MENA Market Report - 30 August

Transcription

1. MENA Morning Report Tuesday , August 30, 2016 Overview Regional Markets: MENA markets remained under pressure on the back of oil prices concerns affected by the supply dilemma, however the trading a ctivity has remained range bound in the past few sessions. The hawkish comments from the Fed also spurred a new dilemma for the regional governments that are mostly pegged to the US dollar and undergoing their own set of challenges. Given that there are no real triggers, the markets will continue to move based on assumptions and interpretations about the Fed's recent statement. For the region, Dubai and Qatar were the only two markets that witnessed investors interest while the rest saw some kind of selling but nothing alarming for investors. Qatar was up by 0.6% for the day, which was supported by buying interest in large caps, especially 1.0% rise in Qatar National Bank and 2.5% in Industries Qatar. UAE markets closed on a mixed note as Abu Dhabi was down by 0.1% while Dubai was marginally up by 0.1% for the day. Saudi was flat for the day after rising for 1.6% on the previous day. Egyptian index was down by 0.2% for the day as stocks favored by foreign funds retreated and supported the broader index. Meanwhile, Kuwait, Bahrain and Oman markets were down by 0.1%, 0.3% and 0.5% respectively for the day. International Markets: US markets closed on a positive note as Dow Jones, S&P 500 and NASDAQ were all up by 0.6%, 0.5% and 0.3% respectively. European markets closed in red as Stoxx 50, DAX and CAC 40 were all down by 0.4% each, while FTSE 100 was up by 0.3%. At the time of writing this report, Asian markets have opened mostly on a positive note as Hang Sang and Shanghai were up by 0.7% and 0.1% respectively, while Nikkei was flat. Headlines (WW) Solid US Consumer Spending Boosts Prospect Of Fed Rate Hike (GC) GCC Real Estate Still Safe Haven For International Investors (WW) White House Says It Sees A Path To Approval Of Pacific Trade Deal (GC) GCC Hotels Register Positive Earnings In July (WW) China Faces Massive Closures Of Small Thermal Power Plants: Media (SA) Saudi Telecom, Lebara KSA In Egypt This Week To Discuss 4G Licence (WW) Japan To Revamp Bank Monitoring To Revive Regional Economy (SA) Saudi Non-Oil Exports Fell By 10% In June (WW) German Trade Group Slashes Exports Forecast As Brexit Hit Looms (SA) Saudi CDS Widens As Oil Prices Recover (WW) Hong Kong July Retail Sales Fall For 17th Straight Month (AE) Unemployment Up In Dubai – But City Maintains One Of World’s Lowest Rates (WW) Greek Economy Grows In Second Quarter But Strong Rebound Elusive (AE) RAK Cement Buys Back 162,315 Shares At AED0.81 Each (WW) India’s Growth Pace Likely Slowed In April-June - Poll (QA) Qatar’s Trade Surplus In July At QAR6.7 Billion (CMD) Oil Down 1%, Pressured By Glut, Dollar, Nigeria Outlook (QA) Qatar Announces New Airport Tax For Passengers (CMD) Gold Hits Near 5-Week Low After Fed Strikes Hawkish Note (EG) Egyptian Parliament Approves Value-Added Tax At 13% (FX) Dollar Hits 3-Week High vs Yen As US Rate Rise Signals Get Louder (OM) Oman’s Crude Exports Grow 6.2% To 191 Million Barrels (FI) Qatar Issues USD12 Billion Worth Of Sovereign Debt (OM) Omanisation Impedes Economic Growth (FI) GCC Governments Issue USD88 Billion Bonds In H1 Of 2016 (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,494.30 0.1% 0.1% 0.3% 10.9% ˅ ˄ ˄ Abu Dhabi (ADSMI) 4,495.13 -0.1% -0.5% -1.8% 4.4% ˅ ˄ ˄ Saudi (SASEIDX) 6,071.16 -0.0% 1.6% -3.7% -12.2% ˅ ˅ ˅ Kuwait (KWSE) 5,404.70 -0.1% -0.4% -0.8% -3.7% ˅ ˄ ˄ Egypt (EGX30) 8,032.43 -0.2% -1.2% 0.6% 14.7% ˅ ˄ ˄ Qatar (DSM) 11,261.51 0.6% 1.1% 6.2% 8.0% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,135.82 -0.3% -0.9% -1.7% -6.6% ˅ ˄ ˅ Oman (MSM30) 5,779.60 -0.5% -0.7% -1.1% 6.9% ˅ ˄ ˄ 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) 151 250 393 80 94 135 85,952 Abu Dhabi (ADSMI) 62 70 106 24 45 53 120,371 Saudi (SASEIDX) 139 208 259 701 934 1,221 377,760 Index Kuwait (KWSE) 48 80 124 16 31 37 74,298 Egypt (EGX30) 128 207 250 63 92 112 42,731 Qatar (DSM) 4 6 8 50 65 79 165,654 Bahrain (BHSEIDX) 2 3 2 1 2 1 17,570 Oman (MSM30) 14 16 20 8 8 11 22,647 * 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 Tuesday , August 30, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.2 11.2 11.0 10.7 8.1 386.2 300 8 239.3 188.3 4 1.3 1.3 1.5 1.4 1.7 - - Current 489.3 11.9 9.7 Previous 600 0.8 1.1 Bahrain Oman - 178.1 106.9 87.2 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 24% 8% 6.2% 16% 5.6% 6% 4.7% 4.8% 4.4% 4.5% 14.7% 10.9% 8% 8.0% 6.9% 4.4% 3.6% 4% 0% 1.9% 2% -3.7% -8% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -6.6% -12.2% -16% Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Zawya estimates and data for UAE, KSA, QA, KW, BA and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Tuesday , August 30, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DRAKE AND SCULL INTERNATIONAL 0.48 -2.42% 6,560 3,208 2,344 ISLAMIC ARAB INSURANCE CO PSC 0.48 -1.83% 7,026 3,432 7,703 8,589 TAKAFUL EMARAT INSURANCE PJSC 2.90 -1.69% 29,833 87,260 2.25% 8,518 34,457 NATIONAL CENTRAL COOLING CO PJSC 1.50 -1.32% 402 607 1.85% 10,231 16,728 AL SALAM BANK SUDAN PLC 1.33 -0.75% 149 199 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI SHIP BUILDING PJSC 2.90 9.85% 11 29 WAHA CAPITAL PJSC 1.94 -0.51% 1,313 2,553 BANK OF SHARJAH PJSC 1.40 5.26% 1,174 1,602 ESHRAQ PROPERTIES CO PJSC 0.79 -1.25% 23,781 18,906 INTL FISH FARMING HOLDING CO PJSC 1.52 4.11% 21 31 ABU DHABI NATIONAL ENERGY CO 0.53 -1.85% 773 413 RAS AL KHAIMAH FOR WHITE CEMENT 1.15 1.77% 6,499 7,409 