MENA Market Report - 6 September

Transcription

1. MENA Morning Report Wednesday , September 06, 2017 Overview Regional Markets: MENA markets closed on a mixed note as five out of the eight indexes opened after Eid holidays, while Saudi Arabia, Qatar a nd Bahrain were closed for the day. The trading activity within the region with the exception of UAE has remained subdued as regional investors are still away for Eid coupled with last week of school holidays. For the regional markets, two ended in red, while two in green, one unchanged and three remained closed for the day. UAE markets ended the session in red as both Dubai and Abu Dhabi were down by 0.3% and 0.1% respectively for the day. In Abu Dhabi, the market breadth was positive as 9 stocks advanced compared to 7 decliners despite the index closing on a negative note. Dana gas continued to dominate the trading activity as it accounted for around 70% of the total traded value. The stock surged by 5.5% for the day after rising by 14.1% on the previous day after reports of receiving USD 1 billion from the Iraqi Kurdistan. In Dubai, the index was dragged lower by Emirates NBD and Emaar, which were down by 2.9% and 0.5% respectively for the day. Kuwait closed on a positive note as it was up by 0.4% for the day, extending the annual gains to 20.4%. Oman closed higher by 0.2% for the day, however the index remains one of the worst performing index with losses of 12.4% year to date. Egypt remained unchanged for the day, in line with the sentiments seen in the broader regional markets. Saudi Arabia, Qatar and Bahrain are expected to resume trading today after a long Eid break. International Markets: US markets closed on a negative note as DJIA, S&P and Nasdaq were down by 1.1%, 0.8% and 0.9% respectively. European markets ended on a negative note as FTSE and CAC were down by 0.5% and 0.3% respectively, while DAX was up by 0.2% for the day. At the time of writing this report, Asian markets have opened on a negative note as Nikkei, Hang Seng and Shanghai are all down by 0.3%, 1.1% and 0.3% respectively. Headlines (WW) US Treasury yields fall as investors look to key Fed speeches (ME) Fintech to stimulate global adoption of Islamic economy (WW) US factory orders tumble, but business spending firming (GCC) GCC Smart Cities to drive USD 7tn Big Data market (WW) US autos content demands loom as obstacle in NAFTA talks (AE) UAE's non-oil trade jumps 3.2% to reach AED 401bn in first quarter (WW) China stocks up for 3rd session as robust economic growth expected (AE) Summit set to increase SME business ties between UAE and India (WW) Faster growth in services sector suggests China’s economy is still on track (EG) Egypt's tourism revenues rise 170% in 2017 (WW) UK economy losing momentum as Brexit worries weigh (EG) China to advance comprehensive strategic partnership with Egypt (WW) UK services sector in focus, August slowdown seen (QA) Iran, Qatar to expand economic, urban development ties (WW) S. Korea end-Aug foreign exchange reserves rise for sixth month (QA) Qatar says new port will help circumvent Arab sanctions (WW) Australia's central bank holds fire as economy on the rebound (KW) Maximum of 50% of workforce allowed to be expats in Kuwait (CMD) Texas moves toward post-Harvey recovery; gas prices slip (KW) Kuwait sovereign fund has more than USD 300bn of US investments (CMD) Gold edges up, hovers near one-year high on haven demand (OM) Oman counts on Chinese billions to build desert boomtown (FX) Dollar slips vs. yen, franc on simmering North Korea tensions (OM) Outlook for Oman's banking system worsens (FX) Euro drifts