MENA Market Report - 20 February

Transcription

1. MENA Morning Report Monday , February 20, 2017 Overview Regional Markets: MENA markets ended the session on a weaker note as investors continue to book profit after the gains recorded in the previous weeks coupled with the sentiments seen in the global markets on Friday. There is a sense of cautiousness among the equity markets due to lack of triggers for markets to continue to move higher, hence the regional markets are likely to move sideways in the coming days. For the day, five out of the eight indexes closed in red, while three ended the day in green. UAE markets ended the session in red as Dubai and Abu Dhabi were both down by 0.1% and 0.5% respectively for the day. Kuwait was down by 0.5% for the day, after rising by 3.7% in the previous week. Saudi Arabia was marginally up by 0.1% for the day, despite the weakness seen in the broader regional markets. Qatar also witnessed buying activity during the session, which helped the index to record gains of 0.9% for the day. Egypt was down by 0.8% for the day, continuing the negative trend from the previous week. Despite the weakness seen in the recent weeks, the index is still in green for the year. Bahrain was down by 0.2%, while Oman was up by 0.3% for the day. International Markets: At the time of writing the report, Asian markets have opened the session on a positive note as Nikkei, Hang Seng and Shanghai were up by 0.1%, 0.3% and 0.8% respectively. Headlines (WW) A soaring US dollar poses risks for the world economy (GCC) Demand for private schools rises in Gulf (WW) Inflation Hits UK Consumers (GCC) Transport and logistics key to GCC economic growth (WW) 2016 a record-breaker for UK tourism (GCC) Gulf States to maintain defence spending despite oil price slump (WW) WTO Indicator Shows Moderate Trade Momentum in Q1 2017 (SA) Saudi Binladin construction obtains fresh payments from government (WW) China Defies US With New Europe Trade Ties (SA) Stability returns to Saudi insurers; growth prospects remain cloudy (WW) China's property investment to grow less rapidly this year (AE) UAE leads ME in the 2017 Index of Economic Freedom (WW) China says policies unaffected by Trump plan to bring factories back to U.S. (AE) UAE tops region in economic freedom (WW) Big European banks pin hopes in part on US ripple effect (AE) UAE to start educating SMEs on new bankruptcy law (WW) Hong Kong Again Tops Heritage Ranking on Business Freedom (QA) Qatar-India trade around $10bn in 2015-16 (WW) FDI Inflows Into India Jump 18% (EG) International bonds raised Egypt balances to $11.5bn by end of January 2017 (WW) SA’s lopsided economy needs fixing swiftly (EG) Tourism shows signs of recovery in Egypt (CMD) Gold imports shrink 32.7% to $19.74 bn in April-January (OM) Jobs galore, no more cut in headcounts in Oman (FX) Looming Dollar Shortages Threaten Indebted Economies Amid Weak Growth (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,645.85 -0.1% -0.1% 0.1% 3.3% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,620.81 -0.5% -0.5% 1.6% 1.6% ˄ ˄ ˄ Saudi (SASEIDX) 7,140.18 0.1% 0.1% 0.5% -1.0% ˄ ˄ ˄ Kuwait (KWSE) 6,790.93 -0.5% -0.5% -0.6% 18.1% ˄ ˄ ˄ Egypt (EGX30) 12,549.17 -0.8% -0.8% -1.0% 1.7% ˅ ˄ ˄ Qatar (DSM) 10,916.99 0.9% 0.9% 3.0% 4.6% ˅ ˄ ˄ Bahrain (BHSEIDX) 1,321.28 -0.2% -0.2% 1.3% 8.3% ˄ ˄ ˄ Oman (MSM30) 5,858.41 0.3% 0.3% 1.4% 1.3% ˄ ˄ ˄ 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) 379 730 541 173 259 190 85,458 Abu Dhabi (ADSMI) 220 183 147 80 74 59 121,352 Saudi (SASEIDX) 195 278 249 910 1,290 1,091 444,904 