MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , December 17, 2017 Economic & Market News Reuters: The Federal Reserve raised interest rates by a quarter of a percentage point to a range of 1.25% to 1.50%, which was the third rate hike this year. The rate increase represented a victory for a central bank that has struggled at times to deliver on its promised pace of monetary tightening. The Fed now envisions a burst of growth, ultra-low unemployment of below 4% in 2018 and 2019 and continued low interest rates, yet little movement on inflation. The Fed now sees GDP growing 2.5% in 2018, up from the 2.1% forecast in September. The pace of growth is expected to cool to 2.1% in 2019, slightly higher than the prior forecast of 2.0%. The Fed also said it expected the nation’s unemployment rate would fall to 3.9% next year and remain at that level in 2019, well below what is considered to be full employment. It previously had forecast a jobless rate of 4.1% for those two years. Policymakers do see the federal funds rate rising to 3.1% in 2020, slightly above the 2.8% “neutral” rate they expect to maintain in the long run. That indicates possible concerns about a rise in inflation pressures over time Zawya: GCC economy expected to grow near 2.5% next year. Oil prices above USD 50 a barrel will allow countries with large fiscal buffers and small populations to implement fiscal reforms at a slower pace than their regional peers, which will in turn support the operating environment in these countries. Higher oil prices and continued public spending support the stable 2018 outlook on non-financial companies in the GCC. Rated GCC corporates are mainly government-related issuers, which will continue to benefit from strong competitive positions and government support. The ratings agency said fewer growth opportunities would drive GCC companies toward consolidations and acquisitions outside the region, as well as investments in increasing vertical integration, and corporate focus on costs. Mature state-owned corporates are increasingly looking to diversify funding sources, which could lead to an uptick in capital market activity. Analysts pointed out that governments across the GCC are committed to increase public spending just as Dubai announced through its recent expansionary budget with a record spending of AED 56.6 billion. The budget, allocating an increased spending to boost infrastructure efficiency in line Dubai Strategic Plan 2021's targets and future commitments, especially Expo 2020, reflects a strong commitment to social expenditure, including health, education and housing. Improved current account positions as a result of replenished oil reserves will support investment in non-oil sectors of the economy as the Gulf countries attempt to diversify away from hydrocarbons. Al Masah Capital: Another positive week for US markets which are pricing in the potential passing of a significant tax bill. On the other hand, lack of catalysts is still weighing heavily on regional markets’ trading activities, surprisingly disregarding the strength witnessed by crude oil prices. Over the week, four out of the eight indices were in green, while four were in red. Qatar came in as the best performing index with gains of +5.6% over the week, followed by Egypt +2.7%, Kuwait +2.3% and Abu Dhabi +1.5%. Dubai main index lost -1.1% on a weekly basis followed by Saudi, Bahrain and Oman, each losing around 0.1% over the same period. The continuing outage of a North Sea pipeline coupled with the extension in OPEC production volumes supported oil prices, with crude oil hovering around the USD63 per barrel and the WTI ending the week at USD57.30 per barrel. For the remaining two weeks in 2017, markets are expected to trade range bound with thin volumes as traders and investors start to put 2017 behind them and begin looking towards the new year. