94.50 8.3 8.8 3.6 2.0 22.5 16.1 Yansab (KSA) 57.97 137 8.7 0.2 7.3 59.75 37.00 11.2 14.6 5.2 2.0 14.2 13.5 Safco (KSA) 67.00 103 7.4 0.4 -10.2 82.00 58.00 12.1 14.4 3.7 4.0 26.6 19.8 Nakilat (Qatar) 21.34 135 3.3 0.0 -7.6 25.20 21.05 3.1 19.7 4.6 2.3 12.5 11.6 Kayan (KSA) 8.10 4,211 3.2 -0.5 -8.4 9.45 4.95 0.3 1.1 NA NA 90.2 32.4 Tasnee (KSA) 17.45 273 3.1 0.2 -0.1 20.00 8.85 0.6 3.2 NA 1.4 45.8 17.4 Petrorabigh (Saudi) 12.74 1,524 3.0 0.3 8.3 14.00 8.65 0.1 0.4 NA 1.3 304.4 80.7 Sahara Petro (KSA) 15.58 963 1.8 0.6 5.6 15.90 8.30 4.7 7.4 4.8 1.2 16.4 17.6 Sipchem (KSA) 17.30 927 1.7 -0.2 -8.5 19.75 11.80 0.4 1.2 3.8 1.1 90.6 11.7 0.45 1,817 0.9 0.0 -16.7 0.61 0.42 NA NA NA NA NA NA Inds Qatar (Qatar) Dana Gas (UAE) Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. GCC Real Estate, Construction & Materials Universe Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E Emaar (UAE) 7.44 3,618 14.5 1.2 4.3 7.79 5.89 NA NA NA NA NA NA Ezdan (Qatar) 15.77 1,049 11.5 -0.1 4.4 20.24 14.63 3.7 6.0 3.2 1.4 23.1 22.6 Aldar Properties (UAE) 2.28 6,008 4.9 -0.4 -13.3 2.99 2.22 NA NA NA NA NA NA Damac (UAE) 2.90 4,002 4.8 -0.3 14.6 2.97 1.91 NA NA NA NA NA NA Saudi Cem (KSA) 59.25 160 2.4 -0.8 -16.8 71.75 47.00 20.6 27.6 4.6 2.8 10.1 17.7 Southern Cem (KSA) 59.78 177 2.2 -2.2 -27.4 83.50 52.50 20.3 27.1 7.9 2.6 9.5 16.2 United Devt (Qatar) 20.00 1,093 1.9 1.3 -3.1 22.94 18.01 3.3 5.8 6.2 0.7 11.4 10.3 Taiba (KSA) 45.17 666 1.8 3.7 12.4 45.80 31.30 5.6 6.5 3.5 1.8 27.3 27.3 5.93 2,879 1.7 0.0 -3.7 7.40 4.45 1.0 1.4 NA 0.4 25.5 18.3 79.50 6 1.3 0.6 1.7 86.18 73.10 13.5 16.0 5.0 1.5 9.9 8.8 0.49 19 1.3 1.0 19.5 0.53 0.36 6.6 10.4 4.0 2.0 18.6 18.6 Arabtec Hold. (UAE) 0.94 43,973 1.2 0.3 -28.2 1.81 0.81 NA NA NA NA NA NA Yamamah Cem (KSA) 17.74 529 1.0 -1.4 -22.4 30.40 15.55 9.2 9.9 5.6 1.0 9.8 15.2 Deyaar (UAE) 0.58 12,788 0.9 -0.5 -6.8 0.71 0.50 NA NA NA NA NA NA Raysut Cem (Oman) 1.37 70 0.7 0.7 -7.8 1.63 0.95 10.1 13.5 4.8 1.7 13.2 12.4 Saudi Real Est (KSA) 21.19 272 0.7 0.6 -20.4 28.00 14.80 1.4 2.7 4.7 0.7 27.8 12.5 Drake & Scull (UAE) 0.47 34,492 0.3 0.4 -2.9 0.64 0.43 NA NA NA NA NA NA Nass Corp (Bah) 0.13 209 0.1 -0.8 8.3 0.15 0.09 2.5 5.4 3.8 0.5 9.4 6.4 Dar Al Arkan (KSA) Qat Natl Cem (Qatar) Kuwait Cem (Kuw) Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. GCC Consumer Universe Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E Almarai (KSA) 69.75 38 14.9 -0.2 1.8 71.00 50.00 7.4 16.6 1.3 4.3 26.8 26.0 Savola (KSA) 41.40 31 5.9 0.0 3.2 44.90 27.80 -1.8 (4.7) 1.8 2.6 NA 20.1 2.50 1 3.5 0.0 -3.8 2.64 1.94 8.5 18.1 3.9 3.4 17.0 16.2 132.75 16 3.2 -0.1 15.0 141.00 81.00 29.2 48.7 5.3 7.8 16.2 15.7 Kt. Foods (Kuw) Jarir (KSA) AlHokair (KSA) 31.95 269 1.8 -0.8 -13.2 54.50 20.20 4.3 11.7 NA 2.4 21.3 13.4 Othaim (KSA) 107.38 8 1.3 -0.8 8.7 111.00 63.00 0.0 29.5 NA 3.9 21.2 18.6 Sadafco (KSA) 134.04 9 1.2 -0.7 7.6 161.75 111.00 NA 28.0 3.0 3.7 14.2 14.3 Agthia (UAE) 6.33 63 1.0 -1.1 -10.8 7.90 5.36 NA NA NA NA NA NA Nadec (KSA) 28.71 3,549 0.6 4.4 19.8 30.40 16.50 2.6 7.2 NA 1.7 24.3 19.3 0.85 - 0.3 0.0 21.7 0.86 0.51 18.8 24.1 5.3 2.1 8.7 8.7 Oman Flour (Oman) Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 3
