MENA Market Report - 17 July

Transcription

1. MENA Morning Report Sunday , July 17, 2016 Overview Regional Markets: MENA markets closed the session on a mixed note, as investors turned cautious the IEA cautioned that a global supply glut was threatening market recovery, which also led to downward pressure in oil prices. Despite the sentiments seen on Thursday, the weekly performance of the regional markets was positive, first week of trading after Eid holidays. Earnings are expected to be announced in the coming weeks, which will act as a catalyst for the markets going forward. On Thursday, Qatar was the best performer, up by 1.1%, led by 0.7% rise in Qatar Electricity and Water Co. after the company reported a 13% rise in Q2 net profit. Saudi was down by 0.4% for the day, after rising for four consecutive days. UAE markets closed on a mixed note as Dubai was down by 0.3%, while Abu Dhabi was up by 0.1% for the day. Dubai snapped a six day gaining streak, however the week closed in the green. In Abu Dhabi, ADIB closed flat after the bank reported Q2 net profit up by 1%. Egypt was up by 0.3% and continued its positive trend throughout the week. Egypt has witnessed increased buying interest on hopes of further devaluation of the currency to propel economic activity. Kuwait was up by 0.1%, while Bahrain and Oman was down by 0.1% and 0.9% for the day. For the week, Egypt and Qatar hogged the limelight as investors capitalized on indexes that were underperforming regional peers. Egypt was the best performer with gains of 5.6%, followed by 4.5% in Qatar. International Markets: US markets closed on a mixed note as the Dow Jones was up by 0.1%, while S&P 500 and NASDAQ were down by 0.1% each. European markets closed on a mixed note as Stoxx 50 and CAC 40 were down by 0.2% and 0.3% respectively. While FTSE 100 was up by 0.2% and DAX closed flat. Headlines (WW) Federal Reserve Policymakers Signal No Rush To Raise US Rates (ME) Jordan Investor Confidence Drops In April By 1.75 Points (WW) Jobless Claims In US Hold At Lowest Level Since Mid-April (AE) UAE’s Union National Bank Q2 Profit Slides 17.3%, Beats Estimates (WW) US Producer Prices Post Largest Gain In A Year (AE) UAE’s Abu Dhabi Islamic Bank Q2 Net Profit Rises 1% (WW) British Consumer Confidence Slumps After Vote To Leave EU (AE) UAE Growth In Credit Demand Slows In June Quarter, According To Central Bank (WW) Bank Of England Signals August Stimulus As Rate Kept At 0.5% (AE) Most Dubai Office Rents Slump In Q2 Amid Rising Competition (WW) China’s Oil, Coal Output Slides In Sign Of More Imports To Come (AE) CBD’s First Half Net Profit Down 20.3% To AED485.8 Million (WW) China’s Economy Stabilizes As Consumer Spending Perks Up (AE) ADIB First Half Net Profit Up 3.8% To AED989.5 Million (WW) China New Home