Kuwait (KWSE) 520 402 245 147 118 77 75,578 Egypt (EGX30) 733 433 340 305 116 93 21,337 Qatar (DSM) 12 8 8 96 67 71 136,994 Bahrain (BHSEIDX) 2 4 3 1 3 2 20,513 Oman (MSM30) 26 17 16 13 9 9 17,388 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 , February 20, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 14.0 PB 11.6 9.6 386.2 9.0 300 8 239.3 188.3 4 1.3 1.3 2.2 1.7 1.5 - - 0.9 1.1 Abu Dhabi Saudi Kuwait Bahrain Oman Egypt Qatar 178.1 106.9 87.2 1.4 0 0 Dubai Current 489.3 13.5 12.1 11.4 Previous 600 Dubai Average Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 8% 27% 18.1% 6% 18% 5.4% 4.5% 5.1% 4.1% 9% 3.8% 4% 3.1% 2.2% 8.3% 3.3% 4.6% 1.6% 1.3% 1.7% 0% -1.0% 2% -9% 0.0% 0.0% 0% -18% Dubai Abu Dhabi Saudi Kuwait 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 , February 20, 2017 Top Performers by Country (* indicates native currency; Latest data) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ARABTEC HOLDING PJSC 1.04 -3.94% 48,200 51,157 DXB ENTERTAINMENTS PJSC 1.09 -2.75% 7,991 8,833 14 DRAKE AND SCULL INTERNATIONAL 0.50 -2.60% 39,827 20,179 0 0 AMLAK FINANCE PJSC 1.19 -1.68% 2,980 3,576 9,532 9,087 UNION PROPERTIES PJSC 1.01 -1.19% 14,268 14,498 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL HOTELS CO 3.10 -6.45% 10 32 26 NATIONAL BANK OF UMM AL QAIWA 3.20 -6.25% 115 380 472 475 MANAZEL REAL ESTATE PJSC 0.66 -3.03% 2,373 1,590 15 32 AGTHIA GROUP PJSC 6.78 -2.65% 592 4,068 1.11% 348 1,559 ARKAN BUILDING MATERIALS CO PJSC 0.86 -2.33% 2,587 2,251 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) ANAAM INTERNATIONAL HOLDING 17.00 10.00% 3,786 61,439 AL TAYYAR TRAVEL GROUP HOLDING 36.30 -2.20% 1,144 42,010 AL JAZIRA MAWTEN REIT 12.10 9.92% 11,371 131,382 ARABIAN SHIELD COOPERATIVE 57.25 -2.18% 219 12,700 AL BABTAIN POWER AND TELECOMM 29.00 6.21% 1,685 47,450 AL AHLIA FOR COOPERATIVE 7.75 -1.94% 2,304 18,035 AL RAJHI COMPANY FOR COOP 45.10 4.21% 792 34,980 COMPANY FOR COOPERATIVE 118.75 -1.89% 99 11,881 AMANA COOPERATIVE INSURANCE CO 8.80 3.98% 4,822 41,623 MEDITERRANEAN AND GULF COOP 26.90 -1.86% 510 13,848 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) JEERAN HOLDING COMPANY KSCP 51.00 9.80% 548 27 AL-THEMAR INTERNATIONAL HOLD 108.00 -12.96% 217 25 AL-MASSALEH REAL ESTATE CO KSCP 50.00 8.00% 0 0 NOOR FINANCIAL INVESTMENT CO 57.00 -8.77% 3,315 198 KUWAIT REMAL REAL ESTATE CO KPSC 69.00 7.25% 37,225 2,482 FIRST TAKAFUL INSURANCE CO KPSC 74.00 -6.76% 687 53 UNITED REAL ESTATE COMPANY SAKP 99.00 7.07% 0 0 KUWAIT AND MIDDLE EAST FINANCIAL 37.00 -6.76% 791 30 SHUAIBA INDUSTRIAL COMPANY KPSC 410.00 6.10% 168 67 NATIONAL MOBILE TELECOMM 1340.0 0 -5.97% 286 396 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ABU DHABI ISLAMIC BANK EGYPT SAE 7.56 9.79% 1,364 9,850 102.84 -9.99% 5 549 ROWAD TOURISM CO SAE 4.21 9.50% 6 26 TOURISM URBANIZATION CO SAE 6.36 -9.59% 3 19 ARAB CERAMIC CO SAE 2.38 8.40% 350 800 NATIONAL CO FOR MAIZE PRODUCTS 14.27 -7.22% 17 251 ALEXANDRIA NATIONAL COMPANY 6.86 8.31% 2 12 AL EZZ DEKHEILA STEEL COMPANY 466.56 -7.15% 0 98 EGYPT ALUMINUM CO SAE 16.01 7.25% 4 62 ORANGE EGYPT FOR TELECOMM 89.03 -5.66% 0 16 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATAR FIRST BANK LLC 9.36 3.53% 559 5,147 AL KHALEEJ TAKAFUL GROUP QSC 21.50 -2.33% 2 38 AHLI BANK QSC 35.80 3.35% 3 106 AL MEERA CONSUMER GOODS CO 177.00 -1.92% 32 5,783 OOREDOO QSC 112.00 3.04% 63 6,944 ISLAMIC HOLDING GROUP QSC 57.90 -1.55% 9 549 QATAR ELECTRICITY AND WATER CO 222.60 2.88% 16 3,495 QATAR ISLAMIC BANK SAQ 109.10 -1.37% 185 20,290 MAZAYA QATAR REAL ESTATE DEVEL 14.25 2.81% 1,827 25,686 