4. SICO RESEARCH GCC MARKET WATCH Bahrain  BHB ended 0.1% higher as Alba gained 1.4% and BISB advanced 2.9%. Bahrain Cinema rose 4% and Al Salam Bank was 1% higher. ABC declined 1.4% and Al KHCB was down 0.9%. BBK and Al Baraka Bank decreased 1.1% each. Nass closed 0.8% lower. AUB was the top traded stock today with 665k traded shares. Bahrain Markets Turnover USD mn RHS 1,390 BSE index 7.00 5.00 1,360 4.00 1,350 3.00 1,340 2.00 1,330 1.00 1,320 0.00 4-Apr 3-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 2-Apr 6.00 1,370 20-Mar 1,380 Bahrain Markets Vol 000 - RHS 120 Trades (VWAP) 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - 100 80 60 40 20 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 20-Mar - Bah Cinema Co Bah Islamic Bk ALBA Al Salam Bk N/A Top Losers Company Arab Bnking Co $ BBK Al Baraka $ Khaleeji Comm Bk Nass Corp BAHRAIN Index (Intraday) 12:40 PM 12:20 PM 12:00 PM 11:40 AM 11:20 AM 11:00 AM 10:40 AM 10:20 AM 10:00 AM 9:40 AM Top Movers Company 9:20 AM 1,350 1,349 1,348 1,347 1,346 1,345 1,344 1,343 1,342 1,341 Top Gainers Company Ahli United Bk $ Ithmaar Bank $ ALBA BBK Nass Corp Last Pr BD 1.30 0.14 0.42 0.10 N/A ---Change--BD 0.05 0.00 0.01 0.00 N/A % 4.0 2.9 1.4 1.0 N/A Vol '000 29 127 527 20 N/A Last Pr BD 0.35 0.36 0.45 0.12 0.13 ---Change--BD (0.01) (0.00) (0.01) (0.00) (0.00) % (1.4) (1.1) (1.1) (0.9) (0.8) Vol '000 110 261 22 25 209 Last Pr BD 0.705 0.17 0.42 0.36 0.13 ---Change--BD % 0.01 1.4 (0.00) (1.1) (0.00) (0.8) Vol '000 665 650 527 261 209 Bahrain - Performance and Valuation of Major Listed Companies Company Last Vol. Mcap Price Traded US$ ---Price Chg--- ---52 Week--Last YTD High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E AUB $ ** 0.71 665 4.8 0.0 21.2 0.79 0.55 1.7 16.3 6.4 1.4 8.4 8.1 NBB 0.67 - 1.9 0.0 2.4 0.70 0.52 1.9 14.9 4.1 1.7 12.1 10.7 GFH $ 0.71 - 1.6 0.0 52.1 0.75 0.20 7.3 12.2 3.8 0.8 7.3 75.0 ALBA 0.42 527 1.6 1.4 31.3 0.42 0.26 4.1 5.0 5.0 0.6 12.3 10.3 Batelco 0.27 2 1.2 0.0 -6.3 0.31 0.27 3.8 7.4 9.3 0.9 11.8 9.7 ABC $ 0.35 110 1.1 -1.4 -5.4 0.40 0.31 0.6 4.8 8.6 0.3 5.9 5.8 BBK 0.36 261 1.0 -1.1 -11.0 0.40 0.31 1.5 15.1 8.4 1.0 6.8 6.8 UGB 0.39 - 0.9 0.0 11.4 0.39 0.30 0.2 1.6 NA 2.2 137.9 137.9 Al Salam 0.10 20 0.6 1.0 -11.9 0.13 0.08 1.0 5.1 4.8 0.7 13.7 12.4 Ithmaar Bank $ 0.17 650 0.5 0.0 36.0 0.26 0.10 0.0 0.2 NA 1.2 - - Al Baraka 0.45 22 0.5 -1.1 -4.6 0.49 0.35 0.6 11.5 2.2 0.4 3.4 3.2 Bah Islamic Bk 0.14 127 0.4 2.9 13.8 0.14 0.08 0.8 7.5 3.6 1.2 16.8 15.7 BCFC 0.68 - 0.3 0.0 1.5 0.73 0.65 6.5 17.4 7.2 0.9 5.6 5.3 Seef Properties 0.22 160 0.3 0.0 3.7 0.25 0.18 7.2 8.0 6.3 0.7 9.4 10.4 Zain Bahrain 0.09 - 0.1 0.0 -6.0 0.15 0.09 3.6 6.6 5.3 0.5 8.1 8.2 Esterad 0.14 - 0.1 0.0 -17.2 0.19 0.14 1.8 2.2 7.1 0.6 24.9 24.9 Source: SICO Research, Bloomberg, Reuters (** PER based on diluted capital), Data as of LTD. 4
