MENA Market Report - 24 April

Transcription

1. MENA Morning Report Monday , April 24, 2017 Overview Regional Markets: MENA region started the week on a slightly positive note, which was boosted by developments in individual markets. However, there is a sense of cautiousness within the equities markets on the back of rising political uncertainty, especially the elections in France and other European countries. In the previous week, the subdued performance reflected downward pressure across the region with Kuwait leading the pack of decliners as it was down by 2.8%, followed by 2.5% in Saudi Arabia and 2.0% in Qatar, while Abu Dhabi was the only index to close marginally higher by 0.1%. For the day, three out of the eight indexes ended in green, while two in red, one remained unchanged and two were closed. Saudi Arabia was the top performer within the region as it was up by 1.0% for the day, which was boosted by the government's decision to restore allowances of civil servants, which were reduced last year. The move is particularly give impetus to the consumption, which is likely to benefit the consumer related sectors. Egypt was the worst performer as it was down by 2.8% for the day, which was mostly dragged lower due to profit booking. Kuwait closed marginally higher as it was up by 0.1% for the day after declining by around 3.0% in previous week. Qatar closed lower by 0.4% for the day on the back of thin volumes as buyers were staying away from the markets. Bahrain closed up by 0.2%, while Oman remained unchanged for the day. Both the UAE markets were closed for the day and expected to open today. International Markets: US markets closed on a losing note as Dow, Nasdaq and S&P were all down by 0.2%, 0.1% and 0.3% respectively. European markets closed on a mixed note as DAX was up by 0.2%, while FTSE and CAC were down by 0.1% and 0.4% respectively for the day. At the time of writing this report, Asian markets has a mixed performance as Nikkei and Hang Seng are up by 1.4% and 0.2% respectively, while Shanghai is down by 1.4%. Headlines (WW) US factory and service output levels at seven-month lows in April (SA) Saudi to lead consolidation drive in GCC petrochemical industry (WW) US private-sector growth eases as euro zone PMI strengthens (SA) Saudi Arabia, Kuwait signal likely extension of oil output cut (WW) US business activity eases to slowest expansion in 7 months (SA) Saudi Arabia needs 'million new school places' by 2020 (WW) UK micro-businesses remain bullish despite fears over the economy (SA) Riyadh real estate market softens amid impact of economic reforms (WW) IMF worried over credit boom in China which can be 'dangerous' (AE) US shale revival not a threat to the market in the short-term (WW) China Labour Market Lifted by Improving Economy in the First Quarter of 2017 (AE) Health insurance in Dubai to see New billing system by 