MENA Market Report - 6 June

Transcription

1. MENA Morning Report Tuesday , June 06, 2017 Overview Regional Markets: MENA markets ended the session on a negative note as investors were concerned about the diplomatic issues between Qatar and some GCC neighbors, which will lead to a standstill in trade and investments between the parties. Moreover, it will disrupt business activities of companies that are exposed to Qatar. 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. Qatar was in the limelight for the session as it witnessed strong selling pressure, which dragged the index lower by 7.3% for the day, extending yearly losses to 11.8%. The diplomatic rifts with the neighboring countries are likely to impact economic activities and the situation could be like this for some time which could lead to significant losses for some businesses. The money flowing out of Qatar due to this event might benefit other regional indexes, such as Saudi Arabia, Dubai and Egypt. UAE markets ended on the losing side as Dubai was down by 0.7%, while Abu Dhabi was flat for the day. Dubai was down for a second consecutive session, which led to losses of 1.0% in the past two sessions. Saudi Arabia was the best performer as it was up by 0.5% for the day, extending gains to 1.5% in the past two sessions. Egypt continued its upward trajectory as the index closed up by 0.2%, similar gains were recorded on the previous session also. Kuwait closed lower by 0.4% for the day, giving away all the gains recorded the previous day. Bahrain and Oman closed on a negative note as both were down by 0.4% each for the day. International Markets: US markets closed on a negative note as Dow, Nasdaq and S&P were down by 0.1%, 0.2% and 0.1% respectively. European markets c losed on a mixed note as FTSE and CAC were down by 0.3% and 0.7% respectively, while DAX was up by 1.3%. At the time of writing this report, Asian markets have opened on a mixed note as Nikkei and Shanghai are down by 0.7% and 0.01%, while Hang Seng is up by 0.4%. Headlines (WW) World Bank still sees global growth picking up amid policy risks (GCC) Arab powers sever Qatar ties, citing support for militants (WW) US services sector slows; factory orders fall (SA) Saudi non-oil sector growth remains robust in May (WW) IMF warns US fiscal uncertainty, China's credit growth pose risk to Asia (SA) Saudi private-sector growth slows to six-month low in May (WW) UK manufacturers see brighter outlook as world economy grows (AE) UAE PMI index slips as export demand slows (WW) UK new car sales fall 8.5% in May ahead of election (AE) UAE May non-oil business growth falls as output expansion slows (WW) Election jitters and consumer squeeze hit UK services (AE) More than 26,000 buildings coming up in Dubai (WW) China May data to show stable growth as exports stay solid (EG) Egypt allocates USD 8 billion for fuel subsidies in FY 2017-18 budget (WW) Euro zone business activity maintained growth in May (EG) Egypt's non-oil business activity contracts for 20th month in May (CMD) Oil falls 1% on fears Middle East rift could harm OPEC cuts (QA) Economic impact threatens food, flights and football (CMD) Gold hits highest level since late April after weaker US jobs data (QA) Qatar and its neighbors may lose billions from diplomatic split (FX) US dollar rises against euro, Japanese yen (QA) GCC rift could affect Qatar credit quality via trade, capital flows (FX) Sterling recovers from blow following London attack (QA) Banks in Saudi, UAE receive no regulatory guidelines on Qatar (FI) US-Stock Funds Rise, but Many Investors Look to Bonds and Europe (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,317.50 -0.7% -1.0% -0.7% -6.0% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,484.46 