MENA Market Report - 4 May

Transcription

1. MENA Morning Report Thursday , May 04, 2017 Overview Regional Markets: MENA markets ended the session mostly on a negative note as oil prices remaining under pressure, weighing on investor sentiments. The performance of the regional markets during the week is painting a mixed picture as earnings for the first quarter have been subdued coupled with weakness in oil prices. For the day, five out of the eight indexes closed in red, while three managed to end in green. Saudi Arabia ended on the losing side as it was down by 0.6% for the day, which was mostly dragged lower by broad based selling pressure, especially the petchem sector stocks after oil slipped closer to US$ 50 mark. However, the index remains in the positive territory for the week, thanks to gains recorded at the start of the week. UAE markets ended on a mixed note as Dubai was down by 0.5%, while Abu Dhabi was up by 0.6% for the day. The rise in Abu Dhabi during the week has helped the index in regaining its positive performance for the year, while Dubai continues to remain in negative territory as the index continues to face selling pressure. Kuwait closed up by 0.6% for the day, witnessing buying interest after days of negative close. Egypt also closed in green as it was up by 0.6% for the day, extending the monthly gains to 1.4%. Qatar closed in red as it was down by 0.4% for the day, extending the losses to 1.3% during the week. Bahrain and Oman were both on the losing side as they were down by 0.6% and 0.3% respectively. International Markets: US markets closed mostly in red as Nasdaq and S&P were down by 0.4% and 0.1% respectively, while Dow was marginally up by 0.04%. European markets ended on a mixed note as FTSE and CAC were down by 0.2% and 0.1% respectively, while DAX was up by 0.2%. At the time of writing the report, Asian markets have opened in red as Hang Seng and Shanghai are down by 0.5% and 0.1%, while Nikkei is closed for the day. Headlines (WW) US Commerce Secretary Ross says deregulation may boost economy (MENA) MENA M&A value hits record USD 30.5 billion in H2 2016 (WW) US services sector growth accelerates in April (GCC) GCC budget deficits shrink on spending cuts, higher oil prices (WW) US companies add fewest workers since October (GCC) IMF gives thumbs up to GCC’s VAT implementation (WW) Trump urges future government shutdown, easier passage of laws (SA) Saudi economic reforms working, promises huge investments (WW) UK construction growth surprises, hitting four-month high (SA) Saudi Vision 2030 'could attract up to USD 1 trillion in FDI' (WW) British shop prices fall at slowest rate in 3-1/2 years (SA) Saudi fiscal policies enhancing financial stability (WW) Euro zone economy outperforms U.S. with robust start to year (SA) Aramco sale won't be far off 5 percent, will happen in 2018 (WW) German economy booms as protectionist threat goes pop (AE) For Dubai's wealthy investors, Palm’s the best option (CMD) Gold Near Steady In Quieter, 2-Sided Trading Session (AE) Dubai property market's patchy road to recovery (CMD) Brent crude closes at 2017 low, erases gains since OPEC's cuts (EG) Egyptian non-oil business activity shrinks for 19th month in April (FX) Euro, sterling remain slightly lower despite upbeat data (QA) Qatar's construction sector to witness growth in 2018 (FX) Dollar inches up as Fed eyed for June rate steer (KW) Kuwait MP voices concerns over privatization (FI) US Treasury studying possibility of issuing ultra-long bonds (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,419.06 -0.5% 0.1% 0.1% -3.2% ˅ ˅ ˄ Abu Dhabi (ADSMI) 4,581.26 0.6% 1.5% 1.3% 0.8% ˄ ˅ ˄ Saudi (SASEIDX) 6,967.71 -0.6% 0.3% -0.7% -3.4% ˅ ˅ ˄ Kuwait (KWSE) 6,798.73 0.6% -0.8% -0.6% 