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MENA Market Report - 13 June

IM Research
By IM Research
8 years ago
MENA Market Report - 13 June

Islam, Mal


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  1. MENA Morning Report Monday , June 13, 2016 Overview Regional Markets: MENA markets started the week on a negative note, mainly due to the decline in crude prices, which can be attributed to the rising economic concerns over Brexit and the strengthening of the US dollar. The sentiments have turned negative across the equity markets, evident from the weak performance seen in the past two trading sessions. For the region, all the markets closed in red, with the exception of Kuwait, which managed to close up by 0.2% for the day. Egypt led the losers for the day as it was down by 1.4%, second consecutive session of losses, which was dragged lower by telecom sector stocks. Saudi was down by 0.5% as the annual inflation rate surprisingly rose in May on the back of a rise in the prices of F&B. The negative sentiments across the region and fall in crude prices also weighed on the broader market. UAE market closed on a negative note as Dubai and Abu Dhabi were both down by 1.0% and 0.3% respectively for the day. Dubai was dragged lower by real estate sector stocks, while Abu Dhabi was pushed lower by banking sector stocks. Qatar also closed lower by 0.4%, led by 1.7% decline in Industries Qatar and 1.4% in Qatar National Bank. Bahrain and Oman were down by 0.3% each respectively for the day. International Markets: At the time of writing this report, Asian markets have opened the week on a negative note as Nikkei, Hang Seng and Shanghai were all down by 2.9%, 2.5% and 0.8% respectively. Headlines (WW) Global Economy Week Ahead: Fed & BOJ Meetings, Eurozone Industrial Output (ME) Middle East Carriers Post 12.7% Passenger Demand Growth In April (WW) China’s May Factory Output Up 6% On Year (SA) Sudan Inflation Rate Rises To 13.98% In May (WW) China’s Second-Quarter Economic Growth To Be Stable (SA) Saudi Seeks International Investors For Two Solar Plants (WW) China’s Crude Steel Output Advances In Teeth Of Trade Tensions (SA) 70% Of Saudi Arabia’s Investors In Tourism Quit (WW) China Jan-May Investment Growth Cools Unexpectedly But Factories Hold Up (AE) Dubai’s Jafza, Japan Trade AED 2.7Billion In 2015 (WW) China Home Sales Rose At Slowest Pace This Year Amid Cooling (AE) UAE Gov’t Says Q1 E-Dirham Revenues Exceed USD 544 Million (WW) Japan Corporate Sentiment Worsens, Capex Plans Revised Up (QA) Qatari Bottled Water Firm Rayyan To List By End-2016 (WW) Singapore Urges US Against Tweaking Big Pacific Trade Pact (QA) Online Marketing In Qatar Sees Major Growth (CMD) Oil