MENA Market Report - 27 September

Transcription

1. MENA Morning Report Tuesday , September 27, 2016 Overview Regional Markets: MENA markets closed mostly on a positive note, despite the downward pressure seen in global markets. Further, the marginal ri se in oil prices also supported the regional markets along with the Saudi government's continued support to boost liquidity among the banking sector. For the day, four out of the eight indexes under coverage closed in green, one in red, while three remained unchanged. Saudi Arabia closed up by 0.7% for the day, which was supported by buying interest within the banking sector after the central bank announced that it will pump SAR 20 billion within the banks in the form of deposits coupled with two new money market instruments to curtail the rising interest rates among the banks. The overall positive sentiments in the broader index also led to buying into the petchem sector, mainly supported by 0.9% rise in SABIC. UAE markets closed mostly flat, a subdued trading session after recording losses on the previous day. Dubai closed flat, while Abu Dhabi was marginally lower by 0.1% for the day. The Abu Dhabi index was mostly dragged lower by Etisalat and Aldar, both of which witnessed selling pressure for the day. Egypt closed up by 0.9% for the day, best performer for the day, which also helped the index to turn positive for the week. Qatar also closed up by 0.7% for the day, third consecutive sessions of gains, which has helped the broader index to turn positive for the year. Bahrain closed up by 0.2%, while Kuwait and Oman remained unchanged for the day. International Markets: US markets closed in red as Dow Jones, Nasdaq and S&P were all down by 0.9% each for the day. European markets also closed in red as FTSE, DAX and CAC were all down by 1.3%, 2.2% and 1.8% respectively for the day. At the time of writing this report, Asian markets have opened on a mixed note as Nikkei and Hang Seng were up by 0.5% and 1.1% respectively, while Shanghai is down by 0.1%. Headlines (WW) Sales of New US Homes Retreated in August From Nine-Year High (GCC) GCC budget deficits seen crossing USD 153 billion this year (WW) Banks to Need Billions More Capital in Tests Under Fed Plan (GCC) Meddy, Democrance named GCC's best startups at Seedstars GCC (WW) UK opposition Labour lock horns with business over economic reform (SA) Saudi Arabia slashes ministers' pay, cuts public sector bonuses (WW) UK industry group slashes oil estimate as price drop hits investment (SA) Saudi Aramco plans to spend USD 334 billion by 2025 (WW) UK commercial property robust in wake of Brexit vote (SA) Elaf Group to showcase Saudi Arabia's growing tourism sector across the world (WW) London Remains Ahead of New York as Top Global Financial Center (SA) Expats asking sales price for up to SAR 