MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , January 21, 2018 Economic & Market News Zawya: US homebuilding fell more than expected in December, recording its biggest drop in just over a year, amid a steep decline in the construction of single-family housing units following two months of hefty gains. Housing starts decreased 8.2% to a seasonally adjusted annual rate of 1.192 million units, according to the Commerce Department. November’s sales pace was revised up to 1.299 million units from the previously reported 1.297 million units. December’s percentage drop was the largest since November 2016, while the economists polled by Reuters had forecast housing starts decreasing to a pace of 1.275 million units last month. Homebuilding increased by 2.4% to 1.202 million units in 2017, the highest level since 2007. December’s moderation in homebuilding is likely to be temporary amid strong demand for housing that is being driven by a robust labor market. Builders, however, continue to struggle with labor and land shortages as well as more expensive lumber. A recent survey showed confidence among homebuilders slipping from an 18-year high in January. Builders expected a dip in buyer traffic and sales over the next six months. Last month, single-family homebuilding, which accounts for the largest share of the housing market, tumbled by 11.8% to a rate of 836,000 units. Singlefamily home construction fell in the South, Northeast and Midwest. Building permits increased by 4.7% to 1.263 million units in 2017, also the highest level since 2007. Single-family home permits advanced 1.8% in December, while permits for the construction of multi-family homes fell 3.9%. World Bank: The World Bank Group’s annual forecast has predicted an average of 3% GDP growth across the Middle East and North Africa (MENA) region in 2018, which is up from 1.8% in 2017. According to the report, the GDP growth in the MENA region will increase significantly, mostly due to the increase in exports and industrial operations. Egypt is expected to boost North Africa’s economy with its GDP which is forecasted to stand at 4.5%, up from 4.2% in 2017. Algeria’s GDP has been projected to be 3.6% in 2018, an increase from 2.2% in 2017. Morocco and Tunisia are expected to progress by 3.1% and 2.7% respectively. Among the GCC countries, Bahrain is expected to be among the poorer performers. The GDP for Bahrain is projected to stand at 2%, down from 2.4% in 2017. Saudi Arabia and the UAE are expected to progress by 1.2% and 3.1% respectively. Al Masah Capital: Global markets continued its upward trend last week, with no signs of slowing down, recording their all-time highs. Regional markets followed the same path with all of the main indices ending the week higher with the exception of Oman that was down by -1.2% over the week. On a weekly basis, Saudi came in as the best performing index among its peers with a gain of +2.7%, followed by Kuwait and Bahrain each advancing by +1.2%, Egypt +1.1%, Dubai +1.0% and Abu Dhabi +0.7%. Crude Oil is still trading near the USD70 mark, ending last week at USD 68.61 per barrel. The coming period will be influenced by earnings’ releases and dividends payments for most of the companies in the region, which will have a positive effect on the trading activities. