MENA Market Report - 8 August

Transcription

1. MENA Morning Report Monday , August 08, 2016 Overview Regional Markets: MENA markets started the week on a positive note, taking cues from the sentiments seen in the developed markets, which were b uoyed by strong US jobs data and accommodative monetary policy steps by leading central banks to boost economic activity amid global uncertainty. Further, gradual recovery in the oil prices has also acted as a catalyst for the regional markets, which closely follows the movement of the commodity. For the region, six indexes closed in green and one in red, while one remained unchanged for the day. Saudi Arabia was up by 0.7% for the day on the back of buying interest in petchem sector stocks, especially the 0.6% rise in SABIC. UAE markets also witnessed buying activity from investors, which pushed Dubai and Abu Dhabi up by 1.1% and 0.4% respectively for the day. In Dubai, the market breadth was skewed towards gainers as 31 stocks closed up and 4 were down while 2 remained unchanged. The day's gains also pushed the index performance in green for the month, while Abu Dhabi remained in red during the same period. Qatar was up by 1.0% for the day, which was led by 3.9% rise in Industries Qatar and 2.5% in Qatar Islamic Bank. Egypt was down by 0.4%, after three straight sessions of gains and was the only index in the region to close in red for the day. Despite the marginal decline, Egypt continues to remain the best performer for the month and year in the region on the back of hopes of government measures to boost economic activity. Kuwait and Oman were up by 0.6% and 0.1% respectively, while Bahrain closed flat for the day. International Markets: At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai were all u p by 2.2%, 1.2% and 0.3% respectively. Headlines (WW) UK Consumer Spending Picks Up In July, Bucking Signs Of Slowdown (ME) Middle East Market Confidence Declines (WW) China’s July Exports, Imports Fall More Than Expected (SA) Kingdom’s Oil Sector Expands By 5.1% In Real Terms (WW) China’s July Forex Reserves Fall To USD3.20 Trillion (AE) UAE Business Confidence Rebounds From 4-Year Low In Q2 (WW) China Crude Imports Fall To 6-Month Low As Teapot Demand Slows (AE) Sharjah Hotel Revenues Up 7% To AED378 Million In First Half Of 2016 (WW) Tourism, Infrastructure To Support Thailand’s Economy This Year (AE) S&P Affirms Abu Dhabi’s Ratings, Cuts Sharjah’s Outlook To Negative (WW) South Korea’s Credit Rating Raised One Level To AA By S&P (AE) Emirates NBD And DIB Lead Profits And Credit Growth (WW) India’s Implementation Of CPI Target To Aid Inflation Fight: Moody’s (AE) ADNT Announces Positive Growth Of 70% In Net Profit For The First Half Of 2016 (WW) DBS Profit Falls As Swiber Provisions Offset Interest Income (EG) Egyptian Foreign Reserves Down To USD15.536 Billion At End-July (CMD) Oil Rises On Renewed Output Freeze Talks, But Fundamentals Remain Weak (KW) Kuwait’s Agility Says Q2 Net Profit Up 11% (CMD) Gold