MENA Market Report - 27 November

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1. MENA Morning Report Sunday , November 27, 2016 Overview Regional Markets: MENA markets closed the session mostly on a negative note, while the trading activity remained positive in developed markets. The performance of regional markets for the week remained mostly positive, which can be attributed to the momentum built up over the past couple of weeks along with the sharp rise in oil prices in the past couple of days. For the last trading session of the week, all indexes closed in red with the exception of Abu Dhabi and Saudi Arabia, which closed up by 0.3% and flat respectively. Saudi Arabia started the session on a positive but was not able to hold on to the gains due to the negative sentiments seen across the region. UAE markets closed on a mixed note for the day as Dubai was down by 0.8%, while Abu Dhabi closed in the green. UAE markets have witnessed an increase in trading activity, which was mostly supported by domestic funds buying into dirham stocks. However, the positive momentum building up in these stocks is not reflected in the broader indexes as their contribution is not significant. Egypt closed lower by 1.7% for the day, the worst performing index in the region. Qatar also closed lower by 0.2% for the day, continuing its downward trend throughout the week. For the week, six indexes in the region closed in green, led by Saudi Arabia with gains of 2.5%, followed by 1.2% in Egypt. Qatar and Abu Dhabi were two indexes that closed down with losses of 0.6% and 0.4% respectively. International Markets: US markets closed on a positive note as Dow Jones, S&P and Nasdaq were all up by 0.4%, 0.4% and 0.3% respectively. European m arkets closed on a positive note as FTSE, DAX and CAC were all up by 0.2%, 0.1% and 0.2% respectively. Headlines (WW) UK firms show no Brexit vote hit in third quarter as investment grows (GCC) Export credit enlisted to keep Gulf mega projects funded (WW) New corporate tax cuts in EU would be dangerous: German economy minister (SA) Saudi wants OPEC to solve own problems before meeting non-OPEC (WW) Japan October consumer prices continue slide, yen fall may help BOJ (SA) New regulations to facilitate growth in KSA insurance sector (WW) Japan economic indicators seen steady but slow in October (WW) Japan report frets over global economy, uncertainty in Trump election, Brexit (SA) Saudi economic performance to remain positive this year (WW) Unfazed by Trump, German business climate remains steady (AE) VAT expected to benefit UAE bourses (WW) Brazil economy sheds 74,748 jobs in October (AE) Win-win situation for Dubai property investors (WW) ECB maintaining its baseline economic forecasts (EG) Markets fluctuate in Egypt amid economic recession (CMD) Oil prices