MENA Market Report - 5 April

Transcription

1. MENA Morning Report Thursday , April 05, 2018 Overview Regional Markets: MENA region ended the session on a slightly positive note as four out of the eight indexes closed in green, while three in red and one remained unchanged for the day. The first quarter earnings of the regional companies will be important for setting the tone for the rest of the year as it will reinforce the expected recovery in the regional economies. Saudi Arabia was the best performing index as it was up by 0.9% for the day, which helped in recovering the losses recorded during the earlier sessions of the week. Saudi Arabia is attracting interest from investors, especially the blue chip companies after days of selling pressure, which might have led to attractive valuations for institutional investors. UAE markets ended on a mixed note as Dubai was down by 0.3%, while Abu Dhabi was up by 0.5% for the day. Abu Dhabi index was supported by buying in index heavyweights ahead of the earnings season, which is expected to kick off from next week, especially the banking sector stocks. Egypt closed marginally higher as it was up by 0.1% for the day, continuing the positive trend during the week despite the downward pressure seen in most of the regional markets. Qatar was down by 0.2% for the day, the second consecutive session of losses but the index remains in the positive zone for the week. Bahrain was down by 0.6%, while Oman was up by 0.4% for the day, which helped the broader index to turn positive for the week. Kuwait closed on a positive note after three sessions of downward pressure as the index was up by 0.3% for the day. International Markets: US markets ended on a positive note as DJIA, S&P and NASDAQ were all up by 1.0%, 1.2% and 1.5% respectively for the day. European markets closed on a negative note as CAC and DAX were down by 0.2% and 0.4% respectively, while FTSE was up by 0.1% for the day. At the time of writing this report, Asian markets have opened on a positive note as Nikkei is up by 1.7%, Shanghai and Hang Seng are closed for the day. Headlines (WW) Strong economy, discounts boost automakers US March sales (GCC) High oil prices, improved global economic conditions to support GCC (WW) China retaliates for US tariffs, slaps duties on soybeans, planes, autos (SA) Saudi Arabia eyes high-value investments from the US (WW) China March services growth eases to 4-month low, confidence dips (AE) UAE bank credit to industries hits USD 2bn in 2 months (WW) China will actively resolve shadow banking risks (AE) UAE subsidies top USD 10bn in first 9 months of 2017 (WW) Euro zone inflation rises in modest support for ECB hawks (AE) Oil cuts remove oversupply by 85% (WW) March services PMI shows slowest growth in 17 months as new orders ebb (EG) Egypt targets 4% deficit by 2022 (WW) Japan braces for Trump assault