MENA Weekly Investment Report - 23 October

Transcription

1. Weekly Investment Report Sunday , October 23, 2016 Economic & Market News Reuters: US industrial production barely rose in September as a rebound in manufacturing and mining output was offset by surprisingly weak demand for utilities, pointing to a moderate acceleration in economic growth in the Q3. The industrial output edged up 0.1% in September after declining 0.5% in August. Last month's gain was in line with economists' expectations. Industrial production rose at an annual rate of 1.8% in the Q3, the first quarterly increase since the Q3 of 2015. The Fed suggested that the industrial sector downturn has probably run its course. Gains in output are likely to be muted as the sector remains constrained by the lingering effects of the dollar's past rally, a collapse in oil prices and weak global demand. The report came on the heels of data showing a mild increase in core retail sales in September, which prompted the Atlanta Fed to cut its Q3 GDP estimate by two-tenths of a percentage point to a 1.9% rate. The economy grew at a 1.4% pace in the Q2. Zawya: According to Standard & Poor (S&P), the aggregate GDP growth of GCC states is estimated at 2% for 2016 and 2017, similar to growth levels in 2015. The rating agency assumes Brent crude will average USD 45 per barrel in 2017, USD 50 in 2018, and USD 55 for 2019 and beyond. Meanwhile, S&P Global Ratings also said that it considers the structural shift in the energy markets now well and truly established, and GCC governments on a path to addressing the fiscal deficits through various forms of expenditure reform. This will have both direct (example, higher taxation and subsidy reform) and indirect (weaker economic growth and demand for goods and services) implications for practically all our issuers in region. In 2016, they have already downgraded eight corporate and infrastructure government related entities (GREs) on the back of sovereign rating actions, and took negative rating actions on five companies that are directly exposed to the hydrocarbon industry. Sectors that have been hit the hardest so far include the private sector oil and gas and construction industries, that are faced by lower investment, project delays and retendering, margin pressure and delays in customer payments. Al Masah Capital: Last week ended with oil prices in the USD 51-53 range and MENA markets maintaining a cautious stance. The week pattern which showed up in most markets was weak trading activity that gave way to buying as bargain hunters stepped in. Saudi Arabia had a strong close to the week, with the country’s original sovereign bond issuance’s success lifting investor sentiment. The strong subscription in the bond (over USD 15 billion) gave investors hope that the country’s economy contraction and ballooning deficit could have a silver lining. Egypt also had a strong close for the week however it is still trading in a tight range with resistance at the 8,400 level, with investors continuing to wait for the country’s currency devaluation which is considered the first crucial step to accelerate the IMF loan and alleviate pressure on the economy. Despite the strong close, most of the MENA indices on average had a negative week. Egypt led the losers followed by Abu Dhabi and Saudi, each going down for the week by 2.68%, 1.2% and 0.74% respectively, while Qatar and Dubai markets showed a modestly positive week with each going up by 0.47% and 0.17% respectively. October returns sit on average at negative 0.8% meaning the coming last week of the month will most likely determine if we end up with a positive or negative month. Egypt and Saudi have driven the buying this month so trading activity there could show the trend we end up with while UAE has taken the brunt of the selling and could worsen the average monthly returns. In any case, 2016 returns are around the breakeven mark so just like October how we end up for the year could be determined in the next few weeks. Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,340.49 0.17% -3.85% 6.01% Oil (Brent) 51.78 0.50% 10.08% 38.89% Abu Dhabi (ADSMI) 4,294.46 -1.21% -4.06% -0.30% Natural Gas 2.99 -7.74% 3.67% 28.07% Saudi (SASEIDX) 5,651.80 -0.74% 0.51% -18.23% Gold 1266.25 0.88% -3.23% 19.36% Kuwait (KWSE) 5,321.46 -0.12% -1.43% -5.23% Silver 17.48 0.26% -6.10% 26.36% 1.09 -0.79% -3.17% 0.20% Indexes Commodities & FX Egypt (EGX30) 8,277.21 -2.68% 5.03% 18.14% EURUSD Qatar (DSM) 10,438.45 0.47% 0.03% 0.09% GBPUSD 1.22 0.39% -5.72% -17.00% Bahrain (BHSEIDX) 1,151.85 0.64% 0.16% -5.27% USDJPY 103.80 -0.36% 2.44% -13.72% Oman (MSM30) 5,562.31 -1.73% -2.86% 2.89% USDCHF 0.99 0.35% 2.26% -0.84% -0.12% -0.68% 4.49% 1.47% 1.55% -3.67% TR GCC (Reuters) 193.59 -1.98% -1.98% -0.44% AUDUSD 0.76 DJ MENA 461.70 -0.31% -0.16% -7.28% USDCAD 1.33 Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 18,145.71 0.04% -0.89% 4.14% 1 Month 0.534 -0.37% -0.380 0.26% S&P 500 2,141.16 0.38% -1.25% 4.76% 2 Month 0.667 1.40% -0.351 0.45% NASDAQ 4,851.86 0.90% -0.49% 5.63% 3 Month 0.882 -0.02% -0.323 -0.04% 344.29 1.28% 0.40% -5.88% 6 Month 1.257 -0.39% -0.216 0.33% FTSE 100 7,020.47 0.10% 1.76% 12.47% 12 Month 1.572 -0.90% -0.081 0.53% DAX 10,710.73 1.23% 1.90% -0.30% CAC 40 4,536.07 1.46% 1.97% -2.18% Nikkei 225 17,184.59 1.95% 4.47% -9.71% SENSEX 28,077.18 1.46% 0.76% 7.50% Shanghai Composite 3,090.94 0.89% 2.87% -12.67% Hang Seng 23,374.40 0.61% 0.33% 6.66% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , October 23, 2016 Economic & Market News (continued) Zawya: Egypt's economy is likely to grow 3.5% in the 2016/17 fiscal year, missing the government's target of around 5% and falling below the growth rate in 2015. The survey, found that growth would pick up only slightly to reach 3.7% the following fiscal year. The economy also fell short of the government's target of 5.5% for the 2015/16 fiscal year, which ended in June. Egypt's finance minister has estimated growth for that period at around 4.2%. The median forecast put inflation as measured by the annual rise in the consumer price index at 11.0% for the current f iscal year, down from a previous forecast of 11.5%. Both forecasts are lower than the country's recent monthly core inflation readings. September's rate was 13.94%, up from 13.3% in August. Analysts expect inflation to jump in 2017/18 to 13.8% before easing slightly to 12.5% the following year. The central bank has been trying to balance the need for economic growth with keeping inflation risks at bay Reuters: China's economic growth is expected to cool to 6.6% this year and slow further to 6.5% in 2017, even as the government keeps up policy support to help ward off a sharper slowdown. The country faces nagging downward pressure due to slack global demand that has hurt its exports, as well as risks from painful reforms to cut industrial overcapacity and a growing pile of debt that some analysts fear could spark a financial crisis. The risk of a correction in the high-flying property sector could also pose a threat as more local governments rush to restrict home purchases to cool surging house