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,355.40 -1.12% -1.89% -4.97% Oil (Brent) 63.23 -0.27% -0.53% 69.61% Abu Dhabi (ADSMI) 4,339.22 1.46% 1.31% -4.56% Natural Gas 2.61 -5.77% -13.65% 11.77% Saudi (SASEIDX) 7,075.72 -0.14% 1.02% -1.87% Gold 1255.18 0.59% -1.51% 18.31% Kuwait (KWSE) 6,331.72 2.34% 2.18% 10.15% Silver 16.05 1.34% -2.25% 16.06% 1.18 -0.10% -1.26% 8.21% Indexes Egypt (EGX30) 14,679.91 2.69% 0.67% 18.91% EURUSD Qatar (DSM) 8,211.94 5.64% 6.45% -21.32% GBPUSD 1.33 -0.52% -1.52% -9.63% Bahrain (BHSEIDX) 1,265.59 -0.14% -1.41% 3.70% USDJPY 112.57 -0.80% 0.04% -6.43% Oman (MSM30) 5,061.79 -0.08% -0.94% -12.47% USDCHF 0.99 -0.25% 0.70% -1.15% TR GCC (Reuters) 187.60 2.14% 2.26% -7.40% AUDUSD 0.76 1.87% 1.03% 5.07% DJ MENA 526.67 0.00% 0.00% 5.77% USDCAD 1.29 0.13% -0.26% -7.07% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 24,508.66 0.74% 0.97% 24.02% 1 Month 1.530 3.66% -0.394 1.17% S&P 500 2,652.01 0.02% 0.17% 18.46% 2 Month 1.600 4.19% -0.384 1.40% NASDAQ 6,389.91 1.92% 1.58% 32.95% 3 Month 1.768 2.59% -0.318 1.27% 388.91 -0.27% 0.39% 7.41% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,448.12 1.31% 2.24% 4.87% 12 Month 1.736 -0.02% -0.187 0.16% DAX 13,068.08 -0.38% 0.61% 14.13% CAC 40 5,357.14 -0.92% -0.44% 10.02% Nikkei 225 22,694.45 -1.13% -0.76% 17.99% SENSEX 33,246.70 0.64% 0.95% 25.68% Shanghai Composite 3,292.44 -0.73% -1.54% 5.24% Hang Seng 29,166.38 0.73% -1.13% 31.12% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , December 17, 2017 Economic & Market News (continued) Zawya: Several economies in the Middle East, particularly those in the GCC, are transitioning towards a "new normal", and 2018 will mark some interesting milestones. After a period of emergency austerity (which saw public spending cut by almost 20% from 2015-2017 at the GCC level), public finances now look to be on a more sustainable path in most economies, allowing spending to start gradually recovering, according to ICAEW economic insight report. Against this backdrop, the GDP in the region is expected grow by 2.8% in 2018 (after growth of just 0.3% in 2017), and an acceleration from 1.4% to 3.2% in the wider Middle East. There will remain a broad spread of growth performance though, with GCC economies bound by the OPEC agreement to keep oil output low, growing slower than other economies (although non-oil sectors are forecast to pick up). 2018 will be a key year of transition for Saudi Arabia in several contexts. The Emirates NBD Purchasing Managers’ Index for Saudi Arabia (a gauge of activity in the non-oil private sector) has averaged a reading of 56 for 2017 so far, compared to the "no-change" reading of 50, and an average of below 55 for 2016 overall. Private (i.e. business and households) bank deposits have also started to recover through the summer months, providing some support for spending power into 2018. Reuters: Growth in China’s property investment cooled in November as an official crackdown on riskier lending and stiffer regulation of the real estate market took effect. The Property investment growth eased for a second straight month to 4.6% in November from a year earlier, the slowest pace since July 