MENA Market Report - 3 August

Transcription

1. MENA Morning Report Thursday , August 03, 2017 Overview Regional Markets: The trading activity within the MENA markets was mostly positive with five indexes ending in green, while three closed in red for the day. Second quarter earnings have led the buying activity in some of the regional markets, especially Dubai and Abu Dhabi, while disappointing re sults dragged Saudi Arabia. Oil prices have been able to remain above the $50 per barrel mark in the past few sessions, however there has been limited impact on the regional sentiments. For the day, UAE markets ended on a positive note as Dubai was up by 0.3% and Abu Dhabi by 1.0%. Dubai is continuing to trade higher as investors accumulate stoc ks, which has pushed the index higher by 0.8% in August after rising by 7.1% in the previous month. Abu Dhabi is also maintaining similar trend as it rises by 0.9% in August so far after rising by 3.2% in the previous month. Saudi Arabia continues to remain under pressure as the index slides lower by 0.4% for the day, extending the losses to 1.3% during the week. Qatar rebounded by 0.6% for the day after witnessing selling pressure during earlier sessions of the week. The trading activity was subdued during the session, which indicates lack of conviction and more of a technical rebound after sharp sell-off. Egypt closed marginally higher by 0.1%, while Kuwait was down by 0.3% after rising in the previous sessions. Oman closed higher by 0.5% for the day, extending the monthly gains to 1.0%, however, it remains as the worst performer in the region with losses of 12.2% on the back of challenging economic environment. International Markets: US markets closed on a mixed note as DJIA and S&P were up by 0.2% and 0.1% respectively, while Nasdaq was flat. European markets closed on a negative note as FTSE, DAX and CAC were all down by 0.2%, 0.6% and 0.4% respectively. At the time of writing this report, Asian markets have opened in red as Nikkei, Hang Seng and Shanghai are down by 0.4%, 0.2% and 0.2% respectively. Headlines (WW) US personal income unchanged in June vs 0.3% increase expected (GCC) Construction industry across the Gulf on cusp of a rebound (WW) US spending, factory data point to moderate economic growth (SA) Saudi, Tunisia sign programme for enhancing economic cooperation (WW) US construction spending falls as government outlays tumble (SA) Saudi unveils USD 2.1bn plan for Taif tourism development (WW) China's economy revels in proving sceptics wrong (SA) Saudi Arabia makes another move toward privatisation (WW) UK construction activity slumps to 11-month low (AE) UAE creates tax framework as Gulf States move toward VAT (WW) Growth to accelerate as UK economy bounces back (AE) UAE's non-oil economic growth set to accelerate in H2 on higher Govt spending (WW) Euro zone economic growth stays robust in second