Weekly Investment Report

Transcription

1. Weekly Investment Report Sunday , March 13, 2016 Economic & Market News Bloomberg: Mario Draghi delivered interest-rate cuts, more bond purchases and a potential subsidy to lenders in a renewed attack against the threat of deflation. The 25-member Governing Council, which met in Frankfurt on Thursday, reduced the rate on cash parked overnight by banks by 10 basis points to minus 0.4% and lowered its benchmark rate to zero. Bond purchases were increased to 80 billion euros ($87 billion) a month from 60 billion euros, and corporate bonds will now be eligible. The Governing Council expects key interest rates to remain at present or lower levels for long period of time and well past the horizon of our net asset purchases. The currency dropped earlier after the initial package exceeded market expectations. The central bank stopped short of introducing a tiered deposit rate, which had been the subject of speculation before the meeting. Investment-grade euro-denominated bonds issued by nonbank corporations established in the euro area will be included in the list of assets that are eligible for regular purchases under QE. The ECB said its new round of targeted refinancing operations will start in June. The central bank said the interest rate “can be as low as the interest rate on the deposit facility,” indicating that the central bank may pay lenders to borrow from it. Reuters: Saudi Arabia is seeking a bank loan of between USD 6 billion and USD 8 billion, in what would be the first significant foreign borrowing by the kingdom's government for over a decade. Riyadh has asked lenders to submit proposals to extend it a five-year U.S. dollar loan of that size, with an option to increase it, to help plug a record budget deficit caused by low oil prices. The kingdom's budget deficit reached nearly USD 100 billion last year and government is currently bridging the gap by drawing down its massive store of foreign assets and issuing domestic bonds. But the assets will only last a few more years at their current rate of decline, while the bond issues have started to strain liquidity in the banking system. London-based boutique advisory firm Verus Partners, set up by former Citigroup bankers Mark Aplin and Andrew Elliot, is advising the Saudi government on the loan. Analysts say sovereign borrowing by the six GCC countries could total USD 20 billion or more in 2016 - a big shift from years past, when the region had a surfeit of funds and was lending to the rest of the world. All of the six states have either launched borrowing programmes in response to low oil prices or are laying plans to do so. Gulf companies are also expected to borrow more from abroad. Al Masah Capital: Steady, consistent gains across the regional markets as the recent change in sentiment continues to attract fresh money and new positions. The average weekly gain of 1.8% was led by a 7.8% jump in Egypt as investors look favorably towards a more proactive government attempting to enact positive policy changes on the currency front. Dubai followed with a 3.2% gain that