18.3% ˅ ˄ ˄ Egypt (EGX30) 12,603.56 0.6% 0.6% 1.4% 2.1% ˅ ˄ ˄ Qatar (DSM) 9,955.40 -0.4% -1.3% -1.1% -4.6% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,330.90 -0.6% -0.1% -0.4% 9.1% ˅ ˄ ˄ Oman (MSM30) 5,492.42 -0.3% -0.6% -0.4% -5.0% ˅ ˅ ˅ 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) 222 336 531 100 139 193 80,496 Abu Dhabi (ADSMI) 62 104 155 47 57 65 134,653 Saudi (SASEIDX) 207 182 242 899 906 1,124 438,353 Kuwait (KWSE) 104 384 351 41 109 101 75,578 Egypt (EGX30) 193 262 379 37 97 99 19,045 Qatar (DSM) 12 11 10 84 98 84 128,682 Bahrain (BHSEIDX) 1 5 5 1 3 3 20,631 Oman (MSM30) 17 20 17 8 12 10 16,499 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 Thursday , May 04, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 11.1 386.2 8.9 300 8 239.3 188.3 4 1.1 Current 12.3 11.3 9.1 1.6 1.9 1.7 1.4 - - 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 Egypt Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 27% 8% 6% Previous 600 489.3 13.8 11.1 12 PB 5.1% 18.3% 5.7% 5.2% 4.3% 18% 9.1% 4.1% 4% 3.3% 9% 0.8% 2.3% 2.1% 0% 2% 0.0% -3.2% 0.0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -3.4% -9% 0% Oman Average Dubai Abu Dhabi Saudi -5.0% -4.6% 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 Thursday , May 04, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value DAR AL TAKAFUL PJSC 1.19 -4.20% 1,249 1,519 SHUAA CAPITAL PSC 1.63 -3.07% 836 1,384 15 UNION PROPERTIES PJSC 1.05 -2.86% 21,327 22,723 698 AMANAT HOLDINGS PJSC 1.15 -2.61% 7,820 9,114 ARABTEC HOLDING PJSC 0.84 -2.39% 50,009 42,370 Top Losers Close * DoD % Volume ('000) Value (AED ‘000) ESHRAQ PROPERTIES COMPANY PJSC 1.15 -3.48% 32,740 38,329 80 RAK PROPERTIES PJSC 0.62 -3.23% 5,119 3,227 1,050 551 FINANCE HOUSE PJSC 1.65 -3.03% 1 2 5,164 57,196 ABU DHABI NATIONAL ENERGY CO 0.59 -1.69% 1,095 652 0.85% 1,879 32,840 SUDATEL TELECOM GROUP LTD 0.62 -1.61% 121 76 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) JADWA REIT AL HARAMAIN FUND 13.30 9.77% 16,659 211,697 UNITED WIRE FACTORIES CO JSC 20.80 -5.77% 2,237 47,953 MEDITERRANEAN AND GULF COOP 21.10 3.32% 1,449 30,075 AL SORAYAI TRADING AND INDUS 9.05 -4.42% 1,098 10,164 AL ALAMIYA FOR COOPERATIVE 26.00 2.69% 451 11,579 SAUDI KAYAN PETROCHEMICAL CO 9.20 -3.80% 26,219 245,986 GULF GENERAL COOPERATIVE 17.50 2.57% 1,168 20,185 BAAZEEM TRADING COMPANY CJSC 33.20 -3.61% 3 85 AL RAJHI COMPANY FOR COOP 49.10 2.34% 773 37,500 SAUDI FISHERIES CO SJSC 25.30 -3.56% 233 6,000 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) FIRST TAKAFUL INSURANCE CO KPSC 55.00 9.09% 218 12 KUWAIT BUILDING MATERIALS 146.00 -6.85% 0 0 AL MOWASAT HEALTHCARE CO KSCC 310.00 8.06% 24 7 AL AHLI BANK OF KUWAIT KSCP 320.00 -6.25% 21 7 PALMS AGRO PRODUCTION CO KSCP 102.00 7.84% 0 0 KUWAIT COMPANY FOR PROCESS 164.00 -6.10% 0 0 UNITED PROJECTS FOR AVIATION 660.00 7.58% 0 0 AWJ HOLDING CO KSCP 84.00 -5.95% 1,217 105 SANAM REAL ESTATE COMPANY KSCP 48.50 7.22% 0 0 UNITED REAL ESTATE COMPANY SAKP 90.00 -5.56% 145 13 Top Gainers Close DoD % Volume Value Top Losers Close DoD % Volume Value 16.64 9.74% 216 3,431 CAIRO FOR OIL AND SOAP CO SAE 15.21 -16.31% 768 12,819 Close DoD % Volume Value OMAN INSURANCE COMPANY PSC 1.79 14.53% 0 47 ARAMEX PJSC 5.21 2.69% 0 5,924 AL SALAM BANK SUDAN PLC 1.89 1.59% 8 GULF NAVIGATION HOLDING PJSC 1.41 1.42% 498 MARKA PJSC 1.31 0.76% 30 40 Close * DoD % Volume ('000) Value (AED ‘000) RAS AL KHAIMAH CEMENT CO PSC 0.83 8.43% 95 75 ABU DHABI SHIP BUILDING PJSC 2.70 3.70% 30 MANAZEL REAL ESTATE PJSC 0.53 1.89% FIRST ABU DHABI BANK PJSC 11.15 1.35% EMIRATES TELECOMMUNICATIONS 17.55 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Egypt DELTA SUGAR CO SAE ROWAD TOURISM CO SAE Top Losers 4.27 9.37% 31 125 PAINTS AND CHEMICAL INDUSTRIES 31.89 -5.80% 