MENA Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , May 06, 2018 Economic & Market News Bloomberg: The Federal Reserve officials left interest rates unchanged, acknowledging inflation is close to target without indicating any intention to veer from their gradual tightening of monetary policy. According to the policy-setting Federal Open Market Committee, inflation on a 12-month basis is expected to run near the committee’s symmetric 2% objective over the medium term. The committee expects that the economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate. Officials have signalled their willingness to allow inflation to exceed their 2% goal somewhat by adding a reference to the “symmetric” nature of their target. The FOMC also noted the weakness in growth in the first quarter, removing a reference in the March statement that the economic outlook had “strengthened in recent months.” They balanced that out by noting strong growth in business investment. US economic growth cooled in the first quarter to an annualized pace of 2.3% after averaging higher than 3% in the previous three quarters. The decision to maintain the federal funds target range at 1.5% to 1.75% was a unanimous 8-0. Zawya: According to the IMF, the economies of Gulf Arab oil exporters are likely to recover this year, but at a slightly slower pace than previously expected, while a rapid build-up of debt in the region is a concern. The IMF now expects growth in the GCC economies to accelerate to 1.9% this year and by 2.6% in 2019, largely due to a continued recovery in non-oil activity as fiscal consolidation slows. Among the region's oil importers, the outlook for Egypt has improved relative to the October 2017 forecast with growth now projected to rise to 5.2% in the fiscal year 2018 from 4.2% last year and accelerate further to 5.5% in fiscal year 2019, aided by an increase in gas production. The fiscal break-even oil price for Saudi Arabia and the UAE at USD 87.9 and USD 71.5 a barrel this year, respectively, will keep their public finances in the red. Only Kuwait and Qatar are expected to show fiscal surpluses this year and next. Although public debt remains manageable for most regional oil exporters, the rapid build-up of debt in many of them is a cause for concern. Debt has increased by an average of 10% points of GDP each year since 2013, with countries financing large fiscal deficits through a combination of draw downs of buffers where available, and increased domestic and foreign borrowing. The slower pace of fiscal consolidation, weak growth prospects, and the possibility of higher financing costs due to the expected monetary policy tightening in advanced economies are likely to continue to drive debt levels upward. Al Masah Capital: US markets ended last week on a buoyant note, mainly driven by the new jobs report and unemployment rates that showed a decrease to 3.9%. Oil prices joined the wave, with crude ending the week at USD 74.87 per barrel and WTI increasing by 2.4% W-o-W. On the regional front, most of the indices ended the week on a negative note, with the exception of Kuwait and Oman. For the week, Dubai came in as the worst performer with losses of 3.1%, followed by Abu Dhabi with a negative performance of 3.0%. Egypt and Saudi Arabia were down by 2.9% and 1.7% , respectively, over the same period. Kuwait was the best performing index among its peers, ending the week up by 0.6%, followed by Oman with gains of 0.1%, while Bahrain remained unchanged