MENA Market Report - 17 April

Transcription

1. MENA Morning Report Monday , April 17, 2017 Overview Regional Markets: MENA region closed the trading session on a negative note, in line with the sentiments seen in global markets on Friday. The regional markets continue to remain under pressure since the start of February, underperforming the global markets. First quarter earnings will be important to change the sentiments as it will be more of reassurance that the improvement in macroeconomic indicators are trickling down to various sectors. However, the geopolitical risk is impacting the sentiments across the equity markets as investors prefer to stay away from taking any new positions. For the day, seven out of the eight indexes closed in red, while Egypt was the only one closed for holidays. UAE markets were the worst performers as Dubai and Abu Dhabi were down by 1.6% and 0.6% for the day, adding to the losses witnessed in the previous week. Dubai witnessed broad based selling as 32 stocks declined compared to 2 advancers for the day. Abu Dhabi was mostly dragged lower by real estate related sector stocks and Dana Gas for the day. Saudi Arabia also closed on a negative note as it was down by 1.0% for the day, which was mostly dragged lower by banking sector stocks. Kuwait was also down by 0.6% for the day, in line with the sentiments seen in broader regional markets. Qatar closed in red as it was down by 0.2% for the day on the back of lower trading activity, which also pushed the annual performance into negative territory. Bahrain and Oman were also down by 0.9% and 0.4% respectively for the day. International Markets: At the time of writing this report, Asian markets have opened in red also as Nikkei and Shanghai are down by 0.3% and 0.8% respectively, while Hang Seng is closed. Headlines (WW) US retail sales, inflation data highlight weak first-quarter growth (MENA) MENA hospitality market continues softer performance (WW) US producer prices post first drop in seven months (GCC) GCC economies must live up to their potential to thrive (WW) US consumer sentiment unexpectedly improves in early April: (GCC) Gulf British Conference on public-private sector partnership (WW) US wants trade to dominate economic talks with Japan (SA) Saudi Arabia 'is among top 10 Bentley markets (WW) China's economic picture brightens as trade data tops forecasts (SA) Car rental sector to be 100% Saudized (WW) China's shadow banking rebounds in Mar, household loans surge despite curbs (AE) UAE-Saudi trade reaches USD 22.88 billion (WW) China central bank to improve policy toolkit to maintain financial stability (QA) Qatar's FIFA World Cup to improve expats' living conditions-survey (WW) Japan's frugal households offer no respite for Bank of Japan, retailers (QA) Qatar's substantial financial buffers to meet challenges (CMD) Gold retreats from five-month high as dollar rebounds (OM) Oman's corporate tax hike hurts listed firms' net profits (CMD) Oil prices flat as U.S. production offsets inventory draw (OM) Oman seeks bigger share of multi-billion dollar e-commerce pie (FX) Trump sends dollar down with warning it is 'too strong' (OM) Oman plans revised foreign capital investment law (FX) Sterling hits 6-week high vs euro, slips against recovering dollar (KW) Kuwait eases law for establishing new companies (FI) High-grade euro zone yields fall after Trump rate comments (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,453.22 -1.6% -1.6% -0.8% -2.2% ˄ ˅ ˄ Abu Dhabi (ADSMI) 4,489.20 -0.6% -0.6% 1.0% -1.3% ˄ ˅ ˄ Saudi (SASEIDX) 7,005.40 -1.0% -1.0% 0.1% -2.8% ˄ ˅ ˄ Kuwait (KWSE) 6,969.18 -0.6% -0.6% -0.9% 