MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , April 22, 2018 Economic & Market News Reuters: Global growth will keep a steady pace this year and next year, buoyed by stronger trade and U.S. fiscal stimulus that will fade by the early 2020s, while increased tariffs could damage market confidence and output, according to the IMF. The IMF kept its 2018 and 2019 global growth forecasts unchanged at 3.9% for both years after upgrades in January. The IMF said it raised its U.S. growth forecast by 0.2% points for both years, to 2.9% for 2018 and 2.7% for 2019. It said lower U.S. corporate income tax rates and accelerated investments due to a temporary tax break would boost U.S. growth through 2020, but these effects would then reverse quickly, causing a slowdown. Forecasts were cut slightly for Canada, the MENA countries, as well as a number of low-income developing countries. Risks to the global growth forecasts were broadly balanced for the next few quarters, with the potential for stronger business profits to increase hiring and investments that could boost productivity. But trade tensions, such as the US and China's recent tariff announcements, could take a direct toll on trade and the economic activity and also cause a financial market turmoil that would tighten financial conditions and hurt confidence. Zawya: Growth in Abu Dhabi and Dubai will remain at a sustained level of approximately 3% over the next few years, if oil prices remain stable around current levels; growth is predicted to be steady, albeit modest when compared with over 4% per annum achieved pre-2015, according to Fisch Asset Management (Fisch). A report by Independent Credit Review (I-CV), a subsidiary of Fisch, confirmed Abu Dhabi’s credit quality as AA-, with the emirate benefitting from comfortable reserves, but with a forecast of a slightly negative national budget and rising debt levels over the coming years. Dubai received an upgrade to BBB+, stemming from a gradual reduction in total debt, including contingent obligations from state-owned companies, from 141% at the end of 2013 to 111% at the end of 2016. The selective introduction of import tariffs and VAT will not negatively impact the economic growth in the emirates but will instead support the fiscal situation in light of lower oil-related activities, according to the report. The UAE’s debt position is considered by the report to have been gradually defused since the 2008 crisis in Dubai, primarily due to robust GDP growth over the last few years. However, debt among state-owned companies is considered to be a risk factor. Al Masah Capital: Global markets have ended higher during the week as strong earnings and positive developments on the economic front boosted sentiments. Further, oil prices continued to maintain the positive momentum with gains of 2.0% W-o-W to reach USD 74.06 per barrel at the end of the week. Going forward, investors will continue to take cues from first quarter earnings, which will help accessing the overall economic environment and further substantiate the optimistic outlook highlighted during the fourth quarter of 2017. On the regional front, the sentiments were mostly positive during the week as five out of the eight indexes ending in green, while three were in the negative territory. Saudi Arabia was the best performer, recording gains of 5.8% during the week, as the index continues to remain the most preferred market, supported by continued funds inflow. The gains recorded during the week added to YTD performance of 14.5%, the second best in the region. Kuwait and Dubai continued to remain