MENA Weekly Investment Report - 5 June

Transcription

1. Weekly Investment Report Sunday , June 5, 2016 Economic & Market News Reuters: The U.S. economy created the fewest number of jobs in more than 5-1/2-years in May as manufacturing and construction employment fell sharply, which could make it harder for the Federal Reserve to raise interest rates. Nonfarm payrolls increased by only 38,000 jobs last month, the smallest gain since September 2010. Employment gains were also restrained by a month-long strike by Verizon workers, which depressed information sector payrolls by 34,000 jobs. Underscoring the report's weakness, employers hired 59,000 fewer workers in March and April than previously reported. While the unemployment rate fell three-tenths of a percentage point to 4.7% in May, the lowest level since November 2007, that was because 458,000 Americans gave up the search for work. The private sector added only 25,000 jobs, the smallest number since February 2010. Manufacturing employment fell by 10,000 jobs and construction payrolls dropped by 15,000, the most since December 2013. Mining employment maintained its downward trend, shedding 10,000 positions. Mining payrolls have dropped by 207,000 since peaking in September 2014, with three-quarters of the losses in support activities. There were declines in utilities and transportation and warehousing employment. Government payrolls increased by 13,000 and healthcare jobs jumped by 55,400. Zawya: Gulf Arab investors, some of the biggest buyers of British real estate, are holding back from new deals because they fear a property price slump if Britain leaves the European Union. Sovereign and private investors from Qatar, Saudi Arabia, Kuwait and the UAE have been prolific buyers of British assets in the past decade, snapping up billions of dollars worth of property, mostly in London. Sovereign wealth funds are concerned that Brexit is taking its toll on the property market in London. The value of residential property in upmarket areas popular among Gulf investors including Chelsea, South Kensington and Knightsbridge, fell between 3.5 and 7.5% on the year in May, according to estate agent Knight Frank. Gulf family businesses and private investors are heavily involved in London real estate. Investors from the UAE accounted for more than 20% of buy-to-let property sales in the UK in 2015. While the precise impact on Gulf investments is unclear, overall flows of foreign capital into commercial real estate in Britain stopped in the first three months of 2016, Bank of England Governor Mark Carney said in April. Business investment in the country also fell in early 2016, statistics showed this week. Al Masah Capital: The mini-rally of 2016 that started in late January and brought the regional markets from worrying depths to being positive on the year has now hit its first speedbump. The month of May finally saw the sellers taking control as regional markets declined by an average of 4% but given that oil actually hit $50, the breakdown in this otherwise concrete correlation was mainly due to investors preferring to lock in their profits before the summer and Ramadan kicks in. The declines were led by Abu Dhabi -6.5% (primarily because Etisalat came in for profit taking and it constitutes a large part of the benchmark), Qatar -6.4% (mostly profit taking across all the blue chips), Saudi -5.3% (after going up nearly 10% in April, a correction was necessary), Dubai -5.1% (similar to Qatar profit taking across all the recent winners) and Egypt -3.7% (a continuation of the consolidation after the 22% run up in March). Going into June, one of the main factors will liquidity and volume levels as Ramadan goes into full flow and summer season begins. However, given that we have major global events happening – Britain EU referendum and another possible FED rate hike, the lack of liquidity could exacerbate price action and the resulting volatility could make navigating the markets challenging. In the coming week, we could see the overall tone for the month slowly set in. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,262.97 -2.63% -1.53% 3.55% Oil (Brent) 49.64 0.65% -0.10% 33.15% Abu Dhabi (ADSMI) 4,254.76 -0.67% 0.11% -1.22% Natural Gas 2.40 10.56% 4.81% 2.61% Saudi (SASEIDX) 6,488.79 0.10% 0.63% -6.12% Gold 1244.09 2.63% 2.42% 17.27% Kuwait (KWSE) 5,377.05 -0.36% -0.43% -4.24% Silver 16.40 1.10% 2.61% 18.57% 1.14 2.26% 2.12% 4.65% Indexes Egypt (EGX30) 7,617.88 1.15% 1.79% 8.73% EURUSD Qatar (DSM) 9,532.60 -1.89% -0.06% -8.60% GBPUSD 1.45 -0.69% 0.29% -1.49% Bahrain (BHSEIDX) 1,116.25 1.59% 0.42% -8.20% USDJPY 106.51 -3.37% -3.77% -11.46% Oman (MSM30) 5,819.81 -1.60% 0.15% 7.65% USDCHF 0.98 -1.91% -1.80% -2.63% 0.74 2.58% 1.87% 1.22% 1.29 -0.65% -1.22% -6.55% TR GCC (Reuters) 185.42 -1.47% -0.21% -4.64% AUDUSD DJ MENA 477.85 -0.41% 0.38% -4.03% USDCAD Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 17,807.06 -0.37% 0.11% 2.19% 1 Month 0.463 1.89% -0.351 -0.61% S&P 500 2,099.13 0.00% 0.10% 2.70% 2 Month 0.556 -0.29% -0.311 1.54% NASDAQ 4,509.79 -0.06% -0.31% -1.82% 3 Month 0.680 0.90% -0.278 -0.20% 341.29 -2.39% -1.77% -6.70% 6 Month 0.984 0.70% -0.163 1.96% FTSE 100 6,209.63 -0.98% -0.34% -0.52% 12 Month 1.332 0.89% -0.028 -14.99% DAX 10,103.26 -1.78% -1.55% -5.96% CAC 40 4,421.78 -2.06% -1.86% -4.64% Nikkei 225 16,642.23 -1.14% -3.44% -12.56% SENSEX 26,843.03 0.71% 0.66% 2.78% Shanghai Composite 2,938.68 4.17% 0.76% -16.97% Hang Seng 20,947.24 1.80% 0.63% -4.41% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , June 5, 2016 Economic & Market News (continued) Zawya: In Kuwait, Inflation in consumer prices eased to 2.9% year-on-year (y/y) in April, on the back of a slowdown in food inflation. Core inflation (which excludes food prices) was slightly higher at 2.9% y/y, as inflation in the clothing & footwear and furnishings segments continued to gather some pace in April. Inflation is projected to hold steady in the near-to-medium term, amid low global commodity prices and a stronger dinar. Government foresees annual average inflation in 2016 to ease slightly to 3.0% compared to 3.3% in 2015. Food inflation eased from 4.1% y/y in March to an almost one-year low of 2.6% y/y in April, on the back of a slowdown in most of its subcomponents. Inflation in global food prices witnessed a rebound, climbing into positive territory for the first time since June 2015. Inflation in furnishings stabilized at around 3% y/y in April. Clothing & footwear prices continued to fall during the same period, but at a much lower rate of -0.1% y/y. The stronger dinar and more frequent and longer seasonal promotions have kept costs low in this component. Reuters: Euro zone economic sentiment improved more than expected in May and inflation expectations among companies and consumers rose. Economic sentiment in the 19 countries sharing the euro rose to 104.7 this month from an upwardly revised 104.0 in April, beating market consensus of a rise to 104.4 points. The improvement was due to more optimism among consumers and managers in the retail trade and construction sectors, while confidence remained stable in the