MENA Market Report - 4 April

Transcription

1. MENA Morning Report Tuesday , April 04, 2017 Overview Regional Markets: MENA region closed on a positive note after closing on a weaker note on the previous day. Moreover, the subdued performance seen in March is providing an opportunity to buy into quality stocks, which were dragged down by overall sentiments in the region. For the day, five out of the eight indexes closed in green, while three ended in red. UAE markets closed on a positive note as Dubai was up by 1.4% and Abu Dhabi by 0.4% for the day. Dubai has led regional markets for the second consecutive day, which has helped the index in recovering the annual losses to turn positive for the year. The index has turned positive on the back of broad based buying across the market after witnessing a dismal performance during the month of March. In Abu Dhabi, TAQA hogged the limelight for the second day as it continues to climb higher on the back of expected turn around in the company’s performance post the restructuring exercise. Egypt also closed on a positive note as it was up by 1.2% for the day, recovering the losses incurred on the previous day. Saudi Arabia ended on the losing side as it was down by 0.3% for the day, which was dragged lower after making a day's high during the first half of the session. Kuwait also closed lower by 0.3% for the day, second consecutive sessions of losses. Qatar also ended in red as it was down by 0.5% for the day. Oman closed up by 1.1% and Bahrain was also up by 0.1% for the day. International Markets: US markets closed on a negative note as Dow, Nasdaq and S&P were down by 0.1%, 0.3% and 0.2% respectively. European markets closed in red as FTSE, DAX and CAC were down by 0.6%, 0.5% and 0.7% respectively. At the time of writing this report, Asian markets have opened on a mixed note as Nikkei was down by 0.4%, while Hang Seng and Shanghai are up by 0.6% and 0.4% respectively. Headlines (WW) US manufacturing activity pulls back from 2-1/2-year high (ME) Middle East to post USD 400 million in storage growth by 2025 (WW) US small business borrowing up in February (GCC) GCC sovereigns to lead emerging market bond issues in 2017 (WW) Debt load could snag students, hurt U.S. economy (SA) UK PM to visit Saudi Arabia in post-Brexit trade push (WW) UK manufacturing surge slows in March (SA) Good news for Saudi Aramco IPO as tax rate is cut (WW) Solid Asia factory growth caps a strong first quarter but outlook cloudy (AE) Dubai's new rental law to move away from one-size-fits all regulation (WW) Japan business mood brightens as recovery broadens (AE) UAE tops investment destinations in MENA region (WW) Japan final March PMI shows manufacturing activity slowing slightly (AE) UAE remains preferred FDI destination (WW) India factory activity at five-month