quarter (AE) Abu Dhabi plastics sector creates USD 55bn funding (WW) Japan needs more work for durable deflation exit (AE) Dubai's freehold areas could see further rental drops (WW) Canada's July auto sales up 4.9% as sales decline in US (EG) Egypt's foreign reserves surge to record as confidence returns (WW) RBI seen cutting rates to over 6-1/2 year low, faces pressure to do more (EG) Egypt says USD 10bn FDI target may be topped (CMD) Gold holds near seven week high on weak US economic data (EG) Egypt to issue USD 2-4bn in eurobonds in Q1 2018 (CMD) Oil down 1 percent on surprise rise in US inventories (QA) Qatari workers hit hard by rising food prices and job insecurity (FX) Dollar clings to modest gains after bounce from 15-month lows (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,660.94 0.3% 1.5% 0.8% 3.7% ˄ ˄ ˅ Abu Dhabi (ADSMI) 4,608.29 1.0% 0.9% 0.9% 1.4% ˄ ˅ ˄ Saudi (SASEIDX) 7,080.87 -0.4% -1.3% -0.2% -1.8% ˅ ˄ ˄ Kuwait (KWSE) 6,823.95 -0.3% 0.3% -0.4% 18.7% ˄ ˅ ˄ Egypt (EGX30) 13,405.20 0.1% -1.5% -0.1% 8.6% ˅ ˄ ˄ Qatar (DSM) 9,360.59 0.6% -2.1% -0.5% -10.3% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,326.16 -0.1% -0.7% -0.1% 8.7% ˄ ˅ ˄ Oman (MSM30) 5,074.39 0.5% 0.5% 1.0% -12.2% ˅ ˅ ˅ 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) 272 288 311 104 95 116 84,708 Abu Dhabi (ADSMI) 60 107 105 22 47 52 135,352 Saudi (SASEIDX) 116 162 171 663 787 845 450,145 Index Kuwait (KWSE) 70 81 235 31 54 83 75,578 Egypt (EGX30) 247 309 286 50 72 80 19,150 Qatar (DSM) 8 11 11 68 87 93 110,156 Bahrain (BHSEIDX) 1 3 4 1 2 2 20,505 Oman (MSM30) 20 14 17 9 6 9 13,986 * 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 Thursday , August 03, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.0 11.3 11.6 Previous 489.3 12.4 11.3 9.7 386.2 8.6 300 8 239.3 188.3 4 1.2 Current 600 1.6 2.0 1.6 1.3 - - 0.9 0.9 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 Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 27% 8% 18.7% 18% 6.2% 6% 4.7% 5.3% 9% 4.5% 4.3% 4% 3.5% 3.1% 3.7% 0% -1.8% -9% 2% -10.3% -18% 0.0% 0.0% Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -12.2% -27% 0% Dubai 8.7% 8.6% 1.4% 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 Thursday , August 03, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) COMMERCIAL BANK OF DUBAI PSC 4.49 -9.80% 3 12 20,217 EMIRATES INTEGRATED TELECOM CO 5.84 -2.40% 259 1,529 15,264 36,491 GULF GENERAL INVESTMENT CO PSC 0.39 -2.03% 1,897 755 1.19% 9,125 76,104 SHUAA CAPITAL PSC 1.32 -1.52% 721 958 0.93% 11,356 12,209 MASHREQBANK PSC 71.00 -1.41% 71 5,111 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) COMMERCIAL BANK INTERNATIONAL 1.01 14.85% 15 14 GULF MEDICAL PROJECTS CO PSC 3.00 -10.00% 0 0 SHARJAH CEMENT AND INDUSTRIAL 1.00 9.00% 3 3 AL KHAZNA INSURANCE COMPANY PS 0.35 -8.57% 3,521 1,290 METHAQ TAKAFUL INSURANCE CO 0.86 6.98% 21,920 18,237 SHARJAH ISLAMIC BANK PJSC 