industrial sector and decreased slightly in the services sector, the largest in the euro zone economy. Consumer expectations of price trends over the next 12 months rose to 3.4 in May from 2.9 the previous month, confirming the positive trend recorded in April, but remained well below the long-term average of 19.2. Companies' expectations of developments in producer prices also rose to -0.7 from a revised -2.8 in April, reaching the highest point since July 2015, although still below the long-term average of 4.8. The European Central Bank carefully watches inflation expectations in its monetary policy decisions. The bank aims for inflation in the euro zone to be below, but close to 2%, over the medium term. Zawya: Saudi Arabia promised not to flood the oil market with extra barrels even as OPEC failed to agree on output policy, with Iran insisting on the right to raise production steeply. Tensions between the Sunni-led kingdom and the Shi'ite Islamic Republic have been the highlights of several previous OPEC meetings, including in December 2015 when the group failed to agree on a formal output target for the first time in years. Tensions were less acute as Saudi Arabia's new energy minister, Khalid al-Falih, showed Riyadh wanted to be more conciliatory and OPEC decided unanimously to appoint Nigeria's Mohammed Barkindo as the group's new secretary-general. Several OPEC sources said Saudi Arabia and its Gulf allies had tried to propose a new collective ceiling in an attempt to repair OPEC's waning importance and end a market-share battle that has sapped prices and cut investment. But OPEC sources said the organisation had failed to agree on output policy and set a new ceiling. US Government Bonds - Yield to Maturity (%) 3 2.640 1.835 2 1.359 0.883 1 0.660 0.223 0.317 0.185 0.465 0.289 0.419 2.518 1.704 1.232 0.784 0.591 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 13.4 9.5 Jun-16 Apr-16 May-16 Mar-16 Jan-16 Feb-16 Dec-15 Oct-15 Nov-15 Jul-15 488.2 12.3 11.6 8.6 5-Year CDS Rates (basis points) PB 600 13.3 10.5 12 Sep-15 MSCI Asia ex. Japan MENA Market - Price Ratios 16 May-16 Aug-15 Nikkei 225 Mar-16 Jun-15 TR MENA Jan-16 Apr-15 Nov-15 May-15 STOXX Europe 600 Sep-15 Mar-15 Jul-15 Jan-15 S&P 500 May-15 Feb-15 Mar-15 Dec-14 Dec-14 Oct-14 Oct-14 Nov-14 0 60 9.3 368.2 8.6 300 8 242.5 225.4 166.5 4 1.1 1.3 1.5 1.1 1.4 1.4 0.8 1.1 109.0 97.8 1.5 - 0 - 0 Dubai Abu Dhabi Saudi Kuwait Egypt Data and News Source: Thomson Reuters Qatar Bahrain Oman Average Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 2
3. Weekly Investment Report Sunday , June 5, 2016 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 102.60 103.15 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 1.98 2.94 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.39 1.39 AA 114.83 114.95 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.12 1.13 AAA 101.47 101.49 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.52 0.52 AAA 115.69 115.72 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 103.83 104.26 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 3.14 3.03 118.50 119.10 United States of America US TREASURY N/B USD 15/05/2025 2.13 1.66 1.67 AAA 103.81 103.84 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.95 3.95 AA 162.00 163.00 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 8.57 8.53 B 82.84 84.11 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.50 2.51 AAA 110.20 110.23 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 8.06 8.04 BB 77.15 78.52 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 0.83 0.83 A+ 