MENA Market Report - 25 September

Transcription

1. MENA Morning Report Monday , September 25, 2017 Overview Regional Markets: The trading activity within the MENA region continues to remain sluggish as there is lack of catalysts to drive the markets. Oil prices rising above $56 per barrel is also not boosting the sentiments as investors are focused on domestic factors/developments. For the regional markets, five out of the eight indexes closed in red, while one in green and two were closed for the day. UAE markets closed on a negative note as Dubai and Abu Dhabi were both down by 0.9% and 0.3% respectively for the day. The trading volumes have dropped significantly during the session as there is lack of conviction, which is keeping market participants on the sideline. Qatar closed on a positive note as it was up by 0.4% for the day, fourth consecutive session of gains after witnessing downward pressure due to the ongoing geopolitical crisis. Egypt closed on a negative note as it was down by 0.6% for the day, in line with the sentiments seen in the broader regional peers. Kuwait closed lower by 0.8% for the day, continuing the selling pressure after declining by 0.9% in the previous week. The performance in the past few sessions has erased the gains to turn into negative territory for the month of September. Bahrain closed lower by 0.3% for the day as sentiments were weak across the regional markets. Saudi Arabia and Oman were closed for the day. International Markets: At the time of writing this report, sentiments in Asian markets are negative as Hang Seng and Shanghai are down by 1.1% and 0.4% respectively, while Nikkei is up by 0.6%. Headlines (WW) Trump, Republicans to showcase tax cut for businesses (GCC) Pension Funds second largest investor in GCC after SWFs (WW) China pushes up global crude steel production in August (GCC) Investment flow between GCC, India rising rapidly (WW) UK's May calls for two-year transition after Brexit (SA) Saudi tax authority approves VAT Implementing Regulations (WW) Moody's downgrades UK's rating on Brexit and growth fears (SA) Saudi launches new programs to boost real estate sector (WW) Visitors from abroad spent GBP 13.3bn during the first 7-months of the year (SA) Saudi Arabia witnessing remarkable growth in tourism industry (WW) Eurozone PMI shows economy picking up momentum (SA) Saudi Arabia to implement bankruptcy law in early 2018 (WW) Japan policymakers soften fiscal pledges as election prospects loom (AE) UAE credit, deposit growth eases in August (WW) Tourism sector is Australia's new economic driver (AE) VAT likely to affect UAE retail sector (CMD) Oil rises nearly 1% as OPEC defers extension of output cuts (EG) World Bank arm to invest USD 150mn in Egypt's agriculture sector (CMD) Gold up as U.S.-North Korea tensions boost safe-haven buying (QA) Qatar gas exports to keep economy afloat (FX) Dollar on back foot versus yen on North Korea jitters (QA) Qatar visitor arrivals from Gulf neighbors drop 18% in 7 months (FX) Sterling slips on report UK PM to suggest early Brexit (OM) Call for greater Omanisation of retail sector (FI) Bond prices, yen rise on North Korea concerns (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,600.32 -0.9% -0.9% -1.0% 2.0% ˄ ˄ ˄ Abu Dhabi (ADSMI) 4,440.25 -0.3% -0.3% -0.6% -2.3% ˅ ˅ ˅ Saudi (SASEIDX) Closed Closed n.a. 0.9% 1.6% ˄ ˄ ˄ Kuwait (KWSE) 6,795.27 -0.8% -0.8% -1.4% 18.2% ˅ ˄ ˄ Egypt (EGX30) 13,607.19 -0.6% -0.6% 1.4% 10.2% ˄ ˄ ˄ Qatar (DSM) 8,395.52 0.4% 0.4% -4.6% -19.6% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,303.60 -0.3% -0.3% 0.1% 7.4% ˅ ˅ ˄ Closed Closed n.a. 0.9% -11.8% ˄ ˅ ˅ Oman (MSM30) 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) 60 186 243 32 74 85 85,301 Abu Dhabi (ADSMI) 53 96 102 20 41 46 132,035 Saudi (SASEIDX) Closed 132 154 Closed 737 782 459,871 Kuwait (KWSE) 126 90 149 87 69 65 75,578 Egypt (EGX30) 244 293 287 45 53 66 20,116 Qatar (DSM) 13 9 10 81 66 74 97,930 Bahrain (BHSEIDX) 4 3 3 2 2 2 20,785 Closed 14 15 Closed 8 7 14,197 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 Monday , September 25, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.2 10.5 Previous Current 600 489.3 11.1 11.3 11.3 11.2 386.2 8.6 300 8 239.3 188.3 4 1.2 1.6 2.1 1.7 1.2 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 Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 8% 27% 18.2% 4.7% 4.8% 4.2% 4% 9% 3.5% 3.0% 10.2% 18% 5.9% 5.4% 6% 6.8% 1.6% 2.0% 0% -2.3% -9% 2% -11.8% -18% 0.0% -19.6% 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 , September 25, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) TAKAFUL EMARAT INSURANCE PJSC 1.94 4.64% 0 13 AL RAMZ CORPORATION INVESTMENT 1.49 -9.40% 1 1 DAMAC PROPERTIES DUBAI CO PSC 3.78 1.32% 0 9,868 SHUAA CAPITAL PSC 1.17 -5.13% 2,113 2,539 DUBAI ISLAMIC INSURANCE 0.91 0.44% 181 164 DAR AL TAKAFUL PJSC 1.03 -2.91% 1,736 1,815 DUBAI NATIONAL INSURANCE 2.95 0.34% 8 25 DXB ENTERTAINMENTS PJSC 0.80 -2.38% 4,683 3,792 AL SAFWA MUBASHER FINANCIAL 1.23 0.00% 0 1 EMIRATES INTEGRATED TELECOMM 5.50 -1.82% 199 1,102 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) AL KHALEEJ INVESTMENT CO PJSC 3.50 11.43% 34 111 SHARJAH GROUP CO 1.50 -10.00% 10 16 UNION CEMENT CO PSC 1.30 5.38% 10 13 RAS AL KHAIMAH FOR WHITE CEMENT 1.04 -9.62% 17 18 SUDATEL TELECOM GROUP LTD 0.57 1.75% 40 23 ABU DHABI NATIONAL HOTELS CO 2.93 -9.22% 50 154 ABU DHABI SHIP BUILDING PJSC 2.33 1.29% 15 35 ABU DHABI NATIONAL FOR BUILDING 0.47 -8.51% 19 9 FIRST ABU DHABI BANK PJSC 10.35 0.48% 1,540 15,898 AL KHAZNA INSURANCE COMPANY 0.29 -6.90% 3,051 918 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) Close (fils) * DoD % Volume ('000) Value (KWD 000) Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Market Closed Kuwait Egypt Top Losers Market Closed Close (fils) * DoD % Volume ('000) Value (KWD 000) METAL AND RECYCLING CO KSCP 94.00 19.15% 4 0 AMWAL INTERNATIONAL INVEST CO 39.50 -12.66% 20 1 COMBINED GROUP CONTRACTING CO 509.00 7.66% 0 0 KAMCO INVESTMENT CO KSCP 80.00 -12.50% 50 4 AL MADAR FINANCE AND INVEST 23.50 4.26% 59 1 UNICAP INVESTMENT AND FINANCE 46.00 -8.48% 93 4 AL SALAM GROUP HOLDING CO KSCP 50.00 4.00% 380 19 REAL ESTATE TRADE CENTERS CO 37.40 -7.49% 45 2 ACICO INDUSTRIES COMPANY KSCP 270.00 3.70% 45 12 MUNSHAAT REAL ESTATE PROJECTS 59.70 -6.20% 337 21 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ALEXANDRIA FLOUR MILLS AND BAKER 18.33 9.98% 3 54 CAIRO FOR HOUSING AND DEVELOP 12.99 -5.77% 13 171 INDUSTRIAL ENGINEERING CO 12.33 9.65% 254 2,990 WADI KOM OMBO FOR LAND RECLAM 7.94 -5.67% 8 66 SUEZ CANAL BANK SAE 10.48 8.30% 549 5,535 ALEXANDRIA PORTLAND CEMENT CO 8.73 -4.58% 8 68 NASR CO FOR CIVIL WORKS SAE 18.01 8.22% 30 515 EXPORT DEVELOPMENT BANK OF EGT 13.27 -3.77% 281 3,805 EGYPT ALUMINUM CO SAE 129.37 7.45% 198 24,727 NATIONAL CEMENT CO SAE 13.89 -3.74% 122 1,725 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATARI GERMAN COMPANY 7.55 5.03% 18 136 QATAR CINEMA AND FILM DISTRIB 25.00 -4.00% 0 3 GULF INTERNATIONAL SERVICES QSC 18.27 3.78% 378 6,782 ZAD HOLDING CO SAQ 70.00 -3.57% 0 6 ISLAMIC HOLDING GROUP QPSC 45.20 