MENA Market Report - 9 April

Transcription

1. MENA Morning Report Monday , April 09, 2018 Overview Regional Markets: MENA region closed on a slightly positive note despite the rising global war tensions between US and China, which is weighing on investor sentiments around the global equities. For the regional markets, four out of the eight indexes ended in green, while three in red and one was closed for the day. UAE markets ended on a negative note as both Dubai and Abu Dhabi were down by 0.4% and 1.8% respectively for the day. Abu Dhabi index gave up away the gains of 1.7% recorded on Thursday at the start of the week, which was dragged by 2.4% decline in FAB and 1.7% in Etisalat during the session. Saudi Arabia closed on a positive note as the index was up by 0.2% for the day, which was supported by petchems and banking sector stocks. The market breadth was also skewed towards gainers with 96 stocks compared to 84 decliners, while 4 remained unchanged for the day. Kuwait closed on a positive note as the index was up by 0.3% for the day, after witnessing strong downward pressure in the previous week post the changes made to the index composition. Qatar closed marginally lower as it was down by 0.1% for the day. Bahrain and Oman closed on a positive note as they were up by 0.1% and 0.5% respectively for the day. Despite appreciating by 1.0% for the month of April, Oman continues to remain in the negative territory for the year with losses of 5.5%. International Markets: At the time of writing this report, Asian markets have opened on a positive note as Nikkei, Hang Seng and Shanghai are up by 0.6%, 1.8% and 0.4% respectively for the day. Headlines (WW) Trade dispute escalates as Trump threatens USD 100bn more in China tariffs (ME) Middle East consumers becoming more cost-conscious (WW) US trade deficit rises to near 9.5 year high in February (GCC) Europe-Gulf trade exceeds USD 175bn (WW) US job growth seen slowing in March, jobless rate likely fell (AE) Sell-on clause settles nerves in Dubai real estate (WW) Atlanta Fed lowers US first-quarter GDP growth view to 2.3% (AE) UAE Cabinet approves AED 3bn for social assistance over next three years (WW) China says will fight back 'at any cost' against US trade tariffs (AE) UAE leads in attracting FDI in Arab world (WW) Japan's long growth run faces turning point as wages, spending fall (AE) UAE banks maintain robust performance (WW) German industrial output slumps as protectionism angst grows (EG) Egypt to raise subsidies by EGP 50bn (WW) India needs healthy macro-economic environment for USD 10tn economy (QA) QNB raises Qatar 2018 GDP growth forecast to 2.8% (CMD) Oil falls after US President Trump threatens new China tariffs (QA) Qatar recorded strong corporate banking revenue growth in 2017 (CMD) Gold rises after Trump proposes more tariffs on China (KW) Money transfers spike 25% in Kuwait (FX) Dollar notches second week of gains as price concerns dominate (BH) Bahrain's oil discovery to be ranked among top oil reserves (FX) Pound nears 6-week lows on dollar rebound, weak data (OM) Credit to private sector hits OMR 18bn (FI) Euro zone yields dip as trade worries resurface, US jobs data in focus (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,071.09 -0.4% -0.4% -1.2% -8.9% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,602.88 -1.8% -1.8% 0.4% 4.6% ˄ ˄ ˄ Saudi (SASEIDX) 7,968.44 0.2% 0.2% 1.2% 10.3% ˄ ˄ ˄ Kuwait (KWSE) 4,880.94 0.3% 0.3% -2.4% 0.9% ˅ ˄ ˄ Egypt (EGX30) Closed Closed n.a. -0.2% 15.9% ˄ ˄ ˄ Qatar (DSM) 8,781.83 -0.1% -0.1% 2.4% 3.0% ˄ ˄ ˄ Bahrain (BHSEIDX) 1,284.49 0.1% 0.1% -2.6% -3.5% ˅ ˄ ˄ Oman (MSM30) 4,821.19 0.5% 0.5% 1.0% -5.5% ˅ ˅ ˅ 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) 78 200 238 26 82 102 81,506 Abu Dhabi (ADSMI) 55 70 77 20 38 38 133,443 Saudi (SASEIDX) 206 173 179 1,239 1,012 973 503,779 Kuwait (KWSE) 29 76 78 6 209 132 75,578 Egypt (EGX30) Closed 357 354 Closed 109 96 30,357 Qatar (DSM) 4 11 10 27 86 78 103,057 Bahrain (BHSEIDX) 0 6 5 0 3 3 21,349 Oman (MSM30) 30 17 16 14 11 11 13,504 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 Monday , April 09, 2018 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 12.3 Current 11.7 10.8 10.8 7.8 7.6 4 1.0 1.3 2.6 1.8 - - 147.2 109.0 1.2 0.8 0.9 Bahrain Oman - 288.9 253.6 300 85.6 85.3 60.5 1.3 0 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Dubai Average Abu Dhabi Saudi 5.7% 6.0% 5.3% 5.9% 5.0% 4.3% 4.0% 4% 2.8% 2% 0.0% 0% Dubai Abu Dhabi Saudi Kuwait Egypt Kuwait Egypt Qatar Bahrain Oman Average Year to Date Perfomance DividendYield 8% 6% Previous 600 14.7 12 8 PB Qatar Bahrain Oman Average 18% 15% 12% 9% 6% 3% 0% -3% -6% -9% -12% 15.9% 10.3% 4.6% 3.0% 0.9% -3.5% -5.5% -8.9% 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 , April 09, 2018 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) ARAMEX PJSC 4.30 3.61% 0 1,090 AMANAT HOLDINGS PJSC 1.38 1.47% 0 DUBAI INVESTMENTS PJSC 2.11 1.44% 1,758 Saudi Arabia Abu Dhabi Dubai Top Gainers DoD % Volume Value GULF GENERAL INVESTMENT CO PSC 0.30 -9.79% 0 2,051 1,228 AL RAMZ CORPORATION INVESTMENT 1.33 -8.28% 0 2,375 3,684 DXB ENTERTAINMENTS PJSC 0.44 -3.55% 13,354 5,916 DUBAI FINANCIAL MARKET PJSC 0.99 -2.94% 9,372 9,419 DUBAI ISLAMIC INSURANCE & REINS 0.70 -2.78% 38 27 Close * DoD % Volume ('000) Value (AED ‘000) EMAAR DEVELOPMENT PJSC 5.40 0.37% 862 4,644 AL SAFWA MUBASHER FINANCIAL SER 0.66 0.00% 12 8 Top Gainers Close * DoD % Volume ('000) Value (AED ‘000) ABU DHABI NATIONAL TAKAFUL CO 5.24 12.93% 13 66 AL KHALEEJ INVESTMENT CO PJSC 2.37 -9.89% 9 23 ABU DHABI NATIONAL OIL COMPANY 2.64 0.38% 630 1,659 RAS AL KHAIMAH CEMENT CO PSC 0.70 -9.09% 19 14 INSURANCE HOUSE PSC 0.85 0.00% 925 786 GULF PHARMACEUTICAL INDUSTRIES 2.20 -8.33% 101 232 ESHRAQ PROPERTIES COMPANY PJSC 0.73 0.00% 5,212 3,805 SUDATEL TELECOM GROUP LTD 0.50 -5.66% 5,041 2,596 NATIONAL TAKAFUL CO PJSC 0.47 0.00% 50 24 WAHA CAPITAL PJSC 1.84 -5.15% 169 320 Top Gainers Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) AL SORAYAI TRADING AND INDUSTRY 15.56 9.58% 3,024 45,004 HALWANI BROTHERS CO JSC 57.50 -5.27% 141 8,340 SAUDI CEMENT CO SJSC 53.10 7.93% 1,147 58,660 DAR AL ARKAN REAL ESTATE DEV 12.74 -4.93% 44,932 587,267 SAUDI PAPER MANUFACTURING CO 9.04 4.15% 4,198 37,193 YANBU CEMENT COMPAY SJSC 31.20 -2.50% 1,773 56,026 AL KATHIRI HOLDING CO 27.35 3.99% 2 55 SAUDI PHARMACEUTICAL INDUSTRIES 30.70 -2.23% 440 13,656 TRADE UNION COOPERATIVE INS 22.90 3.81% 721 16,199 ABDULLAH SAAD MOHAMMED ABO M 11.62 -2.19% 27 317 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) MANAZEL HOLDING CO KPSC 34.00 15.65% 7,509 238 HAYAT COMMUNICATIONS CO KSCP 68.00 -20.93% 1 0 MENA REAL ESTATE CO KSCP 31.50 8.62% 0 0 GULF FRANCHISING HOLDING CO KSCP 30.00 -14.29% 10 0 58.50 -10.00% 0 0 Top Gainers Kuwait Close Top Losers Top Losers Top Losers TAAMEER REAL ESTATE INVESTMENT 26.50 7.72% 50 1 WARBA INSURANCE COMPANY KSCP FIRST TAKAFUL INSURANCE CO KPSC 51.40 7.53% 0 0 SALBOOKH TRADING CO KSCP 45.00 -10.00% 2 0 AL MADINA FOR FINANCE AND INVEST 31.50 6.78% 0 0 KUWAIT INSURANCE