500,000 for their mobile phone shops (WW) China launches USD 52.5 billion fund to restructure state enterprises (AE) Economic and political stability outweigh rising costs for UAE expats (WW) China August industrial profits rise nearly 20%, fastest in three years (AE) UAE to introduce new laws soon to regulate drones (WW) Bank of Japan board was uncertain of reaching price goal in July (AE) Saudis top list of visitors to UAE (CMD) Oil ends up 3% as OPEC meets; volatility hits post-Doha high (AE) Volume of UAE, South Korea trade stood at AED 122.7 billion between 2010-2015 (CMD) Gold slips as equities, dollar gain after US presidential debate (QA) Qatar power capacity tipped to reach 13,000MW by 2018 (FX) Dollar falls on comments from BOJ's Kuroda, US debate uncertainty (QA) Remittances from Qatar rise marginally (FX) Mexican peso surges as Clinton-Trump debate progresses (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,492.96 0.0% -0.6% -0.3% 10.9% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,492.22 -0.1% -0.5% 0.5% 4.3% ˅ ˄ ˄ Saudi (SASEIDX) 5,956.59 0.7% 0.1% -2.0% -13.8% ˅ ˅ ˅ Kuwait (KWSE) 5,407.87 -0.0% 0.0% -0.2% -3.7% ˅ ˄ ˄ Egypt (EGX30) 7,974.84 0.9% 0.8% -2.2% 13.8% ˅ ˄ ˄ Qatar (DSM) 10,509.79 0.7% 0.9% -4.4% 0.8% ˅ ˄ ˄ Bahrain (BHSEIDX) 1,139.64 0.2% 0.5% -0.2% -6.3% ˅ ˄ ˅ Oman (MSM30) 5,767.37 -0.0% 0.0% 0.6% 6.7% ˅ ˅ ˄ 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) 323 273 330 90 100 112 85,838 Abu Dhabi (ADSMI) 63 68 88 30 39 46 120,360 Saudi (SASEIDX) 115 184 233 550 840 1,101 371,556 Index Kuwait (KWSE) 81 64 109 36 27 34 75,679 Egypt (EGX30) 123 195 211 106 85 103 43,041 Qatar (DSM) 6 7 7 65 83 77 154,960 Bahrain (BHSEIDX) 2 2 2 1 1 1 18,354 Oman (MSM30) 10 15 20 5 8 10 22,698 * 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 Tuesday , September 27, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 11.6 10.8 10.6 9.6 386.2 8.4 300 8 239.3 188.3 178.1 4 1.3 Current 489.3 13.4 11.3 12 Previous 600 1.3 1.5 1.4 1.5 - - 0.8 1.1 Bahrain Oman - 0 106.9 87.2 1.3 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 8% 27% 6.3% 18% 5.6% 6% 5.0% 4.8% 3.9% 4% 3.5% 2.4% 13.8% 10.9% 9% 6.7% 4.3% 0.8% 0% -3.7% -9% -6.3% 2% -18% 0.0% -13.8% 0.0% -27% 0% 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 Tuesday , September 27, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DUBAI ISLAMIC INSURANCE 0.61 -2.42% 0 0 1,873 ARABTEC HOLDING PJSC 1.49 -1.97% 51,911 78,127 1,398 3,250 MARKA PJSC 1.10 -1.79% 5 6 0.72% 2,052 5,683 AMLAK FINANCE PJSC 1.33 -1.48% 2,550 3,417 0.43% 8,171 7,566 GULF GENERAL INVESTMENT CO PSC 0.54 -1.29% 5,931 3,206 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL FOR BUILDING 0.55 14.58% 2,815 1,450 UNITED ARAB BANK PJSC 2.25 -10.00% 2 5 NATIONAL MARINE DREDGING PSC 4.74 6.52% 0 1 GULF PHARMACEUTICAL INDUSTRIES 2.15 -3.59% 52 114 