on trade, yen policy as summit looms (QA) Qatar to attract more private investments in 5 years (WW) RBI to keep rates on hold, sound cautious despite easing inflation (QA) Qatar-US trade volume doubled to USD 6bn in 10 years (CMD) Oil inches lower on expectations for US crude stock build (BH) Bahrain expects to produce 200,000 bpd from new oilfield (CMD) Gold gains as worsening Sino-US trade tensions dent risk appetite (BH) Bahrain’s imports surge 32% (FX) Dollar advances as risk appetite rises, but weak outlook persists (KW) Kuwait inflation to triple next year after government plan to impose VAT (FX) Sterling edges up against dollar ahead of construction PMI (OM) Oman boasts one job every 12 minutes (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) 3,091.15 -0.3% -0.6% -0.6% -8.3% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,608.97 0.5% 0.5% 0.5% 4.8% ˄ ˄ ˄ Saudi (SASEIDX) 7,871.67 0.9% 0.0% 0.0% 8.9% ˄ ˄ ˄ Kuwait (KWSE) 4,877.18 0.3% -2.4% -2.4% 0.8% ˅ ˄ ˄ Egypt (EGX30) 17,509.65 0.1% 0.3% 0.3% 16.6% ˄ ˄ ˄ Qatar (DSM) 8,707.67 -0.2% 1.6% 1.6% 2.2% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,282.68 -0.6% -2.7% -2.7% -3.7% ˅ ˄ ˄ Oman (MSM30) 4,794.61 0.4% 0.4% 0.4% -6.0% ˅ ˅ ˅ 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) 97 208 240 43 85 103 82,318 Abu Dhabi (ADSMI) 52 72 79 28 39 41 133,838 Saudi (SASEIDX) 250 173 178 1,435 1,000 964 492,363 Kuwait (KWSE) 25 79 80 10,054 211 134 75,578 Egypt (EGX30) 783 353 353 156 109 95 30,705 Qatar (DSM) 12 11 10 56 86 78 101,819 Bahrain (BHSEIDX) 1 7 5 0 3 3 21,323 Oman (MSM30) 29 16 17 13 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 Thursday , April 05, 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 - - 148.7 109.5 1.2 0.8 0.9 Bahrain Oman - 88.2 86.3 62.1 1.3 0 291.8 254.3 300 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi Kuwait Egypt Bahrain Oman Average -3.7% -6.0% Bahrain Oman Year to Date Perfomance DividendYield 20% 8% 6.6% 5.7% 6.0% 6% Qatar 5.0% 4.5% 4.1% 16.6% 15% 6.0% 8.9% 10% 4.8% 5% 4% 2.2% 0.7% 2.7% 0% 2% -5% 0.0% -10% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average -8.3% 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 Thursday , April 05, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) DXB ENTERTAINMENTS PJSC 0.45 -3.20% 0 6,464 GULF GENERAL INVESTMENT CO PSC 0.32 -2.42% 0 827 14 DUBAI INVESTMENTS PJSC 2.10 -1.87% 1,665 3,529 803 NATIONAL CENTRAL COOLING CO PJSC 1.60 -1.84% 751 1,213 ARAMEX PJSC 4.20 -1.41% 244 1,034 Close * DoD % Volume ('000) Value (AED ‘000) WAHA CAPITAL PJSC 1.94 -3.00% 107 212 ALDAR PROPERTIES PJSC 2.06 -2.37% 13,735 28,637 DANA GAS PJSC 0.96 -2.04% 11,888 11,532 AGTHIA GROUP PJSC 4.41 -0.90% 290 1,287 EMIRATES TELECOMMUNICATIONS 17.35 -0.57% 294 5,118 Close * DoD % Volume ('000) Value (SAR ‘000) AL SAMAANI FACTORY METAL IND 67.00 -2.76% 1 34 94,117 SAUDI CABLE CO JSC 