101.55 101.60 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.20 2.20 A3 110.53 110.64 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.59 2.59 A3 111.40 111.56 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.55 2.40 A+ 113.25 113.55 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 2.80 2.96 Baa2 101.02 101.48 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.43 2.43 AA 110.00 110.75 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.19 2.19 AA 103.58 104.33 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.69 2.69 A+ 105.88 106.25 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 2.09 2.10 A+ 98.15 98.42 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.49 3.56 A2 103.75 104.50 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.14 4.16 Baa2 102.88 104.38 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.20 3.21 A3 104.05 104.42 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.48 4.48 A+ 109.54 110.41 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.78 4.78 A+ 111.53 111.73 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 6.36 6.36 BBB- 105.66 106.66 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 8.25 6.95 97.13 98.13 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.87 5.68 101.88 102.88 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , June 5, 2016 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.3814 0.6901 N/A 1.0923 1.3453 1.7081 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.36 0.27 0.83 0.83 0.35 1.11 1.05 1.35 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.47 1.73 2.07 2.13 2.29 2.68 3.24 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 2.01 2.17 2.26 2.32 2.41 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.47 0.35 1.80 1.90 2.05 2.05 2.10 2.20 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.56 2.63 2.75 3.06 2.98 3.18 3.66 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 0.12 0.12 0.40 0.88 0.95 1.03 1.24 1.50 1.73 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.69 1.76 1.86 2.00 2.04 2.1800 2.3900 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 1.88 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 Bahrain 1.47 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.60 0.92 0.94 1.40 1.17 1.64 1.81 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.70 0.85 1.35 1.48 1.79 1.96 2.08 2.30 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.50 0.24 2.25 2.25 Interest Rates Swap Rates 12 Months 1 Week QCB Interest Rates BHIBOR 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.33 2.55 2.75 2.89 3.03 3.23 3.54 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , June 5, 2016 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) OMAN INSURANCE CO PSC 1.40 -8.50% -35.19% 647 MARKA PJSC 1.15 -6.50% -4.17% 575 DUBAI ISLAMIC BANK PJSC 4.95 -6.07% -12.26% 24,464 ISLAMIC ARAB INSURANCE CO PSC 0.45 -4.62% 15.23% 549 DUBAI FINANCIAL MARKET PJSC 1.23 -3.91% 0.00% 9,840 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) 172 ABU DHABI NATIONAL INSURANCE CO 2.15 -18.56% -25.35% 806 408 NATIONAL BANK OF UMM AL QAIWAI 3.11 -9.86% -5.76% 5,747 0.84% 803 GULF CEMENT CO PSC 0.84 -6.67% -12.50% 690 -11.50% 1,213 FINANCE HOUSE PJSC 1.82 -6.19% -15.35% 564 157,847 AXA GREEN CRESCENT INSURANCE CO 0.77 -4.94% 2.67% 154 YTD % Mkt. Cap. (SAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (SAR mln) 38.00% 414 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 45.00 -6.83% -36.17% 9,450 12.31% -5.19% 555 AL SAGR COOP INSURANCE CO SJSC 34.30 -5.77% 9.58% 858 8.85% -25.16% 406 SAUDI INDIAN CO