MENA Market Report - 13 September

Transcription

1. MENA Morning Report Wednesday , September 13, 2017 Overview Regional Markets: MENA markets were under pressure as investors preferred to offload their holdings on the back of lack of newsflow within the region. However, the global markets remained in positive territory for the second consecutive session, which was not able to lift the sentiments of regional markets. For the day, six out of the eight indexes closed in red, while one remained unchanged and one closed in green. Qatar was the worst performer as it was down by 0.7% for the day, closing to 52 month low. The index witnessed selling pressure from foreign investors as the sentiments remain weak due to the ongoing geopolitical crisis between Qatar and other Arab nations. Egypt was another market that remained under pressure as it was down by 0.4% for the day after closing higher by 0.6% on the previous day. UAE markets on a marginally positive note as Abu Dhabi was up by 0.7%, while Dubai was flat for the day. Abu Dhabi was mostly supported by 2.0% rise in FAB after remaining under pressure in the previous session. Saudi Arabia closed lower by 0.2% for the day, giving away some of the gains recorded on the previous day. The index was mostly dragged lower by selling pressure in energy and banking sector stocks. Banque Saudi Fransi was in the limelight after Credit Agricole agreed to sell 16.2% stake to Kingdom Holding. Kuwait was down by 0.3% for the day, while remaining in the positive territory for the week. Bahrain and Oman were both down by 0.5% and 0.6% respectively for the day. International Markets: US markets closed on a positive note as DJIA, Nasdaq and S&P were all up 0.3%, 0.3% and 0.3% respectively. European markets ended on a marginally positive note as DAX and CAC were both up by 0.4% and 0.6% respectively, while FTSE was down by 0.2% for the day. At the time of writing this report, Asian markets have opened on a negative note as Hang Seng and Shanghai are both down by 0.4% and 0.1% respectively, while Nikkei is up by 0.5%. Headlines (WW) Global recovery could be derailed by policy uncertainty, protectionism risk (ME) MENA's rapid economic growth attracts midscale hotel demand (WW) Retail sector’s race for rock-bottom prices harms the U.S economy (GCC) Value of ongoing GCC construction projects at USD 2.4tn (WW) Hurricanes Irma, Harvey apply brakes to US economy (GCC) VAT roll-out to trigger GCC’s digital transformation (WW) China's consumers haven't been this confident in two decades (GCC) Construction industry in GCC unfazed (WW) UK inflation rate rises to 2.9% (SA) Saudi Arabia, UAE salary increases highest in the region (WW) Airbnb sees 80% jump in visitors to Britain (AE) UAE remains a leading business destination (WW) German economy could lose some momentum in H2 (AE) UAE consumers start to score high on optimism (WW) India may rise on ease of business index (AE) Dubai raises USD 1.1bn loan for metro expansion (CMD) Oil prices dip as traders assess US hurricane impact (EG) Huge opportunity for private sector in Egypt’s healthcare industry (CMD) Gold eases as risk appetite grows, equities strengthen (KW) Kuwait invests to raise long-term growth prospects (FX) Dollar clings to most of its gains as risk sentiment improves (OM) High government borrowings to crowd out private sector credit in Oman (FX) China's currency rebounds as economic optimism returns (BH) Bahrain’s real estate sector posts 4.5% growth in Q1 (FI) US Government bonds slip as Irma weakens (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,652.88 -0.0% 0.2% Abu Dhabi (ADSMI) 4,470.12 0.7% 0.4% 0.4% 3.5% ˄ ˄ ˄ 0.0% -1.7% ˅ ˅ ˅ Saudi (SASEIDX) 7,399.98 -0.2% 0.5% 1.9% 2.6% ˄ ˄ ˄ Kuwait (KWSE) 6,905.98 Egypt (EGX30) 13,474.88 -0.3% 0.1% 0.2% 20.1% ˄ ˄ ˄ -0.4% 0.3% 0.4% 9.2% ˄ ˄ ˄ Qatar (DSM) Bahrain (BHSEIDX) 8,471.60 -0.7% -2.3% -3.7% -18.8% ˅ ˅ ˅ 1,307.60 -0.5% -0.6% 0.4% 7.4% ˄ ˅ ˄ Oman (MSM30) 5,010.68 -0.6% -0.7% -0.8% -13.4% ˄ ˅ ˅ 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) 236 213 251 76 82 90 85,700 Abu Dhabi (ADSMI) 144 111 99 64 44 46 131,489 Saudi (SASEIDX) 130 138 157 806 794 794 466,475 Kuwait (KWSE) 136 77 166 116 61 67 75,578 Egypt (EGX30) 578 281 282 74 52 66 19,750 Qatar (DSM) 9 9 10 56 68 80 101,566 Bahrain (BHSEIDX) 1 2 3 1 1 2 20,834 Oman (MSM30) 13 14 15 7 7 8 14,040 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 ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Wednesday , September 13, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.3 10.6 Previous Current 600 489.3 11.0 11.1 11.5 11.2 386.2 8.6 300 8 239.3 188.3 4 1.2 1.6 2.1 1.7 1.2 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.0% 5.4% 4.7% 4% Bahrain Oman 9% 3.5% 3.1% 9.2% 7.1% 2.6% 3.5% 0% -1.7% -9% 2% -13.4% -18% 0.0% 0.0% 0% -18.8% -27% Dubai Abu Dhabi Saudi Kuwait Egypt Average 20.1% 18% 4.7% 4.2% Qatar Year to Date Perfomance DividendYield 8% 6% 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 , September 13, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MARKA PJSC 0.78 -6.03% 35,909 28,907 1,393 SHUAA CAPITAL PSC 1.23 -3.25% 4,134 5,170 5,966 51,667 AIR ARABIA PJSC 1.14 -1.75% 2,573 2,959 2,635 6,284 DEYAAR DEVELOPMENT PJSC 0.53 -1.71% 17,798 9,443 0.20% 426 2,140 AJMAN BANK PJSC 1.17 -1.71% 257 304 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) AL KHALEEJ INVESTMENT CO PJSC 1.85 14.59% 1 2 RAS AL KHAIMAH CERAMICS PSC 2.60 -3.08% 139 368 AXA GREEN CRESCENT INSURANCE CO 0.48 12.50% 0 0 GULF CEMENT CO PSC 1.05 -1.90% 801 850 RAK PROPERTIES PJSC 0.70 2.86% 57,997 40,034 AGTHIA GROUP PJSC 5.39 -1.67% 1,473 8,008 METHAQ TAKAFUL INSURANCE CO 0.87 2.30% 5,231 4,500 DANA GAS PJSC 0.81 -1.23% 27,009 22,014 FIRST ABU DHABI BANK PJSC 10.25 1.95% 5,757 58,440 ESHRAQ PROPERTIES COMPANY PJSC 0.88 -1.14% 11,634 10,297 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) RED SEA INTERNATIONAL CO 18.62 6.34% 1,739 31,413 NAMA CHEMICALS COMPANY SJSC 21.90 -8.68% 962 22,074 ARABIAN SHIELD COOPERATIVE INSUR 40.40 5.32% 784 30,871 BANQUE SAUDI FRANSI SJSC 33.00 -4.24% 401 13,532 KINGDOM HOLDING CO 10.28 5.06% 1,689 16,941 ALINMA TOKIO MARINE CO SJSC 25.60 -2.34% 102 2,636 SAUDI ENAYA COOPERATIVE INSUR 21.20 3.40% 1,550 32,323 SAUDI PAPER MANUFACTURING CO 8.76 -2.28% 1,258 11,152 GULF GENERAL COOPERATIVE INSUR 18.58 2.80% 867 15,881 SAUDI FISHERIES CO SJSC 31.90 -2.19% 273 8,813 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) REAL ESTATE TRADE CENTERS CO 43.60 13.53% 0 0 AL MUDON INTERNATIONAL REAL EST 43.80 -7.76% 610 28 SHUAIBA INDUSTRIAL COMPANY KPSC 300.00 3.33% 0 0 SAFAT GLOBAL HOLDING CO 29.90 -6.02% 109 3 NOOR FINANCIAL INVESTMENT CO 60.00 3.33% 49 3 KUWAIT REMAL REAL ESTATE CO KPSC 65.40 -3.82% 98 7 AL DEERA HOLDING CO KPSC 33.00 3.03% 47 2 KUWAIT INVESTMENT COMPANY KPSC 107.00 -3.74% 244 27 PRIVATIZATION HOLDING CO KPSC 52.50 2.67% 2,002 104 BURGAN FOR WELL DRILLING TRAD 83.00 -3.61% 26 2 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) EXPORT DEVELOPMENT BANK OF 11.50 8.35% 474 5,239 WADI KOM OMBO FOR LAND RECLAM 7.20 -7.50% 5 41 EGYPT GAS CO SAE Close DoD % Volume Value EMIRATES ISLAMIC BANK PJSC 6.00 11.67% 0 3 GULF GENERAL INVESTMENT CO PSC 0.37 1.63% 0 EMAAR PROPERTIES PJSC 8.70 0.92% DUBAI INVESTMENTS PJSC 2.39 0.42% ARAMEX PJSC 5.03 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Egypt Top Gainers Top Losers Top Losers 229.79 7.88% 42 9,381 EL EBOUR COMPANY FOR REAL EST 5.00 -6.80% 4 21 AJWA FOR FOOD INDUSTRIES