3.54% 16 701 QATAR INSURANCE CO SAQ 57.11 -3.34% 41 2,390 QATAR GENERAL INSURANCE & REINS 37.90 3.40% 0 15 AL KHALEEJ TAKAFUL GROUP QPSC 15.00 -3.33% 37 561 AL KHALIJ COMMERCIAL BANK PQSC 12.00 2.58% 26 305 COMMERCIAL BANK PSQC 30.80 -2.56% 269 8,397 Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Monday , September 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 80,800 101.00 0.2% 10.4% 2,505 67,462 105.40 76.00 16 1.9 5.9% 2 Emirates Telecommunications Group Co AE 42,029 17.75 -0.3% -5.6% 561 2,710 20.00 17.10 18 3.5 4.5% 3 Saudi Telecom Company SJSC SA 37,973 71.20 -0.6% 0.0% 120 2,278 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank QPSC QA 31,579 124.50 1.0% -15.9% 582 19,906 157.27 121.70 9 1.6 2.6% 5 First Abu Dhabi Bank PJSC AE 30,857 10.40 0.5% 4.1% 1,540 4,360 11.55 8.30 13 1.2 4.3% 6 Al Rajhi Banking & Investment Corp SA 29,467 68.00 0.6% 7.9% 1,418 25,709 71.70 48.60 13 2.1 3.3% 7 National Commercial Bank SJSC SA 27,360 51.30 -2.1% 20.4% 673 9,211 58.00 32.00 11 1.7 3.1% 8 Saudi Electricity Company SJSC SA 26,288 23.66 0.5% 5.6% 405 2,554 26.05 14.30 11 1.4 3.0% 9 DP World Ltd AE 19,090 23.00 -0.9% 31.4% 52 325 23.85 15.53 19 1.9 1.7% 10 Emaar Properties PJSC AE 16,881 8.66 -1.6% 21.5% 4,693 11,064 8.95 6.37 11 1.4 1.7% 11 Jabal Omar Development Co SJSC SA 16,729 67.50 1.0% -9.7% 206 3,715 76.00 46.00 72 6.1 0.0% 12 Saudi Arabian Mining Co SJSC SA 16,203 52.00 -1.1% 33.3% 347 4,812 54.00 27.80 238 2.3 0.0% 13 Almarai Co SJSC SA 15,403 72.20 -0.8% 5.4% 267 5,146 98.30 51.50 28 4.3 1.2% 14 National Bank of Kuwait SAKP KW 15,327 780.00 0.1% 26.0% 1,934 5,009 800.00 533.33 15 1.5 3.7% 15 Industries Qatar QSC QA 15,144 91.15 1.3% -22.4% 108 2,695 122.00 85.00 21 1.7 4.4% 16 Samba Financial Group SJSC SA 12,992 24.36 -0.3% 0.0% 230 1,492 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,499 8.26 -1.5% -2.7% 12 27 9.00 7.60 7 0.8 4.8% 18 Emirates Islamic Bank PJSC AE 11,725 7.93 0.0% 0.0% 1 1 11.95 1.57 124 6.1 0.0% 19 Kuwait Finance House KSCP KW 11,564 604.00 -1.8% 0.0% 6,034 12,102 650.00 418.18 18 1.9 2.6% 20 Saudi British Bank SJSC SA 11,060 27.65 -0.9% 10.6% 37 270 28.55 16.40 11 1.3 2.5% 21 Kingdom Holding Co SA 10,535 10.66 0.6% -10.8% 126 358 12.95 9.80 70 1.3 4.7% 22 Banque Saudi Fransi SJSC SA 10,141 31.55 -0.2% 20.9% 35 291 33.40 18.00 11 1.2 0.0% 23 Abu Dhabi Commercial Bank PJSC AE 10,077 7.12 -0.1% 3.2% 156 302 7.68 5.66 9 1.2 5.6% 24 Riyad Bank SJSC SA 9,584 11.98 0.7% 3.7% 466 1,488 12.06 8.55 12 1.0 5.4% 25 Yanbu National Petrochemicals Co SJSC SA 8,880 59.20 0.9% 0.0% 540 8,522 61.75 39.90 15 2.2 0.0% 26 Emaar Malls Group PJSC AE 8,433 2.38 -0.8% 0.0% 676 438 2.80 2.38 16 1.9 0.0% 27 Dubai Islamic Bank PJSC AE 8,302 6.17 -0.5% 10.8% 981 1,649 6.29 5.01 10 1.3 7.3% 28 Ezdan Holding Group QSC QA 7,830 10.75 0.8% -28.9% 2,042 6,028 17.68 10.50 14 1.0 4.7% 29 Masraf Al Rayan QPSC QA 7,767 37.71 2.4% 0.3% 521 5,400 45.40 33.05 14 2.3 5.3% 30 Mobile Telecommunications Company KW 7,343 511.00 -3.8% 24.6% 5,636 9,564 545.00 330.00 13 1.7 6.8% Company Name Total M-Cap; W. Avg Yield 569,861 3.3% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services Authority). The information contained in this report does not constitute any offer to sell securities or the solicitation of any 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 to be used by experienced investment persons 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, and as such should not be relied upon by or distributed to “Retail Clients”. 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