MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunda , December 24, 2017 Economic & Market News Reuters: U.S. President Donald Trump signed Republicans’ massive USD 1.5 trillion tax overhaul into law, cementing the biggest legislative victor o his irrst ear in office, and also approved a short-term spending bill that averts a possible government shutdown. The two pieces o legislation represent Trump’s most signiircant accomplishment with Congress since taking office in Januar , as well as a sign o what awaits when he returns rom Florida after the Christmas holida . The tax package, the largest such overhaul since the 1980s, slashes the corporate rate rom 35% to 21% and temporaril reduces the tax burden or most individuals as well. Trump praised several companies that have announced emplo ee bonuses in the wake o the bill’s passage, naming AT&T, Boeing, Wells Fargo, Comcast and Sinclair Broadcast Group. The spending bill extends ederal unding through Jan. 19, largel at current levels. It does nothing to resolve broader disputes over immigration, healthcare and militar spending. Republicans also are divided over whether to ollow up their sweeping overhaul o the U.S. tax code with a dramatic restructuring o ederal beneirt programs. Zawya: Saudi Arabia will increase government spending next ear and slow an austerit drive as it struggles to lift the econom out o recession in the ace o low oil prices, according to a state budget. Ri adh plans to boost spending to a record SAR 978 billion (USD 261 billion) in 2018 compared to SAR 890 billion in the original 2017 budget plan. As a result, the pace o decline in the government's budget deircit will slow next ear. The 2018 deircit is projected at SAR 195 billion against an actual SAR 230 billion in 2017. In a speech, King Salman ormall announced that the target date or eliminating the deircit would be pushed back to 2023, rom the original target o 2020. B imposing new taxes and slashing spending in some areas, Ri adh has been battling to bring down its deircit since 2015, when lower oil export revenues produced a record budget gap o SAR 367 billion or about 15% o GDP. The austerit drive has restored investor conirdence in the Saudi currenc and irnancial markets but taken a heav toll on the econom , where private sector growth has slowed to a crawl. Data or the irrst hal o 2017 showed the overall econom in recession, partl because o cut-backs in oil output. That has prompted the government, under pressure to cut an unemplo ment rate among Saudi citizens that is officiall put at 12.8%, to plan on loosening its purse strings next ear. Al Masah Capital: With 2017 is coming to an end, most o the regional markets advanced on a weekl basis driven b the rise in oil prices coupled with 2018 budget announcements that revealed governments’ expansion in spending. Saudi came as the best per ormer among its peers with 1.9% up W-o-W, ollowed b Kuwait +1.3%, Bahrain +1.2%, Dubai +0.3% and Abu Dhabi +0.2%, while Oman remained unchanged or the same period. Eg pt was the onl index that ended the week marginall low b -0.1%. Crude oil reached a new high or this ear, ending the week at USD65.25 per barrel, marking a YTD per ormance o +14.84%, while WTI ended the week up b +2%. With the absence o oreign participation because o the holida s season, regional markets’ trading activit is expected to remain range bound with subdued volumes. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 65.25 3.19% 2.64% 75.03% 2.67 2.11% -11.83% 14.12% Dubai (DFMGI) 3,365.09 0.29% -1.61% -4.70% Oil (Brent) Abu Dhabi (ADSMI) 4,349.15 0.23% 1.54% -4.34% Natural Gas Saudi (SASEIDX) 7,209.71 1.89% 2.94% -0.01% Gold 1274.61 1.55% 0.02% 20.14% Kuwait (KWSE) 6,413.72 1.30% 3.51% 11.58% Silver 16.35 1.86% -0.43% 18.22% 1.19 0.89% -0.38% 9.18% Egypt (EGX30) 14,668.59 -0.08% 0.59% 18.82% EURUSD Qatar (DSM) 8,621.34 4.99% 11.76% -17.39% GBPUSD 1.34 0.31% -1.22% -9.35% Bahrain (BHSEIDX) 1,281.10 1.23% -0.20% 4.97% USDJPY 113.26 0.61% 0.66% -5.85% Oman (MSM30) 5,063.33 0.03% -0.91% -12.44% USDCHF 0.99 -0.12% 0.58% -1.27% 0.93% 1.97% 6.05% -1.00% -1.26% -8.01% TR GCC (Reuters) 190.78 1.70% 4.00% -5.83% AUDUSD 0.77 DJ MENA 526.67 0.00% 0.00% 5.77% USDCAD 1.27 Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 24,754.06 0.42% 1.98% 25.26% 1 Month 1.607 8.86% -0.396 1.84% S&P 500 2,683.34 0.28% 1.35% 19.85% 2 Month 1.675 9.03% -0.385 1.51% NASDAQ 6,465.17 -0.02% 1.56% 32.93% 3 Month 1.825 5.91% -0.319 1.68% 390.28 0.54% 0.93% 7.99% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,592.66 1.36% 3.63% 6.30% 12 Month 1.736 -0.02% -0.187 0.16% DAX 13,072.79 -0.23% 0.37% 13.86% CAC 40 5,364.72 0.29% -0.15% 10.33% Nikkei 225 22,902.76 1.55% 0.78% 19.82% SENSEX 33,940.30 1.43% 2.39% 27.47% Shanghai Composite 3,297.06 0.95% -0.61% 6.23% Hang Seng 29,578.01 2.53% 1.37% 34.44% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunda , December 24, 2017 Economic & Market News (continued) Zawya: The “Kuwait Vision 2035” will oreground the private sector’s backing to the national econom , and achieving sustainable development, according to Secretar General o the Supreme Council or Planning and Development (GSSCPD). The 2035 cr stallizes the private efforts or backing the econom , and sets more effective policies or attracting oreign investments and aims to reduce the official contribution in projects to 30-40%. Re erring to the Saad Al-Abdullah Cit , the irrst smart one in Kuwait, work is proceeding and is now in the design phase. The cit will be constructed as a partnership between the Kuwaiti Public Authorit or Housing Wel are (PAHW) and the Korean Land and Housing Corporation, according to the GSSCPD Secretar General. The major challenge acing the implementation o development plans, is related to technolog and altering the culture o the human element at the government offices. For his part, Director General o the Central Agenc or In ormation Technolog stressed CAIT’s role in the implementation o the “Kuwait vision 2035.” This role ocuses on various aspects, mainl promoting the government management (the e-services sector) and developing the in rastructure or urther use o application solution while dealing with the public. Reuters: China will deepen structural re orms and curb risks to the countr ’s irnancial s stem while maintaining stead economic growth in 2018. China has seen better than expected economic growth this ear even as it stepped up a campaign to cut debt, though there are growing concerns that the tighter polic environment could weigh on growth in the world’s second-largest econom next ear. The government will push orward with structural suppl -side re orm and maintain prudent, neutral monetar polic next ear as it looks to improve the qualit o growth. In the irrst nine months o this ear, the econom grew 6.9% rom a ear earlier. Growth was underpinned b stronger exports and sustained state spending, positioning China to exceed the government’s growth target o around 6.5% this