MENA Market Report - 26 April

Transcription

1. MENA Morning Report Wednesday , April 26, 2017 Overview Regional Markets: MENA region closed on a marginally positive note, which can be mostly attributed to the risk on mode witnessed in global markets after the pro-growth and market friendly government was expected to win the French election. The regional markets witnessed interest from foreign investors, which supported the broader markets despite the weak quarterly earnings from prominent companies. For the day, three indexes ended in green, while two remained unchanged, one in red and two were closed. UAE markets closed on a positive note as Dubai was up by 0.1% and Abu Dhabi by 0.7% for the day. The market breadth of Dubai was skewed towards gainers as there were 21 advancers compared to 11 decliners, while 4 remained unchanged for the day. Damac and Du remained under pressure as one traded ex-dividend, while the other reported earnings below street estimates. Abu Dhabi was also supported by buyers as 25 companies advanced compared to 5 decliners, while 7 remained unchanged. Saudi Arabia was the worst performer in the region as it was down by 0.9% for the day. The index was mostly dragged lower by energy sector stocks as it remained under pressure due to oil trading at a four week low. AlHokair has remained in the limelight as it has appreciated by limit up in past two trading sessions after reporting better than expected net earnings despite marginally drop in sales. Qatar and Kuwait were flat for the day, while Egypt and Oman were closed. Bahrain closed marginally higher by 0.1%, second consecutive session of similar trading activity. International Markets: US markets closed on a positive note for the second consecutive day as Dow, Nasdaq and S&P were all up by 1.1%, 0.7% and 0.6% respectively. European markets ended on a positive note as FTSE, DAX and CAC were all up by 0.2%, 0.1% and 0.2% respectively. At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai are up by 0.8%, 0.7% and 0.4% respectively. Headlines (WW) Global Islamic finance assets grew by 7% to reach USD 2.3 trillion in 2016 (MENA) Tourism key for economic growth and diversification in the MENA region (WW) Americans feel better about the economy since Trump got elected (GCC) GCC turns to China, India to boost growth in tourism (WW) UK hits budget deficit target helped by resilient economy since Brexit (GCC) Multi-entry visa proposed to boost tourist arrivals in GCC (WW) UK Economy May Have Had Its Weakest Quarter in a Year (SA) Saudi Cabinet throws its support for inter-Arab investments (WW) China's unemployment rate falls below 4% at end of Q1 (SA) Saudi religious tourism sector growth to benefit travel services business (WW) China's strong growth ensures stable world economy (SA) Saudi exchange may be ready for equity futures, options in 24 months (WW) China's One-Belt-One-Road initiative is not just about economics (AE) Visa on arrival for Indians with American visa or Green Card in UAE (WW) European central banker worried by 'lurching' US economy (AE) Chinese, Russian visitor surge pushes Dubai towards 20 million target (CMD) Oil Prices Still Falling as Market Doubts Crude Glut Is Going Away (AE) Dubai's Sukuk issuances now highest in world at USD 53.31 billion (CMD) Gold prices extend losses on lower demand, global cues (AE) ADIB's first quarter net profit surges 19.8% (FX) US Dollar Tipped to Rise in May, as is Tradition (KW) Kuwait Finance House Q1 profit up 13.2% as investment income surges (FX) Rupee closes at fresh 20-month high against US dollar (KW) Kuwait Appeals