2016. Property sales by floor area reached a five-month high in November, rising 5.3% from a year earlier, compared with a 6.0% decline in October, showing considerable resilience even as more tightening measures are expected for lower-tier cities. Property investment in the first 11 months of the year rose 7.5% from a year earlier, compared with 7.8% in Jan-Oct. The figure mainly focuses on residential real estate but also includes commercial and office space. China’s economy has surprised global financial markets and investors with robust growth of 6.9% through the first nine months of this year, driven by a renaissance in long-ailing “smokestack” industries such as steel thanks to the resilient property market and government infrastructure spending. Zawya: Kuwait’s current account surplus improved slightly in 2Q17 on lower remittances, a decline in imports, and some gain in investment income. The surplus improved to KWD 0.62 billion, up from KWD 0.44 billion in 1Q17, rising to an annualized 6.9% of GDP. The balance continues to show broad improvement from a year ago, thanks in large part to the higher oil price during the first half of 2017 compared to the year before. The price of Kuwait export crude averaged USD 50 per barrel during the first half of 2017, up from USD 34 the year before. Prices moved higher still after that, reaching USD 59.4 in November, a 35% increase from June’s average. Oil exports have seen healthy growth on the back of higher oil prices, even as production declined due to OPEC cuts. Oil export receipts rose by 17% yearon-year (y/y) in 2Q17, as Kuwait oil price rose by 18%. Imports have also continued to see solid growth, putting some pressure on the trade balance. Imports grew by 7% y/y, boosted in part by strong demand for capital goods imports. Another source of support to the current account has come from easing worker remittances. Worker remittances declined by 18% y/y in 2Q17. Remittance outflows had already eased notably from the double-digit growth seen before 2014; they shrank by 9% between 2013 and 2016. The decline is likely due to the lower oil price environment. US Government Bonds - Yield to Maturity (%) 4 2.775 2.689 3 2 1.126 1.238 1.284 1.317 1M 3M 1.445 1.478 2.145 2.157 1.799 1.840 1.665 1.694 2.383 2.355 1 0 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 Oct-17 Jul-17 Sep-17 Jun-17 Aug-17 Apr-17 May-17 Jan-17 Feb-17 Mar-17 Oct-16 Dec-16 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 5-Year CDS Rates (basis points) PB 600 14.1 11.1 9.2 12.3 11.9 10.5 9.4 352.1 8 4 Oct-14 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Dec-14 Oct-14 Dec-14 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-14 0 60 291.6 300 1.2 1.5 2.2 1.6 - - 174.0 138.9 1.2 - 0.8 0.9 1.5 63.1 103.4 95.1 - 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 , December 17, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 105.87 105.93 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.15 2.15 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 1.89 1.89 AAA 99.06 99.08 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.42 0.43 AA 109.54 109.58 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.72 103.02 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.73 2.74 113.40 114.05 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.29 2.30 AAA 98.85 98.88 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 3.99 3.99 Aa3 156.24 157.24 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 6.78 6.79 B3 101.11 101.87 