MENA Market Report - 21 August

Transcription

1. MENA Morning Report Monday , August 21, 2017 Overview Regional Markets: MENA markets started the week on a positive note, which can be attributed to the rise in oil prices on Friday. However, trading volumes were subdued as there is still lack of conviction about the growth prospects, especially after the recent downgrades and unsatisfactory second quarter earnings. For the regional markets, six out of the eight indexes ended on a positive note, while Egypt was the only index to close in red and Abu Dhabi was flat for the day. UAE markets ended the session mostly on a positive note after both indexes lost more than 1% in the previous week. Dubai closed up by 0.4%, while Abu Dhabi was flat for the day. Saudi Arabia continued its positive trend as the index was up by 0.4% for the day. The index was supported by buying across all sectors in the index, especially the energy and banking sector stocks. However, the small and mid size insurance companies witnessed selling pressure after they were temporarily banned by the Central bank. Qatar closed on a positive note as it was up by 0.3% for the day after declining by 1.5% in the previous week. The index went down by 3.0% during August as markets are still concerned about the ongoing geopolitical tensions. Egypt was down by 0.7% for the day, continuing the downward pressure after losing 2.5% in the previous week and around 3.0% during the month. Kuwait closed on a positive note as it was up by 0.2% for the day, adding to the gains recorded in the previous week. Bahrain and Oman closed on a positive note as it was up by 1.0% and 0.5% respectively for the day. International Markets: At the time of writing this report, Asian markets have opened on a slightly positive note as Nikkei is down by 0.5%, while Hang Seng and Shanghai are down by 0.5% and 0.2% respectively. Headlines (WW) US consumer sentiment rises to seven-month high (ME) USD 55bn healthcare projects coming up in MENA (WW) Stability concerns focus at Fed ahead of Yellen speech (GCC) Gulf crisis reshaped the region's economic map (WW) Chinese banks battle slowing loan growth, default risks loom (GCC) GCC projects market shows signs of improvement (WW) China's new home price growth cools in July (SA) Saudi regulator approves Goldman Sachs application for dealing licence (WW) China to strengthen oversight of regulatory arbitrage (SA) Saudi sets VAT registration deadline for businesses (WW) Britain receives record number of foreign visitors in Q2 2017 (SA) Foreign workers occupy more than 10 million jobs in Saudi Arabia (WW) UK economic growth likely to reach 1.6% in 2017 and slow to 1.4% in 2018 (AE) UAE banks poised for strong H2 performance (WW) No jobs and rising prices behind gloom in Indian economy (AE) Bank statutory reserves at UAE c. bank surge to AED 125.5bn by end of H1 (WW) South Africa's competition watchdog probes high data costs (QA) Qatar Tells Banks to Seek Overseas Funding (CMD) Oil jumps three percent as dollar falls, US rig count drops (QA) Qatar emerging stronger despite economic blockade (CMD) Gold near flat after surging to 9-month high on geopolitical worries (KW) Kuwaiti investors expect Saudi market bonanza (FX) Dollar hits four-month low vs. yen as risk appetite fades (KW) Kuwait's real estate market liquidity up 7% in July (FX) Sterling set for biggest weekly decline vs dollar in 2 months (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,615.39 0.4% 0.4% -0.5% 2.4% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,492.63 -0.0% -0.0% -1.6% -1.2% ˅ ˄ ˅ Saudi (SASEIDX) 7,209.24 0.4% 0.4% 1.6% -0.0% ˅ ˄ ˄ Kuwait (KWSE) 6,900.58 0.2% 0.2% 0.7% 20.0% ˄ ˄ ˄ Egypt (EGX30) 13,026.29 -0.7% -0.7% -2.9% 5.5% ˅ ˄ ˄ Qatar (DSM) 9,133.93 0.3% 0.3% -2.9% -12.5% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,312.34 1.0% 1.0% -1.2% 7.5% ˅ ˅ ˄ Oman (MSM30) 4,913.19 0.5% 0.5% -2.2% -15.0% ˅ ˅ ˅ 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) 234 258 270 77 92 99 83,671 Abu Dhabi (ADSMI) 64 113 98 20 43 47 133,126 Saudi (SASEIDX) 136 149 165 733 782 825 452,698 Kuwait (KWSE) 104 65 188 44 53 70 75,578 Egypt (EGX30) 132 290 280 25 58 71 18,982 Qatar (DSM) 9 11 11 46 86 90 108,013 Bahrain (BHSEIDX) 2 3 4 1 1 2 20,652 Oman (MSM30) 32 13 16 19 7 9 13,500 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 , August 21, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 13.9 11.4 12.3 11.1 386.2 9.6 8.1 300 8 239.3 188.3 4 1.2 1.6 Current 489.3 11.3 12 Previous 600 2.0 1.7 1.3 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.2% 9% 4.6% 4.3% 4% Bahrain Oman Average 3.5% 3.2% 20.0% 18% 5.4% 4.8% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt 0% -1.2% -9% 0.0% 2% -12.5% -18% 0.0% 7.5% 5.5% 2.4% -15.0% 0.0% 0% -27% 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 , August 21, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) UNION PROPERTIES PJSC 0.86 4.30% 0 70,657 NATIONAL CENTRAL COOLING CO PJSC 2.11 -1.42% 1,995 4,241 GULF NAVIGATION HOLDING PJSC 1.26 3.17% 0 786 DUBAI FINANCIAL MARKET PJSC 1.17 -0.85% 13,954 16,396 GULF GENERAL INVESTMENT CO PSC 0.37 3.00% 2,543 920 DXB ENTERTAINMENTS PJSC 0.82 -0.74% 5,287 4,325 MARKA PJSC 0.68 2.34% 1,185 801 EMAAR PROPERTIES PJSC 8.44 -0.24% 1,639 13,846 AL SALAM BANK SUDAN PLC 1.83 2.19% 2 4 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) GULF CEMENT CO PSC 0.99 8.08% 345 329 ABU DHABI SHIP BUILDING PJSC 2.30 -10.00% 4 9 BANK OF SHARJAH PJSC 1.20 4.17% 5 6 UNITED ARAB BANK PJSC 1.61 -9.94% 5 8 ESHRAQ PROPERTIES COMPANY PJSC 0.83 3.61% 27,234 22,210 SHARJAH ISLAMIC BANK PJSC 1.36 -2.94% 486 671 DANA GAS PJSC 0.60 3.33% 13,288 7,844 RAS AL KHAIMAH CEMENT CO PSC 0.75 -2.67% 97 74 MANAZEL REAL ESTATE PJSC 0.52 1.92% 5,331 2,746 SUDATEL TELECOM GROUP LTD 0.56 -1.79% 1,587 897 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AMANA COOPERATIVE INSURANCE CO 23.30 10.09% 2,777 61,735 ARABIAN SHIELD COOPERATIVE 47.00 -7.66% 767 37,550 UNITED ELECTRONICS COMPANY JSC 44.60 4.71% 1,721 75,047 DEVELOPMENT WORKS FOOD CO 68.00 -5.44% 1 104 ARAB SEA INFORMATION SYSTEMS CO 11.98 4.67% 5 63 MALATH COOPERATIVE INSURANCE 22.00 -4.45% 609 13,700 RAYDAN COMPANY CJSC 19.98 4.00% 15 286 SAUDI INDIAN COMPANY FOR COOP 24.66 -3.65% 1,535 38,560 MIDDLE EAST SPECIALIZED CABLES CO 8.00 3.50% 3,895 30,633 AL KHALEEJ TRAINING AND EDUCAT 20.00 -2.60% 638 12,930 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) BURGAN FOR WELL DRILLING TRAD 75.00 14.67% 42 3 KUWAIT FOOD CO KSCP 1990.0 -8.54% 0 0 NAFAIS HOLDING COMPANY KSCP 195.00 12.82% 0 0 AL DEERA HOLDING CO KPSC 34.70 -8.07% 164 6 ASIYA CAPITAL INVESTMENTS CO 42.90 11.66% 1,134 46 KUWAIT FINANCE AND INVESTMENT 45.00 -7.78% 3 0 LIVESTOCK TRANSPORT AND TRADING 250.00 7.20% 203 49 KAMCO INVESTMENT CO KSCP 79.90 -6.13% 7 1 CREDIT RATING AND COLLECTION CO 29.90 5.69% 8 0 KUWAIT REMAL REAL ESTATE CO KPSC 70.40 -6.11% 8 1 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) SHOROUK FOR MODERN PRINTING 17.74 8.79% 26 440 ALEXANDRIA FLOUR MILLS AND BAKER 42.91 -9.88% 9 389 ROWAD TOURISM COMPANY SAE 6.16 8.77% 199 1,176 NASR CO FOR CIVIL WORKS SAE 20.40 -6.03% 1 14 AL OROUBA SECURITIES BROKERAGE 0.59 8.47% 15 8 MISR NATIONAL STEEL SAE 18.17 -5.50% 5 89 NATIONAL BANK OF KUWAIT EGYPT 47.58 4.20% 22 1,011 CAIRO NATIONAL CO FOR INVEST 4.35 -5.29% 7 33 ISLAMIC GHARBIA CO FOR DEVELOPED 6.15 4.07% 112 675 EL