MENA Market Report - 14 June

Transcription

1. MENA Morning Report Tuesday , June 14, 2016 Overview Regional Markets: MENA markets closed the session on a negative note for the second consecutive day, as the sentiments remain bearish across the global equity markets. Further, investors remain concerned about the outcome of meetings by the US Fed and other central banks this week. The fall in oil prices below the keenlywatched $50 per barrel mark also weighed on markets in the past two trading sessions. For the region, Saudi and Bahrain were the only two markets that closed in green, while the rest of them ended in red for the day. Saudi was up by 0.3% for the day, which was supported by banking and utility sector stocks. The index was buoyed by hopes that MSCI might put the market on review for possible inclusion in its emerging markets index as early as mid-2017. Qatar was the worst performer as it was down by 0.9%, third consecutive session of losses. The index was dragged lower by 3.2% decline in Ezdan Holding Group and 3.1% in Islamic Holding Group. UAE markets continued its downward trajectory as Dubai and Abu Dhabi were both down by 0.4% and 0.1% respectively for the day, extending losses for another session as investors continued to offload their positions to limit the losses. Egypt closed marginally lower by 0.1%, as Amer Group Holding and Orascom Telecom fell 3.2% and 3.0% respectively for the day. Kuwait and Oman were down by 0.2% and 0.4%, while Bahrain was up by 0.7% for the day. International Markets: US markets closed on a negative note as Dow Jones, S&P 500 and Nasdaq were all down by 0.7%, 0.8% and 0.9% respectively. European markets also closed on a negative note as Stoxx 50, FTSE 100, DAX and CAC 40 were all down by 2.0%, 1.2%, 1.8% and 1.9% respectively. At the time of writing this report, Asian markets have opened on a negative note as Nikkei and Hang Seng were down by 1.1% and 0.1%, while Shanghai was up by 0.1% respectively. Headlines (WW) US Money Funds Pare UK Exposure Before Brexit Vote (ME) Middle East Sovereign Funds Sell Assets As Low Oil Bites (WW) Measure Of Long-Term Euro Zone Inflation Expectations Hits Record Low (ME) Jordan Inflation Ticks 1.2% Below Its 2015 Post May Level (WW) Euro Zone Banks Face Added Scrutiny If 'Guidance' Not Followed (ME) Lebanese Banks Face Economy Challenges (WW) UK Gas Plummets As Supplies Jump After Norwegian Outages End (SA) Saudi Keeps Its May Oil Output Steady At 10.27 Million Bpd (WW) China Investment Slows To 15-Year Low, More Stimulus Seen Despite Debt Fears (AE) UAE Experts Caution Against Income Tax (WW) Fitch Warns Japan Ratings Downgrade Possible After Tax Hike Delay (AE) Positive Outlook For Dubai’s Residential Market (WW) German Home-Building Hits Highest Level Since 2006 (AE) Dubai’s Non-Oil