MENA Market Report - 12 December

Transcription

1. MENA Morning Report Tuesday , December 12, 2017 Overview Regional Markets: MENA markets ended on a slightly positive note as investors are cautious ahead of the Fed's meeting, which is likely to increase interest rates by another 25 bps. GCC central banks are likely to follow the US Fed, which is likely to increase the borrowing cost of regional comp anies, thus impacting the bottom line. On the positive note, oil prices rising above $65 per barrel should further help regional governments in improving the fiscal positions going forward. For the regional markets, four out of the eight indexes closed in green, while three ended in red and one remained unchanged for the day. UAE markets extended the gains to close on a positive note as Dubai and Abu Dhabi were both up by 0.5% and 1.4% respectively for the day. The market breadth in Dubai was mixed as the day witnessed 16 advancers against 15 decliners, while 7 remained unchanged during the session. Saudi Arabia closed on a negative note as it was down by 0.6% for the day, giving away most of the gains recorded in the previous session. Qatar closed on a positive note as it was up by 1.2% for the day, extending the gains to 1.9% in the past two sessions. Egypt closed marginally higher as it was up by 0.1% for the day, maintaining the positive sentiments and extending the gains to 0.9% in the past two sessions. Kuwait closed marginally lower by 0.1% for the day, continuing to remain under pressure. Oman was down by 0.4%, while Bahrain was unchanged for the day. International Markets: US markets closed in green as DJIA, Nasdaq and S&P were all up by 0.2%, 0.5% and 0.3% respectively for the day. European markets closed on a negative note as DAX and CAC were down by 0.2% each, while FTSE was up by 0.8% for the day. At the time of writing this report, Asian markets have opened on a negative note as Nikkei, Hang Seng and Shanghai are all down by 0.2%, 0.5% and 0.6% respectively. Headlines (WW) US economy is at risk of overheating if rate rises fail to filter (SA) Saudi Arabia leads region's IPO drive (WW) US Economy added 228,000 jobs in November (SA) Saudi private sector supports job creation (WW) China's commitment to open economy boosts Belt and Road participation (AE) Private sector business conditions improve in Dubai (WW) China volatility darkens 2018 investment outlook (AE) Dubai’s 2018 budget approved with expenditure of AED 56.6bn (WW) Manufacturing sector continues to shine in UK economy (AE) Dubai PMI slips in November as job creation slows (WW) UK aims for EU trade deal that tops Canada pact after Brexit (AE) Dubai economy asks businesses not to hike prices ahead of VAT (WW) UK has tied its Brexit hands (QA) Ruwais port market to boost local economy (WW) UK consumers cut spending in run-up to Christmas (QA) Qatar-Indonesia trade volume reaches QAR 1.8bn (WW) EU agrees biggest free trade deal with Japan (KW) Kuwait expects oil market to rebalance in late 2018 (CMD) Gold steadies above 4-month low amid looming U.S. rate hike (EG) Egypt revives dream of Abu Dhabi-like capital in the desert (CMD) Oil prices drop on increased U.S. drilling activity (EG) Egypt's inflation falls to lowest this year (FX) Dollar holds gains after U.S. jobs data, but off highs due to wages (OM) Cultural affinity with Oman creates export opportunities (FX) Pound to face twin forces of BOE and Brexit once again this week (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,414.05 0.5% 0.6% -0.2% -3.3% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,356.30 1.4% 1.9% 1.7% -4.2% ˅ ˅ ˅ Saudi (SASEIDX) 7,100.46 -0.6% 0.2% 1.4% -1.5% ˄ ˅ ˅ Kuwait (KWSE) 6,155.60 -0.1% -0.5% -0.7% 7.1% ˅ ˅ ˅ Egypt (EGX30) 14,426.75 0.1% 0.9% -1.1% 16.9% ˄ ˄ ˄ Qatar (DSM) 7,923.07 1.2% 1.9% 2.7% -24.1% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,265.09 -0.0% -0.2% -1.5% 3.7% ˅ ˅ ˅ Oman (MSM30) 5,041.06 -0.4% -0.5% -1.3% -12.8% ˅ ˄ ˅ 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) 319 245 232 143 106 94 79,446 Abu Dhabi (ADSMI) 33 95 105 16 46 45 129,959 Saudi (SASEIDX) 305 159 149 1,279 844 816 449,112 Index Kuwait (KWSE) 45 98 86 27 67 63 75,578 Egypt (EGX30) 180 404 341 60 80 66 21,622 Qatar (DSM) 7 9 9 47 64 68 91,158 Bahrain (BHSEIDX) 4 4 3 2 3 2 20,156 Oman (MSM30) 6 20 17 4 13 10 14,200 * 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 ** Indicates markets last closed on Wednesday 1
2. MENA Morning Report Tuesday , December 12, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 14.3 9.3 10.6 11.0 11.4 386.2 9.4 300 8 239.3 188.3 4 1.2 1.5 2.1 1.7 - - 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 8% 6% Current 489.3 10.9 12 Previous 600 35% 5.9% 5.5% 5.1% 16.9% 21% 5.3% 7.1% 4.4% 4% 3.7% 3.4% -7% 2% 3.7% 7% -3.3% -4.2% -1.5% -12.8% -21% 0.0% -24.1% 0.0% 0% -35% 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 Tuesday , December 12, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value Top Losers Close * DoD % Volume ('000) Value (AED ‘000) DUBAI INVESTMENTS PJSC 2.30 5.22% 0 62,553 AL RAMZ CORPORATION INVESTMENT 1.47 -8.16% 0 2 MASHREQBANK PSC 66.00 4.55% 0 65 EMIRATES NBD BANK PJSC 8.20 -2.44% 0 3,938 AMANAT HOLDINGS PJSC 1.26 3.17% 147,074 182,462 GULF NAVIGATION HOLDING PJSC 1.34 -2.24% 1,316 1,783 NATIONAL CENTRAL COOLING CO PJSC 1.77 2.82% 8,320 14,525 ISLAMIC ARAB INSURANCE CO PSC 0.51 -2.15% 13,786 7,136 EMAAR DEVELOPMENT PJSC 5.35 2.62% 2,825 14,922 MARKA PJSC 0.60 -1.67% 377 228 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) GULF PHARMACEUTICAL INDUSTRIES 2.15 11.16% 21 42 AL KHALEEJ INVESTMENT CO PJSC 2.80 -7.14% 1 2 EMIRATES INSURANCE COMPANY PSC 6.00 8.33% 100 577 ABU DHABI NATIONAL INSURANCE CO 4.00 -5.00% 10 41 ALQUDRA HOLDING PJSC 1.15 5.22% 8,000 8,972 METHAQ TAKAFUL INSURANCE CO 0.75 -1.33% 531 401 EMIRATES TELECOMMUNICATIONS 16.60 3.01% 833 13,627 UNION NATIONAL BANK PJSC 3.84 -0.78% 251 968 ABU DHABI NATIONAL FOR BUILDING 0.43 2.33% 31 13 WAHA CAPITAL PJSC 1.77 -0.56% 604 1,072 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) AL JOUF CEMENT CO SJSC 8.65 5.90% 9,044 76,052 DAR AL ARKAN REAL ESTATE DEVELOP 14.00 -10.00% 80,905 1,195,591 ANAAM INTERNATIONAL HOLDING 14.28 5.46% 3,226 44,878 METHANOL CHEMICALS COMPANY 9.45 -8.68% 16,521 163,545 SOLIDARITY SAUDI TAKAFUL CO JSC 20.80 5.29% 2,199 44,588 SAUDI KAYAN PETROCHEMICAL CO 10.64 -6.30% 29,120 320,247 UNITED INTERNATIONAL TRANSPORT 25.65 4.29% 952 23,921 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 33.25 -3.61% 285 9,640 ABDULLAH ABDUL MOHSIN AL KHODA 8.65 3.70% 6,777 57,579 ABDULLAH SAAD MOHAMMED ABO 10.86 -3.31% 12 137 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT CABLE VISION COMPANY 19.00 20.00% 0 0 BOUBYAN INTERNATIONAL INDUST 39.50 -18.23% 5 0 NAFAIS HOLDING COMPANY KSCP 600.00 8.33% 0 0 HAYAT COMMUNICATIONS CO KSCP 65.00 -12.31% 34 2 BAYAN INVESTMENT COMPANY KSCP 45.80 6.55% 1,760 78 NATIONAL RANGES CO KPSC 19.30 -11.92% 35 1 UNICAP INVESTMENT AND FINANCE 38.00 4.74% 7,033 261 KUWAIT AND GULF LINK TRANSPORT 61.90 -10.66% 110 7 BURGAN FOR WELL DRILLING TRAD 65.00 4.62% 160 10 AJWAN GULF REAL ESTATE CO KSCP 26.00 -10.00% 2,753 76 Close * DoD % Volume ('000) Value (EGP ‘000) Close DoD % Volume Value 0.25 2,220.00% 0 n.a. NASR CO FOR CIVIL WORKS SAE 21.26 -4.28% 13 273 AL EZZ DEKHEILA STEEL COMPANY 655.54 7.58% 2 1,034 UNIVERSAL CO FOR PACKAGING 32.05 -4.12% 0 14 SAUDI EGYPTIAN INVESTMENT 52.00 7.50% 6 288 SUEZ BAGS CO SAE 40.63 -4.01% 3 145 ORASCOM HOTELS AND DEVELOP 19.98 7.11% 833 16,093 MENA FOR TOURISTIC AND REAL EST 2.40 -2.92% 3,408 8,303 ORANGE EGYPT FOR TELECOMM 206.26 6.72% 29 5,821 NORTH AFRICA CO FOR REAL ESTATE 1.10 -2.73% 201 224 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) MEDICARE GROUP QSC 58.00 4.40% 75 4,272 AHLI BANK QSC 30.03 -6.66% 10 311 QATAR GENERAL INSURANCE & REINS 44.11 4.22% 547 23,642 QATAR ISLAMIC INSURANCE CO QPSC 54.50 -5.32% 8 463 EZDAN HOLDING GROUP QSC 9.51 4.21% 654 6,094 QATARI GERMAN COMPANY 5.86 -2.56% 47 281 DOHA INSURANCE CO QSC 13.50 3.70% 0 3 DLALA BROKERAGE AND INVESTMENT 14.61 -1.10% 87 1,281 GULF WAREHOUSING CO QPSC 38.50 3.12% 124 4,718 QATAR OMAN INVESTMENT CO QSC 7.15 -0.98% 6 43 Dubai Top Gainers Kuwait Saudi Arabia Abu Dhabi Top Gainers Top Gainers Egypt IBNSINA PHARMA CO Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Tuesday , December 12, 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 