MENA Market Report - 29 May

Transcription

1. MENA Morning Report Monday , May 29, 2017 Overview Regional Markets: Trading activity within the MENA markets remained sluggish on the first session of Ramadan on the back of a sharp drop in o il prices after OPEC and allied partners agreed to extend the existing oil cuts by nine months, while the markets were expecting additional cuts to shore up the prices further. The trading activity has remained under pressure, which can be attributed to the start of the holy month of Ramadan. For the region, five out of the eight indexes ended in red, while three closed in green for the day. Saudi Arabia was the worst performer as it was down by 1.3% for the day, extending the losses to 3.3% for the month. The index was dragged lower by broad based selling pressure but there was pressure in energy sector stocks due to the sharp drop in oil prices. UAE markets also continued their downward trend as Dubai and Abu Dhabi were down by 1.0% and 0.5% respectively for the day. Both indexes have continued to remain under pressure, extending monthly losses in Dubai and Abu Dhabi. Kuwait closed lower by 0.6% for the day, in line with the sentiments seen in broader regional markets. Egypt closed up by 0.8% for the day, which was mostly supported by real estate developers, helping the broader market to extend their gains. Qatar started on a negative note but the buyers came to the rescue, which helped the market record gains of 0.6% for the day. Bahrain closed up by 0.2%, while Oman was down by 0.3% for the day. International Markets: At the time of writing the report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai were up by 0.2%, 0.1% and 0.1% respectively. Headlines (WW) Global trade growth may recover in 2017 (SA) Saudi Arabia to enforce selected tax in two weeks (WW) US Core capital goods orders unchanged, shipments fall (SA) Saudi Arabia Fiscal reforms expected to remain on track (WW) Goldman trims US GDP growth view after trade, inventory data (AE) UAE slashes petrol prices for June (WW) UK business investment resilient despite Brexit (AE) UAE leads Mena region in global talent (WW) Borrowing binge raises concerns about Chinese economy (EG) Egypt Biggest FDI Destination in MENA (WW) China factories seen growing at slowest pace in eight months in May (QA) Qatar Development Bank wins prestigious 'Best SME Loan' Award (WW) Asia beating global peers on digital engagement (QA) Qatar wants ties with Iran to be 'stronger than ever before' (WW) Japan consumer prices rise in April for fourth straight month (KW) GIG Group among 'Top Listed Companies in Kuwait 2017' (CMD) Gold price witnesses no change (KW) Moody's raises outlook for Kuwait to stable (CMD) Oil prices fall sharply despite OPEC agreement (OM) Oil output cut pact fuels economic optimism in Oman (FX) US Dollar Continues to Hover Near Six-Month Lows (OM) Oman to tackle joblessness among young with SME campaign (FX) China considers tighter controls on yuan currency (BH) Bahrain: Non-oil sector grows by 3.7% in 2016 (FI) Bond bulls get most hedge-fund support since 2007 as risks mount (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,293.60 -1.0% -1.0% -3.6% -6.7% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,496.38 -0.5% -0.5% -0.6% -1.1% ˅ ˄ ˄ Saudi (SASEIDX) 6,783.39 -1.3% -1.3% -3.3% -5.9% ˅ ˅ ˄ Kuwait (KWSE) 6,649.66 -0.6% -0.6% -2.8% 15.7% ˅ ˅ ˄ Egypt (EGX30) 13,205.11 0.8% 0.8% 6.2% 7.0% ˄ ˅ ˄ Qatar (DSM) 10,123.23 0.6% 0.6% 