high in March on strong demand (AE) Fin-tech can grow in the UAE by targeting people with low income (CMD) Oil prices under pressure as Libyan production recovery weighs (AE) Kizad sees more operational investments in 2017 (CMD) Gold prices firm, buoyed by tepid US economic data (EG) Egypt bank sees pound real exchange rate appreciating (FX) Sterling slips after UK manufacturing loses momentum (EG) Egypt foreign reserves reach six-year high of USD 28.5 billion (FX) Dollar gains as US outlook positive in data-heavy week (EG) Egypt a major investment destination (FI) Bonds still make sense when prices are falling (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,539.33 1.4% 1.7% Abu Dhabi (ADSMI) 4,466.64 0.4% 0.5% 1.7% 0.2% ˅ ˅ ˄ 0.5% -1.8% ˅ ˅ ˄ Saudi (SASEIDX) 6,967.98 -0.3% -0.5% -0.5% -3.4% ˄ ˅ ˄ Kuwait (KWSE) 6,999.23 Egypt (EGX30) 13,061.07 -0.3% -0.4% -0.4% 21.8% ˄ ˄ ˄ 1.2% 0.5% 0.5% 5.8% ˄ ˄ ˄ Qatar (DSM) Bahrain (BHSEIDX) 10,344.08 -0.5% -0.4% -0.4% -0.9% ˅ ˄ ˄ 1,347.82 0.1% -0.6% -0.6% 10.4% ˄ ˄ ˄ Oman (MSM30) 5,596.67 1.1% 0.8% 0.8% -3.2% ˅ ˅ ˄ 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) 385 521 528 127 198 192 82,363 Abu Dhabi (ADSMI) 89 160 150 37 72 63 116,443 Saudi (SASEIDX) 131 204 248 715 1,013 1,114 434,779 Kuwait (KWSE) 2,681 496 319 83 138 94 75,578 Egypt (EGX30) 200 339 372 78 90 92 19,759 Qatar (DSM) 10 11 9 79 100 82 132,319 Bahrain (BHSEIDX) 3 5 4 2 3 3 20,876 Oman (MSM30) 31 19 17 16 12 10 16,382 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 ** indicates markets were closed on Sunday. 1
2. MENA Morning Report Tuesday , April 04, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 13.5 386.2 8.5 300 8 239.3 188.3 4 1.2 Current 489.3 11.1 9.1 1.4 2.0 1.7 1.5 - - 0.9 1.1 Bahrain Oman - 178.1 106.9 87.2 1.4 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait 27% 5.7% 5.6% 4% 3.3% Kuwait 0.0% Egypt Average 21.8% 9% 5.8% 0% 0% Dubai Abu Dhabi Saudi Oman 0.2% 1.9% 0.0% Bahrain 10.4% 4.0% 2% Qatar 18% 5.0% 4.3% Egypt Year to Date Perfomance Dividend Yield 8% 6% Previous 600 12.8 11.9 10.9 12 PB Qatar Bahrain Oman Average -1.8% -9% Dubai Abu Dhabi -0.9% -3.4% Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available Qatar -3.2% Bahrain Oman 2
3. MENA Morning Report Tuesday , April 04, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL CEMENT CO PSC 3.56 -9.83% 10 38 47,413 AL RAMZ CORPORATION INVESTMENT 1.59 -5.66% 169 277 5,950 6,311 AL SALAM BANK SUDAN PLC 2.02 -3.47% 66 135 3.45% 795 1,134 AJMAN BANK PJSC 1.33 -0.75% 346 462 3.45% 795 1,134 ARAMEX PJSC 5.08 -0.20% 881 4,480 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL BANK OF FUJAIRAH PJSC 3.00 15.00% 1 3 ABU DHABI NATIONAL INSURANCE CO 3.21 -9.66% 8 28 ABU DHABI NATIONAL ENERGY CO 0.52 9.62% 18,249 9,073 ABU DHABI NATIONAL HOTELS CO 3.14 -4.46% 4 13 SHARJAH CEMENT