for the week. The coming period will likely witness subdued trading volumes with markets’ anticipation for Ramadan and any company specific news that might act as a catalyst for the stocks’ performances. Indexes Last WTD (%) MTD (%) YTD (%) Commodities & FX Last WTD (%) MTD (%) YTD (%) 74.87 0.31% -0.40% 11.96% 2.71 -2.17% -1.88% -8.20% -0.02% 0.94% Dubai (DFMGI) 2,947.99 -3.12% -3.85% -12.52% Oil (Brent) Abu Dhabi (ADSMI) 4,556.82 -2.99% -2.41% 3.60% Natural Gas Saudi (SASEIDX) 8,107.47 -1.71% -1.24% 12.19% Gold 1314.65 -0.55% Kuwait (KWSE) 4,815.54 0.63% 0.45% 0.01% Silver 16.49 -0.07% 1.09% -2.72% 1.20 -1.40% -0.99% -0.32% Egypt (EGX30) 17,832.86 -2.89% -2.53% 18.73% EURUSD Qatar (DSM) 8,805.76 -3.11% -3.36% 3.31% GBPUSD 1.35 -1.80% -1.74% 0.13% Bahrain (BHSEIDX) 1,263.50 0.03% 0.45% -5.12% USDJPY 109.11 0.07% -0.20% -3.16% Oman (MSM30) 4,725.63 0.07% -0.07% -7.33% USDCHF 1.00 1.21% 0.93% 2.61% 0.75 -0.54% 0.12% -3.35% 1.28 0.14% 0.05% 2.12% TR GCC (Reuters) 193.10 -2.00% -1.74% 1.07% AUDUSD TR MENA 135.65 -1.96% -1.69% 2.27% USDCAD Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 24,262.51 -0.20% 0.41% -1.85% 1 Month 2.085 2.39% -0.378 -1.89% S&P 500 2,663.42 -0.24% 0.58% -0.38% 2 Month 2.363 0.64% -0.354 -3.20% NASDAQ 6,769.12 1.69% 2.48% 5.83% 3 Month 2.515 1.32% -0.314 -3.22% 387.03 0.62% 0.44% -0.55% 6 Month 1.453 0.00% -0.300 0.14% FTSE 100 7,567.14 0.87% 0.77% -1.57% 12 Month 1.736 -0.02% -0.187 0.16% DAX 12,819.60 1.90% 1.65% -0.76% CAC 40 5,516.05 0.60% -0.08% 3.83% Nikkei 225 22,472.78 0.02% 0.02% -1.28% SENSEX 34,915.38 -0.16% -0.70% 2.52% Shanghai Composite 3,091.03 0.29% 0.29% -6.54% Hang Seng 29,926.50 -1.17% -2.86% 0.02% Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , May 06, 2018 Economic & Market News (continued) Zawya: According to Emirates NBD the PMI for April for Egypt pointed to a stabilisation in business conditions in the non-oil private sector. This reflected output stabilisation and growth of total new orders. On the price front, input cost inflation eased to the weakest since May 2015, while charge inflation was at a four-month low. The Emirates NBD PMI for Egypt broached the 50.0 level for only the second time in 31 months in April, indicating that the non-oil private sector is finally starting to contribute to the positive growth story underway in the country. The Egyptian non-oil private sector firms continued to signal lower payroll numbers at the start of the second quarter. Where staffing levels decreased, there were reports of staff either retiring or leaving in search of better job opportunities. Companies raised their input buying for the seventh consecutive month in April. Although modest, the rate of growth quickened to the fastest since January. Meanwhile, input inventories declined for the fifth month in succession in April. Finally, the level of business sentiment towards the 12-month outlook for output strengthened in April from March’s recent low. Reuters: According to the European Central Bank, the lending to euro zone households and companies accelerated in March while a broader indicator of money circulating in the currency bloc, which often foreshadows future activity, slowed sharply. Lending to non-financial corporation’s picked up to 3.3% in March from an upwardly revised 3.2% a month earlier while household lending growth increase to 3.0% from 2.9%. Buying around 2.5 trillion euro worth of debt in the past three years, the ECB has labored away to depress borrowing costs and kick