under pressure as both markets ended lower by 0.5% and 0.4%, respectively, for the week. Regional investors will remain index biased unless the strong first quarter earnings warrant a change in perception. Indexes Commodities & FX Last WTD (%) MTD (%) YTD (%) 74.06 2.04% 5.39% 10.75% 2.74 0.15% 0.22% -7.25% 1334.72 -0.77% 0.81% 2.48% 17.11 2.96% 4.85% 0.97% 1.23 -0.35% -0.28% 2.42% GBPUSD 1.40 -1.66% -0.09% 3.63% 107.65 0.30% 1.31% -4.46% Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,082.09 -0.40% -0.85% -8.55% Oil (Brent) Abu Dhabi (ADSMI) 4,706.56 1.15% 2.64% 7.01% Natural Gas Saudi (SASEIDX) 8,277.14 5.79% 5.16% 14.54% Gold Kuwait (KWSE) 4,839.37 -0.51% -3.21% 0.50% Silver Egypt (EGX30) 17,781.02 0.94% 1.90% 18.39% EURUSD Qatar (DSM) 9,196.62 3.12% 7.26% 7.90% Bahrain (BHSEIDX) 1,301.40 0.77% -1.29% -2.28% USDJPY Oman (MSM30) 4,759.65 -0.35% -0.29% -6.66% USDCHF 0.97 1.27% 2.20% 0.01% TR GCC (Reuters) 197.78 3.62% 3.77% 3.52% AUDUSD 0.77 -1.21% -0.08% -1.65% TR MENA 138.70 3.38% 3.48% 4.57% USDCAD 1.28 1.17% -1.04% 1.43% Last WTD (%) MTD (%) YTD (%) DJI 24,462.94 0.42% 1.49% -1.04% S&P 500 2,670.14 0.52% 1.11% -0.13% NASDAQ 6,667.75 0.59% 1.32% 4.24% 381.84 0.70% 2.96% FTSE 100 7,368.17 1.43% DAX 12,540.50 0.79% CAC 40 5,412.83 Nikkei 225 SENSEX Indexes LIBOR US Dollar WoW (%) Euro WoW (%) 1 Month 2.056 1.69% -0.383 -0.85% 2 Month 2.362 1.31% -0.365 0.27% 3 Month 2.509 1.76% -0.324 -0.09% -1.89% 6 Month 1.453 0.00% -0.300 0.14% 4.42% -4.16% 12 Month 1.736 -0.02% -0.187 0.16% 3.67% -2.92% 1.84% 4.75% 1.89% 22,162.24 1.76% 3.30% -2.65% 34,415.58 0.65% 4.39% 1.05% Shanghai Composite 3,071.54 -2.77% -3.07% -7.12% Hang Seng 30,418.33 -1.27% 1.08% 1.67% STOXX Europe 600 Data and News Source: Thomson Reuters 1
2. Weekly Investment Report Sunday , April 22, 2018 Economic & Market News (continued) Zawya: According to the IMF, Saudi Arabia’s economy will grow 1.6% in 2018, ahead of earlier 1.1% forecasts and in stark contrast to the contraction of the economy that took place in the prior year. The increase in activity within the local hiring market with added dynamism compared to the previous years. Driven largely by Saudi Vision 2030 and shifts in legislative requirements, the economy is moving rapidly away from its former reliance on the oil and gas sector with growing opportunities across a number of other industries. The most noticeable area of uplift is with the hiring of Saudi nationals across all sectors and the added opportunities for females in the employment market. The Kingdom’s e-commerce is set to continue as one of the busiest industries for available jobs in the coming months, particularly with regards to online retail, a main focus for all types of businesses operating in the region. The entertainments industry in itself represents a significant opportunity in the Kingdom with positive implications for hiring across a number of different job categories. Overall, it is clear that the business landscape in Saudi Arabia is at a significant turning point with huge and unprecedented opportunities for business ahead. Reuters: Japan’s exports rose less than expected in March due to a strong yen, raising some concern about the outlook for shipments on top of anxiety over Washington’s criticism of the nation’s large trade surplus with the U.S. While the trade surplus with the U.S. narrowed slightly by 0.2% YoY to USD 5.82 billion in March, it was still sizable enough to draw criticism from Trump. The backdrop of rising trade tensions, stoked by the bitter US-China tariff standoff, have roiled financial markets as investors worried about their