2018 (WW) Japan manufacturers mood highest since 2007, exports post best growth in 2 yrs (AE) Dubai property investors focus on higher value deals (WW) Euro zone economy races into second-quarter with bumper growth (AE) Dubai airport is world's busiest for international travel (CMD) Oil ends below USD 50 as US rig count continues to climb (AE) UAE, Qatar to outperform GCC peers on diversification (CMD) Gold steady as softer dollar supports ahead of French vote (EG) Egypt to increase maximum issuance of dollar bonds to up to USD 7 billion (FX) Dollar edges down, euro resists French election volatility (OM) Oman explores privatization of parts of energy industry (FX) Yuan Calm at Risk of Ending as China Share Drop Darkens Mood (KW) Kuwait completes study on expat work permit fees (FI) US Government Bonds Strengthen Ahead of France Vote (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI)** 3,469.82 -1.0% -1.1% -0.3% -1.7% ˅ ˅ ˄ Abu Dhabi (ADSMI)** 4,521.63 -0.2% 0.1% 1.8% -0.5% ˄ ˅ ˄ Saudi (SASEIDX) 6,968.75 1.0% 1.0% -0.5% -3.4% ˅ ˅ ˄ Kuwait (KWSE) 6,819.04 0.1% 0.1% -3.0% 18.6% ˅ ˄ ˄ Egypt (EGX30) 12,544.92 -2.8% -2.8% -3.5% 1.6% ˅ ˄ ˄ Qatar (DSM) 10,197.33 -0.4% -0.4% -1.9% -2.3% ˅ ˅ ˄ Bahrain (BHSEIDX) 1,336.65 0.2% 0.2% -1.4% 9.5% ˅ ˄ ˄ Oman (MSM30) 5,474.54 0.0% 0.0% -1.4% -5.3% ˅ ˅ ˅ 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)** 278 371 537 97 156 195 81,189 Abu Dhabi (ADSMI)** 58 117 155 32 61 65 134,214 Saudi (SASEIDX) 207 184 243 911 934 1,125 431,380 Kuwait (KWSE) 124 444 351 52 125 102 75,578 Egypt (EGX30) 231 273 377 83 87 96 19,744 Qatar (DSM) 7 11 9 42 98 84 131,177 Bahrain (BHSEIDX) 2 5 4 2 3 3 20,704 Oman (MSM30) 11 20 17 6 12 10 16,345 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 included are for the markets closed on Thursday. Data & News Source: Thomson Reuters 1
2. MENA Morning Report Monday , April 24, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.7 11.9 10.9 12 PB 11.2 386.2 8.8 300 8 239.3 188.3 4 1.2 Current 489.3 12.7 9.2 1.5 2.0 1.7 1.4 - - 0.9 1.1 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 5.1% 18.6% 5.7% 5.3% 4.4% 18% 9.5% 4.0% 4% 3.3% 9% 1.6% 2.2% 0% 2% 0.0% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -1.7% -0.5% Dubai Abu Dhabi -2.3% -3.4% -9% Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar -5.3% Bahrain Oman 2
3. MENA Morning Report Monday , April 24, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MASHREQBANK PSC 72.00 -10.00% 5 380 4,562 DUBAI REFRESHMENTS PJSC 17.00 -9.81% 1 18 20,364 ARABTEC HOLDING PJSC 0.89 -4.40% 44,030 40,089 5,466 5,657 DAR AL TAKAFUL PJSC 1.15 -3.36% 834 976 11,598 10,978 NATIONAL CENTRAL COOLING CO PJSC 1.86 -3.12% 1,144 2,162 Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) 14.84% 7,564 12,594 RAS AL KHAIMAH FOR WHITE CEMENT 1.08 -10.00% 546 623 0.60 7.14% 8,942 5,186 FUJAIRAH CEMENT INDUSTRIES CO 0.91 -9.00% 23 