Foreign Trade Soars To AED 319 Billion In Q1 (WW) Microsoft Agrees To Buy Linkedin For USD 26.2 Billion (QA) Qatar To Cut Condensate Exports In January, Expects Lower Naphtha Price (WW) India’s May Retail Inflation Hits Near 2-Year High On Surging Food Prices (EG) French Firm To Establish Car Assembly Factory In Egypt (CMD) Oil Prices Slip Under Pressure Of Economic Worries (EG) Egypt To Cut Gas Supplies To Industry In August (CMD) Gold Hits 4-Week High As Cenbank Meets, Brexit Vote Shake Stocks (OM) Omani Government Looks Overseas To Boost Liquidity (FX) Dollar Slips Over 1% Against Yen As Brexit Fears Stoke Risk Aversion (OM) Automobile Sector May Drive Oman’s Economy (FI) Egypt Issues USD745.4 Million In One-Year US Dollar Denominated Treasury Bills (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,323.43 -0.4% -1.4% 0.3% 5.5% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,365.09 -0.1% -0.4% 2.7% 1.3% ˄ ˅ ˄ Saudi (SASEIDX) 6,589.64 0.3% -0.3% 2.2% -4.7% ˄ ˄ ˅ Kuwait (KWSE) 5,412.31 -0.2% 0.0% 0.2% -3.6% ˄ ˄ ˅ Egypt (EGX30) 7,645.21 -0.1% -1.4% 2.2% 9.1% ˄ ˄ ˄ Qatar (DSM) 9,704.36 -0.9% -1.3% 1.7% -7.0% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,123.30 0.7% 0.3% 1.1% -7.6% ˄ ˅ ˅ Oman (MSM30) 5,847.44 -0.4% -0.7% 0.6% 8.2% ˅ ˄ ˄ 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) 238 429 463 107 138 150 80,297 Abu Dhabi (ADSMI) 36 121 143 20 59 64 114,962 Saudi (SASEIDX) 230 288 299 949 1,397 1,455 399,740 Kuwait (KWSE) 113 155 146 38 41 41 76,469 Egypt (EGX30) 204 272 258 171 132 117 42,453 Qatar (DSM) 2 9 9 24 84 90 120,703 Bahrain (BHSEIDX) 15 1 2 15 1 1 17,254 Oman (MSM30) 8 26 23 5 13 15 16,599 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 Tuesday , June 14, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.7 PB Previous Current 600 488.1 13.3 12.1 10.8 12 10.8 9.7 8.9 9.4 363.2 8.5 300 8 244.2 223.5 178.2 4 1.1 114.3 97.8 1.5 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% 4.8% 10% 5.7% 4.6% 4.1% 4.4% 4.7% 4% 9.1% 5% 1.3% 0% -5% 2.2% 2% 8.2% 5.5% -4.7% -3.6% -10% -7.0% -7.6% Qatar Bahrain -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 Zawya estimates and data for UAE, KSA, QA, KW, BA and EG where available Oman 2
3. MENA Morning Report Tuesday , June 14, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) UNITED FOODS CO PSC 5.70 -5.00% 28 161 47,068 NATIONAL CENTRAL COOLING CO PJSC 1.39 -2.11% 71 100 837 2,005 ISLAMIC ARAB INSURANCE CO PSC 0.51 -1.36% 2,642 1,354 13,891 10,050 AMANAT HOLDINGS PJSC 0.83 -1.19% 21 17 3,486 2,353 AJMAN BANK PJSC 1.68 -1.18% 16 26 DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) 2.80 4.87% 56 152 FINANCE HOUSE PJSC 1.82 -3.70% 161 298 SUDATEL TELECOM GROUP LTD 0.51 2.00% 131 66 NATIONAL BANK OF ABU DHABI PJSC 7.87 -2.36% 114 907 AGTHIA GROUP PJSC 7.70 1.32% 729 5,577 RAK PROPERTIES