MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , March 18, 2018 Economic & Market News Reuters: US job growth likely rose at a brisk clip in February and probably pushed down the unemployment rate to more than 17-year low of 4%, but wage gains are expected to have slowed after 3 straight months of strong increases. The closely watched employment report from the Labor Department, is expected to underscore the economy’s strength and bolster expectations that the Fed’s will raise its interest rate forecasts for 2018. The Fed is currently anticipating 3 rate hikes this year. According to Reuters, nonfarm payrolls probably increased by 200,000 jobs last month amid unseasonably mild weather, after a similar gain in January. That would be above the monthly average of 181,000 jobs in 2017 and 100,000 jobs per month needed to keep up with growth in the working-age population. Average hourly earnings are forecasted to rise 0.2% in February. Average hourly earnings rebounded strongly after a surprise drop in October, rising 0.3% in November. That was followed by an increase of 0.4% and 0.3% in December and January respectively. Last month’s expected moderation is seen lowering the YoY increase in average hourly earnings to 2.8% from 2.9% in January, the largest rise since June 2009. Zawya: According to the International Energy Agency (IEA), global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018. The IEA raised its forecast for oil demand this year to 99.3 million bpd from 97.8 million bpd in 2017. Commercial oil inventories in industrialised OECD nations rose in January for the first time in 7 months to 2.871 billion barrels, 53 million barrels above their 5-year average. The January increase of 18 million barrels over the December inventory level was roughly half the size of rises normally seen at this time of year. With supply from Venezuela clearly vulnerable to an accelerated decline, without any compensatory change from other producers, it is possible that the Latin American country could be the final element that tips the market decisively into deficit. Assuming no change in the OPEC output for the rest of the year, the IEA expects a small increase in the OECD inventories in the first quarter of 2018 with declines after that. The agency expected supply from the nonOPEC to grow by 1.8 million bpd in 2018 to 97.9 million bpd, led by the US, where crude output was forecast to rise by 1.3 million bpd during 2018 to more than 11 million bpd by the end of the year. The OPEC crude output fell in February to 32.1 million bpd, led by Venezuela and the United Arab Emirates. The IEA raised its estimate for demand for OPEC oil to 32.4 million bpd for 2018 from last month's forecast of 32.3 million bpd. Al Masah Capital: Geo-political tensions and trade tariffs were the main focus of last week with investors being cautious due to news flow of the White House looking to impose tariffs on the Chinese imports. Oil responded positively to the news with crude oil ending the week at USD 66.21 per barrel, up +1.0% on a weekly basis, while WTI ended the week at USD62.34 per barrel. Most of the regional indices ended the week on a positive note with Egypt leading the pack among its peers with gains of 3.2% adding to its YTD performance to reach 13.2%, followed by Saudi Arabia with gains of 2.4% adding to its YTD performance to be 7.2% mostly driven by the expectation of a possible inclusion into the emerging market index. UAE markets ended the week positively with DFM rising by +1.3% and ADSM gaining +0.3% over the week. On the losing team, Bahrain was the worst performer with losses of -1.1%, followed by Oman -0.7% and Kuwait -0.3%. Moving forward, the regional markets will be driven by domestic developments coupled with sentiments seen within the global markets. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 66.21 1.10% 0.65% -0.99% 2.69 -1.61% 0.79% -8.97% Dubai (DFMGI) 3,197.30 1.26% -1.44% -5.13% Oil (Brent) Abu Dhabi (ADSMI) 4,542.74 0.35% -1.19% 3.28% Natural Gas Saudi (SASEIDX) 7,744.68 2.41% 4.39% 7.17% Gold 1313.00 -0.80% -0.35% 0.81% Kuwait (KWSE) 6,760.23 -0.26% -0.19% 5.50% Silver 16.30 -1.78% -0.64% -3.81% Egypt (EGX30) 16,999.10 3.20% 9.87% 13.18% EURUSD 1.23 -0.15% 0.77% 2.43% Qatar (DSM) 8,847.79 6.49% 2.25% 3.81% GBPUSD 1.39 0.66% 1.30% 3.16% Bahrain (BHSEIDX) 1,355.51 -1.08% -1.05% 1.79% USDJPY 106.00 -0.72% -0.63% -5.92% Oman (MSM30) 4,896.93 -0.67% -2.13% -3.97% USDCHF 0.95 0.11% 0.80% -2.29% TR GCC (Reuters) 193.04 2.02% -0.15% 1.04% AUDUSD 0.77 -1.71% -0.59% -1.10% TR MENA 135.54 1.90% 0.39% 2.19% USDCAD 1.31 2.22% 2.07% 4.12% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 24,946.51 -1.54% -0.33% 0.92% 1 Month 1.916 2.96% -0.397 -0.47% S&P 500 2,752.01 -1.24% 1.41% 2.93% 2 Month 2.178 5.14% -0.379 0.08% NASDAQ 7,019.95 -1.14% 2.41% 9.75% 3 Month 2.342 3.66% -0.330 -0.43% 377.71 -0.14% -0.51% -2.95% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,164.14 -0.84% -0.94% -6.81% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,389.58 0.35% -0.37% -4.09% CAC 40 5,282.75 0.16% -0.71% -0.56% Nikkei 225 21,676.51 0.97% -1.78% -4.78% SENSEX 33,176.00 -0.39% -2.95% -2.59% Shanghai Composite 3,269.88 -1.13% 0.32% -1.13% Hang Seng 31,501.97 1.63% 2.13% 5.29% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , March 18, 2018 Economic & Market News (continued) Zawya: According to the Institute of International Finance (IIF), the UAE remained the main destination of FDI inflows at approximately USD 11 billion in 2017, accounting for 22% of total FDI in the MENA region. The UAE's friendlier business environment, excellent infrastructure, relatively diversified economy, and political stability makes it the most preferred investment destinations in the world. Economic performance is likely to improve in 2018 with firming oil prices, an improvement in global trade, and the expected easing pace of fiscal adjustment. IIF expects non-hydrocarbon real GDP growth to pick up from 2% in 2017 to 2.7% in 2018 and growth in credit to the private sector is likely to accelerate from 1.7% in 2017 to 4% in 2018. The sizeable fiscal consolidation efforts of the past 3 years, with more emphasis recently on non-oil revenue measures (including the introduction of the VAT), would put the fiscal stance on a more sustainable footing over the medium term. The IIF expects a decrease in the UAE non-resident capital inflows from USD 40 billion in 2017 to USD 31 billion in 2018 due to less fiscal financing need. However, a significant increase is seen in corporate issuance in 2018 due mainly to the large refinancing need of loans and bonds that mature this year. The IIF expects GCC resident capital outflows, including change in official reserves and errors and omissions, to increase from USD 136 billion in 2017 to USD 210 billion in 2018. Zawya: According to OECD, the economy will see its strongest growth in 7 years in 2018 due to a rebound in trade and investment, while also warning a trade war could threaten the improved outlook. Updating its outlook for G20 economies, the OECD raised its global growth forecast for both 2018 and 2019 to 3.9% the highest since 2011 from a previous estimate of 3.6% for both years. Further stating that the economy is getting back to normal circumstances as seen in the last 10 years. The raised forecast was in part due to expectations that US tax cuts would boost the world's biggest economy. Rebounding global business investment would keep the global trade growth at about 5% this year. However, it