22 GULF PHARMACEUTICAL INDUSTRIES 2.42 3.42% 111 264 INTERNATIONAL FISH FARMING 1.59 -4.79% 616 1,005 RAS AL KHAIMAH CEMENT CO PSC 0.85 2.41% 159 134 AL KHAZNA INSURANCE COMPANY 0.40 -4.76% 232 95 SHARJAH ISLAMIC BANK PJSC 1.39 0.72% 118 163 GULF CEMENT CO PSC 1.01 -4.72% 1,596 1,652 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) CHUBB ARABIA COOPERATIVE INSUR 41.20 10.44% 115 4,509 SAUDI PAPER MANUFACTURING CO 9.25 -10.27% 2,945 28,797 SAUDI MARKETING COMPANY CJSC 27.80 9.71% 1,621 43,062 AL SORAYAI TRADING AND INDUS 9.90 -8.08% 1,064 10,995 SAUDI COMPANY FOR HARDWARE 95.50 8.90% 179 16,416 MOBILE TELECOMMUNICATIONS 10.80 -5.56% 10,676 118,691 JARIR MARKETING CO SJSC 126.75 8.28% 426 51,968 ASH SHARQIYAH DEVELOPMENT CO 33.00 -5.45% 596 20,239 AMANA COOPERATIVE INSURANCE CO 18.10 8.01% 2,006 34,965 MIDDLE EAST SPECIALIZED CABLES CO 6.85 -5.11% 2,430 17,097 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 1320.00 7.58% 694 884 AUTOMATED SYSTEMS CO KPSC 280.00 -8.93% 18 5 HAYAT COMMUNICATIONS CO KSCP 86.00 5.81% 134 11 AL-MASSALEH REAL ESTATE CO KSCP 57.00 -7.02% 11 1 REAL ESTATE ASSET MANAGEMENT 240.00 4.17% 0 0 FIRST TAKAFUL INSURANCE CO KPSC 59.00 -6.78% 130 8 FIRST DUBAI FOR REAL ESTATE 58.00 3.45% 2,661 152 1500.00 -6.67% 6 9 SHUAIBA INDUSTRIAL COMPANY KPSC 340.00 2.94% 10 3 GULF FRANCHISING HOLDING CO KSCP 63.00 -6.35% 1 0 Top Gainers Close DoD % Volume Value Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) 28.40 9.79% 8 226 CAIRO FOR OIL AND SOAP CO SAE 19.74 -8.05% 555 11,434 SUEZ CANAL BANK SAE 7.61 9.20% 691 5,038 NASR CO FOR CIVIL WORKS SAE 18.81 -7.66% 10 198 EGYPTIAN TOURAH PORTLAND 13.46 8.77% 261 3,372 EL EBOUR COMPANY FOR REAL ES 3.91 -7.42% 12 47 DELTA SUGAR CO SAE 15.43 6.55% 138 2,069 BELTONE FINANCIAL HOLDING SAE 9.90 -6.46% 116 1,192 INTERNATIONAL CO FOR INVESTMENT 11.42 4.29% 5 51 WADI KOM OMBO FOR LAND 6.67 -6.45% 3 20 Top Gainers Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) ZAD HOLDING CO SAQ 85.30 3.87% 10 868 QATAR FIRST BANK LLC 8.77 -2.28% 484 4,298 QATAR NATIONAL CEMENT CO QSC 77.10 2.08% 5 351 AL KHALEEJ TAKAFUL GROUP QSC 19.50 -1.79% 0 6 WIDAM FOOD CO QSC 64.50 1.40% 108 6,947 INDUSTRIES QATAR QSC 108.50 -1.75% 94 10,313 DOHA INSURANCE CO QSC 17.20 1.10% 1 22 MEDICARE GROUP QSC 101.60 -1.57% 85 8,751 QATARI INVESTORS GROUP QSC 59.60 0.67% 41 2,447 QATAR ISLAMIC INSURANCE CO QSC 59.80 -1.34% 2 148 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) UNION PROPERTIES PJSC 1.03 5.75% 0 120,771 AMANAT HOLDINGS PJSC 1.08 1.89% 0 EMAAR MALLS GROUP PJSC 2.68 1.13% 7,641 AIR ARABIA PJSC 1.04 0.97% DXB ENTERTAINMENTS PJSC 0.95 0.96% Close * DoD % UMM AL QAIWAIN CEMENT INDUS 1.78 ABU DHABI NATIONAL ENERGY CO Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers NATIONAL PETROLEUM SERVICES Qatar Egypt ALEXANDRIA FLOUR MILLS AND BAK Data & Charts Source: Thomson Reuters Top Losers Top Losers KUWAIT NATIONAL CINEMA CO Top Losers 3