FOR COOP INSU 18.65 -5.33% 38.15% 382 8.75 8.02% 17.45% 280 METLIFE AIG ANB COOP INSURANCE 22.45 -4.47% -31.70% 786 79.75 7.41% -20.84% 3,684 MOBILE TELECOM CO SAUDI ARABIA 7.50 -4.46% -10.71% 4,378 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 1,580.00 31.67% 71.74% 160 NATIONAL INVESTMENTS CO KSCP 88.00 -21.43% 0.00% 77 KUWAIT RESORTS COMPANY KPSC 91.00 18.18% -8.08% 18 GULF GLASS MANUFACTURING CO 265.00 -18.46% -40.51% 14 LIVESTOCK TRANSPORT AND TRADING 176.00 12.82% 37.50% 38 AL KOUT INDUSTRIAL PROJECTS CO 550.00 -15.38% - 53 NATIONAL MOBILE TELECOM CO KSCP 1,200.00 9.09% 9.09% 604 ENERGY HOUSE HOLDING COMPANY 43.00 -14.00% 6.17% 32 NAFAIS HOLDING COMPANY KSCP 174.00 7.41% -5.43% 73 GULF NORTH AFRICA HOLDING CO 31.50 -13.70% 14.55% 5 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) CLEOPATRA HOSPITAL 9.66 1,832.00% - 1,546 SABAA INTL CO FOR PHARMA 3.90 -12.95% -17.31% 117 AL FANAR CONTRACTING CONST 1.26 23.53% 11.50% 10 EG TOURAH PORTLAND CEMENT CO 10.87 -12.06% -20.07% 777 FIRST INVESTMENT AND REAL ESTATE 2.79 19.74% -3.46% 14 BELTONE FINANCIAL HOLDING SAE 11.05 -11.60% 203.60% 1,868 EG SOUTH AFRICA FOR COMMUNICAT 0.70 16.67% 12.90% 22 INDUSTRIAL AND ENGG ENTERPRISES 9.04 -9.24% -0.55% 54 INTEGRATED ENGINEERING GROUP 0.65 16.07% 9.75% 39 SAUDI EG INVESTMENT AND FINANCE 61.00 -9.06% 6.01% 153 Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) AHLI BANK QSC 44.80 5.91% 2.15% 8,546 MEDICARE GROUP QSC 98.00 -5.77% -17.85% 2,757 QATAR GENERAL INSU & REINSU CO 49.80 3.75% 7.20% 4,357 VODAFONE QATAR QSC 10.61 -5.18% -16.46% 8,967 QATAR INDUSTRIAL MANUFACTURING 41.30 3.25% 3.64% 1,962 AL KHALEEJ TAKAFUL GROUP QSC 23.51 -4.82% -22.92% 600 DLALA BROKERAGE AND INVESTMENT 22.13 2.17% 19.69% 629 GULF INTERNATIONAL SERVICES QSC 37.05 -4.51% -28.06% 6,884 ISLAMIC HOLDING GROUP QSC 63.30 -4.09% -19.57% 358 Close * WTD % YTD % Mkt. Cap. (AED mln) NATIONAL CEMENT CO PSC 3.39 14.92% -2.59% 1,216 ARAMEX PJSC 3.38 4.97% 6.96% 4,949 DUBAI ISLAMIC INSU & REINSURANCE 0.58 3.58% 6.06% 130 NATIONAL CENTRAL COOLING CO PJSC 1.38 2.99% 15.00% 1,019 SHUAA CAPITAL PSC 0.66 2.48% 62.56% 703 Close * WTD % YTD % Mkt. Cap. (AED mln) AL KHAZNA INSURANCE CO PSC 0.41 20.59% 41.38% FOODCO HOLDING PJSC 4.08 14.93% 2.00% UNION CEMENT CO PSC 1.20 8.11% NATIONAL MARINE DREDGING PSC 4.85 7.06% EMIRATES TELECOM GROUP CO PJSC 18.15 4.31% 12.73% Top Gainers Close * WTD % ARABIA INSURANCE COOPERATIVE CO 10.35 13.74% SAUDI CABLE CO JSC 7.30 ACE ARABIA COOP INSURANCE CO 40.60 AL AHLIA FOR COOP INSURANCE CO HERFY FOOD SERVICES CO SJSC Dubai Top Gainers Saudi Abu Dhabi Top Gainers Kuwait Top Gainers KUWAIT NATIONAL CINEMA CO Egypt Top Gainers Qatar Top Gainers Data and News Source: Thomson Reuters Top Losers Top Losers Top Losers 5
6. Weekly Investment Report Sunday , June 5, 2016 Top 50 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 1 SAUDI BASIC INDUSTRIES CORP SJSC SA 66,198 82.75 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,976 18.15 0.9% 7.8% 107.25 59.50 13.6 1.5 6.6% 2.5% 12.7% 19.10 11.35 19.1 3.8 4.4% 3 SAUDI TELECOM CO SJSC SA 33,332 62.50 -0.4% -8.4% 73.25 52.75 13.7 2.1 6.4% 4 QATAR NATIONAL BANK SAQ QA 30,954 134.20 0.5% -8.0% 163.17 122.50 9.8 1.9 1.8% 5 AL RAJHI BANKING AND INVESTMENT CORP 6 NATIONAL COMMERCIAL BANK SJSC SA 25,241 58.25 -0.4% 12.0% 69.00 44.70 12.4 2.0 2.6% SA 21,919 41.10 1.0% -19.4% 67.75 36.60 9.0 1.4 3.8% 7 SAUDI ELECTRICITY CO SJSC SA 18,499 16.65 1.5% 5.7% 19.35 12.40 32.9 1.2 4.2% 8 INDUSTRIES QATAR QSC QA 15,821 95.20 -0.8% -14.3% 144.00 88.00 13.7 1.8 5.3% 9 DP WORLD LTD AE 14,525 17.50 1.7% -13.8% 