MENA Market Report - 10 December

Transcription

1. MENA Morning Report Sunday , December 10, 2017 Overview Regional Markets: MENA markets have continued to remain under pressure as five out of the eight indexes ended in red, while two in green and one remained unchanged for the day. The geopolitical crisis is weighing on investors sentiments, which have remained more or less the tone for the most of the year 2017. For the week, the regional markets have ended on a negative note as six out of the eight indexes ended in red, while two in green. For the day, UAE markets ended on a negative note as Abu Dhabi was down by 0.8%, while Dubai was unchanged during the session. Saudi Arabia closed on a positive note as it was up by 0.8% for the day, which was supported by 2.1% rise in energy sector stocks. The index has continued to maintain the positive momentum throughout the week, which has helped in extending the gains to 1.2%. Egypt closed lower by 0.4% for the day, extending the losses recorded during the week. Qatar closed lower for the second consecutive session as the index was down by 0.3% for the day. Kuwait closed on a negative note as it was down by 0.2% for the day, which pushed the index into the red during the week. Bahrain closed higher by 0.2%, while Oman was down by 0.5% for the day. For the week, Egypt was the worst performer with losses of 2.0%, followed by 1.3% in Bahrain and 0.8% in Dubai, while Saudi Arabia was the best performer with gains of 1.2%, followed by 0.8% in Qatar. International Markets: US markets closed in green as DJIA, Nasdaq and S&P were all up by 0.5%, 0.4% and 0.6% respectively for the day. European markets closed on a positive note as FTSE, DAX and CAC were all up by 1.0%, 0.8% and 0.3% respectively. Asian markets have closed on a positive note as Nikkei, Hang Seng and Shanghai were up by 1.4%, 1.2% and 0.6% respectively. Headlines (WW) US household net worth USD 96.9tn in third quarter 2017 (GCC) Gulf Arab trade bloc at risk as regional rifts widen (WW) US mortgage rates rise, though remain historically low (GCC) Islamic banking assets set for 5% growth (WW) US consumer borrowing up USD 20.5bn in October (GCC) Region's SMEs need funds, but getting them is challenging (WW) UK employers pick up pace of hiring, Brexit challenge nears (SA) Jordan, Saudi Arabia to sign agreement to connect power grids (WW) China November exports growth at eight-month high (SA) Saudi, US institutes hold discussion on regional, bilateral issues (WW Japan manufacturers' mood steady in positive sign (AE) UAE is second largest FDI recipient country in MENA (WW) S.Korea to enhance monitoring of debt-ridden companies (AE) UAE optimistic about continued compliance to OPEC deal (WW) India's new envoy invites Chinese investments (AE) France expects increased investments from the UAE (CMD) Oil prices steady as Chinese demand counters stronger dollar (QA) Qatar continues to grow with fiscal stability (CMD) Gold rises on bargain hunting after slumping to over four-month low (QA) Qatar c. bank says it has plenty of reserves