AND INDUSTRIAL 1.01 5.94% 20 20 WAHA CAPITAL PJSC 1.96 -3.06% 506 1,008 DANA GAS PJSC 0.43 4.65% 29,241 12,294 GULF PHARMACEUTICAL INDUSTRIES 2.32 -1.72% 51 118 ARKAN BUILDING MATERIALS CO PJSC 0.72 2.78% 1,846 1,311 UNION NATIONAL BANK PJSC 4.43 -0.90% 46 205 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) DEVELOPMENT WORKS FOOD CO 94.00 4.26% 5 485 AL SAMAANI FACTORY METAL INDUS 94.00 -4.52% 2 165 RED SEA INTERNATIONAL CO 25.30 3.16% 953 23,739 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 33.10 -3.02% 411 13,818 HALWANI BROTHERS CO JSC 51.75 2.90% 318 16,223 SAUDI MARKETING COMPANY CJSC 30.80 -2.92% 171 5,352 ELECTRICAL INDUSTRIES CO JSC 24.60 2.44% 775 18,834 METHANOL CHEMICALS COMPANY 7.15 -2.80% 2,686 19,482 MAKKAH CONSTRUCTION AND DEV 105.25 2.38% 128 13,338 SOUTHERN PROVINCE CEMENT CO 62.50 -2.40% 22 1,394 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) EDUCATIONAL HOLDING GROUP KSCP 270.00 7.41% 12 3 ALSHAMEL INTERNATIONAL HOLDING 385.00 -12.99% 0 0 FIRST TAKAFUL INSURANCE CO KPSC 58.00 6.90% 3 0 NATIONAL CONSUMER HOLDING 120.00 -8.33% 111 14 KUWAIT BUILDING MATERIALS 118.00 6.78% 5 1 CREDIT RATING AND COLLECTION 32.50 -7.69% 231 8 TAAMEER REAL ESTATE INVESTMENT 39.00 6.41% 16,585 627 COMMERCIAL BANK OF KUWAIT KPSC 450.00 -5.56% 9 4 KUWAIT SYRIAN HOLDING CO KSC 40.50 6.17% 6,004 236 JEERAN HOLDING COMPANY KSCP 47.50 -5.26% 50 2 Close DoD % Volume Value Close * DoD % Volume ('000) Value (EGP ‘000) ISMAILIA DEVELOPMENT AND RE 3.79 12.40% 75 270 EL EBOUR COMPANY FOR RE 4.62 -8.01% 14 66 RAYA HOLDING FOR FINANCIAL 11.89 9.92% 151 1,711 ALEXANDRIA NATIONAL COMPANY 8.66 -7.04% 1 9 ACROWMISR FOR METALLIC 81.92 9.23% 69 5,378 ALEXANDRIA PORTLAND CEMENT CO 8.35 -4.67% 11 92 ORANGE EGYPT FOR TELECOM 87.14 8.72% 1 42 NATIONAL CO FOR MAIZE PRODUCTS 31.40 -4.62% 60 1,916 ARABIAN CEMENT CO SAE 9.93 8.36% 7,560 72,177 EGYPTIAN STARCH AND GLUCOSE 14.31 -4.61% 116 1,707 Top Gainers Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) ZAD HOLDING CO SAQ 86.00 4.53% 0 6 QATAR ISLAMIC INSURANCE CO QSC 64.90 -9.86% 1 71 VODAFONE QATAR QSC 9.36 1.71% 2,349 21,798 MASRAF AL RAYAN QSC 42.15 -2.97% 2,117 90,611 MAZAYA QATAR REAL ESTATE DEV 14.31 1.68% 1,128 16,008 COMMERCIAL BANK QSC 33.95 -2.06% 627 21,514 DOHA INSURANCE CO QSC 16.45 1.22% 8 137 QATARI GERMAN COMPANY 9.95 -2.01% 65 650 BARWA REAL ESTATE CO QSC 35.20 0.99% 196 6,882 110.50 -1.72% 144 16,013 Close * DoD % Volume ('000) Value (AED ‘000) DUBAI FINANCIAL MARKET PJSC 1.25 4.00% 0 33,067 DXB ENTERTAINMENTS PJSC 1.01 3.96% 47,855 AMLAK FINANCE PJSC 1.08 3.70% GULF NAVIGATION HOLDING PJSC 1.45 GULF NAVIGATION HOLDING PJSC 1.45 Dubai Top Gainers Kuwait Saudi Arabia Abu Dhabi Top Gainers Qatar Egypt Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers INDUSTRIES QATAR QSC 3