80,796 101.00 -0.4% 10.4% 3,368 90,704 105.40 90.50 16 1.9 5.9% 2 Emirates Telecommunications Group Co AE 40,489 17.10 3.0% -9.0% 833 3,878 19.00 15.75 17 3.5 4.7% 3 Saudi Telecom Company SJSC SA 36,638 68.70 -0.4% -5.2% 166 3,049 78.90 64.50 14 2.2 5.8% 4 Qatar National Bank QPSC QA 31,131 122.70 2.3% -17.1% 143 4,820 157.27 115.01 9 1.5 2.6% 5 First Abu Dhabi Bank PJSC AE 30,411 10.25 1.5% 2.6% 854 2,384 11.55 9.72 12 1.1 4.4% 6 Saudi Electricity Company SJSC SA 27,531 24.78 3.3% 10.6% 3,909 25,828 26.05 19.45 10 1.3 2.8% 7 Al Rajhi Banking & Investment Corp SA 27,472 63.40 -0.5% 0.6% 2,886 48,787 71.70 61.00 12 1.9 3.5% 8 National Commercial Bank SJSC SA 27,039 50.70 -0.4% 19.0% 201 2,712 58.00 37.00 11 1.6 3.2% 9 DP World Ltd AE 20,169 24.30 0.7% 38.8% 188 1,242 24.90 16.60 20 2.0 1.6% 10 Saudi Arabian Mining Co SJSC SA 16,701 53.60 -0.7% 37.4% 250 3,568 57.00 37.50 186 2.4 0.0% 11 Jabal Omar Development Co SJSC SA 15,117 61.00 -1.6% -18.4% 700 11,378 75.60 58.90 421 5.6 0.0% 12 Emaar Properties PJSC AE 15,010 7.70 0.1% 8.0% 6,556 13,743 8.95 6.96 9 1.2 1.9% 13 Industries Qatar QSC QA 14,874 89.50 0.2% -23.8% 34 833 122.00 85.00 21 1.6 4.5% 14 Almarai Co SJSC SA 14,746 55.30 -1.4% 0.9% 241 3,556 78.64 51.80 27 3.9 1.3% 15 National Bank of Kuwait SAKP KW 13,622 695.00 -1.7% 12.3% 1,466 3,374 800.00 609.52 14 1.3 4.1% 16 Emirates NBD Bank PJSC AE 12,105 8.00 -2.4% -5.8% 474 1,033 9.00 7.95 6 0.8 5.0% 17 Samba Financial Group SJSC SA 12,042 22.58 -0.1% -7.3% 486 2,929 27.10 19.80 9 1.0 4.2% 18 Saudi British Bank SJSC SA 10,959 27.40 1.5% 9.6% 72 528 28.55 20.05 11 1.3 2.6% 19 Kuwait Finance House KSCP KW 10,714 561.00 -0.7% 14.3% 1,448 2,692 650.00 467.00 17 1.7 2.8% 20 Emirates Islamic Bank PJSC AE 10,349 7.00 0.0% 0.0% 1 1 11.95 1.57 76 5.3 0.0% 21 Abu Dhabi Commercial Bank PJSC AE 9,680 6.84 0.0% -0.9% 385 716 7.68 6.55 9 1.1 5.8% 22 Riyad Bank SJSC SA 9,663 12.08 -0.3% 4.6% 755 2,432 12.22 10.10 11 1.0 5.4% 23 Banque Saudi Fransi SJSC SA 9,144 28.45 0.9% 9.0% 113 856 33.40 22.10 10 1.1 3.7% 24 Yanbu National Petrochemicals Co SJSC SA 8,625 57.50 -2.7% 6.5% 365 5,594 61.90 49.70 15 2.0 5.2% 25 Kingdom Holding Co SA 8,568 8.67 -0.3% 0.0% 631 1,459 12.95 7.90 51 1.0 0.0% 26 Dubai Islamic Bank PJSC AE 8,127 6.04 0.5% 8.4% 1,330 2,188 6.29 5.36 8 1.2 7.5% 27 Emaar Malls PJSC AE 7,618 2.15 0.5% -17.9% 5,161 3,021 2.80 2.08 14 1.7 4.7% 28 Alinma Bank SJSC SA 7,224 18.06 -0.4% 19.6% 24,048 115,809 18.50 13.95 15 1.3 2.8% 29 Ezdan Holding Group QSC QA 7,221 9.91 4.2% -34.4% 654 1,780 16.58 6.19 14 0.9 5.0% 30 Masraf Al Rayan QPSC QA 7,211 35.00 2.3% -6.9% 782 7,519 45.40 33.32 13 2.1 5.7% Company Name Total M-Cap; W. Avg Yield 550,994 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”. 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