MENA Market Report - 21 May

Transcription

1. MENA Morning Report Sunday , May 21, 2017 Overview Regional Markets: MENA markets ended the session on a negative note, in line with the sentiments seen in the global markets. Oil prices rising above US$ 53 on the back of Saudi Arabia and Russia agreement to extend the output cut until March 2018. This should offset the negative sentiments, at least for the regional markets. For the day, all of the eight indexes closed in red, however the weekly performance was mixed, thanks to gains recorded during the earlier sessions of the week. UAE markets ended on the losing side as Dubai and Abu Dhabi were both down by 0.5% and 0.3% respectively for the day. Dubai was impacted by the MSCI constituents as foreign investors preferred to exit amid the selling pressure seen across the markets. Saudi Arabia closed marginally lower by 0.1% for the day, however remains positive for the week. Kuwait also closed marginally lower by 0.1% but the weekly performance was in the positive territory. Egypt was the worst performer as it was down by 0.9% for the day, giving away most of the gains recorded during the earlier sessions of the week. Qatar also closed lower by 0.4% for the day, in line with sentiments across the region. For the week, the performance of the regional markets was mixed despite the negative sentiments seen on the last trading session of the week. Saudi Arabia and Kuwait were the best performers as they were up by 0.8% each, followed by 0.4% in Egypt, while Dubai and Abu Dhabi ended as the worst performers as they were down by 1.2% and 0.6% respectively. International Markets: US markets closed on a positive note as Dow, Nasdaq and S&P were up by 0.7%, 0.5% and 0.7% respectively. European markets closed in green as FTSE,DAX and CAC were all up by 0.5%, 0.4% and 0.7% respectively. Asian markets closed on a positive note as Nikkei, Hang Seng and Shanghai were up by 0.2%, 0.2% and 0.02% respectively. Headlines (WW) US economy seen less likely to grow 3% this year (ME) Middle East WEF to focus on building jobs for young people (WW) US economic outlook brightens as job market tightens (GCC) M&A across the GCC financial sector is passive, but deal value remains stable (WW) US economic future in services, not manufacturing (GCC) GCC's combined GDP may exceed USD 1.5 trillion (WW) UK shoppers shrug off inflation pressure as sun comes out (SA) Saudi Aramco CEO says to sign USD 50 billion of deals with US companies (WW) China's second-quarter GDP growth seen at around 6.8% (SA) Saudis boost US Treasury holdings ahead of Trump visit (WW) Smaller cities keep China home property market hot in April (SA) Economics in focus as Trump starts visit to Saudi Arabia (WW) China's Strength and Its Shopping Lift Alibaba's Results (SA) Don't tighten fiscal policy too fast, IMF warns Saudis (WW) German dwelling permits drop in first quarter of 2017 (AE) UAE remains MENA's top start-up hub (CMD) Oil ends above USD 50 for the first time in a month (AE) UAE digital investments grow to USD 799 million in three years (CMD) Gold rises, set for biggest weekly gain since mid-April (AE) UAE Wants Investment Protection from Indonesia (FX) Weak pound tempts Americans to UK as Britons stay nearer home (QA) Small firms are big job creators in Qatar (FX) Dollar has worst week in over a year amid political uncertainty (JO) Jordan hosts World Economic Forum on MENA (FI) US Government Bonds Pull Back (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,378.02 -0.5% -1.2% -1.1% -4.3% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,581.30 -0.3% -0.6% 1.3% 0.8% ˄ ˅ ˄ Saudi (SASEIDX) 6,938.10 -0.1% 0.8% -1.1% -3.8% ˅ ˅ ˄ Kuwait (KWSE) 6,725.78 -0.1% 0.8% -1.7% 