MENA Market Report - 13 December

Transcription

1. MENA Morning Report Wednesday , December 13, 2017 Overview Regional Markets: The trading activity within the MENA markets was positive as the region continues to extend the winning streak during the week. Regional markets have witnessed some buying interest in the past couple of sessions, which could be on the back of rise in oil prices coupled with improved economic outlook for the year 2018. For the regional markets, seven out of the eight indexes ended in green, while Bahrain was the only index to close marginally lower for the day. UAE markets have extended their winning streak for the third consecutive session as Dubai and Abu Dhabi were both up by 1.2% and 0.6% respectively for the day. The DFM has gained 1.8% during the week, which has helped the index in recovering the early losses during the month to turn positive. Abu Dhabi witnessed stronger buying interest which helped in pushing the index higher by 2.5% during the week, with special traction in the index’s heavyweights. Saudi Arabia also closed on a positive note as it was up by 0.3% for the day, maintaining the upbeat sentiments during the week and the month. Qatar closed higher by 1.4% for the day, which has helped the index in rising by 3.3% for the week and extending the monthly gains to 4.1%. Egypt also rose by 1.1% for the day, in line with the sentiments seen across the region. Kuwait closed on a positive note as it was up by 0.7% for the day, after remaining sluggish in the previous two sessions despite the positive sentiments in the region. Oman also closed higher by 0.2%, while Bahrain was down by 0.1% for the day. International Markets: US markets closed on a marginally positive note as DJIA and S&P were up by 0.5% and 0.2% respectively, while Nasdaq was down by 0.2% for the day. European markets closed on a positive note as FTSE, DAX and CAC were all up by 0.6%, 0.5% and 0.8% respectively for the day. At the time of writing this report, Asian markets have opened on a slightly positive note as Hang Seng and Shanghai are up by 0.6% and 0.1% respectively, while Nikkei is down by 0.5%. Headlines (WW) US manufacturing, services executives see continued growth (ME) MENA countries recorded exports of USD 765.8bn in 2016 (WW) China stresses safeguard of economic globalization, multilateral trading system (SA) Saudi Aramco lifts spending plans to USD 414bn over next decade (WW) EU, Japan and US to ramp up trade pressure on China (SA) Cinema estimated to contribute USD 24bn to Saudi economy (WW) A no-deal Brexit could cost the UK economy USD 140bn (AE) UAE economy to recover next year, little impact from VAT (WW) Japan's free trade campaign could sputter without US or China (AE) UAE sees only moderate rise in shale output (WW) Japan Nov wholesale prices rise at fastest pace in 9 years (AE) Dubai prime home rents may fall further (WW) Global economy of UN is growing at 3%, best since 2011 (AE) Dubai’s record budget will oversee country’s economy transition (WW) India's GDP seen rising 7.2% in 2018 (EG) Foreign investment in Egyptian securities rises to USD 19bn (CMD) Oil prices surge to over USD 65 for the first time in over 2 years (EG) Egypt Signs USD 1.5bn world bank loan (CMD) Gold inches up from near five-month low ahead of Fed meeting (QA) Gulf banks face up to Qatar fallout (FX) Dollar rebounds before Fed's expected rate hike (QA) Self-sufficiency expo to boost Qatar’s PPP initiatives (FX) Sterling dips against Euro after Irish border talks surge (OM) Oman relies too heavily on oil wealth (FI) 10-year bond yield jumps, call rates stable (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,453.99 