Holds Losses As US Jobs Data Boosts Rate-Hike Expectations (BA) Bahrain’s Batelco Proposes Unchanged Dividend For H1 2016 (FX) Dollar Holds Upper Hand After Stellar US Jobs Data (BA) Bahrain’s Al Baraka Banking Group Q2 Net Profit Dips 2.8% (FX) Yuan Declines Most In Three Weeks As US Jobs Data Buoy US Dollar (OM) Oman’s Inflation Under Control Despite Fuel Price Deregulation (FI) GCC Sovereign Bond Issuance On The Rise (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,511.24 1.1% Abu Dhabi (ADSMI) 4,546.16 0.4% 1.1% 0.8% 11.4% ˄ ˄ ˄ 0.4% -0.6% 5.5% ˅ ˄ ˄ Saudi (SASEIDX) 6,289.51 0.7% 0.7% -0.2% -9.0% ˅ ˅ ˅ Kuwait (KWSE) 5,491.54 Egypt (EGX30) 8,223.46 0.6% 0.6% 0.7% -2.2% ˄ ˄ ˅ -0.4% -0.4% 3.0% 17.4% ˄ ˄ ˄ Qatar (DSM) 10,789.43 Bahrain (BHSEIDX) 1,157.08 1.0% 1.0% 1.7% 3.5% ˄ ˄ ˅ 0.0% 0.0% 0.1% -4.8% ˄ ˄ ˅ Oman (MSM30) 5,874.53 0.1% 0.1% 0.5% 8.7% ˄ ˄ ˄ 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) 187 263 428 80 93 144 82,263 Abu Dhabi (ADSMI) 24 75 127 17 44 58 120,995 Saudi (SASEIDX) 136 232 279 666 1,087 1,317 382,297 Index Kuwait (KWSE) 57 99 132 15 31 37 75,609 Egypt (EGX30) 251 190 243 72 104 113 43,690 Qatar (DSM) 7 5 8 75 59 80 130,387 Bahrain (BHSEIDX) 2 2 2 1 1 1 17,892 Oman (MSM30) 11 17 21 4 9 11 16,996 * 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 Monday , August 08, 2016 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 11.3 Current 489.3 11.1 11.0 9.8 Previous 600 13.2 13.0 12 PB 386.2 8.2 300 8 239.3 188.3 178.1 4 1.3 1.4 1.6 1.6 1.5 - - 0.8 1.1 Bahrain Oman - 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Average Dubai Abu Dhabi Saudi Kuwait Egypt 21% 6.3% 5.0% Qatar Bahrain Oman Average Year to Date Perfomance Dividend Yield 8% 6% 106.9 87.2 1.3 14% 5.5% 17.4% 11.4% 8.7% 4.7% 3.8% 4% 4.3% 4.5% 5.5% 7% 3.5% 0% 1.9% 2% -2.2% -7% -4.8% -9.0% -14% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Data & Charts Source: Thomson Reuters; Table includes Zawya estimates and data for UAE, KSA, QA, KW, BA and EG where available Qatar Bahrain Oman 2
3. MENA Morning Report Monday , August 08, 2016 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) NATIONAL CEMENT CO PSC 3.47 14.90% 1 3 NATIONAL CENTRAL COOLING CO PJSC 1.46 -2.01% 7 10 MARKA PJSC 1.21 8.04% 8 9 AJMAN BANK PJSC 1.61 -0.62% 123 198 AL SALAM BANK SUDAN PLC 1.40 4.48% 327 448 EMIRATES NBD BANK PJSC 8.45 -0.59% 372 3,153 DAR AL TAKAFUL PJSC 1.09 3.81% 3,770 4,033 ARABTEC HOLDING PJSC 1.54 3.36% 45,515 68,956 Close * DoD % Volume ('000) Value (AED ‘000) Close * DoD % Volume ('000) Value (AED ‘000) METHAQ TAKAFUL INSURANCE CO 0.94 8.05% 20,236 18,313 AL KHAZNA INSURANCE CO PSC 0.38 -9.52% 251 100 ABU DHABI NATIONAL INSURANCE CO 1.90 5.56% 638 1,180 AL BUHAIRA NATIONAL INSURANCE 2.32 -2.52% 33 78 AGTHIA GROUP PJSC 6.83 5.24% 1,402 9,340 BANK OF SHARJAH PJSC 1.28 -1.54% 50 65 NATIONAL BANK OF RAS AL KHAIMAH 5.05 3.06% 263 1,307 ARKAN BUILDING MATERIALS CO PJSC 0.85 -1.16% 94 80 ESHRAQ PROPERTIES CO PJSC 0.74 2.78% 10,051 7,337 FINANCE HOUSE