1.40 -2.14% 43 61 ABU DHABI NATIONAL INSURANCE CO 3.05 5.57% 30 89 ABU DHABI NATIONAL ENERGY CO 0.51 -1.96% 3,303 1,702 ABU DHABI COMMERCIAL BANK PJSC 7.20 1.94% 423 3,016 AGTHIA GROUP PJSC 5.40 -1.67% 74 401 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI RE FOR COOPERATIVE REINSU 6.70 4.48% 3,756 24,624 MIDDLE EAST PAPER CO SJSC 17.10 -5.73% 899 15,840 UNITED INTERNATIONAL TRANSPORT 21.10 4.27% 2,112 43,643 NATIONAL MEDICAL CARE COMPANY 41.10 -4.62% 1,285 54,089 AL TAYYAR TRAVEL GROUP HOLDING 32.30 3.87% 1,585 50,228 RAYDAN COMPANY CJSC 24.00 -4.17% 7 181 AL AHSA DEVELOPMENT CO SJSC 12.20 3.28% 2,041 24,505 SAUDI RESEARCH AND MARKETING 74.80 -3.21% 745 56,650 SAUDI PAPER MANUFACTURING CO 7.37 3.12% 4,756 34,520 SAUDI CHEMICAL CO SJSC 37.35 -2.95% 82 3,125 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 75.00 20.00% 0 0 AL MUDON INTERNATIONAL REAL 39.60 -6.57% 58 2 FIRST TAKAFUL INSURANCE CO KPSC 51.00 17.45% 475 22 GULF PETROLEUM INVESTMENT CO 42.60 -6.10% 5,894 259 AFAQ EDUCATIONAL SERVICES CO 105.00 14.29% 124 12 NATIONAL CONSUMER HOLDING CO 85.00 -5.88% 0 0 JAZEERA AIRWAYS CO KSCP 480.00 4.17% 69 32 NATIONAL CLEANING CO KSCP 52.00 -5.77% 10 1 GULF FRANCHISING HOLDING CO KSCP 76.00 3.82% 50 4 WETHAQ TAKAFUL INSURANCE CO 54.00 -5.56% 102 6 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) SOUTH CAIRO AND GIZA MILLS 41.96 9.29% 1 59 VODAFONE EGYPT TELECOMM CO 78.50 -8.57% 0 13 ARAB ALUMINUM CO SAE 25.28 8.39% 82 1,988 ACROWMISR FOR METALLIC SCAFFO 111.28 -6.94% 54 6,192 EGYPT ALUMINUM CO SAE 76.43 8.07% 61 4,511 MARIDIVE AND OIL SERVICES SAE 0.21 -4.76% 52 11 EL NASR TRANSFORMERS AND ELECT 6.60 7.42% 268 1,709 ALEXANDRIA PORTLAND CEMENT CO 8.78 -4.44% 4 38 INTERNATIONAL CO FOR AGRI 1.93 7.25% 2,457 4,582 CLEOPATRA HOSPITAL 24.49 -4.12% 215 5,390 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) AL MEERA CONSUMER GOODS CO 149.80 6.14% 523 76,027 QATAR OMAN INVESTMENT CO QSC 8.90 -3.03% 7 59 QATAR GAS TRANSPORT CO LTD 17.67 4.02% 165 2,857 GULF INTERNATIONAL SERVICES QSC 21.08 -2.61% 658 14,065 UNITED DEVELOPMENT COMPANY 17.00 1.76% 398 6,709 QATARI GERMAN COMPANY 8.10 -1.60% 4 34 SALAM INTERNATIONAL INVESTMENT 9.18 1.74% 14 125 VODAFONE QATAR QSC 9.29 -0.97% 3,429 32,014 GULF WAREHOUSING CO QSC 47.75 1.57% 13 593 QATAR NAVIGATION QSC 66.00 -0.76% 51 3,357 Close * DoD % Volume ('000) Value (AED ‘000) DXB ENTERTAINMENTS PJSC 0.79 7.39% 0 50,435 AMLAK FINANCE PJSC 1.14 2.63% 0 DUBAI INVESTMENTS PJSC 2.42 2.48% EMAAR PROPERTIES PJSC 8.39 AIR ARABIA PJSC 1.08 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Egypt Kuwait Top Gainers BURGAN FOR WELL DRILLING TRAD Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Thursday , August 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 77,924 97.40 -1.3% 6.4% 4,208 1,09,292 105.40 76.00 15 1.8 6.2% 2 Emirates Telecommunications Group Co AE 44,166 18.65 0.8% -0.8% 644 3,272 20.00 