relied again on retailers and small-cap stocks while Saudi added to its previous weekly gain with another 2.2% rise as bargain hunters look at the consumer space. The recent buying and sentiment swing is largely attributable to Oil heading back towards $40 and beaten down markets providing greater value. UAE and Qatar seem to be the preferred destination for now while in the previous 2 weeks Saudi and Egypt have shown a willingness to join this new buying trend. We still have plenty of trading days left in the month but if this new market direction manages to make a March a positive month then the buyers who stepped in around late January will look like smart winners. Commodities & FX Last WTD (%) MTD (%) YTD (%) Last WTD (%) MTD (%) YTD (%) Dubai (DFMGI) 3,355.24 3.23% 3.57% 6.48% Oil (Brent) 40.39 4.31% 12.29% 8.34% Abu Dhabi (ADSMI) 4,499.90 1.80% 3.41% 4.47% Natural Gas 1.82 9.36% 6.49% -22.04% Saudi (SASEIDX) 6,354.48 2.22% 4.30% -8.06% Gold 1248.06 -0.87% 0.83% 17.64% Kuwait (KWSE) 5,284.87 0.78% 1.49% -5.88% Silver 15.47 -0.14% 3.95% 11.84% Egypt (EGX30) 6,563.65 7.79% 6.78% -6.31% EURUSD 1.12 2.58% 1.49% 2.68% Qatar (DSM) 10,386.44 2.47% 4.99% -0.41% GBPUSD 1.44 3.38% -5.46% -2.40% Bahrain (BHSEIDX) 1,154.60 -1.68% -2.01% -5.04% USDJPY 113.80 1.01% -5.84% -5.55% Oman (MSM30) 5,290.74 -2.11% -1.93% -2.14% USDCHF 0.98 -1.49% 0.02% -1.87% TR GCC (Reuters) 196.74 1.80% 3.48% 1.18% AUDUSD 0.76 5.95% 5.25% 3.96% DJ MENA 482.21 2.09% 3.70% -3.16% USDCAD 1.32 -2.47% -4.00% -4.59% Last WTD (%) MTD (%) YTD (%) US Dollar WoW (%) Euro WoW (%) DJI 17,213.31 1.21% 4.22% -1.22% 1 Month 0.438 -0.54% -0.296 4.38% S&P 500 2,022.19 1.11% 4.66% -1.06% 2 Month 0.521 -0.22% -0.264 5.54% NASDAQ 4,361.83 0.76% 3.83% -5.04% 3 Month 0.632 -0.51% -0.243 5.99% 342.23 0.13% 2.49% -6.45% 6 Month 0.901 0.63% -0.140 6.51% FTSE 100 6,139.79 -0.96% 0.70% -1.64% 12 Month 1.211 0.88% -0.028 12.85% DAX 9,831.13 0.07% 3.54% -8.49% CAC 40 4,492.79 0.81% 3.20% -3.11% Nikkei 225 16,938.87 -0.45% 5.69% -11.01% SENSEX 24,717.99 0.29% 7.46% -5.36% Shanghai Composite 2,810.31 -2.22% 4.55% -20.59% Hang Seng 20,199.60 0.11% 5.69% -7.83% Indexes Indexes STOXX Europe 600 Data and News Source: Thomson Reuters LIBOR 1
2. Weekly Investment Report Sunday , March 13, 2016 Economic & Market News (continued) Reuters: Egypt's central bank has removed caps on foreign exchange deposits and withdrawals for companies. The central bank has not ye t published a statement announcing any decision. Egypt, which relies heavily on imports, has been struggling to revive its economy since a 2011 uprising drove away foreign investors and tourists - major sources of hard currency. Its reserves tumbled from $36 billion in 2011 to $16.5 billion in February and the co untry has been wrestling with a currency crisis that is causing dollar liquidity to dry up in the banking sector. The central bank is resisting a devaluation of the pound, keeping it at 7.7301 pounds per dollar while the rate for the dollar on the black market hovered around 9.8 pounds per dollar this week. In a move intended to increase liquidity in the market the