AHRAM CO FOR PRINTING 4.74 -5.27% 35 171 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATARI GERMAN COMPANY 8.02 2.24% 17 138 INVESTMENT HOLDING GROUP 8.11 -8.75% 1,390 11,817 QATAR INDUSTRIAL MANUFACTURING 43.00 1.98% 1 21 QATAR NATIONAL CEMENT CO QSC 70.20 -4.27% 38 2,723 QATAR ISLAMIC INSURANCE CO QSC 55.80 1.97% 0 2 EZDAN HOLDING GROUP QSC 12.00 -3.33% 43 525 QATAR ELECTRICITY AND WATER CO 190.90 1.36% 2 411 ISLAMIC HOLDING GROUP QSC 48.35 -2.79% 43 2,131 WIDAM FOOD CO QSC 66.50 1.35% 223 14,741 SALAM INTERNATIONAL INVESTMENT 8.88 -2.59% 7 61 Kuwait Saudi Arabia Abu Dhabi Top Gainers Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Monday , August 21, 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 78,476 98.10 0.1% 7.2% 2,209 57,781 105.40 76.00 16 1.9 6.1% 2 Emirates Telecommunications Group Co AE 42,505 17.95 -0.3% -4.5% 615 3,007 20.00 17.10 18 3.6 4.5% 3 Saudi Telecom Company SJSC SA 39,518 74.10 0.5% 0.0% 222 4,391 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 34,242 135.00 -0.7% -8.8% 63 2,325 157.27 121.70 10 1.7 2.4% 5 First Abu Dhabi Bank PJSC AE 31,452 10.60 0.0% 6.1% 210 607 11.55 8.30 13 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 27,775 64.10 0.8% 1.7% 2,164 36,988 71.70 48.60 12 1.9 3.5% 7 National Commercial Bank SJSC SA 27,145 50.90 1.2% 19.5% 829 11,254 58.00 32.00 11 1.7 3.1% 8 Saudi Electricity Company SJSC SA 26,220 23.60 0.0% 5.4% 579 3,641 26.05 14.30 11 1.4 3.0% 9 DP World Ltd AE 17,895 21.56 -1.0% 23.1% 17 98 23.85 15.53 18 2.0 1.8% 10 Almarai Co SJSC SA 16,852 79.00 0.6% 15.3% 175 3,688 98.30 51.50 31 4.7 1.1% 11 Jabal Omar Development Co SJSC SA 16,827 67.90 0.0% -9.2% 582 10,531 76.00 46.00 72 6.2 0.0% 12 Emaar Properties PJSC AE 16,414 8.42 -0.2% 18.1% 1,639 3,757 8.53 6.37 11 1.4 0.0% 13 Industries Qatar QSC QA 15,617 94.00 0.9% -20.0% 249 6,418 122.00 90.50 22 1.7 4.3% 14 Saudi Arabian Mining Co SJSC SA 15,548 49.90 1.8% 27.9% 1,162 15,466 53.80 27.80 228 2.2 0.0% 15 National Bank of Kuwait SAKP KW 14,344 731.00 -0.1% 18.1% 458 1,109 747.00 533.33 14 1.4 3.9% 16 Samba Financial Group SJSC SA 13,141 24.64 -0.2% 1.2% 1,450 9,527 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,560 8.30 0.0% -2.2% 121 274 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 10,974 574.00 1.2% 16.9% 2,493 4,743 576.00 413.64 17 1.8 2.7% 19 Saudi British Bank SJSC SA 10,599 26.50 -0.4% 0.0% 38 272 28.40 16.40 11 1.2 2.6% 20 Kingdom Holding Co SA 10,238 10.36 0.4% -13.3% 381 1,054 12.95 9.80 68 1.3 4.8% 21 Abu Dhabi Commercial Bank PJSC AE 10,191 7.20 0.0% 4.3% 872 1,709 7.68 5.66 9 1.2 5.6% 22 Banque Saudi Fransi SJSC SA 9,835 30.60 -1.0% 17.2% 214 1,747 33.20 18.00 11 1.2 0.0% 23 Emirates Islamic Bank PJSC AE 8,872 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 24 Riyad Bank SJSC SA 8,784 10.98 0.7% -4.9% 780 2,284 11.80 8.55 11 0.9 5.9% 25 Emaar Malls Group PJSC AE 8,753 2.47 1.6% 0.0% 3,393 2,282 2.87 2.38 17 1.9 0.0% 26 Ezdan Holding Group QSC QA 8,450 11.60 -3.3% 0.0% 43 137 19.60 10.72 15 1.0 0.0% 27 Masraf Al Rayan QSC QA 8,310 40.35 0.5% 7.3% 99 1,092 45.40 33.05 15 2.5 5.0% 28 Yanbu National Petrochemicals Co SJSC SA 8,280 55.20 0.4% 2.2% 114 1,676 61.75 39.90 14 2.0 5.4% 29 Dubai Islamic Bank PJSC AE 8,101 6.02 0.5% 8.1% 1,099 1,801 6.29 5.01 9 1.2 7.5% 30 Ooredoo QSC QA 7,934 90.20 0.2% -11.4% 83 2,045 116.10 88.20 16 1.3 3.9% Company Name Total M-Cap; W. Avg Yield 565,851 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 Comp anies 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 intend ed 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 Ru les & Regulations of the appropriate financial authority. 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