ear. Beijing has made progress this ear controlling the level o debt in the econom as a portion o GDP, with corporate debt ratios declining slightl this ear, according to data rom the Bank o International Settlements. That aligns with a campaign this ear to de use points o risk in China’s irnancial markets, including reining in the massive shadow banking sector and rolling out new rules or micro-lenders. Zawya: Middle East passenger numbers are orecast to grow b 7% in 2018 according to the International Air Transport Association (IATA). The Arab air transport market grew b 9.9% in the past ear, according to the Arab Air Carriers Organisation at its 2017 AGM. Growth irgures like these should support livel debate at ATM 2018 and provide an element o cautious optimism." IATA irgures also revealed that Middle East airlines will see net proirts doubling to USD 600 million in 2018, double what the are estimated to make this ear. Passenger capacit is also estimated to rise b 6.6% this ear and a urther 4.9% increase is orecast or 2018. The success o the aviation industr in the sk is matched in the Middle East b the continued huge in rastructure investment. The total value o 152 active aviationrelated projects in the Middle East reached USD 57.7 billion (AED 211.8 billion) at the end o April 2017, according to research provider BNC Network. In the GCC countries, Saudi Arabia accounted or the largest share o project value (at 46% o the GCC’s total), ollowed b the UAE with 26% and Kuwait with 12%. The Gul region’s aviation projects also accounted or 72% o the total estimated value or all aviation projects in the Middle East and North A rica. US Government Bonds - Yield to Maturity (%) 4 2.840 3 2.157 2.254 1.840 1.895 2 1.238 1.147 1.317 1.335 1M 3M 1.478 1.535 1.694 1.724 6M 12M 2.355 2.689 2.488 1 0 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 Oct-14 5-Year CDS Rates (basis points) PB 600 14.3 11.1 9.2 12.5 12.3 10.6 9.4 340.7 8 4 Dec-14 MSCI Asia ex. Japan MENA Market - Price Ratios 16 Nov-14 0 60 Oct-14 Dec-14Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 290.1 300 1.2 1.5 2.2 1.7 - - 169.9 131.2 1.2 - 0.8 0.9 1.5 61.4 102.7 93.1 - 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 Sunda , December 24, 2017 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 105.62 105.67 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.27 2.27 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 1.95 1.95 AAA 98.93 98.95 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.45 0.44 AAA 109.38 109.44 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.70 103.00 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.76 2.75 113.20 113.75 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.42 2.42 AAA 98.02 98.05 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.05 4.05 Aa3 155.36 156.36 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 6.82 6.82 B3 100.67 101.43 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.83 2.84 AAA 103.19 103.22 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.34 7.34 B+ 84.43 85.18 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 2.35 2.35 BBB+ 102.87 102.90 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.59 2.59 BBB+ 106.11 106.20 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.65 2.65 A 106.98 107.07 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.42 3.42 Baa3 99.49 99.58 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.06 3.06 Aa3 104.75 105.50 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.86 2.86 AA 101.38 102.