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 68.61 -1.80% 2.60% 2.60% 3.19 -0.47% 7.86% 7.86% Dubai (DFMGI) 3,531.05 1.04% 4.78% 4.78% Oil (Brent) Abu Dhabi (ADSMI) 4,625.39 0.75% 5.16% 5.16% Natural Gas Saudi (SASEIDX) 7,539.02 2.74% 4.33% 4.33% Gold 1331.41 -0.52% 2.22% 2.22% Kuwait (KWSE) 6,639.38 1.20% 3.61% 3.61% Silver 17.00 -1.46% 0.32% 0.32% 0.29% 1.87% 1.87% Egypt (EGX30) 15,411.00 1.11% 2.61% 2.61% EURUSD 1.22 Qatar (DSM) 9,200.10 0.70% 7.94% 7.94% GBPUSD 1.38 0.89% 2.49% 2.49% Bahrain (BHSEIDX) 1,333.17 1.24% 0.11% 0.11% USDJPY 110.76 -0.24% -1.70% -1.70% Oman (MSM30) 5,024.06 -1.25% -1.48% -1.48% USDCHF 0.96 -0.54% -1.18% -1.18% TR GCC (Reuters) 202.14 0.62% 5.80% 5.80% AUDUSD 0.80 0.99% 2.42% 2.42% DJ MENA 526.67 0.00% 0.00% 0.00% USDCAD 1.25 0.26% -0.72% -0.72% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 26,071.72 1.04% 5.47% 5.47% 1 Month 1.635 0.23% -0.391 0.07% S&P 500 2,810.30 0.86% 5.11% 5.11% 2 Month 1.745 1.44% -0.381 0.08% NASDAQ 6,834.33 1.12% 6.85% 6.85% 3 Month 1.926 2.42% -0.333 2.37% 400.88 0.60% 3.01% 3.01% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,730.79 -0.62% 0.56% 0.56% 12 Month 1.736 -0.02% -0.187 0.16% DAX 13,434.45 1.43% 4.00% 4.00% CAC 40 5,526.51 0.17% 4.03% 4.03% Nikkei 225 23,808.06 0.65% 4.58% 4.58% SENSEX 35,511.58 2.66% 4.27% 4.27% Shanghai Composite 3,487.86 1.72% 5.46% 5.46% Hang Seng 32,254.89 2.68% 7.81% 7.81% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , January 21, 2018 Economic & Market News (continued) Zawya: According to Booz Allen Hamilton, the energy and utilities sector in Saudi Arabia must harness innovative strategies to overcome some of the greatest sustainability challenges in the GCC region. The GCC states hold almost a third of proven crude oil reserves and approximately a fifth of global gas reserves. However, declining reserves and revenues along with increased consumption due to rapid industrialization, population growth and rising domestic energy demand, are testing the region’s capacity to its limits. Policy changes and shifting national budgets across the GCC indicate that the region’s governments are responding to these challenges, and the region’s key energy and utilities players will need to adapt to new realities. According to MEED, Saudi Arabia is looking to reduce its dependence on oil and enable a sustained and diversified economy. The Kingdom seeks to generate 70% of its power from natural gas and allocate the residual 30% to renewable and other sources. For the country’s non-oil economy to thrive in a sustainable manner against a fast-growing population and to streamline the complexities of the IPO process, it is essential to keep innovation at the forefront of sustainability strategies. Zawya: China's economy grew faster than expected in the fourth quarter from a year earlier, helped by a rebound in the industrial sector, a resilient property market and strong export growth. Official data showed growth in the October to December period from a year earlier was 6.8%, unchanged from the third quarter and above analyst expectations for 6.7% growth. Growth for the 2017 full year picked up to 6.9% year-on-year, the first annual acceleration for the economy since 2010. The world's second-largest economy easily beat the government's target of around 6.5% for 2017 and quickened from 2016 growth of 6.7%, which was the weakest pace in 26 years. The annual pickup in growth comes as the government steps up its crackdown on risky investment and high leverage ratios as well as its fight against pollution. Despite strong overall growth, there have been signs of weakening momentum in the economy as firms face higher borrowing costs and the government tries to rein in credit. China's exports and imports growth slowed in December after surging in the previous month, adding to signs of ebbing economic momentum. Meanwhile, China's bank lending halved in December as the government kept up its