MENA Market Report - 29 March

Transcription

1. MENA Morning Report Wednesday , March 29, 2017 Overview Regional Markets: MENA markets closed the session mostly higher but the trading volumes were low as there is lack of conviction among investors. Further, investors are expecting companies to report better than expected first quarter earnings, which should boost the sentiments and provide much needed direction to the regional markets. For the day, five out of the eight indexes closed in green, while three ended in red. UAE markets ended on a mixed note as Dubai was down by 0.2% for the second consecutive session, while Abu Dhabi closed up marginally by 0.1% for the day. In Dubai, 80% of the listed scripts ended on the losing side, which dragged the broader index lower for the day despite the rise in Emaar Malls after Amazon confirmed acquiring souq.com. Saudi Arabia closed up by 0.3% for the day, which was supported by latter half buying interest from investors. The broader index was mostly supported by energy and banking sector stocks, which continued to remain in positive territory for the second consecutive session. Qatar also closed up by 0.3% for the day, which was mostly supported by increased trading activity. Kuwait closed on a positive note as it was up by 0.3% for the day, which helped the index in recovering the losses and turn positive for the week. Egypt was marginally up by 0.1% for the day, after declining by 0.3% on the previous day. Oman and Bahrain was down by 1.1% and 0.4% respectively for the day. International Markets: US markets closed on a positive note as Dow, Nasdaq and S&P were all up by 0.7%, 0.6% and 0.7% respectively. European markets also ended on a positive note as FTSE, DAX and CAC were all up by 0.7%, 1.3% and 0.6% respectively. At the time of writing this report, Asian markets have opened on a mixed note as Nikkei and Shanghai are down by 0.2% and 0.1% respectively, while Hang Seng is up by 0.2%. Headlines (WW) US goods trade deficit narrows in February; inventories rise (SA) Saudi bank lending growth slows to a crawl in February (WW) US consumer confidence hits 16-year high in boost to economy (SA) Saudi Aramco tax cut lifts company's value by USD 1 trillion (WW) Fed should not jolt the economy, hikes should be gradual (SA) Saudi Aabia's parallel market to help boost SMEs' growth (WW) China to punish firms for fake trade data, other foreign trade offences (SA) Saudi sovereign fund expands footprint with Jordan investment firm (WW) China central bank to provide financial support for manufacturing upgrades (AE) UAE eyes USD 70 billion industrial investments by 2025 (WW) Brazil's Temer resists new tax hikes to meet fiscal goal (AE) UK enhances science collaboration with the UAE (WW) Mexico trade deficit narrows in Feb; factory exports rise (AE) UAE SMEs optimistic