MENA Market Report - 4 April

Transcription

1. MENA Morning Report Wednesday , April 04, 2018 Overview Regional Markets: MENA region closed on a negative note as the lack of fresh cues coupled with first quarter earnings season is keeping investors on the sideline. Further, the rising trade war between US and China is also weighing on global equities and is impacting the sentiments of the regional markets. UAE markets ended on a mixed note as Dubai was down by 0.2%, while Abu Dhabi was up by 0.1% for the day. Dubai index has continued to remain under pressure as the market has lost around 8.0% during the year, becoming the worst performer within the region. Saudi Arabia started the session on a weak note but the index recovered the losses to turn positive for the day after three consecutive sessions of losses. The index was up by 0.2% for the day, but remains in negative territory for the week with losses of 0.9%. Kuwait closed on a negative note as it was down by 0.5% for the day, the third consecutive session of losses after that the market regulator introduced the new stock exchange reform from the beginning of the second quarter. Egypt closed on a negative note as it was down by 1.1% for the day, erasing most of the gains recorded in the previous sessions of the week. Qatar closed marginally lower by 0.1% for the day, marginal pullback after rising in the previous two sessions. Bahrain was down by 0.3%, while Oman was up by 0.5% for the day, helping the index in recovering the losses to turn flat for the week. International Markets: US markets ended on a positive note as DJIA, S&P and NASDAQ were all up by 1.7%, 1.3% and 1.0% respectively for the day. European markets closed on a negative note as FTSE, CAC and DAX closed lower by 0.4%, 0.3% and 0.8% respectively for the day. At the time of writing this report, Asian markets have opened on a slightly positive note as Nikkei and Shanghai are up by 0.2% and 0.7% respectively, while Hang Seng is down by 0.2% respectively. Headlines (WW) US factory activity slows, manufacturers worry about tariffs (GCC) European visitors to GCC to increase 17% by 2020 (WW) US construction spending barely rises in February (GCC) Saudi Arabia, UAE non-oil growth slips in March in post-VAT slump (WW) UK manufacturing growth cools to 1-year low in first quarter (AE) Abu Dhabi homes market faces another year of decline (WW) Euro zone factory boom stumbles again in March but growth solid (AE) Dubai cementing maritime profile through logistics and leisure (WW) Japan Inc's inflation expectations stall in March (EG) Egypt's non-oil business sector activity shrinks in March (WW) Australia's central bank sits tight in ‘masterful’ inaction (EG) Egypt PMI slips in March as inflationary pressure crimps demand (WW) Foreign investments in France hit 10-year high (EG) Egyptian tourism set for rebound as