central bank on Tuesday removed limits on how much individuals can withdraw or deposit in foreign currencies at banks. The central bank had capped the amount that could be deposited in banks at $50,000 a month. It also set a $10,000 a day limit on withdrawals for individuals and a $30,000 a day limit for corporate withdrawals. Reuters: China's February trade performance was far worse than economists had expected, with exports tumbling the most in over six yea rs, days after top leaders sought to reassure investors that the outlook for the world's second-largest economy remains solid. Exports fell 25.4% from a year earlier, twice as much as markets had feared as demand skidded in all of China's major markets, while imports slumped 13.8%, the 16th straight month of decline. The export drop was the biggest since May 2009, but economists said it may not necessarily point to a significant worsening in economic conditions due to sharply reduced business activity during the long Lunar New Year holidays, which fell in early February this year. Still, January-February exports on a combined basis, which should iron out some of the holiday effect, fell 17.8% and imports 16.7%, pointing to persistently weak demand at home and abroad that is weighing on the economy of the world's largest trading nation. Reuters: As the UAE banks gear up to meet the Basel III capital norms, a number of institutions are expected to face challenges in terms of profits, lending capacity and maintaining and growing market shares in the context of increased demand for capital buffers, according to experts. In December 2015, the Central Bank of the UAE said it would start engaging with UAE banks to ensure compliance with the Basel III regulations. The aim is to fully implement the new rules by end of 2018. Basel III is a set of reform measures aimed at strengthening the regulation, supervision and risk management to ensure financial stability of banks. There will be different pressures from different stakeholders as the phased-in implementation of the various requirements is carried out. For example, the requirement on capital buffers will potentially put a strain on profit margins, making it difficult for banks to continue to match shareholder return expectations, according to PWC. Banks, under Basel III, will be required to hold a capital “conservation buffer” of 2.5%. In dealing with the new set of regulations, banks must consider carefully four key impact drivers: optimal economic capital allocated for each business; mix of liabilities for satisfying the requirements related to liquidity and leverage; maintaining and growing market share and a sensible flow of dividends to keep shareholders happy. “Prudent asset allocation based on risk-adjusted rate of return or economic profit is a good measure to determine if bank strategies are better aligned to risk and Basel III,” according to PWC. US Government Bonds - Yield to Maturity (%) 3 2.703 1.883 2 1.386 0.460 0.320 0.276 0.269 0.251 0.660 0.501 1.977 1.482 0.959 0.878 1 2.747 0.693 0 1M 3M 6M 12M 2Y Last Week 5Y 10Y 30Y Current Week Global Equity