MENA Market Report - 7 August

Transcription

1. MENA Morning Report Monday , August 07, 2017 Overview Regional Markets: MENA markets continue to remain under pressure as they were unable to replicate the positive performance witnessed in global markets towards the end of the previous week. The mixed corporate earnings reported during the second quarter has led to weak sentiments as investors are cautious about the regional growth prospects going forward. For the day, six out of the eight indexes closed in red, while two ended on a positive note. Qatar was the worst performer as it was down by 0.6% for the day after reporting losses of 1.7% in the previous week. UAE markets closed on a negative note as both Dubai and Abu Dhabi were down by 0.2% each for the day. Both indexes witnessed some pressure as investors might be booking profits after reporting gains in the past few weeks. Egypt was the best performer as it was up by 1.1% for the day, recovering most of the 1.4% losses reported in the previous week. The day's gains have also helped in turning the monthly performance into green and become the best performer in August. Saudi Arabia was another index that managed to close in green as it was up by 0.1% for the day. The mixed second quarter earnings have kept the indexes range bound during the past couple of weeks after reporting sharp monthly gains in June. Kuwait closed lower by 0.2% for the day, continuing the lackluster performance during the first week of August. Bahrain and Oman were down by 0.2% and 0.7% respectively for the day, in line with the sentiments seen among the regional peers. International Markets: At the time of writing this report, Asian markets have opened on a mixed note as Nikkei and Hang Seng are up by 0.6% and 0.3% respectively, while Shanghai is down by 0.1%. Headlines (WW) US economy hits sweet spot as jobs grow 82 times in a row (GCC) Slowdown in GCC takaful sector expected to linger (WW) Jobs, factories and stocks provide economic lift for Trump (SA) Saudisation programme to include five new sectors (WW) Economic restructuring leading to quality growth in China (AE) UAE leads in biggest commercial projects in GCC (WW) Employment statistics tell skewed story about UK jobs market (AE) UAE reports resilience in takaful premium growth (WW) UK ready to pay up to 40bn euros to leave EU (AE) Dubai exports to support future manufacturing & trade summit 2017 (WW) Japan's GDP seen expanding for sixth straight quarter on domestic demand (AE) Abu Dhabi's low-income residents to benefit from cheaper rents (WW) Australia's central bank upbeat on economy as consumers splurge (AE) FM sector growing fast in UAE, hits USD 12.49bn (WW) Canada trade deficit swells in June, but hiring continues in July (EG) Foreign direct investment in Egypt rises to USD 8.7bn (CMD) Macroeconomic risks for the oil industry (EG) Egypt’s f&b sector most alluring to foreign investors (CMD) Gold falls from seven-week high after positive US jobs data (QA) Confidence in Qatari economy continues to grow (FX) Sterling in the spotlight as it slips back down (KW) Expats have to pay health fees from October in Kuwait (FX) Weak dollar a green light for the global stocks rally (BH) Bahrain's non-oil sector growth accelerates to 4.4% in 1Q 2017 (FI) German bond yields set for biggest weekly drop since April (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,665.94 -0.2% -0.2% 0.9% 3.8% ˄ ˄ ˅ Abu Dhabi (ADSMI) 4,585.51 -0.2% -0.2% 0.4% 0.9% ˄ ˅ ˄ Saudi (SASEIDX) 7,094.28 0.1% 0.1% 0.0% -1.6% ˅ ˄ ˄ Kuwait (KWSE) 6,811.99 -0.2% -0.2% -0.6% 18.5% ˄ ˅ ˄ Egypt (EGX30) 13,558.46 1.1% 1.1% 1.0% 9.8% ˅ ˄ ˄ Qatar (DSM) 9,345.37 -0.6% -0.6% -0.6% -10.5% ˄ ˅ ˅ Bahrain (BHSEIDX) 1,319.97 -0.2% -0.2% -0.6% 8.2% ˄ ˅ ˄ Oman (MSM30) 5,022.43 -0.7% -0.7% -0.0% -13.1% ˅ ˅ ˅ 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) 119 285 303 55 94 112 84,844 Abu Dhabi (ADSMI) 139 110 104 41 47 51 135,975 Saudi (SASEIDX) 109 157 170 641 775 839 448,025 Index Kuwait (KWSE) 48 78 226 23 53 80 75,578 Egypt (EGX30) 237 309 286 39 61 80 19,260 Qatar (DSM) 5 11 11 37 89 93 1x11,556 Bahrain (BHSEIDX) 3 3 4 2 2 2 20,431 Oman (MSM30) 9 13 16 4 6 9 13,998 * 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 Monday , August 07, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12 13.9 PB 11.3 11.6 9.7 386.2 8.6 300 8 239.3 188.3 4 1.2 Current 489.3 12.6 11.5 Previous 600 1.6 2.1 1.6 1.3 - - 0.9 0.9 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 DividendYield 27% 8% 18.5% 18% 6.2% 6% 5.3% 4.7% 9% 4.4% 4.4% 4% 3.5% 3.1% 3.8% 0% -1.6% -9% 2% -10.5% -18% 0.0% 0.0% Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain -13.1% -27% 0% Dubai 8.2% 9.8% 0.9% 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 Monday , August 07, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) SHUAA CAPITAL PSC 1.31 -2.29% 1,228 1,628 1,501 DAMAC PROPERTIES DUBAI CO PSC 3.99 -1.50% 909 3,654 1,927 UNION PROPERTIES PJSC 0.91 -1.33% 33,932 30,915 DXB ENTERTAINMENTS PJSC 0.86 -1.05% 5,753 4,951 AIR ARABIA PJSC 1.11 -0.90% 5,211 5,811 Close * DoD % Volume ('000) Value (AED ‘000) UNION NATIONAL BANK PJSC 4.58 -2.62% 2 7 12 ABU DHABI NATIONAL HOTELS CO 3.23 -1.86% 437 1,426 37 87 ABU DHABI AVIATION 2.85 -1.75% 50 144 7,467 5,190 DANA GAS PJSC 0.65 -1.54% 11,248 7,368 8,286 7,582 ARKAN BUILDING MATERIALS CO PJSC 0.69 -1.45% 117 81 DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) 23.50 9.79% 2,647 59,432 HERFY FOOD SERVICES CO SJSC 53.70 -3.72% 272 14,913 40.60 9.73% 1,558 60,433 AL SAMAANI FACTORY METAL INDUS 62.00 -3.23% 2 96 SAUDI ARABIAN AMIANTIT CO SJSC 5.34 7.12% 7,723 39,871 EMAAR THE ECONOMIC CITY SJSC 14.24 -3.09% 1,236 17,878 AL BABTAIN POWER AND TELECOMM 26.40 6.06% 1,007 25,824 SAUDI BRITISH BANK SJSC 25.85 -2.71% 49 1,277 ASH SHARQIYAH DEVELOPMENT CO 48.60 5.35% 1,006 47,672 AL HAMMADI COMPANY FOR DEVEL 37.35 -2.68% 600 22,731 Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) UNITED PROJECTS FOR AVIATION 698.00 10.32% 0 0 KUWAIT FINANCIAL CENTRE KPSC 109.00 -17.43% 1 0 JAZEERA AIRWAYS CO KSCP 530.00 6.60% 499 256 KUWAIT INSURANCE COMPANY SAKP 250.00 -8.00% 46 12 ARABI GROUP HOLDINGS KSCP 82.00 4.88% 79 6 AFAQ EDUCATIONAL SERVICES CO 120.00 -7.50% 200 25 GULF NORTH AFRICA HOLDING CO 34.20 4.09% 156 5 NATIONAL CLEANING CO KSCP 50.00 -6.00% 30 2 ARKAN AL KUWAIT REAL ESTATE CO 83.00 3.01% 0 0 MUNSHAAT REAL ESTATE PROJECTS 53.50 -4.67% 0 0 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) 0.96 9.38% 858 788 SUEZ BAGS CO SAE 48.47 -6.87% 11 538 EGYPTIANS ABROAD FOR INVEST 3.57 8.40% 1,106 3,797 CAIRO FOR HOUSING AND DEVELOP 11.52 -5.03% 3 37 DELTA SUGAR CO SAE 28.85 7.73% 123 3,422 ARAB ALUMINUM CO SAE 30.11 -4.22% 66 2,041 GOLDEN TEXTILES AND CLOTHES 6.35 7.40% 2 13 INTERNATIONAL CO FOR AGRI 2.22 -4.05% 229 519 EGYPTIANS FOR HOUSING DEVELOP 3.09 7.12% 1,871 5,588 EGYPT ALUMINUM CO SAE 91.50 -3.84% 38 3,512 Close * DoD % Volume ('000) Value (QAR ‘000) Close * DoD % Volume ('000) Value (QAR ‘000) QATARI GERMAN COMPANY 8.15 2.45% 32 256 OOREDOO QSC 97.90 -2.96% 20 2,026 AHLI BANK QSC 31.75 2.05% 5 169 AL MEERA CONSUMER GOODS CO 158.40 -2.15% 16 2,612 QATARI INVESTORS GROUP QSC 47.40 1.27% 6 286 QATAR INDUSTRIAL MANUFACTURING 43.40 -2.07% 8 350 BARWA REAL ESTATE COMPANY QPSC 34.30 1.17% 778 26,518 MEDICARE GROUP QSC 83.80 -2.03% 118 9,978 