MENA Market Report - 2 February

Transcription

1. MENA Morning Report Thursday , February 02, 2017 Overview Regional Markets: MENA markets ended the trading session on a subdued note, which was mostly driven by fourth quarter earnings and uncertainty within global markets, hence there is a lack of conviction among investors. The current week has remained under pressure as investors offloaded some of their positions post the rally in January, which was on the back of earnings and the rising uncertainty about policy measures by the new US administration. For the regional markets, three indexes ended in red, while three in green and two remained unchanged for the day. UAE markets ended the day on a mixed note as Dubai was up by 0.3%, while Abu Dhabi was down by 0.5% for the day. Dubai was supported by Emaar, while the Abu Dhabi was mostly dragged by banking sector stocks. Saudi Arabia closed flat for the day as the index has managed to hold up the rally seen in the previous week, while the rest of the leading markets have witnessed selling pressure. Egypt was down by 0.7% for the day, extending the weekly losses to 3.9%. Kuwait closed up by 0.2% for the day, which was a follow on from the previous day's sharp recovery during the second half of the trading session. Qatar closed flat for the day, but it remains one of the worst performers within the region for the week with losses of 3.6%. Bahrain closed lower by 0.5%, while Oman was up by 0.3% for the day. International Markets: US markets closed on a positive note as Dow, Nasdaq and S&P were up by 0.1%, 0.5% and 0.03% respectively. European markets al so closed in the red as FTSE, DAX and CAC were up by 0.1%, 1.1% and 1.0% respectively. At the time of writing this report, Asian markets have opened on a negative note as Nikkei and Hang Seng were down by 0.3% and 0.5%, while Shanghai is closed. Headlines (WW) Fed leaves interest rates unchanged, remains upbeat on economy (GCC) Arab countries' FDI outflows jump to $28.4bn (WW) Global FDI fell 13 percent in 2016, facing bumpy 2017 (GCC) GCC jobs set to recover in 2017, led by manufacturing and healthcare (WW) China January factory activity expands for 6th month but risks loom (GCC) Private sector can help GCC states save $165bn in capital expenditures (WW) Stocks, dollar up after Fed, boosted by strong data (SA) Saudi's Mobily signs 7.9 bln riyals refinancing with banks (WW) Stocks in Asia mixed as investors look to Fed (SA) Saudi Arabia may raise U.S. oil investments (WW) Britain's Brexit bill clears first legislative hurdle (AE) Abu Dhabi Executive Committee approves projects worth over AED300 million (WW) UK's 2017 growth outlook raised after Brexit resilience (AE) UAE bank NBAD offers blockchain payments after tie-up with Ripple (WW) Hong Kong stocks ease on growing