MENA Market Report - 3 November

Transcription

1. MENA Morning Report Thursday , November 03, 2016 Overview Regional Markets: MENA markets ended the session on a negative note, in line with the sentiments seen in the global markets. Further the weakne ss in oil prices weighed on investor sentiments across regional markets. For the day, seven out of the eight indexes closed in red, while Egypt was the only one to close in green. UAE markets closed on a negative note as Dubai and Abu Dhabi were down by 0.9% and 1.0% for the day. The losses incurred for the day has also pushed both of UAE markets in red, in line with the trend seen in regional markets. Saudi Arabia closed lower by 0.1% for the day, however the losses were minimized with continued buying activity in banks. The Saudi index has gained around 10% in the past two weeks as sentiments turned bullish post the record debut sovereign bond sale, which raised hopes for further debt raising activity to fund burgeoning deficit. Egypt closed up by 0.9% for the day after the government approved steps designed to boost investments. Qatar closed lower by 1.3% for the day, extending the weekly losses to 2.9%, leading the regional pack. Kuwait, Bahrain and Oman were all down by 0.1%, 0.4% and 0.1% respectively for the day. International Markets: US markets closed on a negative note as Dow Jones, Nasdaq and S&P were all down by 0.4%, 0.9% and 0.7% respectively for the d ay. European markets closed on a negative note as FTSE, DAX and CAC were all down by 1.0%, 1.5% and 1.2% respectively for the day. At the time of writing this report, Asian markets have opened on a mixed note as Hang Seng was down by 0.1%, while Shanghai was up by 0.8% and Nikkei was closed for the day. Headlines (WW) US private sector adds 147,000 jobs in October (SA) Saudi Arabia turns to big data to boost business innovation (WW) Fed holds rates steady, sets stage for December hike (SA) Saudi Aramco’s Chief Sees Oil Rebounding In H1 2017 (WW) UK construction growth hits seven-month high, but outlook darkens (SA) Businessman held over USD 26.6 million illegal transaction in Saudi Arabia (WW) German jobless rate hits record low, job vacancies rise (WW) Euro zone October factory growth near three-year high, PMI shows (AE) Importance of China in Dubai Expo 2020 plan (WW) China services sector grows at fastest pace in four months in October (AE) UAE and Dubai economic activity slows on back of low oil prices (WW) China debt risks stoke internal debate over lowering 2017 growth goal (AE) UAE needs to pare down the cost of living (WW) Alibaba revenue beats expectations with strong e-commerce, media growth (EG) Egypt's sugar shortage a window on economic policy confusion (CMD) Weaker dollar lifts