Indexes - Rebased CBOE S&P Volatility Index - VIX 130 40 120 30 110 100 20 90 10 80 70 PE 10 12.2 8.3 13.6 9.2 Feb-16 Mar-16 Jan-16 Dec-15 Oct-15 Nov-15 Sep-15 Jul-15 5-Year CDS Rates (basis points) PB 600 507.0 12.3 11.5 9.2 8.2 Aug-15 MSCI Asia ex. Japan MENA Market - Price Ratios 15 Mar-16 Jun-15 Nikkei 225 Jan-16 Apr-15 TR MENA Nov-15 May-15 Sep-15 Mar-15 STOXX Europe 600 Jul-15 Jan-15 S&P 500 May-15 Feb-15 Mar-15 Dec-14 Dec-14 Nov-14 Oct-14 Oct-14 0 60 369.2 8.2 300 250.8 235.5 5 163.8 1.1 1.4 1.5 1.1 1.2 1.5 0.8 1.1 116.9 112.5 1.5 - 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 13, 2016 Government Bonds Government Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask 103.15 103.61 UAE - Emirate of Dubai DUBAI DOF SUKUK LTD USD 02/05/2017 4.90 2.07 2.20 UAE - Emirate of Abu Dhabi ABU DHABI GOVT INT'L USD 08/04/2019 6.75 1.52 1.52 AA 115.57 115.70 United States of America US TREASURY N/B USD 31/05/2020 1.50 1.43 1.43 Aaa 100.27 100.29 United Kingdom of Great Britain UK TSY 4 3/4% 2020 GBP 07/03/2020 4.75 0.76 0.77 AAA 115.60 115.64 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 31/03/2020 5.50 4.59 4.59 104.00 104.45 UAE - Emirate of Dubai DUBAI GOVT INT'L BONDS USD 05/10/2020 7.75 3.15 3.10 119.40 120.00 United States of America US TREASURY N/B USD 15/05/2025 2.13 1.97 1.96 Aaa 101.31 101.34 State of Qatar STATE OF QATAR USD 15/06/2030 9.75 4.10 4.10 AA 160.50 161.50 Arab Republic of Egypt ARAB REPUBLIC OF EGYPT USD 30/04/2040 6.88 8.81 8.89 B 80.78 82.28 United States of America US TREASURY N/B USD 15/05/2045 3.00 2.74 2.74 Aaa 105.17 105.22 Kingdom of Bahrain KINGDOM OF BAHRAIN USD 19/09/2044 6.00 8.29 8.22 BB 75.06 76.38 Corporate Bonds Government/Parent Company Bond Name Currency Maturity Coupon Current Yield (%) YTM - Ask (%) Rating * Bid Ask Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2016 5.83 1.45 1.45 Aa3 101.25 101.88 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 01/08/2018 7.25 2.62 2.62 A3 110.58 110.71 Abu Dhabi Water & Electricity TAQA ABU DHABI NATL ENER USD 16/09/2019 6.25 2.65 2.65 A3 111.94 112.12 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2019 6.75 2.52 2.62 Aa3 114.25 114.75 National Bank of Oman NATIONAL BANK OF OMAN USD 07/10/2019 3.13 3.01 3.21 Baa1 100.40 100.86 Qatari Diar Real Estate Invest QATARI DIAR FINANCE QSC USD 21/07/2020 5.00 2.55 2.55 AA 110.00 110.75 Stichting Waha Aerospace WAHA AEROSPACE BV USD 28/07/2020 3.93 2.24 2.24 AA 103.83 104.58 Qatar Petroleum RAS LAFFAN LNG II USD 30/09/2020 5.30 2.54 2.54 Aa3 106.20 106.58 Investment Corp of Dubai EMIRATES NBD PJSC EUR 23/03/2022 1.75 2.64 2.64 A+ 95.11 95.38 Saudi Electricity Co SAUDI ELECTRICITY GLOBAL USD 03/04/2022 4.21 3.65 3.68 A- 103.02 103.77 Emaar Malls Group PJSC EMG SUKUK LTD USD 18/06/2024 4.56 4.41 4.34 Baa2 101.07 102.05 Emirate of Sharjah United Arab SHARJAH SUKUK LTD USD 17/09/2024 3.76 3.78 3.82 A3 99.88 100.25 Qatar Petroleum RAS LAFFAN LNG 3 USD 30/09/2027 5.84 4.71 4.71 Aa3 108.00 108.88 Qatar Gas Transport Co Ltd NAKILAT INC USD 31/12/2033 6.07 4.85 4.85 A+ 111.02 111.21 Port & Free Zone World FZE DP WORLD LTD USD 02/07/2037 6.85 6.94 6.94 BBB- 99.03 100.03 Burgan Bank SAK BURGAN TIER 1 FINANCING USD Perpetual 7.25 10.44 7.39 90.75 91.75 Emirates NBD PJSC EMIRATES NBD 2014 TIER 1 USD Perpetual 6.38 6.64 5.93 99.00 100.00 Data and News Source: Thomson Reuters * Thomson Reuters composite rating; NR = No Rating 3
