MENA Market Report - 30 August

Transcription

1. MENA Morning Report Wednesday , August 30, 2017 Overview Regional Markets: MENA markets ended the session on a negative note, in line with the sentiments seen in the global markets. The sentiments of regional investors are being further dampened by the global events as regional markets head into a long weekend coupled with summer lull period. For the regional markets, five out of the eight indexes closed in red, while two ended in green and one remained unchanged for the day. UAE markets ended on a negative note as Dubai and Abu Dhabi were both down by 0.1% and 0.5% for the day, extending the weekly losses. Egypt was the best performer as it was up by 1.4% for the day, extending weekly gains to 2.1%, however the monthly performance remains negative. Oman was another index that closed on a positive note as it was up by 0.9% for the day, extending the weekly gains to 2.0%. The performance during the week helped the index in recovering monthly losses to turn positive for the month. Qatar was down by 0.9% for the day, which was dragged lower by rating downgrade by Fitch. The index continues to remain under pressure as it has recorded losses of 5.8% for the month of August. Kuwait closed marginally lower by 0.1% for the day, while the performance during the week remains positive. Bahrain closed in red as it was down by 0.1% for the day, extending the weekly losses to 0.3% and 2.2% for the month. International Markets: US markets ended on a positive note as DJIA, Nasdaq and S&P were all up by 0.3%, 0.3% and 0.1% respectively. European markets closed on a negative note as FTSE, DAX and CAC were down by 0.9%, 1.5% and 0.9% respectively. At the time of writing this report, Asian markets have opened on a positive note as Nikkei and Hang Seng are both up by 0.6% and 0.8% rspectively, while Shanghai is down by 0.03%. Headlines (WW) US goods trade deficit widens in July; retail inventories fall (ME) Middle East startup investment nears USD 1bn in 2017 (WW) US consumer confidence index at five-month high (SA) Saudi efforts to refurbish economy constantly failing (WW) UK-US trade could be derailed by 19 lost deals after Brexit (SA) 24.3mn Saudi work permits issued for private sector employment (WW) China's home prices to rise 6.8% this year as small city sales boom (SA) Foreign, Gulf investors boost Saudi Stock Exchange (WW) House price fall renews concern over cooling UK economy (AE) Dubai’s retail area pipeline just keeps growing (WW) Skills shortage among UK services firms at its worst in almost two decades (AE) VAT will have impact on UAE real estate (WW) Britain heads back to the Brexit table, plans in hand, economy in decline (AE) Dubai real estate brokers earn USD 224mn in six months (WW) Danish govt proposes tax cuts to extend economic upswing (EG) Egypt repays USD 250mn owed to foreign airlines (WW) Japan spending falls but tight jobs market offers hope of end to deflation (EG) Egypt looking to attract more Singapore investors (CMD) Oil prices dip as market grapples with hurricane damage (QA) Blockade will economically strengthen Qatar in long run (CMD) Gold climbs to nine-a-half-month high on rising North Korea tensions (QA) Europe accounts for 37% of Qatari banks’ cross border funded liabilities (FX) Dollar falls to 4-month low vs yen after N. Korea fires missile (OM) British expats set to benefit as Oman plans 5000 new homes (FX) Euro extends gains after breaking USD 1.20 line (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,610.77 -0.1% -0.4% Abu Dhabi (ADSMI) 4,463.56 -0.5% -0.7% -0.6% 2.3% ˅ ˄ ˄ -2.2% -1.8% ˅ ˄ ˅ Saudi (SASEIDX) 7,258.64 -0.0% 0.2% 2.3% 0.7% ˄ ˄ ˄ Kuwait (KWSE) 6,899.45 -0.1% Egypt (EGX30) 13,195.34 1.4% 0.2% 0.7% 20.0% ˄ ˄ ˄ 2.1% -1.7% 6.9% ˅ ˄ ˄ Qatar (DSM) 8,858.90 Bahrain (BHSEIDX) 1,298.79 -0.9% -1.0% -5.8% -15.1% ˅ ˅ ˅ -0.1% -0.3% -2.2% 6.4% ˅ ˅ ˄ Oman (MSM30) 5,047.01 0.9% 2.0% 0.5% -12.7% ˅ ˅ ˅ 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) 88 246 257 39 89 94 85,057 Abu Dhabi (ADSMI) 25 109 93 23 42 45 132,878 Saudi (SASEIDX) 112 146 160 639 789 809 457,859 Index Kuwait (KWSE) 86 68 179 53 56 68 75,578 Egypt (EGX30) 195 270 273 44 55 70 18,926 Qatar (DSM) 5 11 11 38 82 84 106,445 Bahrain (BHSEIDX) 1 2 3 1 1 2 20,666 Oman (MSM30) 14 14 16 10 7 8 13,956 * 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 Wednesday , August 30, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB Previous Current 600 14.1 489.3 11.2 11.3 12.1 11.1 386.2 9.7 8.4 300 8 239.3 188.3 4 1.2 1.6 2.0 1.7 1.3 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.0% 9% 4.7% 4.2% 4% Bahrain Oman Average 3.5% 3.2% 20.0% 18% 5.4% 4.8% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt 6.9% 2.3% 6.4% 0.7% 0% -1.8% -9% 2% -18% 0.0% 0% -12.7% -15.1% 0.0% -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 Wednesday , August 30, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) GULF NAVIGATION HOLDING PJSC 1.26 3.17% 0 277 AL RAMZ CORPORATION INVESTMENT 1.49 -9.40% 1 2 DRAKE AND SCULL INTERNATIONAL 0.38 1.06% 0 3,169 ISLAMIC ARAB INSURANCE CO PSC 0.48 -1.89% 3,387 1,628 TAKAFUL EMARAT INSURANCE PJSC 2.06 0.97% 85 173 UNION PROPERTIES PJSC 0.90 -1.45% 2,564 2,322 DAR AL TAKAFUL PJSC 1.07 0.93% 92 98 DEYAAR DEVELOPMENT PJSC 0.52 -1.34% 3,921 2,061 AMANAT HOLDINGS PJSC 1.09 0.92% 1,384 1,501 ARABTEC HOLDING PJSC 3.20 -0.94% 711 2,285 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) RAS AL KHAIMAH FOR WHITE CEMENT 1.02 11.76% 26 25 AGTHIA GROUP PJSC 5.40 -2.78% 1 6 ABU DHABI AVIATION 2.60 3.85% 100 255 DANA GAS PJSC 0.65 -1.54% 2,329 1,526 NATIONAL BANK OF RAS AL KHAIMAH 4.60 2.61% 23 103 FIRST ABU DHABI BANK PJSC 10.55 -1.42% 3,997 42,476 METHAQ TAKAFUL INSURANCE CO 0.86 2.33% 1,331 1,132 ABU DHABI ISLAMIC BANK PJSC 3.67 -0.54% 203 746 WAHA CAPITAL PJSC 1.75 1.71% 325 563 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI ARABIAN AMIANTIT CO SJSC 6.62 6.50% 7,422 47,638 MALATH COOPERATIVE INSURANCE 22.62 -3.45% 240 5,522 DEVELOPMENT WORKS FOOD CO 61.40 4.89% 10 606 AL ASEEL CO LTD 72.40 -3.31% 1 101 AL SORAYAI TRADING AND INDUST 8.21 3.29% 1,025 8,277 SAUDI FISHERIES CO SJSC 31.75 -2.52% 231 7,440 JAZAN DEVELOPMENT COMPANY SJSC 16.94 2.24% 696 11,659 AL KATHIRI HOLDING CO 19.56 -2.35% 1 19 SAUDI INDUSTRIAL INVESTMENT 19.96 2.20% 329 6,491 ABDULLAH SAAD MOHAMMED ABO 12.28 -2.12% 54 671 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 47.80 9.00% 253 12 AL-MOWASAT HEALTHCARE CO 450.00 -11.11% 105 50 AL MUDON INTERNATIONAL REAL EST 41.50 6.02% 1,443 58 OSOS HOLDING GROUP CO KSCP 123.00 -5.69% 373 47 TAMDEEN REAL ESTATE CO KPSC 386.00 4.92% 7 3 KUWAIT AND MIDDLE EAST FINANCIAL 29.00 -5.17% 166 5 NOOR FINANCIAL INVESTMENT CO 58.10 4.82% 868 49 SAFAT GLOBAL HOLDING CO 29.00 -4.83% 839 25 KUWAIT FINANCE AND INVESTMENT 45.00 4.44% 95 4 AJWAN GULF REAL ESTATE CO KSCP 65.00 -2.92% 350 23 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) ALEXANDRIA MEDICAL SERVICES CO 42.00 7.98% 1 24 NOZHA INTERNATIONAL HOSPITAL 82.32 -7.54% 0 13 UNIVERSAL CO FOR PACKAGING 18.38 7.56% 77 1,367 RAYA CONTACT CENTER CO 13.00 -5.08% 6 76 EGYPTIAN GULF BANK SAE 0.85 7.06% 385 316 EGYPT ALUMINUM CO SAE 99.79 -4.96% 118 12,086 GB AUTO SAE 2.09 6.22% 13,306 