start lending, all in the hope of rekindling growth and inflation. While its efforts have mostly paid off, growth has appeared to soften in the recent months, raising concerns that the ECB could struggle to remove stimulus and may need to provide support for the economy longer than markets now expect. Lending also remains well below its pre-crisis mark, indicating that the banking sector is still far from healthy. The annual growth rate of the M3 measure of money supply, seen by some as a precursor of the economic activity, slowed sharply to 3.7% in March from 4.2% a month earlier, trailing expectations for 4.1%. Zawya: Fitch's proprietary SRM assigns Kuwait a score equivalent to a rating of 'AA' on the Long-Term Foreign-Currency (LT FC) IDR scale. Kuwait's key credit strengths are its exceptionally strong fiscal and external metrics and, at a forecast USD 56/bbl, one of the lowest fiscal breakeven Brent oil prices among Fitch-rated oil exporters. A surplus of around KWD300 million (around 0.7% of GDP) in FY18/19 and FY19/20, is expected under baseline Brent oil price assumption of USD57.5/ bbl. The government is making slow progress on its reform programme aimed at balancing public finances, improving the business environment and boosting the role of the private sector as a provider of economic growth and jobs for Kuwaiti nationals. It is focusing its efforts on regulatory and administrative measures that do not require approval from parliament, which in turn is trying to minimise the immediate costs to its constituents of any reform. A non-oil growth of around 3.5% is expected in 2018-2019 amid continued growth of government spending on wages and investment. Infrastructure spending will continue at a steady pace, supporting the broader private sector. A private credit growth of 4% is expected in 2018-2019, and the banking sector would be well placed to extend more credit, being adequately capitalised, liquid and profitable. US Government Bonds - Yield to Maturity (%) 4 2.780 2.676 3 1.759 1.836 2 1.960 2.030 2.099 2.369 2.236 2.828 2.944 3.036 3.114 10Y 30Y 2.501 1.629 1.665 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-14 Dec-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 MENA Market - Price Ratios 16 4 5-Year CDS Rates (basis points) PB 600 14.8 12.6 10.9 12 8 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 Apr-18 May-18 0 60 12.3 11.7 342.6 8.1 7.3 265.4 300 162.2 1.0 1.3 2.6 1.8 - - 1.2 - 0.8 0.8 119.5 1.5 64.7 90.7 90.4 - 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 , May 06, 2018 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 103.50 103.53 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 2.86 2.85 AA United States of America US TREASURY N/B USD 31/05/2020 1.50 2.54 2.54 Aaa 97.91 97.94 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.70 0.70 AA 107.35 107.39 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 102.38 102.64 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 3.60 3.54 109.50 110.50 United States of America US TREASURY N/B USD 15/05/2025 2.13 2.91 2.90 Aaa 95.04 95.07 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.71 4.71 Aa3 146.04 147.04 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 7.54 7.54 B 92.88 93.88 United States of America US TREASURY N/B USD 15/05/2045 3.00 3.11 3.11 Aaa 97.92 97.97 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 7.99 8.09 BB- 78.25 80.00 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 3.38 3.38 A 100.88 100.93 