0.6% -3.0% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,317.40 0.2% 0.2% -1.4% 7.9% ˅ ˅ ˄ Oman (MSM30) 5,386.64 -0.3% -0.3% -2.3% -6.8% ˅ ˅ ˅ 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) 167 270 473 58 100 171 78,984 Abu Dhabi (ADSMI) 178 79 127 52 48 60 133,871 Saudi (SASEIDX) 94 173 216 462 830 1,017 432,224 Kuwait (KWSE) 72 291 360 45 79 104 75,578 Egypt (EGX30) 263 278 336 36 84 90 19,833 Qatar (DSM) 9 11 10 61 87 82 129,044 Bahrain (BHSEIDX) 2 5 5 1 3 3 20,302 Oman (MSM30) 6 16 17 4 9 10 16,146 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 Monday , May 29, 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 11.3 8.8 1.5 2.0 1.7 1.4 - - 0.9 1.0 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 8% 6% Previous 600 13.5 11.8 11.2 12 PB 27% 5.2% 5.8% 5.4% 4.3% 9% 4.1% 4% 15.7% 18% 3.0% 7.9% 7.0% 3.5% 0% -1.1% 2% -9% 0.0% -3.0% -5.9% -6.7% -6.8% 0.0% -18% 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 Monday , May 29, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value EMIRATES ISLAMIC BANK PJSC 7.50 -10.00% 0 2 DUBAI ISLAMIC INSURANCE 0.71 -3.82% 542 391 DUBAI FINANCIAL MARKET PJSC 1.07 -2.80% 4,044 4,390 DUBAI INVESTMENTS PJSC 2.06 -2.43% 10,283 21,447 EMAAR MALLS GROUP PJSC 2.57 -2.33% 6,235 16,217 Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL BANK OF UMM 3.09 -9.06% 1,000 3,244 66 SHARJAH CEMENT AND INDUSTRIAL 0.98 -8.16% 5,889 6,027 50 114 DANA GAS PJSC 0.41 -4.88% 8,813 3,706 96 77 SHARJAH ISLAMIC BANK PJSC 1.37 -4.38% 8,295 11,625 0.00% 75 44 INTERNATIONAL FISH FARMING 1.50 -4.00% 393 601 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) ANAAM INTERNATIONAL HOLDING 17.55 3.70% 352 6,059 NAMA CHEMICALS CO SJSC 17.25 -9.57% 440 7,998 DALLAH HEALTHCARE CO 101.00 0.50% 87 8,726 SAUDI PAPER MANUFACTURING CO 7.70 -8.44% 1,124 9,052 JABAL OMAR DEVELOPMENT CO SJSC 67.50 0.37% 78 5,226 AL AHLIA FOR COOPERATIVE 11.60 -7.33% 284 3,426 SAUDI COMPANY FOR HARDWARE 102.75 0.24% 170 17,402 SAUDI ENAYA COOPERATIVE 15.50 -7.10% 107 1,718 NATIONAL MEDICAL CARE COMPANY 47.00 0.21% 605 28,416 MALATH COOPERATIVE INSURANCE 20.45 -7.09% 52 1,112 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) GULF FRANCHISING HOLDING CO KSCP 45.60 18.42% 2 0 ENERGY HOUSE HOLDING COMPANY 43.00 -16.28% 32 2 AUTOMATED SYSTEMS CO KPSC 242.00 15.70% 27 6 BAYAN INVESTMENT COMPANY KSCP 55.80 -13.98% 17,079 1,030 SAFAT GLOBAL HOLDING CO 25.90 11.58% 300 7 FUTURE KID ENTERTAINMENT 116.00 -9.48% 0 0 INDEPENDENT PETROLEUM GROUP 320.00 9.38% 0 0 UNITED REAL ESTATE COMPANY SAKP 89.00 -7.87% 30 3 HITS TELECOM HOLDING CO KSCP 38.00 6.58% 119 4 KUWAIT SYRIAN HOLDING CO KSC 34.60 -7.23% 41 1 Close DoD % Volume Value Close DoD % Volume Value ALEXANDRIA MEDICAL SERVICES CO 43.90 9.29% 0 9 5.53 -6.33% 3 17 REMCO TOURISM VILLAGES 2.97 9.09% 2,139 6,087 AL EZZ DEKHEILA STEEL COMPANY 479.20 -5.88% 0 50 EMAAR MISR FOR DEVELOPMENT SAE 2.54 6.30% 13,597 33,513 PYRAMISA HOTELS AND RESORTS SAE 21.03 -5.42% 1 28 OBOUR LAND FOR FOOD INDUSTRIES 18.04 5.27% 2 34 EGYPTIAN STARCH AND GLUCOSE 13.30 -3.68% 24 328 SHARKIA NATIONAL COMPANY 4.29 5.13% 6 23 KAFR EL ZAYAT PESTICIDES 36.42 -3.24% 2 59 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ISLAMIC BANK QPSC 102.80 2.14% 160 16,239 AHLI BANK QSC 33.00 -4.09% 4 123 MEDICARE GROUP QSC 89.10 1.68% 44 3,911 QATAR OMAN INVESTMENT CO QSC 9.08 -3.08% 18 169 QATAR NAVIGATION QSC 68.60 1.46% 339 23,064 QATAR FIRST BANK LLC 8.62 -2.55% 1,973 17,228 QATAR NATIONAL BANK SAQ 146.00 1.37% 138 20,084 QATARI GERMAN COMPANY 9.00 -2.22% 0 2 QATAR ISLAMIC INSURANCE CO QSC 62.20 1.29% 7 443 ISLAMIC HOLDING GROUP QSC 65.40 -1.53% 59 3,891 Close DoD % Volume Value ARABTEC HOLDING PJSC 0.73 2.48% 0 16,983 NATIONAL CENTRAL COOLING CO PJSC 1.90 1.05% 0 1,315 AJMAN BANK PJSC 1.19 0.84% 698 827 EMIRATES INTEGRATED TELECOMMU 5.39 0.19% 191 1,031 DAMAC PROPERTIES DUBAI CO PSC 2.88 0.00% 1,542 4,442 Close * DoD % Volume ('000) Value (AED ‘000) AXA GREEN CRESCENT INSURANCE 0.60 15.00% 1 1 BANK OF SHARJAH PJSC 1.20 7.50% 57 INVEST BANK PSC 2.30 2.17% INSURANCE HOUSE PSC 0.80 0.00% NATIONAL TAKAFUL CO PJSC 0.58 Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers ROWAD TOURISM CO SAE Top Losers 3
4. MENA Morning Report Monday , May 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 77,802 97.25 -0.8% 6.3% 1,644 42,634 102.50 76.00 15 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,320 17.45 0.0% -7.2% 609 2,891 20.20 17.30 17 3.4 4.6% 3 Qatar National Bank SAQ QA 37,541 148.00 1.4% 0.0% 138 5,629 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 36,134 67.75 -1.5% -6.6% 182 3,286 74.00 51.00 16 2.2 5.9% 5 First Abu Dhabi Bank PJSC AE 32,786 11.05 0.0% 10.6% 188 565 11.55 7.60 11 1.3 4.1% 6 Al Rajhi Banking & Investment Corp SA 26,976 62.25 0.0% -1.2% 2,240 37,188 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Company SJSC SA 25,222 22.70 -1.7% 1.3% 890 5,387 25.80 14.30 11 1.3 3.1% 8 National Commercial Bank SJSC SA 21,387 40.10 -2.0% -5.9% 268 2,864 45.00 32.00 9 1.3 4.0% 9 DP World Ltd AE 18,717 22.55 -0.0% 28.8% 18 113 22.90 15.53 19 2.1 1.7% 10 Industries Qatar QSC QA 17,429 104.90 -0.2% -10.7% 75 2,147 122.00 94.50 20 2.0 3.8% 11 Jabal Omar Development Co SJSC SA 16,792 67.75 0.4% -9.4% 78 1,401 76.00 46.00 72 6.1 0.0% 12 Almarai Co SJSC SA 16,587 77.75 0.0% 13.5% 317 6,568 78.25 51.50 31 4.9 0.0% 13 Emaar Properties PJSC AE 13,938 7.15 -1.2% 0.3% 2,917 5,679 7.79 6.07 9 1.2 2.1% 14 National Bank of Kuwait SAKP KW 13,274 680.00 -0.7% 9.8% 1,547 3,469 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 12,807 41.10 -1.2% 5.4% 441 4,835 44.00 27.80 681 1.9 0.0% 16 Emirates NBD Bank PJSC AE 12,333 8.15 -0.4% -4.0% 1,881 4,174 9.00 7.60 7 0.8 4.9% 17 Samba Financial Group SJSC SA 11,494 21.55 -0.7% -11.5% 90 518 25.20 15.90 9 1.0 4.4% 18 Abu Dhabi Commercial Bank PJSC AE 10,304 7.28 -0.3% 5.5% 353 699 7.68 5.66 9 1.3 5.5% 19 Ezdan Holding Group QSC QA 10,227 14.04 0.6% 0.0% 1,620 6,245 20.24 13.20 17 1.2 3.6% 20 Kingdom Holding Co SA 9,982 10.10 -0.5% -15.5% 206 556 12.95 9.90 70 1.3 5.0% 21 Emirates Islamic Bank PJSC AE 9,980 6.75 -10.0% 0.0% 0 1 11.95 1.57 123 5.3 0.0% 22 Kuwait Finance House KSCP KW 9,282 488.00 -0.8% -0.6% 901 1,451 572.73 400.00 13 1.6 0.0% 23 Masraf Al Rayan QSC QA 9,248 44.90 1.0% 19.4% 591 7,282 44.90 32.50 17 2.9 4.5% 24 Ooredoo QSC QA 9,237 105.00 0.0% 3.1% 105 3,040 116.10 81.50 18 1.5 3.3% 25 Saudi British Bank SJSC SA 9,000 22.50 -1.3% 0.0% 11 68 25.90 16.40 9 1.1 0.0% 26 Emaar Malls Group PJSC AE 8,894 2.51 -2.3% -4.2% 6,235 4,261 3.00 2.47 17 2.0 4.0% 27 Banque Saudi Fransi SJSC SA 8,483 26.40 -0.8% 1.1% 24 170 27.50 18.00 9 1.0 4.0% 28 Riyad Bank SJSC SA 8,240 10.30 0.0% -10.8% 67 185 11.80 8.55 10 0.8 6.3% 29 Yanbu National Petrochemicals Co SJSC SA 8,175 54.50 -1.8% 0.9% 40 582 61.75 37.00 12 1.9 5.5% 30 Dubai Islamic Bank PJSC AE 7,724 5.74 -1.0% 3.1% 6,147 9,607 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 551,316 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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