Prices Fall Back Below $50 As Economic Concerns Rise (EG) Egypt’s EFG-Hermes To Return USD122 Million To Shareholders (CMD) Gold Holds In Positive Territory After China Data, Copper Jumps (EG) Egypt’s Beltone Financial Plans To Entice Overseas Investors With GDRs (FX) Sterling Falls To Eight-Week Low On Brexit Anxiety, Yen Gains Broadly (KW) Kuwait’s Foreign Trade Surplus Shrinks 76% To USD 1.3 Billion In Q1 (FX) Dollar Falls To One-Month Low Versus Yen On Brexit Worries (OM) No Plan To Tax Expats' Income In Oman' (FI) Oman Bonds May Be Included In JP Morgan Index (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,336.10 -1.0% -1.0% 0.7% 5.9% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,367.90 -0.3% -0.3% 2.8% 1.4% ˄ ˅ ˄ Saudi (SASEIDX) 6,570.89 -0.5% -0.5% 1.9% -4.9% ˅ ˄ ˅ Kuwait (KWSE) 5,422.39 0.2% 0.2% 0.4% -3.4% ˄ ˄ ˅ Egypt (EGX30) 7,650.62 -1.4% -1.4% 2.2% 9.2% ˄ ˄ ˄ Qatar (DSM) 9,794.02 -0.4% -0.4% 2.7% -6.1% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,115.95 -0.3% -0.3% 0.4% -8.2% ˄ ˅ ˅ Oman (MSM30) 5,868.41 -0.3% -0.3% 1.0% 8.5% ˅ ˄ ˄ 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) 166 435 463 54 140 150 83,252 Abu Dhabi (ADSMI) 58 124 144 28 61 64 115,515 Saudi (SASEIDX) 229 290 300 883 1,404 1,458 402,544 Kuwait (KWSE) 83 156 146 23 41 41 76,745 Egypt (EGX30) 163 281 259 67 133 116 42,654 Qatar (DSM) 3 9 9 20 84 91 145,404 Bahrain (BHSEIDX) 0 1 1 0 1 1 17,867 Oman (MSM30) 13 26 23 5 13 14 22,856 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 Monday , June 13, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.7 Current 488.1 12.0 9.7 9.0 Previous 600 13.4 10.9 12 PB 10.8 9.4 363.2 8.6 300 8 241.9 223.0 166.5 4 1.1 112.6 97.8 1.6 1.1 1.4 1.5 Abu Dhabi Saudi Kuwait Egypt Qatar 1.3 0.8 1.2 Bahrain Oman 1.2 0 0 Dubai Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 15% 8% 6.3% 5.7% 6% 4.7% 10% 5.7% 4.6% 4.1% 4.4% 4.7% 4% 9.2% 5% 1.4% 0% -5% 2.2% -4.9% 2% 8.5% 5.9% -3.4% -6.1% -10% -8.2% -15% 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 Monday , June 13, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) GULF NAVIGATION HOLDING PJSC 1.09 0.93% 1,032 1,120 DUBAI ISLAMIC INSU & REINSU CO PSC 0.58 -3.01% 208 123 NATIONAL CENTRAL COOLING CO PJSC 1.42 0.71% 137 194 DAMAC PROPERTIES DUBAI CO PSC 2.38 -2.46% 1,077 2,596 GULF GENERAL INVESTMENT CO PSC 0.58 0.69% 478 278 ARABTEC HOLDING PJSC 1.40 -2.10% 17,511 24,778 EMAAR MALLS GROUP PJSC 2.73 0.37% 499 1,360 EMAAR PROPERTIES PJSC 6.34 -2.01% 2,675 17,135 AJMAN BANK PJSC 1.70 -1.73% 8,528 14,625 Abu Dhabi Dubai Top Gainers Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) INTL FISH FARMING HOLDING CO PJSC 1.66 2.47% 90 148 ARKAN BUILDING MATERIALS CO PJSC 0.85 -9.57% 120 