impact on the global growth. Growth in export-reliant Japan could be undermined in the event of a hit to world trade, or if the U.S. seeks measures to lower its trade deficit with the world’s third-biggest economy. In March, the shipments grew by 2.1% from the same period a year ago, below the 4.7% annual increase expected by Reuters. In February, exports grew by 1.8 %. The yen was 6.3% higher versus the dollar in March compared to the same period a year ago. This weighed on the value of Japan’s exports. The U.S. president has imposed tariffs on steel and aluminium imports, which will affect Japanese companies, and has also criticised Japan for its low number of U.S. auto imports. Japan’s exports to the European Union slowed sharply to a 0.3% annual increase in March from an 11.5% increase in February, which could raise some concern about demand from Europe. In one positive sign, Japan’s exports to China jumped 10.8% in March from a year ago, rebounding from a 9.7% decline in February as factories resumed operations after the Lunar New Year holidays. Economists expect Japan’s exports to expand at a slower pace than last year due to a tapering off in demand for semiconductors and electronic parts. Zawya: The non-oil economy improved in 2017, with growth exceeding expectations. The rebound has come from project spending and a recovering consumer sector. Data thus far in 2018 continued to indicate that the recovery in consumer activity is robust. Meanwhile, the solid U.S. economy saw the Fed raise interest rates again in March, with the Central Bank of Kuwait deciding to do the same to keep interest rates margins narrow and to maintain the stability of the currency. The non-oil economy grew by 3.3% in 2017, up from 2% the year before and slightly stronger than our 3% forecast. The pace of growth slowed slightly in 4Q17 to 2.4% YoY, but overall the economy has continued to recover from the sharp slowdown in late-2014 and 2015. The trend is expected to continue in 2018 and 2019, with non-oil growth seen accelerating to 3.5% and 4%, respectively. US Government Bonds - Yield to Maturity (%) 4 2.791 3 1.759 1.807 2 1.960 2.009 2.099 3.036 3.142 10Y 30Y 2.676 2.457 2.369 2.201 2.828 2.951 1.629 1.647 1 0 1M 3M 6M 12M 2Y 5Y Last Week Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 140 50 130 40 120 110 30 100 20 90 80 10 70 Oct-14Dec-14Mar-15May-15 Jul-15 Sep-15Nov-15 Jan-16Mar-16May-16 Jul-16 Sep-16Nov-16 Jan-17Mar-17May-17 Jul-17 Sep-17Nov-17 Jan-18Mar-18 S&P 500 STOXX Europe 600 TR MENA MSCI Asia ex. Japan PE 15.1MENA Market - Price Ratios 16 12.6 11.2 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 0 60 5-Year CDS Rates (basis points) PB 600 12.3 12.3 12 8 4 8.2 7.6 1.0 289.4 300 1.3 2.6 1.8 - - 1.2 - 0.8 0.8 256.2 149.0 110.8 1.5 62.3 87.7 87.6 - 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 , April 22, 2018 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 103.74 103.78 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.76 2.76 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 2.51 2.50 AAA 97.94 97.96 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.77 0.77 AAA 107.39 107.43 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.41 102.68 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 3.30 3.35 110.38 111.38 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.93 2.92 AAA 94.91 94.94 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.61 4.61 Aa3 147.35 148.35 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.25 7.22 B 95.89 96.74 United States of America US TREASURY N/B USD 15/05/2045 3.00 3.14 3.14 AAA 97.44 