MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Monday , December 04, 2017 Economic & Market News Bloomberg: U.S. tax cuts would give economic growth a temporary boost next year by stimulating business investment and consumer spending, before slowing employment gains drag down the pace of expansion in 2019, according to OECD. U.S. GDP will grow 2.5% in 2018 following a 2.2% rise this year, assuming taxes are lowered for individuals and companies in the second quarter of 2018, according to its annual report on the economic outlook for the year ahead. Expansion will cool to 2.1% in 2019 as growth of the labor force slows, limiting consumer spending. The projection for a temporary economic jolt contrasts with forecasts by the Trump administration and Republicans, who say the tax plan will result in sustained growth of 3% or higher. The OECD’s forecast for 2018 hinges on accelerations in government spending and business investment, though the group says stronger corporate investment could boost wages and spur the Federal Reserve to tighten credit more rapidly, something the White House is counting on not to happen. The risks to the outlook remain sizable as the elevated leverage ratios in the corporate sector need careful monitoring and action to ensure that these risks are contained. The OECD projections also assume the unemployment rate will fall to 3.7% in 2019, with inflation surpassing the Fed’s 2 percent target in the same year. Reuters: OPEC and non-OPEC producers led by Russia agreed to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signaling a possible early exit from the deal if the market overheats. The producers’ current deal, under which they are cutting supply by about 1.8 million barrels per day (bpd) in an effort to boost oil prices, expires in March. OPEC also decided to cap the combined output of Nigeria and Libya at 2017 levels below 2.8 million bpd. Both countries have been exempt from cuts due to unrest and lower-than-normal production. With oil prices rising above $60, Russia has expressed concerns that an extension for the whole of 2018 could prompt a spike in crude production in the US, which is not participating in the deal. A joint OPEC and non-OPEC communique said the next meeting in June 2018 would present an opportunity to adjust the agreement based on market conditions. Russia needs much lower oil prices to balance its budget than OPEC’s leader Saudi Arabia, which is preparing a stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude Al Masah Capital: Regional indices ended the month of November on a mixed note, with Dubai leading the losing team with losses of -5.9%, followed by Qatar, Kuwait, and Abu Dhabi indices each losing -5.5%, -4.9%, and -4.4%, respectively. On the winning team, Oman came through as the best performer with gains of +2.0% over the month, followed by Egypt advancing by +1.7%, while Saudi Arabia and Bahrain gained +1.0% and +0.6%, respectively. Crude oil is still maintaining its position above the USD60 per barrel mark, ending November up +3.1% over the last month. The active regional IPO pipeline, coupled with high oil prices and any positive news in the geopolitical scene will act as a catalyst to the subdued activity that the markets are witnessing recently. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 60.49 3.51% 5.13% 62.26% 2.89 -0.89% -3.79% 23.79% -0.23% -0.40% 20.09% Dubai (DFMGI) 3,420.17 -1.18% -5.93% -3.14% Oil (Brent) Abu Dhabi (ADSMI) 4,283.07 -0.09% -4.39% -5.79% Natural Gas Saudi (SASEIDX) 7,003.97 1.83% 1.00% -2.86% Gold 1274.01 Kuwait (KWSE) 6,196.50 -0.69% -4.87% 7.80% Silver 17.12 1.24% 3.10% 23.79% -0.34% 0.65% 9.48% Egypt (EGX30) 14,582.22 3.37% 1.67% 18.12% EURUSD 1.19 Qatar (DSM) 7,714.26 -0.36% -5.52% -26.09% GBPUSD 1.35 1.01% 0.55% -8.60% Bahrain (BHSEIDX) 1,283.71 0.56% 0.55% 5.18% USDJPY 112.10 0.51% -0.33% -6.82% Oman (MSM30) 5,109.62 0.46% 1.97% -11.64% USDCHF 0.98 -0.34% 0.86% -2.55% TR GCC (Reuters) 183.45 -0.24% -5.15% -9.45% AUDUSD 0.76 -0.04% -2.86% 4.59% DJ MENA 526.67 0.00% 0.26% 5.77% USDCAD 1.27 -0.25% 1.72% -8.37% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 24,272.35 2.86% -0.17% 22.61% 1 Month 1.435 1.94% -0.391 -0.18% S&P 500 2,642.22 1.53% -0.20% 18.02% 2 Month 1.487 1.74% -0.382 0.45% NASDAQ 6,337.87 -1.11% -0.43% 30.31% 3 Month 1.668 0.97% -0.318 0.63% 383.97 -0.69% -0.70% 6.24% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,300.49 -1.47% -0.36% 2.21% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,861.49 -1.52% -1.25% 12.02% CAC 40 5,316.89 -1.36% -1.04% 9.35% Nikkei 225 22,819.03 1.19% 0.41% 19.38% SENSEX 32,832.94 -2.51% -0.95% 23.31% Shanghai Composite 3,317.62 -1.08% 0.01% 6.89% Hang Seng 29,074.24 -2.65% -0.35% 32.15% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Monday , December 04, 2017 Economic & Market News (continued) Zawya: In the third quarter of 2017, a total of 76 deals were announced, a decrease of 10% when compared to the 84 deals in Q3 of 2016., according to EY Q3 2017 M&A report. MENA M&A deal value, however, increased by 23% to USD 4.3 billion, up from USD 3.5 billion in Q3 2016. Saudi Arabia ranked the highest among the MENA countries by value in Q3 2017 with five deals amounting to USD 1.6 billion. Kuwait followed with five deals valued at USD 914.8 million, and the UAE with 21 deals amounting to USD 547.4 million. Of the 76 MENA deals in Q3 2017, banking and capital markets was the top-performing sector by deal value reaching USD 1.5 billion, followed by the telecom sector with a total deal value of USD 847 million. Domestic M&A saw the largest y-o-y improvement, increasing by 17% in number and 343% in value. Furthermore, the average size of domestic deals rose by 258% compared to Q3 2016. However, inbound and outbound deals did not fare as well, decreasing by 21% and 26%, respectively compared to Q3 2016. The largest deal announced in Q3 2017 (pending regulatory approvals and completion) was the acquisition of a minority stake in Banque Saudi Fransi for USD 1.5 billion by Kingdom Holding Company (KHC). Reuters: China’s manufacturing activity grew at the weakest pace in five months in November as input costs remained high and tougher pollution measures weighed on business confidence, according to a private survey. The Caixin/Markit Manufacturing Purchasing Manager’s Index (PMI) dipped to 50.8 from 51.0 in October, but was roughly in line with economists’ expectations for a slight drop to 50.9. While the index remained above the 50-point mark that divides growth from contraction on a monthly basis, it was the weakest reading since June and signalled only a marginal improvement in operating conditions. Output and new orders rose only modestly, while input costs continued to rise sharply, pressuring profit margins. Firms were able to pass along slightly more of the price increases to their customers, but still had to cut staff at the fastest pace in three months to reduce costs. Optimism about the one-year business outlook cooled for the third month running, with some firms saying