1.2% 1.8% 1.0% -2.2% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,381.80 0.6% 2.5% 2.3% -3.6% ˅ ˅ ˅ Saudi (SASEIDX) 7,123.06 0.3% 0.5% 1.7% -1.2% ˄ ˅ ˅ Kuwait (KWSE) 6,197.58 0.7% 0.2% 0.0% 7.8% ˅ ˅ ˅ Egypt (EGX30) 14,590.20 1.1% 2.1% 0.1% 18.2% ˄ ˄ ˄ Qatar (DSM) 8,033.28 1.4% 3.3% 4.1% -23.0% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,264.13 -0.1% -0.3% -1.5% 3.6% ˅ ˅ ˅ Oman (MSM30) 5,050.54 0.2% -0.3% -1.2% -12.7% ˅ ˄ ˅ 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) 391 248 231 163 108 95 79,609 Abu Dhabi (ADSMI) 46 93 102 23 46 45 130,829 Saudi (SASEIDX) 298 162 151 1,272 852 824 447,493 Index Kuwait (KWSE) 68 96 87 26 65 63 75,578 Egypt (EGX30) 290 398 340 92 80 66 21,827 Qatar (DSM) 12 9 9 59 64 66 92,403 Bahrain (BHSEIDX) 2 4 3 1 3 2 20,146 Oman (MSM30) 9 20 17 5 13 10 14,140 * 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 Wednesday , December 13, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 14.2 12 9.4 10.6 11.5 11.0 386.2 9.4 300 239.3 188.3 4 1.2 1.5 Current 489.3 10.9 8 2.2 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 8% 6% Previous 600 35% 6.0% 5.5% 5.1% 18.2% 21% 7.8% 5.2% 4.4% 4% 3.7% 3.4% 3.6% 7% -7% -2.2% -3.6% -1.2% -12.7% 2% -21% 0.0% -23.0% 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 Wednesday , December 13, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) 1.72 -3.37% 0 577 Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES DRIVING CO PJSC 7.20 -10.00% 2 18 INVEST BANK PSC 2.25 -10.00% 3 7 615 GULF PHARMACEUTICAL INDUSTRIES 2.25 -5.86% 2 4 2 RAS AL KHAIMAH FOR WHITE CEMENT 1.00 -4.76% 43 44 ABU DHABI NATIONAL ENERGY CO 0.58 -3.33% 40 23 Close * DoD % Volume ('000) Value (SAR ‘000) SOLIDARITY SAUDI TAKAFUL CO JSC 20.96 -4.29% 1,312 28,111 413 ETIHAD ATHEEB TELECOMM 7.12 -2.73% 618 4,461 24 452 TRADE UNION COOPERATIVE INSUR 18.30 -2.66% 166 3,083 26 291 SAUDI RESEARCH AND MARKETING 60.50 -2.42% 149 9,104 6.02% 2,037 33,453 SOUTHERN PROVINCE CEMENT CO 47.70 -2.35% 71 3,433 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT AND GULF LINK TRANSPORT 66.30 19.89% 712 43 KUWAIT CABLE VISION COMPANY 18.30 -19.74% 0 0 BOUBYAN INTERNATIONAL INDUST 38.40 18.89% 1 0 SANAM REAL ESTATE COMPANY KSCP 29.80 -12.35% 10 0 NATIONAL RANGES CO KPSC 19.40 14.12% 8 0 KUWAIT REAL ESTATE HOLDING CO 27.00 -8.47% 3 0 WETHAQ TAKAFUL INSURANCE CO 44.00 12.82% 0 0 EQUIPMENT HOLDING COMPANY 33.00 -5.98% 165 6 BURGAN FOR WELL DRILLING TRAD 74.00 8.82% 162 12 AL MASSALEH REAL ESTATE CO KSCP 36.50 -5.19% 10 0 Close * DoD % Volume ('000) Value (EGP ‘000) Close DoD % Volume Value IBNSINA PHARMA CO 6.73 16.03% 0 332,938 EGYPTIAN CO FOR INTERNATIONAL 3.37 -8.42% 7 25 OCTOBER PHARMA FOR PHARMA 70.41 9.86% 3 169 SHOROUK FOR MODERN PRINTING 28.22 -7.87% 4 127 EGYPTIANS FOR INVESTMENT 2.64 6.88% 4,223 10,791 ALEXANDRIA FLOUR MILLS AND BAKER 31.28 -6.07% 9 293 HELIOPOLIS CO FOR HOUSING 32.05 5.74% 2,422 75,509 MISR NATIONAL STEEL SAE 17.54 -4.26% 1 18 ALEXANDRIA SPINNING & WEAVING 2.12 5.47% 473 977 CLEOPATRA HOSPITAL 5.40 -4.26% 1,257 6,940 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) EZDAN HOLDING GROUP QSC 10.53 6.26% 2,043 20,880 QATAR CINEMA AND FILM DISTRI 23.00 -7.96% 2 58 QATAR INSURANCE CO SAQ 46.99 5.86% 116 5,318 DOHA INSURANCE CO QSC 13.10 -6.43% 2 32 QATAR NAVIGATION QPSC 56.70 4.23% 368 20,440 QATARI INVESTORS GROUP QSC 33.10 -1.14% 139 4,618 MAZAYA QATAR REAL ESTATE 7.72 3.90% 472 3,573 INVESTMENT HOLDING GROUP 5.14 -0.96% 1,213 6,267 COMMERCIAL BANK PSQC 27.30 3.80% 318 8,530 DLALA BROKERAGE AND INVESTMENT 14.36 -0.62% 66 945 Top Gainers Close DoD % Volume Value AL RAMZ CORPORATION INVESTMENT 1.46 8.15% 0 4,256 DRAKE AND SCULL