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.16 3.16 A 103.13 103.21 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 0.98 0.97 A+ 103.20 103.90 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.14 3.14 A 104.26 105.01 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 3.92 3.92 Baa2 103.63 104.06 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.31 3.31 A3 102.74 103.05 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.81 3.81 A 112.36 112.69 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.14 4.14 A 116.02 116.48 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.99 4.99 BBB+ 123.02 124.02 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.59 7.50 101.06 101.75 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.16 6.35 103.05 103.65 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunda , December 24, 2017 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.3725 1.5605 N/A 1.7033 1.9727 2.4862 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.14 1.10 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 2.06 2.37 2.61 2.82 3.02 3.34 3.70 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.69 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 0.01 1.28 1.35 1.41 1.58 1.83 1.98 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.23 2.58 2.82 3.00 3.15 3.40 3.70 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.69 1.88 2.06 2.38 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 0.62 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 1.94 2.17 2.27 0.00 2.37 2.4300 2.5300 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 1.59 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 1.55 1.83 2.50 2.58 2.65 2.80 3.05 3.23 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.40 1.62 3.50 3.50 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.76 3.09 3.19 3.24 3.29 3.36 3.45 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunda , December 24, 2017 Top Weekly Performers by Country (* indicates native currenc Close * WTD % YTD % Mkt. Cap. (AED mln) Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) EMIRATES ISLAMIC BANK PJSC 9.60 37.14% 0.00% 52,118 AL SAFWA MUBASHER FINANCIAL SER 1.11 -9.76% 0.00% 144 TAKAFUL EMARAT INSURANCE PJSC 2.00 7.53% -21.26% 300 MASHREQBANK PSC 69.00 -4.83% 11.29% 12,246 AL SALAM BANK SUDAN PLC 1.80 4.65% 45.16% 218 DXB ENTERTAINMENTS PJSC 0.64 -4.35% -51.00% 5,095 NATIONAL CENTRAL COOLING CO PJSC 1.89 4.42% -5.97% 5,131 EMAAR DEVELOPMENT PJSC 5.08 -4.15% 0.00% 20,314 UNION PROPERTIES PJSC 0.87 3.83% -17.14% 3,719 MARKA PJSC 0.56 -3.78% -63.40% 280 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) Close * WTD % YTD % Mkt. Cap. (AED mln) INVEST BANK PSC 2.49 10.67% 10.18% 3,953 ABU DHABI SHIP BUILDING PJSC 2.00 -12.66% -29.33% 424 RAS AL KHAIMAH CERAMICS PSC 2.74 8.73% 11.84% 2,351 NATIONAL TAKAFUL CO PJSC 0.45 -10.00% -44.44% 67 ABU DHABI AVIATION 3.00 7.53% 0.00% 1,334 AL KHALEEJ INVESTMENT CO PJSC 2.40 -7.69% 113.56% 252 NATIONAL BNK OF UMM AL QAIWAIN 3.00 7.14% -3.23% 5,542 EMIRATES INSURANCE COMPANY PSC 6.00 -7.69% 15.38% 900 SUDATEL TELECOM GROUP LTD 0.57 3.64% 7.55% 690 BANK OF SHARJAH PJSC 1.16 -6.45% -18.31% 2,435 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) YANBU CEMENT COMPAY SJSC 32.75 23.58% -19.14% 5,158 SAUDI ENAYA COOPERATIVE INS 18.24 -10.59% 13.29% 365 SAUDI CEMENT CO SJSC 48.80 20.94% -31.27% 7,466 ANAAM INTERNATIONAL HOLDING 15.20 -8.21% -11.37% 298 30.60 -7.55% -16.85% 6,426 Abu Dhabi Dubai Top Gainers Kuwait Saudi Top Gainers Egypt Top Losers Top Losers TABUK CEMENT CO SJSC 14.56 14.29% 14.20% 1,310 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC CITY CEMENT CO CJSC 12.00 11.94% -21.31% 2,270 BUPA ARABIA FOR COOPERATIVE INS 94.00 -5.43% -28.52% 7,520 RABIGH REFINING AND PETROCHEMIC 16.50 11.79% 40.43% 14,454 ABDULLAH AL OTHAIM MARKETS CO 119.00 -4.80% 20.81% 5,355 Top Gainers Close (irls) * WTD % YTD % Mkt. Cap. (KWD mln) Top Losers Close (irls) * WTD % YTD % Mkt. Cap. (KWD mln) REAL ESTATE ASSET MANAGEMENT 345.00 38.00% 76.02% 36 NATIONAL INTERNATIONAL HOLDING 53.00 -15.20% -13.11% 11 NAFAIS HOLDING COMPANY KSCP 1,100.00 37.50% 26.68% 110 UNITED PROJECTS FOR AVIATION SER 585.00 -12.69% 5.83% 58 BURGAN FOR WELL DRILLING TRAD 84.00 35.48% -10.91% 19 SHUAIBA INDUSTRIAL COMPANY KPSC 250.00 -12.28% 5.93% 25 KUWAIT CABLE VISION COMPANY 18.10 22.30% -71.77% 1 HEAVY ENGINEERING INDUSTRIES 206.00 -11.59% 22.62% 37 PALMS AGRO PRODUCTION CO KSCP 84.00 20.00% -11.58% 4 WARBA INSURANCE COMPANY KSCP 60.20 -10.81% -40.98% 10 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) ARAB MOLTAQA INVESTMENTS CO 26.33 56.54% 112.00% 651 188.54 -18.68% 85.10% 18,843 VODAFONE EGYPT TELECO 136.24 43.96% 93.22% 0 REACAP FINANCIAL INVESTMENTS SAE 4.27 -14.60% 42.33% 453 GENERAL COMPANY FOR SILOS 61.49 24.37% 112.55% 615 DELTA INSURANCE CO SAE 15.42 -14.52% 150.49% 385 MARIDIVE AND OIL SERVICES SAE 0.33 22.22% 26.92% 135 MISR OILS AND SOAP CO SAE 26.03 -13.49% 94.98% 156 IBNSINA PHARMA CO 8.34 21.22% 0.00% 5,601 AL FANAR CONTRACTING 1.00 -11.50% -24.24% 8 Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) ISLAMIC HOLDING GROUP QPSC 36.30 16.68% -40.49% 206 AHLI BANK QSC 28.65 -4.60% -22.87% 5,740 SALAM INTERNATIONAL INVESTMENT 6.84 14.57% -38.10% 784 DLALA BROKERAGE AND INVESTMENT 14.40 -2.64% -32.99% 409 OOREDOO QSC 96.20 13.18% -5.50% 30,906 QATAR NATIONAL CEMENT CO QSC 63.00 -2.02% -19.42% 4,278 INVESTMENT HOLDING GROUP 5.86 12.91% 0.00% 488 QATAR INTERNATIONAL ISLAMIC BNK 50.00 -1.96% -20.38% 7,864 ALIJARAH HOLDING CO QPSC 11.01 10.10% -28.13% 546 ZAD HOLDING CO SAQ 75.00 -1.94% -15.92% 981 Top Gainers Top Gainers Qatar ; Data as o the previous Thursda ) Data and News Source: Thomson Reuters Top Losers ORANGE EGYPT FOR TELECO 5
6. Weekly Investment Report Sunda , December 24, 2017 Top 50 MENA Stocks by Market Capitalization (* indicates native currenc ; 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 81,600 102.00 1.2% 11.5% 105.40 90.75 15.9 1.9 5.9% 2 EMIRATES TELECOMMUNICATIONS GROUP AE 40,726 17.20 4.9% -8.5% 18.95 15.75 16.8 3.5 4.7% 3 SAUDI TELECOM COMPANY SJSC SA 36,640 68.70 -0.1% -5.2% 78.90 64.50 14.2 2.2 5.8% 4 QATAR NATIONAL BANK QPSC QA 33,049 130.26 11.3% -12.0% 157.27 115.01 9.3 1.6 2.4% 5 FIRST ABU DHABI BANK PJSC AE 30,412 10.25 1.5% 2.6% 11.55 9.72 11.6 1.1 4.4% 6 AL RAJHI BANKING & INVESTMENT CORP SA 28,037 64.70 1.1% 2.7% 71.70 61.00 12.1 2.0 0.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 27,200 51.00 0.4% 19.7% 58.00 37.00 10.7 1.7 3.1% 8 SAUDI ELECTRICITY COMPANY SJSC SA 23,933 21.54 -10.4% -3.8% 26.05 19.65 8.9 1.2 3.2% 9 DP WORLD LTD AE 20,086 24.20 0.6% 38.2% 24.90 17.00 19.6 2.0 1.6% 10 INDUSTRIES QATAR QSC QA 16,434 98.89 11.4% -15.8% 122.00 85.00 23.1 1.8 4.0% 11 SAUDI ARABIAN MINING CO SJSC SA 15,922 51.10 -6.2% 31.0% 57.00 38.20 177.8 2.3 0.0% 12 JABAL OMAR DEVELOPMENT CO SJSC SA 14,821 59.80 1.0% -20.0% 75.60 58.90 412.7 5.5 0.0% 13 ALMARAI CO SJSC SA 14,560 