26,995 ALEXANDRIA FLOUR MILLS AND BAK 17.37 -4.89% 2 39 CLEOPATRA HOSPITAL 25.69 6.19% 327 8,150 MARIDIVE AND OIL SERVICES SAE 0.21 -4.76% 56 12 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATAR OMAN INVESTMENT CO QSC 8.10 4.94% 25 199 MANNAI CORPORATION QPSC 74.29 -3.76% 2 125 QATAR GENERAL INSURANCE 34.00 1.47% 0 7 QATAR ISLAMIC INSURANCE CO QSC 56.99 -3.49% 0 23 COMMERCIAL BANK PSQC 30.00 0.83% 37 1,107 QATAR GAS TRANSPORT CO LTD 16.89 -2.84% 339 5,815 WIDAM FOOD CO QSC 62.99 0.79% 14 879 MEDICARE GROUP QSC 72.00 -2.15% 41 2,949 QATAR NATIONAL CEMENT CO QSC 65.49 0.32% 16 1,050 DLALA BROKERAGE AND INVESTMENT 16.50 -2.06% 40 663 Abu Dhabi Dubai Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers JIYAD HOLDING CO KSCP Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Wednesday , August 30, 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 79,198 99.00 -0.1% 8.2% 2,645 69,830 105.40 76.00 16 1.9 6.1% 2 Emirates Telecommunications Group Co AE 42,624 18.00 0.0% -4.3% 705 3,455 20.00 17.10 18 3.6 4.4% 3 Saudi Telecom Company SJSC SA 40,052 75.10 0.0% 0.0% 335 6,707 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 33,016 130.90 -1.3% -11.6% 289 10,329 157.27 121.70 9 1.7 2.4% 5 First Abu Dhabi Bank PJSC AE 30,859 10.40 -1.4% 4.1% 3,997 11,320 11.55 8.30 13 1.2 4.3% 6 Al Rajhi Banking & Investment Corp SA 28,859 66.60 -0.1% 5.7% 2,141 38,023 71.70 48.60 13 2.0 3.4% 7 National Commercial Bank SJSC SA 27,946 52.40 -1.1% 23.0% 345 4,818 58.00 32.00 11 1.7 3.1% 8 Saudi Electricity Company SJSC SA 26,266 23.64 -0.2% 5.5% 1,297 8,175 26.05 14.30 11 1.4 3.0% 9 DP World Ltd AE 18,351 22.11 -1.7% 26.3% 78 472 23.85 15.53 19 1.9 1.7% 10 Almarai Co SJSC SA 17,472 81.90 1.7% 19.6% 77 1,674 98.30 51.50 32 4.9 1.1% 11 Jabal Omar Development Co SJSC SA 16,853 68.00 0.6% -9.0% 141 2,558 76.00 46.00 73 6.2 0.0% 12 Emaar Properties PJSC AE 16,493 8.46 0.4% 18.7% 2,890 6,658 8.59 6.37 11 1.4 0.0% 13 Saudi Arabian Mining Co SJSC SA 15,735 50.50 1.0% 29.5% 460 6,189 53.80 27.80 231 2.3 0.0% 14 Industries Qatar QSC QA 15,032 90.99 -1.2% -22.6% 71 1,758 122.00 90.50 21 1.7 4.4% 15 National Bank of Kuwait SAKP KW 14,617 745.00 0.4% 20.3% 1,459 3,605 747.00 533.33 15 1.4 3.8% 16 Samba Financial Group SJSC SA 12,960 24.30 -0.3% -0.2% 1,239 8,030 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,621 8.34 0.5% -1.8% 23 53 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 11,356 594.00 0.7% 21.0% 2,331 4,590 595.00 413.64 18 1.9 2.6% 19 Saudi British Bank SJSC SA 10,360 25.90 -0.4% 0.0% 225 1,555 28.40 16.40 10 1.2 2.7% 20 Abu Dhabi Commercial Bank PJSC AE 10,332 7.30 0.0% 5.8% 796 1,581 7.68 5.66 10 1.2 5.5% 21 Kingdom Holding Co SA 10,159 10.28 -0.2% -14.0% 25 67 12.95 9.80 67 1.3 4.9% 22 Banque Saudi Fransi SJSC SA 9,996 31.10 -0.3% 19.2% 96 800 33.20 18.00 11 1.2 0.0% 23 Riyad Bank SJSC SA 8,960 11.20 -0.4% -3.0% 1,042 3,113 11.80 8.55 12 0.9 5.8% 24 Emirates Islamic Bank PJSC AE 8,872 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,753 2.47 0.0% 0.0% 482 324 2.85 2.38 17 1.9 0.0% 26 Ezdan Holding Group QSC QA 8,612 11.89 -0.9% 0.0% 131 426 19.45 10.72 15 1.1 0.0% 27 Yanbu National Petrochemicals Co SJSC SA 8,460 56.40 -0.4% 4.4% 169 2,547 61.75 39.90 15 2.1 5.3% 28 Dubai Islamic Bank PJSC AE 8,128 6.04 -0.8% 8.4% 919 1,512 6.29 5.01 10 1.2 7.5% 29 Masraf Al Rayan QSC QA 7,946 38.80 -0.7% 3.2% 95 1,005 45.40 33.05 14 2.4 5.2% 30 Ooredoo QSC QA 7,690 87.91 -1.7% -13.6% 38 906 116.10 87.00 15 1.3 4.0% Company Name Total M-Cap; W. Avg Yield 568,577 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. 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