INTERNATIONAL 2.22 6.73% 0 183,405 MASHREQBANK PSC 72.50 5.07% 10 708 NATIONAL CENTRAL COOLING CO PJSC 1.90 4.40% 1,214 2,258 GULF NAVIGATION HOLDING PJSC 1.36 3.82% 514 686 Close * DoD % Volume ('000) Value (AED ‘000) GULF MEDICAL PROJECTS CO PSC 2.18 9.00% 200 417 ABU DHABI COMMERCIAL BANK PJSC 7.08 3.51% 769 5,351 ALQUDRA HOLDING PJSC 1.25 3.31% 500 BANK OF SHARJAH PJSC 1.22 1.67% 2 ESHRAQ PROPERTIES COMPANY PJSC 0.72 1.41% 5,995 4,287 Close * DoD % Volume ('000) Value (SAR ‘000) ABDULLAH SAAD MOHAMMED ABO 11.50 9.52% 71 784 RAYDAN COMPANY CJSC 18.00 9.36% 24 AL KATHIRI HOLDING CO 19.38 7.55% ARAB SEA INFORMATION SYSTEMS CO 11.36 6.17% UNITED WIRE FACTORIES CO JSC 16.90 Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers AL SALAM BANK SUDAN PLC Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Wednesday , December 13, 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 81,118 101.40 0.4% 10.8% 3,661 98,984 105.40 90.50 16 1.9 5.9% 2 Emirates Telecommunications Group Co AE 40,974 17.30 1.2% -8.0% 1,104 5,201 18.95 15.75 17 3.6 4.6% 3 Saudi Telecom Company SJSC SA 36,586 68.60 -0.1% -5.4% 254 4,648 78.90 64.50 14 2.2 5.8% 4 Qatar National Bank QPSC QA 31,181 122.90 0.2% -17.0% 97 3,287 157.27 115.01 9 1.5 2.6% 5 First Abu Dhabi Bank PJSC AE 30,569 10.30 0.5% 3.1% 1,328 3,726 11.55 9.72 12 1.1 4.4% 6 Saudi Electricity Company SJSC SA 28,332 25.50 2.9% 13.8% 4,204 28,587 26.05 19.45 11 1.4 2.7% 7 Al Rajhi Banking & Investment Corp SA 27,689 63.90 0.8% 1.4% 3,016 51,391 71.70 61.00 12 1.9 3.5% 8 National Commercial Bank SJSC SA 26,986 50.60 -0.2% 18.8% 589 7,951 58.00 37.00 11 1.6 3.2% 9 DP World Ltd AE 20,327 24.49 0.8% 39.9% 98 653 24.90 16.60 20 2.1 1.6% 10 Saudi Arabian Mining Co SJSC SA 16,483 52.90 -1.3% 35.6% 587 8,273 57.00 37.50 184 2.4 0.0% 11 Industries Qatar QSC QA 15,437 92.89 3.8% -20.9% 99 2,526 122.00 85.00 22 1.7 4.3% 12 Emaar Properties PJSC AE 15,014 7.70 0.0% 8.0% 6,556 13,747 8.95 6.96 9 1.2 1.9% 13 Jabal Omar Development Co SJSC SA 14,994 60.50 -0.8% -19.1% 408 6,585 75.60 58.90 418 5.5 0.0% 14 Almarai Co SJSC SA 14,853 55.70 0.7% 1.6% 409 6,080 78.64 51.80 27 4.0 1.3% 15 National Bank of Kuwait SAKP KW 13,956 712.00 2.4% 15.0% 1,172 2,765 800.00 609.52 14 1.3 4.0% 16 Emirates NBD Bank PJSC AE 12,260 8.10 1.3% -4.6% 25 55 9.00 7.95 6 0.8 4.9% 17 Samba Financial Group SJSC SA 12,096 22.68 0.4% -6.9% 342 2,068 27.10 19.80 9 1.0 4.2% 18 Kuwait Finance House KSCP KW 10,771 564.00 0.5% 14.9% 1,063 1,987 650.00 467.00 17 1.7 2.7% 19 Saudi British Bank SJSC SA 10,760 26.90 -1.8% 7.6% 745 5,345 28.55 20.05 10 1.2 2.6% 20 Emirates Islamic Bank PJSC AE 10,352 7.00 0.0% 0.0% 1 1 11.95 1.57 76 5.3 0.0% 21 Abu Dhabi Commercial Bank PJSC AE 10,023 7.08 3.5% 2.6% 769 1,482 7.68 6.55 9 1.2 5.6% 22 Riyad Bank SJSC SA 9,728 12.16 0.7% 5.3% 954 3,092 12.22 10.10 11 1.0 5.3% 23 Banque Saudi Fransi SJSC SA 9,112 28.35 -0.4% 8.6% 137 1,032 33.40 22.10 10 1.1 3.7% 24 Yanbu National Petrochemicals Co SJSC SA 8,805 58.70 2.1% 8.7% 427 6,690 61.90 49.70 15 2.1 5.1% 25 Kingdom Holding Co SA 8,519 8.62 -0.6% 0.0% 313 720 12.70 7.90 50 1.0 0.0% 26 Dubai Islamic Bank PJSC AE 8,264 6.14 1.7% 10.2% 8,915 14,907 6.29 5.36 8 1.2 7.3% 27 Ezdan Holding Group QSC QA 7,672 10.53 6.3% -30.3% 2,043 5,910 16.58 6.19 14 0.9 4.7% 28 Emaar Malls PJSC AE 7,656 2.16 0.5% -17.6% 2,069 1,217 2.79 2.08 14 1.7 4.6% 29 Masraf Al Rayan QPSC QA 7,293 35.40 1.1% -5.9% 267 2,600 45.40 33.32 13 2.1 5.6% 30 Alinma Bank SJSC SA 7,272 18.18 0.7% 20.4% 25,383 123,050 18.50 13.95 15 1.4 2.8% Company Name Total M-Cap; W. Avg Yield 555,081 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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