23.90 16.40 17.2 1.7 1.7% 10 JABAL OMAR DEVELOPMENT CO SJSC SA 14,436 58.25 2.2% 5.0% 77.50 40.80 - 5.7 0.0% 11 FIRST GULF BANK PJSC AE 14,335 11.70 -1.3% -7.5% 15.75 9.90 9.0 1.6 8.5% 12 EMIRATES NBD BANK PJSC AE 12,484 8.25 -2.4% 11.5% 10.95 6.25 6.9 0.9 4.8% 13 SAUDI ARABIAN MINING CO SJSC SA 12,463 40.00 4.4% 20.5% 46.80 25.70 91.1 1.7 0.0% 14 EZDAN HOLDING GROUP QSC QA 12,299 16.88 -0.2% 6.2% 20.00 12.10 26.0 1.5 3.0% 15 EMAAR PROPERTIES PJSC AE 11,988 6.15 -1.6% 8.1% 8.28 4.22 10.3 1.1 2.4% 16 SAMBA FINANCIAL GROUP SJSC SA 11,653 21.85 3.1% -6.4% 28.70 17.55 8.4 1.1 4.1% 17 ALMARAI CO SJSC SA 11,626 54.50 -0.5% -7.1% 73.50 40.88 22.9 3.6 1.6% 18 NATIONAL BANK OF KUWAIT SAKP KW 11,576 620.00 -1.6% -16.6% 808.65 604.16 12.8 1.2 4.5% 19 KINGDOM HOLDING CO SA 11,414 11.55 -2.9% -26.4% 23.50 9.80 63.7 1.6 4.3% 20 NATIONAL BANK OF ABU DHABI PJSC AE 10,993 7.75 -0.6% -2.6% 11.00 6.86 8.3 1.0 5.8% 21 EMAAR MALLS GROUP PJSC AE 9,567 2.70 -1.1% -2.2% 3.37 2.02 20.1 2.2 3.7% 22 ABU DHABI COMMERCIAL BANK PJSC AE 8,806 5.78 -3.0% -12.3% 8.91 5.20 6.6 1.1 7.8% 23 RIYAD BANK SJSC SA 8,800 11.00 -0.5% -11.3% 17.95 10.80 8.1 0.9 6.4% 24 SAUDI BRITISH BANK SJSC SA 8,500 21.25 2.9% -14.1% 37.50 19.00 7.3 1.1 3.5% 25 KUWAIT FINANCE HOUSE KSCP KW 8,075 465.00 0.0% -5.3% 600.00 395.45 16.0 1.4 3.3% 26 EMIRATES INTEGRATED TELECOM CO PJSC AE 7,891 6.34 -0.9% 24.3% 6.84 4.65 15.0 3.9 6.8% 27 OOREDOO QSC QA 7,242 82.30 0.4% 9.7% 96.10 60.00 10.6 1.2 3.6% 28 BANQUE SAUDI FRANSI SJSC SA 7,133 22.20 4.2% -20.7% 38.90 20.70 6.6 0.9 4.7% 29 SAUDI ARABIA FERTILIZERS CO SJSC SA 6,889 62.00 -1.2% -25.1% 127.50 61.00 14.1 3.9 9.7% 30 MASRAF AL RAYAN QSC QA 6,747 32.75 -0.3% -12.9% 46.80 28.60 11.7 2.2 5.3% 31 DUBAI ISLAMIC BANK PJSC AE 6,661 4.95 -2.9% -12.3% 7.00 4.51 5.9 1.1 8.3% 32 YANBU NATIONAL PETROCHEMICALS CO SA 6,300 42.00 -1.2% 29.2% 57.50 23.80 17.8 1.6 4.8% 33 MESAIEED PETROCHEMICAL HOLDING CO QA 6,281 18.20 0.0% -6.2% 24.90 14.01 19.3 1.7 3.8% 34 QATAR ELECTRICITY AND WATER CO QSC QA 6,107 202.10 1.3% -6.6% 228.00 175.10 14.8 3.2 3.7% 35 QATAR ISLAMIC BANK SAQ QA 5,985 92.20 -0.3% -13.6% 121.00 75.10 10.6 1.5 4.6% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , June 5, 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 ALDAR PROPERTIES PJSC AE 5,630 2.63 0.0% 13.4% 2.89 1.81 7.9 1.0 3.8% 37 ETIHAD ETISALAT CO SJSC SA 5,626 27.40 0.4% -2.8% 34.40 18.85 - 1.4 0.0% 38 COMMERCIAL INTL BANK EGYPT SAE EG 5,589 43.01 1.0% 12.9% 47.20 28.90 10.6 3.4 1.7% 39 SAVOLA GROUP CO SJSC SA 5,553 39.00 4.0% -21.7% 76.75 29.40 13.7 2.1 5.1% 40 ALINMA BANK SJSC SA 5,280 13.20 0.0% -10.5% 24.40 11.80 13.0 1.1 3.8% 41 ORASCOM CONSTRUCTION INDUSTRIES EG 5,117 217.47 0.0% -9.4% 270.00 195.01 74.5 2.5 0.0% 42 ARAB NATIONAL BANK SA 5,093 19.10 1.6% -19.2% 34.90 17.75 6.5 0.8 5.2% 43 MOBILE TELECOMMUNICATIONS CO KW 4,946 345.00 0.0% -1.4% 455.00 320.00 8.9 0.9 8.7% 44 QATAR INSURANCE CO SAQ QA 4,902 74.00 2.8% 6.4% 91.99 58.50 14.4 3.2 2.9% 45 COMMERCIAL BANK OF DUBAI PSC AE 4,426 5.80 -0.9% -7.9% 7.10 4.65 16.1 2.1 3.4% 46 NATIONAL SHIPPING CO OF SAUDI ARABIA SA 4,378 41.70 1.5% -10.5% 55.00 29.70 7.8 1.7 6.0% 47 AHLI UNITED BANK BSC BA 4,309 0.63 0.8% -4.8% 0.68 0.59 7.7 1.2 6.8% 48 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% 49 QATAR FUEL QSC QA 3,796 151.50 0.0% 10.9% 162.04 100.00 11.0 2.1 4.6% 50 DAMAC PROPERTIES DUBAI CO PSC AE 4,020 2.44 -5.4% 5.2% 3.52 2.00 3.2 1.5 9.9% Company Name Total MCap; Weighted Avg Div Yield 588,400 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 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 7