concern over U.S., China data gives support (AE) Contrasting results for merging Abu Dhabi lenders NBAD and FGB (WW) South Korea January exports surge at fastest rate in nearly five years (AE) New Dubai strategy focuses on Islamic economy (WW) Brazil economy to resume growth in first quarter (QA) Qatar PPP law seen energising private sector role (CMD) Gold steady ahead of U.S. Fed interest rate decision (EG) Foreign inv’t in treasury bills increased to EGP10.2bn post pound’s flotation (CMD) After slump in energy deals, hints of recovery (EG) IMF delegation in Egypt ahead of review for second loan instalment (FX) Dollar recovers ground on strong U.S. job (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,653.65 0.3% -1.3% 0.3% 3.5% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,526.26 -0.5% -2.1% -0.5% -0.4% ˅ ˄ ˄ Saudi (SASEIDX) 7,100.93 -0.0% -0.5% -0.0% -1.5% ˄ ˄ ˄ Kuwait (KWSE) 6,847.96 0.2% -0.1% 0.2% 19.1% ˄ ˄ ˄ Egypt (EGX30) 12,584.26 -0.7% -3.9% -0.7% 1.9% ˄ ˄ ˄ Qatar (DSM) 10,596.14 -0.0% -3.6% -0.0% 1.5% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,296.66 -0.5% -0.3% -0.5% 6.2% ˄ ˄ ˄ Oman (MSM30) 5,793.33 0.3% 0.7% 0.3% 0.2% ˄ ˄ ˅ 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) 630 744 504 369 255 175 84,776 Abu Dhabi (ADSMI) 226 209 138 108 75 55 119,885 Saudi (SASEIDX) 237 305 246 1,186 1,358 1,076 441,319 Kuwait (KWSE) 586 324 195 181 96 64 75,578 Egypt (EGX30) 259 502 340 50 96 72 18,163 Qatar (DSM) 8 8 8 62 68 73 134,515 Bahrain (BHSEIDX) 3 4 3 2 3 2 20,176 Oman (MSM30) 24 14 15 14 8 8 17,159 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 Thursday , February 02, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 14.2 12.7 12 PB Previous 489.3 13.1 11.6 11.0 9.8 386.2 8.8 300 8 239.3 188.3 4 1.3 Current 600 1.3 2.2 1.7 1.5 - - 0.9 1.1 Bahrain Oman - 178.1 0 106.9 87.2 1.4 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 8% 27% 19.1% 5.6% 6% 18% 5.2% 4.7% 4.1% 9% 3.9% 4% 3.2% 1.9% 1.5% Egypt Qatar 0.2% 0% 1.9% 2% 6.2% 3.5% -0.4% -1.5% Abu Dhabi Saudi -9% 0.0% 0.0% -18% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Dubai Kuwait Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Bahrain Oman 2
3. MENA Morning Report Thursday , February 02, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES ISLAMIC BANK PJSC 4.12 -9.95% 4 17 AL SALAM BANK SUDAN PLC 1.93 -4.15% 1,075 2,120 6,862 TAKAFUL EMARAT INSURANCE PJSC 2.60 -3.46% 13 35 21,161 28,463 AL RAMZ CORPORATION INVESTMENT 1.60 -3.13% 594 966 3,853 0 MARKA PJSC 1.52 -2.63% 206 317 DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) 4.60 2.17% 10 46 ABU DHABI SHIP BUILDING PJSC 3.20 -10.00% 8 28 RAS AL KHAIMAH CERAMICS PSC 2.40 2.08% 1,040 2,469 NATIONAL TAKAFUL CO PJSC 0.72 -9.72% 173 131 AGTHIA GROUP PJSC 6.80 1.47% 1,525 10,295 INTERNATIONAL FISH FARMING