they expected stricter environmental policies and relatively subdued demand to weigh on growth. The confidence reading was among the weakest on record since early 2012. Zawya: The Saudi Arabian central bank's foreign reserves rose in October for the first time since June, in a sign that higher oil prices and government austerity steps are reducing pressure to draw down the assets, official data showed on Tuesday. The bank's net foreign assets rose by USD 8.3 billion from September to USD 485.9 billion last month; they shrank by 9.3% from a year ago. The reserves peaked at USD 737 billion in August 2014 before starting to drop as oil prices plunged. For the first nine months of 2017, the state budget deficit totalled SAR 121.5 billion (USD 32.4 billion) riyals, down 40% year-on-year. In addition, the government has succeeded in covering part of the deficit with domestic issues of Islamic bonds in the second half of this year. The foreign assets are partly in the form of securities holdings, which edged up by USD 1.1 billion in October to USD 329.6 billion, and partly in foreign bank deposits, which jumped by USD 9.3 billion to USD 99.5 billion. Outstanding bank loans to the private sector in October shrank 1.2% percent from a year earlier, the eight straight month of falling bank lending - a sign that the economy remains weak because of the austerity policies. US Government Bonds - Yield to Maturity (%) 4 2.761 2.758 3 2 1.447 1.445 1.271 1.266 1.136 1.124 2.065 2.118 1.748 1.778 1.600 1.617 2.340 2.363 1 0 1M 3M 6M 12M 2Y 5Y Last Week 10Y 30Y Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 130 50 120 40 110 100 30 90 20 80 10 70 S&P 500 STOXX Europe 600 TR MENA 12 PE 11.3 10.4 9.5 1.2 2.2 1.6 - - - 0.8 1.0 1.5 Kuwait Egypt Data and News Source: Thomson Reuters Qatar Oct-17 Jul-17 Sep-17 Jun-17 Aug-17 Apr-17 May-17 Jan-17 Feb-17 Mar-17 173.1 Bahrain 64.0 103.2 89.2 - 0 Dubai Abu Dhabi Saudi Oct-16 289.9 138.8 1.1 Dec-16 353.4 300 1.5 Nov-16 Jul-16 Sep-16 Jun-16 Aug-16 Apr-16 May-16 Jan-16 Feb-16 Mar-16 Oct-15 Dec-15 Nov-15 Jul-15 Sep-15 Jun-15 Aug-15 Apr-15 May-15 Jan-15 Feb-15 Mar-15 Oct-14 12.3 11.2 8 4 5-Year CDS Rates (basis points) PB 600 14.0 9.4 Dec-14 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Nov-14 0 60 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oman Average - 0 Dubai Abu Dhabi Saudi Kuwait Egypt Qatar Bahrain Oman Average 2
3. Weekly Investment Report Monday , December 04, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 106.13 106.19 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.09 2.09 Aa2 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.85 1.85 AAA 99.14 99.16 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.47 0.47 AA 109.60 109.64 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.75 103.05 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.68 2.72 113.75 114.30 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.30 2.29 AAA 98.84 98.85 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.04 4.04 Aa3 155.73 156.73 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 6.83 6.83 B3 100.50 101.26 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.75 2.75 AAA 104.81 104.84 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.31 7.32 B+ 84.66 85.41 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.21 2.21 BBB+ 103.26 103.29 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.56 2.56 BBB+ 106.38 106.47 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.71 2.71 A 107.12 107.21 