PJSC 1.77 -0.56% 38 67 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Top Losers Close * DoD % Volume ('000) Value (SAR ‘000) NATIONAL INDUSTRIALIZATION CO JSC 13.40 6.77% 1,813 23,526 TABUK AGRICULTURAL DEVELOPMENT 13.15 -9.93% 1,697 23,551 AMANA COOPERATIVE INSURANCE CO 10.15 5.18% 4,543 44,975 MALATH COOP INSU & REINSU CO 11.50 -2.13% 815 9,473 AL SAGR COOP INSURANCE CO SJSC 44.80 4.92% 2,283 99,871 ETIHAD ATHEEB TELECOM CO SJSC 3.80 -1.30% 655 2,506 JARIR MARKETING CO SJSC 109.00 4.31% 128 13,645 SA PHARMA INDUSTRIES & MEDICAL 35.10 -1.13% 80 2,839 ETIHAD ETISALAT CO SJSC 24.25 4.08% 1,174 27,922 SAUDI RESEARCH & MARKETING GRP 37.00 -1.07% 131 4,864 Top Gainers Close (fils) * DoD % Volume ('000) Value (KWD 000) Close (fils) * DoD % Volume ('000) Value (KWD 000) 32.50 8.33% 6,760 211 AL MADINA FOR FINANCE & INVEST 49.00 -7.55% 6,095 311 SPECIALITIES GROUP HOLDING CO 75.00 7.14% 1 0 AWJ HOLDING CO KSCP 67.00 -6.94% 3 0 HUMAN SOFT HOLDING COMPANY 1500.00 7.14% 167 242 CREDIT RATING & COLLECTION CO 35.00 -6.67% 3 0 TIJARA AND REALESTATE INVESTMENT 38.00 7.04% 284 10 AL-MASSALEH REAL ESTATE CO KSCP 37.00 -6.33% 10 0 INDEPENDENT PETROLEUM GROUP 400.00 6.67% 61 24 ACICO INDUSTRIES COMPANY KSCP 275.00 -5.17% 24 7 Close * DoD % Volume ('000) Value (EGP ‘000) Close * DoD % Volume ('000) Value (EGP ‘000) NATIONAL COMPANY FOR HOUSING 14.66 9.98% 1 10 AL ARAFA FOR INVEST & CONSULT 0.13 -7.14% 16 2 CAIRO FOR EDUCATIONAL AFFAIRS 11.30 9.71% 2 18 KAFR EL ZAYAT PESTICIDES & CHEM 18.23 -4.20% 3 56 MISR CHEMICAL INDUSTRIES CO SAE 4.18 8.57% 188 756 REACAP FINANCIAL INVESTMENTS SAE 2.11 -4.09% 5 11 GENERAL CO FOR PAPER INDUSTRY 3.31 6.43% 74 238 SUEZ CEMENT COMPANY SAE 11.35 -3.07% 9 104 ORIENTAL WEAVERS CARPET CO SAE 6.31 6.05% 4,552 27,902 UNIVERSAL CO FOR PACKAGING MATE 8.68 -2.80% 26 226 Close * DoD % Volume ('000) Value (QAR ‘000) Top Losers Close * DoD % Volume ('000) Value (QAR ‘000) INDUSTRIES QATAR QSC 110.00 3.87% 387 41,762 DLALA BROKERAGE AND INVESTMENT 25.45 -0.97% 64 1,648 DOHA INSURANCE CO QSC 22.00 3.77% 12 254 AL KHALEEJ TAKAFUL GROUP QSC 24.02 -0.87% 3 80 QATAR GENERAL INSU & REINSU CO 47.30 2.83% 11 500 QATAR INDUSTRIAL MANUFACTURING 44.90 -0.22% 4 165 QATAR ISLAMIC BANK SAQ 112.70 2.45% 164 18,274 COMMERCIAL BANK QSC 39.35 -0.13% 93 3,646 VODAFONE QATAR QSC 11.67 2.37% 1,341 15,463 QATAR OMAN INVESTMENT CO QSC 11.14 -0.09% 36 399 Dubai Top Gainers Kuwait Saudi Arabia Abu Dhabi Top Gainers MANAZEL HOLDING CO KPSC Egypt Top Gainers Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers 3
4. MENA Morning Report Monday , August 08, 2016 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 Corp SJSC SA 65,000 81.25 0.6% 5.9% 5,423 117,489 93.50 59.50 15 1.5 6.8% 2 Emirates Telecommunications Group Co AE 47,120 19.90 0.5% 23.6% 736 3,990 20.20 11.40 19 3.9 4.0% 3 Qatar National Bank SAQ QA 35,741 155.00 0.0% 6.3% 105 4,469 163.17 122.50 11 1.8 1.6% 4 Saudi Telecom Co SJSC SA 32,267 60.50 0.8% -11.4% 414 6,678 69.75 52.75 14 2.0 6.6% 5 Al Rajhi