oil prices from five-week low (EG) Egypt's budget deficit hits 12.2% in 2015/2016, intl grants slashed by 86% (CMD) Gold holds above USD 1,300 after Fed decision (QA) Qatar Central Bank sells all 1.45 billion riyals T-bills on offer, yields rise (FX) Egypt's pound hits five-week high on black market as businesses cease buying (KW) KFH 9M net profit rises 16.5% to KWD 123.1 million (FX) Dollar edgy after slumping on U.S. election jitters (BH) Bahrain, Turkey aim to boost trade volume to USD 1 billion (FI) US Bond Prices Hold Gains After Fed Keeps Rates Unchanged (Source: Thomson Reuters, Bloomberg) (AE) UAE looks to non-oil sector with 4% growth target for 2017 MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,291.52 -0.9% -0.8% Abu Dhabi (ADSMI) 4,264.50 -1.0% -0.7% -1.2% 4.5% ˅ ˅ ˄ -0.8% -1.0% ˅ ˅ ˄ Saudi (SASEIDX) 5,989.62 -0.1% 0.9% -0.4% -13.3% ˄ ˅ ˅ Kuwait (KWSE) 5,407.67 Egypt (EGX30) 8,524.66 -0.1% 0.2% 0.1% -3.7% ˄ ˅ ˄ 0.9% 2.2% 1.7% 21.7% ˄ ˄ ˄ Qatar (DSM) Bahrain (BHSEIDX) 10,073.03 -1.3% -2.9% -1.0% -3.4% ˅ ˅ ˄ 1,145.07 -0.4% -0.3% -0.3% -5.8% ˄ ˄ ˅ Oman (MSM30) 5,470.86 -0.1% -0.5% -0.2% 1.2% ˅ ˅ ˄ 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) 170 266 268 66 95 95 77,966 Abu Dhabi (ADSMI) 104 68 73 49 36 41 113,916 Saudi (SASEIDX) 251 184 210 970 775 940 376,147 Kuwait (KWSE) 113 67 84 43 33 32 75,578 Egypt (EGX30) 369 194 189 237 106 106 25,794 Qatar (DSM) 6 7 6 60 78 69 127,676 Bahrain (BHSEIDX) 13 2 2 11 1 1 17,667 Oman (MSM30) 8 17 17 4 8 9 16,278 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 1
2. MENA Morning Report Thursday , November 03, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 PB 11.8 10.8 10.5 9.2 8.1 386.2 300 8 239.3 188.3 178.1 4 1.2 1.3 1.6 1.4 1.5 - - 0.8 1.1 Bahrain Oman - 106.9 87.2 1.3 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% Current 489.3 13.1 11.8 12 Previous 600 36% 27% 6.0% 5.1% 5.4% 4.9% 4.0% 3.5% 4% 21.7% 18% 9% 4.5% 1.2% 0% 2.4% -1.0% -9% 2% 0.0% 0.0% 0% -18% -3.4% -3.7% -5.8% -13.3% -27% 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 Thursday , November 03, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) MASHREQBANK PSC 63.00 4.65% 1 31 MARKA PJSC 1.09 0.93% 137 149 AJMAN BANK PJSC 1.45 0.69% 1,144 1,653 Dubai Top Gainers Abu Dhabi Saudi Arabia Kuwait Egypt DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.06 -3.64% 5,926 6,400 AL SALAM BANK SUDAN PLC 1.20 -2.44% 295 359 AMLAK FINANCE PJSC 1.20 -2.44% 2,070 2,515 ARABTEC HOLDING PJSC 1.31 -2.24% 10,224 13,547 DEYAAR DEVELOPMENT PJSC 0.53 -2.05% 3,234 1,715 Close * DoD % Volume ('000) Value (AED ‘000) AL KHAZNA INSURANCE CO PSC 0.36 -5.26% 39 15 1,473 1,164 Close * DoD % Volume ('000) Value (AED ‘000) INTERNATIONAL FISH FARMING 1.69 10.46% 1 2 ABU DHABI