17.0% ˅ ˄ ˄ Egypt (EGX30) 12,952.38 -0.9% 0.4% 4.2% 4.9% ˄ ˄ ˄ Qatar (DSM) 10,103.35 -0.4% -0.1% 0.4% -3.2% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,308.76 -0.1% 0.1% -2.0% 7.2% ˅ ˄ ˄ Oman (MSM30) 5,415.07 -0.1% -0.3% -1.8% -6.4% ˅ ˅ ˅ 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) 195 306 514 64 114 184 80,060 Abu Dhabi (ADSMI) 23 93 143 18 53 64 135,499 Saudi (SASEIDX) 159 182 235 770 873 1,093 435,927 Kuwait (KWSE) 329 335 349 87 95 101 75,578 Egypt (EGX30) 218 275 365 61 95 94 19,736 Qatar (DSM) 9 11 10 48 94 80 128,181 Bahrain (BHSEIDX) 3 5 4 4 3 3 20,205 Oman (MSM30) 9 19 17 5 11 10 16,192 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 Sunday , May 21, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.9 386.2 8.8 300 8 239.3 188.3 4 1.1 Current 489.3 11.3 9.0 1.5 2.0 1.7 1.4 - - 0.8 1.0 Bahrain Oman - 178.1 106.9 87.2 1.4 0 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% 6% Previous 600 13.5 11.6 11.2 12 PB 5.1% 4.2% 0% 2% -9% 0.0% 0.0% Saudi Kuwait Egypt Qatar Bahrain -3.2% -3.8% -4.3% -6.4% -18% 0% Abu Dhabi 4.9% 0.8% 3.4% 3.0% Dubai 7.2% 9% 4.1% 4% 17.0% 18% 5.8% 5.3% 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 Sunday , May 21, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value EMIRATES ISLAMIC BANK PJSC 7.50 -8.65% 6 43 DXB ENTERTAINMENTS PJSC 0.82 -4.32% 9,404 7,886 7,286 DRAKE AND SCULL INTERNATIONAL 0.36 -2.73% 20,806 7,511 539 GULF GENERAL INVESTMENT CO PSC 0.40 -2.22% 2,341 938 DEYAAR DEVELOPMENT PJSC 0.50 -2.17% 2,867 1,438 Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL ENERGY CO 0.57 -5.00% 671 393 569 RAS AL KHAIMAH CEMENT CO PSC 0.80 -3.61% 582 474 1,070 690 ESHRAQ PROPERTIES COMPANY PJSC 1.07 -2.73% 6,032 6,545 914 617 INTERNATIONAL FISH FARMING 1.57 -2.48% 401 638 0.44% 4,104 9,296 SHARJAH ISLAMIC BANK PJSC 1.37 -1.44% 284 391 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) ALUJAIN CORPORATION SJSC 25.50 6.69% 4,369 107,919 ALINMA TOKIO MARINE CO SJSC 26.70 -3.61% 185 5,022 NATIONAL AGRICULTURE DEV 30.30 6.69% 3,914 114,862 SOLIDARITY SAUDI TAKAFUL CO JSC 18.30 -2.92% 1,134 21,061 DEVELOPMENT WORKS FOOD CO 83.00 5.73% 7 535 TIHAMA ADVERTISING AND PUBLIC 38.60 -2.77% 457 17,907 SAUDI INDUSTRIAL DEVELOPMENT CO 11.65 4.02% 4,717 53,897 ALLIED COOPERATIVE INSURANCE 13.40 -2.55% 568 7,708 SAUDI REAL ESTATE CO SJSC 21.25 2.41% 797 16,728 ARABIA INSURANCE COOPERATIVE CO 13.50 -2.53% 375 5,122 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 7,040 405 FIRST TAKAFUL INSURANCE CO KPSC 54.00 -8.47% 15 1 COMMERCIAL BANK OF KUWAIT KPSC 350.00 -6.67% 51 18 1,145 59 Close DoD % Volume Value GULF NAVIGATION HOLDING PJSC 1.40 5.26% 0 2,839 TAKAFUL EMARAT INSURANCE PJSC 2.26 3.67% 0 135 DAR AL TAKAFUL PJSC 1.06 1.92% 6,939 DUBAI ISLAMIC INSURANCE 0.70 1.15% 774 EMIRATES NBD BANK PJSC 8.29 1.10% 1,776 14,645 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL FOR BUILDING 0.59 13.46% 182 101 GULF MEDICAL PROJECTS CO PSC 4.80 4.35% 121 SUDATEL TELECOM GROUP LTD 0.65 1.56% ARKAN BUILDING MATERIALS CO PJSC 0.68 1.49% ALDAR PROPERTIES PJSC 2.27 Abu Dhabi Dubai Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers BAYAN INVESTMENT COMPANY KSCP Egypt Top Losers Top Losers 60.00 9.09% 1200.00 9.09% 1 1 SAFAT GLOBAL HOLDING CO 30.50 8.93% 11,492 336 NOOR FINANCIAL INVESTMENT CO 50.00 -5.66% NAFAIS HOLDING COMPANY KSCP 150.00 7.14% 0 0 JAZEERA AIRWAYS CO KSCP 465.00 -4.12% 21 10 ASIYA CAPITAL INVESTMENTS 42.00 6.33% 2,415 98 GULF NORTH AFRICA HOLDING CO 35.00 -4.11% 942 34 Close DoD % Volume Value Close DoD % Volume Value NASR CO FOR CIVIL WORKS SAE 17.97 8.71% 42 725 SAUDI EGYPTIAN INVESTMENT 51.53 -7.74% 6 328 MISR NATIONAL STEEL SAE 15.93 8.44% 7 110 AL OROUBA SECURITIES BROKERAGE 0.68 -6.85% 19 