5. SICO RESEARCH GCC MARKET WATCH Kuwait  Kuwait Markets Turnover USD mn RHS 7,100 KSE Index 140,000 80,000 6,900 60,000 6,850 40,000 6,800 20,000 6,750 - 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 21-Mar 23-Mar 100,000 6,950 22-Mar 120,000 7,000 20-Mar 7,050 KWSE gained 0.2% with KFH (+1.9%) and Boubyan Bank (+1.2%). CBK rose 2.4% and Burgan Bank went up 1.5%. Agility closed 1.6% higher, while Viva Kuwait declined 1.1%. Kuwait Markets Vol 000 - LHS 600,000 Trades (VWAP) 8,000 Top Gainers Company 6,000 Al Argan Intl 4,000 Kwt Bld Mat Mfg Gulf Inv House 2,000 First Dubai R.E Livestock T.T Co 400,000 200,000 - 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 20-Mar - Top Losers Company Consumer Indust Yiaco Medical Co Adv Technology Metal &Recycling Amwal Intl Invest KUWAIT Index (Intraday) Ithmaar Bank Abyaar Real Est Al Mudon Intl Real Est Gulf Inv House Kwt Syrian Hldg 12:25 PM 12:05 PM 11:45 AM 11:25 AM 11:05 AM 10:45 AM 10:25 AM 10:05 AM 9:45 AM 9:25 AM 9:05 AM Top Movers Company 8:45 AM 7,020 7,015 7,010 7,005 7,000 6,995 6,990 6,985 6,980 6,975 6,970 Last Pr KWD 0.200 0.136 0.048 0.064 0.214 ---Change--KWD 0.028 0.010 0.003 0.003 0.010 % 16.3 7.9 5.5 4.9 4.9 Vol '000 1 0 14,672 3,934 70 Last Pr KWD 0.100 0.250 0.970 0.072 0.082 ---Change--KWD (0.010) (0.020) (0.070) (0.005) (0.005) % (9.1) (7.4) (6.7) (6.5) (5.7) Vol '000 15 3 0 20 4,327 Last Pr KWD 0.051 0.028 0.050 0.048 0.043 ---Change--KWD (0.00) (0.00) 0.00 0.00 (0.00) % (1.9) (3.4) 1.0 5.5 (1.2) Vol '000 15,746 15,630 14,771 14,672 13,685 Kuwait - Performance and Valuation of Major Listed Companies Company Last Vol. Mcap Price Traded US$ ---Price Chg--- ---52 Week--Last YTD High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E NBK 0.68 438 12.5 0.0 9.8 0.72 0.52 1.2 10.4 4.6 1.2 12.2 11.8 KFH 0.54 5,842 9.9 1.9 10.0 0.57 0.40 1.0 9.2 3.1 1.6 17.1 16.0 ZAIN 0.46 1,195 6.3 0.0 12.2 0.52 0.32 4.5 10.2 NA 1.2 11.4 13.5 AUB Kuwait 0.22 5,136 5.2 0.0 23.6 0.25 0.16 1.7 16.3 6.4 1.4 8.4 8.1 Kt. Food (Americana) 2.50 1 3.5 0.0 -3.8 2.64 1.94 8.5 18.1 3.9 3.4 17.0 16.2 Boubyan Bank 0.41 124 3.1 1.2 9.0 0.43 0.35 1.3 11.2 1.2 2.2 21.6 21.6 Agility (PWC) 0.65 441 2.7 1.6 4.8 0.77 0.45 3.5 5.6 4.4 0.9 15.4 16.4 Gulf Bank 0.25 639 2.6 0.0 2.5 0.30 0.21 0.8 7.8 2.7 1.3 17.5 16.2 Kuwait Inv Pro Co 0.50 59 2.6 0.0 0.0 0.58 0.49 0.6 8.3 4.6 1.2 13.9 11.3 Mabanee 0.83 161 2.5 0.0 -2.4 0.91 0.74 7.9 15.4 1.2 2.1 14.5 13.8 Burgan Bank 0.34 10,037 2.4 1.5 11.5 0.35 0.30 1.0 10.8 1.5 1.1 10.2 8.4 CBK 0.44 3 2.1 2.4 6.1 0.51 0.30 1.0 7.0 3.6 1.1 15.4 17.5 ooredoo 1.12 1 2.0 0.0 -6.7 1.38 1.00 3.3 7.1 8.9 0.9 12.1 11.1 Al Ahli Bank 0.31 11 1.7 0.0 1.7 0.36 0.29 0.6 4.9 3.3 0.9 18.3 16.5 Viva Kuwait 0.90 84 1.6 -1.1 -3.2 1.06 0.80 15.0 NM 1.1 3.7 11.3 11.2 Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 5
6. SICO RESEARCH GCC MARKET WATCH Oman  Oman Markets Turnover USD mn RHS 5,700 MSM index 30.0 25.0 5,650 20.0 5,600 MSM was in green (+0.5%) led by Bank Muscat (+3.1%) and Omnatel (+0.4%). Bank Dhofar closed (+1.4%) and Bank Sohar advanced 0.7%. Galfar gained 1.2% and Raysut Cement increased 0.7%. Oman Cement fell 4.4%. 