MENA Market Report - 3 April

Transcription

1. MENA Morning Report Monday , April 03, 2017 Overview Regional Markets: MENA region started the second quarter on a weaker note, continuing the range bound trading sessions from previous week. Oil prices rising above $53 levels per barrel was not able to lift the sentiments as investors are awaiting the first quarter earnings to draw directions for the rest of the year. In addition, investors will also closely watch the developments in global markets to take cues and accordingly change portfolio allocations in local markets. For the day, five out of the eight indexes closed in red, while three ended in green. UAE markets closed in green as Dubai and Abu Dhabi were up by 0.3% and 0.1% respectively for the day. In Dubai, the trading was concentrated about the tier 2 and 3 stocks, while Emaar, the index heavyweight, was down by 1.1%. In Abu Dhabi, the index witnessed increased trading activity in First Abu Dhabi Bank, the new merged entity, as it closed up by 0.2% for the day. Saudi Arabia closed marginally lower as it was down by 0.2% for the day, which was mostly dragged by banking sector stocks after witnessing buying interest in previous week. Qatar closed marginally higher by 0.1% for the day, which the trading activity remained low, in line with regional sentiments. Egypt closed on a negative note as it was down by 0.6% for the day. Kuwait closed marginally lower by 0.1% for the day, in line with the regional sentiments but the overall trend remains positive since the start of 2017. Bahrain and Oman were both down by 0.7% and 0.2% respectively for the day. International Markets: At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai are up by 0.4%, 0.5% and 0.4% respectively. Headlines (WW) Trump's first comprehensive scorecard on the economy could be ugly (GCC) GCC's total bond and sukuk issuances at USD 167.54 billion (WW) UK Current Account Deficit Falls to Lowest Level in Years as UK Exports Rise (SA) Saudi Arabia's fiscal position remains strong (WW) Warning signs abound for UK economy following strong fourth quarter (SA) Saudi Arabia, South Korea to set up advisory council (WW) CCB injects USD 89.9 billion of liquidity in March, up sharply from Feb (SA) Tax normalization boosts Saudi Aramco prospects (WW) China economy stable but complexities 'cannot be underestimated' (SA) Saudi Arabia on road to implementing customs transit system (WW) China raises interest rates on standing lending facility loans (AE) SMEs, Emiratisation 'to boost UAE manufacturing sector' (WW) German unemployment falls more than expected in March (AE) Real estate sector dominates Abu Dhabi foreign investment (WW) German retail sales jump more than expected in Feb (AE) VAT will push up UAE insurance costs (CMD) Oil retreats, set to become worst-performing asset in Q1 2016 (OM) Oman targets more tourists, investments from GCC (CMD) Gold jumps to INR 29250 on global cues, jewellers' buying (OM) External funding key to Oman's public finance (FX) Sterling recovers after Trump report, Eurozone inflation falls short (KW) Kuwait to import fuel oil as it mothballs Shuaiba refinery (FX) Dollar edges lower after breaking through 100 mark (BH) CI affirms Bahrain at 'BB+' with a stable outlook (FI) Yields slip as Fed's Dudley sees no rush to raise rates (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,491.46 0.3% 0.3% 0.3% -1.1% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,449.66 0.1% 0.1% 0.1% -2.1% ˅ ˅ ˄ Saudi (SASEIDX) 6,990.43 -0.2% -0.2% -0.2% -3.1% ˄ ˅ ˄ Kuwait (KWSE) 7,021.37 -0.1% -0.1% -0.1% 22.2% ˄ ˄ ˄ Egypt (EGX30) 12,912.27 -0.6% -0.6% -0.6% 4.6% ˄ ˄ ˄ Qatar (DSM) 10,397.85 0.1% 0.1% 0.1% -0.4% ˅ ˄ ˄ Bahrain (BHSEIDX) 1,346.08 -0.7% -0.7% -0.7% 10.3% ˄ ˄ ˄ Oman (MSM30) 5,537.74 -0.2% -0.2% -0.2% -4.2% ˅ ˅ ˄ 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) 262 523 530 88 199 193 82,227 Abu Dhabi (ADSMI) 71 161 151 38 72 63 116,785 Saudi (SASEIDX) 154 206 249 790 1,021 1,117 435,642 Kuwait (KWSE) 279 461 300 84 139 94 75,578 Egypt (EGX30) 162 342 373 49 91 93 19,759 Qatar (DSM) 5 11 9 55 101 82 132,139 Bahrain (BHSEIDX) 3 5 4 6 3 3 21,027 Oman (MSM30) 10 19 17 4 12 10 16,420 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 , April 03, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.5 386.2 8.5 300 8 239.3 188.3 4 1.2 Current 489.3 11.1 9.1 1.3 2.0 1.7 1.5 - - 0.9 1.1 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 27% 5.7% 5.6% 4% 3.3% 1.9% Kuwait 0.0% Egypt Average 9% 4.6% 0% 0% Dubai Abu Dhabi Saudi Oman 22.2% -1.1% 0.0% Bahrain 10.3% 4.0% 2% Qatar 18% 5.0% 4.3% Egypt Year to Date Perfomance Dividend Yield 8% 6% Previous 600 12.8 11.9 10.9 12 PB Qatar Bahrain Oman Average -2.1% -3.1% Abu Dhabi Saudi -0.4% -4.2% -9% Dubai 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 , April 03, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MARKA PJSC 1.26 -3.97% 510 656 9,316 AMANAT HOLDINGS PJSC 1.11 -2.70% 25,939 29,192 30,718 13,357 NATIONAL CENTRAL COOLING CO PJSC 1.90 -2.11% 561 1,078 3.10% 68 86 SHUAA CAPITAL PSC 1.78 -1.12% 2,427 4,345 3.10% 68 86 EMAAR PROPERTIES PJSC 7.30 -1.10% 3,793 27,846 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL ENERGY CO 0.46 13.04% 15,773 6,837 UNITED ARAB BANK PJSC 1.73 -9.83% 8 14 NATIONAL MARINE DREDGING PSC 4.50 4.44% 6 26 NATIONAL TAKAFUL CO PJSC 0.66 -9.09% 5 3 METHAQ TAKAFUL INSURANCE CO 0.80 3.75% 1,741 1,367 SHARJAH CEMENT AND INDUSTRIAL 1.07 -5.61% 24 26 DANA GAS PJSC 0.42 2.38% 6,439 2,673 EMIRATES TELECOMMUNICATIONS 18.05 -1.39% 748 13,599 GULF PHARMACEUTICAL INDUSTRIES 2.27 2.20% 66 149 AGTHIA GROUP PJSC 6.43 -1.24% 91 589 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AL JAZIRA MAWTEN REIT 19.85 9.82% 10,251 194,387 ABDULLAH SAAD MOHAMMED 17.05 -5.87% 190 3,333 SAUDI KAYAN PETROCHEMICAL CO 7.90 4.43% 8,965 69,323 SAUDI INDUSTRIAL INVESTMENT 20.60 -3.64% 542 11,370 UNITED WIRE FACTORIES CO JSC 23.10 3.90% 1,216 27,567 AL-OMRAN INDUSTRIAL AND TRADING 30.40 -2.96% 5 170 NATIONAL GAS AND INDUSTRIAL 32.40 3.40% 524 16,694 SAUDI BRITISH BANK SJSC 22.65 -2.87% 29 670 BANK ALBILAD SJSC 18.35 3.27% 1,014 18,314 ABDULLAH AL OTHAIM MARKETS CO 110.00 -2.73% 30 3,326 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) TAAMEER REAL ESTATE INVESTMENT 36.50 6.85% 8,087 286 KUWAIT BUILDING MATERIALS MANU 128.00 -7.81% 2 0 KUWAIT REAL ESTATE HOLDING CO 39.50 6.33% 7,644 293 NATIONAL INDUSTRIES GROUP HOLD 130.00 -7.69% 12,235 1,657 KUWAIT REMAL REAL ESTATE CO KPSC 81.00 6.17% 10,112 795 NATIONAL CONSUMER HOLDING 130.00 -7.69% 115 16 SHUAIBA INDUSTRIAL COMPANY KPSC 410.00 6.10% 11 4 KUWAIT CEMENT CO KSCP 530.00 -7.55% 3 1 AL MADINA FOR FINANCE INVEST 52.00 5.77% 4,716 239 PRIVATIZATION HOLDING CO KPSC 53.00 -5.66% 7,950 434 Close DoD % Volume Value Close * DoD % Volume ('000) Value (EGP ‘000) TRANS OCEANS TOURS SAE 0.05 20.00% 36 2 SHOROUK FOR MODERN PRINTING 9.32 -4.61% 4 37 RAYA HOLDING FINANCIAL INVEST 10.81 9.99% 95 985 OBOUR LAND FOR FOOD INDUSTRIES 13.71 -4.45% 7 101 ACROWMISR METALLIC 74.48 9.99% 33 2,343 PORTO GROUP HOLDING SAE 0.27 -3.70% 1,512 416 EGYPTIAN TOURAH PORTLAND 11.74 9.54% 232 2,604 PAINTS AND CHEMICAL INDUSTRIES 31.15 -3.56% 32 1,004 ISMAILIA DEVELOPMENT AND RE 3.47 9.22% 19 64 EGYPT