before ECB meeting, outlook remains bullish (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) Dubai (DFMGI) 3,624.15 -0.3% -0.4% Abu Dhabi (ADSMI) 4,478.73 -0.1% 0.2% Closed Closed 0.2% Saudi (SASEIDX) YTD (%) ST Trend * MT Trend * LT Trend * -0.4% 2.6% ˅ ˄ ˄ 0.2% -1.5% ˅ ˄ ˅ 2.3% 0.7% ˄ ˄ ˄ Kuwait (KWSE) 6,920.56 0.4% 0.4% 0.4% 20.4% ˄ ˄ ˄ Egypt (EGX30) 13,415.05 -0.0% -0.0% -0.0% 8.7% ˅ ˄ ˄ Qatar (DSM) Closed Closed -1.7% -6.4% -15.7% ˅ ˅ ˅ Bahrain (BHSEIDX) Closed Closed 0.0% -1.9% 6.7% ˅ ˅ ˄ 5,063.11 0.2% 0.2% 0.2% -12.4% ˄ ˅ ˅ Oman (MSM30) 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) 183 232 254 62 87 93 85,542 Abu Dhabi (ADSMI) 303 112 95 76 43 45 132,767 Closed 146 159 Closed 798 803 457,610 Index Saudi (SASEIDX) Kuwait (KWSE) 87 70 175 61 58 67 75,578 Egypt (EGX30) 208 269 275 36 53 70 19,533 Qatar (DSM) Closed 10 11 Closed 77 83 103,450 Bahrain (BHSEIDX) Closed 2 3 Closed 1 2 20,708 10 14 15 3 7 8 14,123 Oman (MSM30) * 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 Wednesday , September 06, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 PB 14.2 10.6 Previous Current 600 489.3 11.2 11.5 11.9 11.3 386.2 8.6 300 8 239.3 188.3 4 1.2 1.6 2.1 1.7 1.3 0.9 0.9 Qatar Bahrain Oman - - - 178.1 0 106.9 87.2 1.4 0 Dubai Abu Dhabi Saudi Kuwait Egypt Average Dubai Abu Dhabi Saudi Kuwait 27% 6.0% 9% 4.5% 4.3% 4% Bahrain Oman Average 3.5% 3.1% 20.4% 18% 5.4% 4.8% Qatar Year to Date Perfomance DividendYield 8% 6% Egypt 8.7% 6.7% 2.6% 0.7% 0% -1.5% -9% 2% -12.4% -18% 0.0% -15.7% 0.0% 0% -27% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain 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 Wednesday , September 06, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) GULF NAVIGATION HOLDING PJSC 1.32 -3.03% 520 698 510 EMIRATES NBD BANK PJSC 8.50 -2.94% 102 878 346 670 NATIONAL CENTRAL COOLING CO PJSC 2.09 -2.87% 6,478 13,738 1.02% 7,209 6,319 MARKA PJSC 0.69 -2.17% 1,088 759 0.98% 1,537 9,360 DAR AL TAKAFUL PJSC 1.08 -1.85% 19,208 20,941 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) RAS AL KHAIMAH CEMENT CO PSC 0.76 7.89% 765 560 AXA GREEN CRESCENT INSURANCE CO 0.56 -8.93% 3 2 DANA GAS PJSC 0.73 5.48% 263,103 187,076 AL AIN AHLIA INSURANCE CO PSC 47.00 -8.51% 1 61 AGTHIA GROUP PJSC 5.29 2.84% 13 67 ABU DHABI NATIONAL FOR BUILDING 0.53 -7.55% 300 165 METHAQ TAKAFUL INSURANCE CO 0.86 1.16% 548 468 ABU DHABI NATIONAL ENERGY CO 0.66 -4.55% 7,359 4,972 ABU DHABI ISLAMIC BANK PJSC 3.66 1.09% 473 1,720 ESHRAQ PROPERTIES COMPANY PJSC 0.93 -3.23% 13,075 12,363 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 10 1 Close * DoD % Volume ('000) Value (AED ‘000) DUBAI FINANCIAL MARKET PJSC 1.13 1.77% 0 19,788 GULF GENERAL INVESTMENT CO PSC 0.36 1.65% 0 AL SALAM BANK SUDAN PLC 1.95 1.54% UNION PROPERTIES PJSC 0.88 DUBAI ISLAMIC BANK PJSC 6.12 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Market Remained Closed Kuwait Top Losers Market Remained Closed Close (fils) * DoD % Volume ('000) Value (KWD 000) KUWAIT FINANCE AND INVESTMENT 46.50 7.53% 240 11 AL EID FOOD COMPANY KSCP 90.00 -11.11% SANAM REAL ESTATE COMPANY KSCP 42.00 7.14% 74 3 NATIONAL INDUSTRIES COMPANY 199.00 -10.05% 0 0 AL DEERA HOLDING CO KPSC 32.50 4.62% 23 1 AL MASSALEH REAL ESTATE CO KSCP 43.90 -6.61% 237 11 BURGAN BANK SAKP 360.00 4.44% 762 269 AJIAL REAL ESTATE ENTERTAINMENT 157.00 -5.73% 3 0 INTERNATIONAL FINANCIAL ADVISORS 37.40 4.01% 1,507 55 NATIONAL MOBILE TELECOMM 1220.0 0 -5.66% 3 4 Top Gainers Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) 20.92 5.83% 32 655 ASSIUT ISLAMIC NATIONAL TRADE 5.68 -5.99% 5 27 GB AUTO SAE 2.21 5.43% 9,061 19,509 OSOOL ESB SECURITIES BROKERAGE 6.58 -5.32% 13 88 RAYA CONTACT CENTER CO 12.34 5.35% 50 600 MOHANDES INSURANCE CO SAE 8.99 -4.67% 11 97 UPPER EGYPT FLOUR MILLS SAE 110.87 5.24% 0 33 SHOROUK FOR MODERN PRINTING 18.08 -4.04% 1 18 0.39 5.13% 30,839 11,734 LECICO EGYPT SAE 5.79 -3.28% 3 18 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) Top Gainers UNIVERSAL CO FOR PACKAGING Egypt Top Losers PORTO GROUP HOLDING SAE Top Gainers Top Losers Top Losers Market Remained Closed Qatar Market Remained Closed Top Losers Data & Charts Source: Thomson Reuters 3