foreign arrivals pick up again (WW) Lacklustre demand drags Indian March factory growth to 5-month low (EG) Egypt’s balance of payments improves in H1 2017/2018 (CMD) Oil recovers from steep drop, but trade and output concerns linger (QA) Qatar-Oman trade set to grow exponentially (CMD) Gold inches down, resurgent trade worries offer support (KW) Kuwait's proposed tax on remittances could hit the poorest members of society (FX) Dollar weakens on worsening China-US trade dispute (BH) Bahrain’s real GDP grows 3.4% (FX) Pound gains before manufacturing survey data (OM) Oman central bank eases capital, lending curbs in bid to spur growth (FI) Euro zone bond yields off lows as surveys signal solid growth (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,100.39 -0.2% -0.3% -0.3% -8.0% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,585.21 0.1% -0.0% -0.0% 4.2% ˄ ˄ ˄ Saudi (SASEIDX) 7,799.77 0.2% -0.9% -0.9% 7.9% ˄ ˄ ˄ Kuwait (KWSE) 4,864.13 -0.5% -2.7% -2.7% 0.5% ˅ ˄ ˄ Egypt (EGX30) 17,492.71 -1.1% 0.2% 0.2% 16.5% ˄ ˄ ˄ Qatar (DSM) 8,721.75 -0.1% 1.7% 1.7% 2.3% ˅ ˄ ˄ Bahrain (BHSEIDX) 1,290.58 -0.3% -2.1% -2.1% -3.1% ˅ ˄ ˄ Oman (MSM30) 4,775.27 0.5% 0.0% 0.0% -6.4% ˅ ˅ ˅ 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) 72 211 240 34 86 102 82,318 Abu Dhabi (ADSMI) 61 72 79 30 39 41 133,375 Saudi (SASEIDX) 224 173 176 1,247 996 958 492,363 Kuwait (KWSE) 34 81 82 11 47 50 75,578 Egypt (EGX30) 689 344 350 134 107 95 30,961 Qatar (DSM) 10 11 10 63 86 78 101,819 Bahrain (BHSEIDX) 1 7 5 1 3 3 21,451 Oman (MSM30) 38 16 17 16 11 12 13,409 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 Wednesday , April 04, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 Previous Current 600 14.2 12.4 12 8 PB 11.6 10.8 10.7 7.7 7.6 4 1.0 1.3 2.6 1.7 - - 148.4 109.5 1.2 0.8 0.9 Bahrain Oman - 88.5 86.3 60.3 1.3 0 291.8 253.8 300 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Bahrain 20% 6.6% 5.6% 6.0% 5.0% 4.5% Oman 2.3% -5% 0.0% -10% 0% Egypt Bahrain 4.2% 0% 2% Kuwait -6.4% 7.9% 10% 0.8% 2.7% Saudi -3.1% 16.5% 5% 4% Abu Dhabi Average 15% 6.0% 4.1% Dubai Oman Year to Date Perfomance DividendYield 8% 6% Qatar Qatar Bahrain Oman Average -8.0% 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 2
3. MENA Morning Report Wednesday , April 04, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ARAMEX PJSC 4.26 -2.52% 0 1,148 4,517 DUBAI ISLAMIC INSURANCE & REINS 0.70 -2.36% 0 220 2,892 DUBAI FINANCIAL MARKET PJSC 1.03 -1.90% 2,193 2,280 EMAAR DEVELOPMENT PJSC 5.30 -1.85% 578 3,091 MARKA PJSC 0.47 -1.67% 2,849 1,356 Close * DoD % Volume ('000) Value (AED ‘000) RAS AL KHAIMAH CEMENT CO PSC 0.74 -8.64% 269 208 WAHA CAPITAL PJSC 2.00 -7.83% 197 410 2 ABU DHABI NATIONAL OIL COMPANY 2.57 -1.91% 611 1,586 22,784 ARKAN BUILDING MATERIALS CO PJSC 0.65 -1.52% 321 210 ABU DHABI COMMERCIAL BANK PJSC 6.55 -1.36% 1,043 6,880 Close * DoD % Volume ('000) Value (SAR ‘000) SAUDI CEMENT CO SJSC 49.50 -3.70% 935 47,187 805,860 UNITED ELECTRONICS COMPANY JSC 68.80 -3.10% 321 22,455 1,444 19,233 SAUDI BRITISH BANK SJSC 29.90 -2.92% 354 10,744 1,362 23,166 SOUTHERN PROVINCE CEMENT CO 44.25 -2.53% 176 7,896 3.72% 831 15,924 AL ASEEL COMPANY CJSC 59.00 -2.48% 35 2,112 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) BOUBYAN INTERNATIONAL INDUSTRY 32.90 20.51% 367 11 GULF FRANCHISING HOLDING CO KSCP 39.50 -19.72% 1 0 AAYAN REAL ESTATE COMPANY KSCP 65.90 18.10% 6 0 KUWAIT AND MIDDLE EAST FINANCIAL 19.40 -11.82% 69 1 54.00 -10.00% 7 0 Close * DoD % Volume ('000) Value (AED ‘000) MASHREQBANK PSC 73.00 4.29% 0 16 AIR ARABIA PJSC 1.18 2.61% 0 SHUAA CAPITAL PSC 1.04 1.96% 2,808 NATIONAL CENTRAL COOLING CO PJSC 1.63 1.87% 72 116 DAMAC PROPERTIES DUBAI CO PSC 3.02 1.00% 791 2,376 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL CORP FOR TOURISM & HOT 2.15 7.50% 79 164 BANK OF SHARJAH PJSC 1.16 5.45% 411 464 INVEST BANK PSC 2.40 2.13% 1 DANA GAS PJSC 0.98 2.08% 23,488 MANAZEL REAL ESTATE PJSC 0.56 1.82% 1,277 709 Close * DoD % Volume ('000) Value (SAR ‘000) AL SAMAANI FACTORY METAL IND 68.90 13.70% 6 365 DAR AL ARKAN REAL ESTATE DEV 12.98 7.27% 64,263 AL SORAYAI TRADING AND INDUSTRY 13.66 5.24% ASTRA INDUSTRIAL GROUP SJSC 17.34 3.96% NATIONAL METAL MANUFACTURING 19.52 Top Gainers Abu Dhabi Dubai Top Gainers Kuwait Saudi Arabia Top Gainers Egypt Top Losers Top Losers NATIONAL MOBILE TELECOM 965.00 13.40% 13 12 AL EID FOOD COMPANY KSCP SOKOUK HOLDING CO KSCP 45.10 10.00% 0 0 WETHAQ TAKAFUL INSURANCE CO 26.10 -10.00% 1 0 AL MADAR FINANCE AND INVESTMEN 29.50 9.26% 1 0 AL AHLEIA INSURANCE CO SAKP 486.00 -10.00% 0 0 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) 23.04 11.20% 0 5,686 5.69 -14.69% 73,754 455,801 MODERN WATERPROOFING CO SAE 0.88 8.64% 357 302 WADI KOM OMBO FOR LAND RECLAM 9.25 -9.49% 9 85 MISR NATIONAL STEEL SAE 64.08 7.18% 10 603 BPE HOLDING FOR FINANCIAL INVEST 12.27 -7.81% 705 9,020 TALAAT MOSTAFA GROUP HOLDING 12.97 6.66% 15,453 194,172 ALEXANDRIA CO FOR PHARMA 158.59 -7.01% 3 485 PRIME HOLDING FOR FINANCIAL INV 4.38 3.79% 16 69 KAHIRA PHARMACEUTICALS AND CHE 51.26 -5.56% 2 124 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) DOHA INSURANCE CO QSC 13.61 8.02% 0 2 ALIJARAH HOLDING CO QPSC 10.49 -2.87% 254 2,707 QATAR GENERAL INSURANCE & REINS 46.90 4.22% 1 51 DOHA BANK QPSC 26.50 -1.85% 545 14,579 VODAFONE QATAR QSC 8.80 2.56% 1,606 13,952 QATAR NATIONAL CEMENT CO QSC 55.00 -1.79% 44 2,454 116.82 2.34% 134 15,466 QATAR OMAN INVESTMENT CO QSC 7.31 -1.75% 10 71 1,665 MAZAYA QATAR REAL ESTATE DEV 7.38 -1.60% 1,696 12,621 DEVELOPMENT AND ENGINEERING Top Gainers Qatar Top Losers QATAR FUEL CO QSC MEDICARE GROUP QSC Data & Charts Source: Thomson Reuters 68.75 0.95% 24 Top Losers GLOBAL TELECOM HOLDING SAE 3