on business growth in 2017 (WW) Disasters cost insurers USD 54 billion, economy USD 175 billion in 2016 (AE) UAE ranks ninth in global creative goods trade exports touch $16.1b (CMD) Oil jumps on Libyan disruption, OPEC deal extension hopes (QA) Qatar to invest USD 6.2 billion in post-Brexit UK economy (CMD) Gold steady as investors weigh Trump agenda prospects (QA) Businesses in Qatar urged to get ready for VAT (FX) Sterling steady on eve of Article 50 trigger (OM) Ministry introduces guidelines for adventure tourism in Oman (FX) Dollar retreat buoys emerging currencies to multi-month highs (OM) Oman delegation looks to expand trade links with South Africa (FI) Treasury yields fall to 1-month low as Trump's agenda seen faltering (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,446.97 -0.2% -0.4% -5.1% -2.4% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,469.66 0.1% -0.6% -1.8% -1.7% ˅ ˄ ˄ Saudi (SASEIDX) 6,872.77 0.3% -0.1% -1.4% -4.7% ˅ ˅ ˄ Kuwait (KWSE) 7,051.84 0.3% 0.1% 4.0% 22.7% ˄ ˄ ˄ Egypt (EGX30) 12,982.66 0.1% -0.4% 8.8% 5.2% ˄ ˄ ˄ Qatar (DSM) 10,461.81 0.3% 0.2% -2.2% 0.2% ˅ ˄ ˄ Bahrain (BHSEIDX) 1,377.56 -0.4% 0.1% 2.1% 12.9% ˄ ˄ ˄ Oman (MSM30) 5,543.09 -1.1% -1.6% -4.1% -4.1% ˅ ˄ ˄ 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) 217 545 538 79 207 195 81,228 Abu Dhabi (ADSMI) 68 166 153 45 74 63 117,131 Saudi (SASEIDX) 128 212 252 786 1,047 1,126 427,917 Kuwait (KWSE) 247 465 298 89 140 94 75,578 Egypt (EGX30) 363 351 374 91 92 92 19,762 Qatar (DSM) 16 11 9 107 101 81 132,129 Bahrain (BHSEIDX) 2 5 4 1 3 2 21,428 Oman (MSM30) 19 19 17 12 12 10 16,606 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 ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Wednesday , March 29, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.5 Previous 489.3 11.1 9.2 386.2 8.4 300 8 239.3 188.3 4 1.1 Current 600 12.8 11.9 11.0 12 PB 1.3 2.1 1.6 1.5 - - 0.9 1.1 Bahrain Oman - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait 27% 5.6% 4.6% 3.2% -9% 0.0% 0.0% Kuwait Egypt Qatar 12.9% Bahrain 5.2% 0.2% -2.4% -1.7% Dubai Abu Dhabi -4.1% -4.7% -18% 0% Dubai Abu Dhabi Saudi Average 0% 1.9% 2% Oman 22.7% 9% 3.9% 4% Bahrain 18% 5.6% 4.1% Qatar Year to Date Perfomance Dividend Yield 8% 6% Egypt Oman Average 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 Wednesday , March 29, 2017 Dubai Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) AMLAK FINANCE PJSC 1.11 -3.60% 1,853 2,095 15,100 AL SALAM BANK SUDAN PLC 2.00 -3.00% 222 451 19,275 17,905 DRAKE AND SCULL INTERNATIONAL 0.45 -2.20% 18,491 8,490 0.82% 1,360 3,306 SHUAA CAPITAL PSC 1.84 -2.17% 4,906 9,127 0.43% 29 68 NATIONAL CENTRAL COOLING CO PJSC 1.89 -2.12% 950 1,814 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) RAS AL KHAIMAH CERAMICS PSC 2.08 5.77% 59 119 NATIONAL BANK OF FUJAIRAH PJSC 3.62 -9.94% 30 115 SUDATEL