AVIATION 3.00 9.09% 35 101 METHAQ TAKAFUL INSURANCE CO 0.77 -4.94% NATIONAL BANK OF UMM 3.00 7.14% 50 145 MANAZEL REAL ESTATE PJSC 0.47 -4.08% 666 320 ABU DHABI NATIONAL TAKAFUL CO 4.25 6.25% 2 6 ESHRAQ PROPERTIES COMPANY PJSC 0.79 -3.66% 74,311 59,820 SHARJAH ISLAMIC BANK PJSC 1.50 2.74% 411 608 ALDAR PROPERTIES PJSC 2.62 -2.24% 5,206 13,797 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI FISHERIES CO SJSC 11.35 9.66% 3,150 34,179 TRADE UNION COOPERATIVE 11.30 -5.04% 1,495 17,339 AL RAJHI COMPANY FOR COOP 25.40 5.39% 1,380 34,152 UNITED COOPERATIVE ASSURANCE CO 11.30 -4.64% 1,291 14,947 ASEER TRADING TOURISM & MFG 12.65 4.98% 1,739 21,474 SAUDI INDIAN COMPANY 12.70 -4.51% 1,569 20,396 ETIHAD ETISALAT CO SJSC 18.80 3.58% 2,694 49,769 AL YAMAMAH STEEL INDUSTRIES CO 22.60 -4.44% 643 14,864 NATIONAL SHIPPING COMPANY 34.00 2.41% 2,217 74,486 AL SAGR COOPERATIVE INSURANCE 30.40 -4.10% 973 30,227 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) NATIONAL INTERNATIONAL HOLDING 62.00 8.77% 1,904 113 AL-MASSALEH REAL ESTATE CO KSCP 35.50 -6.58% 15 1 HOUSING FINANCE CO KSCP 56.00 7.69% 9,498 513 SOKOUK HOLDING CO KSCP 31.00 -6.06% 2,174 70 KUWAIT REMAL REAL ESTATE CO KPSC 50.00 5.26% 3,833 187 KUWAIT COMPANY FOR PROCESS 160.00 -5.88% 5 1 AL MOWASAT HEALTHCARE CO KSCC 210.00 5.00% 2 0 INTERNATIONAL RESORTS COMPANY 25.00 -5.66% 103 3 KUWAIT AND MIDDLE EAST FINANCIAL 22.50 4.65% 100 2 ZIMA HOLDING CO KSC 45.50 -5.21% 6,149 287 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ACROWMISR FOR METALLIC SCAF 35.35 9.65% 1 22 DELTA SUGAR CO SAE 11.03 -5.89% 6 63 PIONEERS HOLDING COMPANY 9.51 9.18% 7,399 67,408 MISR CEMENT CO ESC 78.35 -5.03% 0 23 AL ARAFA FOR INVESTMENT 0.12 9.09% 365 42 PAINTS AND CHEMICAL INDUSTRIES 18.37 -4.77% 1 22 SUEZ CANAL COMPANY E 14.52 8.76% 2 32 MOHANDES INSURANCE CO SAE 18.27 -4.65% 2 39 EAST DELTA FLOUR MILLS CO SAE 59.38 7.38% 3 183 SIDI KERIR PETROCHEMICALS CO SAE 12.38 -4.40% 2,885 36,545 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATAR INTERNATIONAL ISLAMIC 63.60 2.58% 18 1,138 QATAR GENERAL INSURANCE 44.90 -8.37% 248 11,640 AL KHALIJ COMMERCIAL BANK QSC 17.90 1.02% 18 316 MEDICARE GROUP QSC 55.60 -7.64% 750 43,430 QATAR NATIONAL CEMENT CO QSC 82.50 0.61% 14 1,171 QATARI INVESTORS GROUP QSC 55.20 -7.23% 94 5,365 QATAR OMAN INVESTMENT CO QSC 10.16 0.59% 12 125 AL MEERA CONSUMER GOODS CO 167.50 -6.27% 41 7,121 DOHA INSURANCE CO QSC 18.30 0.27% 0 5 ISLAMIC HOLDING GROUP QSC 55.00 -5.82% 29 1,620 Top Gainers Top Gainers Qatar Close * Top Losers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Thursday , November 03, 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 66,996 83.75 -0.3% 9.1% 3,984 88,981 91.00 59.50 15 1.6 6.6% 2 Emirates Telecommunications Group