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 3.49 3.49 A 103.62 103.69 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 3.68 3.61 AA- 104.13 104.20 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.89 3.88 Baa3 98.96 99.03 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 3.68 3.68 Aa3 102.76 103.51 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 3.60 3.60 AA 100.38 101.13 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 3.82 3.82 AA- 102.00 102.07 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 1.07 1.07 A+ 102.56 103.26 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.95 3.95 A 100.93 101.68 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.52 4.52 Baa2 100.25 100.69 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.90 3.90 A3 99.24 99.51 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.65 4.65 AA- 106.68 106.97 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.61 4.61 A 111.45 111.87 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 5.23 5.23 BBB+ 119.39 120.39 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 7.70 8.17 99.40 100.02 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 4.94 6.83 103.15 103.90 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , May 06, 2018 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 1.7210 1.9950 N/A 2.3500 2.7325 3.1231 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 1.65 1.25 1.90 2.04 2.33 2.49 2.65 2.77 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.68 2.95 3.12 3.24 3.33 3.52 3.75 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 2.08 2.03 2.40 2.58 2.39 2.80 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 1.69 1.90 2.02 2.10 2.26 2.63 2.49 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.64 2.94 3.13 3.29 3.43 3.66 3.92 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 2.52 2.62 0.37 0.37 0.87 1.50 1.95 1.50 2.12 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 2.02 2.38 2.48 0.00 2.55 2.5500 2.5900 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 1.60 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 1.68 1.60 1.74 1.90 2.06 2.36 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 3.08 3.25 3.40 3.60 O/N Deposit 1W Deposit O/N Repo O/N Secured 1.65 1.75 3.75 3.75 Interest Rates Swap Rates 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 3.34 3.64 3.78 3.82 3.83 3.81 3.85 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , May 06, 2018 Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) DRAKE AND SCULL INTERNATIONAL 1.08 -20.00% -52.21% 1,157 99 DAMAC PROPERTIES DUBAI CO PSC 2.36 -13.87% -28.48% 14,278 492 NATIONAL CEMENT CO PSC 2.70 -11.76% -6.90% 969 -50.09% 138 ARABTEC HOLDING PJSC 1.89 -10.00% -20.59% 2,835 -11.61% 1,664 ARAB INSURANCE GROUP BSC 1.22 -9.63% -18.67% 268 WTD % YTD % Mkt. Cap. (AED mln) Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) 0.60 11.11% 42.86% 180 AXA GREEN CRESCENT INSURANCE CO 0.59 -18.06% -29.76% 118 EMIRATES INSURANCE COMPANY PSC 6.60 5.60% 10.00% 990 INVEST BANK PSC 1.93 -16.09% -24.31% 3,065 SHARJAH CEMENT AND INDUSTRIAL 1.16 5.45% 9.43% 706 ABU DHABI SHIP BUILDING PJSC 1.91 -9.48% 6.11% 405 GULF CEMENT CO PSC 1.08 4.85% 9.09% 887 GULF PHARMACEUTICAL INDUSTRIES 2.12 -7.08% -9.39% 2,456 RAS AL KHAIMAH FOR WHITE CEMENT 0.92 3.37% -16.36% 460 NATIONAL MARINE DREDGING PSC 3.01 -5.94% -19.73% 753 Top Gainers Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) AL KATHIRI HOLDING CO 32.50 17.97% 47.73% 102 COMPANY FOR COOPERATIVE INS 