slump as market unsure of output cut deal (EG) Egyptian importers nursing losses after currency float want a bailout (CMD) Gold’s fall to below USD 1,200 is just right for UAE shoppers (QA) Qatar has least demanding tax system in Mideast (FX) Indian rupee closes stronger against US dollar on firm Asian cues (QA) Qatar energy minister sees LNG market facing growing uncertainty (FX) Dollar rally takes a breather as investors cash in on gains (QA) Qatar's Ooredoo is world's fastest fiber operator (FI) Bonds decline, call rates rise on demand from borrowing banks (Source: Thomson Reuters, Bloomberg) (SA) Saudi king to open 6 mega projects in Eastern Province MENA Markets Index Last DoD (%) WTD (%) MTD (%) Dubai (DFMGI) 3,324.07 Abu Dhabi (ADSMI) 4,273.04 Saudi (SASEIDX) -0.8% 0.4% 0.3% -0.4% 6,796.75 0.0% 2.5% Kuwait (KWSE) 5,517.38 -0.3% 0.1% Egypt (EGX30) 11,353.11 -1.7% 1.2% Qatar (DSM) 9,714.93 -0.2% -0.6% Bahrain (BHSEIDX) 1,186.21 -0.1% 0.5% Closed Closed 0.5% Oman (MSM30) YTD (%) ST Trend * MT Trend * LT Trend * -0.3% 5.5% ˄ ˅ ˅ -0.6% -0.8% ˅ ˅ ˅ 13.0% -1.7% ˄ ˄ ˅ 2.2% -1.7% ˄ ˄ ˄ 35.4% 62.0% ˄ ˄ ˄ -4.5% -6.9% ˅ ˅ ˅ 3.3% -2.4% ˄ ˄ ˄ 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) 926 416 337 325 142 118 82,967 Abu Dhabi (ADSMI) 213 126 98 93 49 47 120,371 Saudi (SASEIDX) 498 235 222 2,113 963 955 375,472 Kuwait (KWSE) 115 90 89 52 36 34 75,578 Egypt (EGX30) 487 282 244 105 70 59 24,637 Qatar (DSM) 4 7 6 42 74 69 140,522 Bahrain (BHSEIDX) 1 2 2 1 1 1 17,570 Closed 16 16 Closed 8 8 16,791 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 Sunday , November 27, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 20 PB Previous Current 600 489.3 14.9 16 12 13.3 9.1 386.2 12.7 11.5 10.3 300 8.7 8 4 239.3 188.3 1.2 1.3 2.0 1.6 - - 178.1 0.8 1.1 Bahrain Oman - 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi 6.0% 5.4% 5.0% 4.4% 4.2% 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% 62.0% 5.5% Dubai 2.1% -0.8% -1.7% -1.7% Abu Dhabi Saudi Kuwait -6.9% Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar -2.4% Bahrain Oman 2
3. MENA Morning Report Sunday , November 27, 2016 Abu Dhabi Dubai Top Performers by Country (* indicates native currency; Latest data) Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) UNION PROPERTIES PJSC 0.84 4.37% 134,434 110,035 GULF NAVIGATION HOLDING PJSC 1.55 1.97% 1,193 NATIONAL CENTRAL COOLING CO PJSC 2.10 1.94% 11,844 Saudi Arabia Kuwait Volume Value UNITED FOODS CO PSC 5.15 -9.65% 14 78 1,831 AMLAK FINANCE PJSC 1.28 -5.88% 45,380 59,901 24,635 AMANAT HOLDINGS PJSC 0.95 -4.35% 111,066 107,345 DAMAC PROPERTIES DUBAI CO PSC 2.15 -3.59% 2,004 4,390 DAR AL TAKAFUL PJSC 0.91 -2.67% 932 860 1.05 0.96% 24 25 EMIRATES INTEGRATED TELECOM 5.85 0.86% 216 1,260 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL FOR BUILDING 0.60 9.09% 