MENA Market Report - 24 November

Transcription

1. MENA Morning Report Thursday , November 24, 2016 Overview Regional Markets: MENA markets closed the session on a strong note, which can be mostly attributed to the firmer oil prices and further hopes of production cut by the OPEC in its next meeting. For the region, six indexes closed in green, while one remained unchanged and one index closed for the day. Saudi Arabia was the best performing index for the day as it was up by 2.9%, recovering all the losses incurred during the first two days of the week. Saudi Arabia has witnessed a turnaround in sentiments, which was triggered by a series of events, but the main factor was the record bond sale by the government. The index has gained more than 20% during the past few weeks, recovering most of the annual losses, which is now narrowed to 1.7%. UAE markets witnessed a strong trading session after remaining subdued in the past two to three weeks. Dubai closed up by 1.8% and Abu Dhabi by 1.0%, however the weekly performance remains mixed due to the downward pressure seen at the start of the week. Egypt closed up by 0.3% for the day, continuing its positive momentum to remain the best performing index for the week, although the pace has slowed down. Qatar remained unchanged for the day as the index continues to be sluggish, especially compared to the regional peers. Kuwait and Bahrain closed up by 0.4% and 0.3% respectively, Oman was closed for the day. International Markets: US markets closed on a mixed note as Dow Jones and S&P were both up by 0.3% and 0.1%, while Nasdaq was down by 0.1%. European markets closed on a negative note as DAX and CAC were both down by 0.5% and 0.4%, while FTSE closed almost flat. At the time of writing this report, Asian markets have opened on a mixed note as Hang Seng was down by 0.4%, while Nikkei and Shanghai were both up by 1.0% and 0.1% for the day. Headlines (WW) Data shows US economy strengthening on eve of Trump presidency (MENA) Qatar and UAE top MENA region in average wealth per person (WW) US consumer sentiment at six-month high after US election (GCC) GCC businesses should brace for government action to raise revenue (WW) UK to launch USD 28.58 billion fund to boost infrastructure (GCC) GCC mulling 10-15% profit tax after VAT in 2018 (WW) Business growth in euro zone rises to highest rate this year (SA) Saudi's women are its untapped economic resource (WW) IEA expects oil investment to fall for third year in 2017 (SA) Small contractors in Saudi stop working (WW) Japan flash Nov manufacturing PMI falls to 51.1 from 51.4, new orders ease (AE) UAE tourism sector tipped to be worth AED 236.8 billion by 2026 (WW) China top innovator with one million patent requests in year (AE) Emarat Dzayer Group to set up AED 5.87 billion steel plant in Algeria (WW) India offers credit facility to support farmers hit by cash clampdown (AE) Etihad Airways prices USD 1.5 billion sukuk with 3.9% profit rate (CMD) Gold prices edge up on mild demand, silver declines (EG) Israeli-Egyptian Relations Reach “Highest Level in History” (CMD) Oil prices static on uncertainty over planned production cut (EG) Egypt eyes up to USD 6 billion from global bond sales (FX) Sterling inches lower before budget statement (QA) Qatar start-ups to drive job creation (FX) Dollar firms after upbeat U.S. data raises rate hike expectations (FI) Saudi sovereign bond issuance to protect FX reserves, ease liquidity pressure (OM) Oman's public spending declines 8% (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) Dubai (DFMGI) 3,349.96 1.8% 1.2% Abu Dhabi (ADSMI) 4,259.62 1.0% -0.8% Saudi (SASEIDX) 6,796.13 2.9% 2.5% 13.0% Kuwait (KWSE) 5,536.44 0.4% 0.4% Egypt (EGX30) 11,550.31 0.3% 2.9% Qatar (DSM) 9,738.77 -0.0% -0.4% Bahrain (BHSEIDX) 1,187.64 0.3% 0.6% Closed Closed 0.5% Oman (MSM30) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * 0.5% 6.3% ˄ ˅ ˅ -0.9% -1.1% ˅ ˅ ˅ -1.7% ˄ ˄ ˅ 2.5% -1.4% ˄ ˄ ˄ 37.7% 64.9% ˄ ˄ ˄ -4.3% -6.6% ˅ ˅ ˅ 3.4% -2.3% ˄ ˄ ˄ 0.7% 2.1% ˄ ˅ ˅ 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) 891 404 333 318 138 116 78,967 Abu Dhabi (ADSMI) 174 124 97 73 48 46 112,916 Saudi (SASEIDX) 469 230 220 2,560 941 947 421,213 Kuwait (KWSE) 134 89 89 40 36 34 75,578 Egypt (EGX30) 437 277 241 112 69 60 24,637 Qatar (DSM) 5 7 6 45 74 69 123,201 Bahrain (BHSEIDX) 1 2 2 1 1 1 18,349 Closed 16 16 Closed 8 8 16,370 Index Oman (MSM30) * 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 24, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 20 PB Previous Current 600 489.3 15.1 16 12 13.3 9.2 386.2 12.8 11.5 10.3 300 8.6 8 4 239.3 188.3 1.2 1.3 2.0 1.6 - - 178.1 0.8 1.1 Bahrain Oman - 1.4 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi 6.0% 5.4% 5.0% 4.4% 4.1% 4% 3.3% 1.9% 2% 0.0% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 8% 6% 106.9 87.2 1.4 Qatar Bahrain Oman Average 72% 63% 54% 45% 36% 27% 18% 9% 0% -9% -18% 64.9% 6.3% Dubai 2.1% -1.1% -1.7% -1.4% Abu Dhabi Saudi Kuwait -6.6% Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar -2.3% Bahrain Oman 2
3. MENA Morning Report Thursday , November 24, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ARAB INSURANCE GROUP BSC 1.25 -9.42% 2 3 75,742 AMANAT HOLDINGS PJSC 0.99 -4.08% 107,954 108,926 64,154 74,740 EMIRATES INTEGRATED TELECOMM 5.80 -1.02% 268 1,560 1 2 MARKA PJSC 1.04 -0.95% 68 71 3.76% 9,367 12,693 GULF NAVIGATION HOLDING PJSC 1.52 -0.65% 1,060 1,616 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) INTERNATIONAL FISH FARMING 1.51 5.59% 34 50 ESHRAQ PROPERTIES COMPANY PJSC 1.05 -5.41% 99,889 107,880 UNION CEMENT CO PSC 1.10 4.76% 50 54 AL KHAZNA INSURANCE CO PSC 