4. MENA Morning Report Wednesday , April 04, 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 91,838 114.80 -0.7% 12.8% 5,486 167,938 120.00 94.25 19 2.1 3.7% 2 Saudi Telecom Company SJSC SA 43,572 81.70 1.0% 19.1% 432 9,420 85.00 65.10 16 2.6 4.9% 3 Emirates Telecommunications Group Co AE 41,324 17.45 0.0% -0.3% 1,005 4,777 18.85 15.75 18 3.4 4.6% 4 First Abu Dhabi Bank PJSC AE 34,867 11.75 0.4% 14.6% 1,701 5,441 12.00 10.05 13 1.3 6.0% 5 National Commercial Bank SJSC SA 34,506 64.70 0.5% 17.4% 318 5,486 65.50 37.00 13 2.0 2.6% 6 Qatar National Bank QPSC QA 33,970 133.89 0.3% 6.3% 245 9,024 151.00 115.01 9 1.6 4.5% 7 Al Rajhi Banking & Investment Corp Ltd SA 32,672 75.40 0.4% 16.7% 2,481 49,878 78.20 61.00 13 2.2 5.3% 8 Saudi Electricity Company SJSC SA 22,799 20.52 -0.3% -2.6% 1,070 5,855 26.05 19.76 12 1.2 3.4% 9 DP World Ltd AE 18,177 21.90 -2.1% -12.4% 131 780 27.06 20.30 15 1.7 1.9% 10 Industries Qatar QSC QA 17,948 108.00 -0.9% 11.3% 129 3,815 115.00 85.00 20 1.9 4.6% 11 Saudi Arabian Mining Co SJSC SA 16,452 52.80 -0.2% 1.3% 336 4,736 57.10 39.50 86 2.4 0.0% 12 Emirates NBD Bank PJSC AE 16,042 10.60 -0.5% 29.3% 127 366 11.00 7.95 8 1.0 3.8% 13 National Bank of Kuwait SAKP KW 14,839 715.00 -0.7% 3.1% 3,726 8,891 761.90 619.05 14 1.3 3.8% 14 Almarai Co SJSC SA 14,560 54.60 0.7% 1.5% 380 5,532 78.64 50.00 26 3.7 1.4% 15 Samba Financial Group SJSC SA 14,080 26.40 1.1% 12.2% 823 5,793 27.55 20.50 11 1.2 5.7% 16 Emirates Islamic Bank PJSC AE 14,048 9.50 0.0% -3.1% 1 1 10.20 4.90 73 7.1 0.0% 17 Saudi British Bank SJSC SA 11,960 29.90 -2.9% 10.7% 354 2,823 32.50 21.25 11 1.3 4.7% 18 Jabal Omar Development Co SJSC SA 11,896 48.00 -0.8% -18.8% 574 7,343 75.60 47.50 331 4.4 0.0% 19 Kuwait Finance House KSCP KW 11,101 524.00 -1.8% 0.1% 3,693 6,458 590.91 424.55 18 1.8 2.7% 20 Riyad Bank SJSC SA 11,040 13.80 0.0% 9.7% 1,227 4,517 14.20 10.10 10 1.1 5.3% 21 Emaar Properties PJSC AE 10,996 5.64 -1.1% -13.7% 10,620 16,310 8.43 5.58 7 0.8 0.0% 22 Yanbu National Petrochemicals Co SJSC SA 10,605 70.70 -1.8% 19.8% 246 4,630 74.30 52.00 17 2.4 4.6% 23 Banque Saudi Fransi SJSC SA 9,434 29.35 1.2% 3.0% 234 1,832 33.40 25.20 10 1.1 4.8% 24 Abu Dhabi Commercial Bank PJSC AE 9,271 6.55 -1.4% -3.7% 1,043 1,861 7.50 6.50 8 1.0 6.4% 25 Kingdom Holding Co SA 8,973 9.08 -0.1% 0.0% 273 660 11.30 7.90 53 1.1 0.0% 26 Abu Dhabi National Oil Co for Dist AE 8,748 2.57 -1.9% -3.0% 611 428 2.90 2.50 18 11.3 2.3% 27 Alinma Bank SJSC SA 8,280 20.70 1.0% 8.0% 31,688 174,915 20.92 14.00 15 1.5 3.9% 28 Arab National Bank SA 7,853 29.45 0.0% 18.9% 145 1,135 29.90 19.15 10 1.2 4.1% 29 Ezdan Holding Group QSC QA 7,672 10.53 0.2% -12.8% 173 501 16.30 6.19 16 0.9 0.0% 30 Emaar Malls PJSC AE 7,655 2.16 -0.5% 1.4% 703 414 2.70 2.00 13 1.7 4.6% Company Name Total M-Cap; W. Avg Yield 597,175 3.7% 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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