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.68 2.68 AAA 106.16 106.20 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.26 7.26 B+ 85.25 86.00 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 2.31 2.31 BBB+ 103.00 103.04 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.55 2.55 BBB+ 106.26 106.35 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.69 2.70 A 107.01 107.10 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.41 3.42 Baa3 99.50 99.59 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.03 3.03 Aa3 104.88 105.63 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.69 2.69 AA 101.63 102.38 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.11 3.11 A 103.26 103.34 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 0.94 0.95 A+ 103.37 104.07 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.09 3.12 A 104.45 105.20 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.93 3.93 Baa2 103.63 104.06 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.25 3.29 A3 103.08 103.39 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.75 3.75 A 112.75 113.08 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.05 4.05 A 116.89 117.36 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.93 4.93 BBB+ 123.92 124.92 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.59 7.43 101.08 101.77 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.15 6.27 103.10 103.65 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , December 17, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.2717 1.5245 N/A 1.7223 1.9507 2.4700 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.14 0.75 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 2.05 2.33 2.57 2.78 2.97 3.29 3.65 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.68 2.03 1.90 2.09 2.39 2.28 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 1.21 1.28 1.35 1.50 1.75 1.83 2.25 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.22 2.57 2.81 2.98 3.14 3.39 3.69 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 2.40 0.62 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 1.91 2.11 2.20 0.00 2.30 2.3300 2.4100 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 1.21 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 1.60 1.88 2.50 2.60 2.73 2.90 3.10 3.28 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.15 1.75 3.50 3.50 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.70 3.02 3.12 3.16 3.20 3.26 3.34 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , December 17, 2017 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) 1,289 EMAAR PROPERTIES PJSC 6.95 -10.09% -2.52% 49,760 36.60% 3,350 TAKAFUL EMARAT INSURANCE PJSC 1.86 -7.46% -26.77% 279 5.07% 16.94% 12,871 ARAMEX PJSC 4.46 -5.51% 9.58% 6,530 3.83% -17.14% 3,719 AL SALAM BANK SUDAN PLC 1.72 -3.37% 38.71% 209 2.40 3.00% 5.88% 10,205 MARKA PJSC 0.58 -3.00% -61.96% 291 Close * WTD % YTD % Mkt. Cap. (AED mln) Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) GULF MEDICAL PROJECTS CO PSC 2.50 25.00% -21.63% 1,747 ABU DHABI NATIONAL INSURANCE CO 3.60 -10.00% 39.53% 1,350 COMMERCIAL BANK INTERNATIONAL 0.92 19.48% 0.00% 1,598 INVEST BANK PSC 2.25 -10.00% -0.44% 3,573 FOODCO HOLDING PJSC 4.94 14.88% 7.39% 494 AL KHALEEJ INVESTMENT CO PJSC 2.60 -7.14% 131.36% 273 NATIONAL MARINE DREDGING PSC 3.75 10.29% -12.79% 937 ABU DHABI NATIONAL FOR BUILDING 0.40 -6.98% -38.46% 120 EMIRATES INSURANCE COMPANY PSC 6.50 8.33% 25.00% 975 GULF CEMENT CO PSC 0.91 -5.21% -9.00% 747 Top Gainers Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) ANAAM