0.36 -5.26% 82 30 ABU DHABI NATIONAL FOR BUILDING 0.55 3.77% 3 2 RAS AL KHAIMAH CERAMICS PSC 2.40 -1.64% 202 489 AGTHIA GROUP PJSC 6.39 3.06% 658 4,144 METHAQ TAKAFUL INSURANCE CO 0.84 -1.18% 3,897 3,293 RAK PROPERTIES PJSC 0.68 3.03% 16,159 10,827 BANK OF SHARJAH PJSC 1.34 -0.74% 125 168 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) ELECTRICAL INDUSTRIES CO JSC 21.75 10.97% 1,333 27,554 AL RAJHI COMPANY FOR COOP 30.70 -0.97% 685 21,139 SAUDI PRINTING AND PACKAGING CO 18.55 9.76% 7,486 132,684 SAUDI UNITED COOPERATIVE 17.85 -0.83% 1,500 26,888 SAUDI RESEARCH AND MARKETING 33.00 9.63% 2,999 94,629 TRADE UNION COOPERATIVE 14.05 -0.71% 1,971 27,791 ASH SHARQIYAH DEVELOPMENT CO 37.60 9.30% 923 33,222 HERFY FOOD SERVICES CO SJSC 75.00 -0.66% 232 17,489 SAUDI PAPER MANUFACTURING CO 9.70 6.59% 10,274 96,573 SAUDI INDIAN COMPANY 14.35 -0.35% 2,000 28,746 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 212.00 10.42% 200 40 IFA HOTELS AND RESORTS CO KSCP 140.00 -6.67% 5 1 METAL AND RECYCLING CO KSCP 57.00 9.62% 40 2 KUWAIT COMPANY FOR PROCESS 152.00 -5.00% 0 0 YIACO MEDICAL COMPANY KPSC 390.00 6.85% 15 6 KUWAIT INVESTMENT COMPANY SAK 81.00 -4.71% 3 0 KUWAIT RESORTS COMPANY KPSC 79.00 6.76% 1,102 84 WETHAQ TAKAFUL INSURANCE CO 31.00 -4.62% 554 18 ALIMTIAZ INVESTMENT GROUP CO 87.00 6.10% 4,736 400 AUTOMATED SYSTEMS CO KPSC 260.00 -3.70% 232 61 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ALEXANDRIA CONTAINER AND CARGO 173.81 9.96% 30 4,945 MISR HOTELS CO SAE 22.48 -7.49% 12 290 HELIOPOLIS CO FOR HOUSING AND 81.14 9.90% 783 60,695 MISR BENI SUEF CEMENT CO SAE 19.88 -6.05% 1 29 ARAB CO FOR LAND RECLAMATION 6.02 9.85% 9 54 HOLDING COMPANY FOR FINANCIAL 0.48 -5.88% 948 469 NOZHA INTERNATIONAL HOSPITAL 80.00 8.65% 0 31 KAFR EL ZAYAT PESTICIDES 21.87 -5.45% 1 15 ARAB CERAMIC CO SAE 3.20 8.47% 150 461 SOCIETE ARABE INTERNATIONAL 9.60 -5.33% 0 3 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) MEDICARE GROUP QSC 63.00 3.11% 256 15,911 WIDAM FOOD CO QSC 59.50 -3.25% 35 2,112 ISLAMIC HOLDING GROUP QSC 55.50 2.78% 28 1,539 DOHA INSURANCE CO QSC 18.01 -2.60% 0 2 UNITED DEVELOPMENT CO PSC 18.74 2.35% 17 316 QATAR FIRST BANK LLC 9.56 -1.65% 246 2,372 AAMAL CO QSC 13.25 1.45% 25 328 BARWA REAL ESTATE CO QSC 29.35 -1.51% 362 10,704 SALAM INTERNATIONAL INVESTMENT 10.95 1.39% 61 666 AL MEERA CONSUMER GOODS CO 157.00 -1.26% 31 4,834 Close * DoD % Volume ('000) Value (AED ‘000) ARABTEC HOLDING PJSC 1.35 14.41% 127,486 161,270 AMLAK FINANCE PJSC 1.36 11.48% 58,715 DUBAI FINANCIAL MARKET PJSC 1.20 6.19% DUBAI NATIONAL INSURANCE 2.45 4.26% AJMAN BANK PJSC 1.38 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Egypt Kuwait Top Gainers NAFAIS HOLDING COMPANY KSCP Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Thursday , November 24, 2016 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 