MENA Market Report - 18 June

Transcription

1. MENA Morning Report Monday , June 18, 2018 Overview Regional Markets: MENA region closed the week on a positive note. During the previous week, the Fed raised rates by 25 bps, which was widely expected. For the previous week, Bahrain was the best performer as the index advanced by 3.4%, which also helped the index in recovering the losses to turn positive for the month. However, the index still remains in negative territory for the year as it is down by 1.8%. UAE markets ended the week on a positive note as both Dubai and Abu Dhabi were up by 1.2% and 1.5% respectively, which has helped in extending the monthly gains to 3.9% and 2.8% respectively. Dubai continues to remain in negative territory for the year, while Abu Dhabi extended the annual gains. Saudi Arabia ended the week lower as it was down by 0.9% but remains in positive territory for the month and the year with gains of 1.3% and 14.4% respectively. Egypt ended in green with gains of 1.9%, recovering the losses from the previous week. Qatar also ended the week in red with losses of 1.6% but remains in positive territory for the month. Going forward, oil prices will have an important week as OPEC members are likely to meet this week to decide on the future course of action, which should be closely watched by the regional investors. For the regional markets, the week ahead might witness subdued trading activity as most of the investors might still be on an extended break and slowly return during the week. International Markets: US markets ended on a negative note as DJIA, S&P and Nasdaq were down by 0.3%, 0.2% and 0.1% respectively for the day. European markets closed on a negative note as FTSE, DAX and CAC were down by 1.7%, 0.7% and 0.5% respectively for the day. At the time of writing this report, Asian markets opened on a negative note as Nikkei is down by 0.8%, while Hang Seng and Shanghai are closed for the day. Headlines (WW) Trump trade, immigration policy could hurt economy (GCC) GCC economies set to loosen purse strings to boost growth (WW) Slowdown, default risks to prompt China reserve cut-sources (GCC) Gulf economies to coast over rate woes on solid fundamentals (WW) China may start easing monetary policy as economy cools (SA) Saudi Arabia's Oil Chief Faces Toughest OPEC Test (WW) International fund managers turn to financials, tech as trade worries rise (AE) Reforms will ease cost of doing business in UAE (WW) British M&A booms two years on from Brexit vote (AE) UAE injects USD 3bn into Ethiopia's cash-strapped economy (WW) Japan's central bank cuts inflation view, narrowing stimulus-exit path (AE) UAE's insurance industry is changing (WW) India's May trade deficit widens to USD 14.62bn (AE) UAE launches new e-services for taxable persons (WW) Russia c. bank governor says World Cup to support economy (EG) Egypt's Suez canal reports record high USD 5.585bn annual revenue (CMD) Trade worries, oil pull Wall Street lower (EG) Egypt braces for spillover from Turkey's economic crisis (CMD) Gold tumbles to three-week low as investors bail out (EG) Egypt raises fuel prices by up to 66.6% to push reforms (FX) Sterling hovers nears seven-month lows after dollar surges (QA) Private sector to play bigger role for economic development (FX) Brazil's real jumps, Argentine peso slumps to record low (QA) Qatar's food truck industry sees steady growth (FI) US stocks and bond yields dip amid trade worries with China (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI)* 3,078.96 -0.6% 1.2% 3.9% -8.6% ˄ ˅ ˅ Abu Dhabi (ADSMI)* 4,734.19 0.0% 1.5% 2.8% 7.6% ˄ ˅ ˄ Saudi (SASEIDX) Closed Closed -0.9% 1.3% 14.4% ˄ ˄ ˄ Kuwait (KWSE) 4,877.88 -0.0% 0.9% 1.3% -2.4% ˅ ˅ ˄ Egypt (EGX30) 16,220.93 0.3% 1.9% -1.2% 8.0% ˅ ˄ ˄ Qatar (DSM) 9,097.91 0.2% -1.6% 2.4% 6.7% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,307.33 0.9% 3.4% 3.3% -1.8% ˄ ˅ ˅ Oman (MSM30)* 4,596.05 0.0% -0.0% -0.2% -9.9% ˅ ˅ ˅ 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)* 68 160 193 38 65 79 82,011 Abu Dhabi (ADSMI)* 49 69 69 43 37 38 119,738 Saudi (SASEIDX) Closed 182 180 Closed 1,114 1,044 524,674 Kuwait (KWSE) 32 79 83 7 274 167 75,578 Egypt (EGX30) 184 325 295 143 99 96 27,678 Qatar (DSM) 32 12 12 682 121 105 108,578 Bahrain (BHSEIDX) 3 4 6 2 3 3 20,797 Oman (MSM30)* 19 27 21 8 17 12 12,877 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 *Last closed on June 13, 2018 1
2. MENA Morning Report Monday , June 18, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 18 Current 431.5 11.9 11.2 12.4 11.5 12 9.0 7.5 337.3 300 191.8 6 3 Previous 600 14.9 15 9 PB 126.4 2.3 1.0 1.2 1.8 1.2 - - - 0.8 0.8 64.1 1.3 0 97.4 94.1 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Dubai Abu Dhabi 20% 5.9% 5.4% 5.0% 4.3% 2% -15% 0.0% Kuwait Average 6.7% -1.8% -2.7% -9.9% -9.5% -20% 0% Saudi Oman 0% -10% Abu Dhabi Bahrain 5% -5% Dubai Qatar 8.0% 7.2% 10% 3.6% 3.7% Egypt 14.4% 15% 6.3% 4.8% 4% Kuwait Year to Date Perfomance DividendYield 8% 6% Saudi 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 Monday , June 18, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) TAKAFUL EMARAT INSURANCE PJSC 2.01 -9.87% 0 3,377 7,197 DUBAI INVESTMENTS PJSC 2.06 -2.83% 0 25,453 1,962 3,463 ARAMEX PJSC 3.90 -2.50% 73 287 1.52% 13,168 5,254 DAMAC PROPERTIES DUBAI CO PSC 2.43 -1.22% 2,744 6,708 1.39% 3,372 7,334 DEYAAR DEVELOPMENT PJSC 0.47 -1.05% 1,703 808 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL BANK OF FUJAIRAH PJSC 2.99 15.00% 100 280 WAHA CAPITAL PJSC 1.78 -2.20% 808 1,455 RAS AL KHAIMAH CEMENT CO PSC 0.75 5.63% 306 223 MANAZEL REAL ESTATE PJSC 0.49 -2.00% 500 248 ABU DHABI NATIONAL ENERGY CO 1.22 4.27% 0 0 ALDAR PROPERTIES PJSC 2.08 -1.89% 24,910 52,311 FIRST ABU DHABI BANK PJSC 12.65 3.27% 3,158 39,319 ABU DHABI COMMERCIAL BANK PJSC 7.43 -0.93% 3,540 26,429 EMIRATES TELECOMMUNICATIONS 16.75 2.13% 2,878 47,705 ABU DHABI NATIONAL OIL COMPANY 2.42 -0.41% 320 777 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 39.20 -4.39% 1 0 Close * DoD % Volume ('000) Value (AED ‘000) DAR AL TAKAFUL PJSC 0.69 2.81% 0 2 ARABTEC HOLDING PJSC 2.30 2.22% 0 NATIONAL CENTRAL COOLING CO PJSC 1.78 1.71% DXB ENTERTAINMENTS PJSC 0.40 EMAAR MALLS PJSC 2.19 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Market Remained Closed Kuwait Top Losers Market Remained Closed DoD % Volume ('000) Value (KWD 000) SENERGY HOLDING COMPANY KSCP 30.70 18.08% 671 19 ASIYA CAPITAL INVESTMENTS CO AUTOMATED SYSTEMS CO KPSC 130.00 9.24% 50 6 KUWAIT AND MIDDLE EAST FINANCIAL 23.00 -4.17% 0 0 740.00 -3.90% 0 0 Top Losers OSOS HOLDING GROUP CO KSCP 86.90 8.63% 0 0 NATIONAL PETROLEUM SERVICES CO MUNSHAAT REAL ESTATE PROJECTS 90.00 7.78% 227 20 FIRST TAKAFUL INSURANCE CO KPSC 41.00 -3.53% 8 0 AAYAN REAL ESTATE COMPANY KSCP 51.00 5.15% 261 13 DANAH AL SAFAT FOODSTUFF CO 47.20 -2.48% 349 17 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ATLAS FOR LAND RECLAMATION 12.60 8.06% 0 2,700 ARABIA COTTON GINNING CO SAE 2.96 -46.57% 17,731 75,358 CI CAPITAL HOLDING COMPANY SAE 8.99 8.05% 6,508 56,324 NOZHA INTERNATIONAL HOSPITAL 73.33 -7.74% 1 100 QALAA HOLDINGS SAE 3.08 6.57% 39,260 117,192 MEMPHIS PHARMACEUTICALS 11.57 -6.16% 12 139 AL BARAKA BANK EGYPT SAE 16.87 5.44% 2 40 GENERAL CO FOR LAND 18.13 -5.18% 9 174 MISR HOTELS CO SAE 64.79 5.38% 1 93 ALEXANDRIA SPINNING & WEAVING 1.81 -4.23% 20 