107 ABU DHABI NATIONAL ENERGY CO 0.58 1.75% 20 12 NATIONAL BANK OF RAS AL KHAIMAH 5.10 -4.49% 25 131 FIRST GULF BANK PJSC 12.05 0.84% 756 9,074 RAS AL KHAIMAH CERAMICS PSC 3.26 -2.69% 35 116 SHARJAH ISLAMIC BANK PJSC 1.54 0.65% 90 138 METHAQ TAKAFUL INSURANCE CO 0.81 -2.41% 531 435 DANA GAS PJSC 0.55 -1.79% 5,759 3,196 Close DoD % Volume Value Saudi Arabia Top Gainers Close DoD % Volume Value SAUDI UNITED COOP INSURANCE CO 13.00 9.70% 988 12,279 SAUDI CABLE CO JSC 7.25 -3.33% 2,720 20,057 DAR AL ARKAN REAL ESTATE DEVELOP 6.45 7.50% 81,753 508,912 AMANA COOPERATIVE INSURANCE CO 10.05 -2.43% 1,910 19,433 AL KHALEEJ TRAINING AND EDU CO 29.30 7.33% 1,322 37,409 ALMARAI CO SJSC 54.75 -2.23% 184 10,176 AL HASSAN GHAZI IBRAHIM SHAKER 25.80 4.67% 262 6,603 NATIONAL PETROCHEMICAL CO SJSC 17.80 -2.20% 336 6,056 WATANIYA INSURANCE CO SJSC 48.00 4.12% 518 24,376 ABDULMOHSEN AL HOKAIR GROUP 43.00 -2.05% 492 21,378 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) ENERGY HOUSE HOLDING COMPANY 56.00 9.80% 1,385 74 KUWAIT SYRIAN HOLDING CO KSC 31.50 -5.97% 1,689 55 DANAH AL SAFAT FOODSTUFF CO 114.00 9.62% 3,086 336 LIVESTOCK TRANSPORT & TRADING 188.00 -5.05% 25 5 AL KOUT INDUSTRIAL PROJECTS CO 630.00 9.20% 0 0 ACICO INDUSTRIES COMPANY KSCP 285.00 -5.00% 41 12 CITY GROUP COMPANY KSCP 680.00 7.94% 10 7 MENA REAL ESTATE CO KSCP 22.00 -4.35% 27 1 AJWAN GULF REAL ESTATE CO KSCP 30.50 5.17% 0 0 AL MADAR FINANCE & INVESTMENT 13.50 -3.57% 1 0 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MINAPHARM PHARMACEUTICALS SAE 36.39 9.05% 4 135 0.66 -5.71% 81,719 55,569 NATIONAL REAL ESTATE BANK 10.13 5.63% 223 2,196 EDITA FOOD INDUSTRIES SAE 17.03 -4.22% 30 518 KAFR EL ZAYAT PESTICIDES AND CHEM 19.42 5.54% 6 118 AL EZZ DEKHEILA STEEL CO ALEXANDRI 231.51 -3.72% 0 30 ASEC CO FOR MINING SAE 6.28 5.02% 70 431 MARIDIVE AND OIL SERVICES SAE 0.26 -3.70% 119 31 NORTH UPPER EGYPT DEVELOPMENT 6.47 2.86% 98 623 PORTO GROUP HOLDING SAE 0.27 -3.57% 24,733 6,802 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ISLAMIC INSURANCE CO QSC 59.00 1.37% 2 131 DLALA BROKERAGE AND INVESTMENT 20.53 -1.77% 31 640 QATAR NATIONAL CEMENT CO QSC 86.00 1.18% 1 124 ALIJARAH HOLDING CO QSC 16.80 -1.75% 8 142 DOHA INSURANCE CO QSC 19.50 1.04% 0 1 INDUSTRIES QATAR QSC 97.80 -1.71% 6 573 QATAR INSURANCE CO SAQ 73.40 0.96% 100 7,271 ISLAMIC HOLDING GROUP QSC 61.00 -1.45% 30 1,832 WIDAM FOOD CO QSC 61.50 0.33% 30 1,855 QATAR NATIONAL BANK SAQ 138.10 -1.36% 16 2,220 Qatar Egypt Kuwait Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers ORASCOM TELECOM MEDIA & TECH 3