QATAR ISLAMIC INSURANCE CO QSC 59.70 -1.17% 268 16,117 Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES ISLAMIC BANK PJSC 5.31 14.88% 31 152 DAR AL TAKAFUL PJSC 1.18 4.24% 7,558 8,737 TAKAFUL EMARAT INSURANCE PJSC 2.44 3.28% 6 TAKAFUL EMARAT INSURANCE PJSC 0.00 3.28% DUBAI ISLAMIC INSURANCE 0.97 2.69% Close * DoD % Volume ('000) Value (AED ‘000) ESHRAQ PROPERTIES COMPANY PJSC 1.05 9.52% 174,749 175,509 RAS AL KHAIMAH FOR WHITE CEMENT 1.17 7.69% 23 GULF CEMENT CO PSC 1.04 6.73% GULF PHARMACEUTICAL INDUSTRIES 2.14 1.87% UNION NATIONAL BANK PJSC 4.50 Dubai Top Gainers Abu Dhabi Top Gainers Egypt Kuwait Saudi Arabia Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers MISR CEMENT CO SAE Top Losers 3
4. MENA Morning Report Monday , February 20, 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 78,000 97.50 -0.3% 6.6% 2,990 77,744 98.50 69.50 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 43,214 18.25 -1.1% -2.9% 797 3,962 20.20 16.25 17 3.7 4.4% 3 Qatar National Bank SAQ QA 38,356 151.20 1.8% 2.1% 123 5,090 157.27 121.36 11 2.0 1.9% 4 Saudi Telecom Company SJSC SA 35,733 67.00 -0.4% 0.0% 259 4,635 74.00 51.00 0 0.0 0.0% 5 Al Rajhi Banking & Investment Corp SA 28,383 65.50 0.4% 4.0% 1,578 27,566 67.50 48.60 13 2.1 2.3% 6 Saudi Electricity Co SJSC SA 26,777 24.10 -1.4% 7.6% 3,072 19,743 25.30 14.30 48 1.6 0.0% 7 National Commercial Bank SJSC SA 22,453 42.10 0.7% -1.2% 538 6,041 46.30 32.00 9 1.4 3.8% 8 Industries Qatar QSC QA 19,890 119.70 1.4% 1.9% 94 3,099 122.00 94.50 25 2.2 3.3% 9 Jabal Omar Development Co SJSC SA 17,349 70.00 0.7% -6.4% 183 3,420 76.00 46.00 85 6.4 0.0% 10 DP World Ltd AE 17,098 20.60 -1.0% 17.6% 8 42 20.81 15.53 17 2.0 1.5% 11 First Gulf Bank PJSC AE 16,663 13.60 -0.7% 5.8% 968 3,586 13.85 10.50 10 1.6 7.4% 12 National Bank of Abu Dhabi PJSC AE 15,166 10.60 1.0% 6.1% 790 2,279 10.90 7.60 11 1.2 0.0% 13 Emaar Properties PJSC AE 14,815 7.60 -0.5% 6.6% 1,557 3,221 7.79 5.59 12 1.3 2.0% 14 Almarai Co SJSC SA 14,560 68.25 0.0% -0.4% 55 1,007 70.00 46.69 27 4.2 1.3% 15 National Bank of Kuwait SAKP KW 13,467 730.00 -1.4% 12.3% 1,700 4,063 750.00 550.00 14 1.3 4.1% 16 Emirates NBD Bank PJSC AE 13,301 8.79 -1.0% 3.5% 1,492 3,571 9.00 7.10 7 0.9 4.6% 17 Saudi Arabian Mining Co SJSC SA 12,775 41.00 -0.7% 5.1% 437 4,776 43.80 27.80 120 1.7 0.0% 18 Samba Financial Group SJSC SA 11,867 22.25 0.2% -8.6% 508 3,015 25.20 15.90 9 1.1 4.0% 19 Kingdom Holding Co SA 11,612 11.75 0.0% -1.7% 334 1,047 13.15 9.90 85 1.5 0.0% 20 Ezdan Holding Group QSC QA 11,219 15.40 1.0% 1.9% 785 3,318 20.24 14.20 24 1.4 3.2% 21 Kuwait Finance House KSCP KW 10,809 630.00 0.0% 16.7% 514 1,060 630.00 431.82 16 1.8 2.7% 22 Abu Dhabi Commercial Bank PJSC AE 10,643 7.52 -0.9% 9.0% 187 382 7.68 5.66 10 1.3 5.3% 23 Ooredoo QSC QA 10,152 115.40 3.0% 13.4% 63 1,995 115.50 81.50 17 1.6 2.6% 24 Emaar Malls Group PJSC AE 9,142 2.58 0.4% -1.5% 1,200 843 3.10 2.47 18 2.2 3.9% 25 Emirates Islamic Bank PJSC AE 9,019 6.10 14.9% 0.0% 31 51 6.10 1.57 251 5.0 0.0% 26 Saudi British Bank SJSC SA 8,920 22.30 0.5% -10.8% 250 1,484 25.90 16.40 8 1.1 3.4% 27 Riyad Bank SJSC SA 8,760 10.95 0.5% -5.2% 726 2,120 11.80 8.55 8 0.9 5.9% 28 Yanbu National Petrochemicals Co SJSC SA 8,663 57.75 0.4% 6.9% 223 3,435 59.75 31.00 16 2.1 5.2% 29 Masraf Al Rayan QSC QA 8,641 41.95 -0.2% 11.6% 376 4,330 43.35 32.10 15 2.5 4.8% 30 Dubai Islamic Bank PJSC AE 8,397 6.24 0.0% 12.0% 4,232 7,190 6.29 4.90 9 1.3 7.2% Company Name Total M-Cap; W. Avg Yield 555,846 2.8% 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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