Sales Value Rose 22% In June From Year Earlier (QA) Qatar Electricity And Water Q2 Net Profit Up 13% (WW) Singapore Home Sales Fell In June To Lowest Level In Four Months (QA) Qatar Airways To Buy 49% Of Italy’s Meridiana (CMD) Oil Falls On Glut Fears, But China Data Curbs Losses (KW) Kuwait Inflation Eases To 2.8% Y/Y In May (CMD) Gold Prices Slip, On Track For First Weekly Decline Since May (OM) Ooredoo Oman’s Second Quarter Net Profit Rises 7% (FX) Yen Heads For Biggest Weekly Drop Since 1999 On Stimulus Bets (OM) National Bank Of Oman Posts Flat Q2 Net Profit (FI) Binladin Group Makes Delayed Payment On SAR1 Billion Sukuk (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,471.90 -0.3% 3.0% 4.9% 10.2% ˄ ˅ ˄ Abu Dhabi (ADSMI) 4,576.73 0.1% 0.0% 1.8% 6.3% ˄ ˄ ˄ Saudi (SASEIDX) 6,661.65 -0.4% 2.5% 2.5% -3.6% ˄ ˄ ˅ Kuwait (KWSE) 5,390.70 0.1% 0.0% 0.5% -4.0% ˅ ˄ ˅ Egypt (EGX30) 7,583.06 0.3% 5.6% 9.2% 8.2% ˄ ˄ ˄ Qatar (DSM) 10,428.67 1.1% 4.5% 5.5% -0.0% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,172.80 -0.1% 1.8% 4.9% -3.5% ˄ ˅ ˅ Oman (MSM30) 5,859.96 -0.9% 0.8% 1.4% 8.4% ˄ ˄ ˄ 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) 302 322 451 112 108 149 85,626 Abu Dhabi (ADSMI) 56 88 137 42 49 60 122,401 Saudi (SASEIDX) 278 279 300 1,266 1,298 1,399 410,044 Kuwait (KWSE) 72 119 144 24 35 40 74,922 Egypt (EGX30) 160 193 243 90 110 117 42,382 Qatar (DSM) 8 6 9 82 59 79 153,896 Bahrain (BHSEIDX) 2 2 2 1 1 1 18,038 Oman (MSM30) 23 21 22 11 11 12 22,804 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 Sunday , July 17, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.9 13.5 9.7 9.4 371.6 8.3 300 8 234.8 190.3 164.5 4 1.3 1.6 1.1 1.4 1.5 Abu Dhabi Saudi Kuwait Egypt Qatar 1.4 Current 489.3 11.1 9.6 0.8 1.2 Bahrain Oman 106.4 86.7 1.3 0 0 Dubai Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 15% 8% 6% Previous 600 12.9 11.5 12 PB 4.9% 10.2% 6.2% 5.7% 5.5% 4.5% 3.9% 4% 4.2% 4.6% 0% 2.3% 0.0% -5% 0% -10% Kuwait Egypt 6.3% 5% 2% Dubai Abu Dhabi Saudi 8.4% 8.2% 10% Qatar Bahrain Oman Average Dubai Abu Dhabi -3.6% -4.0% Saudi Kuwait -3.5% Egypt Data & Charts Source: Thomson Reuters; Table includes Zawya estimates and data for UAE, KSA, QA, KW, BA and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Sunday , July 17, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MARKA PJSC 1.13 -2.59% 2 2 85 DUBAI ISLAMIC BANK PJSC 5.45 -1.98% 19,366 106,612 0 13 UNION PROPERTIES PJSC 0.75 -1.45% 15,693 11,856 2.91% 8,040 8,402 AMLAK FINANCE PJSC 1.42 -1.39% 4,643 6,640 1.92% 3,119 3,275 DUBAI ISLAMIC INSU & REINSU CO PSC 0.65 -1.22% 237 154 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI COMMERCIAL BANK PJSC 6.10 1.33% 2,302 13,949 ABU DHABI NATIONAL FOR BUILDING 0.47 -6.00% 151 73 EMIRATES TELECOM GROUP CO PJSC 19.90 1.02% 2,064 40,861 UNION