INTERNATIONAL HOLDING 16.56 18.29% -3.44% 325 MAKKAH CONSTRUCTION AND DEV 77.80 -12.98% -14.03% 12,822 RAYDAN COMPANY CJSC 18.00 18.27% 0.00% 405 SAUDI ELECTRICITY COMPANY SJSC 21.80 -9.32% -2.68% 90,827 AL KATHIRI HOLDING CO 20.00 17.65% 0.00% 63 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 30.60 -7.55% -16.85% 6,426 AL JOUF CEMENT CO SJSC 9.15 11.59% 11.83% 1,308 SOUTHERN PROVINCE CEMENT CO 44.95 -6.55% -45.35% 6,293 ABDULLAH ABDUL MOHSIN 9.19 10.32% -30.64% 513 BUPA ARABIA FOR COOPERATIVE INS 94.00 -5.43% -28.52% 7,520 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) BURGAN FOR WELL DRILLING TR 84.00 35.48% -10.91% 19 KUWAIT CABLE VISION COMPANY 14.80 -22.11% -76.92% 1 NAFAIS HOLDING COMPANY KSCP 800.00 23.08% -7.87% 80 FIRST TAKAFUL INSURANCE CO KPSC 61.20 -12.45% 24.90% 7 AFAQ EDUCATIONAL SERVICES CO 115.00 21.05% -29.01% 6 GULF FRANCHISING HOLDING CO KSCP 62.00 -11.43% 106.67% 2 KUWAIT AND GULF LINK TRANSPORT 67.00 15.12% 9.92% 19 HAYAT COMMUNICATIONS CO KSCP 63.00 -10.00% 27.27% 6 TAAMEER REAL ESTATE INVESTMENT 31.20 14.71% 38.67% 7 KAMCO INVESTMENT CO KSCP 62.00 -9.88% -36.08% 16 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) IBNSINA PHARMA CO 6.88 2,652.00% 0.00% 4,618 2.62 -9.34% 49.75% 12 MARIDIVE AND OIL SERVICES SAE 0.33 22.22% 26.92% 135 VODAFONE EGYPT TELECO 94.64 -9.30% 34.22% 0 SHARM DREAMS COMPANY FOR TOUR 6.35 17.81% 74.45% 336 UPPER EGYPT FLOUR MILLS SAE 148.48 -8.71% 97.79% 1,038 ORASCOM HOTELS AND DEV 22.43 17.80% 254.91% 4,966 EGYPTIAN CO FOR INTNL TOURISTIC 3.12 -8.50% -20.20% 1,247 EGYPT GAS CO SAE 207.29 15.75% 302.82% 2,485 EL SHAMS HOUSING AND URBAN 8.21 -7.65% 166.56% 993 Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) EZDAN HOLDING GROUP QSC 11.40 23.78% -24.55% 30,238 QATAR CINEMA AND FILM DIST 23.00 -7.96% -16.21% 144 MAZAYA QATAR REAL ESTATE DEV 8.33 19.17% -39.22% 964 AHLI BANK QSC 28.65 -4.60% -22.87% 5,740 QATAR INSURANCE CO SAQ 51.20 17.86% -30.57% 14,198 QATAR GENERAL INSURANCE 47.00 -4.06% 0.00% 4,113 AAMAL CO QPSC 7.81 12.54% -42.70% 4,920 DLALA BROKERAGE AND INVESTMENT 14.40 -2.64% -32.99% 409 1,745 QATAR NATIONAL CEMENT CO QSC 63.00 -2.02% -19.42% 4,278 Close * WTD % YTD % Mkt. Cap. (AED mln) SHUAA CAPITAL PSC 1.21 12.04% -18.24% AMANAT HOLDINGS PJSC 1.34 5.51% MASHREQBANK PSC 72.50 UNION PROPERTIES PJSC 0.87 DUBAI INVESTMENTS PJSC Dubai Top Gainers Saudi Abu Dhabi Top Gainers Kuwait Top Gainers Egypt Top Gainers Qatar Top Gainers MEDICARE GROUP QSC 62.00 Data and News Source: Thomson Reuters 11.73% -1.43% Top Losers Top Losers Top Losers GENIAL TOURS CO SAE Top Losers 5
6. Weekly Investment Report Sunday , December 17, 2017 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 CORPORATION SA 80,796 101.00 0.2% 10.4% 105.40 90.50 15.8 1.9 5.9% 2 EMIRATES TELECOMMUNICATIONS GROUP AE 40,383 17.05 4.0% -9.3% 18.95 15.75 16.7 3.5 4.7% 3 SAUDI TELECOM COMPANY SJSC SA 36,425 68.30 -0.7% -5.8% 78.90 64.50 14.1 2.2 5.9% 4 QATAR NATIONAL BANK QPSC QA 31,585 124.49 6.4% -15.9% 157.27 115.01 8.9 1.5 2.6% 5 FIRST ABU DHABI BANK PJSC AE 30,273 10.20 1.0% 2.1% 11.55 9.72 11.5 1.1 4.4% 6 AL RAJHI BANKING & INVESTMENT CORP SA 27,732 64.00 0.0% 1.6% 71.70 61.00 11.9 1.9 0.