SUDATEL TELECOM GROUP LTD 0.55 5.77% 5,796 3,101 RAK PROPERTIES PJSC 0.59 -1.67% 5,434 3,233 INTERNATIONAL FISH FARMING 1.48 3.50% 29 42 ESHRAQ PROPERTIES COMPANY PJSC 0.78 -1.27% 4,814 3,779 AGTHIA GROUP PJSC 6.02 3.44% 358 2,121 RAS AL KHAIMAH CEMENT CO PSC 0.80 -1.23% 118 95 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) ALINMA TOKIO MARINE CO SJSC 17.50 10.41% 2,138 35,653 SAUDI PHARMACEUTICAL INDUSTRIES 33.60 -1.75% 92 3,107 SAUDI INDIAN COMPANY FOR COOP. 14.35 9.54% 3,079 42,265 METHANOL CHEMICALS CO SJSC 6.00 -1.64% 1,943 11,753 ALLIED COOPERATIVE INSURANCE 15.90 5.30% 659 10,219 SAUDI MARKETING COMPANY CJSC 27.70 -1.42% 302 8,430 SAUDI BRITISH BANK SJSC 18.75 4.17% 224 4,122 ETIHAD ETISALAT CO SJSC 21.60 -1.14% 473 10,270 AL ALAMIYA COOP INSURANCE 26.00 3.59% 206 5,270 SAUDI PUBLIC TRANSPORT CO SJSC 13.35 -1.11% 561 7,531 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) ARKAN AL KUWAIT REAL ESTATE 79.00 5.33% 6 0 ASIYA CAPITAL INVESTMENTS CO KSC 30.00 -6.25% 135 4 SPECIALITIES GROUP HOLDING 99.00 5.32% 105 10 ENERGY HOUSE HOLDING COMPANY 44.00 -5.38% 80 4 AMAR FINANCE AND LEASING 50.00 5.26% 12 1 NATIONAL MOBILE TELECOMM. -4.84% 164 199 MENA REAL ESTATE CO KSCP 21.00 5.00% 109 2 1180.0 0 SULTAN CENTER FOOD PRODUCTS 53.00 3.92% 286 15 AL SAFAT ENERGY HOLDING CO KPSC 35.00 -4.11% 116 4 GULF INVESTMENT HOUSE KSCP 24.00 Close * DoD % Volume ('000) Value (EGP ‘000) VODAFONE EGYPT TELECOMM 74.44 13.22% 3 182 SUEZ CANAL CO FOR TECHNOLOGY 11.04 9.42% 106 AL ARAFA FOR INVESTMENT 0.13 8.33% 10 EGYPT GAS CO SAE 33.83 6.45% 12 MISR CEMENT CO ESC 83.03 5.05% Close * ALIJARAH HOLDING CO QSC AL KHALEEJ TAKAFUL GROUP QSC Close * DoD % Volume ('000) Value (AED ‘000) DRAKE AND SCULL INTERNATIONAL 0.51 2.59% 149,407 75,824 NATIONAL CENTRAL COOLING CO PJSC 1.66 1.84% 1,138 DAMAC PROPERTIES DUBAI CO PSC 2.34 1.30% EMAAR MALLS GROUP PJSC 2.78 SHUAA CAPITAL PSC 0.93 Top Gainers Abu Dhabi Dubai Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Egypt Top Losers -4.00% 1,200 29 Close * DoD % Volume ('000) Value (EGP ‘000) DELTA SUGAR CO SAE 9.74 -7.94% 3 26 1,115 MISR BENI SUEF CEMENT CO SAE 18.70 -5.60% 1 15 1 MARIDIVE AND OIL SERVICES SAE 0.26 -3.70% 23 6 395 MISR FERTILIZERS PRODUCTION CO 29.17 -2.86% 34 1,001 1 95 CREDIT AGRICOLE EGYPT SAE 22.00 -2.70% 409 9,122 DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) 16.40 2.37% 103 1,671 ISLAMIC HOLDING GROUP QSC 62.30 -1.42% 5 305 23.40 2.27% 7 150 QATAR NATIONAL CEMENT CO QSC 86.50 -1.14% 3 237 MANNAI CORPORATION QSC 84.30 2.18% 0 5 AL MEERA CONSUMER GOODS CO 207.60 -0.67% 9 1,858 COMMERCIAL BANK QSC 39.20 1.82% 118 4,573 QATAR NAVIGATION QSC 86.10 -0.58% 16 1,419 QATARI GERMAN COMPANY 10.79 1.79% 23 246 SALAM INTERNATIONAL INVESTMENT 11.25 -0.53% 47 534 Top Gainers Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers 3