Court upholds oil price increase (FI) 10-year Treasury yield aback above 2.3% as investors shun havens (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,433.74 0.1% -1.0% -1.3% -2.8% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,564.63 0.7% 1.0% 2.7% 0.4% ˄ ˅ ˄ Saudi (SASEIDX) 6,915.89 -0.9% 0.2% -1.2% -4.1% ˅ ˅ ˄ Kuwait (KWSE) 6,830.85 -0.0% 0.3% -2.8% 18.8% ˅ ˄ ˄ Egypt (EGX30) Closed Closed -2.5% -3.2% 1.9% ˅ ˄ ˄ Qatar (DSM) 10,157.37 0.0% -0.8% -2.2% -2.7% ˅ ˅ ˄ Bahrain (BHSEIDX) 1,336.61 0.1% 0.2% -1.4% 9.5% ˅ ˄ ˄ Closed Closed -0.1% -1.5% -5.5% ˅ ˅ ˅ 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) 236 353 534 92 148 194 80,509 Abu Dhabi (ADSMI) 57 109 155 39 58 65 134,299 Saudi (SASEIDX) 210 181 241 986 918 1,123 436,114 Kuwait (KWSE) 174 423 351 58 120 102 75,578 Egypt (EGX30) Closed 272 379 Closed 87 95 19,106 Qatar (DSM) 12 11 9 74 98 84 129,355 Bahrain (BHSEIDX) 5 5 4 2 3 3 20,629 Closed 20 17 Closed 12 10 16,282 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 ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Wednesday , April 26, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.9 386.2 8.7 300 8 239.3 188.3 4 1.1 Current 489.3 11.2 9.1 1.5 1.9 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 12.6 11.6 11.0 12 PB 5.1% 18.8% 5.7% 5.2% 4.3% 18% 9.5% 4.1% 4% 3.3% 9% 1.9% 0.4% 2.2% 0% 2% 0.0% -2.8% 0.0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Dubai -2.7% -4.1% -9% 0% Abu Dhabi Saudi -5.5% 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 Wednesday , April 26, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) GULF NAVIGATION HOLDING PJSC 1.41 -9.93% 2,900 4,315 15,386 DAMAC PROPERTIES DUBAI CO PSC 2.75 -8.00% 10,432 29,935 10 12 TAKAFUL EMARAT INSURANCE PJSC 2.36 -3.39% 43 104 2.11% 19,951 18,678 EMIRATES INTEGRATED TELECOM 5.77 -2.95% 843 4,937 1.72% 3,371 3,877 AMLAK FINANCE PJSC 1.06 -1.89% 1,427 1,528 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL FOR BUILDING 0.52 3.85% 1 0 SHARJAH ISLAMIC BANK PJSC 1.38 -4.35% 228 322 INTERNATIONAL FISH FARMING 1.57 3.82% 824 1,270 ABU DHABI NATIONAL ENERGY CO 0.62 -3.23% 5,279 3,327 WAHA CAPITAL PJSC 1.78 3.37% 315 552 GULF PHARMACEUTICAL INDUSTRIES 2.43 -3.18% 4 9 AL KHAZNA INSURANCE COMPANY 0.40 2.50% 2 1 GULF CEMENT CO PSC 1.01 -2.97% 56 57 UNION NATIONAL BANK PJSC 5.00 2.40% 210 1,036 BANK OF SHARJAH PJSC 1.39 -0.72% 12 16 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 32.00 10.00% 3,997 122,105 RAYDAN COMPANY CJSC 31.20 -7.69% 150 4,878 SAUDI UNITED COOPERATIVE INSUR 27.40 4.01% 794 21,331 AMANA COOPERATIVE INSURANCE CO 20.15 -4.71% 2,267 46,817 AL ANDALUS PROPERTY CO SJSC 19.85 3.53% 1,585 30,932 ALDREES PETROLEUM & TRANSPORT 27.20 -3.31% 487 13,485 BURUJ COOPERATIVE INSURANCE CO 30.80 2.60% 909 27,641 NATIONAL INDUSTRIALIZATION 16.85 -3.26% 1,737 29,764 DAR AL ARKAN REAL ESTATE DEV 6.10 2.46% 82,998 500,211 SAUDI PUBLIC TRANSPORT COMPANY 15.45 -2.91% 1,829 28,675 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) AUTOMATED SYSTEMS CO KPSC 265.00 9.43% 0 0 KUWAIT REAL ESTATE COMPANY KPSC 63.00 -7.94% 50,502 3,319 NATIONAL PETROLEUM SERVICES 1520.00 5.26% 63 94 AL-MASSALEH REAL ESTATE CO KSCP 54.00 -7.41% 1,095 62 AL MAL INVESTMENT COMPANY KPSC 20.00 5.00% 3,692 72 WETHAQ TAKAFUL INSURANCE CO 55.00 -7.27% 31 2 SALBOOKH TRADING CO KSCP 64.00 4.69% 277 17 ARABI GROUP HOLDINGS KSCP 102.00 -5.88% 40 4 AJWAN GULF REAL ESTATE CO KSCP 80.00 3.75% 289 23 KUWAIT CEMENT CO KSCP 520.00 -5.77% 1 0 Close DoD % Volume Value Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) BARWA REAL ESTATE CO QSC 34.50 -1.59% 815 28,355 QATARI INVESTORS