15.0 5,550 10.0 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 0.0 21-Mar 5.0 5,450 20-Mar 5,500 Oman Markets 1,400 1,200 1,000 800 600 400 200 - 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar Trades (VWAP) 28-Mar 27-Mar 26-Mar 22-Mar 21-Mar 20-Mar 23-Mar Vol 000 - LHS 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 - Top Gainers Company Al Madina Takaful Insurance Bank Muscat Jazeera Steel Al Anwar Cer Til Batna Dev. Inv. Top Losers Company Asaffa Poultry Oman Cement Co Taageer Finance Om Fisheries Co Voltamp Energy Oman Index (Intraday) 5,640 5,630 5,620 Top Movers Company 5,610 Al Anwar Holding Al Madina Takaful Insurance Bank Nizwa Al Anwar Cer Til Nat Bank Of Oman 5,600 12:05 PM 11:45 AM 11:25 AM 11:05 AM 10:45 AM 10:25 AM 10:05 AM 9:45 AM 9:25 AM 9:05 AM 5,580 8:45 AM 5,590 Last Pr OMR 0.10 0.40 0.24 0.16 0.10 ---Change--OMR % 0.00 3.2 0.01 3.1 0.01 2.6 0.00 2.5 0.00 2.2 Vol '000 3,038 642 16 2,755 341 Last Pr OMR 0.59 0.48 0.12 0.16 0.45 ---Change--OMR % (0.062) (9.5) (0.022) (4.4) (0.005) (4.0) (0.006) (3.5) (0.016) (3.4) Vol '000 250 260 25 1,320 8 Last Pr OMR 0.21 0.10 0.10 0.16 0.23 ---Change--OMR % 0.00 0.9 0.00 3.2 0.00 2.5 - Vol '000 4,642 3,038 2,775 2,755 1,764 Oman - Performance and Valuation of Major Listed Companies Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E Omantel 1.39 88 2.7 0.4 -8.3 1.69 1.35 14.4 20.8 7.9 1.8 8.9 10.3 Bank Muscat 0.40 642 2.5 3.1 -10.6 0.47 0.36 1.5 12.0 6.5 0.6 5.5 5.6 Bank Dhofar 0.22 149 1.0 1.4 4.7 0.25 0.19 1.3 12.2 NA 0.9 8.0 7.5 Ooredoo Oman 0.55 96 0.9 0.0 -17.0 0.77 0.53 11.6 20.5 7.7 1.5 7.7 8.1 NBO 0.23 1,764 0.9 0.0 2.8 0.26 0.21 1.6 13.6 6.9 0.8 6.1 6.2 OMINVEST 0.49 2 0.8 0.0 6.1 0.52 0.41 1.0 10.4 NA 1.4 13.5 13.5 Raysut Cement 1.37 70 0.7 0.7 -7.8 1.63 0.95 10.1 13.5 4.8 1.7 13.2 12.4 Ahli Bank Oman 0.19 - 0.7 0.0 -3.1 0.21 0.17 1.6 12.6 5.3 1.1 9.2 8.3 HSBC Oman 0.13 600 0.7 0.0 7.5 0.13 0.10 0.8 5.4 3.9 0.8 15.3 15.3 Bank Sohar 0.14 799 0.6 0.7 -2.4 0.17 0.13 0.9 7.4 NA 0.8 11.8 9.4 Shell Oman Mktg 1.89 - 0.5 0.0 -5.8 2.03 1.85 17.9 38.5 5.9 4.0 11.2 11.9 Oman Cement 0.48 260 0.4 -4.4 1.3 0.50 0.43 6.4 7.9 6.3 1.0 12.3 12.2 Bank Nizwa 0.10 2,775 0.4 0.0 14.5 0.10 0.07 0.0 0.1 NA 1.3 1,518 121.6 Salalah Port Ser 0.63 - 0.3 0.0 0.0 0.65 0.62 NA NA NA NA NA NA Renaissance 0.22 8 0.2 0.0 -7.5 0.34 0.18 -5.7 (27.2) NA 0.5 NA NA Galfar 0.09 423 0.1 1.2 -7.4 0.12 0.08 -1.2 (8.0) NA 0.3 NA NA Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 6
7. SICO RESEARCH GCC MARKET WATCH Qatar  DSM increased 0.5% with Al Rayan (+3.2%) and IQ (+1%). Ooredoo gained 1.1% and QNB increased 0.3%. Qatar Insurance and Barwa Real Estate went up 0.7% each. Doha Bank declined 1.6% and Qatar Navigation was 0.5% lower. Nationals were net sellers. Qatar Markets Turnover USD mn RHS 10,500 DSM index 160 140 120 100 80 60 40 20 - 10,450 10,400 10,350 10,300 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 20-Mar 10,250 Qatar Markets Vol 000 - LHS 24,000 Trades (VWAP) 8,000 6,000 16,000 4,000 8,000 2,000 - 3-Apr 4-Apr 30-Mar 2-Apr 28-Mar 29-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 20-Mar Qa Islamic Ins Al Ahli Bk Qatar Masraf Al Rayan Qat Ger Med Dev Qa Intl Is Bk Top Losers Company - Al Khaleej Ins Doha Bk Ltd Medicare Group Mazaya Qatar Dlala Brokerage Qatar Index (Intraday) Masraf Al Rayan Vodafone Qatar United Dvlpmnt Ezdan Real Est Al-Khalij Holding 1:00 PM 12:40 PM 12:20 PM 