MENA Market Report - 25 April

Transcription

1. MENA Morning Report Tuesday , April 25, 2017 Overview Regional Markets: MENA region closed the session on a mixed note as earnings continue to weigh on investor sentiments. However, developed markets witnessed a strong trading session after the first round of French election results indicated that a pro-growth and market friendly government is likely to emerge as the winner. Given the risk on mode seen in the global markets, the regional markets are likely to open on a positive note, but subdued earnings can limit the gains. For the day, four out of the eight markets ended in green, while the remaining four ended in red. UAE markets closed on a mixed note as Dubai was down by 1.1%, while Abu Dhabi was up by 0.2% for the day. Dubai was dragged lower by selling pressure seen across the index, especially Emaar as it closed lower by 2.3% for the day. Although Abu Dhabi closed marginally higher, the market breadth was negative as there were 16 decliners compared to 7 advancers for the day. Saudi Arabia closed marginally higher by 0.1% for the day, which was mostly supported by energy and consumer related sector stocks, while telecom stocks were under pressure. Qatar closed on a losing note as it was down by 0.4% for the day, adding to the losses of 0.4% recorded on the previous day. Kuwait closed marginally higher by 0.2% for the day, adding to gains of 0.1% recorded on the previous day. Egypt closed up by 0.3% for the day, marginal recovery after declining by 2.8% on the previous day. Bahrain and Oman were both down by 0.1% each for the day. International Markets: US markets closed on a positive note as Dow, Nasdaq and S&P were all up by 1.1%, 1.2% and 1.1% respectively. European markets closed on a strong note as FTSE, DAX and CAC were all up by 2.1%, 3.4% and 4.1% respectively for the day. At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai are up by 0.9%, 1.1% and 0.4% respectively. Headlines (WW) Global economy likely to accelerate in 2017 (ME) CNBC launches market update from the Middle East (WW) US reopens door to reviving EU trade talks (GCC) Gulf hospitality project value exceeds $148.4bn in Q1 (WW) Trump tax plan may produce some short-term budget issues (GCC) GCC Islamic banks’ growth expected to be moderate in 2017-18 (WW) Inflation puts the brakes on Britain's economic activity (GCC) IMF too pessimistic on Gulf outlook (WW) Survey of economists finds optimism about growth prospects (SA) UK's HSBC bank wins mandate on $100bln Saudi Aramco IPO (WW) UK consumer morale softens in first quarter on price worries (SA) Private investors key to Saudi Arabia's renewable energy plan (WW) UK factories upbeat on exports, but worried about inflation (AE) Individual credit scoring system to empower UAE banks and customers (WW) China policymakers bullish on economy, cite strong first-quarter GDP (AE) UAE’s efforts to diversify economy recognized on a global level (CMD) Gold prices fall by INR 245 to INR 29250 on global cues (AE) Confidence in UAE’s economy to garner greater progress (CMD) Oil recovers some lost ground, but market under pressure (EG) Egypt president in Saudi Arabia to reaffirm ties (FX) US dollar ends sharply lower against rupee (QA) Qatar's thriving health sector offers a lot for investors (FX) Euro jumps, yen dives as French worries abate (OM) Short stay visa hike, easier visas for four countries in Oman (FI) US Treasury yields rise after French election (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,430.88 -1.1% -1.1% -1.4% -2.8% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,530.81 0.2% 0.2% 2.0% -0.3% ˄ ˅ ˄ Saudi (SASEIDX) 6,977.54 0.1% 1.1% -0.3% -3.2% ˅ ˅ ˄ Kuwait (KWSE) 6,831.07 0.2% 0.3% -2.8% 18.8% ˅ ˄ ˄ Egypt (EGX30) 12,583.13 0.3% -2.5% -3.2% 1.9% ˅ ˄ ˄ Qatar (DSM) 10,153.76 -0.4% -0.9% -2.3% -2.7% ˅ ˅ ˄ Bahrain (BHSEIDX) 1,335.56 -0.1% 0.1% -1.5% 9.4% ˅ ˄ ˄ Oman (MSM30) 5,466.61 -0.1% -0.1% -1.5% -5.5% ˅ ˅ ˅ 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) 135 363 535 60 153 194 81,189 Abu Dhabi (ADSMI) 73 112 156 40 59 65 134,214 Saudi (SASEIDX) 129 182 241 624 923 1,122 435,153 Kuwait (KWSE) 128 431 351 61 122 102 75,578 Egypt (EGX30) 195 272 377 86 88 97 19,744 Qatar (DSM) 8 11 9 60 98 84 130,074 Bahrain (BHSEIDX) 1 5 4 1 3 3 20,646 Oman (MSM30) 12 20 17 6 12 10 16,321 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 Tuesday , April 25, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.9 11.9 11.0 12 PB Previous 489.3 12.6 11.2 9.2 386.2 8.8 300 8 239.3 188.3 4 1.2 Current 600 1.5 2.0 1.7 1.4 - - 0.9 1.1 Bahrain Oman - 178.1 0 106.9 87.2 1.4 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% 18.8% 6% 5.1% 5.7% 5.2% 4.3% 18% 9.4% 4.1% 4% 3.3% 9% 1.9% 2.2% 0% 2% 0.0% -2.8% 0.0% Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -2.7% -3.2% -5.5% -9% 0% Dubai -0.3% 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 Tuesday , April 25, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MARKA PJSC 1.29 -6.98% 230 308 79 SHUAA CAPITAL PSC 1.69 -4.73% 544 942 34 194 UNION PROPERTIES PJSC 1.03 -3.20% 31,693 33,184 0.00% 3,009 3,250 AL SALAM BANK SUDAN PLC 1.92 -3.12% 129 252 0.00% 10 39 GULF NAVIGATION HOLDING PJSC 1.45 -2.76% 46 68 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) COMMERCIAL BANK INTERNATIONAL 1.58 10.76% 1 2 NATIONAL MARINE DREDGING PSC 4.50 -10.00% 3 14 AXA GREEN CRESCENT INSURANCE CO 0.66 10.61% 25 16 ABU DHABI AVIATION 2.97 -9.09% 17 54 ABU DHABI NATIONAL ENERGY CO 0.60 3.33% 7,370 4,351 ESHRAQ PROPERTIES COMPANY PJSC 1.15 -4.35% 32,795 38,571 GULF PHARMACEUTICAL INDUSTRIES 2.42 3.31% 102 243 ABU DHABI NATIONAL FOR BUILDING 0.54 -3.70% 2 1 SUDATEL TELECOM GROUP LTD 0.61 1.64% 102 62 UNION NATIONAL BANK PJSC 5.14 -2.72% 281 1,462 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 29.00 10.34% 653 18,036 ETIHAD ETISALAT CO SJSC 22.40 -6.03% 5,023 116,128 CHUBB ARABIA COOPERATIVE INSUR 45.50 9.23% 1,311 57,125 ASEER TRADING TOURISM 18.15 -3.58% 300 5,547 SALAMA COOPERATIVE INSURANCE 13.30 6.39% 507 6,534 ETIHAD ATHEEB TELECOM 9.45 -3.17% 645 6,199 ABDULMOHSEN AL HOKAIR GROUP 31.70 5.99% 1,190 36,671 SAUDI VITRIFIED CLAY PIPE CO SJSC 60.00 -2.50% 69 4,221 COMPANY FOR COOPERATIVE 92.25 4.07% 172 15,519 YAMAMA CEMENT COMPANY SJSC 18.50 -2.43% 231 4,334 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) YIACO MEDICAL COMPANY KPSC 196.00 10.20% 41 8 UNITED PROJECTS FOR AVIATION 740.00 -6.76% 2 2 REAL ESTATE ASSET MANAGEMENT 250.00 10.00% 0 0 AL AHLEIA INSURANCE CO SAKP 510.00 -5.88% 9 5 EDUCATIONAL HOLDING GROUP KSCP 285.00 8.77% 494 135 INTERNATIONAL RESORTS COMPANY 37.00 -5.41% 1,874 71 NATIONAL PETROLEUM SERVICES 1420.00 7.04% 197 270 SALBOOKH TRADING CO KSCP 67.00 -4.48% 248 17 GULF FRANCHISING HOLDING CO KSCP 59.00 5.08% 2 0 NOOR FINANCIAL INVESTMENT CO 53.00 -3.77% 913 49 Top Gainers Close DoD % Volume Value Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) SABAA INTERNATIONAL COMPANY 3.63 7.71% 152 531 TELECOM EGYPT CO SAE 11.54 -8.84% 2,230 26,982 GULF CANADIAN COMPANY FOR ARAB 10.16 7.38% 41 405 AL BARAKA BANK EGYPT SAE 13.17 -7.97% 73 1,001 EGYPTIAN STARCH AND GLUCOSE 14.25 7.02% 318 4,390 HOUSING AND DEVELOPMENT BANK 35.32 -7.59% 6 237 EGYPTIAN TOURAH PORTLAND 14.64 6.56% 170 2,407 ROWAD TOURISM CO SAE 4.65 -7.31% 10 47 NORTH CAIRO FLOUR