to support riyal (FX) Pound edges higher on positive UK inflation report (OM) Omani, Korean companies explore business prospects (FX) Gold rises on bargain hunting after slumping to over four-month low (EG) Egypt's budget deficit records 2% in Q1 FY 2017/2018 (FI) Euro zone bond yields rise as Brexit progress weakens safe-haven demand (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,393.46 -0.0% -0.8% -0.8% -3.9% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,276.93 -0.8% -0.1% -0.1% -5.9% ˅ ˅ ˅ Saudi (SASEIDX) 7,085.51 0.8% 1.2% 1.2% -1.7% ˄ ˅ ˅ Kuwait (KWSE) 6,186.94 -0.2% -0.2% -0.2% 7.6% ˅ ˅ ˅ Egypt (EGX30) 14,294.73 -0.4% -2.0% -2.0% 15.8% ˄ ˄ ˄ Qatar (DSM) 7,773.59 -0.3% 0.8% 0.8% -25.5% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,267.39 0.2% -1.3% -1.3% 3.8% ˄ ˅ ˅ Oman (MSM30) 5,066.09 -0.5% -0.9% -0.9% -12.4% ˄ ˄ ˅ MENA Market Statistics Volume (mln) 3M Avg. Volume (mln) 6M Avg. Volume (mln) Value (USD mln) 3M Avg. Value (USD mln) 6M Avg. Value (USD mln) Market Cap (USD mln) Dubai (DFMGI) 302 244 231 154 105 94 79,393 Abu Dhabi (ADSMI) 49 95 105 23 46 45 127,599 Saudi (SASEIDX) 343 157 148 1,370 834 812 444,113 Kuwait (KWSE) 88 100 87 36 68 63 75,578 Egypt (EGX30) 177 406 340 42 79 65 21,693 Qatar (DSM) 9 9 9 49 64 68 90,513 Bahrain (BHSEIDX) 3 4 3 2 3 2 20,198 Oman (MSM30) 10 20 17 6 13 10 14,222 Index * ST trend based on a 5x25 day SMA crossover; MT trend based on a 25x100 day SMA crossover; LT trend based on a 50x200 day SMA crossover Data & News Source: Thomson Reuters 1
2. MENA Morning Report Sunday , December 10, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 14.1 12 9.3 10.5 10.9 11.3 386.2 9.4 300 239.3 188.3 4 1.2 1.5 Current 489.3 10.9 8 2.1 1.6 - - 1.1 0.8 0.9 Bahrain Oman - 178.1 106.9 87.2 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 35% 8% 6% Previous 600 5.9% 5.6% 15.8% 21% 7.6% 5.3% 5.1% 4.4% 3.8% 7% 4% 3.7% 3.4% -7% 2% -3.9% -5.9% -1.7% -12.4% -21% 0.0% -25.5% 0.0% -35% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Sunday , December 10, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) EMAAR DEVELOPMENT PJSC 5.34 -3.78% 0 37,893 22,465 DAMAC PROPERTIES DUBAI CO PSC 3.32 -2.35% 0 2,761 5,210 3,090 AL SALAM BANK SUDAN PLC 1.78 -2.20% 116 209 1.98% 4,617 35,343 DUBAI INVESTMENTS PJSC 2.33 -2.10% 6,327 14,901 1.33% 723 714 DAR AL TAKAFUL PJSC 0.85 -1.85% 451 386 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ESHRAQ PROPERTIES COMPANY PJSC 0.72 5.88% 22,691 15,884 AL KHALEEJ INVESTMENT CO PJSC 2.80 -6.67% 61 176 ABU DHABI AVIATION 2.79 3.33% 94 258 ABU DHABI NATIONAL FOR BUILDING 0.43 -4.44% 150 66 METHAQ TAKAFUL INSURANCE CO 0.75 2.74% 162 120 UNION NATIONAL BANK PJSC 3.84 -3.27% 55 216 SUDATEL TELECOM GROUP LTD 0.57 1.79% 51 29 RAS AL KHAIMAH CEMENT CO PSC 0.63 -3.08% 96 61 DANA GAS PJSC 0.69 1.47% 7,973 5,461 UNITED ARAB BANK PJSC 1.95 -2.50% 5 10 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI ARABIAN AMIANTIT CO SJSC 7.55 10.87% 13,224 94,950 RAYDAN COMPANY CJSC 15.22 -6.17% 7 102 SAUDI KAYAN PETROCHEMICAL CO 10.02 9.99% 36,827 352,255 AL-OMRAN