prices and ward off housing bubbles. While fears of a hard landing appear to have eased, recent data also have highlighted growing imbalances in China's economy, with growth increasingly reliant on government spending as private investment falls to record lows Analysts also expect annual inflation to average 2% in 2016 and 2017, underscoring the sluggish growth outlook. Inflation was 1.9% in September and 2% in the first nine months of 2016. Reuters: Based on the year-to-September transaction data in Dubai, properties that can be classified as mid-market accounted for more than 70% of the deals, and the rest made up of upscale and super-premium. This would represent the best ever percentage levels recorded by the mid-market, more so as property sales in Dubai have historically weighed heavily in favor of premium offerings. In fact, last year, the split averaged around 70:30 in favor of the premium over the mid-tier. And even during the first half of this year, the split was running nearly equal. The market’s clearly starting to see the presence of a younger buyer who is more comfortable putting aside AED 500,000 and more on a one-bedroom apartment than spend AED 2 million. US Government Bonds - Yield to Maturity (%) 3 2.555 2 1.792 1.282 0.839 1 0.660 0.248 1.740 1.244 0.827 0.652 0.465 0.452 0.332 0.304 0.243 2.492 0 1M 3M 6M 12M 2Y Last Week 5Y 10Y 30Y Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 130 40 120 30 110 100 20 90 10 80 70 PE MENA Market - Price Ratios Oct-16 Sep-16 Jul-16 Aug-16 Jun-16 Apr-16 May-16 Mar-16 Jan-16 Feb-16 Dec-15 Oct-15 Jul-15 Jun-15 Nov-15 MSCI Asia ex. Japan Apr-15 Aug-16 Sep-15 Nikkei 225 Jun-16 Aug-15 TR MENA Apr-16 May-15 Dec-15 Feb-16 Mar-15 STOXX Europe 600 Oct-15 Jan-15 Aug-15 Feb-15 Jun-15 Dec-14 S&P 500 Apr-15 Oct-14 0 Dec-14 Feb-15 Nov-14 60 Oct-14 5-Year CDS Rates (basis points) PB 600 16 13.4 12 10.7 479.8 12.3 11.5 10.9 375.4 9.4 8.2 300 8 218.9 163.1 4 1.2 1.3 1.5 1.3 1.5 - - 0.8 1.1 Bahrain Oman - Abu Dhabi Saudi Kuwait Egypt Data and News Source: Thomson Reuters Qatar 90.2 69.0 1.5 - 0 Dubai 136.1 Average - 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 2
3. Weekly Investment Report Sunday , October 23, 2016 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 101.63 102.13 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 1.74 1.74 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.48 1.48 AA 112.64 112.74 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.11 1.10 AAA 101.38 101.41 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.31 0.31 AA 114.88 114.90 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.59 103.99 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.83 2.80 118.25 119.25 United States of America US TREASURY N/B USD 15/05/2025 2.13 1.68 1.68 AAA 103.56 103.59 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.70 3.70 AA 164.38 165.38 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.56 7.56 B3 92.50 93.50 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.47 2.48 AAA 110.77 110.81 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.11 7.07 BB+ 86.56 87.88 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2016 5.83 53.84 2.53 A+ 99.88 99.91 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.02 2.02 A3 109.01 109.10 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.24 2.24 A3 111.16 111.31 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.06 1.98 A+ 113.25 113.50 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 2.87 2.87 Baa2 100.71 100.85 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.13 