21.2% ˄ ˄ ˄ Egypt (EGX30) Closed Closed Closed -0.2% 5.0% ˅ ˄ ˄ Qatar (DSM) 10,431.34 -0.2% -0.2% 0.4% -0.1% ˄ ˅ ˄ Bahrain (BHSEIDX) 1,344.69 -0.9% -0.9% -0.8% 10.2% ˅ ˄ ˄ Oman (MSM30) 5,550.69 -0.4% -0.4% 0.0% -4.0% ˅ ˅ ˄ 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) 272 415 535 80 170 194 82,175 Abu Dhabi (ADSMI) 67 140 155 34 67 65 134,450 Saudi (SASEIDX) 179 188 243 899 958 1,123 442,426 Kuwait (KWSE) 326 484 344 93 138 101 75,578 Egypt (EGX30) Closed 295 377 Closed 89 95 19,681 Qatar (DSM) 7 11 9 41 102 84 133,605 Bahrain (BHSEIDX) 2 4 4 1 3 3 21,048 Oman (MSM30) 38 20 17 29 13 10 16,610 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 Monday , April 17, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 14.0 386.2 8.9 300 8 239.3 188.3 4 1.2 Current 489.3 11.3 9.2 1.5 2.0 1.7 1.5 - - 0.9 1.1 Bahrain Oman - 178.1 106.9 87.2 1.4 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 27% 8% 6% Previous 600 12.9 11.8 10.9 12 PB 21.2% 5.0% 5.6% 5.3% 4.2% 18% 10.2% 4.0% 4% 3.3% 2.2% 0.0% 0.0% Saudi Kuwait Egypt Qatar Bahrain -2.2% -1.3% Dubai Abu Dhabi -0.1% -2.8% -4.0% -9% 0% Abu Dhabi 5.0% 0% 2% Dubai 9% Oman Average 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 , April 17, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES ISLAMIC BANK PJSC 10.20 -10.00% 0 0 ARABTEC HOLDING PJSC 0.90 -9.69% 64,136 60,683 39 DRAKE AND SCULL INTERNATIONAL 0.45 -7.28% 47,763 22,487 0 0 DUBAI ISLAMIC INSURANCE 0.86 -5.93% 714 633 55 85 AL RAMZ CORPORATION INVESTMENT 1.59 -5.66% 8,000 13,102 Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 14.68% 1 1 ABU DHABI NATIONAL FOR BUILDING 0.60 -10.00% 44 28 1.56 12.18% 502 741 ARKAN BUILDING MATERIALS CO PJSC 0.70 -8.57% 2,161 1,583 RAS AL KHAIMAH CEMENT CO PSC 0.85 5.88% 6 5 DANA GAS PJSC 0.45 -4.44% 18,914 8,709 EMIRATES DRIVING CO PJSC 7.80 5.13% 179 1,364 ESHRAQ PROPERTIES COMPANY PJSC 1.16 -3.45% 17,448 20,601 MANAZEL REAL ESTATE PJSC 0.54 1.85% 5,324 2,849 SUDATEL TELECOM GROUP LTD 0.64 -3.13% 660 429 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI CERAMIC CO SJSC 28.40 6.69% 1,260 34,664 AMANA COOPERATIVE INSURANCE CO 20.00 -5.75% 1,906 39,273 TIHAMA ADVERTISING AND PUBLIC 44.00 6.36% 2,827 120,667 ALLIED COOPERATIVE INSURANCE 15.35 -4.89% 582 9,167 SAUDI ELECTRICITY CO SJSC 24.00 2.50% 2,217 52,550 SAUDI UNITED COOPERATIVE 28.30 -3.89% 510 14,714 SAUDI KAYAN PETROCHEMICAL CO 8.55 2.34% 22,147 187,191 SAUDI PHARMACEUTICAL INDUSTRIES 37.80 -3.70% 196 7,532 AL JAZIRA MAWTEN REIT 20.90 1.67% 3,972 82,336 AL RAJHI COMPANY FOR COOP 46.30 -3.67% 424 19,988 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) REAL ESTATE TRADE CENTERS CO 50.00 10.00% 2,722 130 TIJARA AND REALESTATE INVESTMENT 62.00 -8.06% 3 0 AL-MASSALEH REAL ESTATE CO KSCP 59.00 8.47% 8,541 484 NATIONAL INVESTMENTS CO KSCP 120.00 -6.67% 1,475 183 SAFAT GLOBAL HOLDING CO 42.00 5.95% 6,191 253 HITS TELECOM HOLDING CO KSCP 51.00 -4.90% 22,533 1,179 INJAZZAT REAL ESTATE DEVELOPMENT 87.00 5.75% 1 0 AL MAL INVESTMENT COMPANY KPSC 21.50 -4.65% 3,125 69 AUTOMATED SYSTEMS CO KPSC 280.00 3.57% 0 0 GULF FRANCHISING HOLDING CO KSCP 65.00 -4.62% 27 2 Close DoD % Volume Value Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ARAMEX PJSC 5.25 1.52% 0 2,784 AMANAT HOLDINGS PJSC 1.07 0.93% 0 5,353 AFKAR S&P UAE UCITS ETF CLASS A 3.92 0.00% 10 EMIRATES REFRESHMENTS PSC 4.05 0.00% ARAB INSURANCE GROUP BSC 1.55 0.00% Close * DoD % UMM AL QAIWAIN CEMENT INDUS 1.09 COMMERCIAL BANK INTERNATIONAL Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers Top Gainers Market Remained Closed Egypt Market Remained Closed Top Losers Top Gainers Qatar OOREDOO QSC Close DoD % Volume Value Top Losers Close * DoD % 105.00 1.71% 134 13,979 QATAR INDUSTRIAL MANUFACTURING 45.20 -3.54% 0 5 QATARI GERMAN COMPANY FOR 9.55 1.47% 5 44 DLALA BROKERAGE AND INVESTMENT 22.11 -1.85% 24 527 ALIJARAH HOLDING CO QSC 18.00 1.33% 668 11,941 COMMERCIAL BANK QSC 32.00 -1.56% 26 838 GULF INTERNATIONAL SERVICES QSC 27.75 0.54% 18 506 UNITED DEVELOPMENT CO PSC 19.85 -1.46% 115 2,290 AAMAL CO QSC 14.41 0.49% 43 624 BARWA REAL ESTATE CO QSC 36.00 -1.39% 101 3,648 Data & Charts Source: Thomson Reuters 3