14 MISR REFRIGERATION AND AC 86.40 7.01% 3 240 DELTA CO PRINTING PACKAGING 7.64 -4.98% 15 116 EGYPT FREE SHOPS CO SAE 4.75 5.79% 63 293 NATIONAL BANK OF KUWAIT EGYPT 36.66 -4.75% 2 56 DELTA INSURANCE CO SAE 10.92 4.00% 25 267 SHARKIA NATIONAL COMPANY 4.53 -4.63% 8 35 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ELECTRICITY AND WATER CO 212.00 1.44% 5 1,067 VODAFONE QATAR QSC 8.96 -2.61% 3,996 36,284 GULF WAREHOUSING CO QSC 51.50 0.98% 30 1,540 ALIJARAH HOLDING CO QSC 16.80 -2.33% 177 3,008 MASRAF AL RAYAN QSC 43.25 0.35% 512 22,101 QATAR FIRST BANK LLC 8.07 -2.18% 313 2,551 QATAR FUEL QSC 120.10 0.00% 14 1,696 QATAR INDUSTRIAL MANUFACTURING 43.05 -1.49% 14 629 QATAR GENERAL INSURANCE 36.65 0.00% 0 4 AL KHALIJ COMMERCIAL BANK QSC 14.30 -1.38% 106 1,532 KUWAIT NATIONAL CINEMA CO Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers 3
4. MENA Morning Report Sunday , May 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 78,002 97.50 0.3% 6.6% 2,528 65,726 102.50 76.00 15 1.8 4.1% 2 Emirates Telecommunications Group AE 41,677 17.60 -0.3% -6.4% 1,085 5,197 20.20 17.15 17 3.4 4.5% 3 Saudi Telecom Company SJSC SA 37,201 69.75 0.0% 0.0% 38 710 74.00 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 35,513 140.00 -0.6% -5.5% 64 2,456 157.27 121.36 10 1.8 2.3% 5 First Abu Dhabi Bank PJSC AE 33,382 11.25 -0.4% 12.6% 1,155 3,539 11.55 7.60 11 1.3 4.0% 6 Rajhi Banking Investment Corporation SA 26,976 62.25 -0.4% -1.2% 2,892 48,016 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Co SJSC SA 26,111 23.50 0.2% 4.9% 1,836 11,506 25.80 14.30 12 1.4 3.0% 8 National Commercial Bank SJSC SA 21,974 41.20 1.0% -3.3% 1,094 12,015 45.00 32.00 9 1.4 3.9% 9 DP World Ltd AE 18,658 22.48 -0.0% 28.4% 175 1,068 22.50 15.53 19 2.1 1.7% 10 Industries Qatar QSC QA 16,948 102.00 -1.0% -13.2% 100 2,813 122.00 94.50 19 1.9 3.9% 11 Jabal Omar Development Co SJSC SA 16,668 67.25 0.4% -10.0% 92 1,648 76.00 46.00 72 6.1 0.0% 12 Almarai Co SJSC SA 16,480 77.25 0.7% 12.8% 256 5,264 77.50 51.50 30 4.8 0.0% 13 Emaar Properties PJSC AE 14,543 7.46 -0.8% 4.6% 2,695 5,474 7.79 5.95 10 1.3 2.0% 14 National Bank of Kuwait SAKP KW 13,440 690.00 0.0% 11.5% 248 565 723.81 523.81 14 1.3 4.1% 15 Saudi Arabian Mining Co SJSC SA 13,087 42.00 0.5% 7.7% 1,017 11,393 43.80 27.80 695 1.9 0.0% 16 Emirates NBD Bank PJSC AE 12,545 8.29 1.1% -2.4% 1,776 4,009 9.00 7.60 7 0.9 4.8% 17 Samba Financial Group SJSC SA 11,600 21.75 0.0% -10.7% 371 2,149 25.20 15.90 9 1.0 4.4% 18 Ezdan Holding Group QSC QA 11,437 15.70 -1.3% 3.9% 1,269 5,471 20.24 14.63 19 1.3 3.2% 19 Emirates Islamic Bank PJSC AE 11,090 7.50 -8.6% 0.0% 6 11 11.95 1.57 137 5.9 0.0% 20 Abu Dhabi Commercial Bank PJSC AE 10,347 7.31 0.0% 5.9% 520 1,034 7.68 5.66 9 1.3 5.5% 21 Kingdom Holding Co SA 10,229 10.35 0.0% -13.4% 29 81 12.95 9.90 72 1.3 4.8% 22 Kuwait Finance House KSCP KW 9,489 500.00 -2.0% 1.9% 1,399 2,306 572.73 400.00 13 1.6 0.0% 23 Ooredoo QSC QA 9,351 106.30 -0.4% 4.4% 35 1,018 116.10 81.50 18 1.6 3.3% 24 Emaar Malls Group PJSC AE 9,143 2.58 -0.4% -1.5% 3,263 2,292 3.00 2.47 18 2.0 3.9% 25 Saudi British Bank SJSC SA 9,060 22.65 -0.4% 0.0% 436 2,632 25.90 16.40 9 1.1 0.0% 26 Masraf Al Rayan QSC QA 8,908 43.25 0.3% 15.0% 512 6,081 44.20 32.50 16 2.8 4.6% 27 Banque Saudi Fransi SJSC SA 8,419 26.20 -1.9% 0.4% 94 656 27.50 18.00 9 1.1 4.0% 28 Yanbu National Petrochemicals Co SJSC SA 8,363 55.75 1.4% 3.2% 193 2,864 61.75 37.00 13 2.0 5.4% 29 Riyad Bank SJSC SA 8,280 10.35 0.5% -10.4% 351 969 11.80 8.55 10 0.8 6.3% 30 Dubai Islamic Bank PJSC AE 7,778 5.78 0.5% 3.8% 1,017 1,601 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 556,700 3.1% 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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