72.10 -13.65% -23.62% 9,012 AL SAGR COOPERATIVE INSURANCE 28.85 17.28% 17.37% 721 AL ALAMIYA FOR COOPERATIVE INS 27.00 -12.90% 11.57% 1,080 SAUDI INDIAN CO FOR CO-OP INS 13.96 -11.08% -33.40% 170 Close * WTD % YTD % Mkt. Cap. (AED mln) GULF GENERAL INVESTMENT CO PSC 0.26 4.94% -32.00% 457 DAR AL TAKAFUL PJSC 0.66 3.78% -23.64% ISLAMIC ARAB INSURANCE CO PSC 0.41 2.26% -19.72% MARKA PJSC 0.28 2.23% AJMAN BANK PJSC 0.99 1.02% Top Gainers Close * ABU DHABI NATIONAL FOR BUILDING Kuwait Saudi Abu Dhabi Dubai Top Gainers Egypt Top Losers AL SAMAANI FACTORY METAL IND 50.60 6.53% 5.25% 76 SAUDI INDUSTRIAL INVESTMENT GRP 27.00 5.88% 40.63% 12,149 DAR AL ARKAN REAL ESTATE DEVELOP 13.08 -11.02% -9.04% 14,126 FAWAZ ABDULAZIZ ALHOKAIR CO SJSC 29.10 5.63% -4.28% 6,111 SAUDI INTERNATIONAL PETROCHEM 20.64 -10.34% 18.35% 7,568 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) SULTAN CENTER FOOD PRODUCTS CO 67.00 58.39% 0.00% 39 PALMS AGRO PRODUCTION CO KSCP 25.00 -68.75% -70.24% 1 EFFECT REAL ESTATE COMPANY KPSC 22.70 50.33% -2.99% 2 MENA REAL ESTATE CO KSCP 28.50 -41.36% -27.08% 2 AL MASSALEH REAL ESTATE CO KSCP 38.00 33.80% 0.00% 9 GULF FRANCHISING HOLDING CO KSCP 25.00 -16.67% -64.79% 1 BAYAN INVESTMENT CO KSCP 43.00 24.64% -10.42% 17 MANAZEL HOLDING CO KPSC 34.10 -13.01% 6.56% 15 GULF INVESTMENT HOUSE KSCP 20.10 14.20% -10.67% 3 NATIONAL INVESTMENTS CO KSCP 89.00 -10.91% -9.18% 78 Close * WTD % YTD % Mkt. Cap. (EGP mln) Top Losers Close * WTD % YTD % Mkt. Cap. (EGP mln) ISMAILIA NATIONAL CO FOR FOOD 10.94 34.73% 19.69% 98 VODAFONE EGYPT TELECOMMUNICAT 80.06 -28.45% -41.24% 0 INTERNATIONAL COMPANY FOR INVES 16.08 31.59% 31.59% 96 GENIAL TOURS CO SAE 1.99 -11.95% -27.11% 9 ATLAS FOR LAND RECLAMATION AND 11.03 20.68% 19.24% 65 AMER GROUP HOLDING CO SAE 0.35 -10.26% 9.38% 2,719 GENERAL COMPANY FOR PAPER IND 8.93 18.59% 20.35% 268 GLOBAL TELECOM HOLDING SAE 4.79 -9.45% -35.09% 22,588 ARAB MOLTAQA INVESTMENTS CO 21.81 16.63% -20.08% 539 EGYPTIAN RESORTS CO SAE 2.23 -8.98% 51.70% 2,339 Top Gainers Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) QATAR GENERAL INSURANCE & REINS 49.00 3.16% 0.00% 4,286 EZDAN HOLDING GROUP QSC 9.20 -17.34% -23.84% 24,393 QATARI GERMAN COMPANY FOR MED 5.78 3.03% -10.53% 67 OOREDOO QSC 70.11 -11.87% -22.74% 22,448 INDUSTRIES QATAR QSC 111.00 2.78% 14.43% 67,127 QATAR NAVIGATION QPSC 54.50 -9.84% -2.57% 6,239 QATAR INTERNATIONAL ISLAMIC 51.80 2.37% -5.13% 7,841 BARWA REAL ESTATE COMPANY QPSC 33.71 -8.02% 5.34% 13,112 QATAR ISLAMIC BANK QPSC 99.59 2.14% 2.67% 23,532 MAZAYA QATAR REAL ESTATE DEV 6.61 -7.29% -26.56% 765 Top Gainers Qatar Top Losers Data and News Source: Thomson Reuters Top Losers Top Losers 5
6. Weekly Investment Report Sunday , May 06, 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 91,035 113.80 -0.7% 11.8% 123.80 94.75 18.3 2.0 3.7% 2 SAUDI TELECOM COMPANY SJSC SA 44,584 83.60 1.1% 21.9% 86.00 65.10 16.4 2.6 4.8% 3 EMIRATES TELECOMMUNICATIONS GROUP AE 40,254 17.00 -0.9% -2.9% 18.85 15.75 17.1 3.4 4.7% 4 QATAR NATIONAL BANK QPSC QA 37,448 147.64 -2.2% 17.2% 159.00 115.01 10.2 1.9 4.1% 5 AL RAJHI BANKING & INVESTMENT CORP SA 35,791 82.60 -1.8% 27.9% 85.60 61.00 14.7 2.4 4.8% 6 NATIONAL COMMERCIAL BANK SJSC SA 35,785 67.10 -0.3% 21.8% 68.60 38.00 13.7 2.1 0.0% 7 FIRST ABU DHABI BANK PJSC AE 35,160 11.85 -4.4% 15.6% 12.65 10.05 12.2 1.4 5.9% 8 SAUDI ELECTRICITY COMPANY SJSC SA 25,109 22.60 -1.6% 7.3% 26.05 19.76 13.6 1.3 3.1% 9 DP WORLD LTD AE 19,082 22.99 3.3% -8.0% 27.06 20.56 16.2 1.8 1.8% 10 INDUSTRIES