97.47 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.75 7.74 BB- 80.42 81.17 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 2.77 2.77 A 101.19 101.20 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 3.48 3.48 A 103.74 103.81 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 3.51 3.49 A 104.49 104.56 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.69 3.68 Baa3 99.21 99.28 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.60 3.60 Aa3 102.99 103.74 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 3.41 3.41 AA 100.63 101.38 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.60 3.60 A 102.36 102.44 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.00 0.99 A+ 102.86 103.56 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.76 3.75 A 101.63 102.38 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.31 4.31 Baa2 101.38 101.81 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.82 3.81 A3 99.68 99.96 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.49 4.49 A 107.69 107.99 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.60 4.60 A 111.58 112.01 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.12 5.12 BBB+ 120.95 121.95 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.46 8.13 99.72 100.34 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.70 6.81 103.75 104.30 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , April 22, 2018 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.6725 2.0163 N/A 2.4467 2.7746 3.1238 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.71 1.25 1.91 2.04 2.36 2.50 2.58 2.70 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.67 2.90 3.06 3.17 3.26 3.46 3.71 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 2.05 2.03 2.34 2.52 2.39 2.73 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 1.68 1.90 2.03 2.04 2.57 2.64 2.43 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.38 2.89 3.06 3.20 3.30 3.52 3.77 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.75 2.00 2.19 2.44 2.39 2.25 O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 2.51 2.59 0.12 0.12 0.37 1.76 1.25 1.50 1.75 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.02 2.35 2.43 0.00 2.49 2.4800 2.5100 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 1.31 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 1.74 1.69 1.69 1.93 2.08 2.40 2.57 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 1.85 2.15 2.75 2.88 3.06 3.25 3.39 3.59 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.65 1.95 3.75 3.75 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 3.31 3.61 3.76 3.81 3.84 3.82 3.87 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , April 22, 2018 Dubai Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) MARKA PJSC 0.33 -28.04% -39.93% 165 22,039 DUBAI REFRESHMENTS PJSC 12.00 -6.25% -17.24% 1,080 3,400 AJMAN BANK PJSC 1.00 -5.66% -10.71% 1,680 EMAAR PROPERTIES PJSC 5.64 -2.93% -13.73% 40,379 DAR AL TAKAFUL PJSC 0.67 -2.90% -22.48% 100 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) RAS AL KHAIMAH POULTRY AND FEED 2.70 -10.00% -20.59% 233 162 RAS AL KHAIMAH CEMENT CO PSC 0.70 -9.09% 11.11% 391 23.71% 427 UNITED ARAB BANK PJSC 1.05 -8.70% -42.20% 2,166 16.11% 443 UNION INSURANCE CO PSC 1.39 -7.33% -22.35% 460 6.82% -2.49% 2,643 ABU DHABI NATIONAL TAKAFUL CO 5.00 -4.58% -2.91% 500 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) SAUDI INDUSTRIAL INVESTMENT GRP 26.90 18.29% 40.10% 12,105 ABDULMOHSEN AL HOKAIR GROUP 20.88 -5.52% -15.33% 1,148 DEVELOPMENT WORKS FOOD CO CJSC 73.00 17.74% 4.29% 91 UNITED INTERNATIONAL TRANSPORT 36.85 -5.51% 35.48% 2,623 