MENA Market Report - 14 November

Transcription

1. MENA Morning Report Tuesday , November 14, 2017 Overview Regional Markets: MENA markets closed the session on a mixed note as four out of the eight indexes ended in green, while the remaining four in red for the day. Investors are selectively buying into the regional markets, especially the stocks that have been impacted by the sentiments. Kuwait was the best performing index as it was up by 1.2% for the day, recovering almost all of the losses recorded in the previous session. UAE markets ended on a mixed note for the second consecutive session as Dubai was up by 0.4%, while Abu Dhabi was down by 0.1% for the day. The Dubai index has added 0.8% in the past two trading sessions, which was mostly supported by Emaar, which has recorded gains of close to 3.0% in the past two days. GFH was another stock that remained in the limelight as it appreciated by 6.3% for the day and accounted for around 50% of the total traded value during the session. Saudi Arabia also closed higher by 0.4% for the day, recovering the losses recorded in previous session. Despite the concerns regarding the ongoing geopolitical tensions, Saudi Arabia has been resilient as there is buying interest at lower levels. Egypt closed on a negative note as it was down by 1.0% for the day, extending the losses to 1.6% in the past two trading sessions. Qatar was down by 0.2% for the day, continuing to remain under pressure as the index has lost around 4.0% during the month and 25% in 2017. Bahrain closed marginally lower by 0.1%, while Oman was up by 0.3% for the day. International Markets: US markets closed on a positive note as DJIA, Nasdaq and S&P were all up by 0.1% each for the day. European markets closed on a negative note as FTSE, DAX and CAC were all down by 0.2%, 0.4% and 0.7% respectively. At the time of writing this report, Asian markets have opened on a slightly positive note as Nikkei and Hang Seng are up by 0.4% and 0.1% respectively, while Shanghai is down by 0.5%. Headlines (WW) Outlook for UK pay growth improves, but only a little (ME) GE Digital to transform Middle East industry using the power of the internet (WW) UK shoppers cut spending by most in more than four years (GCC) GCC countries adopt draft UAE regulations for electric vehicles (WW) China Oct new yuan loans hit one-year low as debt curbs weigh (GCC) Falling times, rising opportunities in GCC equities (WW) Japan's cash-rich companies ready to spend more on M&A, not wages (SA) Saudi Arabia sees rise in jobless expats (WW) Japan's economy set to show seven straight growth quarters (SA) JP Morgan sees more Saudi firms looking at overseas listings after Aramco (WW) India's October retail inflation touches seven-month high (AE) Unemployment insurance proposed for skilled workers in UAE (WW) Australia's central bank sees no shock that could force a rate rise (AE) UAE launches Fourth Industrial Revolution Protocol (WW) Russia's economic recovery slows, GDP up 1.8% Y-o-Y in Q3 (AE) SMEs in UAE poised for new wave of growth amidst digital revolution (CMD) OPEC points to 2018 oil supply deficit as market tightens (EG) Egypt's new healthcare system to cost EUR 29 billions (CMD) Gold price inches up 63 points on global cues (KW) Credit growth steady at 3.2% in August (FX) US dollar ends higher against rupee (OM) Oman's Duqm Refinery to seek USD 6 billion bank funding soon (FX) Sterling risks will pass despite recent slump (QA) Qatar investigates UAE plan to devalue its currency (FI) Euro zone bond markets brace for series of auction tests (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,477.74 0.4% 0.8% -4.3% -1.5% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,369.59 -0.1% -0.2% -2.5% -3.9% ˅ ˅ ˅ Saudi (SASEIDX) 6,961.52 0.4% 0.1% 0.4% -3.5% ˅ ˅ ˄ Kuwait (KWSE) 6,250.67 1.2% -0.1% -4.0% 8.7% ˅ ˅ ˅ Egypt (EGX30) 14,123.31 -1.0% -1.6% -1.5% 14.4% ˄ ˄ ˄ Qatar (DSM) 7,856.99 -0.2% -0.4% -3.8% -24.7% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,262.86 -0.1% -0.4% -1.1% 3.5% ˅ ˅ ˅ Oman (MSM30) 5,083.92 0.3% 0.6% 1.5% -12.1% ˄ ˅ ˅ 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) 356 472 383 154 167 137 81,511 Abu Dhabi (ADSMI) 64 122 99 36 49 45 130,074 Saudi (SASEIDX) 186 266 235 926 1,123 1,016 440,375 Kuwait (KWSE) 85 112 92 45 49 40 75,578 Egypt (EGX30) 252 370 294 50 84 66 21,556 Qatar (DSM) 5 7 7 46 66 72 88,231 Bahrain (BHSEIDX) 3 2 2 1 1 1 20,111 Oman (MSM30) 6 18 17 6 11 10 14,058 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 , November 14, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 11.6 10.9 11.5 11.1 9.7 386.2 9.4 300 8 239.3 188.3 4 1.2 1.5 2.1 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 Dividend Yield 21% 8% 6% Current 489.3 13.6 12 Previous 600 5.0% 8.7% 3.5% 7% 5.2% 4.5% 3.7% 3.4% 4% 14.4% 14% 5.9% 5.5% 0% -7% -1.5% -3.9% -3.5% -14% 2% -12.1% -21% 0.0% 0.0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -24.7% -28% 0% 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 , November 14, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ARAB INSURANCE GROUP BSC 1.63 -3.68% 5 9 7,047 ARABTEC HOLDING PJSC 2.63 -2.28% 7,081 18,839 31,455 36,991 UNION PROPERTIES PJSC 0.82 -1.34% 14,064 11,625 3.45% 306 524 DUBAI INVESTMENTS PJSC 2.42 -1.24% 19,120 46,562 1.82% 861 329 TAKAFUL EMARAT INSURANCE PJSC 1.93 -1.04% 3 6 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL TAKAFUL CO 4.50 11.11% 7 29 GULF CEMENT CO PSC 1.02 -5.88% 359 377 ABU DHABI SHIP BUILDING PJSC 2.10 7.14% 13 26 ABU DHABI NATIONAL ENERGY CO 0.63 -3.17% 209 134 AL KHAZNA INSURANCE COMPANY 0.28 3.57% 100 28 RAS AL KHAIMAH CEMENT CO PSC 0.66 -3.03% 172 115 NATIONAL BANK OF RAS AL KHAIMAH 4.80 2.50% 48 227 METHAQ TAKAFUL INSURANCE CO 0.79 -2.53% 1,969 1,575 RAK PROPERTIES PJSC 0.69 1.45% 2,844 1,949 INTERNATIONAL HOLDING COMPANY 1.43 -2.10% 244 352 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) UNITED ELECTRONICS COMPANY JSC 42.55 9.40% 691 28,134 SAUDI INDUSTRIAL EXPORT CO SJSC 19.74 -9.93% 35 728 MIDDLE EAST SPECIALIZED CABLES CO 7.64 8.77% 4,490 32,922 ALUJAIN CORPORATION SJSC 22.00 -9.45% 5,975 138,320 NATIONAL AGRICULTURE DEV 27.50 4.55% 363 9,753 MAKKAH CONSTRUCTION AND DEV 63.00 -8.73% 1,931 127,494 SAUDI ARABIAN AMIANTIT CO SJSC 6.19 4.52% 5,718 34,628 DAR AL ARKAN REAL ESTATE DEV 9.59 -3.13% 51,615 502,975 NATIONAL INDUSTRIALIZATION 14.00 3.43% 1,037 14,276 AL AHLIA FOR COOPERATIVE 11.40 -2.28% 311 3,584 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT CABLE VISION COMPANY 19.00 20.00% 3 0 GULF INSURANCE GROUP KSCP 750.00 -20.00% 11 9 AL AHLEIA INSURANCE CO SAKP 344.00 19.77% 1 0 SPECIALITIES GROUP HOLDING CO 80.00 -10.25% 49 4 NATIONAL CLEANING CO KSCP 46.00 13.04% 791 34 AL SALAM GROUP HOLDING CO KSCP 38.40 -3.65% 56 2 KUWAIT CEMENT CO KSCP 400.00 12.50% 50 19 KUWAIT BUSINESS TOWN RE 47.50 -3.16% 953 46 UNITED REAL ESTATE COMPANY SAKP 70.50 11.91% 0 0 KUWAIT FINANCE AND INVESTMENT 44.70 -2.91% 0 0 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MISR NATIONAL STEEL SAE 18.81 9.94% 17 308 MISR CEMENT CO SAE 48.30 -9.69% 5 245 SHOROUK FOR MODERN PRINTING 25.85 8.74% 9 214 OCTOBER PHARMA 70.53 -9.56% 4 260 ZAHRAA MAADI INVESTMENT 18.02 7.10% 34 600 EGYPTIAN STARCH AND GLUCOSE 16.82 -8.15% 376 6,599 AL BARAKA BANK EGYPT SAE 12.17 7.07% 178 2,092 GENERAL COMPANY FOR PAPER 9.47 -7.50% 173 1,701 EGYPTIAN CO FOR INTERNATIONAL 3.00 6.67% 20 58 SINAI CEMENT CO SAE 21.54 -7.15% 26 591 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) COMMERCIAL BANK PSQC 26.25 2.48% 125 3,242 AL KHALEEJ TAKAFUL GROUP QPSC 11.30 -7.08% 15 180 QATAR NATIONAL CEMENT CO QSC 58.23 2.15% 2 112 QATAR INDUSTRIAL MANUFACTURING 39.34 -5.92% 0 8 MESAIEED PETROCHEMICAL HOLDING 11.05 0.45% 33 367 EZDAN HOLDING GROUP QSC 8.40 -5.00% 277 2,386 INDUSTRIES QATAR QSC 94.50 0.42% 157 14,782 QATARI GERMAN COMPANY 5.75 -4.35% 19 111 QATAR