QATAR QSC QA 18,442 111.00 -0.9% 14.4% 115.00 85.00 18.4 2.1 4.5% 11 SAUDI ARABIAN MINING CO SJSC SA 17,854 57.30 0.5% 10.0% 58.70 39.50 62.1 2.5 0.0% 12 ALMARAI CO SJSC SA 15,892 59.60 -0.7% 10.8% 78.64 50.00 28.1 4.0 1.3% 13 EMIRATES NBD BANK PJSC AE 15,889 10.50 -2.8% 28.0% 11.00 7.95 7.1 1.0 3.8% 14 NATIONAL BANK OF KUWAIT SAKP KW 15,280 740.00 -0.8% 6.7% 761.90 619.05 14.3 1.5 3.7% 15 SAMBA FINANCIAL GROUP SJSC SA 15,199 28.50 -2.1% 21.2% 29.60 20.50 11.4 1.3 5.3% 16 EMIRATES ISLAMIC BANK PJSC AE 14,046 9.50 0.0% -3.1% 10.00 4.90 74.8 7.9 0.0% 17 SAUDI BRITISH BANK SJSC SA 12,899 32.25 -1.4% 19.4% 33.50 21.55 12.2 1.5 4.4% 18 JABAL OMAR DEVELOPMENT CO SJSC SA 11,772 47.50 -2.5% -19.6% 75.60 45.00 0.0 4.6 0.0% 19 RIYAD BANK SJSC SA 11,695 14.62 -2.5% 16.2% 15.36 10.10 11.1 1.1 5.0% 20 KUWAIT FINANCE HOUSE KSCP KW 11,023 523.00 1.6% -0.1% 590.91 424.55 17.2 1.8 2.7% 21 BANQUE SAUDI FRANSI SJSC SA 10,639 33.10 0.3% 16.1% 33.40 25.30 11.3 1.3 4.2% 22 YANBU NATIONAL PETROCHEMICALS CO SA 10,589 70.60 1.4% 19.7% 74.50 52.00 16.6 2.3 4.6% 23 EMAAR PROPERTIES PJSC AE 10,527 5.40 -4.4% -15.4% 8.23 5.27 6.8 0.8 0.0% 24 ABU DHABI COMMERCIAL BANK PJSC AE 9,766 6.90 -1.8% 1.5% 7.50 6.50 8.5 1.2 6.1% 25 KINGDOM HOLDING CO SA 8,775 8.88 -1.1% -0.2% 11.30 7.90 49.6 1.0 5.6% 26 ABU DHABI NATIONAL OIL CO FOR DIST AE 8,406 2.47 0.8% -6.8% 2.90 2.42 17.1 10.8 2.4% 27 ALINMA BANK SJSC SA 8,312 20.78 -0.4% 8.5% 21.58 14.00 15.4 1.5 3.8% 28 ARAB NATIONAL BANK SA 8,133 30.50 -2.7% 23.2% 33.65 19.15 10.1 1.3 3.9% 29 DUBAI ISLAMIC BANK PJSC AE 7,347 5.46 -0.7% -11.8% 6.63 5.23 6.7 1.1 8.2% 30 EMAAR MALLS PJSC AE 7,299 2.06 -7.2% -3.3% 2.66 2.00 12.8 1.6 4.9% 31 SAUDI ARABIA FERTILIZERS CO SJSC SA 7,089 63.80 -2.6% -2.1% 73.10 57.00 38.4 3.9 2.7% 32 MASRAF AL RAYAN QPSC QA 7,046 34.21 -3.9% 0.0% 45.40 33.32 12.5 2.2 0.0% 33 QATAR ISLAMIC BANK QPSC QA 6,813 105.00 -1.9% 8.2% 109.00 86.90 10.9 1.4 4.8% 34 EZDAN HOLDING GROUP QSC QA 6,701 9.20 -17.9% -23.8% 15.90 6.19 28.6 0.8 0.0% 35 RABIGH REFINING AND PETROCHEMICAL SA 6,564 28.10 2.2% 70.7% 31.80 11.00 17.3 2.4 1.8% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , May 06, 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 OOREDOO QSC QA 6,167 70.11 -11.5% -22.7% 108.00 70.11 12.0 1.0 5.0% 37 COMMERCIAL INTERNATIONAL BANK EGYP EG 6,144 93.08 -0.8% 20.3% 96.50 72.00 15.2 3.8 1.1% 38 EMIRATES INTEGRATED TELECO AE 6,023 4.88 -0.4% -4.3% 5.90 4.73 0.0 2.8 0.0% 39 EMAAR DEVELOPMENT PJSC AE 5,968 5.48 -1.3% 7.7% 5.93 5.00 8.0 4.3 0.0% 40 SAVOLA GROUP COMPANY SJSC SA 5,767 40.50 -3.5% 2.7% 51.00 35.15 21.4 2.4 2.5% 41 QATAR ELECTRICITY AND WATER CO QSC QA 5,758 190.61 -3.7% 7.1% 217.70 161.99 12.6 2.3 4.1% 42 SAUDI KAYAN PETROCHEMICAL CO SJSC SA 5,736 14.34 -0.4% 34.0% 15.20 7.95 24.9 1.5 0.0% 43 MOBILE TELECOMMUNICATIONS CO KW 5,651 393.00 0.8% -9.4% 570.00 386.00 9.9 1.2 0.0% 44 MESAIEED PETROCHEMICAL HOLDING CO QA 5,624 16.30 -7.2% 29.5% 17.90 10.51 16.6 1.5 4.3% 45 AHLI UNITED BANK BSC BA 4,822 0.61 1.7% -9.3% 0.70 0.59 7.9 1.2 7.1% 46 ALDAR PROPERTIES PJSC AE 4,431 2.07 -1.4% -5.9% 2.50 2.01 0.0 0.7 5.8% 47 JARIR MARKETING CO SJSC SA 4,176 174.00 1.5% 18.9% 193.00 132.75 18.0 9.6 0.0% 48 COMMERCIAL BANK PSQC QA 3,923 35.30 -2.4% 22.1% 36.25 24.50 21.2 0.7 2.8% 49 BOUBYAN BANK KSCP KW 3,905 492.00 1.4% 18.5% 497.00 376.19 26.1 2.7 1.3% 50 ALAWWAL BANK SA 3,901 12.80 -1.5% 8.5% 13.72 10.60 11.0 1.1 2.0% Company Name Total MCap; Weighted Avg Div Yield 726,244 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