ALIJARAH HOLDING CO QPSC 14.10 0.85% 222 3,121 INDUSTRIES QATAR QSC 96.00 -1.67% 98 9,489 Close * DoD % Volume ('000) Value (AED ‘000) ARABTEC HOLDING PJSC 3.48 2.59% 0 54,772 AMANAT HOLDINGS PJSC 1.11 0.90% 0 MARKA PJSC 0.76 0.66% 2,561 GULF GENERAL INVESTMENT CO PSC 0.39 0.52% 408 157 EMAAR PROPERTIES PJSC 8.38 0.48% 3,598 30,079 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) MANAZEL REAL ESTATE PJSC 0.52 3.85% 4,413 2,252 SUDATEL TELECOM GROUP LTD 0.53 1.89% 22 RAS AL KHAIMAH CERAMICS PSC 2.40 1.67% RAK PROPERTIES PJSC 0.70 1.43% ESHRAQ PROPERTIES COMPANY PJSC 0.92 1.09% Top Gainers Close * AL BAHA INVESTMENT AND DEVELOP TIHAMA ADVERTISING AND PUBLIC Saudi Arabia Abu Dhabi Dubai Top Gainers Kuwait Top Gainers Top Gainers Egypt NORTH AFRICA CO FOR REAL ESTATE Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Monday , August 07, 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 77,922 97.40 0.1% 6.4% 3,041 78,983 105.40 76.00 16 1.9 6.2% 2 Emirates Telecommunications Group Co AE 43,219 18.25 -0.8% -2.9% 640 3,178 20.00 17.10 18 3.6 4.4% 3 Saudi Telecom Company SJSC SA 38,668 72.50 0.1% 0.0% 66 1,285 78.90 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 34,876 137.50 0.0% -7.2% 130 4,910 157.27 121.70 10 1.7 2.3% 5 First Abu Dhabi Bank PJSC AE 32,345 10.90 0.0% 9.1% 2,469 7,329 11.55 8.30 14 1.2 4.1% 6 Al Rajhi Banking & Investment Corp SA 26,824 61.90 0.0% -1.7% 2,105 34,745 71.70 48.60 12 1.9 3.6% 7 Saudi Electricity Company SJSC SA 26,711 24.04 0.3% 7.3% 897 5,747 26.05 14.30 11 1.4 2.9% 8 National Commercial Bank SJSC SA 26,641 49.95 0.5% 17.3% 154 2,057 58.00 32.00 11 1.7 3.2% 9 DP World Ltd AE 19,073 22.98 0.0% 31.2% 9 56 23.85 15.53 20 2.2 1.7% 10 Almarai Co SJSC SA 16,704 78.30 0.3% 14.3% 44 909 98.30 51.50 30 4.7 1.1% 11 Jabal Omar Development Co SJSC SA 16,680 67.30 -0.4% -10.0% 169 3,033 76.00 46.00 72 6.1 0.0% 12 Emaar Properties PJSC AE 16,416 8.42 0.5% 18.1% 3,598 8,249 8.53 6.37 11 1.4 0.0% 13 Industries Qatar QSC QA 15,684 94.40 -1.7% -19.7% 98 2,541 122.00 91.10 18 1.8 4.2% 14 Saudi Arabian Mining Co SJSC SA 15,019 48.20 -0.5% 23.6% 166 2,127 53.80 27.80 220 2.2 0.0% 15 National Bank of Kuwait SAKP KW 13,765 701.00 0.1% 13.2% 459 1,068 723.81 533.33 14 1.3 4.1% 16 Samba Financial Group SJSC SA 13,654 25.60 3.4% 5.1% 782 5,339 27.10 15.90 10 1.2 3.7% 17 Emirates NBD Bank PJSC AE 12,258 8.10 0.0% -4.6% 375 827 9.00 7.60 7 0.8 4.9% 18 Abu Dhabi Commercial Bank PJSC AE 10,475 7.40 0.8% 7.2% 1,298 2,616 7.68 5.66 10 1.3 5.4% 19 Kuwait Finance House KSCP KW 10,370 542.00 0.9% 0.0% 1,987 3,573 572.73 413.64 16 1.7 2.9% 20 Kingdom Holding Co SA 10,160 10.28 0.8% -14.0% 448 1,229 12.95 9.80 71 1.3 4.9% 21 Saudi British Bank SJSC SA 10,060 25.15 -2.7% 0.6% 49 327 28.40 16.40 10 1.2 2.8% 22 Banque Saudi Fransi SJSC SA 9,659 30.05 0.0% 15.1% 151 1,209 33.20 18.00 10 1.1 0.0% 23 Ezdan Holding Group QSC QA 9,396 12.90 -1.5% -14.6% 26 91 20.24 10.72 17 1.2 3.9% 24 Emirates Islamic Bank PJSC AE 8,946 6.05 0.0% 0.0% 1 1 11.95 1.57 95 4.7 0.0% 25 Emaar Malls Group PJSC AE 8,789 2.48 -0.4% 0.0% 869 587 2.97 2.38 17 1.9 0.0% 26 Riyad Bank SJSC SA 8,512 10.64 -0.7% 0.0% 156 443 11.80 8.55 11 0.9 0.0% 27 Masraf Al Rayan QSC QA 8,475 41.15 -0.2% 9.4% 62 699 45.40 33.05 15 2.5 4.9% 28 Ooredoo QSC QA 8,357 95.00 -3.0% -6.7% 20 532 116.10 88.20 17 1.4 3.7% 29 Dubai Islamic Bank PJSC AE 8,290 6.16 -0.2% 10.6% 1,770 2,969 6.29 5.01 10 1.3 7.3% 30 Yanbu National Petrochemicals Co SJSC SA 8,160 54.40 0.0% 0.7% 107 1,546 61.75 39.90 14 2.0 5.5% Company Name Total M-Cap; W. Avg Yield 566,107 3.2% 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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