MENA Market Report - 9 May

Transcription

1. MENA Morning Report Tuesday , May 09, 2017 Overview Regional Markets: MENA markets recovered some of the losses incurred on the previous session as the sentiments were boosted by the rise in oil prices coupled with corporate earnings and positive news flow from selected companies. Although regional markets ended on a positive note there is still selling pressure being witnessed in a number of stocks with individual indexes. On the global front, the French elections being won by a pro-growth and market friendly government should be a positive catalyst for the markets. For the day, six out of the eight indexes under coverage ended in green, while two remained in red. Egypt was the best performing index as it was up by 1.1% for the day after marginally lower ending on the previous session. May has been good for the Egyptian market so far as the index has advanced by 3.2%, while the overall trend of the region remains negative. UAE markets ended on a positive note as both Dubai and Abu Dhabi were up by 0.2% each for the day. Both indexes managed to recover some of the losses incurred on the previous day but the market breadth continues to depict a mixed picture as sellers were still active during the session. Saudi Arabia closed marginally up by 0.1% for the day after declining by 1.0% on the previous day. The index was supported by a recovery in the petc hem and banking sector stocks after remaining under pressure on the previous day. Qatar closed up by 0.2% for the day, in line with the sentiments seen in regional markets . Bahrain and Oman were the two markets that continued their downward trend as both were down by 0.2% for the day. International Markets: US markets closed mostly flat as Dow and Nasdaq were up by 0.03% each, while S&P remained unchanged. European markets closed mostly lower as DAX and CAC were down by 0.2% and 0.9% respectively, while FTSE was up by 0.1%. At the time of writing the report, Asian markets have opened in red as Nikkei and Shanghai are down by 0.1% and 0.2%, while Hang Seng is up by 0.2%. Headlines (WW) US inflation expectations edge up (ME) Middle East Q1 M&A deals decline as value remains stable (WW) UK house price growth remains at near four-year low (ME) Regional food and beverage acquisitions top USD 3.4 billion in 2016 (WW) UK Consumer spending growth slows in April (GCC) Financial sector, diversification to drive GCC growth (WW) Slowing economy likely to ruffle Bank of England hawks' feathers (SA) Saudi Oil output cuts likely to be extended (WW) Banks planning to move 9000 jobs from Britain because of Brexit (SA) Saudi Entertainment sector helps boost economy, social cohesion (WW) China preliminary first-quarter current account surplus $19 billion (SA) Saudi market overhaul ahead of Aramco float (WW) China's April trade growth slows as commodities, electronics demand cools (SA) Saudi deflation continues for third consecutive month (WW) China April