32.80 -5.48% -0.91% 820 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) NATIONAL CENTRAL COOLING CO PJSC 1.74 4.19% -4.40% 4,725 EMAAR DEVELOPMENT PJSC 5.51 3.18% 8.25% AMANAT HOLDINGS PJSC 1.36 2.26% -8.11% GULF NAVIGATION HOLDING PJSC 1.04 1.96% -17.92% 956 DUBAI INVESTMENTS PJSC 2.10 1.94% -12.86% 8,929 Close * WTD % YTD % Mkt. Cap. (AED mln) ABU DHABI NATIONAL ENERGY CO 1.19 13.33% 116.36% 7,219 ABU DHABI NATIONAL FOR BUILDING 0.54 10.20% 28.57% FUJAIRAH CEMENT INDUSTRIES CO 1.20 10.09% ABU DHABI SHIP BUILDING PJSC 2.09 8.29% GULF PHARMACEUTICAL INDUSTRIES 2.35 Top Gainers Egypt Kuwait Saudi Abu Dhabi Top Gainers Top Losers NAMA CHEMICALS COMPANY SJSC 20.22 15.68% 14.63% 476 BURUJ COOPERATIVE INSURANCE CO SAUDI RESEARCH AND MARKETING 91.40 15.26% 54.13% 7,312 SAUDI PHARMACEUTICAL INDUSTRIES 29.70 -5.41% -1.33% 3,564 AL SAGR COOPERATIVE INSURANCE 25.00 15.21% 1.71% 625 YANBU CEMENT COMPAY SJSC 30.30 -5.31% -10.36% 4,772 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Top Losers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) EFFECT REAL ESTATE COMPANY KPSC 22.90 52.67% -2.14% 2 BOUBYAN INTERNATIONAL INDUSTRY 28.50 -16.18% -22.76% 4 AL MASAKEN INTERNATIONAL RE 84.00 20.00% 6.33% 8 KUWAIT REAL ESTATE HOLDING CO 23.00 -9.45% -28.13% 4 MUBARRAD HOLDING CO KSCP 69.00 11.11% 7.81% 11 COMMERCIAL BANK OF KUWAIT KPSC 383.00 -9.40% 5.32% 694 LIVESTOCK TRANSPORT AND TRADING 220.00 10.00% -3.93% 48 KUWAIT RESORTS COMPANY KPSC 59.80 -8.98% -14.57% 12 DANAH AL SAFAT FOODSTUFF CO 50.00 9.89% -62.39% 7 METAL AND RECYCLING CO KSCP 60.00 -7.69% -20.00% 6 Top Gainers Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) EL NASR FOR MANUFACTURING AGRI 17.67 27.95% 114.44% 139 TRANS OCEANS TOURS SAE 0.07 -12.50% 16.67% 7 EL AHRAM CO FOR PRINTING & PACK 8.18 15.37% 79.39% 68 PIONEERS HOLDING CO FOR FINANCIA 9.17 -11.91% 11.29% 6,595 GULF CANADIAN CO FOR ARAB RE 11.49 14.44% 3.42% 57 MISR NATIONAL STEEL SAE 56.11 -9.85% 197.51% 1,680 TELECOM EGYPT CO SAE 14.84 12.59% 10.58% 25,290 ALEXANDRIA MEDICAL SERVICES CO 28.48 -8.92% 18.67% 354 MISR OILS AND SOAP CO SAE 31.35 12.41% 22.60% 188 AL TAWFEEK COMPANY FOR FINANCI 7.32 -8.39% -5.91% 585 Close * WTD % YTD % Mkt. Cap. (QAR mln) Top Losers Close * WTD % YTD % Mkt. Cap. (QAR mln) EZDAN HOLDING GROUP QSC 12.07 14.08% -0.08% 32,016 QATAR CINEMA AND FILM DIST 22.61 -9.56% -9.56% 142 AL KHALEEJ TAKAFUL GROUP QPSC 11.51 12.84% -13.07% 294 ZAD HOLDING CO SAQ 73.00 -8.75% -0.86% 1,050 AAMAL CO QPSC 11.25 8.17% 29.61% 7,088 MANNAI CORPORATION QPSC 48.46 -3.08% -18.55% 2,211 BARWA REAL ESTATE COMPANY QPSC 36.25 7.89% 13.28% 14,106 DLALA BROKERAGE AND INVESTMENT 11.15 -2.96% -24.15% 317 DOHA BANK QPSC 27.75 7.77% -2.63% 8,604 ALIJARAH HOLDING CO QPSC 10.18 -1.93% -4.95% 504 Top Gainers Qatar Top Losers Data and News Source: Thomson Reuters Top Losers 5
6. Weekly Investment Report Sunday , April 22, 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 98,240 122.80 5.5% 20.6% 123.80 94.25 20.0 2.2 3.4% 2 SAUDI TELECOM COMPANY SJSC SA 45,173 84.70 2.2% 23.5% 86.00 65.10 16.7 2.7 4.7% 3 EMIRATES TELECOMMUNICATIONS GROUP AE 41,206 17.40 -1.4% -0.6% 18.85 15.75 17.5 3.4 4.6% 4 QATAR NATIONAL BANK QPSC QA 38,950 153.50 18.1% 21.8% 155.00 115.01 10.6 2.0 3.9% 5 FIRST ABU DHABI BANK PJSC AE 37,239 12.55 7.3% 22.4% 12.65 10.05 13.9 1.3 5.6% 6 AL RAJHI BANKING & INVESTMENT CORP SA 36,573 84.40 11.9% 30.7% 84.80 61.00 15.0 2.5 0.0% 7 NATIONAL COMMERCIAL BANK SJSC SA 35,680 66.90 2.8% 21.4% 66.90 37.90 13.6 2.1 2.5% 8 SAUDI ELECTRICITY COMPANY SJSC SA 23,888 21.50 4.2% 2.1% 26.05 19.76 13.0 1.2 3.3% 9 INDUSTRIES QATAR QSC QA 18,698 