4. MENA Morning Report Tuesday , April 04, 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 77,398 96.75 0.0% 22.0% 1,806 46,590 98.50 74.25 16 1.8 1.8% 2 Emirates Telecommunications Group AE 42,504 17.95 0.8% 8.8% 1,135 5,548 20.20 17.15 18 3.7 4.9% 3 Qatar National Bank SAQ QA 37,037 146.00 -0.1% 3.8% 84 3,370 157.27 121.36 0 0.0 3.0% 4 Saudi Telecom Company SJSC SA 35,999 67.50 1.5% -6.9% 543 9,767 74.00 51.00 16 2.3 5.9% 5 National Bank of Abu Dhabi PJSC AE 30,858 10.40 0.0% -9.6% 4,117 11,657 10.90 7.60 11 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 27,299 63.00 -1.2% 0.0% 1,563 26,262 67.50 48.60 13 2.0 0.0% 7 Saudi Electricity Co SJSC SA 25,832 23.25 -0.2% -10.4% 683 4,235 25.80 14.30 46 1.6 6.3% 8 National Commercial Bank SJSC SA 20,533 38.50 -1.3% -2.0% 672 6,903 46.30 32.00 8 1.3 5.9% 9 Industries Qatar QSC QA 18,045 108.60 -1.7% -1.1% 144 4,285 122.00 94.50 22 2.0 4.1% 10 DP World Ltd AE 17,729 21.36 0.3% 0.0% 157 910 22.25 15.53 18 2.0 0.0% 11 Jabal Omar Development Co SJSC SA 17,101 69.00 1.1% 4.5% 224 4,126 76.00 46.00 84 6.3 3.2% 12 Emirates Islamic Bank PJSC AE 16,264 11.00 0.0% -7.6% 3 8 11.95 1.57 452 8.9 3.7% 13 Almarai Co SJSC SA 14,933 70.00 0.4% 4.6% 18 333 71.00 50.00 28 4.3 0.0% 14 Emaar Properties PJSC AE 14,328 7.35 1.8% -7.7% 6,121 12,249 7.79 5.89 10 1.3 0.0% 15 National Bank of Kuwait SAKP KW 13,195 680.00 0.0% 2.7% 1,075 2,397 723.81 523.81 14 1.3 3.7% 16 Saudi Arabian Mining Co SJSC SA 12,713 40.80 0.0% 0.0% 986 10,722 43.80 27.80 119 1.7 5.5% 17 Emirates NBD Bank PJSC AE 12,560 8.30 0.0% -2.2% 26 58 9.00 7.60 7 0.8 4.8% 18 Ezdan Holding Group QSC QA 11,503 15.79 -0.1% 4.1% 1,048 4,544 20.24 14.63 23 1.4 4.3% 19 Samba Financial Group SJSC SA 11,120 20.85 -1.2% 0.0% 357 1,986 25.20 15.90 8 1.0 3.6% 20 Kingdom Holding Co SA 10,475 10.60 -0.5% 3.1% 243 688 13.15 9.90 77 1.4 2.0% 21 Abu Dhabi Commercial Bank PJSC AE 9,568 6.76 -0.3% 0.0% 474 873 7.68 5.66 9 1.2 0.0% 22 Emaar Malls Group PJSC AE 9,532 2.69 1.9% 2.2% 8,521 6,241 3.10 2.47 19 2.2 1.3% 23 Kuwait Finance House KSCP KW 9,110 530.00 0.0% 8.0% 7,346 12,767 572.73 400.00 15 1.7 2.9% 24 Saudi British Bank SJSC SA 8,740 21.85 -0.7% -11.3% 24 139 25.90 16.40 8 1.0 0.0% 25 Ooredoo QSC QA 8,674 98.60 -0.1% 0.0% 131 3,552 116.10 81.50 14 1.4 0.0% 26 Yanbu National Petrochemicals Co SA 8,662 57.75 0.0% 9.8% 153 2,360 59.75 37.00 14 2.0 4.2% 27 Masraf Al Rayan QSC QA 8,425 40.90 -3.0% -14.4% 2,117 23,785 44.20 32.10 15 2.4 4.6% 28 Banque Saudi Fransi SJSC SA 8,290 25.80 0.0% -12.6% 60 416 27.80 18.00 9 1.0 3.2% 29 Riyad Bank SJSC SA 8,280 10.35 -1.0% 6.9% 745 2,056 11.80 8.55 9 0.8 5.2% 30 Emirates Integrated Telecomm AE 7,717 6.20 2.1% 0.0% 821 1,385 6.99 5.56 16 3.6 0.0% Company Name Total M-Cap; W. Avg Yield 554,422 3.1% 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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