exports rise 8.0 pct, missing forecasts (AE) Accessing global markets though UAE (CMD) Oil rises after hint of longer extension to OPEC cut (AE) UAE's non-oil trade hit USD 425.74 billion in 2016 (CMD) Gold prices hold up well, dollar weakness helping (EG) Egypt passes delayed investment law to smooth business, attract Dollars (FX) Sterling stuck below USD 1.30 in Bank of England week (QA) Qatar to chart next phase of tourism strategy toward 2030 (FX) Risk of dollar shortage hits investors' radar (QA) Qatar and Pakistan to enhance business ties (FI) US bond giant breaks with consensus on US dollar trade (Source: Thomson Reuters, Bloomberg) MENA Markets Index Last DoD (%) WTD (%) MTD (%) YTD (%) ST Trend * MT Trend * LT Trend * Dubai (DFMGI) 3,391.67 0.2% -0.8% -0.7% -3.9% ˅ ˅ ˅ Abu Dhabi (ADSMI) 4,578.22 0.2% -0.8% 1.2% 0.7% ˄ ˅ ˄ Saudi (SASEIDX) 6,864.54 0.1% -0.9% -2.1% -4.8% ˅ ˅ ˄ Kuwait (KWSE) 6,627.57 1.0% -1.9% -3.1% 15.3% ˅ ˄ ˄ Egypt (EGX30) 12,827.93 1.1% 0.9% 3.2% 3.9% ˅ ˄ ˄ Qatar (DSM) 9,851.77 0.2% -0.9% -2.1% -5.6% ˅ ˅ ˅ Bahrain (BHSEIDX) 1,322.08 -0.2% -0.7% -1.0% 8.3% ˅ ˄ ˄ Oman (MSM30) 5,440.93 -0.2% -0.6% -1.3% -5.9% ˅ ˅ ˅ 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) 290 323 532 72 129 193 79,327 Abu Dhabi (ADSMI) 72 99 155 100 56 66 134,711 Saudi (SASEIDX) 147 181 241 662 892 1,121 430,086 Kuwait (KWSE) 120 367 352 35 104 102 75,578 Egypt (EGX30) 485 268 378 54 96 97 19,444 Qatar (DSM) 9 11 10 65 97 82 125,035 Bahrain (BHSEIDX) 1 5 4 1 3 3 20,481 Oman (MSM30) 9 19 17 4 12 10 16,272 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 , May 09, 2017 Valuation and Performance Comparisons 5-Year CDS(DoD change) Price Ratios PE (+ve.eps) 16 11.5 12.2 11.0 9.0 386.2 300 239.3 188.3 4 1.1 Current 8.8 8 1.6 2.0 1.7 1.4 - - 0.9 1.1 Bahrain Oman - 178.1 106.9 87.2 1.4 0 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% 6% Previous 600 489.3 13.6 11.1 12 PB 5.2% 4.3% 0% 2% -9% 0.0% 0.0% Egypt Qatar Bahrain -3.9% -4.8% -5.6% -5.9% -18% 0% Kuwait 3.9% 0.7% 3.5% 3.1% Dubai Abu Dhabi Saudi 8.3% 9% 4.2% 4% 15.3% 18% 5.8% 5.2% 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 , May 09, 2017 Top Performers by Country (* indicates native currency; Latest data) Close * DoD % Volume ('000) Value (AED ‘000) EMIRATES ISLAMIC BANK PJSC 6.71 -9.99% 2 17 3,424 AJMAN BANK PJSC 1.19 -2.52% 536 646 2,423 6,215 GULF NAVIGATION HOLDING PJSC 1.39 -2.16% 36 51 5,398 2,308 TAKAFUL EMARAT INSURANCE PJSC 2.39 -2.09% 20 49 0.98% 8,715 4,423 AL SALAM BANK SUDAN PLC 1.93 -1.55% 18 35 Close * DoD % Volume ('000) Value (AED ‘000) Top Losers Close * DoD % Volume ('000) Value (AED ‘000) GULF MEDICAL PROJECTS CO PSC 3.00 15.00% 8 22 ABU DHABI NATIONAL FOR BUILDING 0.59 -6.78% 16 10 NATIONAL BANK OF UMM AL 2.60 15.00% 50 122 ABU DHABI NATIONAL ENERGY CO 0.57 -1.75% 947 545 GULF PHARMACEUTICAL INDUSTRIES 2.21 6.33% 110 236 RAK PROPERTIES PJSC 0.60 -1.67% 1,413 855 ABU DHABI COMMERCIAL BANK PJSC 6.95 3.45% 4,572 31,245 ARKAN BUILDING