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.40 3.39 Baa3 99.51 99.60 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.01 3.01 Aa3 105.00 105.75 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.54 2.54 AA 101.88 102.63 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.25 3.25 A 103.12 103.20 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 0.95 0.96 A+ 103.36 104.06 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.07 3.06 A 104.61 105.36 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.91 3.91 Baa2 103.75 104.19 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.21 3.21 BBB+ 103.33 103.64 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.76 3.76 A 112.75 113.09 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.05 4.05 A 116.95 117.42 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.90 4.90 BBB+ 124.40 125.40 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.33 7.38 101.54 102.24 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.05 6.26 103.40 104.05 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Monday , December 04, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.1567 1.3405 N/A 1.6333 1.8803 2.3840 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.14 0.90 1.27 1.34 1.38 1.59 1.80 1.93 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.03 2.31 2.57 2.79 2.99 3.38 3.75 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.49 2.03 1.82 2.06 2.39 2.26 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 1.06 1.18 1.35 2.01 1.76 1.83 1.95 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.04 2.54 2.76 3.00 3.15 3.41 3.74 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.56 1.75 2.00 2.31 2.39 2.25 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.84 1.97 0.37 0.37 1.21 1.28 1.35 1.40 1.63 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.96 2.19 2.29 0.00 2.41 2.4800 2.5900 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 1.18 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 1.16 1.18 1.95 1.28 1.34 1.38 2.25 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 1.35 1.65 2.25 2.33 2.55 2.68 2.90 3.13 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.15 1.45 3.25 3.25 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.62 2.93 3.04 3.10 3.16 3.23 3.35 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Monday , December 04, 2017 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) ARAB INSURANCE GROUP BSC 1.45 -7.64% 16.00% 319 11,491 EMIRATES ISLAMIC BANK PJSC 7.00 -4.11% 0.00% 38,013 20,873 EMAAR PROPERTIES PJSC 7.55 -3.94% 5.89% 54,056 -49.23% 5,280 MARKA PJSC 0.62 -3.58% -59.48% 310 -4.00% 45,296 DUBAI FINANCIAL MARKET PJSC 1.10 -3.51% -12.00% 8,800 WTD % YTD % Mkt. Cap. (AED mln) Close * WTD % YTD % Mkt. Cap. (AED mln) 2.23 6.19% -21.20% 473 NATIONAL TAKAFUL CO PJSC 0.50 -9.09% -38.27% 75 GULF CEMENT CO PSC 0.97 4.30% -3.00% 796 COMMERCIAL BANK INTERNATIONAL 0.80 -9.09% 0.00% 1,390 AGTHIA GROUP PJSC 5.15 3.00% -27.46% 3,090 AL AIN AHLIA INSURANCE CO PSC 38.00 -6.98% -30.91% 570 RAS AL KHAIMAH CERAMICS PSC 2.56 2.40% 4.49% 2,198 ABU DHABI NATIONAL HOTELS CO 2.70 -6.25% -14.83% 2,700 ABU DHABI NATIONAL FOR BUILDING 0.43 2.38% -33.85% 129 RAS AL KHAIMAH CEMENT CO PSC 0.64 -4.48% -12.33% 358 Top Gainers Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) AL KATHIRI HOLDING CO 17.00 20.06% 0.00% 53 DEVELOPMENT WORKS FOOD CO 63.00 -7.35% 0.00% 79 DAR AL ARKAN REAL ESTATE DEVELOP 9.55 15.48% 55.28% 10,314 HSBC AMANAH SAUDI 20 ETF 28.00 -5.08% 5.26% 0 51.50 -3.92% 0.00% 58 Close * WTD % YTD % Mkt. Cap. (AED mln) DRAKE AND SCULL INTERNATIONAL 1.91 9.77% -0.52% 2,046 COMMERCIAL BANK OF DUBAI PSC 4.10 2.50% -21.15% DAMAC PROPERTIES DUBAI CO PSC 3.45 1.47% 36.36% DXB ENTERTAINMENTS PJSC 0.66 1.38% EMIRATES NBD BANK PJSC 8.15 1.12% Close * ABU DHABI SHIP BUILDING PJSC Dubai Top Gainers Saudi Abu Dhabi Top Gainers Kuwait Egypt Top Losers Top Losers MAKKAH CONSTRUCTION AND DEVEL 80.50 12.90% -11.05% 13,268 AL SAMAANI FACTORY METAL INDUS SAUDI PUBLIC TRANSPORT COMPANY 14.66 11.06% -3.23% 1,833 FITAIHI HOLDING GROUP SJSC 12.12 -3.66% -7.48% 667 SAVOLA GROUP COMPANY SJSC 41.50 10.37% 3.49% 22,160 SAUDI PUBLIC TRANSPORT COMPANY 14.00 -3.05% -7.59% 1,750 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Top Losers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) 49.00 60.66% -9.26% 10 AFAQ EDUCATIONAL SERVICES CO 90.00 -25.62% -44.44% 5 KUWAIT REAL ESTATE HOLDING CO 32.00 28.00% 36.17% 6 NAFAIS HOLDING COMPANY KSCP 500.00 -22.96% -42.42% 50 ALRAI MEDIA GROUP CO KSCP 114.00 10.68% -17.39% 27 EFFECT REAL ESTATE COMPANY KPSC 24.00 -19.73% -40.00% 2 KUWAIT FINANCIAL CENTRE KPSC 115.00 10.58% 30.68% 55 KUWAIT FOOD COMPANY KSCP 1,400.00 -17.60% -46.15% 562 NATIONAL INTERNATIONAL HOLDING 69.70 9.76% 14.26% 15 AUTOMATED SYSTEMS CO KPSC 128.00 -16.34% -30.12% 13 Top Gainers Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) EGYPTIANS FOR HOUSING DEVELOP 5.31 25.83% 57.57% 484 EAST DELTA FLOUR MILLS CO SAE 93.16 -13.91% 60.57% 556 EL NASR CLOTHING AND TEXTILES CO 1.62 24.62% 55.77% 656 SOUTH CAIRO AND GIZA MILLS & BAK 33.80 -9.12% 143.69% 202 ALEXANDRIA SPINNING & WEAVING 2.28 21.93% 72.73% 676 GULF ARAB INVESTMENT CO SAE 0.21 -8.70% -22.22% 7 AL EZZ DEKHEILA STEEL COMPANY 630.62 20.10% 34.72% 8,380 MISR OILS AND SOAP CO SAE 30.33 -7.47% 127.19% 181 VODAFONE EGYPT TELECOMM 93.09 19.15% 32.02% 0 AL OROUBA SECURITIES BROKERAGE 0.64 -7.25% 1.59% 16 Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) QATARI INVESTORS GROUP QSC 32.17 28.68% -45.01% 3,910 INDUSTRIES QATAR QSC 88.75 -6.10% -24.47% 52,486 QATAR ISLAMIC INSURANCE CO QPSC 53.00 25.56% 4.74% 777 QATAR INSURANCE CO SAQ 37.10 -6.08% -49.69% 10,057 MEDICARE GROUP QSC 61.01 22.02% -3.00% 1,678 AL KHALEEJ TAKAFUL GROUP QPSC 9.96 -5.14% -52.80% 249 QATAR NAVIGATION QPSC 52.94 18.43% -44.62% 5,927 DOHA BANK QPSC 25.71 -4.25% -23.71% 7,792 EZDAN HOLDING GROUP QSC 8.00 15.11% -47.05% 20,743 OOREDOO QSC 79.90 -4.20% -21.51% 25,018 Top Gainers AMAR FINANCE AND LEASING CO Top Gainers Qatar Top Losers Data and News Source: Thomson Reuters Top Losers 5
6. Weekly Investment Report Monday , December 04, 2017 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 80,638 100.80 2 EMIRATES TELECOMMUNICATIONS GROUP AE 38,833 16.40 1.5% 10.2% 105.40 90.50 15.7 1.9 6.0% -8.1% -12.8% 19.00 15.75 16.1 3.4 4.9% 3 SAUDI TELECOM COMPANY SJSC SA 36,692 68.80 0.7% -5.1% 78.90 64.50 14.2 2.2 5.8% 4 FIRST ABU DHABI BANK PJSC AE 29,968 10.10 -2.4% 1.1% 11.55 9.21 11.4 1.1 4.5% 5 QATAR NATIONAL BANK QPSC QA 29,017 117.00 -3.7% -21.0% 157.27 115.01 8.3 1.4 2.7% 6 AL RAJHI BANKING & INVESTMENT CORP 7 NATIONAL COMMERCIAL BANK SJSC SA 27,733 64.00 -0.5% 1.6% 71.70 61.00 11.9 1.9 0.0% SA 27,093 50.80 7.2% 19.2% 58.00 37.00 10.6 1.6 3.1% 8 SAUDI ELECTRICITY COMPANY SJSC SA 26,710 24.04 -1.1% 7.3% 26.05 19.05 9.9 1.3 2.9% 9 DP WORLD LTD AE 19,962 24.05 1.3% 37.4% 24.90 15.53 19.5 2.0 1.6% 10 SAUDI ARABIAN MINING CO SJSC SA 16,981 54.50 5.6% 39.7% 57.00 37.50 189.6 2.4 0.0% 11 ALMARAI CO SJSC SA 14,826 55.60 0.9% 1.5% 78.64 51.80 26.8 4.0 1.3% 12 