campaign to curb financial system risks, but banks still managed to dole out a record amount for the year amid the tighter scrutiny. Zawya: Both the apartment and villa/townhouse prices in Dubai has registered a decline of 2% in 2017 while residential rents declined by 4%, according to Cavendish Maxwell. The first quarter of 2017 marked the entry of lower priced villa/townhouse inventory into the market, taking the average trading price for villas and townhouses in Dubai from AED 2.7 million at the end of 2016 to AED 2.2 million in the first quarter of 2017. Over the last 12 months, ticket prices for residential properties have been made accessible to a wider range of buyers through a combination of smaller unit sizes as well as aggressive payment plans, where the bulk of payment is scheduled after completion. Both apartment and villa/townhouse prices registered declines of 2% in 2017 while residential rents declined by 4%. Areas including The Greens, International City, Al Furjan villas and The Springs witnessed the steepest annual decline. There are approximately 54,000 units scheduled to be handed over in 2018, including delayed projects from previous years. The actual materialisation rate for 2018 is expected to be in line with previous years, where annual handovers have ranged between 16,000 to 20,000 units. US Government Bonds - Yield to Maturity (%) 4 2.853 3 2 1.602 1.625 1.445 1.434 1.304 1.263 2.348 2.436 2.002 2.061 1.782 1.776 2.912 2.639 2.552 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 13.6 12 8.5 10.4 10.7 PE 1.6 2.3 - - 1.3 Oct-17 Jul-17 Sep-17 Jun-17 Aug-17 Apr-17 May-17 Jan-17 Feb-17 Mar-17 Oct-16 12.3 12.0 340.3 8.8 1.7 Dec-16 600 300 1.2 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 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 - 0.8 0.9 242.5 155.8 118.3 1.5 53.3 95.0 85.2 - 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 , January 21, 2018 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 105.12 105.16 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.42 2.42 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 2.14 2.13 AAA 98.53 98.55 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.59 0.59 AAA 108.75 108.79 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.65 102.94 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 2.90 2.90 112.50 113.00 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.61 2.59 AAA 96.82 96.84 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.16 4.16 Aa3 153.67 154.67 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 6.73 6.71 B 101.60 102.38 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.92 2.90 AAA 101.42 101.47 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.19 7.20 B+ 85.97 86.72 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 2.18 2.18 BBB+ 102.62 102.64 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.66 2.66 BBB+ 105.74 105.82 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.65 2.63 A 106.71 106.80 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.38 3.36 Baa3 99.58 99.66 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.12 3.12 Aa3 104.48 105.23 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.80 2.80 AA 101.38 102.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.99 2.99 A 103.23 103.30 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 0.94 0.95 A+ 103.31 104.01 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.15 3.11 A 104.13 104.88 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 3.30 3.27 A3 102.74 103.04 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 3.86 3.86 A 111.92 112.25 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.09 4.09 A 116.38 116.84 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 4.89 4.89 BBB+ 124.38 125.38 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.53 7.65 101.11 101.78 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 5.09 6.50 103.15 103.75 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , January 21, 2018 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.3300 1.6200 N/A 1.8280 2.0547 2.5967 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.51 0.75 1.53 1.59 1.68 1.86 2.02 2.17 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.14 2.44 2.65 2.82 2.98 3.24 3.57 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.68 2.03 1.89 2.09 2.39 2.29 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 1.30 1.53 1.59 1.50 1.70 2.03 2.00 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.25 2.60 2.83 2.99 3.18 3.40 3.68 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 2.05 2.20 0.75 0.37 1.12 1.56 1.62 1.71 1.89 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.94 2.34 2.46 0.00 2.57 2.6200 2.7000 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 1.04 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 1.51 1.15 1.44 1.52 1.57 2.10 1.10 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 1.90 2.50 2.60 2.78 2.95 3.10 3.33 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.40 1.70 3.50 3.50 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.89 3.25 3.39 3.46 3.52 3.57 3.66 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , January 21, 2018 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) GULF NAVIGATION HOLDING PJSC 1.09 -10.66% -16.15% 601 DXB ENTERTAINMENTS PJSC 0.65 -6.77% 1.89% 5,176 303 ARABTEC HOLDING PJSC 2.65 -3.64% 11.34% 3,975 7.89% 662 TAKAFUL EMARAT INSURANCE PJSC 1.93 -3.50% -3.02% 290 8.00% 725 DAR AL TAKAFUL PJSC 0.93 -3.32% 8.00% 140 WTD % YTD % Mkt. Cap. (AED mln) Close * WTD % YTD % Mkt. Cap. (AED mln) 1.66 16.90% 22.96% 1,111 COMMERCIAL BANK INTERNATIONAL 0.87 -17.14% -5.43% 1,512 ABU DHABI NATIONAL FOR BUILDING 0.58 16.00% 38.10% 174 RAS AL KHAIMAH FOR WHITE CEMENT 0.98 -10.91% -10.91% 490 AXA GREEN CRESCENT INSURANCE CO 0.89 14.10% 5.95% 178 NATIONAL BANK OF UMM AL QAIW 2.70 -10.00% -10.00% 4,990 ARKAN BUILDING MATERIALS CO PJSC 0.79 12.86% 17.91% 1,382 ABU DHABI NATIONAL TAKAFUL CO 4.64 -9.90% -9.90% 464 UNITED ARAB BANK PJSC 1.87 5.65% -13.02% 2,571 AL KHALEEJ INVESTMENT CO PJSC 2.20 -8.33% -8.33% 231 Top Gainers Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) AL SAMAANI FACTORY METAL IND 71.00 14.52% 10.76% 80 ETIHAD ATHEEB TELECO 6.36 -7.42% -13.59% 401 NATIONAL MEDICAL CARE COMPANY 47.00 11.90% 7.55% 2,108 AL JOUF AGRICULTURAL DEV 29.85 -7.01% -1.32% 895 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 29.10 -5.98% -4.28% 6,111 AL SORAYAI TRADING AND IND 12.46 -5.96% -5.96% 467 ALUJAIN CORPORATION SJSC 21.44 -5.72% 0.66% 1,484 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) -12.02% 6 Close * WTD % YTD % Mkt. Cap. (AED mln) EMAAR MALLS PJSC 2.38 8.18% 11.74% 30,974 EMIRATES NBD BANK PJSC 8.46 3.80% 3.17% 47,019 NATIONAL GENERAL INSURANCE CO 2.02 3.59% -6.48% ISLAMIC ARAB INSURANCE CO PSC 0.55 3.21% GULF GENERAL INVESTMENT CO PSC 0.41 3.05% Close * UNION CEMENT CO PSC Dubai Top Gainers Saudi Abu Dhabi Top Gainers Kuwait Top Losers 65.80 10.40% 10.96% 5,264 ARAB SEA INFORMATION SYSTEMS CO 12.66 10.09% 4.28% 127 AL RAJHI COMPANY FOR COOP 65.80 9.85% 11.34% 2,632 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) KUWAIT AND GULF LINK TRANSPORT 123.00 95.55% 88.07% 34 FIRST TAKAFUL INSURANCE CO KPSC 57.10 -10.78% AMWAL