MATERIALS CO PJSC 0.70 -1.43% 236 166 INTERNATIONAL FISH FARMING 1.59 2.52% 3,687 5,790 FIRST ABU DHABI BANK PJSC 11.40 -1.32% 22,386 256,905 Close * DoD % Volume ('000) Value (SAR ‘000) Close * DoD % Volume ('000) Value (SAR ‘000) NAMA CHEMICALS CO SJSC 3.60 8.33% 4,217 14,597 JADWA REIT AL HARAMAIN FUND 14.90 -2.35% 7,468 112,606 ARAB SEA INFORMATION SYSTEMS CO 14.00 7.14% 24 328 SAUDI INDUSTRIAL INVESTMENT 18.85 -2.12% 483 9,207 AL SAMAANI FACTORY METAL 78.25 4.47% 2 132 HERFY FOOD SERVICES CO SJSC 77.50 -1.61% 216 16,890 ARABIAN SHIELD COOPERATIVE 49.10 4.38% 613 29,477 ARABIAN PIPES CO SJSC 15.85 -1.58% 215 3,429 SALAMA COOPERATIVE INSURANCE 14.15 4.24% 710 9,849 ASTRA INDUSTRIAL GROUP SJSC 16.55 -1.51% 209 3,481 Close (fils) * DoD % Volume ('000) Value (KWD 000) Top Losers Close (fils) * DoD % Volume ('000) Value (KWD 000) 106.00 9.43% 0 0 ALSHAMEL INTERNATIONAL HOLDING 335.00 -14.93% 0 0 EQUIPMENT HOLDING COMPANY 55.00 9.09% 3,480 183 AFAQ EDUCATIONAL SERVICES CO 170.00 -11.76% 0 0 REAL ESTATE ASSET MANAGEMENT 285.00 8.77% 0 0 KUWAIT REAL ESTATE HOLDING CO 38.00 -6.58% 1,466 58 ZIMA HOLDING CO KSC 52.00 7.69% 1,065 53 AL DEERA HOLDING CO KPSC 35.00 -5.71% 112 4 EDUCATIONAL HOLDING GROUP KSCP 280.00 7.14% 3 1 REAL ESTATE TRADE CENTERS CO 48.50 -5.15% 18 1 Top Gainers Close DoD % Volume Value Close DoD % Volume Value SOUHAG NATIONAL COMPANY FOOD 35.60 11.29% 24 806 ARAB ALUMINUM CO SAE 16.85 -4.75% 18 307 ROWAD TOURISM CO SAE 5.64 9.93% 51 277 NASR CO FOR CIVIL WORKS SAE 17.78 -4.05% 9 172 CAIRO FOR OIL AND SOAP CO SAE 12.25 9.88% 546 6,390 CAIRO FOR HOUSING AND DEV 12.95 -3.55% 17 230 NATIONAL BANK OF KUWAIT EGYPT 32.79 9.79% 4 137 MARSA MARSA ALAM FOR DEV 1.18 -3.39% 224 269 ALEXANDRIA NATIONAL CO 3.61 9.70% 10 34 MOHANDES INSURANCE CO SAE 7.40 -3.38% 14 104 Close DoD % Volume Value Close * DoD % Volume ('000) Value (QAR ‘000) QATAR ISLAMIC INSURANCE CO QSC 59.20 4.39% 1 87 QATAR GENERAL INSURANCE 39.10 -2.81% 0 1 QATAR FIRST BANK LLC 8.20 2.44% 1,893 15,336 AL KHALEEJ TAKAFUL GROUP QSC 20.00 -2.50% 207 4,183 DOHA INSURANCE CO QSC 16.25 2.09% 0 0 QATAR OMAN INVESTMENT CO QSC 9.30 -1.51% 0 4 ALIJARAH HOLDING CO QSC 16.21 1.79% 36 577 QATAR FUEL QSC 122.80 -0.81% 89 10,936 QATARI INVESTORS GROUP QSC 55.60 1.62% 6 356 DLALA BROKERAGE AND INVESTMENT 25.60 -0.78% 30 768 Close DoD % Volume Value GULF GENERAL INVESTMENT CO PSC 0.41 2.47% 0 1,938 EMAAR MALLS GROUP PJSC 2.53 1.19% 0 DAMAC PROPERTIES DUBAI CO PSC 2.58 1.16% ISLAMIC ARAB INSURANCE CO PSC 0.43 1.16% DEYAAR DEVELOPMENT PJSC 0.51 Dubai Top Gainers Abu Dhabi Top Gainers Saudi Arabia Top Gainers Egypt Kuwait Top Gainers FUTURE KID ENTERTAINMENT Qatar Top Gainers Data & Charts Source: Thomson Reuters Top Losers Top Losers Top Losers Top Losers 3
