MENA Market Report - 30 April

Transcription

1. MENA Morning Report Monday , April 30, 2018 Overview Regional Markets: MENA region started the week on a mixed note as there are multiple events that are dominating the trading activity, especially the outcome of the US Federal reserve and key economic indicators such as inflation and employment data. Further, the level of oil prices will also be followed by the regional investors coupled with the quarterly earnings, hence the start of the week was slightly cautious. For the day, four out of the eight indexes ended in green, while three in red and one remained unchanged during the session. UAE markets ended on a mixed note as Dubai was up by 0.2%, while Abu Dhabi was down by 0.3% for the day. Dubai has been under pressure since February, especially the real estate sector stocks, which has pushed the annual losses to 9.5%, the worst in the region. Saudi Arabia closed lower as it was down by 0.3% for the day, which was mostly dragged lower by 2.0% drop in the energy index and 0.2% in the banking sector stocks. Qatar closed higher by 0.6% for the day, extending the monthly gains to 6.6% and annual to 7.2%. Egypt closed on a negative note as it was down by 0.3% for the day, after rising by more than 3.0% in the previous week. Every decline in Egypt seems to be an opportunity for investors to pick quality stocks that are likely to benefit from the ongoing recovery in the economic activity. Oman was up by 0.3%, while Bahrain was unchanged for the day. Kuwait closed marginally higher as the index was up by 0.1% for the day. International Markets: At the time of writing this report, Asian markets have opened on a positive note as Hang Seng is up by 1.5%, while Hang Seng and Shanghai are closed for the day. Headlines (WW) Rising costs, inflation on radar as US earnings season unfolds (SA) New online payment platform boosts Saudi Arabian e-commerce (WW) US presses China to address IP concerns amid tariff dispute (SA) Saudi Arabia launches multi-billion dollar entertainment resort (WW) China’s steelmakers ready with more retaliation ahead of US trade talks (AE) Abu Dhabi inflation averaged 3.9% YoY in Q1 2018 (WW) UK's Q1 growth slowest since 2012 (AE) Consumer prices rise 2.7% in Abu Dhabi (WW) EU digital tax on corporate turnover faces uphill road (AE) Optimism among Dubai businesses rise (WW) ECB reaffirms ultra-easy monetary policy (AE) Japan, UAE trade ties in focus at Abu Dhabi business forum (WW) BOJ deletes goal of 2% inflation rate in economic outlook by 2019 (AE) UAE gains traction as competitive global wealth management centre (WW) Japan looks to Tokyo's nighttime economy to hit tourism goals (EG) Egypt's exports rise 15% in Q1 2018 (CMD) Brent still shines despite oil prices edging lower (EG) Egypt's USD 15bn Sinai development expected by 2022, presidential aide says (CMD) Gold, silver slide on