MENA Market Report - 27 November

Transcription

1. MENA Morning Report Monday , November 27, 2017 Overview Regional Markets: The trading activity within the region was mostly skewed towards advancers as five out of the eight indexes closed in green, while two in red and one remained unchanged for the day. The regional markets are beginning to witness some buying activity in the past three sessions, however, the cautiousness seen over the past two to three months is expected to remain unless there are some major catalysts to boost sentiments. The two upcoming IPOs in the region during the month of December will be important for the markets as it will help in encouraging more issuances during 2018. For the day, UAE markets closed on a negative note in otherwise positive regional markets as Dubai and Abu Dhabi were both down by 0.3% and 0.1% respectively during the session. Both indexes have witnessed strong selling pressure during the month, which has wiped off the gains to turn negative for the year. Saudi Arabia closed on a positive note as the index was up by 0.8% for the day. The day's performance helped the index in recovering the losses of 0.5% recorded during the previous week. Egypt closed higher by 0.8% for the day, after rising by 1.9% on the previous day on the back of the upcoming IPO in the month of December. Qatar closed on a positive note as it was up by 0.2% for the day, which was in line with the sentiments seen in the broader regional markets. Kuwait closed on a positive note as managed to close higher by 0.3% for the day. Oman closed higher by 0.5%, while Bahrain was unchanged for the day. International Markets: At the time of writing this report, Asian markets have opened on a negative note as Nikkei, Hang Seng and Shanghai are all down by 0.4%, 0.5% and 0.8% respectively. Headlines (WW) Global businesses look bullish about the road ahead (GCC) VAT on agenda at Big 5 construction show (WW) UK launches plan for industry as Brexit looms, wins Merck investment (GCC) GCC construction projects value tops $2.4 trillion (WW) China's October industrial profits surge on boost from higher commodities (GCC) GCC construction market expands 30% in 2017 (WW) Early China Indicators Signal That Economy Cooled in November (SA) Saudi GDP expected to grow 2.3% in 2018, 3.8% in 2019 (WW) Mexico economy shrinks for first time in nearly two years (SA) Saudi Aramco, SABIC plan to build $20 bln oil-to-chemicals complex (WW) Japan power firms' Aug LNG consumption falls 11% Y-o-Y (AE) Manazel unveils big Mena expansion plans (WW) Halal business and modest fashion boost Turkish economy (AE) Expo 2020 Dubai awards over $3bln in contracts in 2017 (WW) South Africa to outline 'decisive' policy in 2018 after debt rating cut (AE) ADNOC's distribution unit could raise as much as $2bln in IPO (CMD) Gold steady as dollar holds near 2-month lows (EG) Egypt sees 55% rise in tourists in third quarter (CMD) Opec meeting set to extend oil cuts and support crude prices (OM) Oman on top in cyber security readiness in Arab world (FX) Dollar under pressure on euro strength (KW) Iraq and Kuwait near agreement on price for gas exports (FX) Euro at two-month high on upbeat German sentiment data, political hopes (BH) Bahrain needs to handle its tax reforms with extreme care (FI) China shares extend losses on fragile bond market mood (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,449.14 -0.3% -0.3% -5.1% -2.3% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,282.27 -0.1% -0.1% -4.4% -5.8% ˅ ˅ ˅ Saudi (SASEIDX) 6,933.77 0.8% 0.8% -0.0% -3.8% ˅ ˅ ˅ Kuwait (KWSE) 6,256.67 0.3% 0.3% -3.9% 8.8% ˅ ˅ ˅ Egypt (EGX30) 14,222.70 0.8% 0.8% -0.8% 15.2% ˅ ˄ ˄ Qatar (DSM) 7,758.08 0.2% 