4. MENA Morning Report Tuesday , May 09, 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 76,388 95.50 -0.5% 4.4% 4,403 112,121 102.50 76.00 16 1.8 4.2% 2 Emirates Telecommunications Group Co AE 41,911 17.70 0.9% -5.9% 594 2,863 20.20 17.15 17 3.4 4.5% 3 Saudi Telecom Company SJSC SA 36,927 69.25 0.7% 0.0% 264 4,878 74.00 51.00 0 0.0 0.0% 4 Qatar National Bank SAQ QA 35,059 138.20 -0.2% -6.7% 300 11,369 157.27 121.36 10 1.8 2.3% 5 First Abu Dhabi Bank PJSC AE 33,379 11.25 -1.3% 12.6% 22,386 68,569 11.55 7.60 11 1.3 4.0% 6 Al Rajhi Banking & Investment Corp SA 26,971 62.25 0.4% -1.2% 1,398 23,203 67.50 48.60 12 1.9 3.6% 7 Saudi Electricity Co SJSC SA 25,607 23.05 -0.2% 2.9% 1,001 6,150 25.80 14.30 46 1.5 3.0% 8 National Commercial Bank SJSC SA 20,370 38.20 -0.8% -10.3% 987 10,049 45.00 32.00 8 1.3 4.2% 9 DP World Ltd AE 18,011 21.70 0.7% 23.9% 126 744 22.25 15.53 19 2.0 1.8% 10 Industries Qatar QSC QA 16,750 100.80 1.3% -14.2% 488 13,509 122.00 94.50 19 1.9 4.0% 11 Jabal Omar Development Co SJSC SA 16,603 67.00 0.0% -10.4% 45 797 76.00 46.00 72 6.1 0.0% 12 Almarai Co SJSC SA 15,731 73.75 -0.3% 7.7% 131 2,573 74.50 51.50 29 4.6 0.0% 13 Emaar Properties PJSC AE 14,269 7.32 0.3% 2.7% 2,151 4,287 7.79 5.95 10 1.3 2.0% 14 National Bank of Kuwait SAKP KW 13,040 670.00 3.1% 8.2% 797 1,755 723.81 523.81 13 1.3 4.3% 15 Saudi Arabian Mining Co SJSC SA 12,898 41.40 -0.5% 6.2% 587 6,482 43.80 27.80 95 1.7 0.0% 16 Emirates NBD Bank PJSC AE 12,332 8.15 0.0% -4.0% 3,474 7,708 9.00 7.60 7 0.8 4.9% 17 Ezdan Holding Group QSC QA 11,125 15.27 -0.2% 1.1% 1,357 5,690 20.24 14.63 19 1.3 3.3% 18 Samba Financial Group SJSC SA 11,038 20.70 0.2% -15.0% 627 3,460 25.20 15.90 8 1.0 4.6% 19 Abu Dhabi Commercial Bank PJSC AE 10,176 7.19 3.5% 4.2% 4,572 8,950 7.68 5.66 9 1.3 5.6% 20 Kingdom Holding Co SA 10,128 10.25 -1.0% -14.2% 80 219 12.95 9.90 75 1.3 4.9% 21 Kuwait Finance House KSCP KW 9,102 480.00 0.0% -2.2% 1,984 3,133 572.73 400.00 13 1.6 3.2% 22 Emaar Malls Group PJSC AE 9,071 2.56 1.2% -2.3% 1,361 949 3.00 2.47 18 2.1 0.0% 23 Ooredoo QSC QA 8,956 101.80 1.3% 0.0% 27 760 116.10 81.50 17 1.5 3.4% 24 Emirates Islamic Bank PJSC AE 8,930 6.04 -10.0% 0.0% 2 4 11.95 1.57 110 4.8 0.0% 25 Saudi British Bank SJSC SA 8,639 21.60 -0.5% 0.0% 751 4,326 25.90 16.40 8 1.0 0.0% 26 Masraf Al Rayan QSC QA 8,528 41.40 -0.2% 10.1% 178 2,027 44.20 32.40 15 2.7 4.8% 27 Yanbu National Petrochemicals Co SJSC SA 8,211 54.75 0.5% 1.4% 494 7,209 61.75 37.00 12 1.9 5.5% 28 Banque Saudi Fransi SJSC SA 8,193 25.50 -0.8% -2.3% 486 3,304 27.50 18.00 9 1.0 4.1% 29 Riyad Bank SJSC SA 8,159 10.20 -0.5% -11.7% 1,286 3,497 11.80 8.55 9 0.8 6.4% 30 Dubai Islamic Bank PJSC AE 7,737 5.75 0.2% 3.2% 1,370 2,145 6.29 4.90 9 1.2 7.8% Company Name Total M-Cap; W. Avg Yield 544,237 3.1% 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. Moreover, 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. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve risks. Past results do not guarantee future performance. We accept no liability for any loss arising from the use of material presented in this report. 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. Copyright © 2015 Al Masah Capital Management Limited 4