INTERNATIONAL INVEST 45.70 38.48% 35.61% 8 SALBOOKH TRADING CO KSCP 53.50 -9.93% 0.94% 6 TAMKEEN HOLDING CO 28.50 35.71% 61.02% 2 OSOUL INVESTMENT CO KSCP 50.00 -9.09% -12.28% 9 KUWAIT REMAL REAL ESTATE CO KPSC 51.60 34.03% 32.65% 16 AUTOMATED SYSTEMS CO KPSC 140.00 -7.89% 1.45% 14 KGL LOGISTICS COMPANY KPSC 59.00 21.40% 28.54% 41 AL AHLI BANK OF KUWAIT KSCP 317.00 -6.76% 9.31% 513 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) GENIAL TOURS CO SAE 3.53 23.43% 29.30% 17 EL SHAMS HOUSING AND URBAN 7.77 -14.71% -9.44% 940 NOZHA INTERNATIONAL HOSPITAL 75.62 20.97% 11.21% 544 ALEXANDRIA MEDICAL SERVICES CO 21.60 -10.00% -10.00% 269 EL NASR CLOTHING AND TEXTILES CO 1.79 17.76% 33.58% 729 UNION PHARMACIST COMPANY 4.55 -9.72% -8.63% 62 EGYPTIAN MEDIA PRODUCTION CITY 8.48 17.29% 23.62% 1,608 SOUTH CAIRO AND GIZA MILLS 29.16 -8.90% -8.53% 175 TRANS OCEANS TOURS SAE 0.07 16.67% 16.67% 7 INTERNATIONAL CO FOR MEDICAL IND 1.26 -8.70% -10.78% 53 Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) QATARI INVESTORS GROUP QSC 40.60 10.93% 10.93% 5,048 QATAR INSURANCE CO SAQ 55.50 -8.25% 6.71% 15,395 MASRAF AL RAYAN QPSC 42.49 9.14% 12.56% 31,868 ALIJARAH HOLDING CO QPSC 10.31 -7.78% -3.73% 510 WIDAM FOOD CO QSC 71.44 9.07% 14.30% 1,286 MAZAYA QATAR REAL ESTATE DEV 8.20 -6.61% -8.89% 950 ISLAMIC HOLDING GROUP QPSC 40.99 8.73% 9.31% 232 ISLAMIC HOLDING GROUP QPSC 38.71 -5.56% 3.23% 219 EZDAN HOLDING GROUP QSC 12.73 7.88% 5.38% 33,766 VODAFONE QATAR QSC 7.73 -5.50% -3.62% 6,537 Top Gainers Egypt Top Losers SAUDI RESEARCH AND MARKETING Top Gainers Top Gainers Qatar Top Losers Data and News Source: Thomson Reuters Top Losers Top Losers 5
6. Weekly Investment Report Sunday , January 21, 2018 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 85,115 106.40 4.5% 4.5% 108.20 92.25 16.6 2.0 5.6% 2 EMIRATES TELECOMMUNICATIONS GROUP AE 42,271 17.85 2.0% 2.0% 18.90 15.75 17.5 3.7 4.5% 3 SAUDI TELECOM COMPANY SJSC SA 37,651 70.60 2.9% 2.9% 78.90 64.50 14.6 2.3 5.7% 4 QATAR NATIONAL BANK QPSC QA 34,985 137.89 9.4% 9.4% 157.27 115.01 9.7 1.6 4.4% 5 FIRST ABU DHABI BANK PJSC AE 33,532 11.30 10.2% 10.2% 11.55 9.72 12.8 1.2 4.0% 6 NATIONAL COMMERCIAL BANK SJSC SA 30,878 57.90 5.1% 5.1% 58.00 37.00 12.1 1.9 0.0% 7 AL RAJHI BANKING & INVESTMENT CORP SA 30,288 69.90 8.2% 8.2% 71.70 61.00 13.0 2.1 3.2% 8 SAUDI ELECTRICITY COMPANY SJSC SA 23,332 21.00 -0.3% -0.3% 26.05 19.76 8.7 1.1 3.3% 9 DP WORLD LTD AE 21,995 26.50 6.0% 6.0% 26.70 18.80 21.4 2.2 1.4% 10 INDUSTRIES QATAR QSC QA 18,280 110.00 13.4% 13.4% 121.60 85.00 25.7 2.0 3.6% 11 SAUDI ARABIAN MINING CO SJSC SA 17,386 55.80 7.1% 7.1% 57.00 38.50 194.1 2.5 0.0% 12 NATIONAL BANK OF KUWAIT SAKP KW 15,237 773.00 6.2% 6.2% 800.00 640.00 15.3 1.4 3.7% 13 JABAL OMAR DEVELOPMENT CO SJSC SA 14,969 60.40 2.2% 2.2% 75.60 58.00 416.9 5.5 0.0% 14 ALMARAI CO SJSC SA 14,399 54.00 0.4% 0.4% 78.64 51.80 26.0 3.8 1.3% 15 EMIRATES ISLAMIC BANK PJSC AE 14,344 9.70 -1.0% -1.0% 11.95 1.57 75.0 7.2 0.0% 16 EMAAR PROPERTIES PJSC AE 14,330 7.35 5.9% 5.9% 8.95 6.75 8.8 1.2 2.0% 17 SAMBA FINANCIAL GROUP SJSC SA 13,679 25.65 9.1% 9.1% 27.10 19.80 10.5 1.2 3.7% 18 EMIRATES NBD BANK PJSC AE 12,803 8.46 3.2% 3.2% 8.94 7.95 6.1 0.8 4.7% 19 SAUDI BRITISH BANK SJSC SA 11,739 29.35 8.7% 8.7% 31.00 20.05 11.4 1.3 2.4% 20 KUWAIT FINANCE HOUSE KSCP KW 11,524 600.00 4.2% 4.2% 650.00 467.00 17.7 1.9 2.6% 21 RIYAD BANK SJSC SA 11,279 14.10 12.1% 12.1% 14.10 10.10 13.0 1.1 4.6% 22 ABU DHABI COMMERCIAL BANK PJSC AE 10,376 7.33 7.8% 7.8% 7.68 6.55 9.4 1.2 5.5% 23 BANQUE SAUDI FRANSI SJSC SA 9,771 30.40 6.7% 6.7% 33.40 22.25 10.5 1.2 3.5% 24 YANBU NATIONAL PETROCHEMICALS CO SA 9,719 64.80 