17.10 19 3.7 4.3% 3 Saudi Telecom Company SJSC SA 38,722 72.60 -0.4% 0.0% 133 2,577 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 35,184 138.90 0.9% -6.2% 165 6,284 157.27 121.70 10 1.8 2.3% 5 First Abu Dhabi Bank PJSC AE 32,345 10.90 1.9% 9.1% 967 2,870 11.55 8.30 14 1.2 4.1% 6 Al Rajhi Banking & Investment Corp SA 26,998 62.30 0.5% -1.1% 2,431 40,388 71.70 48.60 12 1.9 3.6% 7 Saudi Electricity Company SJSC SA 26,557 23.90 0.3% 6.7% 335 2,134 26.05 14.30 11 1.4 2.9% 8 National Commercial Bank SJSC SA 26,428 49.55 -0.7% 16.3% 335 4,430 58.00 32.00 11 1.7 3.2% 9 DP World Ltd AE 18,924 22.80 1.8% 30.2% 54 335 23.85 15.53 19 2.2 1.7% 10 Jabal Omar Development Co SJSC SA 16,829 67.90 -1.0% -9.2% 69 1,249 76.00 46.00 72 6.2 0.0% 11 Almarai Co SJSC SA 16,769 78.60 0.1% 14.7% 195 4,080 98.30 51.50 30 4.7 1.1% 12 Emaar Properties PJSC AE 16,552 8.49 1.2% 19.1% 9,125 21,093 8.49 6.37 11 1.4 0.0% 13 Industries Qatar QSC QA 15,779 95.10 -0.2% -19.1% 99 2,577 122.00 91.10 18 1.8 4.2% 14 Saudi Arabian Mining Co SJSC SA 14,911 47.85 -1.1% 22.7% 328 4,191 53.80 27.80 189 2.2 0.0% 15 National Bank of Kuwait SAKP KW 13,745 700.00 0.0% 13.1% 331 770 723.81 533.33 14 1.3 4.1% 16 Samba Financial Group SJSC SA 13,259 24.86 -0.6% 2.1% 557 3,691 27.10 15.90 10 1.1 3.8% 17 Emirates NBD Bank PJSC AE 12,168 8.04 0.1% -5.3% 54 118 9.00 7.60 7 0.8 5.0% 18 Abu Dhabi Commercial Bank PJSC AE 10,390 7.34 1.9% 6.4% 423 845 7.68 5.66 10 1.3 5.4% 19 Saudi British Bank SJSC SA 10,261 25.65 -1.7% 0.0% 339 2,320 28.40 16.40 10 1.2 2.7% 20 Kuwait Finance House KSCP KW 10,255 536.00 0.8% 9.2% 1,709 3,040 572.73 413.64 16 1.7 2.9% 21 Kingdom Holding Co SA 10,081 10.20 0.6% -14.6% 41 111 12.95 9.80 71 1.3 4.9% 22 Banque Saudi Fransi SJSC SA 9,676 30.10 -2.0% 15.3% 336 2,696 33.20 18.00 10 1.1 0.0% 23 Ezdan Holding Group QSC QA 9,486 13.04 1.0% -13.7% 196 701 20.24 10.72 17 1.2 3.8% 24 Emirates Islamic Bank PJSC AE 8,946 6.05 0.8% 0.0% 1 1 11.95 1.57 95 4.7 0.0% 25 Emaar Malls Group PJSC AE 8,860 2.50 0.0% 0.0% 2,089 1,422 2.97 2.38 17 2.0 0.0% 26 Masraf Al Rayan QSC QA 8,484 41.25 0.2% 0.0% 218 2,467 45.40 33.05 15 2.5 0.0% 27 Riyad Bank SJSC SA 8,448 10.56 -0.4% -8.6% 161 454 11.80 8.55 11 0.9 6.2% 28 Ooredoo QSC QA 8,301 94.50 1.3% -7.2% 36 929 116.10 88.20 17 1.4 3.7% 29 Yanbu National Petrochemicals Co SJSC SA 8,220 54.80 -0.4% 1.5% 160 2,335 61.75 39.90 14 2.0 5.5% 30 Dubai Islamic Bank PJSC AE 8,182 6.08 -0.3% 9.2% 1,966 3,255 6.29 5.01 10 1.2 7.4% Company Name Total M-Cap; W. Avg Yield 566,848 3.2% 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. Moreover, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve risks. Past results do not guarantee future performance. We accept no liability for any loss arising from the use of material presented in this report. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent. Copyright © 2015 Al Masah Capital Management Limited 4