2.13 AA 110.25 111.00 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.12 2.12 AA 103.50 104.25 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.15 2.15 A+ 106.75 107.05 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.65 1.65 A3 100.54 100.80 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 2.91 2.95 A2 106.52 107.27 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.71 3.71 Baa2 105.63 106.13 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.22 3.25 A3 103.79 104.15 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.56 3.56 A+ 116.00 116.75 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 3.90 3.90 A+ 119.87 120.08 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.56 5.56 Baa2 115.70 116.70 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.30 6.72 99.88 100.88 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.76 5.62 102.10 102.75 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , October 23, 2016 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.5156 0.7709 N/A 1.2677 1.5301 1.8293 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.25 0.35 0.60 0.85 1.15 1.40 1.50 1.65 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.57 1.81 2.01 2.24 2.48 2.91 3.48 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 2.10 2.19 2.39 2.47 2.54 2.65 Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.58 1.79 1.89 2.08 2.16 2.24 2.35 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.63 2.93 3.18 3.46 3.73 4.10 4.48 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.25 1.50 1.81 2.13 1.88 2.13 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.46 1.68 0.12 0.45 0.49 0.52 0.59 1.25 1.33 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.58 1.69 1.76 2.00 1.90 2.0100 2.1900 O/N < 1 Week 1 Week < 1 Month 1 Month > 1 Month 10.90 9.20 9.31 11.10 11.10 8.85 Re Discount Lending Benchmark 9.25 9.75 8.75 Bank Rates T-Bill Yields QIBOR Qatar T/N 0.54 Deposit Rates 1 Week 1 Month 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 10.80 11.30 11.50 11.65 11.75 11.80 12.40 12.70 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1.47 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.30 1.25 1.05 0.85 1.90 1.60 2.20 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 QCB Interest Rates Bahrain BHIBOR O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.70 0.85 1.40 1.58 1.88 1.95 2.13 2.35 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.40 0.60 2.50 2.50 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.46 2.74 2.91 3.07 3.24 3.48 3.75 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , October 23, 2016 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) MARKA PJSC 1.08 -6.90% -10.00% 540 DUBAI ISLAMIC INSUR AND REIN 0.52 -6.33% -4.95% 117 255 AL SALAM BANK SUDAN PLC 1.21 -3.20% -8.60% 147 6.67% 296 TAKAFUL EMARAT INSURANCE PJSC 2.74 -2.84% 53.93% 411 83.87% 629 DRAKE AND SCULL INTERNATIONAL 0.47 -2.69% 12.98% 1,074 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) AXA GREEN CRESCENT INSURANCE CO 0.79 -9.20% 5.33% 158 BANK OF UMM AL QAIWAIN 2.85 -8.06% -13.64% 5,267 NATIONAL BANK OF RAS AL KHAIMAH 5.00 -7.24% -20.00% 8,381 AL KHAZNA INSURANCE CO PSC 0.39 -7.14% 34.48% 164 FINANCE HOUSE PJSC 1.78 -6.32% -17.21% 552 Close * WTD % YTD % Mkt. Cap. (SAR mln) ASEER TRADING TOURISM 11.45 -17.33% -50.96% 1,447 SAUDI ENAYA COOPERATIVE 11.25 -16.67% -66.11% 225 LAZURDE FOR JEWELRY CO 15.95 -15.83% 0.00% 686 MALATH COOPERATIVE 7.30 -15.12% -66.36% 219 FAWAZ ABDULAZIZ ALHOKAIR CO 21.75 -13.00% -69.15% 4,568 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) GULF