said the global economy was vulnerable to an eruption of trade tensions after the US President’s administration slapped import tariffs on steel and aluminium which could obviously threaten the recovery. But it is believed as a significant risk, and it will not materialise because it would be fairly damaging. Among other hot economies, stronger growth in France and Germany boosted the outlook for the broader euro zone to 2.3% for this year and 2.1% in 2019. Previously, the OECD had forecast 2.1% and 1.9% respectively. Zawya: The projected rise in interest rate will boost profitability of the GCC banks. In a short term, the profitability is seen positive because most of the countries in GCC have large non-interest bearing deposits which mean that the impact of cost of funding will be very moderate. In the medium term, a more material increase in interest rates that will have negative impact on NPL ratios. Analysts expect that the US Fed’s could increase interest rates by 3-4 times this year by 25 bps each time. And most of the companies have seen their profits decrease because the cost of borrowing has increased. In the UAE, there is a fierce competition and more banks tend to focus on retail and blue-chip companies rather than the SME’s. According to Moody's, NPLs will remain low, averaging 3-4 % in 2018 due to modest economic conditions, higher borrowing costs, rising taxes and subsidy cuts will add pressure on the regional banking industry. Provisions will continue to rise to 20 to 30% of pre-provision income. The Global ratings agency further expects lending growth to pick up to 4% in 2018 and accelerate further next year after 1% contraction in 2017 due to a lower credit demand and the GCC economic growth will remain modest with ample liquidity but the reliance on government funding is on the rise. US Government Bonds - Yield to Maturity (%) 4 3 1.880 1.675 1.779 2 1.950 2.894 2.848 3.159 3.081 10Y 30Y 2.645 2.654 2.266 2.295 2.032 2.060 1.563 1.695 1 0 1M 3M 6M 12M 2Y 5Y Last Week 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 14.0 12 12.2 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 12.3 11.6 10.6 7.8 7.7 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 1.1 1.2 1.7 2.5 - - 1.2 - 0.8 0.9 257.2 300 238.8 135.8 103.7 1.5 55.4 81.0 78.4 - 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 , March 18, 2018 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 104.25 104.29 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.62 2.62 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 2.36 2.36 AAA 98.16 98.18 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.74 0.74 AAA 107.82 107.85 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.49 102.77 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 3.21 3.21 111.00 111.60 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.80 2.80 AAA 95.66 95.69 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.41 4.41 Aa3 150.06 151.06 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.05 7.05 B 98.04 98.79 United States of America US TREASURY N/B USD 15/05/2045 3.00 3.07 3.08 AAA 98.64 98.69 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.53 7.53 BB- 82.51 83.11 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 2.38 2.38 A3 101.75 101.77 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 3.13 3.13 A 104.50 104.58 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 3.13 3.13 A 105.37 105.44 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.56 3.56 Baa3 99.36 99.43 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.43 3.43 Aa3 103.50 104.25 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 3.16 3.16 AA 101.00 101.75 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.29 3.29 A 102.50 102.57 