4. Weekly Investment Report Sunday , March 13, 2016 Money Markets UAE EIBOR Deposit Rates Swap Rates 1 Week 1 Month 2 Months 3 Months 6 Months 12 Months 0.3960 0.6643 N/A 1.0344 1.2669 1.5736 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.45 0.46 0.50 0.70 0.80 1.00 1.10 1.50 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.29 1.61 1.96 2.11 2.31 2.75 3.33 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months Saudi SAIBOR Deposit Rates Swap Rates Kuwait KIBOR Deposit Rates Swap Rates Egypt EGIBR 1.60 1.76 1.84 1.88 1.98 T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.53 0.40 1.34 1.44 1.46 1.54 1.59 1.69 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.94 2.25 2.47 2.66 2.84 3.16 3.57 O/N 1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 0.75 1.44 1.75 1.94 2.25 N/A N/A O/N T/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.12 0.47 0.53 1.12 1.37 1.50 1.25 1.48 1.71 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.74 2.06 2.21 2.00 2.44 2.6000 2.8200 O/N < 1 Week 1 Week < 1 Month 1 Month > 1 Month 9.10 9.20 9.31 9.50 9.50 8.85 Re Discount Lending Benchmark 9.25 9.75 8.75 Bank Rates T-Bill Yields QIBOR Qatar 1.51 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 Bahrain 1.47 0.82 0.88 0.97 1.06 1.14 1.29 1.37 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.68 0.37 0.87 1.00 1.37 1.45 1.41 O/N Deposit O/N Lending Repo Rate 0.75 4.50 4.50 O/N 1 Week 1 Month 2 Months 3 Months 6 Months 9 Months 12 Months 0.70 0.85 1.28 1.43 1.75 1.93 2.00 2.20 O/N Deposit 1W Deposit O/N Repo O/N Secured 0.45 0.27 2.25 2.25 Interest Rates Swap Rates 12 Months 1 Week QCB Interest Rates BHIBOR 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years 7 Years 10 Years 1.77 1.96 2.12 2.25 2.39 2.57 2.80 Data and News Source: Thomson Reuters 4
5. Weekly Investment Report Sunday , March 13, 2016 Kuwait Saudi Abu Dhabi Dubai Top Weekly Performers by Country (* indicates native currency; Data as of the previous Thursday) Close * WTD % YTD % Mkt. Cap. (AED mln) DUBAI NATIONAL INSU & REINSU CO 2.45 -5.77% 2.08% 283 TAKAFUL EMARAT INSURANCE PJSC 1.83 -4.69% 2.81% 275 MASHREQBANK PSC 79.00 -3.66% -3.66% 14,025 DUBAI ISLAMIC BANK PJSC 6.05 -3.66% -2.10% 23,920 DUBAI REFRESHMENTS PJSC 19.95 -2.68% -2.68% 1,796 Top Losers Close * WTD % YTD % Mkt. Cap. (AED mln) UMM AL QAIWAIN CEMENT INDUSTRI 0.81 -10.00% -19.00% 294 1,290 ABU DHABI NATIONAL TAKAFUL CO 4.77 -10.00% 0.85% 477 14.88% 460 AXA GREEN CRESCENT INSURANCE 0.91 -9.90% 21.33% 91 43.33% 129 SHARJAH ISLAMIC BANK PJSC 1.36 -9.33% -9.33% 3,299 13.68% -5.67% 665 FOODCO HOLDING PJSC 3.80 -6.17% -5.00% 380 Close * WTD % YTD % Mkt. Cap. (SAR mln) Close * WTD % YTD % Mkt. Cap. (SAR mln) SAUDI INDIAN CO FOR COOP INSU 9.80 42.03% -27.41% 201 JARIR MARKETING CO SJSC 116.25 -11.93% -27.12% 10,464 GULF GENERAL