10.12 -2.13% 2,092 21,401 2,845 39,997 AL ASEEL COMPANY CJSC 58.10 -1.53% 21 1,240 111 19,447 SAUDI COMPANY FOR HARDWARE 126.00 -1.25% 50 6,324 4.46% 6,933 60,384 MAKKAH CONSTRUCTION AND DEV 73.70 -1.21% 186 13,812 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT CABLE VISION COMPANY 21.20 85.96% 7 0 AL MASSALEH REAL ESTATE CO KSCP 34.00 -12.82% 185 7 TAMKEEN HOLDING CO 17.90 10.49% 0 0 AL MADAR FINANCE AND INVESTMEN 26.60 -9.83% 0 0 148.00 -7.50% 10 2 Close DoD % Volume Value AMLAK FINANCE PJSC 0.83 1.59% 0 4,878 DRAKE AND SCULL INTERNATIONAL 1.72 1.18% 0 9,535 DUBAI ISLAMIC INSURANCE & REINS 0.71 1.14% 20 GULF NAVIGATION HOLDING PJSC 1.03 0.98% 783 DUBAI FINANCIAL MARKET PJSC 1.04 0.97% 8,536 8,834 Close * DoD % Volume ('000) Value (AED ‘000) COMMERCIAL BANK INTERNATIONAL 0.87 14.47% 10 8 UNION NATIONAL BANK PJSC 3.70 4.82% 180 651 ABU DHABI NATIONAL OIL COMPANY 2.64 2.72% 590 1,537 SHARJAH ISLAMIC BANK PJSC 1.27 2.42% 201 252 SUDATEL TELECOM GROUP LTD 0.54 1.89% 146 78 Close * DoD % Volume ('000) Value (SAR ‘000) BUPA ARABIA FOR COOPERATIVE INS 103.00 8.08% 721 71,442 COMPANY FOR COOPERATIVE INS 79.80 5.98% 1,214 AL SORAYAI TRADING AND INDUSTRY 14.46 5.86% JARIR MARKETING CO SJSC 178.80 4.68% ABDULLAH ABDUL MOHSIN AL KHODA 8.90 Top Gainers Dubai Top Gainers Abu Dhabi Top Gainers Kuwait Saudi Arabia Top Gainers Top Losers Top Losers KUWAIT AND MIDDLE EAST FINANCIAL 21.30 9.79% 10 0 TAMDEEN REAL ESTATE CO KPSC 350.00 9.38% 1 0 ABYAAR REAL ESTATE DEVELOPMENT 17.80 -7.29% 2,696 50 OSOS HOLDING GROUP CO KSCP 98.00 8.89% 0 0 AMWAL INTERNATIONAL INVESTMEN 51.00 -5.38% 4 0 Close * DoD % Volume ('000) Value (EGP ‘000) Top Losers Close * DoD % Volume ('000) Value (EGP ‘000) 54.13 11.29% 0 27,985 28.10 -9.35% 1 33 NORTH AFRICA CO FOR REAL ESTATE 1.04 9.47% 936 931 ISMAILIA MISR POULTRY CO SAE 4.06 -8.56% 443 1,884 TALAAT MOSTAFA GROUP HOLDING 14.12 8.87% 19,017 257,587 MISR NATIONAL STEEL SAE 59.12 -7.74% 6 347 EL NASR FOR MANUFACTURING AGRI 14.33 6.31% 46 640 SUEZ CEMENT COMPANY SAE 26.00 -5.97% 9 240 ORASCOM DEVELOPMENT EGYPT SAE 33.77 6.26% 310 10,167 ZAHRAA MAADI INVESTMENT & DEV 20.31 -5.67% 2 31 Top Gainers Close DoD % Volume Value Close DoD % Volume Value VODAFONE QATAR QSC 9.15 3.98% 4,803 43,111 DOHA INSURANCE CO QSC 12.90 -5.22% 13 172 QATAR INTERNATIONAL ISLAMIC BNK 50.89 1.15% 284 14,354 QATAR GENERAL INSURANCE & REINS 45.00 -4.05% 6 271 COMMERCIAL BANK PSQC 31.34 1.10% 77 2,390 INVESTMENT HOLDING GROUP 5.80 -3.17% 447 2,633 QATAR FUEL CO QSC 117.99 1.00% 52 6,101 ISLAMIC HOLDING GROUP QPSC 29.10 -3.00% 15 449 INDUSTRIES QATAR QSC 108.99 0.92% 49 5,297 QATAR ISLAMIC INSURANCE CO QPSC 47.57 -2.92% 4 211 PAINTS AND CHEMICAL INDUSTRIES Egypt Top Losers AJIAL REAL ESTATE ENTERTAINMENT Top Gainers Qatar Top Losers Data & Charts Source: Thomson Reuters SHOROUK FOR MODERN PRINTING Top Losers 3