0.2% -5.0% -25.7% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,277.02 0.0% 0.0% 0.0% 4.6% ˅ ˅ ˅ Oman (MSM30) 5,111.11 0.5% 0.5% 2.0% -11.6% ˄ ˅ ˅ 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) 148 466 385 68 170 140 80,802 Abu Dhabi (ADSMI) 76 129 104 20 49 45 127,682 Saudi (SASEIDX) 142 261 229 739 1,112 999 436,079 Kuwait (KWSE) 69 111 91 37 51 40 75,578 Egypt (EGX30) 934 398 309 13 89 69 21,304 Qatar (DSM) 14 7 7 76 65 74 90,527 Bahrain (BHSEIDX) 3 2 2 1 1 1 20,300 Oman (MSM30) 9 16 16 4 12 10 14,184 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 1
2. MENA Morning Report Monday , November 27, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 10.9 11.5 10.9 9.6 386.2 9.5 300 8 239.3 188.3 4 1.2 1.5 2.1 1.6 - - 1.1 0.8 0.9 Bahrain Oman - 178.1 106.9 87.2 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt 21% 5.6% 5.0% Bahrain Oman Average 5.3% 15.2% 14% 5.9% 8.8% 4.6% 7% 4.5% 3.7% 3.5% 4% Qatar Year to Date Perfomance Dividend Yield 8% 6% Current 489.3 13.8 10.5 12 Previous 600 0% -7% -2.3% -14% 2% -5.8% -3.8% -11.6% -21% 0.0% 0.0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -25.7% -28% 0% 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 , November 27, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value ARAMEX PJSC 4.70 -3.29% 44 213 488 AL SALAM BANK SUDAN PLC 1.86 -3.23% 177 336 15 121 DUBAI FINANCIAL MARKET PJSC 1.12 -1.75% 1,748 1,975 2,517 14,512 AL SALAM BANK SUDAN PLC 1.82 -1.62% 39 71 ARABTEC HOLDING PJSC 2.45 -1.61% 1,770 4,371 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) COMMERCIAL BANK INTERNATIONAL 0.80 -9.09% 0 0 SUDATEL TELECOM GROUP LTD 0.57 -3.39% 200 116 NATIONAL BANK OF RAS AL KHAIMAH 4.75 -3.06% 78 377 RAS AL KHAIMAH CEMENT CO PSC 0.65 -2.99% 126 83 BANK OF SHARJAH PJSC 1.20 -2.44% 202 245 Close * DoD % Volume ('000) Value (SAR ‘000) HSBC AMANAH SAUDI 20 ETF 28.25 -4.24% 2 47 47,084 FITAIHI HOLDING GROUP SJSC 12.40 -1.43% 531 6,627 1,386 43,430 TAIBA HOLDING CO SJSC 34.65 -1.00% 383 13,352 6,793 167,810 ABDULLAH AL OTHAIM MARKETS CO 120.80 -0.98% 21 2,555 5.91% 1,879 25,540 RAYDAN COMPANY CJSC 13.88 -0.86% 44 609 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT REAL ESTATE HOLDING CO 30.00 20.00% 20 1 EFFECT REAL ESTATE COMPANY KPSC 24.10 -19.40% 164 4 NATIONAL INTERNATIONAL HOLDING 69.70 9.76% 40 3 AMWAL INTERNATIONAL INVEST 34.60 -7.73% 140 5 INTERNATIONAL RESORTS COMPANY 30.00 8.70% 193 6 ENERGY HOUSE HOLDING COMPANY 26.20 -6.43% 2 0 BOUBYAN INTERNATIONAL 37.90 8.29% 66 2 BAYAN INVESTMENT COMPANY KSCP 39.10 -4.40% 291 12 AWJ HOLDING COMPANY KSCP 65.50 6.87% 34 2 SENERGY HOLDING COMPANY KSCP 33.00 -4.35% 15 1 Close * DoD % Volume ('000) Value (EGP ‘000) Close DoD % Volume Value EGYPTIAN CO FOR INTERNATIONAL 3.85 10.00% 115 423 MOHANDES INSURANCE CO SAE 10.85 -6.71% 1 16 ARAB CO FOR LAND RECLAMATION 10.05 8.77% 2 24 MISR NATIONAL STEEL SAE 17.45 -5.42% 1 16 MENA FOR TOURISTIC AND RE 1.87 8.09% 3,461 6,230 NATIONAL BANK OF KUWAIT EGYPT 33.75 -4.55% 3 113 GB AUTO SAE 3.57 7.53% 5,635 19,414 EGYPTIAN INTERNATIONAL PHARMA 118.22 -3.89% 12 1,455 NASR CO FOR CIVIL WORKS SAE 25.06 7.28% 76 1,847 EGYPT KUWAIT HOLDING CO SAE 0.83 -3.49% 511 432 Close DoD % Volume Value Top Losers Close DoD % Volume Value ISLAMIC HOLDING GROUP QPSC 31.35 10.00% 87 2,595 INDUSTRIES QATAR QSC 92.20 -2.45% 318 29,716 QATARI INVESTORS GROUP QSC 27.50 10.00% 295 7,747 QATAR NATIONAL BANK QPSC 116.00 -1.04% 625 72,869 MEDICARE GROUP QSC 55.00 10.00% 75 3,940 COMMERCIAL BANK PSQC 26.00 -0.88% 67 1,749 EZDAN HOLDING GROUP QSC 7.64 9.93% 601 4,386 MESAIEED PETROCHEMICAL HOLDING 12.60 -0.63% 97 1,227 QATAR ISLAMIC INSURANCE CO QPSC 46.38 9.88% 32 1,438 QATAR GAS TRANSPORT CO LTD 13.51 -0.52% 660 8,936 Close