12:00 PM 11:40 AM 11:20 AM 11:00 AM 10:40 AM 10:20 AM 10:00 AM 9:40 AM 9:20 AM Top Movers Company 9:00 AM 10,400 10,380 10,360 10,340 10,320 10,300 10,280 10,260 10,240 Top Gainers Company Last Pr QAR 63.70 35.90 42.20 10.04 65.90 ---Change--QAR 5.20 1.90 1.30 0.29 0.90 % 8.9 5.6 3.2 3.0 1.4 Vol '000 1 4 2,069 116 216 Last Pr QAR 20.20 30.95 93.30 14.35 22.74 ---Change--QAR (1.30) (0.50) (1.40) (0.20) (0.16) % (6.0) (1.6) (1.5) (1.4) (0.7) Vol '000 17 165 84 424 5 Last Pr QAR 42.20 9.48 20.00 15.77 61.20 ---Change--QAR % 1.30 3.2 (0.04) (0.4) 0.25 1.3 (0.02) (0.1) 0.20 0.3 Vol '000 2,069 1,612 1,093 1,049 684 Qatar - Performance and Valuation of Major Listed Companies Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E QNB 146.50 92 33.8 0.3 -1.1 157.27 121.36 2.0 21.7 2.4 2.3 9.9 9.2 Industries Qatar 109.70 94 18.2 1.0 -6.6 122.00 94.50 8.3 8.8 3.6 2.0 22.5 16.1 Ezdan Real Estate 15.77 1,049 11.5 -0.1 4.4 20.24 14.63 3.7 6.0 3.2 1.4 23.1 22.6 Ooredoo 99.70 63 8.8 1.1 -2.1 116.10 81.50 2.4 10.0 3.5 1.4 14.6 12.4 Al Rayan 42.20 2,069 8.7 3.2 12.2 44.20 32.10 2.4 16.6 4.7 2.5 15.3 16.6 Q. Elec.& Water 221.00 39 6.7 0.1 -2.6 247.90 199.00 10.8 19.7 3.4 2.9 15.8 14.5 Qatar Islamic Bk 102.10 36 6.6 0.2 -1.7 117.00 91.00 1.6 15.6 4.7 1.7 11.2 10.6 Qatar Insurance 71.00 49 4.8 0.7 -3.7 79.74 60.87 3.9 14.7 2.1 2.1 16.7 13.2 Barwa Real Estate 35.80 92 3.8 0.7 7.7 41.80 29.00 5.6 9.0 7.0 0.8 8.7 8.7 135.00 31 3.4 0.1 1.2 151.38 126.61 9.2 12.5 5.7 1.7 13.9 13.5 Qatar Gas (Nakilat) 21.34 135 3.3 0.0 -7.6 25.20 21.05 3.1 19.7 4.6 2.3 12.5 11.6 CBQ 33.25 - 3.0 0.0 2.3 45.24 30.20 0.4 3.1 NA 0.7 21.7 10.5 Qatar Intl.Islamic Bk 65.90 216 2.7 1.4 4.9 71.50 58.10 1.9 12.9 6.1 1.5 12.7 13.1 Qatar Navigation 75.10 97 2.4 -0.5 -21.4 97.00 74.50 3.2 5.1 4.6 0.6 12.1 8.6 Doha Bank 30.95 165 2.2 -1.6 -8.2 39.11 29.90 1.2 9.3 9.7 0.9 7.6 7.5 Al Khaliji Bank 14.61 32 1.4 0.0 -14.1 18.49 13.65 0.7 5.9 NA 0.7 13.7 12.2 Qatar Fuel Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 7
8. SICO RESEARCH GCC MARKET WATCH Saudi Arabia  Tadawul closed 0.3% higher; SABIC gained 1.7% and STC was up 1%. NCB increased 0.4% and SABB was 0.3% higher. SAFCO closed (+0.3%) and Dallah Healthcare advanced 2.5%. NADEC went up 4.4%, while Farm declined 1.6% and Almarai decreased 0.2%. Samba, BSF and Riyad Bank declined 0.6% each. Saudi Markets Turnover USD mn RHS 7,050 TASI 1,000 900 800 700 600 500 400 300 200 100 - 7,000 6,950 6,900 6,850 6,800 6,750 4-Apr 3-Apr 2-Apr 30-Mar 28-Mar 29-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 20-Mar 6,700 Saudi Markets 3-Apr 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 - 4-Apr 2-Apr 29-Mar 30-Mar Trades (VWAP) 28-Mar 27-Mar 26-Mar 22-Mar 21-Mar 20-Mar 23-Mar Vol 000 - LHS 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 - Top Gainers Company Natl Agr Dev Makkah Construct Taibah Tabuk Agr Dev Co Dallah Healthcare Top Losers Company Riyad REIT Cement South Qassim Cement Farm Superstores Gulf Gen Coop Ins SAUDI ARABIA Index (Intraday) 6,990 6,980 6,970 Top Movers Company 6,960 6,950 Alinma Sa Basic Ind Saudi Kayan Tabuk Agr Dev Co Riyad REIT 6,940 2:25 PM 2:05 PM 1:45 PM 