Banking and Investment Corp SA 24,917 57.50 0.4% 10.6% 1,821 27,917 64.25 44.70 12 1.9 2.6% 6 Saudi Electricity Co SJSC SA 20,389 18.35 -0.8% 16.5% 1,317 6,445 21.80 12.40 49 1.3 3.8% 7 National Commercial Bank SJSC SA 19,947 37.40 0.0% -26.7% 272 2,715 62.50 36.60 8 1.3 4.1% 8 Industries Qatar QSC QA 18,275 110.00 3.9% -1.0% 387 11,689 137.50 88.00 17 2.0 4.5% 9 Jabal Omar Development Co SJSC SA 15,614 63.00 0.0% 13.5% 140 2,354 73.75 40.80 - 6.3 0.0% 10 First Gulf Bank PJSC AE 14,641 11.95 0.0% -5.5% 250 813 15.70 9.90 9 1.6 8.4% 11 Ezdan Holding Group QSC QA 14,350 19.70 0.1% 23.9% 604 3,266 20.00 12.10 30 1.8 2.5% 12 DP World Ltd AE 14,268 17.19 1.4% -15.3% 105 494 23.64 16.05 17 1.6 1.7% 13 National Bank of Abu Dhabi PJSC AE 13,333 9.40 0.9% 18.1% 199 509 10.80 6.86 10 1.1 4.8% 14 Emaar Properties PJSC AE 13,275 6.81 0.9% 19.7% 2,526 4,685 7.91 4.22 11 1.3 2.2% 15 Emirates NBD Bank PJSC AE 12,786 8.45 -0.6% 14.2% 372 856 10.35 6.25 7 0.9 4.7% 16 Almarai Co SJSC SA 11,627 54.50 -0.5% -7.1% 112 1,628 73.50 40.88 22 3.6 1.6% 17 Saudi Arabian Mining Co SJSC SA 11,186 35.90 0.8% 8.1% 535 5,123 43.20 25.70 112 1.5 0.0% 18 National Bank of Kuwait SAKP KW 11,014 590.00 0.0% -20.7% 13 26 799.36 550.00 12 1.1 4.7% 19 Kingdom Holding Co SA 10,871 11.00 0.5% -29.9% 291 853 21.20 9.80 66 1.5 4.5% 20 Emaar Malls Group PJSC AE 10,417 2.94 1.7% 6.5% 1,422 1,138 3.25 2.02 21 2.4 3.4% 21 Abu Dhabi Commercial Bank PJSC AE 10,344 6.79 -0.3% 3.0% 304 562 8.91 5.20 8 1.2 6.6% 22 Samba Financial Group SJSC SA 9,813 18.40 0.3% -21.2% 656 3,218 27.00 17.05 7 0.9 4.9% 23 Riyad Bank SJSC SA 8,720 10.90 0.5% -12.1% 504 1,463 16.05 10.70 8 0.9 6.4% 24 Ooredoo QSC QA 8,418 95.70 1.2% 27.6% 392 10,304 96.30 60.00 12 1.4 3.1% 25 Emirates Integrated Telecom Co PJSC AE 8,264 6.64 0.9% 30.2% 509 920 6.99 4.65 16 3.9 6.5% 26 Kuwait Finance House KSCP KW 7,986 460.00 1.1% -6.3% 55 83 572.73 395.45 13 1.3 3.4% 27 Masraf Al Rayan QSC QA 7,620 37.00 0.1% -1.6% 517 5,258 45.50 28.60 13 2.4 4.7% 28 Saudi British Bank SJSC SA 7,320 18.30 1.7% -26.1% 344 1,678 33.10 17.50 6 0.9 4.1% 29 Qatar Islamic Bank SAQ QA 7,313 112.70 2.5% 5.6% 164 5,080 121.00 75.10 13 1.7 3.8% 30 Dubai Islamic Bank PJSC AE 7,253 5.39 1.1% -4.5% 4,589 6,735 6.99 4.51 6 1.0 7.6% Company Name Total M-Cap; W. Avg Yield 500,089 4.3% 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. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization’s estimates and views and does not represent the views of AMCML and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCML has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCML takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCML does not accept any liability for any loss arising from the use of material presented in this report. AMCML may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCML may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCML research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. Copyright © 2015 Al Masah Capital Management Limited 4