COOP INSU CO SJSC 19.40 30.20% -5.37% 388 SAUDIA DAIRY AND FOODSTUFF CO 125.25 -9.24% 11.83% 4,071 MEDITERRANEAN AND GULF COOP 20.55 19.83% -25.54% 2,055 SAUDI TRANSPORT AND INVESTMENT 51.50 -7.21% -26.95% 927 ALLIANZ SAUDI FRANSI COOP INSU CO 43.50 18.85% 5.33% 870 SAUDI CO FOR HARDWARE SJSC 91.50 -5.18% -8.04% 2,196 RABIGH REFINING & PETROCHEMICAL 11.15 16.75% -8.98% 9,769 TIHAMA ADVERTISING AND PUBLIC 36.60 -3.43% 22.82% 549 Top Gainers Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) Close (fils) * WTD % YTD % Mkt. Cap. (KWD mln) IFA HOTELS AND RESORTS CO KSCP 192.00 26.32% -5.88% 122 76.00 -14.61% -34.48% 8 GULF NORTH AFRICA HOLDING CO 37.50 22.95% 36.36% 6 SANAM REAL ESTATE CO KSC 30.00 -14.29% -32.58% 4 AL SAFAT ENERGY HOLDING CO KPSC 10.50 16.67% -12.50% 6 REAL ESTATE ASSET MANAGEMENT 146.00 -12.05% 10.61% 15 2,560.00 16.36% 28.00% 1,030 WETHAQ TAKAFUL INSURANCE CO 28.50 -9.52% -30.49% 3 35.00 14.75% 9.38% 4 FUTURE COMMUNICATIONS CO GLB 100.00 -9.09% -7.41% 8 Close * WTD % YTD % Mkt. Cap. (EGP mln) Close * WTD % YTD % Mkt. Cap. (EGP mln) 7.15 900.00% 900.00% -15.22% 70 ALEXANDRIA NATIONAL COMPANY 12.82 60.25% EGYPTIAN CO FOR MOBILE SERVICES 121.99 41.85% EZZ STEEL CO SAE 8.13 SHOROUK FOR MODERN PRINTING Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) UNION PROPERTIES PJSC 0.88 16.78% 19.14% 3,281 DRAKE AND SCULL INTL PJSC 0.48 15.24% 16.35% 1,106 ISLAMIC ARAB INSURANCE CO PSC 0.44 11.76% 10.91% 529 DEYAAR DEVELOPMENT PJSC 0.61 10.85% 19.26% 3,542 DUBAI INVESTMENTS PJSC 2.19 10.61% 8.42% 8,868 Top Gainers Close * WTD % YTD % Mkt. Cap. (AED mln) INTL FISH FARMING HOLDING CO PJSC 7.00 17.06% 0.72% 595 NATIONAL MARINE DREDGING PSC 5.23 14.95% -4.56% UNION INSURANCE CO PSC 1.39 14.88% METHAQ TAKAFUL INSURANCE CO 0.86 14.67% RAS AL KHAIMAH FOR WHITE CEMENT 1.33 Top Gainers KUWAIT FOOD CO KSCP AL MUDON INTL REAL ESTATE CO Top Gainers Egypt Top Losers Top Losers ZIMA HOLDING CO KSC HOLDING Top Losers 2,002 UNIVERT FOOD INDUSTRIES SAE 0.78 -8.24% 12.65% 33 MOHANDES INSURANCE CO SAE 12.98 -7.75% 15.38% 130 29.36% 12,199 PORT SAID FOR AGRICULTURAL DEV 0.88 -7.37% -22.81% 4 29.46% -9.06% 4,417 SUEZ CEMENT COMPANY SAE 14.83 -7.31% -32.00% 2,697 9.00 28.21% 15.38% 107 INTL CO FOR AGRICULTURAL CORPS 2.05 -6.39% 3.54% 172 Top Gainers Close * WTD % YTD % Mkt. Cap. (QAR mln) Close * WTD % YTD % Mkt. Cap. (QAR mln) DLALA BROKERAGE AND INVESTMENT 17.18 18.08% -7.09% 488 UNITED DEVELOPMENT CO PSC 20.62 -6.49% -0.63% 7,301 ISLAMIC HOLDING GROUP QSC 75.10 11.92% -4.57% 425 DOHA BANK QSC 39.15 -6.34% -12.02% 10,115 QATAR INSURANCE CO SAQ 86.90 10.70% 24.99% 21,177 QATAR FUEL QSC 141.50 -5.78% 3.61% 12,907 GULF INTL SERVICES QSC 38.30 8.50% -25.63% 7,118 AHLI BANK QSC 44.50 -2.20% 1.47% 8,491 GULF WAREHOUSING CO QSC 48.00 -2.04% -15.64% 2,813 DICE SPORT AND CASUAL WEAR SAE Qatar Top Losers QATARI GERMAN CO FOR MEDICAL 12.30 Data and News Source: Thomson Reuters 7.89% -10.35% 142 Top Losers 5