ISLAMIC BANK QPSC 94.00 0.31% 44 4,153 MEDICARE GROUP QSC 56.99 -4.33% 10 566 Close * DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.06 8.49% 8,676 8,836 ISLAMIC ARAB INSURANCE CO PSC 0.49 5.15% 14,896 AMANAT HOLDINGS PJSC 1.20 4.17% AL SALAM BANK SUDAN PLC 1.74 COMMERCIAL BANK OF DUBAI PSC 0.39 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Qatar Egypt Kuwait Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Tuesday , November 14, 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 79,991 100.00 -0.2% 9.3% 3,414 91,030 105.40 83.75 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 40,494 17.10 0.6% -9.0% 1,747 8,136 19.00 17.00 17 3.5 4.7% 3 Saudi Telecom Company SJSC SA 37,276 69.90 -0.1% 0.0% 527 9,824 78.90 62.75 0 0.0 0.0% 4 Qatar National Bank QPSC QA 30,621 120.69 -0.0% -18.5% 275 9,119 157.27 118.10 9 1.5 2.6% 5 First Abu Dhabi Bank PJSC AE 30,118 10.15 -0.5% 1.6% 2,702 7,468 11.55 8.50 11 1.1 4.4% 6 National Commercial Bank SJSC SA 28,210 52.90 -0.4% 24.2% 1,856 26,184 58.00 37.00 11 1.7 3.0% 7 Al Rajhi Banking & Investment Corp SA 27,427 63.30 0.5% 0.5% 3,509 59,227 71.70 59.25 12 1.9 3.6% 8 Saudi Electricity Company SJSC SA 26,952 24.26 0.2% 8.3% 1,527 9,876 26.05 17.60 10 1.3 2.9% 9 DP World Ltd AE 19,945 24.03 1.4% 37.2% 127 830 24.60 15.53 19 2.0 1.6% 10 Saudi Arabian Mining Co SJSC SA 16,855 54.10 1.9% 38.7% 1,705 24,601 54.10 37.30 188 2.4 0.0% 11 Jabal Omar Development Co SJSC SA 16,232 65.50 0.8% -12.4% 1,798 31,398 76.00 59.10 70 5.9 0.0% 12 Industries Qatar QSC QA 15,771 94.90 0.4% -19.2% 157 4,086 122.00 85.00 22 1.7 4.2% 13 Emaar Properties PJSC AE 15,596 8.00 1.5% 12.2% 11,094 24,166 8.95 6.37 10 1.3 1.9% 14 Almarai Co SJSC SA 14,878 55.80 1.6% 1.8% 688 10,241 78.64 47.60 27 4.0 1.3% 15 National Bank of Kuwait SAKP KW 14,312 732.00 0.3% 18.2% 2,106 5,094 800.00 590.48 14 1.3 3.9% 16 Samba Financial Group SJSC SA 12,585 23.60 0.9% -3.1% 3,779 23,783 27.10 19.80 10 1.1 4.0% 17 Emirates NBD Bank PJSC AE 12,485 8.25 0.0% -2.8% 1,049 2,356 9.00 7.60 6 0.8 4.8% 18 Emirates Islamic Bank PJSC AE 10,794 7.30 0.0% 0.0% 1 1 11.95 1.57 80 5.5 0.0% 19 Saudi British Bank SJSC SA 10,459 26.15 2.1% 4.6% 1,700 11,855 28.55 20.05 10 1.2 2.7% 20 Kuwait Finance House KSCP KW 10,325 542.00 0.7% 10.4% 6,036 10,810 650.00 454.55 16 1.7 2.9% 21 Abu Dhabi Commercial Bank PJSC AE 10,191 7.20 -1.4% 4.3% 1,458 2,859 7.68 5.66 9 1.2 5.6% 22 Riyad Bank SJSC SA 9,695 12.12 1.0% 4.9% 2,317 7,489 12.16 10.10 11 1.0 5.4% 23 Banque Saudi Fransi SJSC SA 9,642 30.00 1.7% 14.9% 1,018 8,144 33.40 22.10 10 1.1 3.5% 24 Kingdom Holding Co SA 8,893 9.00 2.9% -24.7% 797 1,914 12.95 7.90 53 1.1 0.0% 25 Yanbu National Petrochemicals Co SJSC SA 8,624 57.50 1.8% 6.5% 490 7,507 61.75 45.60 15 2.0 5.2% 26 Dubai Islamic Bank PJSC AE 8,061 5.99 -0.2% 7.5% 3,031 4,944 6.29 5.01 8 1.2 7.5% 27 Emaar Malls PJSC AE 7,902 2.23 -0.4% -14.9% 1,013 615 2.80 2.13 15 1.8 4.5% 28 Ooredoo QSC QA 7,215 82.00 -3.5% -19.4% 89 2,012 116.10 80.00 14 1.2 4.3% 29 Masraf Al Rayan QPSC QA 7,211 35.00 0.0% -6.9% 232 2,235 45.40 33.05 13 2.1 5.7% 30 Alinma Bank SJSC SA 6,999 17.50 -0.3% 15.9% 23,664 110,422 18.46 13.85 14 1.3 2.9% Company Name Total M-Cap; W. Avg Yield 555,763 3.4% 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, and as such should not be relied upon by or distributed to “Retail Clients”. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization’s estimates and views and does not represent the views of AMCML and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCML has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCML takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCML does not accept any liability for any loss arising from the use of material presented in this report. AMCML may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCML may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCML research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. 4