DoD % Volume Value EMAAR MALLS PJSC 2.20 2.33% 729 1,585 DAR AL TAKAFUL PJSC 0.87 0.70% 565 COMMERCIAL BANK OF DUBAI PSC 8.11 0.62% EMAAR DEVELOPMENT PJSC 5.78 0.52% NATIONAL CENTRAL COOLING CO PJSC 1.94 0.52% 81 156 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) GULF CEMENT CO PSC 0.97 4.30% 136 129 UNION NATIONAL BANK PJSC 3.95 3.40% 554 2,151 METHAQ TAKAFUL INSURANCE CO 0.79 2.60% 723 564 MANAZEL REAL ESTATE PJSC 0.55 1.85% 48,565 26,468 RAK PROPERTIES PJSC 0.70 1.45% 714 496 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) ARAB SEA INFORMATION SYSTEMS CO 10.24 8.02% 12 122 AMANA COOPERATIVE INSURANCE CO 23.94 7.26% 2,036 WALAA COOPERATIVE INSURANCE 32.40 7.11% AL TAYYAR TRAVEL GROUP HOLDING 25.45 6.22% SAUDI PUBLIC TRANSPORT COMPANY 13.98 Top Gainers Kuwait Saudi Arabia Abu Dhabi Dubai Top Gainers Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Monday , November 27, 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 80,156 100.20 0.8% 9.5% 2,619 69,970 105.40 89.50 16 1.9 6.0% 2 Emirates Telecommunications Group Co AE 38,249 16.15 0.0% -14.1% 820 3,607 19.00 15.75 16 3.3 5.0% 3 Saudi Telecom Company SJSC SA 36,585 68.60 0.3% 0.0% 232 4,238 78.90 64.50 0 0.0 0.0% 4 First Abu Dhabi Bank PJSC AE 30,122 10.15 0.0% 1.6% 786 2,172 11.55 9.21 11 1.1 4.4% 5 Qatar National Bank QPSC QA 29,433 116.00 -1.0% -21.7% 625 19,914 157.27 115.93 8 1.4 2.7% 6 National Commercial Bank SJSC SA 26,665 50.00 -0.4% 17.4% 816 10,873 58.00 37.00 10 1.6 3.2% 7 Al Rajhi Banking & Investment Corp SA 27,819 64.20 0.5% 1.9% 2,366 40,511 71.70 61.00 12 2.0 3.5% 8 Saudi Electricity Company SJSC SA 26,843 24.16 0.4% 7.9% 389 2,505 26.05 18.70 10 1.3 2.9% 9 DP World Ltd AE 20,036 24.14 0.4% 37.9% 87 569 24.60 15.53 20 2.0 1.6% 10 Saudi Arabian Mining Co SJSC SA 16,794 53.90 0.0% 38.2% 266 3,822 57.00 37.50 188 2.4 0.0% 11 Jabal Omar Development Co SJSC SA 14,870 60.00 0.0% -19.7% 520 8,312 76.00 59.10 414 5.5 0.0% 12 Emaar Properties PJSC AE 15,208 7.80 -0.8% 9.4% 3,116 6,618 8.95 6.57 9 1.3 1.9% 13 Industries Qatar QSC QA 15,324 92.20 -2.5% -21.5% 318 8,062 122.00 85.00 22 1.7 4.3% 14 Almarai Co SJSC SA 14,373 53.90 2.9% -1.6% 983 14,126 78.64 51.60 26 3.8 1.3% 15 National Bank of Kuwait SAKP KW 14,205 724.00 0.7% 17.0% 2,260 5,432 800.00 600.00 14 1.3 3.9% 16 Samba Financial Group SJSC SA 12,085 22.66 0.2% -6.9% 799 4,828 27.10 19.80 9 1.0 4.2% 17 Emirates NBD Bank PJSC AE 12,275 8.11 0.6% -4.5% 15 33 9.00 7.80 6 0.8 4.9% 18 Emirates Islamic Bank PJSC AE 10,795 7.30 0.0% 0.0% 1 1 11.95 1.57 80 5.5 0.0% 19 Saudi British Bank SJSC SA 11,099 27.75 0.2% 11.0% 156 1,155 28.55 20.05 11 1.3 2.5% 20 Kuwait Finance House KSCP KW 10,572 553.00 2.0% 12.6% 4,758 8,734 650.00 454.55 16 1.7 2.8% 21 Abu Dhabi Commercial Bank PJSC AE 10,079 7.12 0.3% 3.2% 411 796 7.68 6.00 9 1.2 5.6% 22 Riyad Bank SJSC SA 9,599 12.00 0.0% 3.9% 446 1,427 12.20 10.10 11 1.0 5.4% 23 Banque Saudi Fransi SJSC SA 9,417 29.30 -0.3% 12.3% 348 2,716 33.40 22.10 10 1.1 3.6% 24 Yanbu National Petrochemicals Co SJSC SA 8,580 57.20 0.5% 5.9% 288 4,385 61.75 48.50 15 2.0 5.2% 25 Kingdom Holding Co SA 8,350 8.45 0.7% -29.3% 182 410 12.95 7.90 49 1.0 0.0% 26 Dubai Islamic Bank PJSC AE 8,129 6.04 -0.3% 8.4% 2,524 4,151 6.29 5.10 8 1.2 7.5% 27 Emaar Malls PJSC AE 7,797 2.20 2.3% -16.0% 729 437 2.80 2.13 15 1.8 4.5% 28 Ooredoo QSC QA 7,339 83.40 0.0% -18.1% 52 1,194 116.10 80.00 14 1.2 4.2% 29 Alinma Bank SJSC SA 7,064 17.66 0.2% 17.0% 15,349 72,280 18.46 13.95 14 1.3 2.8% 30 Masraf Al Rayan QPSC QA 7,005 34.00 0.3% -9.6% 251 2,341 45.40 33.10 12 2.0 5.9% Company Name Total M-Cap; W. Avg Yield 546,865 3.5% 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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