MENA Market Report - 2 November

Transcription

1. MENA Morning Report Thursday , November 02, 2017 Overview Regional Markets: MENA markets ended on a positive note on the back of oil prices reaching a two year high, which is important for the region. The stability in oil prices during the past three to four months should be positive for the region as it will allow the government to gradually increase the spending to accelerate economic activity. For the regional markets, six out of the eight indexes closed in green, while one in red and one was unchanged for the day. UAE markets closed marginally higher as Abu Dhabi was up by 0.1%, while Dubai was flat for the day. Saudi Arabia closed on a positive note as it was up by 0.2% for the day, extending the weekly gains to 0.5%, which was supported by banking sector stocks. Saudi Arabia is drawing some strength from oil prices, especially the petchem stocks which are expected to record margin expansion in the coming quarters on the back of higher oil prices. Egypt closed on a negative note as it was down by 0.5% for the day, however the index remains in positive territory for the week. Kuwait closed higher by 0.2% for the day, however the index has witnessed downward pressure during the week. Qatar closed marginally higher by 0.1% for the day, in line with the regional markets. Oman and Bahrain closed higher by 0.2% and 0.8% respectively for the day. Oman has gained positive momentum during the week, which has pushed the index higher by 1.8% however the index is down by 12.7% for the year. International Markets: US markets closed on a positive note as DJIA and S&P were up by 0.3% and 0.2% respectively, while Nasdaq was down by 0.2% for the day. European markets ended on a positive note as DAX and CAC were up by 1.8% and 0.2% respectively, while FTSE was down by 0.1%. At the time of writing the report, Asian markets have opened on a slightly negative note as Hang Seng and Shanghai were both down by 0.2% and 0.6% respectively, while Nikkei is up by 0.2%. Headlines (WW) Fed set to hold rates steady ahead of Trump's leadership decision (GCC) IMF warns Qatar crisis could weaken GCC economic growth (WW) US consumer confidence near 17-year high; wages rising (GCC) Gulf states to speed up switch from oil (WW) US factory activity index eases off 13-1/2-year high (SA) Saudi Arabia top reformer in the GCC last year (WW) U.S. sees China in retrenchment on move toward market economy (SA) Riyadh looks to leisure tourism for economy growth (WW) China's war on smog, risk, taking edge off Asia's growth sprint (AE) UAE economy estimated to grow at a slower rate this year (WW) UK interest rate rise would not hit house prices (AE) UAE ranked top economy in the GCC in implementing reforms (WW) UK growth forecast slashed by leading think tank (AE) UAE may open select sectors beyond 49% to foreign investors (WW) South Korea economy on rising tide as exports boom, inflation moderates (AE) Dubai heading for greener construction, but developers still reluctant to spend (CMD) Oil hits highest since mid-2015 as OPEC sticks to supply deal (EG) Egypt’s economy is witnessing broad based growth despite high inflation (CMD) Gold dips as dollar gains ahead of Fed statement (KW) Tax reforms could help Kuwait build non-oil revenue base (FX) Sterling perks to a 1-month high on Brexit hopes; BoE eyed (KW) Kuwait plans to spend USD 160bn to develop isles (FX) Dollar edges higher as investors await Fed (OM) Oman to harness power of blockchain technology for economic development (FI) US funds favor bonds over stocks as economic cycle ages (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,634.72 -0.0% -0.4% -0.0% 2.9% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,485.16 