112.50 7.0% 16.0% 115.00 85.00 20.5 2.0 4.4% 10 DP WORLD LTD AE 18,393 22.16 -1.5% -11.4% 27.06 20.30 15.6 1.7 1.9% 11 SAUDI ARABIAN MINING CO SJSC SA 17,886 57.40 4.9% 10.2% 57.70 39.50 93.8 2.6 0.0% 12 ALMARAI CO SJSC SA 15,707 58.90 6.7% 9.5% 78.64 50.00 27.8 3.9 1.3% 13 EMIRATES NBD BANK PJSC AE 15,663 10.35 -3.7% 26.2% 11.00 7.95 7.0 1.0 3.9% 14 SAMBA FINANCIAL GROUP SJSC SA 15,467 29.00 8.2% 23.3% 29.20 20.50 11.6 1.3 5.2% 15 NATIONAL BANK OF KUWAIT SAKP KW 14,999 723.00 -3.6% 4.3% 761.90 619.05 14.4 1.4 3.8% 16 EMIRATES ISLAMIC BANK PJSC AE 14,048 9.50 0.0% -3.1% 10.00 4.90 74.8 7.9 0.0% 17 SAUDI BRITISH BANK SJSC SA 13,000 32.50 3.7% 20.4% 32.50 21.45 12.3 1.5 4.4% 18 RIYAD BANK SJSC SA 11,952 14.94 7.6% 18.8% 15.00 10.10 11.4 1.2 4.9% 19 JABAL OMAR DEVELOPMENT CO SJSC SA 11,710 47.25 -6.6% -20.1% 75.60 46.65 0.0 4.6 0.0% 20 YANBU NATIONAL PETROCHEMICALS CO SA 11,100 74.00 1.2% 25.4% 74.50 52.00 17.5 2.5 4.4% 21 EMAAR PROPERTIES PJSC AE 10,995 5.64 -2.8% -13.7% 8.43 5.52 7.1 0.8 0.0% 22 KUWAIT FINANCE HOUSE KSCP KW 10,948 517.00 -4.1% -1.3% 590.91 424.55 17.5 1.7 2.7% 23 BANQUE SAUDI FRANSI SJSC SA 10,575 32.90 12.1% 15.4% 33.40 25.30 11.2 1.2 4.3% 24 ABU DHABI COMMERCIAL BANK PJSC AE 9,979 7.05 6.8% 3.7% 7.50 6.50 8.9 1.1 6.0% 25 KINGDOM HOLDING CO SA 8,894 9.00 -0.2% 1.1% 11.30 7.90 50.3 1.1 5.6% 26 EZDAN HOLDING GROUP QSC QA 8,796 12.07 15.0% -0.1% 16.30 6.19 18.9 1.1 0.0% 27 ARAB NATIONAL BANK SA 8,560 32.10 9.6% 29.6% 33.65 19.15 10.6 1.3 3.7% 28 ALINMA BANK SJSC SA 8,432 21.08 2.2% 10.0% 21.58 14.00 15.6 1.5 3.8% 29 ABU DHABI NATIONAL OIL CO FOR DIST AE 8,373 2.46 -6.8% -7.2% 2.90 2.44 17.0 10.8 2.4% 30 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,911 71.20 0.7% 9.2% 73.10 57.00 33.8 4.3 2.5% 31 MASRAF AL RAYAN QPSC QA 7,516 36.48 3.2% -3.4% 45.40 33.32 13.4 2.3 5.5% 32 EMAAR MALLS PJSC AE 7,512 2.12 -1.4% 0.0% 2.70 2.00 13.2 1.7 0.0% 33 DUBAI ISLAMIC BANK PJSC AE 7,321 5.44 2.4% -12.1% 6.63 5.23 6.7 1.1 8.3% 34 OOREDOO QSC QA 7,304 83.00 0.6% -8.5% 108.00 78.00 13.5 1.1 4.2% 35 QATAR ISLAMIC BANK QPSC QA 7,043 108.50 11.3% 11.9% 108.50 86.90 11.3 1.4 4.6% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , April 22, 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 RABIGH REFINING AND PETROCHEMICAL SA 6,856 29.35 18.3% 78.3% 30.00 11.00 18.1 2.5 1.7% 37 QATAR ELECTRICITY AND WATER CO QSC QA 6,104 201.99 7.4% 13.5% 217.70 161.99 13.7 2.5 3.8% 38 EMIRATES INTEGRATED TELECOM AE 6,085 4.93 3.6% -3.3% 5.90 4.73 0.0 2.8 0.0% 39 MOBILE TELECOMMUNICATIONS CO KW 6,054 419.00 -12.7% -3.5% 570.00 407.00 10.6 1.2 8.4% 40 EMAAR DEVELOPMENT PJSC AE 6,001 5.51 2.0% 8.3% 5.93 5.00 8.4 2.6 0.0% 41 SAVOLA GROUP COMPANY SJSC SA 5,981 42.00 -5.0% 6.5% 51.00 35.15 22.2 2.5 2.4% 42 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 5,944 14.86 8.8% 38.9% 14.98 7.95 33.4 1.6 0.0% 43 COMMERCIAL INTERNATIONAL BANK EG 5,879 89.36 0.4% 15.5% 92.10 72.00 14.6 3.7 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 5,702 16.52 12.5% 31.2% 16.80 10.51 19.1 1.4 4.2% 45 AHLI UNITED BANK BSC BA 4,942 0.62 -8.3% -7.0% 0.70 0.59 8.3 1.1 6.9% 46 DAMAC PROPERTIES DUBAI CO PSC AE 4,893 2.97 -0.7% -10.0% 4.57 2.48 0.0 1.3 8.4% 47 ALDAR PROPERTIES PJSC AE 4,496 2.10 -1.4% -4.5% 2.50 2.01 8.3 0.7 0.0% 48 JARIR MARKETING CO SJSC SA 4,109 171.20 -3.3% 16.9% 193.00 125.25 17.8 9.5 5.1% 49 COMMERCIAL BANK PSQC QA 3,992 35.90 19.7% 24.2% 36.00 24.50 21.6 0.8 2.8% 50 DAR AL ARKAN REAL ESTATE DEVELOP SA 3,951 13.72 9.2% -4.6% 15.26 5.74 26.8 0.8 0.0% Company Name Total MCap; Weighted Avg Div Yield 7,46,718 3.3% 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