4. MENA Morning Report Tuesday , September 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 65,986 82.50 0.9% 7.5% 3,385 74,477 92.75 59.50 15 1.5 6.7% 2 Emirates Telecommunications Group Co AE 47,239 19.95 0.0% 23.9% 886 4,812 20.20 14.10 19 4.0 4.0% 3 Qatar National Bank SAQ QA 36,217 157.00 1.2% 7.7% 120 5,174 169.80 122.50 11 1.8 1.5% 4 Saudi Telecom Co SJSC SA 30,527 57.25 0.0% -16.1% 257 3,926 69.75 54.25 14 1.9 7.0% 5 Al Rajhi Banking & Investment Corp SA 23,612 54.50 0.9% 4.8% 2,074 30,144 62.75 44.70 11 1.8 2.8% 6 Saudi Electricity Co SJSC SA 20,273 18.25 1.1% 15.9% 1,679 8,170 21.80 12.40 49 1.3 3.8% 7 National Commercial Bank SJSC SA 18,396 34.50 2.7% -32.4% 824 7,577 56.00 33.10 7 1.2 4.5% 8 Industries Qatar QSC QA 17,618 106.00 1.2% -4.6% 265 7,720 127.70 88.00 16 2.0 4.7% 9 DP World Ltd AE 15,430 18.59 -0.8% -8.4% 113 574 21.50 16.05 16 1.8 1.6% 10 First Gulf Bank PJSC AE 14,641 11.95 -0.4% -5.5% 649 2,112 14.25 9.90 9 1.6 8.4% 11 Emaar Properties PJSC AE 13,899 7.13 0.3% 25.3% 4,442 8,623 7.46 4.22 12 1.3 2.1% 12 Jabal Omar Development Co SJSC SA 13,814 55.75 -0.9% 0.5% 480 7,140 68.75 40.80 0 5.5 0.0% 13 National Bank of Abu Dhabi PJSC AE 13,248 9.34 0.9% 17.3% 326 829 10.35 6.86 10 1.1 4.8% 14 Ezdan Holding Group QSC QA 12,745 17.49 0.6% 10.0% 295 1,417 20.24 12.10 27 1.6 2.9% 15 Emirates NBD Bank PJSC AE 12,348 8.16 0.0% 10.3% 340 755 9.19 6.25 7 0.9 4.9% 16 Almarai Co SJSC SA 12,051 56.50 1.3% -3.7% 618 9,313 66.56 40.88 23 3.7 1.5% 17 National Bank of Kuwait SAKP KW 11,036 590.00 -1.7% -20.7% 496 972 799.36 550.00 12 1.1 4.7% 18 Kingdom Holding Co SA 10,671 10.80 0.0% -31.2% 165 476 21.20 9.80 65 1.5 4.6% 19 Saudi Arabian Mining Co SJSC SA 9,969 32.00 0.3% -3.6% 954 8,143 43.20 25.70 100 1.4 0.0% 20 Emaar Malls Group PJSC AE 9,851 2.78 0.7% 0.7% 2,052 1,553 3.25 2.02 20 2.4 3.6% 21 Abu Dhabi Commercial Bank PJSC AE 9,811 6.44 -0.9% -2.3% 2,952 5,176 7.97 5.20 8 1.2 7.0% 22 Samba Financial Group SJSC SA 9,651 18.10 1.7% -22.5% 806 3,889 24.05 17.05 7 0.9 5.0% 23 Ooredoo QSC QA 8,694 98.80 0.7% 31.7% 142 3,861 107.00 60.00 12 1.4 3.0% 24 Riyad Bank SJSC SA 8,318 10.40 1.0% -16.1% 418 1,158 14.15 10.15 8 0.8 6.7% 25 Emirates Integrated Telecomm. AE 8,090 6.50 0.0% 27.5% 2 4 6.99 4.89 16 3.8 6.6% 26 Kuwait Finance House KSCP KW 8,089 465.00 0.0% -5.3% 1,730 2,672 545.45 395.45 13 1.4 3.3% 27 Saudi Arabia Fertilizers Co SJSC SA 7,609 68.50 -0.4% -17.2% 38 688 98.25 58.00 19 4.5 8.8% 28 Saudi British Bank SJSC SA 7,498 18.75 4.2% -24.2% 224 1,122 28.50 17.35 6 0.9 4.0% 29 Masraf Al Rayan QSC QA 7,376 35.80 0.8% -4.8% 280 2,749 44.70 28.60 13 2.3 4.9% 30 Dubai Islamic Bank PJSC AE 7,293 5.42 0.4% -3.9% 3,583 5,287 6.35 4.51 6 1.0 7.6% Company Name Total M-Cap; W. Avg Yield 492,003 4.4% 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. 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