60 1,976 100.00 8.38% 3 286 EGYPT ALUMINUM CO SAE 34.22 -5.70% 64 2,251 MISR CHEMICAL INDUSTRIES CO SAE 9.10 8.13% 432 3,779 SHARKIA NATIONAL COMPANY 4.96 -4.23% 26 132 WADI KOM OMBO FOR LAND 6.24 7.53% 2 9 MARIDIVE AND OIL SERVICES SAE 0.25 -4.00% 712 182 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) ISLAMIC HOLDING GROUP QSC 60.50 2.15% 35 2,070 AL KHALEEJ TAKAFUL GROUP QSC 20.55 -2.68% 3 62 AL KHALIJ COMMERCIAL BANK QSC 14.82 1.89% 74 1,080 QATAR INDUSTRIAL MANUFACTURING 43.75 -2.63% 19 846 DOHA INSURANCE CO QSC 16.39 0.98% 91 1,486 OOREDOO QSC 103.00 -2.33% 113 11,754 QATAR INSURANCE CO SAQ 69.90 0.72% 238 16,551 AL MEERA CONSUMER GOODS CO 158.00 -1.90% 4 571 QATAR ELECTRICITY AND WATER CO 205.20 0.68% 26 5,238 QATAR NATIONAL CEMENT CO QSC 72.20 -1.66% 244 17,747 UPPER EGYPT FLOUR MILLS SAE Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters Top Losers 3
4. MENA Morning Report Thursday , May 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 78,602 98.25 -0.8% 7.4% 4,434 116,182 102.50 76.00 17 1.8 4.1% 2 Emirates Telecommunications Group Co AE 41,911 17.70 0.9% -5.9% 1,879 9,056 20.20 17.15 17 3.4 4.5% 3 Saudi Telecom Company SJSC SA 36,668 68.75 0.4% 0.0% 208 3,813 74.00 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 35,008 138.00 -0.7% -6.8% 129 4,907 157.27 121.36 10 1.8 2.1% 5 First Abu Dhabi Bank PJSC AE 33,527 11.30 1.3% 13.1% 5,164 15,887 11.55 7.60 11 1.3 4.0% 6 Al Rajhi Banking & Investment Corp SA 27,192 62.75 -0.4% -0.4% 792 13,246 67.50 48.60 13 2.0 3.6% 7 Saudi Electricity Co SJSC SA 26,056 23.45 -1.9% 4.7% 1,410 8,820 25.80 14.30 46 1.6 3.0% 8 National Commercial Bank SJSC SA 21,334 40.00 0.3% -6.1% 516 5,505 45.00 32.00 9 1.4 4.0% 9 DP World Ltd AE 17,970 21.65 1.7% 23.6% 241 1,419 22.25 15.53 18 2.0 1.8% 10 Industries Qatar QSC QA 16,866 101.50 -0.8% -13.6% 184 5,126 122.00 94.50 19 1.9 3.9% 11 Jabal Omar Development Co SJSC SA 16,668 67.25 -0.4% -10.0% 136 2,438 76.00 46.00 72 6.1 0.0% 12 Almarai Co SJSC SA 15,734 73.75 -0.3% 7.7% 62 1,221 74.50 51.50 29 4.6 0.0% 13 Emaar Properties PJSC AE 14,445 7.41 -0.4% 3.9% 3,964 7,996 7.79 5.95 10 1.3 2.0% 14 National Bank of Kuwait SAKP KW 13,239 680.00 0.0% 9.8% 949 2,124 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 12,994 41.70 0.5% 6.9% 899 10,000 43.80 27.80 122 1.8 0.0% 16 Emirates NBD Bank PJSC AE 12,302 8.13 0.4% -4.2% 2,868 6,349 9.00 7.60 7 0.8 4.9% 17 Ezdan Holding Group QSC QA 11,314 15.53 -0.4% 2.8% 1,803 7,691 20.24 14.63 19 1.3 3.2% 18 Samba Financial Group SJSC SA 11,227 21.05 -0.5% -13.6% 670 3,761 25.20 15.90 8 1.0 4.5% 19 Emirates Islamic Bank PJSC AE 11,015 7.45 0.0% 0.0% 3 7 11.95 1.57 136 5.9 0.0% 20 Kingdom Holding Co SA 10,229 10.35 -0.5% -13.4% 69 190 12.95 9.90 75 1.4 4.8% 21 Abu Dhabi Commercial Bank PJSC AE 9,836 6.95 -0.6% 0.7% 2,102 3,977 7.68 5.66 9 1.2 5.8% 22 Kuwait Finance House KSCP KW 9,390 495.00 -1.0% 0.8% 826 1,345 572.73 400.00 13 1.6 0.0% 23 Emaar Malls Group PJSC AE 8,965 2.53 -0.4% -3.4% 4,388 3,023 3.00 2.47 18 2.1 4.0% 24 Saudi British Bank SJSC SA 8,900 22.25 -0.7% -11.0% 175 1,037 25.90 16.40 9 1.1 3.1% 25 Ooredoo QSC QA 8,850 100.60 -2.3% 0.0% 113 3,116 116.10 81.50 17 1.5 0.0% 26 Masraf Al Rayan QSC QA 8,641 41.95 0.2% 11.6% 565 6,509 44.20 32.10 15 2.7 4.8% 27 Riyad Bank SJSC SA 8,360 10.45 0.0% -9.5% 359 1,000 11.80 8.55 9 0.8 6.2% 28 Banque Saudi Fransi SJSC SA 8,323 25.90 -1.1% -0.8% 67 463 27.50 18.00 9 1.1 4.1% 29 Yanbu National Petrochemicals Co SJSC SA 8,213 54.75 -0.9% 1.4% 190 2,779 61.75 37.00 13 1.9 5.5% 30 Dubai Islamic Bank PJSC AE 7,791 5.79 -0.2% 3.9% 1,925 3,034 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 551,566 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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