NORTH AFRICA HOLDING CO 29.50 -10.61% 7.27% 4 4 FIRST DUBAI FOR REAL ESTATE 50.00 -9.09% 4.17% 50 10 JEERAN HOLDING COMPANY KSCP 62.00 -8.82% 3.33% 9 182 SANAM REAL ESTATE COMPANY KSCP 27.50 -8.33% -38.20% 3 4.29% 1,578 AL-SALAM GROUP HOLDING CO KSCP 38.50 -8.33% 10.00% 10 WTD % YTD % Mkt. Cap. (EGP mln) Top Losers Close * WTD % YTD % Mkt. Cap. (EGP mln) 12.95 32.96% 255.80% 2,189 ARAB DRUG COMPANY FOR PHARMA 6.68 -24.52% 8.97% 40 EL BADER PLASTIC CO SAE 0.71 18.33% 2.90% 5 GULF CANADIAN COMPANY FOR ARAB 5.41 -17.91% -28.63% 27 CAIRO DEVELOPMENT AND INVESt 3.11 9.51% -31.40% 156 EDITA FOOD INDUSTRIES SAE 8.25 -16.24% -49.56% 5,984 REACAP FINANCIAL INVESTMENTS SAE 2.44 8.44% 5.63% 259 UNIRAB POLVARA SPINNING 1.64 -15.03% -31.38% 154 ARAB CERAMIC CO SAE 2.40 7.62% -37.50% 300 GMC GROUP FOR INDUSTRIAL 0.63 -14.86% -48.78% 26 Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) QATAR CINEMA AND FILM 31.00 8.39% -8.82% 195 MEDICARE GROUP QSC 78.00 -8.67% -34.62% 2,195 QATAR NATIONAL BANK SAQ 161.60 4.33% 10.81% 135,688 MANNAI CORPORATION QSC 77.50 -6.06% -18.68% 3,535 AL KHALEEJ TAKAFUL GROUP QSC 22.90 4.09% -24.92% 585 COMMERCIAL BANK QSC 37.00 -5.37% -19.39% 12,085 QATAR FUEL QSC 151.90 2.98% 11.22% 13,855 DOHA INSURANCE CO QSC 19.45 -5.12% -7.38% 972 AL MEERA CONSUMER GOODS CO 193.00 -3.74% -12.27% 3,860 Close * WTD % YTD % Mkt. Cap. (AED mln) DXB ENTERTAINMENTS PJSC 1.63 7.95% 52.36% 13,040 SHUAA CAPITAL PSC 0.96 7.00% 137.19% 1,026 DUBAI INSURANCE CO PSC 2.55 2.82% 2.00% DUBAI NATIONAL INSUR AND REIN 2.56 2.40% GULF NAVIGATION HOLDING PJSC 1.14 1.79% Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) ABU DHABI NATIONAL INSURANCE CO 2.45 16.67% -14.93% 919 ABU DHABI NATIONAL HOTELS CO 3.30 8.20% 13.79% 3,300 ABU DHABI NATIONAL FOR BUILDING 0.58 7.41% 28.89% 174 BANK OF SHARJAH PJSC 1.39 6.92% -9.74% 2,919 INT FISH FARMING HOLDING 1.71 5.56% 47.63% 872 Close * WTD % YTD % Mkt. Cap. (SAR mln) AL RAJHI COMPANY FOR COOP 22.55 12.75% 1.58% 902 TRADE UNION COOPERATIVE 11.20 12.56% -47.91% 308 SAUDI GROUND SERVICES CO 44.10 8.09% -2.43% 8,291 SAUDI INDIAN COMPANY 12.70 8.09% -5.93% 260 MIDDLE EAST HEALTHCARE CO CJSC 56.50 6.10% 0.00% 5,200 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) KUWAIT CABLE VISION COMPANY 61.00 96.77% 144.00% 3 HAYAT COMMUNICATIONS CO KSCP 48.50 18.29% 14.12% HOUSING FINANCE CO KSCP 43.00 17.81% 36.51% WARBA BANK KSC 182.00 10.98% -7.14% MOBILE TELECOMMUNICATIONS 365.00 8.96% Close * BELTONE FINANCIAL HOLDING SAE Abu Dhabi Dubai Top Gainers Saudi Top Gainers Kuwait Top Gainers Egypt Top Gainers Qatar Top Gainers ALIJARAH HOLDING CO QSC 17.70 Data and News Source: Thomson Reuters 2.91% 25.53% 876 Top Losers Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , October 23, 2016 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORPORATION SA 67,016 83.75 2 EMIRATES TELECOMMUNICATIONS GROUP AE 46,176 19.50 3.1% 9.1% 91.00 59.50 15.0 1.6 6.6% -2.5% 21.1% 20.20 14.90 19.0 3.9 4.1% 3 QATAR NATIONAL BANK SAQ QA 37,270 161.60 3.6% 10.8% 169.80 122.50 11.1 1.8 1.5% 4 SAUDI TELECOM CO SJSC SA 29,207 54.75 -1.8% -19.8% 69.75 51.00 13.0 1.8 7.3% 5 AL RAJHI BANKING & INVESTMENT CORP SA 6 SAUDI ELECTRICITY CO SJSC SA 23,189 53.50 3.9% 2.9% 62.75 44.70 11.2 1.8 2.8% 19,838 17.85 5.9% 13.3% 21.80 12.40 47.5 1.2 3.9% 7 NATIONAL COMMERCIAL BANK SJSC SA 18,831 35.30 7.6% -30.8% 54.50 32.00 7.7 1.2 4.4% 8 INDUSTRIES QATAR QSC QA 17,814 107.20 -0.7% -3.5% 124.90 88.00 16.3 2.0 4.7% 9 DP WORLD LTD AE 15,189 18.30 -3.4% -9.9% 21.00 16.05 15.3 1.8 1.6% 10 JABAL OMAR DEVELOPMENT CO SJSC SA 