MILLS CO SAE 25.39 6.42% 37 905 KAFR EL ZAYAT PESTICIDES 33.02 -6.78% 7 224 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) QATAR CINEMA FILM DISTRIBUTION 33.00 10.00% 1 25 DOHA INSURANCE CO QSC 17.39 -4.83% 0 7 AL KHALEEJ TAKAFUL GROUP QSC 19.15 7.05% 0 1 OOREDOO QSC 105.50 -2.27% 89 9,450 DLALA BROKERAGE AND INVESTMENT 22.95 4.14% 1,318 29,636 ISLAMIC HOLDING GROUP QSC 64.80 -2.16% 19 1,240 DOHA BANK QSC 30.85 0.97% 101 3,087 WIDAM FOOD CO QSC 65.40 -2.14% 82 5,407 QATARI GERMAN COMPANY FOR 9.46 0.95% 49 457 MEDICARE GROUP QSC 100.00 -2.00% 93 9,373 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) AL RAMZ CORPORATION INVESTMENT 1.45 3.45% 0 2 GULF GENERAL INVESTMENT CO PSC 0.42 1.44% 0 EMIRATES INTEGRATED TELECOM 5.75 0.35% AMANAT HOLDINGS PJSC 1.08 AFKAR S&P UAE UCITS ETF CLASS A 3.92 Saudi Arabia Abu Dhabi Top Gainers Egypt Kuwait Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Tuesday , April 25, 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 78,394 98.00 0.3% 7.1% 2,120 55,403 102.50 76.00 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,796 17.65 -0.3% -6.1% 688 3,304 20.20 17.15 17 3.6 4.5% 3 Qatar National Bank SAQ QA 37,047 146.00 -0.7% 0.0% 90 3,614 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 36,530 68.50 -0.4% -5.5% 143 2,613 74.00 51.00 16 2.3 5.8% 5 National Bank of Abu Dhabi PJSC AE 32,788 11.05 1.4% 10.6% 3,309 9,955 11.55 7.60 11 1.3 4.1% 6 Al Rajhi Banking & Investment Corp SA 27,406 63.25 0.0% 0.4% 1,281 21,607 67.50 48.60 13 2.0 3.6% 7 Saudi Electricity Co SJSC SA 25,720 23.15 0.4% 3.3% 697 4,303 25.80 14.30 46 1.6 3.0% 8 National Commercial Bank SJSC SA 20,798 39.00 1.0% -8.5% 378 3,933 46.30 32.00 8 1.3 4.1% 9 Industries Qatar QSC QA 17,518 105.40 -1.1% -10.3% 251 7,261 122.00 94.50 22 1.9 3.8% 10 DP World Ltd AE 17,513 21.10 -1.2% 20.5% 165 946 22.25 15.53 18 2.0 1.8% 11 Jabal Omar Development Co SJSC SA 16,790 67.75 -0.4% -9.4% 117 2,121 76.00 46.00 72 6.1 0.0% 12 Almarai Co SJSC SA 15,519 72.75 -0.7% 6.2% 175 3,394 74.50 51.50 29 4.4 0.0% 13 Emaar Properties PJSC AE 14,095 7.23 -2.3% 1.4% 7,291 14,353 7.79 5.95 10 1.3 2.1% 14 National Bank of Kuwait SAKP KW 13,219 680.00 0.0% 9.8% 1,392 3,109 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 12,837 41.20 0.0% 5.6% 136 1,498 43.80 27.80 120 1.7 0.0% 16 Emirates NBD Bank PJSC AE 12,258 8.10 0.0% -4.6% 25 55 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 11,279 21.15 0.7% -13.1% 174 982 25.20 15.90 8 1.0 4.5% 19 Ezdan Holding Group QSC QA 11,171 15.33 -0.1% 1.5% 1,097 4,621 20.24 14.63 22 1.3 3.3% 20 Kingdom Holding Co SA 10,227 10.35 1.5% -13.4% 98 270 13.10 9.90 75 1.4 4.8% 21 Abu Dhabi Commercial Bank PJSC AE 9,908 7.00 -0.8% 1.4% 2,392 4,558 7.68 5.66 9 1.2 5.7% 22 Kuwait Finance House KSCP KW 9,471 500.00 1.0% 1.9% 8,639 14,190 572.73 400.00 14 1.6 0.0% 23 Emaar Malls Group PJSC AE 9,426 2.66 -0.7% 1.5% 7,360 5,331 3.10 2.47 18 2.2 3.8% 24 Ooredoo QSC QA 9,073 103.10 -2.3% 1.3% 89 2,508 116.10 81.50 15 1.5 3.4% 25 Yanbu National Petrochemicals Co SJSC SA 8,849 59.00 0.9% 0.0% 250 3,940 61.75 37.00 14 2.0 0.0% 26 Saudi British Bank SJSC SA 8,839 22.10 0.9% -11.6% 139 818 25.90 16.40 9 1.1 3.2% 27 Masraf Al Rayan QSC QA 8,623 41.85 0.0% 11.3% 116 1,336 44.20 32.10 15 2.5 4.8% 28 Banque Saudi Fransi SJSC SA 8,418 26.20 0.0% 0.4% 128 894 27.50 18.00 9 1.1 4.0% 29 Riyad Bank SJSC SA 8,319 10.40 0.5% -10.0% 561 1,557 11.80 8.55 9 0.8 6.3% 30 Dubai Islamic Bank PJSC AE 7,845 5.83 -0.7% 4.7% 1,385 2,198 6.29 4.90 9 1.2 7.7% Company Name Total M-Cap; W. Avg Yield 553,905 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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