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 26,825 50.30 -1.0% 18.1% 58.00 37.00 10.5 1.6 3.2% 8 SAUDI ELECTRICITY COMPANY SJSC SA 24,221 21.80 -9.3% -2.7% 26.05 19.65 9.0 1.2 3.2% 9 DP WORLD LTD AE 20,045 24.15 0.4% 37.9% 24.90 16.60 19.5 2.0 1.6% 10 SAUDI ARABIAN MINING CO SJSC SA 15,953 51.20 -6.1% 31.3% 57.00 37.50 178.1 2.3 0.0% 11 INDUSTRIES QATAR QSC QA 15,788 95.00 7.0% -19.1% 122.00 85.00 22.2 1.7 4.2% 12 JABAL OMAR DEVELOPMENT CO SJSC SA 14,770 59.60 0.7% -20.3% 75.60 58.90 411.3 5.4 0.0% 13 ALMARAI CO SJSC SA 14,746 55.30 -0.5% 0.9% 78.64 51.80 26.7 3.9 1.3% 14 NATIONAL BANK OF KUWAIT SAKP KW 14,197 724.00 0.4% 17.0% 800.00 609.52 14.4 1.3 3.9% 15 EMAAR PROPERTIES PJSC AE 13,552 6.95 -7.9% -2.5% 8.95 6.95 8.3 1.1 2.2% 16 EMIRATES NBD BANK PJSC AE 12,336 8.15 0.0% -4.0% 9.00 7.95 6.1 0.8 4.9% 17 SAMBA FINANCIAL GROUP SJSC SA 12,053 22.60 0.0% -7.2% 27.10 19.80 9.2 1.0 4.2% 18 KUWAIT FINANCE HOUSE KSCP KW 11,024 577.00 4.0% 17.5% 650.00 467.00 17.0 1.8 2.7% 19 SAUDI BRITISH BANK SJSC SA 10,439 26.10 -3.2% 4.4% 28.55 20.05 10.2 1.2 2.7% 20 EMIRATES ISLAMIC BANK PJSC AE 10,353 7.00 0.0% 0.0% 11.95 1.57 76.4 5.3 0.0% 21 RIYAD BANK SJSC SA 9,775 12.22 2.9% 5.8% 12.24 10.10 11.2 1.0 5.3% 22 ABU DHABI COMMERCIAL BANK PJSC AE 9,698 6.85 -2.8% -0.7% 7.68 6.55 8.8 1.1 5.8% 23 BANQUE SAUDI FRANSI SJSC SA 9,032 28.10 -2.8% 7.7% 33.40 22.10 9.7 1.1 3.7% 24 YANBU NATIONAL PETROCHEMICALS CO SA 8,760 58.40 -3.3% 8.1% 61.90 49.70 14.9 2.1 5.1% 25 KINGDOM HOLDING CO SA 8,439 8.54 4.0% -28.5% 12.60 7.90 50.0 1.0 5.9% 26 EZDAN HOLDING GROUP QSC QA 8,306 11.40 42.5% -24.6% 16.58 6.19 15.7 1.0 4.4% 27 DUBAI ISLAMIC BANK PJSC AE 8,278 6.15 2.0% 10.4% 6.29 5.36 8.5 1.2 7.3% 28 EMAAR MALLS PJSC AE 7,585 2.14 -0.5% -18.3% 2.77 2.08 14.2 1.7 4.7% 29 OOREDOO QSC QA 7,479 85.00 6.4% -16.5% 116.10 78.00 14.2 1.2 4.1% 30 MASRAF AL RAYAN QPSC QA 7,421 36.02 6.1% -4.2% 45.40 33.32 13.0 2.1 5.6% 31 ALINMA BANK SJSC SA 7,400 18.50 2.7% 22.5% 18.70 13.95 15.0 1.4 2.7% 32 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,000 63.00 -1.3% 0.0% 78.00 57.00 24.2 3.9 0.0% 33 ARAB NATIONAL BANK SA 6,640 24.90 0.4% 12.4% 25.50 19.00 8.4 1.0 3.6% 34 MOBILE TELECOMMUNICATIONS CO KW 6,298 439.00 -0.7% 7.1% 570.00 405.00 11.2 1.3 8.0% 35 EMIRATES INTEGRATED TELECO AE 6,213 4.99 0.0% -19.5% 6.32 4.79 13.7 3.0 6.8% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , December 17, 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 QATAR ISLAMIC BANK QPSC QA 6,069 93.50 2.7% -10.0% 110.50 86.90 9.7 1.2 5.1% 37 SAVOLA GROUP COMPANY SJSC SA 5,795 40.70 -1.9% 1.5% 51.00 32.30 203.6 2.4 0.0% 38 EMAAR DEVELOPMENT PJSC AE 5,774 5.30 -5.4% 0.0% 5.93 5.30 0.0 2.5 0.0% 39 DAMAC PROPERTIES DUBAI CO PSC AE 5,470 3.32 -3.8% 31.2% 4.57 2.35 6.4 1.5 7.5% 40 QATAR ELECTRICITY AND WATER CO QSC QA 5,227 173.00 6.8% -23.8% 247.90 161.99 11.7 2.2 4.3% 41 AHLI UNITED BANK BSC BA 4,988 0.66 -2.2% 13.4% 0.79 0.58 8.8 1.2 6.2% 42 COMMERCIAL INTERNATIONAL BANK EG 4,826 74.19 -1.5% 1.5% 88.80 66.49 12.7 3.2 0.7% 43 ALDAR PROPERTIES PJSC AE 4,754 2.22 0.9% -15.6% 2.74 2.10 6.8 0.8 0.0% 44 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 4,296 10.74 17.9% 21.4% 10.90 7.40 16.4 1.1 0.0% 45 MESAIEED PETROCHEMICAL HOLDING CO QA 4,227 12.25 -0.9% -22.5% 16.25 10.51 14.2 1.1 4.9% 46 DAR AL ARKAN REAL ESTATE DEV SA 3,928 13.64 42.8% 121.8% 14.46 5.60 0.0 0.8 0.0% 47 QATAR INSURANCE CO SAQ QA 3,900 51.20 38.0% -30.6% 77.39 36.90 21.7 1.5 0.0% 48 ALAWWAL BANK SA 3,554 11.66 -0.3% -16.4% 14.20 10.25 17.5 1.0 0.0% 49 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,512 795.00 0.6% 41.0% 984.00 509.09 15.4 1.1 1.7% 50 MASHREQBANK PSC AE 3,505 72.50 -1.5% 16.9% 100.05 60.65 6.1 0.6 5.5% Company Name Total MCap; Weighted Avg Div Yield 651,642 3.7% Data and News Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). 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