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 0.97 0.97 A+ 103.06 103.76 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.58 3.51 A 102.37 103.12 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.17 4.17 Baa2 102.13 102.56 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.76 3.77 A3 100.00 100.29 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.15 4.15 A 109.87 110.18 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.62 4.62 A 111.50 111.93 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.03 5.03 BBB+ 122.28 123.28 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 6.98 7.99 100.38 101.02 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.74 6.73 103.80 103.81 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , March 18, 2018 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.4400 1.7383 N/A 2.1117 2.3678 2.7608 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.39 1.00 1.80 1.91 2.17 2.34 2.50 2.63 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.44 2.70 2.85 3.03 3.19 3.40 3.66 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.79 2.03 2.02 2.22 2.39 2.42 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 1.39 1.35 1.80 2.18 1.70 1.85 2.00 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.48 2.77 2.96 3.10 3.23 3.41 3.63 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.63 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 2.34 2.43 0.12 0.12 1.34 1.57 1.8 1.60 1.80 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.28 2.53 2.64 0.00 2.72 2.7500 2.8000 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 1.36 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 1.46 1.43 2.25 1.69 1.87 2.12 2.35 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 1.65 1.90 2.59 2.74 3.00 3.10 3.26 3.48 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 3.18 3.45 3.63 3.67 3.72 3.71 3.76 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , March 18, 2018 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Dubai Abu Dhabi Saudi Kuwait YTD % Mkt. Cap. (AED mln) MARKA PJSC 0.52 -9.83% -5.08% 262 DUBAI ISLAMIC INSURANCE & REINS 0.71 -9.76% -10.89% 161 NATIONAL CEMENT CO PSC 2.70 -5.26% -6.90% 969 AMANAT HOLDINGS PJSC 1.36 -4.90% -8.11% 3,400 NATIONAL CENTRAL COOLING CO PJSC 1.65 -4.62% -9.34% 4,481 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) COMMERCIAL BANK INTERNATIONAL 0.76 -17.39% -17.39% 1,320 1,218 UNION INSURANCE CO PSC 1.38 -14.81% -22.91% 457 2.27% 17,691 ABU DHABI NATIONAL FOR BUILDING 0.50 -13.79% 19.05% 150 -4.88% 2,457 ABU DHABI NATIONAL ENERGY CO 0.72 -6.49% 30.91% 4,368 2.11% 8,130 ARKAN BUILDING MATERIALS CO PJSC 0.73 -5.19% 8.96% 1,278 WTD % YTD % Mkt. Cap. (SAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (SAR mln) 25.90 28.09% 39.25% 12,432 AL RAJHI COMPANY FOR CO-OP INS 67.80 -13.08% 14.72% 2,712 23.32 14.99% 21.46% 10,494 MALATH COOPERATIVE INSURANCE 16.38 -10.49% 3.54% 819 27.25 -10.21% 9.70% 681 YTD % Mkt. Cap. (AED mln) EMIRATES NBD BANK PJSC 10.50 19.32% 28.05% 58,357 ARABIAN SCANDINAVIAN INSURANCE 2.65 14.72% 14.72% 408 DAMAC PROPERTIES DUBAI CO PSC 3.16 6.04% -4.24% 19,118 TAKAFUL EMARAT INSURANCE PJSC 1.95 3.17% -2.01% 293 EMIRATES INTEGRATED TELECO 5.11 2.20% 0.20% 23,163 Close * WTD % YTD % Mkt. Cap. (AED mln) AGTHIA GROUP PJSC 4.70 22.08% -2.08% 2,820 UNION CEMENT CO PSC 1.82 17.42% 34.81% ALDAR PROPERTIES PJSC 2.25 4.17% BANK OF SHARJAH PJSC 1.17 3.54% NATIONAL BANK OF RAS AL KHAIMAH 4.85 2.11% Top Gainers Close * NATIONAL PETROCHEMICAL CO SJSC SAUDI INDUSTRIAL INVESTMENT Top Losers SAVOLA GROUP COMPANY SJSC 41.75 12.53% 5.83% 22,294 SALAMA COOPERATIVE INSURANCE UNITED ELECTRONICS COMPANY JSC 71.00 11.99% 49.95% 2,982 AL-OMRAN INDUSTRIAL AND TRADING 15.52 -6.73% -8.71% 93 ALMARAI CO SJSC 55.40 9.27% 2.97% 55,400 BURUJ COOPERATIVE INSURANCE CO 32.90 -5.19% -0.60% 823 Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) NATIONAL CONSUMER HOLDING CO 86.40 20.00% -4.00% 8 AL EID FOOD COMPANY KSCP 60.00 -33.33% -25.00% 6 AMAR FINANCE AND LEASING CO 39.00 14.71% -29.09% 8 INDEPENDENT PETROLEUM GROUP 365.00 -18.89% -8.52% 69 TAMKEEN HOLDING CO 20.00 14.29% 12.99% 1 KUWAIT CABLE VISION COMPANY 15.00 -17.13% -21.05% 1 ALRAI MEDIA GROUP CO KSCP 135.00 13.45% 12.50% 31 NATIONAL INDUSTRIES COMPANY 170.00 -12.37% -17.87% 60 KUWAIT FOUNDRY COMPANY KPSC 249.00 11.66% 0.00% 38 KUWAIT AND MIDDLE EAST FINANCIAL 24.50 -11.87% 2.08% 6 Top Gainers Close * WTD % YTD % Mkt. Cap. (EGP mln) Top Losers Close * WTD % YTD % Mkt. Cap. (EGP mln) DEVELOPMENT AND ENGINEERING CO 21.96 39.25% 91.29% 391 SOUHAG NATIONAL COMPANY FOOD 36.41 -16.18% 11.48% 0 EL SEWEDY ELECTRIC CO SAE 208.62 27.39% 41.51% 45,540 UNION PHARMACIST COMPANY 2.14 -12.30% -57.03% 29 INDUSTRIAL AND ENGINEERING ENTER 11.65 24.20% 27.88% 70 BARBARY INVESTMENT GROUP SAE 0.53 -10.17% 12.77% 16 MISR NATIONAL STEEL SAE 36.47 20.16% 93.37% 1,093 GENIAL TOURS CO SAE 3.17 -9.43% 16.12% 15 ALEXANDRIA FLOUR MILLS AND BAKER 20.77 17.81% -28.38% 683 INTERNATIONAL CO FOR AGRICULTUR 3.99 -9.11% 78.13% 335 Top Gainers Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) ZAD HOLDING CO SAQ 100.99 24.68% 24.68% 1,321 AL KHALEEJ TAKAFUL GROUP QPSC 10.66 -11.17% -19.49% 272 QATAR NATIONAL BANK QPSC 139.98 19.63% 11.09% 129,292 SALAM INTERNATIONAL INVESTMENT 5.41 -7.84% -21.48% 618 QATAR ELECTRICITY AND WATER CO 195.01 14.38% 9.56% 21,451 QATAR INDUSTRIAL MANUFACTURIN 41.00 -6.82% -6.18% 1,948 INDUSTRIES QATAR QSC 104.90 11.60% 8.14% 63,465 AHLI BANK QSC 31.70 -6.76% -14.63% 6,668 BARWA REAL ESTATE COMPANY QPSC 35.50 9.60% 10.94% 13,814 DOHA BANK QPSC 26.95 -6.13% -5.44% 8,356 Top Gainers Egypt WTD % WTD % Top Gainers Qatar Close * Close * Top Gainers Data and News Source: Thomson Reuters Top Losers 5
6. Weekly Investment Report Sunday , March 18, 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 87,995 110.00 2 SAUDI TELECOM COMPANY SJSC SA 44,264 83.00 5.2% 8.1% 112.00 94.25 17.9 2.0 3.8% 9.2% 21.0% 84.00 65.10 16.3 2.7 4.8% 3 EMIRATES TELECOMMUNICATIONS GROUP AE 42,151 17.80 3.5% 1.7% 18.85 15.75 17.9 3.5 4.5% 4 QATAR NATIONAL BANK QPSC QA 35,520 139.98 17.1% 11.1% 151.00 115.01 9.8 1.7 4.3% 5 NATIONAL COMMERCIAL BANK SJSC SA 33,972 63.70 9.1% 15.6% 64.50 37.00 13.0 2.0 2.7% 6 FIRST ABU DHABI BANK PJSC AE 32,640 11.00 -4.8% 7.3% 11.70 9.77 12.2 1.2 0.0% 7 AL RAJHI BANKING & INVESTMENT CORP SA 32,065 74.00 1.2% 14.6% 78.20 61.00 13.2 2.2 5.4% 8 SAUDI ELECTRICITY COMPANY SJSC SA 23,554 21.20 5.1% 0.7% 26.05 19.76 8.8 1.1 3.3% 9 DP WORLD LTD AE 18,949 22.83 -6.6% -8.7% 27.06 20.30 19.1 1.9 1.8% 10 INDUSTRIES QATAR QSC QA 17,435 104.90 1.5% 8.1% 115.00 85.00 19.1 1.9 4.8% 11 SAUDI ARABIAN MINING CO SJSC SA 16,233 52.10 2.2% 0.0% 57.10 39.20 85.2 2.3 0.0% 12 EMIRATES NBD BANK PJSC AE 15,890 10.50 18.6% 28.0% 10.55 7.95 7.5 1.0 3.8% 13 NATIONAL BANK OF KUWAIT SAKP KW 15,312 775.00 0.6% 6.5% 800.00 640.00 14.7 1.4 3.9% 14 ALMARAI CO SJSC SA 14,773 55.40 7.6% 3.0% 78.64 50.00 26.4 3.8 1.4% 15 SAMBA FINANCIAL GROUP SJSC SA 14,213 26.65 7.9% 13.3% 27.10 20.30 10.6 1.2 5.6% 16 EMIRATES ISLAMIC BANK PJSC AE 14,047 9.50 0.0% -3.1% 10.20 4.90 73.5 7.1 0.0% 17 JABAL OMAR DEVELOPMENT CO SJSC SA 12,664 51.10 -2.9% -13.5% 75.60 50.40 352.7 4.7 0.0% 18 SAUDI BRITISH BANK SJSC SA 12,159 30.40 7.4% 12.6% 31.55 20.50 11.5 1.4 4.7% 19 EMAAR PROPERTIES PJSC AE 11,619 5.96 -3.4% -8.8% 8.43 5.77 7.2 1.0 2.5% 20 KUWAIT FINANCE HOUSE KSCP KW 11,297 587.00 -0.3% 1.9% 650.00 467.00 18.1 1.8 2.9% 21 RIYAD BANK SJSC SA 11,119 13.90 5.6% 10.5% 14.18 10.10 10.6 1.1 5.3% 22 YANBU NATIONAL PETROCHEMICALS CO SA 10,559 70.40 4.1% 