global cues, fall in demand (KW) Kuwait provisionally extends USD 4bn deposit maturity for Egypt (FX) Dollar roars back as US growth story wins over world markets (OM) First green residential city to come up in Oman (FX) Pound falls sharply as economy flops in slowest growth in 5 years (OM) Oman’s budget deficit to decline further (FI) RBI lifts key restriction on foreign investors in bond market (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,048.46 0.2% 0.2% -1.9% -9.5% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,685.44 -0.3% -0.3% 2.2% 6.5% ˄ ˄ ˄ Saudi (SASEIDX) 8,224.94 -0.3% -0.3% 4.5% 13.8% ˄ ˄ ˄ Kuwait (KWSE) 4,793.59 0.1% 0.1% -4.1% -0.5% ˄ ˄ ˄ Egypt (EGX30) 18,304.46 -0.3% -0.3% 4.9% 21.9% ˄ ˄ ˄ Qatar (DSM) 9,140.19 0.6% 0.6% 6.6% 7.2% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,262.78 -0.0% -0.0% -4.2% -5.2% ˅ ˅ ˄ Oman (MSM30) 4,734.42 0.3% 0.3% -0.8% -7.2% ˅ ˅ ˅ 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) 12 163 203 36 70 90 81,797 Abu Dhabi (ADSMI) 96 68 73 50 36 37 1,36,344 Saudi (SASEIDX) 207 184 191 1,293 1,117 1,044 5,19,235 Kuwait (KWSE) 29 60 73 8 196 125 75,578 Egypt (EGX30) 324 368 342 96 115 100 31,862 Qatar (DSM) 8 11 11 57 79 83 1,07,449 Bahrain (BHSEIDX) 4 6 5 2 3 3 21,005 Oman (MSM30) 35 21 18 8 13 12 13,242 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 Monday , April 30, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios 13.0 11.2 12 8 PE (+ve.eps) 15.2 16 12.2 PB 8.1 1.3 2.7 1.8 148.7 109.8 1.2 - - 0.8 0.8 Bahrain Oman - 87.5 87.3 62.3 1.4 0 290.2 254.9 300 1.0 Current 11.2 7.5 4 Previous 600 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi 5.6% 5.9% 5.1% 6.0% 4.8% 4.2% 3.7% 4% 2.5% 2% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 8% 6% Kuwait Qatar Bahrain Oman Average 24% 21% 18% 15% 12% 9% 6% 3% 0% -3% -6% -9% -12% 21.9% 13.8% 7.2% 6.5% -0.5% -5.2% -9.5% Dubai -7.2% 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 , April 30, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL CEMENT CO PSC 3.06 -7.84% 0 137 25,232 ARABTEC HOLDING PJSC 2.10 -1.90% 0 3,988 1,318 815 AMANAT HOLDINGS PJSC 1.36 -1.47% 500 685 2.87% 2,596 1,787 GULF NAVIGATION HOLDING PJSC 1.05 -0.95% 7,674 8,097 1.36% 1,795 3,940 EMIRATES NBD BANK PJSC 10.80 -0.93% 12 130 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL FOR BUILDING 0.54 14.81% 4,559 2,303 EMIRATES DRIVING CO PJSC 8.00 -10.00% 5 42 ARKAN BUILDING MATERIALS CO PJSC 0.59 11.86% 10,326 5,769 ABU DHABI NATIONAL TAKAFUL CO 5.00 -10.00% 41 218 SUDATEL TELECOM GROUP LTD 0.51 3.92% 3,742 1,873 AXA GREEN CRESCENT INSURANCE CO 0.72 -9.72% 2 2 GULF CEMENT CO PSC 1.03 2.91% 569 578 DANA GAS PJSC 1.00 -5.00% 45,296 46,488 SHARJAH ISLAMIC BANK PJSC 1.23 2.44% 20 24 AL KHAZNA INSURANCE COMPANY 0.26 -3.85% 375 99 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) TIHAMA ADVERTISING AND PUBLIC 48.05 9.89% 2,847 1,30,655 SAUDI