Co AE 43,808 18.50 -1.6% 14.9% 2,645 13,324 20.20 14.95 18 3.8 4.3% 3 Qatar National Bank SAQ QA 36,908 160.00 -0.6% 9.7% 127 5,598 169.80 122.50 11 1.8 1.5% 4 Saudi Telecom Co SJSC SA 31,598 59.25 0.4% -13.2% 1,235 19,507 69.75 51.00 14 2.0 6.8% 5 Al Rajhi Banking & Investment Corp SA 24,807 57.25 0.9% 10.1% 2,270 34,651 62.75 44.70 12 1.9 2.6% 6 National Commercial Bank SJSC SA 22,612 42.40 -3.2% -16.9% 1,100 12,434 54.25 32.00 9 1.4 3.7% 7 Saudi Electricity Co SJSC SA 20,110 18.10 -0.5% 14.9% 979 4,725 21.80 12.40 25 1.2 3.9% 8 Industries Qatar QSC QA 16,936 101.90 -1.5% -8.3% 67 1,876 121.40 88.00 15 1.9 4.9% 9 Jabal Omar Development Co SJSC SA 15,551 62.75 1.2% 13.1% 1,648 27,583 68.75 40.80 0 6.2 0.0% 10 DP World Ltd AE 14,691 17.70 -1.4% -12.8% 90 436 20.41 16.05 15 1.7 1.7% 11 First Gulf Bank PJSC AE 13,968 11.40 -1.3% -9.9% 2,732 8,481 13.50 9.90 8 1.4 8.8% 12 Emaar Properties PJSC AE 13,159 6.75 -1.6% 18.6% 6,964 12,800 7.46 4.22 11 1.2 2.2% 13 National Bank of Abu Dhabi PJSC AE 12,455 8.78 -1.3% 10.3% 121 290 10.35 6.86 10 1.0 5.1% 14 Almarai Co SJSC SA 12,426 58.25 0.0% -0.7% 213 3,315 66.00 40.88 23 3.6 1.5% 15 Emirates NBD Bank PJSC AE 11,955 7.90 0.0% 6.8% 95 204 8.89 6.25 6 0.8 5.1% 16 Saudi Arabian Mining Co SJSC SA 11,933 38.30 -1.5% 15.4% 1,209 12,344 43.20 25.70 118 1.6 0.0% 17 Ezdan Holding Group QSC QA 11,550 15.85 -2.5% -0.3% 372 1,620 20.24 12.10 24 1.4 3.2% 18 National Bank of Kuwait SAKP KW 11,174 600.00 1.7% -19.3% 1,860 3,691 799.36 550.00 12 1.1 4.6% 19 Samba Financial Group SJSC SA 10,453 19.60 1.0% -16.1% 1,848 9,660 23.55 15.90 8 1.0 4.6% 20 Kingdom Holding Co SA 10,079 10.20 -2.4% -35.0% 71 193 21.20 9.80 74 1.4 4.9% 21 Abu Dhabi Commercial Bank PJSC AE 9,294 6.10 -0.8% -7.4% 870 1,446 7.36 5.20 7 1.1 7.4% 22 Emaar Malls Group PJSC AE 9,213 2.60 -0.8% -5.8% 2,458 1,740 3.25 2.02 19 2.2 3.8% 23 Kuwait Finance House KSCP KW 8,401 485.00 2.1% -1.2% 6,988 11,211 545.45 395.45 14 1.4 3.2% 24 Ooredoo QSC QA 8,360 95.00 -0.7% 26.7% 61 1,583 107.00 60.00 14 1.3 3.2% 25 Riyad Bank SJSC SA 8,000 10.00 0.5% -19.4% 313 834 12.85 8.55 8 0.8 7.0% 26 Emirates Integrated Telecomm AE 7,531 6.05 0.0% 18.6% 182 300 6.99 4.89 15 3.6 7.1% 27 Saudi British Bank SJSC SA 7,400 18.50 0.0% -25.3% 898 4,428 28.40 16.40 7 0.9 4.1% 28 Banque Saudi Fransi SJSC SA 7,197 22.40 0.4% -20.0% 599 3,576 30.00 18.00 7 0.9 4.7% 29 Saudi Arabia Fertilizers Co SJSC SA 7,055 63.50 0.0% -23.3% 98 1,664 88.25 58.00 23 4.0 9.4% 30 Masraf Al Rayan QSC QA 7,016 34.05 -0.6% -9.4% 271 2,534 42.85 28.60 12 2.1 5.1% Company Name Total M-Cap; W. Avg Yield 492,637 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. 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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