CO EGY 2.04 7.84% 1,710 3,362 ALEXANDRIA MEDICAL SERVICES CO 45.35 -5.47% 0 11 EGYPT ALUMINUM CO SAE 99.17 7.84% 130 12,411 SHOROUK FOR MODERN PRINTING 17.77 -3.83% 2 41 NATIONAL CEMENT CO SAE 10.22 7.44% 99 981 EGYPTIAN GULF BANK SAE 0.86 -3.49% 29 26 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) ALIJARAH HOLDING CO QPSC 12.41 1.53% 96 1,186 AL KHALEEJ TAKAFUL GROUP QPSC 15.99 -5.57% 2 28 QATAR GAS TRANSPORT CO LTD 15.77 1.08% 298 4,672 QATAR NAVIGATION QPSC 62.00 -5.56% 139 8,877 QATAR ISLAMIC BANK QPSC 91.11 0.98% 77 7,006 SALAM INTERNATIONAL INVESTMENT 8.54 -4.80% 120 1,050 DOHA BANK QPSC 29.86 0.47% 732 21,809 QATARI INVESTORS GROUP QSC 42.70 -3.98% 19 830 MAZAYA QATAR REAL ESTATE DEVEL 9.76 0.41% 31 301 AAMAL CO QPSC 9.87 -3.75% 84 844 Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Wednesday , September 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 80,636 100.80 0.8% 10.2% 4,951 133,077 105.40 76.00 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 41,911 17.70 0.0% -5.9% 1,378 6,639 20.00 17.10 18 3.5 4.5% 3 Saudi Telecom Company SJSC SA 40,158 75.30 0.0% 0.0% 132 2,644 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank QPSC QA 31,273 124.98 -0.4% -15.6% 232 7,865 157.27 121.70 9 1.6 2.5% 5 First Abu Dhabi Bank PJSC AE 31,006 10.45 2.0% 4.6% 5,757 16,379 11.55 8.30 13 1.2 4.3% 6 Al Rajhi Banking & Investment Corp SA 29,638 68.40 0.9% 8.6% 2,201 40,147 71.70 48.60 13 2.1 3.3% 7 National Commercial Bank SJSC SA 29,172 54.70 0.6% 28.4% 339 4,940 58.00 32.00 12 1.8 2.9% 8 Saudi Electricity Company SJSC SA 26,487 23.84 -0.6% 6.4% 1,182 7,513 26.05 14.30 11 1.4 2.9% 9 DP World Ltd AE 18,152 21.87 -0.6% 24.9% 314 1,872 23.85 15.53 18 1.8 1.7% 10 Almarai Co SJSC SA 17,450 81.80 0.0% 19.4% 195 4,252 98.30 51.50 32 4.9 1.1% 11 Emaar Properties PJSC AE 17,116 8.78 0.9% 23.1% 5,966 14,262 8.78 6.37 11 1.5 1.7% 12 Jabal Omar Development Co SJSC SA 16,728 67.50 -1.0% -9.7% 116 2,080 76.00 46.00 72 6.1 0.0% 13 Saudi Arabian Mining Co SJSC SA 16,451 52.80 -1.3% 35.4% 357 5,020 53.80 27.80 241 2.4 0.0% 14 National Bank of Kuwait SAKP KW 15,447 785.00 0.0% 26.8% 3,972 10,369 796.00 533.33 15 1.5 3.6% 15 Industries Qatar QSC QA 14,325 87.40 -0.1% -25.6% 171 4,057 122.00 86.61 20 1.6 4.6% 16 Samba Financial Group SJSC SA 13,173 24.70 0.2% 1.4% 703 4,632 27.10 15.90 10 1.1 3.8% 17 Emirates NBD Bank PJSC AE 12,484 8.25 0.0% -2.8% 1,133 2,546 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 11,868 619.00 -1.4% 26.1% 12,344 25,409 650.00 418.18 18 2.0 2.5% 19 Saudi British Bank SJSC SA 11,199 28.00 -0.5% 0.0% 528 3,945 28.55 16.40 11 1.3 2.5% 20 Kingdom Holding Co SA 10,672 10.80 5.1% -9.6% 1,689 4,863 12.95 9.80 71 1.4 4.6% 21 Abu Dhabi Commercial Bank PJSC AE 10,162 7.18 1.4% 4.1% 1,015 1,984 7.68 5.66 9 1.2 5.6% 22 Banque Saudi Fransi SJSC SA 10,157 31.60 -4.2% 21.1% 401 3,380 33.40 18.00 11 1.2 0.0% 23 Emirates Islamic Bank PJSC AE 9,906 6.70 11.7% 0.0% 1 1 11.95 1.57 105 5.1 0.0% 24 Riyad Bank SJSC SA 9,280 11.60 -0.5% 0.4% 1,438 4,449 11.80 8.55 12 1.0 5.6% 25 Emaar Malls Group PJSC AE 8,646 2.44 0.0% 0.0% 2,713 1,802 2.83 2.38 17 1.9 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,475 56.50 -0.7% 0.0% 434 6,546 61.75 39.90 15 2.1 0.0% 27 Dubai Islamic Bank PJSC AE 8,262 6.14 0.0% 10.2% 2,463 4,117 6.29 5.01 10 1.3 7.3% 28 Ezdan Holding Group QSC QA 7,761 10.80 -1.8% -28.5% 217 634 18.10 10.70 14 1.0 4.6% 29 Masraf Al Rayan QPSC QA 7,394 36.39 -0.0% -3.2% 531 5,234 45.40 33.05 13 2.2 5.5% 30 Mobile Telecommunications Company KW 7,339 510.00 0.4% 24.4% 10,691 18,131 520.00 325.00 13 1.7 6.9% Company Name Total M-Cap; W. Avg Yield 572,728 3.2% 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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