71,994 90.00 4.0% 17.3% 6,095 146,282 91.00 59.50 16 1.7 6.1% 2 Emirates Telecommunications Group Co AE 41,796 17.65 0.9% 9.6% 1,854 8,908 20.20 14.95 17 3.6 4.5% 3 Saudi Telecom Co SJSC SA 36,397 68.25 4.6% 0.0% 2,219 40,394 69.75 51.00 17 2.3 5.9% 4 Qatar National Bank SAQ QA 34,802 150.90 -0.7% 3.5% 237 9,843 169.80 122.50 10 1.7 1.6% 5 Al Rajhi Banking & Investment Corp SA 27,406 63.25 0.4% 21.6% 3,524 59,449 64.00 44.70 13 2.1 2.4% 6 National Commercial Bank SJSC SA 22,665 42.50 4.7% -16.7% 2,398 27,183 54.25 32.00 9 1.5 3.6% 7 Saudi Electricity Co SJSC SA 20,331 18.30 1.7% 16.2% 2,434 11,878 21.80 12.40 25 1.2 3.8% 8 Industries Qatar QSC QA 17,431 104.90 0.9% -5.6% 74 2,119 119.90 88.00 19 1.9 4.8% 9 Jabal Omar Development Co SJSC SA 17,285 69.75 5.3% 25.7% 6,119 113,824 72.25 40.80 112 6.4 0.0% 10 First Gulf Bank PJSC AE 14,397 11.75 2.2% -7.1% 2,563 8,201 13.50 9.90 9 1.5 8.5% 11 DP World Ltd AE 13,687 16.49 2.4% -18.8% 423 1,899 20.30 16.00 14 1.6 1.8% 12 Almarai Co SJSC SA 13,546 63.50 1.6% 8.2% 1,312 22,226 66.00 40.88 25 4.0 1.4% 13 Emaar Properties PJSC AE 13,081 6.71 1.4% 17.9% 19,887 36,335 7.46 4.22 10 1.2 2.2% 14 National Bank of Abu Dhabi PJSC AE 13,051 9.20 1.5% 15.6% 1,358 3,402 10.35 6.86 10 1.1 4.9% 15 Saudi Arabian Mining Co SJSC SA 12,432 39.90 2.8% 20.2% 1,735 18,456 43.20 25.70 123 1.7 0.0% 16 Samba Financial Group SJSC SA 12,212 22.90 3.9% -1.9% 1,166 7,122 23.55 15.90 9 1.1 3.9% 17 National Bank of Kuwait SAKP KW 12,034 650.00 -1.5% -12.6% 1,963 4,183 780.77 550.00 13 1.1 4.3% 18 Emirates NBD Bank PJSC AE 12,031 7.95 1.9% 7.4% 180 390 8.89 6.25 6 0.8 5.0% 19 Ezdan Holding Group QSC QA 10,812 14.84 -0.1% -6.7% 402 1,639 20.24 12.10 23 1.3 3.4% 20 Kingdom Holding Co SA 10,771 10.90 2.3% -30.6% 378 1,098 21.20 9.80 80 1.5 4.6% 21 Saudi British Bank SJSC SA 9,319 23.30 3.6% -5.9% 1,240 7,702 28.30 16.40 8 1.2 3.2% 22 Abu Dhabi Commercial Bank PJSC AE 9,264 6.08 -0.3% -7.7% 1,603 2,654 7.36 5.20 7 1.1 7.4% 23 Emaar Malls Group PJSC AE 9,213 2.60 2.0% -5.8% 1,713 1,213 3.10 2.02 18 2.2 3.8% 24 Riyad Bank SJSC SA 9,119 11.40 2.2% -8.1% 2,377 7,228 12.75 8.55 9 0.9 6.1% 25 Kuwait Finance House KSCP KW 8,782 510.00 -1.9% 3.9% 5,202 8,696 536.36 395.45 13 1.5 3.0% 26 Banque Saudi Fransi SJSC SA 8,611 26.80 5.5% -4.3% 919 6,569 28.30 18.00 8 1.1 3.9% 27 Saudi Arabia Fertilizers Co SJSC SA 8,027 72.25 1.8% 0.0% 386 7,445 88.25 58.00 0 0.0 0.0% 28 Ooredoo QSC QA 7,927 90.10 -0.4% 20.1% 38 946 107.00 60.00 13 1.3 3.3% 29 Yanbu National Petrochemicals Co SJSC SA 7,499 50.00 0.0% 53.8% 659 8,787 51.00 23.80 13 1.8 4.0% 30 Emirates Integrated Telecomm Co AE 7,219 5.80 -1.0% 13.7% 268 422 6.99 4.95 14 3.5 7.4% Company Name Total M-Cap; W. Avg Yield 513,141 4.0% 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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