HOLD 2.37 -9.70% 38,782 96,854 ABU DHABI NATIONAL HOTELS CO 3.10 1.29% 0 0 UNION CEMENT CO PSC 1.28 -7.81% 1 1 EMIRATES TELECOMMUNICATIONS 17.90 0.56% 726 12,964 ABU DHABI NATIONAL FOR BUILDING 0.66 -7.58% 19 13 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) NATIONAL AGRICULTURE MARKETING 33.40 9.58% 3,716 118,687 UMM AL QURA CEMENT CO SJSC 24.30 -5.56% 3,344 83,654 ETIHAD ATHEEB TELECOMMUNICATIO 3.20 9.38% 4,753 14,559 ARABIAN SHIELD COOPERATIVE 66.75 -4.49% 837 57,200 AL AHSA DEVELOPMENT CO SJSC 15.00 4.67% 7,523 110,332 NAMA CHEMICALS CO SJSC 5.00 -4.00% 1,919 9,794 TOURISM ENTERPRISES CO SJSC 33.50 4.18% 1,947 63,926 FILING AND PACKING MATERIALS 38.60 -2.85% 580 22,712 SAUDI INDUSTRIAL DEVELOPMENT CO 10.45 3.83% 2,998 30,750 WATANIYA INSURANCE CO SJSC 31.20 -2.56% 759 24,005 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) ZIMA HOLDING CO KSC 62.00 8.06% 6,864 410 AL SAFAT ENERGY HOLDING CO KPSC 72.00 -6.94% 22,309 1,666 KUWAIT FOUNDRY CO SAKP 315.00 7.94% 1,596 484 KUWAIT SLAUGHTERHOUSE CO 170.00 -5.88% 59 10 HILAL CEMENT CO KSCP 130.00 7.69% 13 2 GULF FRANCHISING HOLDING CO KSCP 45.50 -5.49% 30 1 ALIMTIAZ INVESTMENT GROUP CO 154.00 6.49% 8,257 1,233 EFFECT REAL ESTATE CO KSCC 46.00 -5.43% 1,597 76 ARABI GROUP HOLDINGS KSCP 80.00 6.25% 320 25 IKARUS PETROLEUM INDUSTRIES CO 48.00 -5.21% 174 9 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) MISR FERTILIZERS PRODUCTION CO 34.97 11.81% 96 3,165 HOLDING COMPANY FOR FINANCIAL 0.93 -15.05% 1,122 1,136 NATIONAL CO FOR MAIZE PRODUCTS 13.05 9.81% 110 1,368 INDUSTRIAL AND ENGINEERING 11.22 -10.25% 60 715 EGYPTIAN INTERNATIONAL PHARMA 89.58 9.54% 189 16,235 SOUHAG NATIONAL COMPANY FOOD 58.90 -7.30% 41 2,497 EGYPT ALUMINUM CO SAE 17.45 9.40% 34 571 ARAB CO FOR LAND RECLAMATION 5.48 -7.12% 2 13 MIDDLE EGYPT FLOUR MILLS CO SAE 18.55 5.88% 42 750 CAIRO FOR HOUSING AND DEVELOP 12.89 -5.82% 2 25 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) AHLI BANK QSC 36.00 4.17% 1 36 COMMERCIAL BANK QSC 32.70 -2.29% 340 11,238 QATARI GERMAN COMPANY 9.74 2.57% 26 250 QATAR ELECTRICITY AND WATER CO 231.10 -2.21% 18 4,196 MEDICARE GROUP QSC 64.50 2.02% 265 16,954 QATAR OMAN INVESTMENT CO QSC 10.20 -1.47% 36 366 ZAD HOLDING CO SAQ 86.80 1.84% 0 4 GULF INTERNATIONAL SERVICES QSC 30.00 -1.33% 128 3,875 MANNAI CORPORATION QSC 83.00 1.81% 8 690 QATAR ISLAMIC INSURANCE CO QSC 54.00 -1.30% 6 321 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) AMANAT HOLDINGS PJSC 1.15 4.35% 95,025 107,003 DAMAC PROPERTIES DUBAI CO PSC 2.70 2.96% 23,633 0 DUBAI INVESTMENTS PJSC 2.47 1.21% 2,795 ARABTEC HOLDING PJSC 1.35 0.74% AIR ARABIA PJSC 1.38 0.72% Close * NATIONAL MARINE DREDGING PSC Kuwait Saudi Arabia Abu Dhabi Top Gainers Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Thursday , February 02, 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 