10 6 AXA GREEN CRESCENT INSURANCE CO 0.54 -8.47% 1 0 UNION NATIONAL BANK PJSC 4.48 2.75% 4,338 19,174 INTERNATIONAL FISH FARMING 1.41 -6.62% 1 2 NATIONAL BANK OF ABU DHABI PJSC 9.40 2.17% 2,111 19,630 DANA GAS PJSC 0.55 -5.17% 5,108 2,886 SHARJAH ISLAMIC BANK PJSC 1.50 2.04% 20 30 ABU DHABI NATIONAL HOTELS CO 3.06 -4.38% 107 334 SUDATEL TELECOM GROUP LTD 0.51 2.00% 1,848 933 WAHA CAPITAL PJSC 1.80 -2.70% 3,058 5,581 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) NATIONAL METAL MANUFACTURING 23.65 6.53% 4,239 97,190 ARABIAN SHIELD COOPERATIVE IN 27.00 -5.59% 604 16,797 DUR HOSPITALITY CO SJSC 20.45 5.41% 2,230 44,423 NATIONAL PETROCHEMICAL CO SJSC 19.00 -4.04% 301 5,847 ALAHLI TAKAFUL COMPANY SJSC 34.00 4.94% 969 32,170 UNITED COOPERATIVE ASSURANCE CO 12.40 -3.88% 2,642 33,421 BURUJ COOPERATIVE INSURANCE CO 19.55 3.99% 2,641 50,633 RED SEA HOUSING SERVICES CO SJSC 25.30 -3.80% 550 14,180 ASH SHARQIYAH DEVELOPMENT CO 39.00 3.72% 1,757 67,288 SAUDI VITRIFIED CLAY PIPE CO SJSC 72.00 -3.68% 192 14,052 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) METAL AND RECYCLING CO KSCP 62.00 8.77% 13 1 OSOS HOLDING GROUP CO KSCP 214.00 -17.69% 0 0 KUWAIT COMPANY FOR PROCESS 162.00 6.58% 3 1 IFA HOTELS AND RESORTS CO KSCP 130.00 -7.14% 3 0 PALMS AGRO PRODUCTION CO KSCP 95.00 5.56% 1 0 KUWAIT AND MIDDLE EAST FINANCIAL 20.50 -6.82% 215 5 AJIAL REAL ESTATE ENTERTAINMENT 162.00 3.85% 26 4 INOVEST BSC 71.00 -5.33% 170 12 AL ARGAN INTERNATIONAL 162.00 3.85% 503 80 HAYAT COMMUNICATIONS CO KSCP 46.50 -5.10% 331 16 Close * DoD % Volume ('000) Value (EGP ‘000) Close DoD % Volume Value 87.86 9.83% 1 71 TRANS OCEANS TOURS SAE 0.07 -12.50% 208 16 EGYPT GAS CO SAE 58.31 9.15% 52 2,905 NATIONAL COMPANY FOR HOUSING 15.53 -8.65% 1 15 AL EZZ DEKHEILA STEEL COMPANY 332.92 8.85% 9 2,880 AL OROUBA SECURITIES BROKERAGE 0.73 -7.59% 85 64 MISR REFRIGERATION AIR CONDITION 59.98 8.09% 201 11,598 REACAP FINANCIAL INVESTMENTS SAE 2.61 -6.45% 22 60 AL EZZ CERAMIC AND PORCELAIN CO 6.08 7.23% 754 4,427 GRAND CAPITAL FOR FINANCIAL 4.13 -6.35% 4 15 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close DoD % Volume Value MEDICARE GROUP QSC 65.80 4.44% 301 19,364 QATAR INDUSTRIAL MANUFACTURING 42.00 -4.44% 0 1 DOHA BANK QSC 33.90 2.73% 188 6,302 GULF WAREHOUSING CO QSC 49.10 -1.80% 50 2,497 AL KHALIJ COMMERCIAL BANK QSC 17.85 2.70% 2 36 SALAM INTERNATIONAL INVESTMENT 10.80 -1.37% 6 68 DLALA BROKERAGE AND INVESTMENT 20.70 1.52% 15 304 AL MEERA CONSUMER GOODS CO 155.00 -1.27% 11 1,746 QATAR ISLAMIC INSURANCE CO QSC 48.65 1.35% 1 42 QATARI GERMAN COMPANY 9.46 -1.25% 11 100 Top Gainers Top Gainers NOZHA INTERNATIONAL HOSPITAL Egypt DoD % MARKA PJSC Top Gainers Top Gainers Qatar Close Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Sunday , November 27, 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 