PJSC 0.60 -1.64% 12,711 7,690 GULF PHARMACEUTICAL INDUSTRIES 2.23 0.90% 32 71 ABU DHABI COMMERCIAL BANK PJSC 6.00 -1.48% 1,017 6,145 ALDAR PROPERTIES PJSC 2.75 0.73% 4,958 13,584 RAS AL KHAIMAH CEMENT CO PSC 0.80 -1.23% 1,340 1,079 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) COMPANY FOR COOP INSURANCE SJSC 96.00 4.35% 119 11,153 SAUDI RESEARCH & MARKETING GRP 44.00 -2.22% 284 12,653 AL ABDULLATIF INDUSTRIAL INVEST 18.30 3.98% 2,350 42,186 ABDULLAH AL OTHAIM MARKETS CO 99.50 -2.21% 6 628 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 50.25 3.40% 2,304 113,854 SOLIDARITY SAUDI TAKAFUL CO JSC 9.70 -2.02% 1,533 15,028 UNITED WIRE FACTORIES CO JSC 25.00 3.31% 281 6,921 AMANA COOPERATIVE INSURANCE CO 9.85 -1.99% 904 8,995 TAKWEEN ADVANCED INDUSTRIES 24.30 3.18% 2,506 59,946 SAVOLA GROUP CO SJSC 38.00 -1.55% 332 12,733 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) DANAH AL SAFAT FOODSTUFF CO 124.00 8.77% 2,431 289 AL DAR NATIONAL REAL ESTATE CO 11.00 -8.33% 9,165 105 GULF GLASS MANUFACTURING CO 265.00 6.00% 44 11 CITY GROUP COMPANY KSCP 630.00 -7.35% 10 7 KUWAIT REAL ESTATE HOLDING CO 25.00 4.17% 25 1 AUTOMATED SYSTEMS CO KPSC 370.00 -6.33% 2 1 EKTTITAB HOLDING CO KSCP 38.00 4.11% 7,826 292 PALMS AGRO PRODUCTION CO KSCP 100.00 -5.66% 5 1 KUWAIT CO FOR PROCESS PLANT 210.00 3.96% 52 11 FIRST INVESTMENT CO KSCP 47.00 -5.05% 82 4 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MOHANDES INSURANCE CO SAE 16.63 6.19% 1 10 1.07 -6.96% 46 51 QATAR NATIONAL BANK ALAHLY SAE 35.96 5.73% 110 3,848 INDUSTRIAL AND ENGG ENTERPRISES 8.53 -6.16% 50 441 REACAP FINANCIAL INVESTMENTS SAE 2.19 4.29% 33 70 EL WADI CO FOR TOURISTIC INVEST 14.39 -6.13% 262 3,886 SHOROUK FOR MODERN PRINTING 8.17 3.94% 3 24 SOUHAG NATIONAL CO FOOD INDUS 37.08 -6.01% 41 1,571 ASEC CO FOR MINING SAE 6.50 3.50% 85 546 NATIONAL BANK OF KUWAIT EGYPT 18.25 -5.54% 1 11 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) ALIJARAH HOLDING CO QSC 17.01 1.25% 21 349 EZDAN HOLDING GROUP QSC 17.32 -3.24% 189 3,322 QATAR FUEL QSC 152.00 1.00% 1 194 ISLAMIC HOLDING GROUP QSC 59.10 -3.11% 52 3,148 QATAR INTL ISLAMIC BANK QSC 61.90 0.65% 15 916 ZAD HOLDING CO SAQ 84.00 -2.33% 0 35 OOREDOO QSC 86.40 0.35% 63 5,411 QATAR INDUSTRIAL MANUFACTURING 40.10 -2.20% 10 403 DLALA BROKERAGE AND INVESTMENT 20.20 -1.61% 14 275 Close * DoD % Volume ('000) Value (AED ‘000) AL SALAM BANK SUDAN PLC 1.57 8.28% 6,144 9,277 TAKAFUL EMARAT INSURANCE PJSC 2.10 1.94% 22,629 DAMAC PROPERTIES DUBAI CO PSC 2.41 1.26% UNION PROPERTIES PJSC 0.73 0.97% SHUAA CAPITAL PSC 0.68 0.89% Close * ABU DHABI SHIP BUILDING PJSC Dubai Top Gainers Saudi Arabia Abu Dhabi Top Gainers Kuwait Top Gainers Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers ARAB VALVES CO SAE Top Losers 3