1:25 PM 1:05 PM 12:45 PM 12:25 PM 12:05 PM 11:25 AM 11:45 AM 11:05 AM 10:45 AM 10:25 AM 9:45 AM 6,920 10:05 AM 6,930 Last Pr SAR 28.71 112.38 45.17 12.56 103.00 ---Change--SAR 1.22 4.73 1.63 0.35 2.50 % 4.4 4.4 3.7 2.9 2.5 Vol '000 3,549 215 666 4,072 91 Last Pr SAR 13.31 59.78 50.25 29.61 17.88 ---Change--SAR (0.34) (1.32) (0.96) (0.47) (0.27) % (2.5) (2.2) (1.9) (1.6) (1.5) Vol '000 3,871 177 62 381 444 Last Pr SAR 14.93 98.59 8.10 12.56 13.31 ---Change--SAR % 1.63 1.7 (0.04) (0.5) 0.35 2.9 (0.34) (2.5) Vol '000 21,919 4,766 4,211 4,072 3,871 Saudi Arabia - Performance and Valuation of Major Listed Companies Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E SABIC 98.59 4,766 78.9 1.7 7.8 99.00 74.25 5.6 11.0 4.1 1.8 16.5 14.7 Saudi Telecom 68.19 146 36.4 1.0 -6.0 74.00 51.00 8.6 14.2 5.9 2.3 16.0 15.4 Al Rajhi Bank 63.10 1,522 27.3 0.1 0.0 67.50 48.60 2.5 16.5 3.6 2.0 12.6 11.4 Saudi Electricity 23.20 608 25.8 -0.2 2.8 25.80 14.30 0.6 3.5 3.0 1.6 45.7 31.8 NCB 38.57 452 20.6 0.4 -9.5 46.30 32.00 2.1 17.4 4.1 1.5 8.3 7.5 Al Marai Company 69.75 38 14.9 -0.2 1.8 71.00 50.00 7.4 16.6 1.3 4.3 26.8 26.0 Samba 20.76 268 11.1 -0.6 -14.7 25.20 15.90 2.1 12.1 4.6 1.0 8.3 8.3 Saudi British Bank 21.82 71 8.7 0.3 -12.7 25.90 16.40 2.1 13.1 3.5 1.0 8.4 7.6 Riyad Bank 10.30 802 8.2 -0.6 -10.8 11.80 8.55 1.5 9.0 6.3 0.8 9.2 7.9 Banque Saudi Fransi 25.60 264 8.2 -0.6 -1.6 27.80 18.00 1.8 12.3 4.5 1.0 8.8 8.0 SAFCO 67.00 103 7.4 0.4 -10.2 82.00 58.00 12.1 14.4 3.7 4.0 26.6 19.8 Savola Group 41.40 31 5.9 0.0 3.2 44.90 27.80 -1.8 (4.7) 1.8 2.6 NA 20.1 Arab National Bank 19.75 75 5.3 0.3 -10.6 22.50 14.25 1.7 12.6 4.6 0.8 6.9 7.3 Etihad Etisalat 22.50 808 4.6 -0.3 -6.2 32.20 16.40 -0.5 (1.3) NA 1.1 NA 95.9 National Industry 17.45 273 3.1 0.2 -0.1 20.00 8.85 0.6 3.2 NA 1.4 45.8 17.4 Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 8
9. SICO RESEARCH GCC MARKET WATCH UAE Top Movers Company Eshraq Properties Rak Properties Ad Natl Energy Natl Bk Of Ad Aldar Properties Last Pr AED 10 .90 0.66 1.10 1.94 1.09 ---Change--AED % 0.50 4.8 0.02 3.1 0.03 2.8 0.04 2.1 0.01 0.9 Vol '000 8,135 16,374 38 398 18,817 Last Pr AED 0.54 0.40 1.96 1.35 6.33 ---Change--AED % (0.03) (5.3) (0.02) (4.8) (0.03) (1.5) (0.02) (1.5) (0.07) (1.1) Vol '000 14,066 352 773 126 63 Last Pr AED 1.09 0.66 0.54 10.90 2.28 ---Change--AED % 0.01 0.9 0.02 3.1 (0.03) (5.3) 0.50 4.8 (0.01) (0.4) Vol '000 18,817 16,374 14,066 8,135 6,008 Top Gainers Company Natl Cement Co Gulf Navigation Db Islamic Bk Emaar Properties Db Invst Co Top Losers Company Db Isl Ins&Reins Dar Takaful Ajman Bank DXB Entertainment Gulf Gen Inv Co Top Movers Company Arabtec DSI Union Prop DXB Entertainment Dfm 1:05 PM 12:45 PM 12:05 PM 12:25 PM 12:05 PM 12:25 PM 11:25 AM 11:45 AM 10:45 AM 11:05 AM 10:05 AM 3-Apr 2-Apr 30-Mar 3,560 3,550 3,540 3,530 3,520 Last Pr AED 3.50 1.55 5.76 7.44 2.52 ---Change--AED % 0.29 9.0 0.05 3.3 0.10 1.8 0.09 1.2 0.03 1.2 Vol '000 8 835 9,556 3,618 3,734 Last Pr AED 0.82 1.22 1.30 1.04 0.45 ---Change--AED % (0.01) (1.7) (0.02) (1.6) (0.02) (1.5) (0.01) (1.0) (0.00) (0.9) Vol '000 1,536 623 1,814 28,570 489 Last Pr AED 0.94 0.47 1.02 1.04 