  4. MENA Morning Report Monday , June 13, 2016 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 Corp SJSC SA 65,216 81.50 -1.2% 6.2% 4,210 91,487 107.25 59.50 14 1.5 6.7% 2 Emirates Telecommunications Group Co AE 44,519 18.80 -0.3% 16.8% 1,130 5,785 19.10 11.35 20 3.9 4.3% 3 Saudi Telecom Co SJSC SA 33,475 62.75 -0.4% -8.1% 116 1,940 73.25 52.75 14 2.1 6.4% 4 Qatar National Bank SAQ QA 31,857 138.10 -1.4% -5.3% 16 606 163.17 122.50 10 2.0 1.8% 5 Al Rajhi Banking and Investment Corp SA 25,248 58.25 -0.4% 12.0% 959 14,893 69.00 44.70 12 2.0 2.6% 6 National Commercial Bank SJSC SA 21,498 40.30 -1.7% -21.0% 259 2,780 67.75 36.60 9 1.4 3.8% 7 Saudi Electricity Co SJSC SA 19,782 17.80 2.0% 13.0% 2,186 10,375 19.00 12.40 34 1.2 3.9% 8 Industries Qatar QSC QA 16,255 97.80 -1.7% -12.0% 6 156 144.00 88.00 14 1.9 5.1% 9 Jabal Omar Development Co SJSC SA 15,184 61.25 -0.8% 10.4% 127 2,076 77.00 40.80 - 6.1 0.0% 10 DP World Ltd AE 14,940 18.00 -0.6% -11.3% 30 147 23.90 16.40 18 1.7 1.7% 11 First Gulf Bank PJSC AE 14,765 12.05 0.8% -4.7% 756 2,481 15.75 9.90 9 1.6 8.3% 12 Ezdan Holding Group QSC QA 13,044 17.90 0.2% 12.6% 192 946 20.00 12.10 27 1.5 2.8% 13 Emirates NBD Bank PJSC AE 12,560 8.35 0.0% 12.2% 453 1,029 10.95 6.25 7 0.9 4.8% 14 Emaar Properties PJSC AE 12,360 6.34 -2.0% 11.4% 2,675 4,618 8.28 4.22 11 1.2 2.4% 15 Saudi Arabian Mining Co SJSC SA 11,906 38.20 -1.8% 15.1% 974 9,920 46.80 25.70 89 1.7 0.0% 16 Almarai Co SJSC SA 11,683 54.75 -2.2% -6.7% 184 2,683 73.50 40.88 24 3.6 1.6% 17 National Bank of Kuwait SAKP KW 11,615 620.00 1.6% -16.6% 874 1,796 808.65 604.16 13 1.1 4.5% 18 National Bank of Abu Dhabi PJSC AE 11,433 8.06 -1.7% 1.3% 42 93 11.00 6.86 9 1.0 5.6% 19 Samba Financial Group SJSC SA 11,336 21.25 -1.8% -9.0% 122 690 28.10 17.55 8 1.0 4.2% 20 Kingdom Holding Co SA 11,071 11.20 -1.8% -28.7% 701 2,094 23.50 9.80 63 1.6 4.5% 21 Emaar Malls Group PJSC AE 9,674 2.73 0.4% -1.1% 499 371 3.37 2.02 20 2.2 3.7% 22 Abu Dhabi Commercial Bank PJSC AE 9,279 6.09 -1.0% -7.6% 518 860 8.91 5.20 7 1.2 7.4% 23 Riyad Bank SJSC SA 8,802 11.00 -0.5% -11.3% 648 1,901 17.45 10.80 8 0.9 6.4% 24 Saudi British Bank SJSC SA 8,482 21.20 0.0% -14.3% 42 235 34.80 19.00 7 1.1 3.5% 25 Kuwait Finance House KSCP KW 8,102 465.00 0.0% -5.3% 741 1,142 590.91 395.45 16 1.4 3.3% 26 Emirates Integrated Telecom Co PJSC AE 7,904 6.35 -0.5% 24.5% 159 276 6.84 4.65 15 4.0 6.8% 27 Banque Saudi Fransi SJSC SA 7,585 23.60 0.0% -15.7% 161 1,011 38.80 20.70 7 1.0 4.4% 28 Ooredoo QSC QA 7,577 86.10 -0.9% 14.8% 11 250 96.10 60.00 11 1.3 3.5% 29 Saudi Arabia Fertilizers Co SJSC SA 7,029 63.25 -1.2% -23.6% 140 2,366 127.50 61.00 15 4.0 9.5% 30 Masraf Al Rayan QSC QA 6,964 33.80 0.0% -10.1% 66 614 46.80 28.60 12 2.3 5.2% Company Name Total M-Cap; W. Avg Yield 491,146 4.4% 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. 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