0.0% 0.1% 1.3% -1.4% ˅ ˅ ˄ Saudi (SASEIDX) 6,964.83 0.5% 1.5% 1.4% -3.4% ˅ ˅ ˄ Kuwait (KWSE) 6,803.20 -0.4% -0.1% 0.3% 18.4% ˄ ˅ ˄ Egypt (EGX30) 13,520.13 0.2% 0.4% 1.4% 9.5% ˄ ˄ ˄ Qatar (DSM) 9,202.62 -7.3% -7.4% -7.1% -11.8% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,326.96 -0.4% 0.1% 0.5% 8.7% ˄ ˅ ˄ Oman (MSM30) 5,405.73 -0.4% -0.5% -0.3% -6.5% ˅ ˅ ˅ 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) 446 274 456 138 98 164 79,054 Abu Dhabi (ADSMI) 183 81 127 58 48 60 133,302 Saudi (SASEIDX) 279 170 213 1,048 810 1,003 435,464 Kuwait (KWSE) 49 273 347 29 75 101 75,578 Egypt (EGX30) 207 278 333 61 83 89 20,273 Qatar (DSM) 22 11 10 218 89 84 117,920 Bahrain (BHSEIDX) 3 4 5 2 2 3 20,585 Oman (MSM30) 11 16 17 6 9 10 16,163 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 , June 06, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 14.1 Previous 489.3 11.3 8.9 386.2 8.8 300 8 239.3 188.3 4 1.1 Current 600 13.0 12.1 11.1 12 PB 1.5 2.1 1.7 1.4 - - 0.9 1.1 Bahrain Oman - 178.1 0 106.9 87.2 1.4 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% 18.4% 6% 5.2% 18% 5.8% 5.4% 4.2% 4% 3.5% 2.9% 0% -1.4% 2% -9% 0.0% 0.0% Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -6.0% -3.4% -6.5% -11.8% -18% 0% Dubai 8.7% 9.5% 9% 4.2% 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 Tuesday , June 06, 2017 Top Performers by Country (* indicates native currency; Latest data) Close DoD % Volume Value SHUAA CAPITAL PSC 1.51 -5.30% 5,744 8,916 5,401 ARAMEX PJSC 5.08 -2.76% 306 1,575 3,608 10,229 GULF GENERAL INVESTMENT CO PSC 0.38 -2.63% 2,759 1,063 0.26% 24,455 18,611 DXB ENTERTAINMENTS PJSC 0.77 -2.33% 27,365 21,378 0.00% 2,500 10,050 AMANAT HOLDINGS PJSC 1.14 -1.75% 13,460 15,482 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) DANA GAS PJSC 0.44 6.82% 106,140 45,211 NATIONAL BANK OF UMM AL QAI 2.90 -8.62% 2,000 6,074 SHARJAH ISLAMIC BANK PJSC 1.35 2.22% 730 975 ABU DHABI AVIATION 2.65 -5.66% 102 280 SUDATEL TELECOM GROUP LTD 0.51 1.96% 6,401 3,233 NATIONAL BANK OF RAS AL KHAIMAH 4.70 -4.26% 0 2 ABU DHABI ISLAMIC BANK PJSC 3.59 1.95% 346 1,231 ARKAN BUILDING MATERIALS CO PJSC 0.70 -2.86% 216 154 UNION NATIONAL BANK PJSC 4.80 1.04% 475 2,271 INTERNATIONAL FISH FARMING \ 1.50 -2.67% 613 932 Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) TALEEM REIT FUND 14.62 9.99% 2,744 38,301 RAYDAN COMPANY CJSC 23.98 -4.09% 77 1,876 AL BAHA INVESTMENT AND DEVELOP 24.74 9.94% 3,978 93,967 AL SAMAANI FACTORY METAL INDUS 86.00 -3.49% 1 68 NATIONAL AGRICULTURE MARKETING 32.35 4.79% 481 15,211 BAAZEEM TRADING COMPANY CJSC 30.50 -2.79% 78 2,407 ARABIAN SHIELD COOPERATIVE 48.15 3.84% 326 15,389 ABDULLAH ABDUL MOHSIN AL 10.36 -2.32% 470 4,927 SAMBA FINANCIAL GROUP SJSC 22.38 2.86% 916 20,211 METLIFE AIG ANB COOPERATIVE 21.60 -2.31% 38 822 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) OSOUL INVESTMENT CO KSCP 60.00 -8.33% 50 3 INTERNATIONAL FINANCIAL ADVISORS 37.70 -7.16% 641 25 INTERNATIONAL RESORTS COMPANY 33.90 -7.08% 186 7 PRIVATIZATION HOLDING CO KPSC 49.80 -7.03% 50 3 AL MADAR FINANCE AND INVEST 21.40 -6.07% 1,079 24 Close DoD % Volume Value 0.17 -5.88% 27 5 Close DoD % Volume Value DRAKE AND SCULL INTERNATIONAL 0.35 6.52% 0 29,147 NATIONAL CENTRAL COOLING CO PJSC 1.90 0.53% 0 DAMAC PROPERTIES DUBAI CO PSC 2.84 0.35% ARABTEC HOLDING PJSC 0.76 AFKAR S&P UAE UCITS ETF CLASS A 4.02 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Kuwait Top Gainers Top Losers EYAS FOR HIGER AND TECHNICAL 1000.0 0 19.00% 60 55 NATIONAL INDUSTRIES COMPANY 202.00 10.89% 0 0 KUWAIT AND GULF LINK TRANSPORT 62.00 8.06% 13 1 CONTRACTING AND MARINE SERVICES 71.00 7.04% 2,526 173 ARABI GROUP HOLDINGS KSCP 81.00 4.94% 2 0 Close DoD % Volume Value NOZHA INTERNATIONAL HOSPITAL 73.42 8.23% 1 55 AL ARAFA FOR INVESTMENT ISMAILIA DEVELOPMENT REAL ESTATE 3.53 7.65% 32 110 MENA FOR TOURISTIC REAL ESTATE 1.36 -4.41% 695 968 ALEXANDRIA NATIONAL COMPANY 3.46 7.23% 4 14 GENERAL CO FOR LAND 14.84 -4.18% 1 22 BELTONE FINANCIAL HOLDING SAE 9.85 7.11% 379 3,613 NAEEM HOLDING FOR INVESTMENTS 0.56 -3.57% 60 34 PORTO GROUP HOLDING SAE 0.39 5.13% 39,732 15,117 ALEXANDRIA SPINNING & WEAVING 1.35 -2.96% 11 15 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) QATAR GAS TRANSPORT CO LTD 18.60 -10.00% 1,185 23,275 QATAR FIRST BANK LLC 8.80 -10.00% 1,811 16,825 QATAR GENERAL INSURANCE 37.00 -10.00% 10 383 QATAR CINEMA FILM DISTRIBUTION 31.00 -10.00% 3 82 AAMAL CO QSC 13.00 -10.00% 118 1,612 Top Gainers Egypt Top Losers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers 3
4. MENA Morning Report Tuesday , June 06, 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 79,998 100.00 1.6% 9.3% 7,004 186,766 102.50 76.00 15 1.8 4.0% 2 Emirates Telecommunications Group Co AE 41,681 17.60 0.6% -6.4% 828 3,966 20.20 17.20 17 3.4 4.5% 3 Saudi Telecom Company SJSC SA 37,279 69.90 0.7% 0.0% 355 6,621 74.00 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 34,625 136.50 -6.1% -7.8% 1,109 41,560 157.27 121.82 10 1.8 2.3% 5 First Abu Dhabi Bank PJSC AE 31,901 10.75 0.0% 7.6% 3,564 10,433 11.55 7.73 10 1.2 4.2% 6 Al Rajhi Banking & Investment Corp SA 27,256 62.90 1.0% -0.2% 3,975 66,680 67.50 48.60 12 2.0 3.6% 7 Saudi Electricity Company SJSC SA 24,999 22.50 0.0% 0.4% 945 5,672 25.80 14.30 11 1.3 3.1% 8 National Commercial Bank SJSC SA 23,173 43.45 1.3% 2.0% 881 10,211 45.00 32.00 9 1.4 3.7% 9 DP World Ltd AE 19,322 23.28 -1.3% 33.0% 57 362 23.85 15.53 20 2.2 1.6% 10 Almarai Co SJSC SA 17,152 80.40 -1.6% 17.4% 143 3,059 82.40 51.50 32 5.0 1.1% 11 Jabal Omar Development Co SJSC SA 17,001 68.60 2.4% -8.2% 467 8,541 76.00 46.00 73 6.2 0.0% 12 Industries Qatar QSC QA 16,200 97.50 -6.3% -17.0% 522 13,979 122.00 94.00 19 1.8 0.0% 13 Emaar Properties PJSC AE 13,843 7.10 -1.0% -0.4% 12,307 23,794 7.79 6.07 9 1.2 2.1% 14 National Bank of Kuwait SAKP KW 13,178 675.00 -1.2% 9.0% 1,589 3,538 723.81 523.81 14 1.3 4.2% 15 Saudi Arabian Mining Co SJSC SA 13,055 41.90 0.1% 7.4% 333 3,722 44.00 27.80 694 1.9 0.0% 16 Samba Financial Group SJSC SA 12,277 23.02 2.9% -5.5% 916 5,622 25.20 15.90 9 1.1 4.1% 17 Emirates NBD Bank PJSC AE 12,123 8.01 -1.5% -5.7% 694 1,513 9.00 7.60 7 0.8 5.0% 18 Abu Dhabi Commercial Bank PJSC AE 10,404 7.35 0.4% 6.5% 6,013 12,036 7.68 5.66 9 1.3 5.4% 19 Kingdom Holding Co SA 9,882 10.00 -0.4% 0.0% 14 38 12.95 9.90 69 1.3 5.0% 20 Saudi British Bank SJSC SA 9,320 23.30 0.9% -6.8% 513 3,185 25.90 16.40 9 1.1 3.0% 21 Emirates Islamic Bank PJSC AE 9,168 6.20 0.0% 0.0% 0 0 11.95 1.57 113 4.9 0.0% 22 Kuwait Finance House KSCP KW 9,131 480.00 -1.2% -2.2% 2,198 3,480 572.73 400.00 13 1.6 0.0% 23 Emaar Malls Group PJSC AE 8,931 2.52 -0.4% -3.8% 6,291 4,317 3.00 2.47 17 2.0 4.0% 24 Banque Saudi Fransi SJSC SA 8,740 27.20 0.0% 4.2% 167 1,208 27.70 18.00 9 1.1 3.9% 25 Yanbu National Petrochemicals Co SJSC SA 8,520 56.80 -0.2% 0.0% 47 716 61.75 37.00 13 2.0 0.0% 26 Ooredoo QSC QA 8,445 96.00 -5.7% -5.7% 159 4,196 116.10 83.70 16 1.4 3.6% 27 Masraf Al Rayan QSC QA 8,342 40.50 -9.9% 7.7% 2,123 23,614 45.40 32.75 15 2.6 4.9% 28 Riyad Bank SJSC SA 8,304 10.38 0.0% -10.1% 335 927 11.80 8.55 10 0.8 6.3% 29 Ezdan Holding Group QSC QA 8,254 11.33 -9.9% -25.0% 1,705 5,305 20.24 10.85 14 1.0 4.4% 30 Dubai Islamic Bank PJSC AE 7,792 5.79 -0.2% 3.9% 4,439 6,999 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 550,294 3.0% 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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