1.31 ---Change--AED % 0.00 0.3 0.00 0.4 (0.01) (1.0) 0.01 0.8 Vol '000 43,973 34,492 28,832 28,570 17,964 1:05 PM 12:45 PM 11:25 AM 11:45 AM 10:45 AM 11:05 AM 10:05 AM 10:25 AM 3,500 9:25 AM 3,510 9:45 AM 29-Mar 28-Mar 27-Mar 4-Apr 3,570 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar Trades (VWAP) 28-Mar 27-Mar 26-Mar 23-Mar 20-Mar 4-Apr 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 20-Mar 21-Mar - 22-Mar 20 21-Mar 60 40 Ad Natl Energy Al Khazna Ins Co Int Fish Farming Sharjah Islamic Em Foodstuff Vol 000 - LHS 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 - 140 80 Top Losers Company DUBAI Index (Intraday) Dubai Markets DFM index 100 Natl Bk Of Ad Rak Properties Gulf Cement Co Waha Capital Eshraq Properties 26-Mar 23-Mar 22-Mar 21-Mar 4-Apr 20-Mar - 10:25 AM 500 - 9:25 AM 1,000 9:45 AM 1,500 100,000 8:45 AM 2,000 50,000 120 Top Gainers Company 2,500 150,000 Dubai Markets Turnover USD mn RHS 3,580 3,560 3,540 3,520 3,500 3,480 3,460 3,440 3,420 3,400 3,380 Trades (VWAP) 200,000 9:05 AM Vol 000 - LHS 250,000 4,580 4,560 4,540 4,520 4,500 4,480 4,460 4,440 4,420 4,400 8:45 AM 180 160 140 120 100 80 60 40 20 - 3-Apr 2-Apr 30-Mar 29-Mar 28-Mar 27-Mar 26-Mar 23-Mar 22-Mar 21-Mar 20-Mar 4,560 4,540 4,520 4,500 4,480 4,460 4,440 4,420 4,400 4,380 4,360 ABUDHABI Index (Intraday) Abu Dhabi Markets ADSM index 9:05 AM Abu Dhabi Markets Turnover USD mn RHS  DFM was 0.6% higher driven by DIB (+1.8%) and Emaar (+1.2%). DFM was up 0.8% and Arabtec closed 0.3% higher. DSI gained 0.4%, while DXBE fell 1%. Emaar Malls decreased 0.7% and Damac was down 0.3%. Nationals were net sellers.  ADX ended in green (+1.8%) led by NBAD up 4.8% and ADCB 0.7% higher. UNB gained 0.9% and Etisalat increased 0.3%. Agthia went down 1.1% and Aldar declined 0.4%. Nationals were net sellers. UAE - Performance and Valuation of Major Listed Companies Company Last Vol. Mcap Price Traded US$ ---Price Chg--Last YTD ---52 Week--High Low ROA ---2016--ROE DivYld ------------Valuation--------PBV PER PER* LCY ('000) bn % % LCY LCY % % 2016 2016 2016 2017E 18.4 Etisalat 18.00 1,138 42.6 0.3 -4.3 20.20 17.15 6.6 19.6 4.4 3.7 18.6 First Gulf Bank 12.90 - 15.8 0.0 0.4 14.00 10.50 2.5 18.2 7.8 1.7 9.8 9.8 NBAD 10.90 8,135 15.5 4.8 9.1 11.00 7.60 1.2 13.2 4.2 1.4 11.3 11.3 Emaar 7.44 3,618 14.5 1.2 4.3 7.79 5.89 6.6 13.2 2.0 1.3 10.2 9.2 Emirates NBD 8.30 21 12.6 0.0 -2.2 9.00 7.60 1.6 15.5 4.8 1.0 6.9 6.8 ADCB 6.81 979 10.4 0.7 -1.3 7.68 5.66 1.6 15.7 5.5 1.4 9.5 8.2 Emaar Mall 2.67 5,113 9.5 -0.7 1.9 3.10 2.47 7.5 11.9 3.7 2.2 18.5 16.4 DU 6.19 405 7.7 -0.2 -0.2 6.99 5.56 9.6 22.4 8.9 3.6 16.1 15.7 Dubai Islm Bank 5.76 9,556 6.2 1.8 3.4 6.29 4.90 1.9 20.5 9.7 1.3 7.4 6.8 Aldar Properties 2.28 6,008 4.9 -0.4 -13.3 2.99 2.22 7.8 13.3 4.8 0.8 6.4 6.9 Damac Properties 2.90 4,002 4.8 -0.3 14.6 2.97 1.91 15.4 32.9 5.2 1.4 4.7 4.8 Union National Bk 4.43 438 3.3 0.9 -2.4 4.85 3.38 1.5 9.4 4.5 0.8 8.1 6.5 DFM 1.31 17,964 2.9 0.8 4.8 1.64 1.06 2.9 3.2 3.8 1.3 41.3 31.6 Arabtec 0.94 43,973 1.2 0.3 -28.2 1.81 0.81 -26.4 (109) NA 1.5 NA NA AD Nat Engy (Taqa) 0.54 14,066 0.9 -5.3 1.9 0.68 0.44 -2.1 (123) NA 3.7 NA NA Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD. 9