INTERNATIONAL PETROCHEM 23.02 -5.13% 2,721 64,319 SAUDI CERAMIC CO SJSC 21.37 9.75% 472 9,644 RABIGH REFINING AND PETROCHEM 30.25 -3.80% 2,204 68,004 ETIHAD ETISALAT CO SJSC 16.36 7.70% 12,717 2,00,604 NATIONAL INDUSTRIALIZATION CO 21.42 -3.36% 3,857 84,055 NAMA CHEMICALS COMPANY SJSC 20.24 7.11% 1,559 30,507 NATIONAL PETROCHEMICAL CO SJSC 27.60 -2.90% 571 16,008 NATIONAL AGRICULTURE MARKETING 32.90 4.41% 2,585 83,253 DAR AL ARKAN REAL ESTATE DEVELOP 14.70 -2.86% 29,062 4,33,496 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) AL MASSALEH REAL ESTATE CO KSCP 28.40 29.23% 26 1 FUTURE KID ENTERTAINMENT AND RE 125.00 -8.80% 5 1 SULTAN CENTER FOOD PRODUCTS CO 42.30 25.30% 1,874 71 SPECIALITIES GROUP HOLDING CO 58.00 -6.90% 150 9 17.60 -6.25% 163 3 Close * DoD % Volume ('000) Value (AED ‘000) ISLAMIC ARAB INSURANCE CO PSC 0.40 7.04% 0 6,845 SHUAA CAPITAL PSC 1.05 5.71% 0 DAR AL TAKAFUL PJSC 0.64 5.51% DUBAI ISLAMIC INSURANCE & REINS 0.70 EMAAR MALLS PJSC 2.21 Top Gainers Abu Dhabi Dubai Top Gainers Kuwait Saudi Arabia Top Gainers Egypt Top Losers Top Losers SALBOOKH TRADING CO KSCP 38.00 10.00% 88 3 GULF INVESTMENT HOUSE KSCP REAL ESTATE TRADE CENTERS CO 22.20 9.01% 10 0 TAAMEER REAL ESTATE INVESTMENT 29.00 -6.21% 17 1 CREDIT RATING AND COLLECTION CO 21.60 8.80% 0 0 NATIONAL INVESTMENTS CO KSCP 99.90 -4.90% 184 19 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) TRANS OCEANS TOURS SAE 0.07 14.29% 0 3 EGYPTIAN CO FOR INTERNATIONAL TO 3.32 -6.63% 11 38 MISR NATIONAL STEEL SAE 45.08 9.76% 12 509 ZAHRAA MAADI INVESTMENT & DEV 22.60 -6.50% 2 43 EL NASR FOR MANUFACTURING AGRI 22.09 9.28% 144 3,053 ARAB CO FOR LAND RECLAMATION 9.07 -4.63% 4 37 SHARKIA NATIONAL CO FOR FOOD 5.16 9.11% 272 1,343 NAEEM HOLDING FOR INVESTMENTS 0.57 -3.51% 640 371 INTERNATIONAL CO FOR INVESTMENT 12.22 9.08% 14 158 GOLDEN COAST EL SOKHNA COMPANY 6.66 -3.15% 223 1,507 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) QATARI INVESTORS GROUP QSC 34.61 4.42% 206 6,990 QATAR NAVIGATION QPSC 60.45 -3.89% 78 4,781 INDUSTRIES QATAR QSC 108.00 3.68% 116 12,268 BARWA REAL ESTATE COMPANY QPSC 36.65 -1.77% 118 4,382 AAMAL CO QPSC 11.08 2.80% 86 941 QATAR GENERAL INSURANCE & REINS 47.50 -1.05% 5 240 INVESTMENT HOLDING GROUP 5.69 2.64% 866 4,864 QATAR INDUSTRIAL MANUFACTURING 39.00 -0.77% 14 541 QATARI GERMAN COMPANY FOR MED 5.61 2.50% 8 43 ISLAMIC HOLDING GROUP QPSC 27.00 -0.74% 15 412 Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters 3
4. MENA Morning Report Monday , April 30, 2018 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 94,400 118.00 -0.5% 15.9% 5,644 1,77,604 123.80 94.75 19 2.2 3.6% 2 Saudi Telecom Company SJSC SA 43,947 82.40 -0.5% 20.1% 389 8,552 86.00 65.10 16 2.6 4.9% 3 Emirates Telecommunications Group Co AE 40,964 17.30 -0.3% -1.1% 779 3,671 18.85 15.75 17 3.5 4.6% 4 Qatar National Bank QPSC QA 38,115 150.21 0.1% 19.2% 91 3,740 159.00 115.01 10 