GROUP QSC 60.00 -1.67% 44 2,644 Close * DoD % Volume ('000) Value (AED ‘000) MASHREQBANK PSC 72.00 15.00% 0 47,999 DAR AL TAKAFUL PJSC 1.15 6.09% 0 MARKA PJSC 1.20 4.17% DXB ENTERTAINMENTS PJSC 0.95 DUBAI FINANCIAL MARKET PJSC 1.16 Top Gainers Saudi Arabia Abu Dhabi Dubai Top Gainers Kuwait Top Gainers Top Gainers Top Losers Top Losers Market Remained Closed Egypt Market Remained Closed Top Losers Close DoD % Volume Value GULF WAREHOUSING CO QSC 51.70 3.48% 83 4,226 DOHA INSURANCE CO QSC 16.55 2.54% 0 2 MEDICARE GROUP QSC 98.00 2.04% 71 6,873 QATAR NATIONAL CEMENT CO QSC 78.50 -1.91% 19 1,535 WIDAM FOOD CO QSC 64.00 1.41% 20 1,294 QATARI GERMAN COMPANY 9.55 -3.04% 25 245 AL MEERA CONSUMER GOODS CO 159.00 1.26% 10 1,636 QATAR CINEMA FILM DISTRIBUTION 36.30 -9.92% 1 56 Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Wednesday , April 26, 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 77,204 96.50 -1.5% 5.5% 8,260 212,570 102.50 76.00 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,796 17.65 0.0% -6.1% 688 3,304 20.20 17.15 17 3.6 4.5% 3 Qatar National Bank SAQ QA 37,034 146.00 0.0% 0.0% 149 5,958 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 35,735 67.00 -2.2% -7.6% 307 5,483 74.00 51.00 16 2.2 6.0% 5 National Bank of Abu Dhabi PJSC AE 33,233 11.20 1.4% 12.1% 5,696 17,371 11.55 7.60 11 1.3 4.0% 6 Al Rajhi Banking & Investment Corp SA 27,085 62.50 -1.2% -0.8% 1,637 27,280 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Co SJSC SA 25,668 23.10 -0.2% 3.1% 1,047 6,450 25.80 14.30 46 1.6 3.0% 8 National Commercial Bank SJSC SA 20,534 38.50 -1.3% -9.6% 785 8,063 46.00 32.00 8 1.3 4.2% 9 Industries Qatar QSC QA 17,645 106.20 0.8% -9.6% 141 4,109 122.00 94.50 22 1.9 3.8% 10 DP World Ltd AE 17,214 20.74 -1.7% 18.4% 313 1,770 22.25 15.53 18 2.0 1.8% 11 Jabal Omar Development Co SJSC SA 16,606 67.00 -1.1% -10.4% 204 3,640 76.00 46.00 72 6.1 0.0% 12 Almarai Co SJSC SA 15,414 72.25 -0.7% 5.5% 119 2,291 74.50 51.50 29 4.4 0.0% 13 Emaar Properties PJSC AE 14,114 7.24 0.1% 1.5% 5,208 10,266 7.79 5.95 10 1.3 2.1% 14 National Bank of Kuwait SAKP KW 13,039 670.00 -1.5% 8.2% 1,154 2,543 723.81 523.81 13 1.3 4.3% 15 Saudi Arabian Mining Co SJSC SA 12,589 40.40 -1.9% 3.6% 223 2,401 43.80 27.80 118 1.7 0.0% 16 Emirates NBD Bank PJSC AE 12,303 8.13 0.4% -4.2% 50 111 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 11,281 21.15 0.0% -13.1% 930 5,245 25.20 15.90 8 1.0 4.5% 19 Ezdan Holding Group QSC QA 11,182 15.35 0.1% 1.6% 1,256 5,296 20.24 14.63 22 1.4 3.3% 20 Kingdom Holding Co SA 10,179 10.30 -0.5% -13.8% 30 83 13.10 9.90 75 1.3 4.9% 21 Abu Dhabi Commercial Bank PJSC AE 9,936 7.02 0.3% 1.7% 1,142 2,183 7.68 5.66 9 1.2 5.7% 22 Kuwait Finance House KSCP KW 9,481 500.00 0.0% 1.9% 3,833 6,303 572.73 400.00 14 1.6 0.0% 23 Emaar Malls Group PJSC AE 9,461 2.67 0.4% 1.9% 4,428 3,219 3.10 2.47 19 2.2 3.7% 24 Ooredoo QSC QA 9,175 104.30 1.2% 2.5% 117 3,339 116.10 81.50 15 1.5 3.4% 25 Saudi British Bank SJSC SA 8,800 22.00 -0.5% 0.0% 234 1,371 25.90 16.40 8 1.1 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,738 58.25 -1.3% 7.9% 157 2,443 61.75 37.00 14 2.0 5.2% 27 Masraf Al Rayan QSC QA 8,651 42.00 0.4% 11.7% 573 6,604 44.20 32.10 15 2.5 4.8% 28 Banque Saudi Fransi SJSC SA 8,419 26.20 0.0% 0.4% 176 1,233 27.50 18.00 9 1.1 4.0% 29 Riyad Bank SJSC SA 8,240 10.30 -1.0% -10.8% 867 2,383 11.80 8.55 9 0.8 6.3% 30 Dubai Islamic Bank PJSC AE 7,926 5.89 1.0% 5.7% 1,741 2,792 6.29 4.90 9 1.3 7.6% Company Name Total M-Cap; W. Avg Yield 550,913 3.4% 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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