CEMENT CO PSC 1.15 -4.17% 313 368 ABU DHABI SHIP BUILDING PJSC 2.46 0.41% 1 2 ARKAN BUILDING MATERIALS CO PJSC 0.92 -2.13% 7 6 UNION NATIONAL BANK PJSC 4.46 0.22% 338 1,506 SUDATEL TELECOM GROUP LTD 0.50 -1.96% 316 160 INSURANCE HOUSE PSC 0.81 0.00% 925 749 GULF PHARMACEUTICAL INDUSTRIES 2.19 -1.79% 12 26 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) UNITED COOPERATIVE ASSURANCE CO 11.55 9.48% 1,938 21,416 SAUDI INDUSTRIAL DEVELOPMENT CO 11.30 -3.42% 2,327 26,761 SAUDI TRANSPORT AND INVESTMENT 62.25 9.21% 1,680 100,157 TABUK AGRICULTURAL DEVELOPMENT 15.15 -2.57% 1,774 27,233 ARABIAN SHIELD COOP INSU CO SJSC 25.20 6.33% 1,425 34,848 ALUJAIN CORP SJSC 13.65 -2.50% 520 7,187 AMANA COOPERATIVE INSURANCE CO 10.90 5.31% 7,714 81,964 RABIGH REFINING & PETROCHEM CO 12.25 -2.39% 596 7,391 AL SAGR COOP INSURANCE CO SJSC 37.40 3.60% 1,749 64,275 SAUDI MARKETING COMPANY CJSC 42.60 -2.29% 94 4,070 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT REAL ESTATE HOLDING CO 23.50 6.82% 3 0 CREDIT RATING AND COLLECTION CO 43.00 -5.49% 50 2 AUTOMATED SYSTEMS CO KPSC 385.00 5.48% 16 6 MENA REAL ESTATE CO KSCP 19.50 -4.88% 20 0 BAYAN INVESTMENT COMPANY KSCP 35.00 4.48% 768 26 UNITED REAL ESTATE COMPANY SAKP 102.00 -3.77% 23 2 FIRST TAKAFUL INSURANCE CO KPSC 50.00 4.17% 2 0 FIRST INVESTMENT CO KSCP 51.00 -3.77% 70 4 AWJ HOLDING CO KSCP 77.00 4.05% 55 4 NOOR FINANCIAL INVESTMENT CO 39.50 -3.66% 189 8 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ARAB VALVES CO SAE 0.99 8.79% 290 275 MIDDLE EGYPT FLOUR MILLS CO SAE 13.07 -5.90% 150 2,025 NOZHA INTERNATIONAL HOSPITAL 45.19 8.68% 2 81 ALEXANDRIA FLOUR MILLS & BAKERIE 14.44 -5.00% 111 1,640 SAUDI EG INVESTMENT & FINANCE CO 70.93 7.85% 0 21 MINAPHARM PHARMACEUTICALS SAE 61.92 -3.99% 1 77 SHOROUK FOR MODERN PRINTING 8.70 6.49% 3 23 CLEOPATRA HOSPITAL 9.30 -3.93% 835 7,922 ALEXANDRIA CONTAINER AND CARGO 482.46 4.35% 2 1,121 GENERAL CO FOR SILOS AND STORAGE 31.96 -3.76% 74 2,409 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) QATAR OMAN INVESTMENT CO QSC 11.44 2.69% 372 4,201 OOREDOO QSC 93.00 -0.53% 174 16,194 DOHA INSURANCE CO QSC 21.00 2.44% 4 83 ISLAMIC HOLDING GROUP QSC 68.90 -0.43% 17 1,202 BARWA REAL ESTATE CO QSC 34.90 2.20% 505 17,422 MEDICARE GROUP QSC 95.00 -0.31% 50 4,784 COMMERCIAL BANK QSC 38.90 2.10% 169 6,495 GULF WAREHOUSING CO QSC 59.70 -0.17% 210 12,550 MAZAYA QATAR REAL ESTATE DEVEL 14.06 1.96% 579 8,060 WIDAM FOOD CO QSC 63.30 -0.16% 15 938 Close * DoD % Volume ('000) Value (AED ‘000) UNIKAI FOODS PJSC 9.03 14.89% 0 1 NATIONAL CEMENT CO PSC 3.49 14.05% 26 MASHREQBANK PSC 65.00 3.09% DAR AL TAKAFUL PJSC 1.06 GULF NAVIGATION HOLDING PJSC 1.06 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 3