9.8% 9.8% 65.30 52.00 16.6 2.3 4.6% 25 KINGDOM HOLDING CO SA 9,013 9.12 2.5% 2.5% 12.05 7.90 53.4 1.1 5.5% 26 EZDAN HOLDING GROUP QSC QA 8,889 12.20 1.0% 1.0% 16.30 6.19 16.8 1.1 4.1% 27 DUBAI ISLAMIC BANK PJSC AE 8,815 6.55 5.8% 5.8% 6.63 5.36 7.5 1.2 0.0% 28 OOREDOO QSC QA 8,781 99.80 10.0% 10.0% 116.10 78.00 16.7 1.4 3.5% 29 MASRAF AL RAYAN QPSC QA 8,498 41.25 9.3% 9.3% 45.40 33.32 15.3 2.3 4.8% 30 EMAAR MALLS PJSC AE 8,434 2.38 11.7% 11.7% 2.70 2.00 15.8 1.9 4.2% 31 ALINMA BANK SJSC SA 8,208 20.52 7.1% 7.1% 20.70 14.00 16.6 1.5 2.4% 32 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,800 70.20 7.7% 0.0% 74.50 57.00 27.0 4.3 0.0% 33 ARAB NATIONAL BANK SA 7,466 28.00 13.1% 13.1% 28.30 19.00 9.5 1.2 3.2% 34 MOBILE TELECOMMUNICATIONS CO KW 7,164 497.00 14.5% 14.5% 570.00 407.00 12.7 1.5 7.0% 35 EMIRATES INTEGRATED TELECO AE 6,423 5.16 1.2% 1.2% 6.20 4.79 14.1 3.1 6.6% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , January 21, 2018 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 6,400 98.60 1.6% 1.6% 110.50 86.90 10.2 1.2 5.1% 37 EMAAR DEVELOPMENT PJSC AE 6,143 5.64 10.8% 10.8% 5.93 5.00 8.6 2.7 0.0% 38 SAVOLA GROUP COMPANY SJSC SA 6,002 42.15 6.8% 6.8% 51.00 32.30 0.0 2.4 0.0% 39 QATAR ELECTRICITY AND WATER CO QSC QA 5,736 189.85 6.7% 6.7% 247.90 161.99 12.9 2.4 4.0% 40 DAMAC PROPERTIES DUBAI CO PSC AE 5,667 3.44 4.2% 4.2% 4.57 2.48 6.6 1.6 7.3% 41 AHLI UNITED BANK BSC BA 5,313 0.70 0.0% 0.0% 0.79 0.60 9.3 1.2 5.8% 42 COMMERCIAL INTERNATIONAL BANK EG 5,202 79.12 2.3% 2.3% 88.80 71.12 13.5 3.5 0.6% 43 ALDAR PROPERTIES PJSC AE 4,967 2.32 5.5% 5.5% 2.74 2.10 7.1 0.8 0.0% 44 RABIGH REFINING AND PETROCHEMICAL SA 4,873 20.86 26.7% 26.7% 21.00 11.00 18.9 2.0 0.0% 45 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 4,576 11.44 6.9% 6.9% 11.54 7.40 17.5 1.2 0.0% 46 MESAIEED PETROCHEMICAL HOLDING CO QA 4,573 13.25 5.2% 5.2% 15.98 10.51 0.0 1.2 4.5% 47 QATAR INSURANCE CO SAQ QA 4,228 55.50 6.7% 6.7% 77.39 36.90 23.5 1.6 0.0% 48 AGILITY PUBLIC WAREHOUSING CO KSCP KW 3,979 896.00 11.7% 11.7% 984.00 509.09 17.4 1.2 1.5% 49 ALAWWAL BANK SA 3,895 12.78 8.3% 8.3% 13.24 10.25 19.2 1.1 0.0% 50 BARWA REAL ESTATE COMPANY QPSC QA 3,781 35.37 10.5% 10.5% 41.80 27.36 10.3 0.7 7.1% Company Name Total MCap; Weighted Avg Div Yield 704,708 3.4% Data and News Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated in the DIFC (Dubai International Financial Centre) and regulated by the DFSA (Dubai Financial Services Authority). The information contained in this report does not constitute any offer to sell securities or the solicitation of any offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended to be used by experienced investment persons with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority. More-over, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization's estimates and views and does not represent the views of AMCML and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCML has included such reports or made reference to such reports in good faith. This report may also provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers, AMCML takes no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCML does not accept any liability for any loss arising from the use of material presented in this report. AMCML may seek to do business, or may already have had some business dealings, with companies covered in this report. As a result, investors should be aware that AMCML may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCML research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company. Copyright © 2015 Al Masah Capital Management Limited 7