INDUSTRIAL AND TRADING 15.00 -5.66% 20 304 DAR AL ARKAN REAL ESTATE DEV 12.88 7.87% 121,001 1,501,628 AL ASEEL CO LTD 62.20 -5.61% 10 662 METHANOL CHEMICALS COMPANY 8.82 6.91% 20,513 175,075 BAAZEEM TRADING COMPANY CJSC 24.00 -2.83% 6 139 SAUDI INTNL PETROCHEMICAL 16.20 5.19% 1,038 16,399 SAUDI ENAYA COOPERATIVE INS 20.42 -2.39% 880 18,195 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT RESORTS COMPANY KPSC 79.00 11.11% 11 1 INOVEST BSC 81.50 -11.89% 25,901 2,253 WETHAQ TAKAFUL INSURANCE CO 43.00 7.50% 25 1 HAYAT COMMUNICATIONS CO KSCP 70.00 -10.26% 1 0 70.00 -7.16% 1 0 Close * DoD % Volume ('000) Value (AED ‘000) DRAKE AND SCULL INTERNATIONAL 2.15 4.88% 0 192,823 UNION PROPERTIES PJSC 0.84 2.96% 0 MARKA PJSC 0.60 2.39% EMAAR PROPERTIES PJSC 7.73 AMLAK FINANCE PJSC 0.99 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Top Losers AFAQ EDUCATIONAL SERVICES CO 95.00 5.56% 21 2 KAMCO INVESTMENT CO KSCP 68.80 5.36% 3 0 KUWAIT AND GULF LINK TRANSPORT 58.20 -6.73% 80 5 AL-KOUT INDUSTRIAL PROJECTS CO 610.00 5.17% 4 2 KUWAIT REAL ESTATE HOLDING CO 32.00 -5.88% 6 0 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) 2.21 5.24% 2,598 5,598 ALEXANDRIA MEDICAL SERVICES CO 23.89 -9.47% 0 11 MENA FOR TOURISTIC AND RE Egypt Top Losers GULF FRANCHISING HOLDING CO KSCP Top Gainers Qatar Top Losers EXTRACTED OIL AND DERIVATIVES CO Top Losers 1.84 5.14% 10,390 18,651 NATIONAL COMPANY FOR HOUSING 27.55 -8.41% 1 23 UPPER EGYPT FLOUR MILLS SAE 162.65 5.10% 0 75 EL EBOUR COMPANY FOR RE 5.79 -7.66% 3 15 DELTA INSURANCE CO SAE 18.23 4.46% 2 38 MINAPHARM PHARMACEUTICALS SAE 70.00 -7.04% 2 113 ARAB MOLTAQA INVESTMENTS CO 16.74 4.43% 7 107 ALEXANDRIA FLOUR MILLS 29.32 -6.95% 4 133 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ISLAMIC INSURANCE CO QPSC 52.80 10.00% 2 97 AHLI BANK QSC 30.03 -9.66% 0 3 WIDAM FOOD CO QSC 57.00 4.59% 51 2,821 EZDAN HOLDING GROUP QSC 9.21 -7.81% 853 8,186 QATAR INDUSTRIAL MANUFACTURING 40.50 3.85% 0 11 QATAR OMAN INVESTMENT CO QSC 7.00 -5.15% 3 21 QATAR INTERNATIONAL ISLAMIC 49.50 2.38% 61 2,996 AAMAL CO QPSC 6.94 -3.21% 82 580 QATAR INSURANCE CO SAQ 43.44 2.24% 120 5,140 ALIJARAH HOLDING CO QPSC 9.41 -3.19% 252 2,410 Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Sunday , December 10, 2017 Top 30 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * DoD % YTD % Volume ('000) Value (USD ‘000) 52w High * 52w Low * P/E P/B Div. Yield (T12M) 1 Saudi Basic Industries Corporation SJSC SA 81,280 101.60 0.6% 11.0% 4,568 123,749 105.40 90.50 16 1.9 5.9% 2 Emirates Telecommunications Group Co AE 38,956 16.45 -0.3% -12.5% 1,006 4,507 19.00 15.75 16 3.4 4.9% 3 Saudi Telecom Company SJSC SA 37,067 69.50 -0.1% -4.1% 55 1,021 78.90 64.50 14 2.3 5.8% 4 First Abu Dhabi Bank PJSC AE 30,119 10.15 -1.5% 1.6% 1,462 4,040 11.55 9.72 11 1.1 4.4% 5 Qatar National Bank QPSC QA 30,090 118.60 0.5% -19.9% 168 5,478 157.27 115.01 8 1.4 2.7% 6 Al Rajhi Banking & Investment Corp SA 27,690 63.90 0.3% 1.4% 2,024 34,487 71.70 61.00 12 1.9 3.5% 7 National Commercial Bank SJSC SA 27,093 50.80 0.2% 19.2% 186 2,526 58.00 37.00 11 