19.3% 70.90 52.00 16.7 2.4 4.6% 23 ABU DHABI COMMERCIAL BANK PJSC AE 10,106 7.14 -2.2% 5.0% 7.50 6.55 9.0 1.1 5.9% 24 BANQUE SAUDI FRANSI SJSC SA 9,642 30.00 3.1% 5.3% 33.40 23.35 10.2 1.1 4.7% 25 KINGDOM HOLDING CO SA 9,013 9.12 -0.1% 2.5% 11.30 7.90 53.4 1.1 5.5% 26 ABU DHABI NATIONAL OIL CO FOR DIST AE 8,679 2.55 -5.2% -3.8% 2.90 2.50 17.7 11.2 2.3% 27 ALINMA BANK SJSC SA 8,048 20.12 1.5% 5.0% 20.86 14.00 14.9 1.5 4.0% 28 SAUDI ARABIA FERTILIZERS CO SJSC SA 8,000 72.00 9.1% 10.4% 72.00 57.00 34.1 4.4 2.4% 29 ARAB NATIONAL BANK SA 7,786 29.20 14.5% 17.9% 29.45 19.00 9.6 1.2 4.1% 30 MASRAF AL RAYAN QPSC QA 7,624 37.00 -1.6% -2.0% 45.40 33.32 13.7 2.1 5.4% 31 EMAAR MALLS PJSC AE 7,548 2.13 0.5% 0.0% 2.70 2.00 14.2 1.7 4.7% 32 DUBAI ISLAMIC BANK PJSC AE 7,536 5.60 -7.6% 0.0% 6.63 5.40 7.2 1.1 0.0% 33 OOREDOO QSC QA 7,477 84.97 -2.3% -6.4% 108.50 78.00 13.8 1.2 4.1% 34 EZDAN HOLDING GROUP QSC QA 6,704 9.20 1.1% -23.8% 16.30 6.19 14.4 0.8 0.0% 35 MOBILE TELECOMMUNICATIONS CO KW 6,659 461.00 -3.6% 6.2% 570.00 407.00 11.6 1.4 7.6% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , March 18, 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 6,394 98.50 2.6% 1.5% 105.00 86.90 10.6 1.2 5.1% 37 EMIRATES INTEGRATED TELECO AE 6,307 5.11 2.2% 0.2% 6.20 4.79 13.5 2.9 6.8% 38 SAVOLA GROUP COMPANY SJSC SA 5,945 41.75 13.1% 5.8% 51.00 35.15 0.0 2.5 0.0% 39 QATAR ELECTRICITY AND WATER CO QSC QA 5,893 195.01 14.0% 9.6% 222.00 161.99 13.3 2.4 4.0% 40 COMMERCIAL INTERNATIONAL BANK EG 5,868 88.85 15.1% 14.9% 91.50 72.00 14.5 3.6 1.1% 41 RABIGH REFINING AND PETROCHEMICAL SA 5,732 24.54 2.7% 49.1% 25.30 11.00 15.1 2.1 2.0% 42 EMAAR DEVELOPMENT PJSC AE 5,544 5.09 -3.8% 0.0% 5.93 5.00 7.8 2.4 0.0% 43 AHLI UNITED BANK BSC BA 5,389 0.71 -2.7% 1.4% 0.79 0.62 9.2 1.2 0.0% 44 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 5,216 13.04 1.6% 21.9% 13.30 7.40 29.3 1.4 0.0% 45 DAMAC PROPERTIES DUBAI CO PSC AE 5,206 3.16 5.3% -4.2% 4.57 2.48 6.9 1.4 0.0% 46 ALDAR PROPERTIES PJSC AE 4,817 2.25 4.2% 2.3% 2.50 2.09 0.0 0.8 5.3% 47 MESAIEED PETROCHEMICAL HOLDING CO QA 4,794 13.89 -4.1% 10.3% 15.20 10.51 16.0 1.2 0.0% 48 JARIR MARKETING CO SJSC SA 4,440 185.00 8.8% 26.4% 188.00 125.00 20.0 10.4 3.9% 49 ALAWWAL BANK SA 3,853 12.64 2.8% 7.1% 13.24 10.25 10.8 1.1 2.0% 50 BARWA REAL ESTATE COMPANY QPSC QA 3,795 35.50 5.3% 10.9% 38.79 27.36 8.1 0.7 7.0% Company Name Total MCap; Weighted Avg Div Yield 712,443 3.4% Data and News Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Limited (“AMCL”). AMCL is a company incorporated in the Cayman Islands as an Exempt Company established under the laws of the Cayman Monetary 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 AMCL 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 unla wful. 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 AMCL, as to their accuracy, completeness or correctness and AMCL 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 AMCL and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness and AMCL 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, AMCL 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 un dertakings, securities or other financial instruments involve general and specific risks. Past results do not guarantee future performance. AMCL does not accept any liability for any loss arising from the use of material presented in this report. AMCL 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 AMCL may be considered as having a conflict of interest that could affect the objectivity of research produced. Investors should consider any AMCL research as only a single factor in making any investment decision. This document has not been reviewed by, approved by or filed with the CIMA. 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 Limited 7