ALUMINUM CO SAE 36.07 -3.47% 26 967 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ISLAMIC INSURANCE CO QSC 63.00 3.02% 38 2,331 ZAD HOLDING CO SAQ 89.50 -3.91% 1 46 OOREDOO QSC 96.60 2.17% 217 20,752 BARWA REAL ESTATE CO QSC 35.75 -1.54% 506 18,221 QATAR OMAN INVESTMENT CO QSC 9.79 1.63% 0 3 QATAR ISLAMIC BANK SAQ 102.30 -1.17% 86 8,853 ISLAMIC HOLDING GROUP QSC 66.60 1.35% 53 3,498 DOHA INSURANCE CO QSC 16.64 -1.14% 50 837 DLALA BROKERAGE AND INVESTMENT 22.62 1.24% 16 371 AL MEERA CONSUMER GOODS CO 168.40 -1.13% 4 665 Close * DoD % Volume ('000) Value (AED ‘000) GULF NAVIGATION HOLDING PJSC 1.37 5.84% 0 2,776 DAR AL TAKAFUL PJSC 1.16 5.17% 8,233 ISLAMIC ARAB INSURANCE CO PSC 0.44 3.84% AJMAN BANK PJSC 1.29 AJMAN BANK PJSC 1.29 Dubai Top Gainers Saudi Arabia Abu Dhabi Top Gainers Kuwait Top Gainers Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Monday , April 03, 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 77,404 96.75 0.0% 5.7% 2,287 59,004 98.50 73.25 16 1.8 4.1% 2 Emirates Telecommunications Group Co AE 42,153 17.80 -1.4% -5.3% 748 3,626 20.20 17.15 17 3.6 4.5% 3 Qatar National Bank SAQ QA 37,090 146.20 0.1% 0.0% 128 5,133 157.27 121.36 0 0.0 0.0% 4 Saudi Telecom Company SJSC SA 35,469 66.50 -0.4% -8.3% 205 3,630 74.00 51.00 16 2.2 6.0% 5 Al Rajhi Banking & Investment Corp SA 27,626 63.75 0.0% 1.2% 1,322 22,470 67.50 48.60 13 2.0 3.5% 6 Saudi Electricity Co SJSC SA 25,890 23.30 0.6% 4.0% 1,363 8,467 25.80 14.30 46 1.6 3.0% 7 National Commercial Bank SJSC SA 20,801 39.00 -1.3% -8.5% 647 6,726 46.30 32.00 8 1.3 4.1% 8 Industries Qatar QSC QA 18,362 110.50 0.2% -6.0% 78 2,360 122.00 94.50 23 2.0 3.6% 9 DP World Ltd AE 17,679 21.30 -0.9% 21.6% 86 497 22.25 15.53 18 2.0 1.8% 10 Jabal Omar Development Co SJSC SA 16,916 68.25 0.4% -8.7% 155 2,818 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 15,807 12.90 0.0% 0.4% 10,031 35,237 14.00 10.50 10 1.6 7.8% 13 National Bank of Abu Dhabi PJSC AE 14,882 10.40 1.5% 4.1% 3,484 9,866 10.90 7.60 11 1.2 4.3% 14 Almarai Co SJSC SA 14,881 69.75 -1.1% 1.8% 159 2,965 71.00 50.00 28 4.3 1.3% 15 Emaar Properties PJSC AE 14,076 7.22 -1.1% 1.3% 3,793 7,458 7.79 5.89 10 1.3 2.1% 16 National Bank of Kuwait SAKP KW 13,206 680.00 3.0% 9.8% 2,806 6,262 723.81 523.81 14 1.3 4.2% 17 Saudi Arabian Mining Co SJSC SA 12,714 40.80 -0.2% 4.6% 315 3,427 43.80 27.80 119 1.7 0.0% 18 Emirates NBD Bank PJSC AE 12,561 8.30 0.0% -2.2% 759 1,715 9.00 7.56 7 0.8 4.8% 19 Ezdan Holding Group QSC QA 11,518 15.81 0.1% 4.6% 767 3,333 20.24 14.63 23 1.4 3.2% 20 Samba Financial Group SJSC SA 11,254 21.10 -1.2% -13.3% 162 912 25.20 15.90 8 1.0 4.5% 21 Kingdom Holding Co SA 10,525 10.65 -0.5% -10.9% 82 232 13.15 9.90 77 1.4 0.0% 22 Abu Dhabi Commercial Bank PJSC AE 9,597 6.78 -0.3% -1.7% 117 216 7.68 5.66 9 1.2 0.0% 23 Emaar Malls Group PJSC AE 9,356 2.64 0.0% 0.8% 735 528 3.10 2.47 18 2.1 3.8% 24 Kuwait Finance House KSCP KW 9,117 530.00 0.0% 8.0% 4,264 7,417 572.73 400.00 15 1.7 2.9% 25 Saudi British Bank SJSC SA 8,800 22.00 -2.9% 0.0% 29 171 25.90 16.40 8 1.1 0.0% 26 Ooredoo QSC QA 8,684 98.70 2.2% -3.0% 217 5,886 116.10 81.50 14 1.4 3.5% 27 Masraf Al Rayan QSC QA 8,683 42.15 0.0% 12.1% 841 9,736 44.20 32.10 15 2.5 4.7% 28 Yanbu National Petrochemicals Co SJSC SA 8,663 57.75 0.9% 6.9% 166 2,555 59.75 37.00 14 2.0 5.2% 29 Riyad Bank SJSC SA 8,360 10.45 -0.9% -9.5% 250 697 11.80 8.55 9 0.8 6.2% 30 Banque Saudi Fransi SJSC SA 8,291 25.80 -0.4% -1.1% 111 767 27.80 18.00 9 1.0 4.1% Company Name Total M-Cap; W. Avg Yield 546,631 3.3% 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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