4. MENA Morning Report Sunday , July 17, 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 66,600 83.25 -0.3% 8.5% 7,712 171,194 102.75 59.50 14 1.5 6.6% 2 Emirates Telecommunications Group Co AE 47,121 19.90 1.0% 23.6% 2,064 11,182 20.00 11.40 21 4.2 4.0% 3 Qatar National Bank SAQ QA 34,818 151.00 0.7% 3.5% 219 9,073 163.17 122.50 11 1.8 1.6% 4 Saudi Telecom Co SJSC SA 34,533 64.75 0.0% -5.1% 372 6,423 73.25 52.75 14 2.2 6.2% 5 Al Rajhi Banking and Investment Corp SA 25,675 59.25 -0.4% 13.9% 2,014 31,813 66.25 44.70 13 2.0 2.5% 6 Saudi Electricity Co SJSC SA 22,500 20.25 -0.2% 28.6% 2,315 12,498 21.80 12.40 40 1.4 3.5% 7 National Commercial Bank SJSC SA 21,920 41.10 -1.4% -19.4% 249 2,729 66.00 36.60 9 1.4 3.8% 8 Industries Qatar QSC QA 16,980 102.20 1.2% -8.0% 767 21,525 137.90 88.00 15 2.0 4.9% 9 Jabal Omar Development Co SJSC SA 15,862 64.00 -0.8% 15.3% 411 7,015 76.00 40.80 - 6.3 0.0% 10 First Gulf Bank PJSC AE 15,009 12.25 -0.8% -3.2% 2,475 8,256 15.75 9.90 9 1.7 8.2% 11 National Bank of Abu Dhabi PJSC AE 14,185 10.00 -0.5% 25.6% 858 2,337 11.00 6.86 11 1.2 4.5% 12 Ezdan Holding Group QSC QA 13,985 19.20 1.6% 20.8% 345 1,821 20.00 12.10 30 1.7 2.6% 13 DP World Ltd AE 13,903 16.75 -0.3% -17.5% 162 738 23.90 16.05 16 1.6 1.8% 14 Emaar Properties PJSC AE 13,061 6.70 0.1% 17.8% 7,784 14,200 8.16 4.22 11 1.2 2.2% 15 Emirates NBD Bank PJSC AE 12,832 8.48 -0.2% 14.6% 88 203 10.95 6.25 7 0.9 4.7% 16 Saudi Arabian Mining Co SJSC SA 12,214 39.20 -1.5% 18.1% 1,880 19,647 43.20 25.70 89 1.7 0.0% 17 Almarai Co SJSC SA 12,000 56.25 0.4% -4.2% 444 6,656 73.50 40.88 24 3.7 1.5% 18 Kingdom Holding Co SA 11,019 11.15 -0.4% -29.0% 608 1,806 21.35 9.80 62 1.6 4.5% 19 Samba Financial Group SJSC SA 10,880 20.40 -0.7% -12.6% 296 1,608 27.60 17.55 8 1.0 4.4% 20 National Bank of Kuwait SAKP KW 10,645 570.00 1.8% -23.3% 3,630 6,856 808.65 550.00 12 1.1 4.9% 21 Emaar Malls Group PJSC AE 10,418 2.94 -0.3% 6.5% 1,660 1,329 3.33 2.02 22 2.4 3.4% 22 Abu Dhabi Commercial Bank PJSC AE 9,293 6.10 1.3% -7.4% 2,302 3,823 8.91 5.20 7 1.2 7.4% 23 Riyad Bank SJSC SA 8,880 11.10 0.0% -10.5% 571 1,689 16.75 10.70 8 0.9 6.3% 24 Ooredoo QSC QA 8,181 93.00 -0.5% 24.0% 174 4,435 96.10 60.00 12 1.3 3.2% 25 Emirates Integrated Telecom Co PJSC AE 8,128 6.53 -0.2% 28.0% 14 26 6.84 4.65 15 4.1 6.6% 26 Saudi British Bank SJSC SA 8,060 20.15 -0.2% -18.6% 369 1,981 34.10 19.00 7 1.1 3.7% 27 Kuwait Finance House KSCP KW 7,816 450.00 -2.2% -8.3% 2,317 3,454 590.91 395.45 15 1.3 3.4% 28 Banque Saudi Fransi SJSC SA 7,407 23.05 0.0% -17.7% 279 1,718 36.10 20.70 7 1.0 4.6% 29 Dubai Islamic Bank PJSC AE 7,334 5.45 -2.0% -3.4% 19,366 28,739 7.00 4.51 7 1.2 7.5% 30 Masraf Al Rayan QSC QA 7,291 35.40 1.1% -5.9% 382 3,716 46.10 28.60 13 2.4 4.9% Company Name Total M-Cap; W. Avg Yield 508,549 4.2% 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. 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