4. MENA Morning Report Thursday , April 05, 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 91,680 114.60 -0.2% 12.6% 5,916 180,791 120.00 94.25 19 2.1 3.7% 2 Saudi Telecom Company SJSC SA 44,480 83.40 2.1% 21.6% 258 5,730 85.00 65.10 16 2.7 4.8% 3 Emirates Telecommunications Group Co AE 41,085 17.35 -0.6% -0.9% 294 1,390 18.85 15.75 17 3.4 4.6% 4 First Abu Dhabi Bank PJSC AE 35,459 11.95 1.7% 16.6% 1,242 4,042 12.00 10.05 13 1.3 5.9% 5 National Commercial Bank SJSC SA 34,720 65.10 0.6% 18.1% 864 15,007 65.50 37.00 13 2.1 2.6% 6 Qatar National Bank QPSC QA 34,129 134.50 0.5% 6.7% 163 6,021 151.00 115.01 9 1.6 4.5% 7 Al Rajhi Banking & Investment Corp Ltd SA 32,933 76.00 0.8% 17.6% 3,687 74,722 78.20 61.00 14 2.2 5.3% 8 Saudi Electricity Company SJSC SA 22,933 20.64 0.6% -2.0% 898 4,943 26.05 19.76 12 1.2 3.4% 9 Industries Qatar QSC QA 18,115 108.99 0.9% 12.4% 49 1,462 115.00 85.00 20 1.9 4.6% 10 DP World Ltd AE 17,845 21.50 -1.8% -14.0% 508 2,971 27.06 20.30 15 1.7 1.9% 11 Saudi Arabian Mining Co SJSC SA 16,701 53.60 1.5% 2.9% 362 5,170 57.10 39.50 88 2.4 0.0% 12 Emirates NBD Bank PJSC AE 16,117 10.65 0.5% 29.9% 1,286 3,728 11.00 7.95 8 1.0 3.8% 13 National Bank of Kuwait SAKP KW 14,828 715.00 0.0% 3.1% 2,260 5,394 761.90 619.05 14 1.3 3.8% 14 Almarai Co SJSC SA 14,667 55.00 0.7% 2.2% 595 8,733 78.64 50.00 26 3.8 1.4% 15 Samba Financial Group SJSC SA 14,400 27.00 2.3% 14.8% 1,139 8,199 27.55 20.50 11 1.2 5.6% 16 Emirates Islamic Bank PJSC AE 14,047 9.50 0.0% -3.1% 1 1 10.20 4.90 73 7.1 0.0% 17 Saudi British Bank SJSC SA 12,320 30.80 3.0% 14.1% 235 1,930 32.50 21.25 12 1.4 4.6% 18 Jabal Omar Development Co SJSC SA 11,847 47.80 -0.4% -19.1% 796 10,147 75.60 47.50 330 4.4 0.0% 19 Riyad Bank SJSC SA 11,072 13.84 0.3% 10.0% 1,520 5,608 14.20 10.10 11 1.1 5.3% 20 Kuwait Finance House KSCP KW 10,965 518.00 -1.1% -1.1% 3,663 6,335 590.91 424.55 18 1.7 2.7% 21 Emaar Properties PJSC AE 10,937 5.61 -0.5% -14.2% 7,346 11,221 8.43 5.58 7 0.8 0.0% 22 Yanbu National Petrochemicals Co SJSC SA 10,770 71.80 1.6% 21.7% 332 6,363 74.30 52.00 17 2.4 4.5% 23 Banque Saudi Fransi SJSC SA 9,579 29.80 1.5% 4.6% 268 2,131 33.40 25.20 10 1.1 4.7% 24 Abu Dhabi Commercial Bank PJSC AE 9,342 6.60 0.8% -2.9% 2,987 5,368 7.50 6.50 8 1.1 6.4% 25 Kingdom Holding Co SA 9,013 9.12 0.4% 0.0% 296 719 11.30 7.90 51 1.1 0.0% 26 Abu Dhabi National Oil Co for Dist AE 8,985 2.64 2.7% -0.4% 590 424 2.90 2.50 18 11.6 2.2% 27 Alinma Bank SJSC SA 8,344 20.86 0.8% 8.9% 36,434 202,669 21.00 14.00 15 1.5 3.8% 28 Arab National Bank SA 7,867 29.50 0.2% 19.1% 251 1,973 29.90 19.15 10 1.2 4.1% 29 Saudi Arabia Fertilizers Co SJSC SA 7,711 69.40 1.5% 6.4% 264 4,891 73.10 57.00 33 4.2 2.5% 30 Emaar Malls PJSC AE 7,654 2.16 0.0% 1.4% 1,173 690 2.70 2.00 13 1.7 4.6% Company Name Total M-Cap; W. Avg Yield 600,544 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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