EMAAR PROPERTIES PJSC AE 14,718 7.55 -8.9% 5.9% 8.95 6.65 9.1 1.2 2.0% 13 JABAL OMAR DEVELOPMENT CO SJSC SA 14,672 59.20 -1.8% -20.8% 76.00 58.90 408.6 5.4 0.0% 14 INDUSTRIES QATAR QSC QA 14,417 88.75 -7.1% -24.5% 122.00 85.00 20.7 1.6 4.5% 15 NATIONAL BANK OF KUWAIT SAKP KW 14,151 721.00 -6.0% 16.5% 800.00 600.00 14.3 1.3 4.0% 16 EMIRATES NBD BANK PJSC AE 12,333 8.15 -2.4% -4.0% 9.00 7.81 6.1 0.8 4.9% 17 SAMBA FINANCIAL GROUP SJSC SA 12,053 22.60 1.8% -7.2% 27.10 19.80 9.2 1.0 4.2% 18 SAUDI BRITISH BANK SJSC SA 10,780 26.95 9.1% 7.8% 28.55 20.05 10.5 1.2 2.6% 19 KUWAIT FINANCE HOUSE KSCP KW 10,613 555.00 -6.1% 13.1% 650.00 454.55 16.4 1.7 2.8% 20 EMIRATES ISLAMIC BANK PJSC AE 10,350 7.00 0.0% 0.0% 11.95 1.57 76.4 5.3 0.0% 21 ABU DHABI COMMERCIAL BANK PJSC AE 9,978 7.05 -4.6% 2.2% 7.68 6.00 9.0 1.2 5.7% 22 RIYAD BANK SJSC SA 9,504 11.88 -0.3% 2.9% 12.20 10.10 10.9 0.9 5.5% 23 BANQUE SAUDI FRANSI SJSC SA 9,289 28.90 1.8% 10.7% 33.40 22.10 10.0 1.1 3.6% 24 YANBU NATIONAL PETROCHEMICALS CO SA 9,060 60.40 8.4% 11.9% 61.75 49.70 15.4 2.1 5.0% 25 DUBAI ISLAMIC BANK PJSC AE 8,114 6.03 -1.5% 8.3% 6.29 5.10 8.3 1.2 7.5% 26 KINGDOM HOLDING CO SA 8,113 8.21 -21.1% -31.3% 12.95 7.90 48.1 1.0 6.1% 27 EMAAR MALLS PJSC AE 7,618 2.15 -6.9% -17.9% 2.80 2.13 14.3 1.7 4.7% 28 ALINMA BANK SJSC SA 7,208 18.02 3.2% 19.3% 18.46 13.95 14.6 1.3 2.8% 29 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,089 63.80 10.4% -14.9% 82.00 57.00 24.5 3.9 3.9% 30 OOREDOO QSC QA 6,872 79.90 -7.0% -21.5% 116.10 78.00 13.3 1.1 4.4% 31 MASRAF AL RAYAN QPSC QA 6,837 33.95 -5.0% -9.7% 45.40 33.32 12.3 2.0 5.9% 32 ARAB NATIONAL BANK SA 6,613 24.80 5.5% 0.0% 25.50 19.00 8.4 1.0 0.0% 33 MOBILE TELECOMMUNICATIONS CO KW 6,343 442.00 -5.2% 7.8% 570.00 400.00 11.3 1.3 7.9% 34 EMIRATES INTEGRATED TELECOMM AE 6,211 4.99 -7.4% -19.5% 6.49 4.98 13.7 3.0 6.8% 35 EMAAR DEVELOPMENT PJSC AE 6,099 5.60 0.0% 0.0% 5.93 5.60 8.5 2.7 0.0% Company Name Data and News Source: Thomson Reuters MTD % 6
7. Weekly Investment Report Monday , December 04, 2017 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 SAVOLA GROUP COMPANY SJSC SA 5,909 41.50 4.5% 3.5% 51.00 32.30 207.6 2.4 0.0% 37 QATAR ISLAMIC BANK QPSC QA 5,776 91.03 -6.2% -12.4% 110.50 86.90 9.5 1.1 5.2% 38 EZDAN HOLDING GROUP QSC QA 5,698 8.00 -15.8% -47.1% 16.58 6.19 0.0 0.7 0.0% 39 DAMAC PROPERTIES DUBAI CO PSC AE 5,683 3.45 -12.7% 36.4% 4.57 2.19 6.6 1.6 7.2% 40 AHLI UNITED BANK BSC BA 5,101 0.68 -0.7% 16.0% 0.79 0.57 9.0 1.2 6.1% 41 COMMERCIAL INTERNATIONAL BANK EGP EG 4,959 75.34 -4.4% 3.1% 88.80 66.49 12.9 3.3 0.7% 42 QATAR ELECTRICITY AND WATER CO QSC QA 4,785 162.01 -11.5% -28.6% 247.90 162.01 11.0 2.1 4.6% 43 ALDAR PROPERTIES PJSC AE 4,710 2.20 -7.6% -16.3% 2.78 2.10 6.7 0.8 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 4,169 12.36 -1.1% -21.8% 16.50 10.51 14.3 1.1 4.9% 45 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 3,644 9.11 0.8% 2.9% 9.85 7.40 13.9 1.0 0.0% 46 ALAWWAL BANK SA 3,566 11.70 1.7% -16.1% 14.20 10.25 0.0 1.0 0.0% 47 MASHREQBANK PSC AE 3,558 73.60 -0.5% 18.7% 100.05 60.65 6.2 0.7 0.0% 48 MAKKAH CONSTRUCTION AND DEVELOP SA 3,538 80.50 11.7% -11.0% 123.50 55.00 45.3 1.6 3.1% 49 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,493 790.00 1.8% 40.2% 984.00 500.00 15.3 1.1 1.7% 50 JARIR MARKETING CO SJSC SA 3,370 140.40 0.0% 21.3% 158.80 112.25 15.2 7.9 5.2% Company Name Total MCap; Weighted Avg Div Yield 645,445 3.6% Data and News Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). 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