4. MENA Morning Report Wednesday , September 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 79,198 99.00 -0.1% 8.2% 2,645 69,828 105.40 76.00 16 1.9 6.1% 2 Emirates Telecommunications Group Co AE 42,740 18.05 0.3% -4.0% 1,931 9,488 20.00 17.10 18 3.6 4.4% 3 Saudi Telecom Company SJSC SA 40,052 75.10 0.0% 0.0% 335 6,707 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 32,812 130.60 -0.2% -11.8% 320 11,348 157.27 121.70 9 1.7 2.4% 5 First Abu Dhabi Bank PJSC AE 30,858 10.40 0.0% 4.1% 516 1,461 11.55 8.30 13 1.2 4.3% 6 Al Rajhi Banking & Investment Corp SA 28,859 66.60 -0.1% 5.7% 2,141 38,022 71.70 48.60 13 2.0 3.4% 7 National Commercial Bank SJSC SA 27,946 52.40 -1.1% 23.0% 345 4,818 58.00 32.00 11 1.7 3.1% 8 Saudi Electricity Company SJSC SA 26,266 23.64 -0.2% 5.5% 1,297 8,175 26.05 14.30 11 1.4 3.0% 9 DP World Ltd AE 19,090 23.00 0.0% 31.4% 98 617 23.85 15.53 19 1.9 1.7% 10 Almarai Co SJSC SA 17,472 81.90 1.7% 19.6% 77 1,674 98.30 51.50 32 4.9 1.1% 11 Jabal Omar Development Co SJSC SA 16,853 68.00 0.6% -9.0% 141 2,558 76.00 46.00 73 6.2 0.0% 12 Emaar Properties PJSC AE 16,492 8.46 -0.5% 18.7% 3,073 7,078 8.59 6.37 11 1.4 0.0% 13 Saudi Arabian Mining Co SJSC SA 15,735 50.50 1.0% 29.5% 460 6,188 53.80 27.80 231 2.3 0.0% 14 Industries Qatar QSC QA 14,976 91.00 0.0% -22.6% 143 3,531 122.00 90.00 21 1.7 4.4% 15 National Bank of Kuwait SAKP KW 14,611 744.00 0.4% 20.2% 3,166 7,818 747.00 533.33 15 1.4 3.8% 16 Samba Financial Group SJSC SA 12,960 24.30 -0.3% -0.2% 1,239 8,029 27.10 15.90 10 1.1 3.9% 17 Emirates NBD Bank PJSC AE 12,484 8.25 -2.9% -2.8% 102 229 9.00 7.60 7 0.8 4.8% 18 Kuwait Finance House KSCP KW 11,386 595.00 0.7% 21.2% 3,711 7,328 596.00 413.64 18 1.9 2.6% 19 Saudi British Bank SJSC SA 10,360 25.90 -0.4% 0.0% 225 1,555 28.40 16.40 10 1.2 2.7% 20 Kingdom Holding Co SA 10,159 10.28 -0.2% -14.0% 25 67 12.95 9.80 67 1.3 4.9% 21 Abu Dhabi Commercial Bank PJSC AE 10,148 7.17 -1.5% 3.9% 590 1,152 7.68 5.66 9 1.2 5.6% 22 Banque Saudi Fransi SJSC SA 9,996 31.10 -0.3% 19.2% 96 800 33.20 18.00 11 1.2 0.0% 23 Riyad Bank SJSC SA 8,960 11.20 -0.4% -3.0% 1,042 3,113 11.80 8.55 12 0.9 5.8% 24 Emirates Islamic Bank PJSC AE 8,871 6.00 0.0% 0.0% 2 3 11.95 1.57 94 4.6 0.0% 25 Emaar Malls Group PJSC AE 8,646 2.44 0.4% 0.0% 1,531 1,017 2.83 2.38 17 1.9 0.0% 26 Yanbu National Petrochemicals Co SJSC SA 8,460 56.40 -0.4% 0.0% 169 2,547 61.75 39.90 15 2.1 0.0% 27 Dubai Islamic Bank PJSC AE 8,316 6.18 1.0% 11.0% 1,537 2,586 6.29 5.01 10 1.3 7.3% 28 Ezdan Holding Group QSC QA 8,110 11.24 -5.5% -25.6% 407 1,241 19.31 10.72 15 1.0 4.4% 29 Masraf Al Rayan QPSC QA 7,783 38.15 -1.7% 1.5% 310 3,209 45.40 33.05 14 2.3 5.2% 30 Ooredoo QSC QA 7,632 87.59 -0.4% -14.0% 56 1,339 116.10 87.00 15 1.3 4.0% Company Name Total M-Cap; W. Avg Yield 568,229 3.2% Data Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services 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 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, and as such should not be relied upon by or distributed to “Retail Clients”. 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