1.9 4.0% 5 First Abu Dhabi Bank PJSC AE 36,940 12.45 -0.4% 21.5% 3,649 12,371 12.65 10.05 14 1.3 5.6% 6 Al Rajhi Banking & Investment Corp Ltd SA 36,270 83.70 -0.1% 29.6% 1,871 41,764 85.60 61.00 15 2.4 4.8% 7 National Commercial Bank SJSC SA 35,787 67.10 -0.3% 21.8% 289 5,180 68.60 38.00 14 2.1 2.5% 8 Saudi Electricity Company SJSC SA 25,755 23.18 1.7% 10.1% 2,235 13,814 26.05 19.76 14 1.3 3.0% 9 Industries Qatar QSC QA 18,610 111.97 3.7% 15.4% 116 3,541 115.00 85.00 19 2.1 4.5% 10 DP World Ltd AE 18,360 22.12 1.4% -11.5% 40 242 27.06 20.39 16 1.7 1.9% 11 Saudi Arabian Mining Co SJSC SA 17,449 56.00 0.4% 7.5% 242 3,619 58.70 39.50 92 2.5 0.0% 12 Emirates NBD Bank PJSC AE 16,192 10.70 -0.9% 30.5% 12 35 11.00 7.95 7 1.0 3.7% 13 Almarai Co SJSC SA 15,893 59.60 0.5% 10.8% 331 5,255 78.64 50.00 28 4.0 1.3% 14 Samba Financial Group SJSC SA 15,413 28.90 0.3% 22.9% 1,009 7,772 29.60 20.50 12 1.3 5.2% 15 National Bank of Kuwait SAKP KW 15,398 745.00 -0.4% 7.5% 1,221 3,024 761.90 619.05 14 1.5 3.7% 16 Emirates Islamic Bank PJSC AE 14,046 9.50 0.0% -3.1% 1 1 10.00 4.90 75 7.9 0.0% 17 Saudi British Bank SJSC SA 12,940 32.35 0.6% 19.8% 35 299 33.50 21.55 12 1.5 4.4% 18 Riyad Bank SJSC SA 11,984 14.98 -0.4% 19.1% 680 2,717 15.36 10.10 11 1.2 4.9% 19 Jabal Omar Development Co SJSC SA 11,884 47.95 2.0% -18.9% 1,600 20,457 75.60 45.00 - 4.6 0.0% 20 Emaar Properties PJSC AE 10,995 5.64 1.3% -13.7% 3,656 5,614 8.43 5.40 7 0.8 0.0% 21 Kuwait Finance House KSCP KW 10,823 513.00 0.0% -2.0% 2,953 5,038 590.91 424.55 17 1.7 2.7% 22 Banque Saudi Fransi SJSC SA 10,511 32.70 -0.9% 14.7% 25 222 33.40 25.30 11 1.2 4.3% 23 Yanbu National Petrochemicals Co SJSC SA 10,425 69.50 -1.4% 17.8% 205 3,804 74.50 52.00 16 2.2 4.7% 24 Abu Dhabi Commercial Bank PJSC AE 10,049 7.10 0.0% 4.4% 6,184 11,955 7.50 6.50 9 1.2 5.9% 25 Kingdom Holding Co SA 8,894 9.00 -0.1% 0.0% 154 368 11.30 7.90 50 1.1 0.0% 26 Arab National Bank SA 8,440 31.65 -0.8% 27.8% 41 348 33.65 19.15 10 1.3 3.8% 27 Ezdan Holding Group QSC QA 8,285 11.37 2.2% -5.9% 167 520 16.30 6.19 18 1.0 0.0% 28 Alinma Bank SJSC SA 8,272 20.68 -0.7% 7.9% 28,859 1,59,137 21.58 14.00 15 1.5 3.9% 29 Abu Dhabi National Oil Co for Dist AE 8,270 2.43 -0.4% -8.3% 58 39 2.90 2.42 17 10.7 2.4% 30 Emaar Malls PJSC AE 7,937 2.24 1.4% 5.2% 1,795 1,095 2.66 2.00 14 1.8 4.5% Company Name Total M-Cap; W. Avg Yield 6,23,250 3.5% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary Authority. The information contained in this report does not constitute any offer to sell securities or the solicitation of any 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 to be used by experienced investment persons with appropriate investment knowledge and ones that AMCL is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority, and as such should not be relied upon by or distributed to “Retail Clients”. 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