0.1% 0.4% 0.1% -1.3% ˅ ˅ ˅ Saudi (SASEIDX) 6,948.49 0.2% 0.5% 0.2% -3.6% ˅ ˅ ˄ Kuwait (KWSE) 6,530.08 0.2% -1.4% 0.2% 13.6% ˅ ˅ ˅ Egypt (EGX30) 14,277.29 -0.5% 2.3% -0.5% 15.7% ˄ ˄ ˄ Qatar (DSM) 8,171.20 0.1% 0.5% 0.1% -21.7% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,279.09 0.2% 0.1% 0.2% 4.8% ˅ ˅ ˅ Oman (MSM30) 5,048.78 0.8% 1.8% 0.8% -12.7% ˅ ˄ ˅ 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) 83 497 390 44 173 138 84,889 Abu Dhabi (ADSMI) 39 128 100 52 50 45 133,051 Saudi (SASEIDX) 157 271 236 822 1,122 1,010 439,128 Kuwait (KWSE) 67 112 92 46 46 38 75,578 Egypt (EGX30) 429 367 288 78 84 65 21,571 Qatar (DSM) 6 7 7 35 65 68 91,218 Bahrain (BHSEIDX) 3 2 2 2 1 1 20,324 Oman (MSM30) 9 17 16 3 9 8 13,956 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 Thursday , November 02, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 11.7 11.1 11.3 11.6 10.3 386.2 9.4 300 8 239.3 188.3 4 1.3 Current 489.3 13.6 12 Previous 600 1.6 2.1 1.6 - - 1.2 0.8 0.9 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 27% 8% 4.8% 5.0% 4.5% 9% 3.6% 3.4% 4% 13.6% 18% 6.0% 5.4% 6% 4.8% 2.9% 0% -1.3% -9% 2% 15.7% -3.6% -12.7% -18% 0.0% 0.0% -27% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -21.7% 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 Thursday , November 02, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MASHREQBANK PSC 70.00 -5.41% 23 1,627 0 AL SALAM BANK SUDAN PLC 1.88 -2.59% 65 123 0 GULF NAVIGATION HOLDING PJSC 1.46 -2.01% 1,292 1,905 6,230 0 ARAMEX PJSC 5.05 -1.37% 240 1,222 339 717 DAMAC PROPERTIES DUBAI CO PSC 3.92 -0.76% 410 1,613 DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) 4.60 15.00% 1 4 FOODCO HOLDING PJSC 4.30 -8.51% 1 6 RAS AL KHAIMAH POULTRY 3.40 3.03% 0 0 AL KHAZNA INSURANCE COMPANY 0.29 -6.45% 284 85 BANK OF SHARJAH PJSC 1.23 2.50% 98 119 COMMERCIAL BANK INTERNATIONAL 0.77 -6.10% 0 0 WAHA CAPITAL PJSC 1.76 1.73% 423 739 FINANCE HOUSE PJSC 1.70 -5.03% 32 56 EMIRATES TELECOMMUNICATIONS 17.95 0.56% 1,414 25,304 RAS AL KHAIMAH CEMENT CO PSC 0.72 -4.00% 4 3 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AL ASEEL CO LTD 68.00 6.25% 3 172 TRADE UNION COOPERATIVE 21.58 -6.09% 862 19,196 AL KATHIRI HOLDING CO 15.10 4.86% 57 848 DUR HOSPITALITY CO SJSC 18.86 -5.61% 271 5,271 AL ALAMIYA FOR COOPERATIVE INSUR 26.60 4.31% 554 14,426 AL-OMRAN INDUSTRIAL AND TRADING 16.20 -4.14% 39 642 AL AHLIA FOR COOPERATIVE INSUR 12.40 4.20% 2,383 28,951 SAUDI INDUSTRIAL SERVICES CO SJSC 11.00 -4.01% 1,699 19,081 MEDITERRANEAN AND GULF COOP 34.10 3.81% 923 30,901 ARAB SEA INFORMATION SYSTEMS CO 12.40 -3.43% 7 83 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) REAL ESTATE ASSET MANAGEMENT 300.00 20.00% 0 0 KUWAIT CABLE VISION COMPANY 23.10 -19.79% 0 0 AFAQ EDUCATIONAL SERVICES CO 121.00 12.04% 0 0 CREDIT RATING AND COLLECTION CO 25.50 -19.05% 60 2 KUWAIT COMPANY FOR PROCESS 150.00 8.70% 1 0 KUWAIT AND MIDDLE EAST FINANCIAL 24.00 -12.41% 4 0 AJIAL REAL ESTATE ENTERTAINMENT 188.00 6.82% 536 98 BURGAN FOR WELL DRILLING TRAD 61.00 -6.15% 64 0 NATIONAL CLEANING CO KSCP 52.00 4.84% 0 0 INTERNATIONAL RESORTS COMPANY 28.20 -6.00% 3 0 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) 63.38 10.00% 0 22 REACAP FINANCIAL INVESTMENTS SAE 5.00 -6.19% 47 243 Close * DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.08 2.86% 3,026 0 MARKA PJSC 0.70 2.49% 4,418 AMLAK FINANCE PJSC 1.10 1.85% 2,555 AIR ARABIA PJSC 1.26 1.61% NATIONAL CENTRAL COOLING CO PJSC 2.13 1.43% Top Gainers Close * NATIONAL BANK OF FUJAIRAH PJSC Abu Dhabi Dubai Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Top Gainers Egypt OCTOBER PHARMA FOR PHARMA LECICO EGYPT SAE Top Losers Top Losers 6.64 9.57% 8 53 ALEXANDRIA PORTLAND CEMENT