SHARJAH ISLAMIC BANK PJSC 1.52 -1.94% 25 38 GULF PHARMACEUTICAL INDUSTRIES 2.24 1.36% 8 18 UNITED ARAB BANK PJSC 2.25 -2.17% 200 455 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) ALDREES PETROLEUM & TRANSPORT 34.10 7.57% 612 20,133 MIDDLE EAST HEALTHCARE CO CJSC 53.00 -2.30% 407 21,843 SAUDI UNITED COOP INSURANCE CO 13.85 5.73% 759 10,234 ARABIAN SHIELD COOP INSURANCE 23.60 -2.48% 370 8,833 SAUDI INTL PETROCHEMICAL CO SJSC 13.40 5.51% 650 8,486 DAR AL ARKAN REAL ESTATE DEVELOP 5.70 -2.56% 9,876 57,032 SAUDIA DAIRY AND FOODSTUFF CO 148.00 5.15% 74 10,650 ETIHAD ATHEEB TELECOM CO SJSC 3.70 -2.63% 953 3,576 NATIONAL PETROCHEMICAL CO SJSC 16.45 5.11% 789 12,669 ABDULLAH ABDUL MOHSIN AL KHODA 10.35 -3.72% 1,084 11,441 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT CABLE VISION COMPANY 23.00 12.20% 89 2 NATIONAL PETROLEUM SERVICES CO 700.00 -4.11% 33 23 DANAH AL SAFAT FOODSTUFF CO 124.00 8.77% 1,227 146 MANAZEL HOLDING CO KPSC 28.00 -5.08% 2,168 62 KUWAIT SLAUGHTERHOUSE CO 158.00 6.76% 1 0 EQUIPMENT HOLDING COMPANY 45.00 -5.26% 3,266 151 REAL ESTATE ASSET MANAGEMENT 176.00 6.02% 0 0 CONTRACTING AND MARINE SERVICES 88.00 -5.38% 5 0 TIJARA AND REALESTATE INVESTMENT 39.00 5.41% 1 0 NATIONAL CLEANING CO KSCP 37.50 -6.25% 486 19 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) EL NASR FOR MFG AGRICULTURAL 8.01 5.67% 58 456 EDITA FOOD INDUSTRIES SAE 10.56 -3.74% 109 1,168 WADI KOM OMBO FOR LAND RECLAM 4.85 4.30% 4 20 EGYPTIAN IRON AND STEEL CO SAE 6.95 -4.01% 2,084 14,786 EGYPTIAN CO FOR CONSTRUCTION 7.28 4.30% 254 1,812 UNION NATIONAL BANK EGYPT SAE 3.50 -4.37% 5 19 NORTH UPPER EGYPT DEVELOPMENT 4.81 3.89% 181 855 ORIENTAL WEAVERS CARPET CO SAE 6.94 -4.54% 3,100 22,027 PYRAMISA HOTELS AND RESORTS SAE 26.87 3.07% 1 38 GRAND CAPITAL FOR FINANCIAL INVES 3.78 -6.67% 10 39 Top Gainers Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) QATAR CINEMA & FILM DISTRIBUTION 35.00 6.06% 0 8 QATAR OMAN INVESTMENT CO QSC 11.13 -1.33% 6 71 INDUSTRIES QATAR QSC 116.40 2.46% 225 25,820 QATAR INDUSTRIAL MANUFACTURING 43.60 -1.58% 2 109 DLALA BROKERAGE AND INVESTMENT 23.84 1.45% 80 1,905 DOHA INSURANCE CO QSC 20.31 -2.12% 0 1 OOREDOO QSC 103.00 1.38% 309 31,632 ISLAMIC HOLDING GROUP QSC 64.50 -2.27% 54 3,508 QATAR NATIONAL BANK SAQ 168.60 0.96% 126 21,121 ZAD HOLDING CO SAQ 85.00 -2.30% 0 20 Close * DoD % Volume ('000) Value (AED ‘000) ARAB INSURANCE GROUP BSC 1.55 7.64% 16 24 DAR AL TAKAFUL PJSC 1.00 4.17% 2,392 GULF NAVIGATION HOLDING PJSC 1.13 2.73% ARAMEX PJSC 4.09 DUBAI PARKS AND RESORTS PJSC 1.65 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Qatar Egypt Kuwait Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Tuesday , August 30, 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 Corp SJSC SA 66,000 82.50 0.0% 7.5% 5,447 119,860 92.75 59.50 15 1.5 6.7% 2 Emirates