72,204 90.25 0.3% 17.6% 4,876 117,326 91.75 59.50 16 1.7 6.1% 2 Emirates Telecommunications Group Co AE 41,796 17.65 0.0% 9.6% 893 4,291 20.20 14.95 17 3.6 4.5% 3 Saudi Telecom Co SJSC SA 37,202 69.75 2.2% 2.2% 3,077 57,214 70.00 51.00 17 2.3 5.7% 4 Qatar National Bank SAQ QA 34,665 150.30 -0.4% 3.1% 108 4,454 169.80 122.50 10 1.7 1.6% 5 Al Rajhi Banking & Investment Corp SA 27,410 63.25 0.0% 21.6% 4,257 71,783 64.50 44.70 13 2.1 2.4% 6 National Commercial Bank SJSC SA 22,135 41.50 -2.4% -18.6% 2,935 32,477 54.25 32.00 9 1.4 3.7% 7 Saudi Electricity Co SJSC SA 20,890 18.80 2.7% 19.4% 6,213 31,144 21.80 12.40 26 1.2 3.7% 8 Industries Qatar QSC QA 17,399 104.70 -0.2% -5.8% 85 2,454 119.90 88.00 19 1.9 4.8% 9 Jabal Omar Development Co SJSC SA 17,288 69.75 0.0% 25.7% 5,317 98,880 72.25 40.80 112 6.4 0.0% 10 First Gulf Bank PJSC AE 14,581 11.90 1.3% -5.9% 1,508 4,886 13.50 9.90 9 1.5 8.4% 11 Almarai Co SJSC SA 13,814 64.75 2.0% 10.3% 1,596 27,554 67.75 40.88 26 4.0 1.3% 12 DP World Ltd AE 13,695 16.50 0.1% -18.7% 256 1,151 20.30 16.00 14 1.6 1.8% 13 National Bank of Abu Dhabi PJSC AE 13,334 9.40 2.2% 18.1% 2,111 5,402 10.35 6.86 11 1.1 4.8% 14 Emaar Properties PJSC AE 12,925 6.63 -1.2% 16.5% 6,917 12,487 7.46 4.22 10 1.1 2.3% 15 Saudi Arabian Mining Co SJSC SA 12,340 39.60 -0.8% 19.3% 3,586 37,858 43.20 25.70 122 1.7 0.0% 16 Samba Financial Group SJSC SA 12,267 23.00 0.4% -1.5% 4,758 29,176 23.55 15.90 9 1.1 3.9% 17 Emirates NBD Bank PJSC AE 11,955 7.90 -0.6% 6.8% 20 43 8.89 6.25 6 0.8 5.1% 18 National Bank of Kuwait SAKP KW 11,822 640.00 -1.5% -13.9% 2,534 5,312 771.47 550.00 13 1.1 4.4% 19 Ezdan Holding Group QSC QA 10,710 14.70 -0.9% -7.5% 233 939 20.24 12.10 23 1.3 3.4% 20 Kingdom Holding Co SA 10,674 10.80 -0.9% -31.2% 458 1,320 21.20 9.80 79 1.5 4.6% 21 Saudi British Bank SJSC SA 9,441 23.60 1.3% -4.6% 1,552 9,766 28.00 16.40 8 1.2 3.2% 22 Abu Dhabi Commercial Bank PJSC AE 9,142 6.00 -1.3% -9.0% 2,452 4,005 7.36 5.20 7 1.1 7.5% 23 Emaar Malls Group PJSC AE 9,107 2.57 -1.2% -6.9% 1,140 797 3.10 2.02 18 2.2 3.9% 24 Riyad Bank SJSC SA 9,080 11.35 -0.4% -8.5% 3,251 9,838 12.75 8.55 9 0.9 6.2% 25 Kuwait Finance House KSCP KW 8,762 510.00 0.0% 3.9% 5,017 8,381 536.36 395.45 13 1.5 3.0% 26 Banque Saudi Fransi SJSC SA 8,644 26.90 0.4% -3.9% 1,481 10,619 28.30 18.00 8 1.1 3.9% 27 Saudi Arabia Fertilizers Co SJSC SA 8,084 72.75 0.7% 0.0% 297 5,765 88.25 58.00 0 0.0 0.0% 28 Ooredoo QSC QA 7,980 90.70 0.7% 20.9% 68 1,686 107.00 60.00 13 1.3 3.3% 29 Yanbu National Petrochemicals Co SJSC SA 7,485 49.90 -0.2% 53.5% 1,090 14,498 51.25 23.80 13 1.8 4.0% 30 Emirates Integrated Telecomm AE 7,282 5.85 0.9% 14.7% 216 345 6.99 4.95 14 3.5 7.4% Company Name Total M-Cap; W. Avg Yield 514,110 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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