10. SICO RESEARCH GCC MARKET WATCH NOTES Contact Details BMB Centre , 1 Floor P.O Box 1331, Diplomatic Area Manama Kingdom of Bahrain  * PER 2017E : The P/E Ratios for the companies in this report are based on the following estimates (in descending order of preference) 1. Broker Consensus / SICO Estimates (where available) 2. Annualized performance of 2016 (based on results announced so far) 3. SICO estimates based on past performance and normalized operations 4. Assumption of status-quo of profits in 2016 where the none of the above is available  2016 ROA / ROE may not tally with reported figures from individual companies as SICO Research has tried to normalize financials to remove the impact of exception items.  LTD stands for last traded day.  The Sector Universes in Page 2 & 3 have been compiled on the basis of market capitalisations of the biggest companies in the respective sectors (while ensuring a fair representation from each country).  In each market page the ‘# Trans’ has been smoothened on days when markets are closed in order to avoid distortion in the graphs. Smoothening of the data assumes the number of transactions on days where the markets were closed, is the same as the preceding day.  Intra-day index movements’ graphs are based on ticks of 5 minutes.  Last / Closing Prices used in this report are the ‘last actual trades’ and may differ from the official closing prices quoted by individual stock exchanges (which in some cases are volume weighted averages).  This report is provided for information purpose only and the actual performance / valuation ratios of individual companies may vary from those published in this report. Readers are strongly advised to check relevant company sources / stock exchanges site before taking any investment decision. st Investment Research research@sicobahrain.com Head of Research Nishit Lakhotia, CFA, CAIA Tel: (Direct) +973 – 17515021 Brokerage Fadhel Makhlooq Tel: (Direct): +973 – 17515202 Visit us at www.sicobahrain.com Securities & Investment Company BSC Disclaimer This report does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for any securities. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness and are subject to change without notice. Investors must make their own investment decisions. Past performance is not necessarily a guide to future performance. Nothing in this report should be construed as investment or financial advice or as an advice to buy or sell the securities of the company referred to in this report. SICO and/or its clients may have positions in or options on the securities mentioned in this report or any related investments, may effect transactions or may buy, sell or offer to buy or sell such securities or any related investments. Additional information on the contents of this report is available on request. Copyright Notice © Securities and Investment Company 2017. This report is being supplied to the recipient for information and not for circulation and may not be reproduced, redistributed or passed on to any other person or published, in whole or in part. 10