Telecommunications Group Co AE 47,008 19.85 0.0% 23.3% 559 3,023 20.20 12.65 19 3.9 4.0% 3 Qatar National Bank SAQ QA 38,885 168.60 1.0% 15.6% 126 5,829 169.50 122.50 12 2.0 1.4% 4 Saudi Telecom Co SJSC SA 30,400 57.00 -1.3% -16.5% 327 4,969 69.75 55.50 14 1.9 7.0% 5 Al Rajhi Banking and Investment Corp SA 24,050 55.50 1.4% 6.7% 1,717 25,411 62.75 44.70 12 1.8 2.7% 6 Saudi Electricity Co SJSC SA 21,944 19.75 -0.8% 25.4% 1,343 7,074 21.80 12.40 53 1.4 3.5% 7 Industries Qatar QSC QA 19,343 116.40 2.5% 4.8% 225 7,178 135.00 88.00 18 2.2 4.3% 8 National Commercial Bank SJSC SA 18,560 34.80 -0.6% -31.8% 250 2,323 57.50 34.20 8 1.2 4.5% 9 DP World Ltd AE 15,123 18.22 0.1% -10.2% 63 315 22.30 16.05 15 1.8 1.6% 10 Jabal Omar Development Co SJSC SA 14,808 59.75 0.0% 7.7% 52 821 68.75 40.80 - 5.9 0.0% 11 First Gulf Bank PJSC AE 14,520 11.85 -0.4% -6.3% 620 2,000 14.35 9.90 9 1.6 8.4% 12 Ezdan Holding Group QSC QA 14,163 19.44 -0.2% 22.3% 644 3,436 20.24 12.10 30 1.8 2.6% 13 Emaar Properties PJSC AE 13,803 7.08 0.4% 24.4% 4,233 8,159 7.46 4.22 12 1.3 2.1% 14 National Bank of Abu Dhabi PJSC AE 13,335 9.40 -0.1% 18.1% 144 368 10.40 6.86 10 1.1 4.8% 15 Emirates NBD Bank PJSC AE 12,410 8.20 0.0% 10.8% 631 1,408 9.50 6.25 7 0.9 4.9% 16 Almarai Co SJSC SA 11,200 52.50 -0.9% -10.5% 294 4,110 66.56 40.88 21 3.5 1.6% 17 National Bank of Kuwait SAKP KW 10,856 580.00 0.0% -22.0% 644 1,238 799.36 550.00 12 1.1 4.8% 18 Kingdom Holding Co SA 10,772 10.90 0.0% -30.6% 47 137 21.20 9.80 65 1.5 4.6% 19 Saudi Arabian Mining Co SJSC SA 10,563 33.90 0.9% 2.1% 632 5,714 43.20 25.70 105 1.4 0.0% 20 Emaar Malls Group PJSC AE 9,923 2.80 -0.4% 1.4% 644 491 3.25 2.02 20 2.4 3.6% 21 Abu Dhabi Commercial Bank PJSC AE 9,736 6.39 -0.2% -3.0% 940 1,635 8.00 5.20 7 1.2 7.0% 22 Samba Financial Group SJSC SA 9,653 18.10 -0.5% -22.5% 332 1,601 24.05 17.05 7 0.9 5.0% 23 Ooredoo QSC QA 9,062 103.00 1.4% 37.3% 309 8,747 107.00 60.00 13 1.5 2.9% 24 Riyad Bank SJSC SA 8,320 10.40 -1.0% -16.1% 233 646 14.80 10.15 8 0.8 6.7% 25 Emirates Integrated Telecom Co PJSC AE 8,228 6.61 0.2% 29.6% 38 68 6.99 4.89 16 3.9 6.5% 26 Kuwait Finance House KSCP KW 8,008 460.00 0.0% -6.3% 2,876 4,389 545.45 395.45 13 1.3 3.4% 27 Masraf Al Rayan QSC QA 7,880 38.25 0.5% 1.7% 189 1,986 45.50 28.60 13 2.4 4.6% 28 Saudi Arabia Fertilizers Co SJSC SA 7,444 67.00 1.5% -19.0% 427 7,630 99.00 58.00 18 4.4 9.0% 29 Dubai Islamic Bank PJSC AE 7,334 5.45 -0.2% -3.4% 4,514 6,697 6.41 4.51 6 1.0 7.5% 30 Qatar Islamic Bank SAQ QA 7,302 112.50 0.4% 5.4% 65 2,006 121.00 75.10 13 1.7 3.8% Company Name Total M-Cap; W. Avg Yield 500,634 4.3% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services 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 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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