TELECOM GROUP LTD 0.66 3.03% 181 118 FOODCO HOLDING PJSC 6.40 -6.25% 2 10 ABU DHABI COMMERCIAL BANK PJSC 6.69 2.39% 721 4,767 RAS AL KHAIMAH CEMENT CO PSC 0.90 -5.56% 31 29 ABU DHABI NATIONAL ENERGY CO 0.45 2.27% 344 153 INTERNATIONAL FISH FARMING 2.05 -5.37% 1,404 2,959 UNION NATIONAL BANK PJSC 4.25 2.12% 1,388 5,836 GULF CEMENT CO PSC 1.05 -4.76% 7 7 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) BURUJ COOPERATIVE INSURANCE CO 31.80 9.28% 1,818 55,359 AL RAJHI COMPANY FOR COOP 48.20 -4.98% 446 22,050 NATIONAL AGRICULTURE DEV 27.90 6.45% 3,621 97,976 SAUDI STEEL PIPES CO SJSC 17.10 -4.09% 260 4,536 AL ANDALUS PROPERTY CO SJSC 18.00 5.28% 1,196 20,983 DEVELOPMENT WORKS FOOD CO 99.00 -4.04% 9 884 ETIHAD ATHEEB TELECOMM 3.85 5.19% 974 3,656 ALLIED COOPERATIVE INSURANCE 15.05 -3.99% 612 9,395 UNITED INTERNATIONAL TRANS. 27.40 4.74% 1,600 42,836 AXA COOPERATIVE INSURANCE CO 21.20 -3.77% 962 20,798 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 100.00 10.00% 22 2 NATIONAL CLEANING CO KSCP 56.00 -8.93% 4,210 247 MANAZEL HOLDING CO KPSC 55.00 10.00% 15,314 804 CREDIT RATING AND COLLECTION 33.00 -7.58% 133 5 KUWAIT BUILDING MATERIALS 102.00 9.80% 9 1 AJWAN GULF REAL ESTATE CO KSCP 69.00 -5.80% 7 0 FUTURE KID ENTERTAINMENT 114.00 8.77% 2 0 SALBOOKH TRADING CO KSCP 76.00 -5.26% 1,739 136 KUWAIT REMAL REAL ESTATE CO 72.00 6.94% 15,552 1,083 IFA HOTELS AND RESORTS CO KSCP 192.00 -5.21% 0 0 Close DoD % Volume Value Close * DoD % Volume ('000) Value (EGP ‘000) 3.23 9.91% 6 19 EGYPTIAN CO FOR INTERNATIONAL 3.99 -7.52% 4 15 ARAB CO FOR LAND RECLAMATION 6.00 9.33% 19 107 LECICO EGYPT SAE 4.15 -6.02% 14 62 EGYPTIAN STARCH AND GLUCOSE 11.02 9.07% 264 2,789 CAIRO FOR HOUSING AND DEV 14.80 -5.47% 1 18 ORANGE EGYPT FOR TELECOMM 84.49 8.76% 3 248 PYRAMISA HOTELS AND RESORTS SAE 22.83 -5.34% 4 102 WADI KOM OMBO FOR LAND 5.18 8.11% 5 26 UNIVERSAL CO FOR PACKAGING 9.37 -5.23% 17 160 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) ISLAMIC HOLDING GROUP QSC 65.00 4.92% 401 25,461 QATAR GENERAL INSURANCE 41.00 -4.88% 4 151 VODAFONE QATAR QSC 9.17 4.36% 5,793 52,014 DLALA BROKERAGE AND INVESTMENT 23.59 -4.03% 358 8,614 ZAD HOLDING CO SAQ 86.00 4.19% 0 35 QATARI INVESTORS GROUP QSC 63.40 -2.37% 81 5,206 AL KHALEEJ TAKAFUL GROUP QSC 20.30 3.45% 29 571 QATAR OMAN INVESTMENT CO QSC 9.97 -2.11% 2 23 ALIJARAH HOLDING CO QSC 17.44 3.44% 717 12,290 GULF INTERNATIONAL SERVICES QSC 28.10 -1.96% 193 5,484 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL CENTRAL COOLING CO PJSC 1.84 4.35% 5,074 9,141 EMAAR MALLS GROUP PJSC 2.49 3.61% 6,172 UNION PROPERTIES PJSC 0.94 3.08% DUBAI INVESTMENTS PJSC 2.44 TAKAFUL EMARAT INSURANCE PJSC 2.34 Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers NATIONAL CONSUMER HOLDING Top Gainers Egypt EL EBOUR COMPANY FOR RE Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Wednesday , March 29, 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 77,004 96.25 -0.3% 5.2% 4,091 105,007 98.50 73.25 16 1.8 4.2% 2 Emirates Telecommunications Group AE 42,390 17.90 0.0% -4.8% 1,677 8,173 20.20 17.15 18 3.6 4.5% 3 Qatar National Bank SAQ QA 37,298 147.00 0.7% -0.7% 370 14,941 157.27 121.36 0 0.0 2.0% 4 Saudi Telecom Company SJSC SA 35,335 66.25 -1.5% -8.6% 346 6,117 74.00 51.00 16 2.2 6.0% 5 Al Rajhi Banking & Investment Corp SA 27,410 63.25 0.4% 0.4% 2,098 35,380 67.50 48.60 13 2.0 3.6% 6 Saudi Electricity Co SJSC SA 25,223 22.70 0.0% 1.3% 843 5,104 25.80 14.30 45 1.5 3.1% 7 National Commercial Bank SJSC SA 20,534 38.50 1.0% -9.6% 609 6,250 46.30 32.00 8 1.3 4.2% 8 Industries Qatar QSC QA 18,398 110.70 1.6% -5.8% 122 3,719 122.00 94.50 23 2.0 3.6% 9 DP World Ltd AE 17,928 21.60 -0.7% 23.4% 259 1,526 22.25 15.53 18 2.0 1.8% 10 Jabal Omar Development Co SJSC SA 16,854 68.00 -1.1% -9.0% 272 4,935 76.00 46.00 83 6.2 0.0% 11 Emirates Islamic Bank PJSC AE 16,266 11.00 0.0% 0.0% 3 8 11.95 1.57 452 8.9 0.0% 12 First Gulf Bank PJSC AE 15,930 13.00 0.4% 1.2% 2,324 8,227 14.00 10.50 10 1.6 7.7% 13 National Bank of Abu Dhabi PJSC AE 15,025 10.50 0.5% 5.1% 963 2,752 10.90 7.60 11 1.2 4.3% 14 Almarai Co SJSC SA 14,774 69.25 1.1% 1.1% 141 2,597 71.00 50.00 27 4.2 1.3% 15 Emaar Properties PJSC AE 14,037 7.20 -1.0% 1.0% 2,790 5,470 7.79 5.76 10 1.3 2.1% 16 National Bank of Kuwait SAKP KW 13,043 670.00 -1.5% 8.2% 3,211 7,079 723.81 523.81 14 1.3 4.3% 17 Saudi Arabian Mining Co SJSC SA 12,620 40.50 0.7% 3.8% 501 5,408 43.80 27.80 118 1.7 0.0% 18 Emirates NBD Bank PJSC AE 12,258 8.10 0.0% -4.6% 57 125 9.00 7.56 7 0.8 4.9% 19 Ezdan Holding Group QSC QA 11,586 15.90 0.0% 5.2% 1,132 4,946 20.24 14.63 23 1.4 3.1% 20 Samba Financial Group SJSC SA 11,041 20.70 -0.2% -15.0% 219 1,211 25.20 15.90 8 1.0 4.6% 21 Kingdom Holding Co SA 10,476 10.60 0.0% -11.3% 39 109 13.15 9.90 77 1.4 0.0% 22 Kuwait Finance House KSCP KW 10,174 590.00 -3.3% 9.3% 4,681 9,085 630.00 440.00 15 1.7 2.9% 23 Abu Dhabi Commercial Bank PJSC AE 9,696 6.85 2.4% -0.7% 721 1,345 7.68 5.66 9 1.2 5.8% 24 Emaar Malls Group PJSC AE 9,143 2.58 3.6% -1.5% 6,172 4,336 3.10 2.47 18 2.1 3.9% 25 Masraf Al Rayan QSC QA 8,880 43.10 -1.0% 14.6% 458 5,424 44.20 32.10 16 2.5 4.6% 26 Ooredoo QSC QA 8,755 99.50 -0.1% -2.3% 93 2,542 116.10 81.50 15 1.4 3.5% 27 Saudi British Bank SJSC SA 8,520 21.30 1.9% -14.8% 153 870 25.90 16.40 8 1.0 3.3% 28 Yanbu National Petrochemicals Co SJSC SA 8,363 55.75 0.9% 3.2% 207 3,075 59.75 37.00 14 1.9 5.4% 29 Riyad Bank SJSC SA 8,320 10.40 -1.9% -10.0% 737 2,044 11.80 8.55 9 0.8 6.3% 30 Banque Saudi Fransi SJSC SA 7,664 23.85 -0.2% -8.6% 128 811 27.80 18.00 8 1.0 4.4% Company Name Total M-Cap; W. Avg Yield 544,946 3.6% 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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