37 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) DOHA INSURANCE GROUP QPSC 13.00 4.00% 0 0 QATAR INDUSTRIAL MANUFACTURING 41.75 3.99% 3 130 QATAR GAS TRANSPORT CO LTD 16.30 3.23% 4,220 QATAR NAVIGATION QPSC 62.28 2.99% AL MEERA CONSUMER GOODS CO 151.99 2.01% Top Gainers Egypt Top Losers Close (fils) * Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers EZDAN HOLDING GROUP QSC 8.49 -5.03% 1,428 12,441 QATAR FUEL CO QSC 135.00 -4.93% 159 22,059 67,716 UNITED DEVELOPMENT COMPANY 14.01 -4.69% 636 9,136 250 15,369 QATAR INSURANCE CO SAQ 37.30 -4.36% 374 14,284 3 389 ISLAMIC HOLDING GROUP QPSC 27.51 -2.79% 5 126 3
4. MENA Morning Report Monday , June 18, 2018 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 101,277 126.60 0.3% 24.4% 2,508 84,667 131.40 94.90 20 2.2 3.3% 2 Saudi Telecom Company SJSC SA 46,719 87.60 0.6% 27.7% 464 10,840 93.40 65.10 17 2.8 4.6% 3 Qatar National Bank QPSC QA 40,194 158.40 0.5% 25.7% 10,020 435,872 165.00 115.01 11 2.0 3.8% 4 Emirates Telecommunications Group Co AE 39,662 16.75 2.1% -4.3% 2,878 13,126 18.85 15.70 17 3.4 4.8% 5 National Commercial Bank SJSC SA 38,599 48.25 -0.8% 31.4% 919 11,818 49.95 28.33 14 2.3 2.3% 6 Al Rajhi Banking & Investment Corp SA 37,699 87.00 0.1% 34.7% 2,146 49,772 92.40 61.00 15 2.8 4.6% 7 First Abu Dhabi Bank PJSC AE 37,534 12.65 3.3% 23.4% 3,158 10,878 12.70 10.05 13 1.5 5.5% 8 Saudi Electricity Company SJSC SA 24,532 22.08 0.6% 4.8% 710 4,182 26.05 19.76 121 1.3 3.2% 9 DP World Ltd AE 19,497 23.49 0.6% -6.0% 329 2,103 27.06 20.56 17 1.8 1.7% 10 Saudi Arabian Mining Co SJSC SA 17,823 57.20 -0.2% 9.8% 402 6,126 60.00 39.50 62 2.5 0.0% 11 Industries Qatar QSC QA 17,602 105.90 -1.9% 9.2% 1,646 47,860 116.89 85.00 18 2.0 4.7% 12 Samba Financial Group SJSC SA 16,400 30.75 0.7% 30.7% 1,264 10,366 32.40 21.80 12 1.4 4.9% 13 Almarai Co SJSC SA 15,520 58.20 -0.7% 8.2% 321 4,981 78.64 50.00 27 3.9 1.3% 14 National Bank of Kuwait SAKP KW 15,419 749.00 -0.1% 8.0% 3,307 8,194 761.90 635.24 15 1.5 3.6% 15 Emirates NBD Bank PJSC AE 15,132 10.00 0.0% 22.0% 847 2,305 11.00 7.95 7 1.0 4.0% 16 Emirates Islamic Bank PJSC AE 14,046 9.50 0.0% -3.1% 1 1 10.00 6.00 75 7.9 0.0% 17 Riyad Bank SJSC SA 12,880 16.10 -1.0% 28.0% 1,092 4,690 16.34 10.24 12 1.3 4.5% 18 Saudi British Bank SJSC SA 12,440 31.10 -0.6% 15.2% 312 2,591 34.00 22.40 12 1.5 4.6% 19 Kuwait Finance House KSCP KW 11,011 524.00 0.8% 0.1% 2,642 4,581 590.91 424.55 17 1.8 2.9% 20 Yanbu National Petrochemicals Co SJSC SA 10,950 73.00 0.3% 23.7% 250 4,871 75.70 52.00 17 2.4 4.5% 21 Emaar Properties PJSC AE 10,917 5.60 -0.9% -12.2% 13,894 21,184 8.23 4.89 7 0.8 0.0% 22 Banque Saudi Fransi SJSC SA 10,816 33.65 0.6% 18.1% 245 2,195 35.00 25.30 11 1.3 4.2% 23 Abu Dhabi Commercial Bank PJSC AE 10,516 7.43 -0.9% 9.3% 3,540 7,162 7.68 6.50 9 1.3 5.7% 24 Jabal Omar Development Co SJSC SA 9,914 40.00 1.8% -32.3% 890 9,494 75.60 35.20 0 3.9 0.0% 25 Dubai Islamic Bank PJSC AE 9,150 5.10 0.0% 0.0% 16,287 22,616 5.90 4.66 7 1.2 0.0% 26 Arab National Bank SA 8,826 33.10 0.3% 33.7% 372 3,283 34.30 19.70 11 1.4 3.6% 27 Alinma Bank SJSC SA 8,680 21.70 0.7% 13.3% 16,109 93,209 22.14 14.18 15 1.6 3.7% 28 Kingdom Holding Co SA 8,677 8.78 0.7% -1.3% 147 345 11.30 7.90 48 1.1 5.7% 29 Abu Dhabi National Oil Company AE 8,236 2.42 -0.4% -8.7% 320 211 2.90 2.35 16 8.7 2.4% 30 Qatar Islamic Bank QPSC QA 7,855 121.00 1.5% 24.7% 1,922 63,854 124.49 86.90 13 1.6 4.1% Company Name Total M-Cap; W. Avg Yield 638,520 3.5% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary 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 AMCL 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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