54.60 -1.8% -0.4% 78.64 51.80 26.3 3.9 1.3% 14 NATIONAL BANK OF KUWAIT SAKP KW 14,254 727.00 0.8% 17.4% 800.00 609.52 14.4 1.3 3.9% 15 EMIRATES ISLAMIC BANK PJSC AE 14,194 9.60 37.1% 0.0% 11.95 1.57 104.8 7.3 0.0% 16 EMAAR PROPERTIES PJSC AE 13,860 7.11 -5.8% -0.3% 8.95 6.92 8.5 1.1 2.1% 17 SAMBA FINANCIAL GROUP SJSC SA 12,683 23.78 5.2% -2.3% 27.10 19.80 9.7 1.1 4.0% 18 EMIRATES NBD BANK PJSC AE 12,332 8.15 0.0% -4.0% 9.00 7.95 6.1 0.8 4.9% 19 SAUDI BRITISH BANK SJSC SA 11,200 28.00 3.9% 12.0% 28.55 20.05 10.9 1.3 2.5% 20 KUWAIT FINANCE HOUSE KSCP KW 11,119 582.00 4.9% 18.6% 650.00 467.00 17.2 1.8 2.7% 21 RIYAD BANK SJSC SA 10,160 12.70 6.9% 10.0% 12.74 10.10 11.7 1.0 5.1% 22 ABU DHABI COMMERCIAL BANK PJSC AE 9,553 6.75 -4.3% -2.2% 7.68 6.55 8.7 1.1 5.9% 23 BANQUE SAUDI FRANSI SJSC SA 9,386 29.20 1.0% 11.9% 33.40 22.10 10.1 1.1 3.6% 24 EZDAN HOLDING GROUP QSC QA 8,831 12.12 51.5% -19.8% 16.58 6.19 16.7 1.1 4.1% 25 KINGDOM HOLDING CO SA 8,736 8.84 7.7% -26.0% 12.40 7.90 51.7 1.1 5.7% 26 YANBU NATIONAL PETROCHEMICALS CO SA 8,730 58.20 -3.6% 7.8% 61.90 51.00 14.9 2.1 5.2% 27 OOREDOO QSC QA 8,464 96.20 20.4% -5.5% 116.10 78.00 16.1 1.4 3.6% 28 DUBAI ISLAMIC BANK PJSC AE 8,329 6.19 2.7% 11.1% 6.29 5.36 8.5 1.2 7.3% 29 MASRAF AL RAYAN QPSC QA 7,843 38.07 12.1% 1.3% 45.40 33.32 13.7 2.2 5.3% 30 ALINMA BANK SJSC SA 7,576 18.94 5.1% 25.4% 19.42 13.95 15.3 1.4 2.6% 31 EMAAR MALLS PJSC AE 7,370 2.08 -3.3% -20.6% 2.77 2.00 13.8 1.7 4.8% 32 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,256 65.30 2.4% 0.0% 76.75 57.00 25.1 4.0 0.0% 33 ARAB NATIONAL BANK SA 6,645 24.92 0.5% 12.5% 25.50 19.00 8.4 1.0 3.6% 34 QATAR ISLAMIC BANK QPSC QA 6,289 96.90 6.4% -6.7% 110.50 86.90 10.1 1.2 4.9% 35 MOBILE TELECOMMUNICATIONS CO KW 6,251 436.00 -1.4% 6.3% 570.00 405.00 11.1 1.3 8.0% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunda , December 24, 2017 Top 50 MENA Stocks by Market Capitalization — Continued (* indicates native currenc ; Latest data) Country Market Cap (USD mln) Close * MTD % YTD % 52w High * 52w Low * P/E P/B Dividend Yield 36 EMIRATES INTEGRATED TELECO AE 6,173 4.96 -0.6% -20.0% 6.32 4.79 13.6 3.0 6.9% 37 SAVOLA GROUP COMPANY SJSC SA 5,874 41.25 -0.6% 2.9% 51.00 32.30 206.3 2.4 0.0% 38 EMAAR DEVELOPMENT PJSC AE 5,532 5.08 -9.3% 0.0% 5.93 5.08 0.0 2.4 0.0% 39 DAMAC PROPERTIES DUBAI CO PSC AE 5,436 3.30 -4.3% 30.4% 4.57 2.36 6.3 1.5 7.6% 40 QATAR ELECTRICITY AND WATER CO QSC QA 5,366 177.60 9.6% -21.8% 247.90 161.99 12.1 2.3 4.2% 41 AHLI UNITED BANK BSC BA 5,101 0.68 0.0% 16.0% 0.79 0.58 9.0 1.2 6.1% 42 COMMERCIAL INTERNATIONAL BANK EG 4,818 74.02 -1.8% 1.3% 88.80 70.20 12.7 3.2 0.7% 43 ALDAR PROPERTIES PJSC AE 4,667 2.18 -0.9% -17.1% 2.74 2.10 6.6 0.8 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 4,431 12.84 3.9% -18.7% 16.25 10.51 14.9 1.1 4.7% 45 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 4,352 10.88 19.4% 22.9% 11.04 7.40 16.7 1.2 0.0% 46 QATAR INSURANCE CO SAQ QA 4,000 52.51 41.5% -28.8% 77.39 36.90 0.0 1.5 2.5% 47 RABIGH REFINING AND PETROCHEMICAL SA 3,854 16.50 20.3% 40.4% 17.02 10.60 15.0 1.6 0.0% 48 DAR AL ARKAN REAL ESTATE DEV SA 3,790 13.16 37.8% 114.0% 14.46 5.70 52.6 0.8 0.0% 49 MAKKAH CONSTRUCTION AND DEV SA 3,639 82.80 2.9% -8.5% 123.50 55.00 46.0 1.7 3.0% 50 ALAWWAL BANK SA 3,627 11.90 1.7% -14.7% 14.20 10.25 17.9 1.0 0.0% Company Name Total MCap; Weighted Avg Div Yield 665,143 3.6% Data and News Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). 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