4. MENA Morning Report Monday , April 24, 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 78,202 97.75 0.5% 6.8% 2,736 71,326 102.50 76.00 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,914 17.70 0.3% -5.9% 859 4,139 20.20 17.15 17 3.6 4.5% 3 Qatar National Bank SAQ QA 37,292 147.00 -0.5% 0.0% 21 837 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 36,668 68.75 0.4% -5.2% 215 3,942 74.00 51.00 16 2.3 5.8% 5 National Bank of Abu Dhabi PJSC AE 32,343 10.90 -0.5% 9.1% 808 2,399 11.55 7.60 11 1.2 4.1% 6 Al Rajhi Banking & Investment Corp SA 27,409 63.25 -0.4% 0.4% 2,959 49,901 67.50 48.60 13 2.0 3.6% 7 Saudi Electricity Co SJSC SA 25,611 23.05 0.2% 2.9% 650 3,994 25.80 14.30 46 1.5 3.0% 8 National Commercial Bank SJSC SA 20,587 38.60 0.8% -9.4% 1,326 13,650 46.30 32.00 8 1.3 4.1% 9 DP World Ltd AE 17,721 21.35 -0.7% 21.9% 555 3,229 22.25 15.53 18 2.0 1.8% 10 Industries Qatar QSC QA 17,713 106.60 -1.8% -9.3% 94 2,759 122.00 94.50 22 1.9 3.8% 11 Jabal Omar Development Co SJSC SA 16,854 68.00 1.5% -9.0% 188 3,400 76.00 46.00 73 6.2 0.0% 12 Almarai Co SJSC SA 15,627 73.25 1.7% 6.9% 321 6,266 74.50 51.50 29 4.5 0.0% 13 Emaar Properties PJSC AE 14,426 7.40 -2.2% 3.8% 4,715 9,501 7.79 5.95 10 1.3 2.0% 14 National Bank of Kuwait SAKP KW 13,217 680.00 0.0% 9.8% 1,969 4,400 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 12,838 41.20 2.5% 5.6% 514 5,641 43.80 27.80 120 1.7 0.0% 16 Emirates NBD Bank PJSC AE 12,258 8.10 0.0% -4.6% 100 221 9.00 7.60 7 0.8 4.9% 17 Emirates Islamic Bank PJSC AE 12,228 8.27 0.0% 0.0% 0 0 11.95 1.57 151 6.5 0.0% 18 Samba Financial Group SJSC SA 11,200 21.00 1.2% -13.8% 613 3,430 25.20 15.90 8 1.0 4.5% 19 Ezdan Holding Group QSC QA 11,176 15.34 -0.3% 1.5% 960 4,046 20.24 14.63 22 1.3 3.3% 20 Kingdom Holding Co SA 10,080 10.20 1.0% -14.6% 76 208 13.15 9.90 74 1.3 4.9% 21 Abu Dhabi Commercial Bank PJSC AE 9,993 7.06 0.3% 2.3% 1,582 3,042 7.68 5.66 9 1.2 5.7% 22 Emaar Malls Group PJSC AE 9,497 2.68 1.1% 2.3% 7,641 5,576 3.10 2.47 19 2.2 0.0% 23 Kuwait Finance House KSCP KW 9,374 495.00 -2.9% 0.8% 5,380 8,749 572.73 400.00 14 1.6 3.1% 24 Ooredoo QSC QA 9,282 105.50 0.0% 3.6% 1 29 116.10 81.50 15 1.5 3.3% 25 Yanbu National Petrochemicals Co SJSC SA 8,775 58.50 0.0% 0.0% 175 2,729 61.75 37.00 14 2.0 0.0% 26 Saudi British Bank SJSC SA 8,760 21.90 1.2% -12.4% 47 277 25.90 16.40 8 1.1 3.2% 27 Masraf Al Rayan QSC QA 8,621 41.85 -0.1% 11.3% 196 2,252 44.20 32.10 15 2.5 4.8% 28 Banque Saudi Fransi SJSC SA 8,419 26.20 0.8% 0.4% 264 1,844 27.50 18.00 9 1.1 4.0% 29 Riyad Bank SJSC SA 8,280 10.35 0.5% -10.4% 1,271 3,509 11.80 8.55 9 0.8 6.3% 30 Dubai Islamic Bank PJSC AE 7,899 5.87 -0.3% 5.4% 883 1,412 6.29 4.90 9 1.3 7.7% Company Name Total M-Cap; W. Avg Yield 554,265 3.3% 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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