14,192 57.25 12.8% 3.2% 68.75 40.80 0.0 5.7 0.0% 11 FIRST GULF BANK PJSC AE 13,601 11.10 -5.9% -12.3% 13.70 9.90 8.7 1.5 9.0% 12 EMAAR PROPERTIES PJSC AE 12,964 6.65 -6.3% 16.9% 7.46 4.22 10.9 1.2 2.3% 13 EZDAN HOLDING GROUP QSC QA 12,385 17.00 1.2% 6.9% 20.24 12.10 26.1 1.5 2.9% 14 ALMARAI CO SJSC SA 12,003 56.25 6.1% -4.2% 66.00 40.88 22.2 3.5 1.5% 15 EMIRATES NBD BANK PJSC AE 11,955 7.90 -3.2% 6.8% 9.00 6.25 6.3 0.8 5.1% 16 NATIONAL BANK OF ABU DHABI PJSC AE 11,831 8.34 -9.2% 4.8% 10.35 6.86 9.2 1.0 5.4% 17 SAUDI ARABIAN MINING CO SJSC SA 10,908 35.00 15.1% 5.4% 43.20 25.70 108.9 1.5 0.0% 18 KINGDOM HOLDING CO SA 10,725 10.85 5.9% -30.9% 21.20 9.80 64.9 1.5 4.6% 19 NATIONAL BANK OF KUWAIT SAKP KW 10,612 570.00 -3.4% -23.3% 799.36 550.00 11.5 1.0 4.9% 20 EMAAR MALLS GROUP PJSC AE 9,355 2.64 -2.9% -4.3% 3.25 2.02 19.1 2.3 3.8% 21 ABU DHABI COMMERCIAL BANK PJSC AE 9,309 6.11 -5.3% -7.3% 7.81 5.20 7.2 1.1 7.4% 22 SAMBA FINANCIAL GROUP SJSC SA 9,176 17.20 -2.5% -26.3% 23.55 15.90 6.6 0.9 5.2% 23 OOREDOO QSC QA 8,578 97.50 1.6% 30.0% 107.00 60.00 12.1 1.4 3.1% 24 KUWAIT FINANCE HOUSE KSCP KW 8,052 465.00 -1.1% -5.3% 545.45 395.45 13.0 1.4 3.3% 25 EMIRATES INTEGRATED TELECOMM AE 7,780 6.25 -3.8% 22.5% 6.99 4.89 15.2 3.7 6.9% 26 RIYAD BANK SJSC SA 7,242 9.05 -10.0% -27.0% 13.45 8.55 6.7 0.7 7.7% 27 DUBAI ISLAMIC BANK PJSC AE 7,226 5.37 -0.9% -4.8% 6.21 4.51 6.4 1.0 7.6% 28 MASRAF AL RAYAN QSC QA 7,210 35.00 -1.4% -6.9% 43.80 28.60 12.4 2.1 5.0% 29 SAUDI BRITISH BANK SJSC SA 7,122 17.80 -3.8% -28.1% 28.40 16.40 6.1 0.9 4.2% 30 YANBU NATIONAL PETROCHEMICALS CO SA 7,036 46.90 8.6% 44.3% 50.50 23.80 12.6 1.7 4.3% 31 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,974 62.75 -5.3% -24.2% 92.50 58.00 22.8 4.0 9.6% 32 QATAR ISLAMIC BANK SAQ QA 6,918 106.60 1.5% -0.1% 121.00 75.10 12.2 1.4 4.0% 33 COMMERCIAL INTERNATIONAL BANK EG 6,763 52.05 8.2% 36.7% 54.35 28.90 12.2 3.5 1.4% 34 BANQUE SAUDI FRANSI SJSC SA 6,428 20.00 -5.4% -28.6% 30.00 18.00 5.9 0.8 5.3% 35 QATAR ELECTRICITY AND WATER CO QSC QA 6,417 212.40 -0.5% -1.8% 235.80 175.10 15.0 3.2 3.5% Company Name Data and News Source: Thomson Reuters MTD % 6
7. Weekly Investment Report Sunday , October 23, 2016 Top 50 MENA Stocks by Market Capitalization — Continued (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 36 MESAIEED PETROCHEMICAL HOLDING CO QA 5,839 16.92 -1.8% -12.8% 21.58 14.01 18.1 1.5 4.1% 37 QATAR INSURANCE CO SAQ QA 5,742 86.70 -2.5% 24.7% 91.70 58.50 17.5 2.6 2.4% 38 ALDAR PROPERTIES PJSC AE 5,695 2.66 -0.4% 14.7% 2.99 1.81 7.8 1.0 3.8% 39 MOBILE TELECOMMUNICATIONS CO KW 5,218 365.00 9.0% 4.3% 385.00 320.00 9.1 1.0 8.2% 40 ORASCOM CONSTRUCTION INDUSTRIES EG 5,117 217.47 0.0% -9.4% 270.00 202.55 0.0 0.0 0.0% 41 ALINMA BANK SJSC SA 4,981 12.45 9.7% -15.6% 16.65 10.75 11.9 1.0 4.0% 42 AHLI UNITED BANK BSC BA 4,411 0.65 0.8% -2.6% 0.68 0.59 7.8 1.2 6.6% 43 SAVOLA GROUP CO SJSC SA 4,216 29.60 -6.9% -40.6% 57.50 27.80 11.5 1.5 6.8% 44 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% 45 ARAB NATIONAL BANK SA 3,921 14.70 -4.9% -37.8% 27.90 14.25 5.0 0.7 6.8% 46 COMMERCIAL BANK OF DUBAI PSC AE 3,816 5.00 -9.1% -20.6% 7.10 4.65 14.9 1.7 4.0% 47 QATAR FUEL QSC QA 3,806 151.90 2.3% 11.2% 162.00 100.00 11.1 2.1 4.6% 48 MAKKAH CONSTRUCTION AND DEV SA 3,704 84.25 -5.3% -9.4% 97.00 63.25 43.2 1.7 3.0% 49 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% 50 QATAR GAS TRANSPORT CO LTD QA 3,582 23.54 -0.3% 0.8% 25.30 18.70 13.4 3.4 5.3% Company Name Total MCap; Weighted Avg Div Yield 585,379 4.5% Data and News 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 7