77,018 96.25 0.8% 5.2% 3,184 81,742 98.50 63.25 16 1.8 4.2% 2 Emirates Telecommunications Group Co AE 42,627 18.00 0.6% -4.3% 726 3,560 20.20 15.85 17 3.7 4.4% 3 Qatar National Bank SAQ QA 37,408 162.20 -0.3% -0.4% 181 8,085 173.00 133.50 11 1.9 2.2% 4 Saudi Telecom Company SJSC SA 35,875 67.25 0.4% -7.2% 421 7,549 74.00 51.00 16 2.3 5.9% 5 Al Rajhi Banking & Investment Corp SA 28,824 66.50 0.0% 5.6% 2,565 45,498 67.50 48.60 13 2.2 2.3% 6 Saudi Electricity Co SJSC SA 24,894 22.40 1.1% 0.0% 1,454 8,688 23.95 13.90 44 1.5 0.0% 7 National Commercial Bank SJSC SA 22,779 42.70 -0.2% 0.2% 256 2,918 46.30 32.00 9 1.5 3.6% 8 Industries Qatar QSC QA 19,193 115.50 0.9% -1.7% 56 1,790 122.00 94.50 21 2.1 4.3% 9 Jabal Omar Development Co SJSC SA 17,291 69.75 0.0% -6.7% 56 1,037 76.00 44.20 85 6.4 0.0% 10 DP World Ltd AE 16,600 20.00 5.8% 14.2% 455 2,481 20.00 15.53 17 1.9 1.5% 11 First Gulf Bank PJSC AE 15,930 13.00 0.4% 1.2% 2,571 9,102 13.50 10.50 10 1.6 7.7% 12 Almarai Co SJSC SA 14,830 69.50 -0.4% 1.5% 560 10,389 70.00 46.13 28 4.2 1.3% 13 Emaar Properties PJSC AE 14,486 7.43 0.0% 4.2% 5,761 11,656 7.79 4.97 11 1.3 2.0% 14 National Bank of Abu Dhabi PJSC AE 14,137 9.88 -5.0% -1.1% 2,182 5,871 10.80 7.60 10 1.1 4.6% 15 National Bank of Kuwait SAKP KW 13,502 730.00 0.0% 12.3% 2,036 4,879 750.00 550.00 14 1.3 0.0% 16 Saudi Arabian Mining Co SJSC SA 13,464 43.20 1.2% 10.8% 723 8,336 43.30 27.80 126 1.8 0.0% 17 Emirates NBD Bank PJSC AE 12,788 8.45 0.4% -0.5% 81 185 9.00 7.10 7 0.9 4.7% 18 Samba Financial Group SJSC SA 11,870 22.25 -0.4% -8.6% 334 1,980 25.20 15.90 9 1.1 4.0% 19 Kingdom Holding Co SA 11,417 11.55 -1.3% -3.3% 226 696 13.15 9.90 84 1.5 0.0% 20 Ezdan Holding Group QSC QA 11,037 15.15 0.8% 0.3% 2,216 9,221 20.24 14.14 23 1.4 3.3% 21 Kuwait Finance House KSCP KW 10,666 620.00 0.0% 14.8% 5,273 10,730 630.00 427.27 16 1.8 2.5% 22 Abu Dhabi Commercial Bank PJSC AE 10,635 6.98 -2.2% 1.2% 5,034 9,568 7.68 5.66 9 1.3 6.4% 23 Ooredoo QSC QA 9,220 104.80 -0.2% 2.9% 162 4,676 110.00 81.50 15 1.5 2.9% 24 Emaar Malls Group PJSC AE 9,001 2.54 0.4% -3.1% 4,427 3,062 3.10 2.38 18 2.1 3.9% 25 Saudi British Bank SJSC SA 8,902 22.25 -1.8% -11.0% 401 2,378 25.90 16.40 8 1.1 3.4% 26 Yanbu National Petrochemicals Co SJSC SA 8,815 58.75 -0.4% 8.8% 257 4,024 59.75 26.50 14 2.0 5.1% 27 Riyad Bank SJSC SA 8,802 11.00 0.0% -4.8% 261 765 11.80 8.55 8 0.9 6.4% 28 Masraf Al Rayan QSC QA 8,302 40.30 0.6% 7.2% 162 1,795 43.35 32.10 15 2.4 0.0% 29 Banque Saudi Fransi SJSC SA 8,164 25.40 -0.4% -2.7% 16 105 27.80 18.00 7 1.1 4.1% 30 Saudi Arabia Fertilizers Co SJSC SA 8,057 72.50 0.3% 0.0% 142 2,748 82.00 58.00 0 0.0 0.0% Company Name Total M-Cap; W. Avg Yield 546,534 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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