4. MENA Morning Report Tuesday , June 14, 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 65,197 81.50 0.0% 6.2% 6,002 130,469 107.25 59.50 14 1.5 6.7% 2 Emirates Telecommunications Group Co AE 44,520 18.80 0.0% 16.8% 649 3,323 19.10 11.35 20 3.9 4.3% 3 Saudi Telecom Co SJSC SA 33,598 63.00 0.4% -7.7% 97 1,626 73.25 52.75 14 2.1 6.3% 4 Qatar National Bank SAQ QA 31,828 138.00 -0.1% -5.4% 50 1,909 163.17 122.50 10 2.0 1.8% 5 Al Rajhi Banking and Investment Corp SA 25,674 59.25 1.7% 13.9% 1,527 24,141 69.00 44.70 12 2.0 2.5% 6 National Commercial Bank SJSC SA 21,652 40.60 0.7% -20.4% 224 2,425 67.75 36.60 9 1.4 3.8% 7 Saudi Electricity Co SJSC SA 20,276 18.25 2.5% 15.9% 2,679 13,040 19.00 12.40 34 1.2 3.8% 8 Industries Qatar QSC QA 16,086 96.80 -1.0% -12.9% 36 965 144.00 88.00 14 1.9 5.2% 9 Jabal Omar Development Co SJSC SA 15,241 61.50 0.4% 10.8% 252 4,130 77.00 40.80 - 6.1 0.0% 10 DP World Ltd AE 14,940 18.00 0.0% -11.3% 221 1,085 23.90 16.40 18 1.7 1.7% 11 First Gulf Bank PJSC AE 14,826 12.10 0.4% -4.3% 558 1,838 15.75 9.90 9 1.6 8.3% 12 Ezdan Holding Group QSC QA 12,619 17.32 -3.2% 8.9% 189 897 20.00 12.10 27 1.5 2.9% 13 Emirates NBD Bank PJSC AE 12,561 8.35 0.0% 12.2% 453 1,029 10.95 6.25 7 0.9 4.8% 14 Emaar Properties PJSC AE 12,243 6.28 -0.9% 10.4% 5,578 9,539 8.23 4.22 11 1.2 2.4% 15 Saudi Arabian Mining Co SJSC SA 11,871 38.10 -0.3% 14.8% 885 8,997 46.80 25.70 89 1.7 0.0% 16 Almarai Co SJSC SA 11,786 55.25 0.9% -5.9% 357 5,264 73.50 40.88 24 3.6 1.6% 17 National Bank of Kuwait SAKP KW 11,398 610.00 -1.6% -18.0% 1,312 2,659 808.65 604.16 13 1.1 4.6% 18 Samba Financial Group SJSC SA 11,333 21.25 0.0% -9.0% 309 1,751 28.10 17.55 8 1.0 4.2% 19 National Bank of Abu Dhabi PJSC AE 11,164 7.87 -2.4% -1.1% 114 244 11.00 6.86 9 1.0 5.7% 20 Kingdom Holding Co SA 10,969 11.10 -0.9% -29.3% 773 2,288 23.50 9.80 63 1.6 4.5% 21 Emaar Malls Group PJSC AE 9,639 2.72 -0.4% -1.4% 6,508 4,820 3.37 2.02 20 2.2 3.7% 22 Abu Dhabi Commercial Bank PJSC AE 9,142 6.00 -1.5% -9.0% 1,017 1,661 8.91 5.20 7 1.2 7.5% 23 Riyad Bank SJSC SA 8,840 11.05 0.5% -10.9% 89 263 17.40 10.80 8 0.9 6.3% 24 Saudi British Bank SJSC SA 8,400 21.00 -0.9% -15.2% 94 529 34.60 19.00 7 1.1 3.6% 25 Kuwait Finance House KSCP KW 8,081 465.00 0.0% -5.3% 711 1,098 590.91 395.45 16 1.4 3.3% 26 Emirates Integrated Telecom Co PJSC AE 7,842 6.30 -0.8% 23.5% 80 138 6.84 4.65 15 4.0 6.8% 27 Ooredoo QSC QA 7,602 86.40 0.3% 15.2% 63 1,489 96.10 60.00 11 1.3 3.5% 28 Banque Saudi Fransi SJSC SA 7,551 23.50 -0.4% -16.1% 59 371 38.40 20.70 7 1.0 4.5% 29 Saudi Arabia Fertilizers Co SJSC SA 7,055 63.50 0.4% -23.3% 95 1,615 125.75 61.00 15 4.0 9.4% 30 Masraf Al Rayan QSC QA 6,911 33.55 -0.7% -10.8% 146 1,343 46.80 28.60 12 2.3 5.2% Company Name Total M-Cap; W. Avg Yield 490,845 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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