COMPANY SAKP 261.00 -9.69% 1 0 Top Gainers Close DoD % Volume Value Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) AHLI BANK QSC 31.00 -3.73% 2 73 WIDAM FOOD CO QSC 58.80 -1.92% 23 1,392 Market Remained Closed Egypt Market Remained Closed Top Losers Close * DoD % Volume ('000) DOHA INSURANCE CO QSC 12.98 4.42% 1 8 QATAR NATIONAL CEMENT CO QSC 55.79 1.44% 5 250 OOREDOO QSC 83.36 1.04% 18 1,530 ALIJARAH HOLDING CO QPSC 10.32 -1.71% 87 904 VODAFONE QATAR QSC 9.35 0.97% 1,742 16,214 MAZAYA QATAR REAL ESTATE DEV 7.15 -1.38% 701 5,051 119.97 0.91% 184 21,979 ZAD HOLDING CO SAQ 83.00 -1.19% 2 197 Qatar Top Gainers QATAR FUEL CO QSC Data & Charts Source: Thomson Reuters Value (QAR ‘000) Top Losers 3
4. MENA Morning Report Monday , April 09, 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 93,760 118.60 1.2% 16.5% 6,606 208,930 120.00 94.25 19 2.2 3.5% 2 Saudi Telecom Company SJSC SA 44,267 83.00 0.0% 21.0% 60 1,318 85.00 65.10 16 2.7 4.8% 3 Emirates Telecommunications Group Co AE 41,204 17.10 -1.7% -2.3% 617 2,871 18.85 15.75 17 3.4 4.7% 4 First Abu Dhabi Bank PJSC AE 36,794 12.10 -2.4% 18.0% 347 1,142 12.40 10.05 13 1.3 5.8% 5 National Commercial Bank SJSC SA 35,093 65.40 -0.6% 18.7% 146 2,549 65.90 37.00 13 2.1 2.6% 6 Qatar National Bank QPSC QA 35,017 138.10 0.1% 9.6% 107 4,055 151.00 115.01 10 1.6 4.3% 7 Al Rajhi Banking & Investment Corp Ltd SA 33,713 78.10 0.4% 20.9% 2,253 46,926 78.20 61.00 14 2.3 5.1% 8 Saudi Electricity Company SJSC SA 23,044 20.74 0.0% -1.5% 629 3,478 26.05 19.76 13 1.2 3.4% 9 DP World Ltd AE 19,007 22.91 0.0% -8.4% 117 731 27.06 20.30 16 1.8 1.8% 10 Industries Qatar QSC QA 18,133 108.30 -0.7% 11.6% 31 933 115.00 85.00 20 1.9 4.6% 11 Saudi Arabian Mining Co SJSC SA 16,920 53.80 -0.9% 3.3% 246 3,528 57.10 39.50 88 2.4 0.0% 12 Emirates NBD Bank PJSC AE 15,587 10.30 0.0% 25.6% 390 1,093 11.00 7.95 7 1.0 3.9% 13 National Bank of Kuwait SAKP KW 14,913 740.00 2.9% 6.7% 2,143 5,291 761.90 619.05 15 1.4 3.7% 14 Almarai Co SJSC SA 14,667 57.00 3.6% 5.9% 1,606 24,415 78.64 50.00 27 3.9 1.3% 15 Samba Financial Group SJSC SA 14,400 26.70 -1.1% 13.5% 709 5,050 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 12,000 29.70 -1.0% 10.0% 68 539 32.50 21.25 11 1.3 4.8% 18 Jabal Omar Development Co SJSC SA 11,995 48.60 0.4% -17.8% 407 5,273 75.60 47.50 330 4.7 0.0% 19 Yanbu National Petrochemicals Co SJSC SA 11,085 74.10 0.3% 25.6% 188 3,723 74.30 52.00 18 2.5 4.4% 20 Riyad Bank SJSC SA 11,072 13.82 -0.1% 9.9% 294 1,084 14.20 10.10 11 1.1 5.3% 21 Kuwait Finance House KSCP KW 11,031 521.00 0.0% -0.5% 2,234 3,884 590.91 424.55 18 1.7 2.7% 22 Emaar Properties PJSC AE 10,878 5.55 -0.5% -15.1% 2,469 3,731 8.43 5.54 7 0.8 0.0% 23 Abu Dhabi Commercial Bank PJSC AE 9,384 6.55 -1.2% -3.7% 274 489 7.50 6.50 8 1.0 6.4% 24 Banque Saudi Fransi SJSC SA 9,321 29.00 0.0% 1.8% 156 1,204 33.40 25.20 10 1.1 4.8% 25 Kingdom Holding Co SA 8,953 9.08 0.2% 0.0% 269 651 11.30 7.90 51 1.1 0.0% 26 Abu Dhabi National Oil Co for Dist AE 8,951 2.64 0.4% -0.4% 630 453 2.90 2.50 18 11.6 2.2% 27 Alinma Bank SJSC SA 8,456 21.34 0.9% 11.4% 30,667 174,507 21.46 14.00 16 1.6 3.7% 28 Arab National Bank SA 7,867 29.00 -1.7% 17.1% 24 183 29.90 19.15 10 1.2 4.1% 29 Saudi Arabia Fertilizers Co SJSC SA 7,744 70.00 0.4% 7.4% 98 1,825 73.10 57.00 33 4.3 2.5% 30 Ezdan Holding Group QSC QA 7,710 10.51 -0.7% -13.0% 119 345 16.30 6.19 16 0.9 0.0% Company Name Total M-Cap; W. Avg Yield 607,014 3.6% 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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