1.6 3.1% 8 Saudi Electricity Company SJSC SA 26,711 24.04 -0.4% 7.3% 1,453 9,317 26.05 19.05 10 1.3 2.9% 9 DP World Ltd AE 20,244 24.39 0.8% 39.3% 105 695 24.90 16.60 20 2.1 1.6% 10 Saudi Arabian Mining Co SJSC SA 16,608 53.30 -1.5% 36.7% 453 6,438 57.00 37.50 185 2.4 0.0% 11 Emaar Properties PJSC AE 15,070 7.73 2.0% 8.4% 4,617 9,718 8.95 6.96 9 1.2 1.9% 12 Almarai Co SJSC SA 14,960 56.10 1.1% 2.4% 236 3,529 78.64 51.80 27 4.0 1.3% 13 Jabal Omar Development Co SJSC SA 14,846 59.90 1.4% -19.9% 544 8,684 75.60 58.90 413 5.5 0.0% 14 Industries Qatar QSC QA 14,709 88.51 -1.7% -24.7% 38 915 122.00 85.00 21 1.6 4.5% 15 National Bank of Kuwait SAKP KW 13,934 710.00 -0.3% 14.7% 741 1,745 800.00 609.52 14 1.3 4.0% 16 Emirates NBD Bank PJSC AE 12,258 8.10 0.0% -4.6% 941 2,075 9.00 7.95 6 0.8 4.9% 17 Samba Financial Group SJSC SA 11,915 22.34 0.6% -8.3% 394 2,347 27.10 19.80 9 1.0 4.3% 18 Kuwait Finance House KSCP KW 10,765 563.00 -0.4% 14.7% 1,333 2,488 650.00 463.64 17 1.7 2.7% 19 Saudi British Bank SJSC SA 10,760 26.90 0.4% 7.6% 38 275 28.55 20.05 10 1.2 2.6% 20 Emirates Islamic Bank PJSC AE 10,351 7.00 0.0% - 1 2 11.95 1.57 76 5.3 0.0% 21 Riyad Bank SJSC SA 9,600 12.00 0.5% 3.9% 474 1,515 12.20 10.10 11 1.0 5.4% 22 Abu Dhabi Commercial Bank PJSC AE 9,512 6.72 -1.8% -2.6% 578 1,057 7.68 6.53 9 1.1 6.0% 23 Banque Saudi Fransi SJSC SA 9,161 28.50 1.4% 9.2% 64 486 33.40 22.10 10 1.1 3.7% 24 Yanbu National Petrochemicals Co SJSC SA 8,910 59.40 -2.0% 10.0% 301 4,762 61.90 49.70 15 2.1 5.1% 25 Kingdom Holding Co SA 8,341 8.44 1.8% 0.0% 1,283 2,888 12.95 7.90 49 1.0 0.0% 26 Dubai Islamic Bank PJSC AE 8,075 6.00 -1.3% 7.7% 2,265 3,700 6.29 5.36 8 1.2 7.5% 27 Emaar Malls PJSC AE 7,407 2.09 -0.5% -20.2% 769 438 2.80 2.08 14 1.7 4.8% 28 Alinma Bank SJSC SA 7,232 18.08 1.5% 19.7% 31,444 151,596 18.50 13.95 15 1.3 2.8% 29 Ooredoo QSC QA 7,215 82.00 -0.1% -19.4% 55 1,239 116.10 78.00 14 1.2 4.3% 30 Masraf Al Rayan QPSC QA 7,007 34.01 -1.1% -9.5% 283 2,642 45.40 33.32 12 2.0 5.9% Company Name Total M-Cap; W. Avg Yield 547,885 3.8% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services Authority). The information contained in this report does not constitute any offer to sell securities or the solicitation of any offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended to be used by experienced investment persons with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority, and as such should not be relied upon by or distributed to “Retail Clients”. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization’s estimates and views and does not represent the views of AMCML and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCML has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCML takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCML does not accept any liability for any loss arising from the use of material presented in this report. AMCML may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCML may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCML research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. 4