4. MENA Morning Report Monday , April 17, 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 79,604 99.50 -0.3% 8.7% 2,150 57,036 102.50 74.25 17 1.8 4.0% 2 Emirates Telecommunications Group Co AE 41,915 17.70 -2.5% -5.9% 617 2,973 20.20 17.15 17 3.6 4.5% 3 Qatar National Bank SAQ QA 37,830 149.10 -0.3% 0.0% 32 1,323 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 36,802 69.00 -0.7% -4.8% 199 3,656 74.00 51.00 16 2.3 5.8% 5 National Bank of Abu Dhabi PJSC AE 31,899 10.75 0.9% 7.6% 3,456 10,115 11.55 7.60 11 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 27,951 64.50 -2.3% 2.4% 3,058 52,598 67.50 48.60 13 2.0 3.5% 7 Saudi Electricity Co SJSC SA 27,334 24.60 2.5% 9.8% 2,217 14,540 25.80 14.30 49 1.7 2.8% 8 National Commercial Bank SJSC SA 19,894 37.30 -2.4% -12.4% 2,313 23,010 46.30 32.00 8 1.3 4.3% 9 Industries Qatar QSC QA 18,447 111.00 -0.4% -5.5% 75 2,282 122.00 94.50 23 2.0 3.6% 10 DP World Ltd AE 17,430 21.00 -2.4% 19.9% 17 99 22.25 15.53 18 2.0 1.8% 11 Jabal Omar Development Co SJSC SA 16,668 67.25 -0.4% -10.0% 143 2,559 76.00 46.00 82 6.1 0.0% 12 Almarai Co SJSC SA 15,681 73.50 -0.7% 7.3% 150 2,942 74.00 51.50 29 4.5 0.0% 13 Emaar Properties PJSC AE 14,056 7.21 -0.6% 1.1% 1,924 3,776 7.79 5.95 10 1.3 2.1% 14 Emirates Islamic Bank PJSC AE 13,574 9.18 -10.0% 0.0% 0 0 11.95 1.57 377 7.5 0.0% 15 National Bank of Kuwait SAKP KW 13,400 690.00 1.5% 11.5% 2,095 4,753 723.81 523.81 14 1.3 4.1% 16 Saudi Arabian Mining Co SJSC SA 12,807 41.10 -1.7% 5.4% 633 6,941 43.80 27.80 120 1.7 0.0% 17 Emirates NBD Bank PJSC AE 12,258 8.10 0.0% -4.6% 70 154 9.00 7.60 7 0.8 4.9% 18 Ezdan Holding Group QSC QA 11,505 15.79 0.0% 4.5% 381 1,653 20.24 14.63 23 1.4 3.2% 19 Samba Financial Group SJSC SA 11,094 20.80 -0.7% -14.6% 270 1,500 25.20 15.90 8 1.0 4.6% 20 Kingdom Holding Co SA 10,426 10.55 0.0% -11.7% 55 154 13.15 9.90 77 1.4 4.7% 21 Kuwait Finance House KSCP KW 10,218 540.00 1.9% 10.0% 3,664 6,505 572.73 400.00 15 1.7 2.9% 22 Abu Dhabi Commercial Bank PJSC AE 9,866 6.97 -0.9% 1.0% 237 450 7.68 5.66 9 1.2 0.0% 23 Ooredoo QSC QA 9,397 106.80 1.7% 4.9% 134 3,938 116.10 81.50 16 1.5 3.3% 24 Emaar Malls Group PJSC AE 9,214 2.60 -0.8% -0.8% 1,256 889 3.10 2.47 18 2.1 3.8% 25 Yanbu National Petrochemicals Co SJSC SA 8,888 59.25 -1.7% 0.0% 67 1,054 61.75 37.00 14 2.1 0.0% 26 Masraf Al Rayan QSC QA 8,777 42.60 0.2% 13.3% 198 2,321 44.20 32.10 15 2.5 4.7% 27 Saudi British Bank SJSC SA 8,600 21.50 -3.2% -14.0% 238 1,364 25.90 16.40 8 1.0 3.3% 28 Riyad Bank SJSC SA 8,240 10.30 0.0% -10.8% 723 1,985 11.80 8.55 9 0.8 6.3% 29 Banque Saudi Fransi SJSC SA 8,194 25.50 -1.9% -2.3% 205 1,395 27.50 18.00 9 1.0 4.1% 30 Dubai Islamic Bank PJSC AE 7,751 5.76 -2.0% 3.4% 2,593 4,066 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 559,724 3.2% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority (“DFSA”). The information contained in this report does not constitute an offer to sell securities or the solicitation of an 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 for professionals 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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