CO 8.99 -6.06% 10 95 ABU QIR FERTILIZERS AND CHEMICAL 191.33 6.11% 192 35,604 NATIONAL COMPANY FOR HOUSING 31.50 -5.63% 0 12 GENERAL COMPANY FOR SILOS 45.84 5.67% 62 2,751 PORTO GROUP HOLDING SAE 0.41 -4.65% 138,981 58,372 EL EBOUR COMPANY FOR REAL EST 7.11 5.18% 57 394 AJWA FOR FOOD INDUSTRIES CO 2.89 -4.62% 1,101 3,259 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) OOREDOO QSC 87.74 2.14% 80 6,931 ISLAMIC HOLDING GROUP QPSC 33.18 -3.55% 3 103 QATAR OMAN INVESTMENT CO QSC 7.60 1.33% 27 205 DOHA INSURANCE CO QSC 14.00 -2.78% 1 21 QATAR INTERNATIONAL ISLAMIC 49.01 1.26% 66 3,238 DLALA BROKERAGE AND INVESTMENT 16.30 -2.22% 1,163 19,178 GULF WAREHOUSING CO QPSC 41.30 0.98% 13 515 QATARI GERMAN COMPANY 6.66 -2.06% 33 222 BARWA REAL ESTATE COMPANY QPSC 30.30 0.97% 145 4,374 WIDAM FOOD CO QSC 60.10 -1.64% 11 644 Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Thursday , November 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 79,518 99.40 0.1% 8.6% 6,213 164,679 105.40 83.25 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 42,510 17.95 0.6% -4.5% 1,414 6,909 19.00 17.10 18 3.7 4.5% 3 Saudi Telecom Company SJSC SA 36,106 67.70 -0.9% 0.0% 113 2,041 78.90 58.50 0 0.0 0.0% 4 First Abu Dhabi Bank PJSC AE 30,714 10.35 0.0% 3.6% 12,582 35,459 11.55 8.50 12 1.1 4.3% 5 Qatar National Bank QPSC QA 29,624 121.10 -0.3% -18.2% 255 8,184 157.27 118.50 9 1.5 2.6% 6 Al Rajhi Banking & Investment Corp SA 28,079 64.80 0.8% 2.9% 2,580 44,577 71.70 56.75 12 2.0 3.5% 7 Saudi Electricity Company SJSC SA 26,954 24.26 -0.2% 8.3% 900 5,821 26.05 17.60 11 1.4 2.9% 8 National Commercial Bank SJSC SA 25,493 47.80 0.8% 12.2% 163 2,074 58.00 37.00 10 1.6 3.3% 9 DP World Ltd AE 19,920 24.00 1.1% 37.1% 63 409 24.60 15.53 19 2.0 1.6% 10 Emaar Properties PJSC AE 16,261 8.34 0.6% 17.0% 4,133 9,387 8.95 6.37 11 1.4 1.8% 11 Saudi Arabian Mining Co SJSC SA 16,109 51.70 0.2% 32.6% 461 6,361 54.00 37.30 236 2.3 0.0% 12 Industries Qatar QSC QA 15,350 95.80 0.3% -18.5% 11 279 122.00 85.00 22 1.7 4.2% 13 National Bank of Kuwait SAKP KW 14,977 765.00 -0.3% 23.6% 1,373 3,473 800.00 561.90 15 1.4 3.7% 14 Jabal Omar Development Co SJSC SA 14,944 60.30 0.0% -19.3% 35 557 76.00 59.10 64 5.5 0.0% 15 Almarai Co SJSC SA 14,666 55.00 -0.2% 0.4% 378 5,543 78.64 46.40 27 3.9 1.3% 16 Emirates NBD Bank PJSC AE 12,637 8.35 0.0% -1.6% 1,176 2,674 9.00 7.60 6 0.8 4.8% 17 Samba Financial Group SJSC SA 11,872 22.26 0.3% -8.6% 323 1,915 27.10 19.05 9 1.0 4.3% 18 Kuwait Finance House KSCP KW 11,217 588.00 -0.5% 19.8% 1,974 3,839 650.00 436.36 17 1.8 2.6% 19 Abu Dhabi Commercial Bank PJSC AE 10,475 7.40 0.1% 7.2% 667 1,343 7.68 5.66 10 1.2 5.4% 20 Emirates Islamic Bank PJSC AE 10,352 7.00 0.0% 0.0% 1 1 11.95 1.57 76 5.3 0.0% 21 Kingdom Holding Co SA 10,218 10.34 -0.6% -13.5% 192 528 12.95 9.80 68 1.3 4.8% 22 Saudi British Bank SJSC SA 9,720 24.30 -1.6% -2.8% 419 2,713 28.55 18.50 9 1.1 0.0% 23 Riyad Bank SJSC SA 9,520 11.90 -0.2% 3.0% 701 2,223 12.06 9.90 11 0.9 5.5% 24 Banque Saudi Fransi SJSC SA 9,160 28.50 0.4% 9.2% 632 4,805 33.40 22.10 10 1.1 3.7% 25 Yanbu National Petrochemicals Co SJSC SA 8,400 56.00 0.5% 3.7% 85 1,262 61.75 44.00 15 2.1 5.4% 26 Emaar Malls PJSC AE 8,222 2.32 0.4% -11.5% 3,895 2,461 2.80 2.25 16 1.8 4.3% 27 Dubai Islamic Bank PJSC AE 8,210 6.10 -0.3% 9.5% 2,734 4,541 6.29 5.01 8 1.2 7.4% 28 Ooredoo QSC QA 7,443 87.74 2.1% -13.8% 80 1,855 116.10 80.00 15 1.2 4.0% 29 Alinma Bank SJSC SA 7,072 17.68 1.3% 17.1% 40,963 1,93,122 18.46 13.40 14 1.3 2.8% 30 Masraf Al Rayan QPSC QA 7,071 35.60 -0.4% -5.3% 40 375 45.40 33.05 13 2.1 5.6% Company Name Total M-Cap; W. Avg Yield 552,815 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”. 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