6. Weekly Investment Report Sunday , March 13, 2016 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 CORP SJSC SA 61,018 76.25 2 EMIRATES TELECOM GROUP CO PJSC AE 42,861 18.10 4.8% -0.7% 110.50 59.50 12.2 1.4 7.2% 3.1% 12.4% 19.05 10.50 19.2 3.9 3.7% 3 SAUDI TELECOM CO SJSC SA 36,144 67.75 1.9% -0.7% 73.25 52.75 14.6 2.2 5.9% 4 QATAR NATIONAL BANK SAQ QA 32,053 139.00 2.7% -4.7% 169.00 122.50 10.4 1.9 1.7% 5 AL RAJHI BANKING AND INVESTMENT CORP 6 NATIONAL COMMERCIAL BANK SJSC SA 22,865 52.75 -1.9% 1.4% 69.00 44.70 12.0 1.8 2.8% SA 22,567 42.30 6.8% -17.1% 72.75 36.60 9.3 1.6 3.7% 7 SAUDI ELECTRICITY CO SJSC SA 18,283 16.45 7.9% 4.4% 21.00 12.40 44.4 1.1 4.3% 8 INDUSTRIES QATAR QSC QA 18,177 109.40 4.4% -1.5% 152.00 88.00 14.9 2.0 4.6% 9 FIRST GULF BANK PJSC AE 15,929 13.00 2.0% 2.8% 15.75 9.90 9.9 1.6 7.7% 10 DP WORLD LTD AE 15,015 18.09 6.6% -10.9% 23.90 16.40 21.7 1.8 1.3% 11 JABAL OMAR DEVELOPMENT CO SJSC SA 14,007 56.50 15.8% 1.8% 88.75 40.80 - 5.6 0.0% 12 NATIONAL BANK OF ABU DHABI PJSC AE 12,753 8.99 9.6% 12.9% 12.55 6.86 9.4 1.1 4.4% 13 NATIONAL BANK OF KUWAIT SAK KW 12,752 760.00 4.1% -5.0% 870.00 650.00 13.3 1.3 3.9% 14 EZDAN HOLDING GROUP QSC QA 12,471 17.12 11.5% 7.7% 21.78 12.10 27.3 1.5 2.9% 15 KINGDOM HOLDING CO SA 12,357 12.50 6.4% -20.4% 23.55 9.80 65.5 1.6 4.0% 16 SAMBA FINANCIAL GROUP SJSC SA 11,897 22.30 2.3% -4.5% 31.00 17.55 8.6 1.1 4.0% 17 EMAAR PROPERTIES PJSC AE 11,892 6.10 4.3% 7.2% 8.39 4.22 10.2 1.2 0.0% 18 EMIRATES NBD BANK PJSC AE 11,577 7.65 5.5% 3.4% 10.95 6.25 6.5 0.8 5.2% 19 ALMARAI CO SJSC SA 11,323 70.75 4.0% -9.6% 98.00 54.50 22.2 3.5 1.6% 20 ABU DHABI COMMERCIAL BANK PJSC AE 11,183 7.34 7.9% 11.4% 8.91 5.20 7.9 1.3 6.1% 21 EMAAR MALLS GROUP PJSC AE 9,851 2.78 1.1% 0.7% 3.50 2.02 21.8 2.3 3.6% 22 SAUDI ARABIAN MINING CO SJSC SA 9,756 31.30 -1.3% -5.7% 48.40 25.70 60.4 1.3 0.0% 23 RIYAD BANK SJSC SA 9,083 11.35 -0.4% -8.5% 18.65 10.80 8.4 0.9 6.2% 24 BANQUE SAUDI FRANSI SJSC SA 8,743 27.20 10.6% -2.9% 40.90 20.70 8.1 1.2 3.9% 25 SAUDI BRITISH BANK SJSC SA 8,442 21.10 1.7% -14.8% 39.60 19.00 7.3 1.1 3.6% 26 KUWAIT FINANCE HOUSE KSCP KW 8,091 510.00 3.0% -5.6% 718.18 435.00 16.4 1.3 3.3% 27 SAUDI ARABIA FERTILIZERS CO SJSC SA 8,002 72.00 4.4% -13.0% 127.50 62.00 13.2 3.9 8.3% 28 EMIRATES INTEGRATED TELECOM CO PJSC AE 7,780 6.25 5.4% 22.6% 6.30 4.63 14.7 3.7 6.9% 29 OOREDOO QSC QA 7,688 87.40 -1.8% 16.5% 110.90 60.00 13.2 1.3 3.4% 30 MASRAF AL RAYAN QSC QA 7,415 36.00 5.6% -4.3% 49.90 28.60 13.0 2.2 4.9% 31 EMAAR MALLS GROUP PJSC AE 9,851 2.78 1.1% 0.7% 3.50 2.02 21.8 2.3 3.6% 32 QATAR ISLAMIC BANK SAQ QA 6,801 104.80 7.1% -1.8% 121.00 75.10 12.7 1.6 4.1% 33 DUBAI ISLAMIC BANK PJSC AE 6,513 6.05 -5.3% -2.1% 7.67 4.94 6.7 1.2 7.4% 34 MESAIEED PETROCHEMICAL HOLDING CO QA 6,104 17.69 -1.2% -8.8% 27.65 14.01 20.4 1.6 4.0% 35 QATAR ELECTRICITY AND WATER CO QSC QA 6,012 199.00 4.2% -8.0% 228.00 175.10 14.6 3.0 3.8% Company Name Data and News Source: Thomson Reuters 6
7. Weekly Investment Report Sunday , March 13, 2016 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 SAVOLA GROUP CO SJSC SA 5,940 41.70 7.8% -16.3% 82.25 29.40 12.4 2.1 4.8% 37 QATAR INSURANCE CO SAQ QA 5,816 86.90 18.7% 25.0% 91.99 58.50 17.7 3.3 2.4% 38 ORASCOM CONSTRUCTION INDUSTRIES EG 5,803 217.47 0.0% -9.4% 302.00 195.01 74.5 2.5 0.0% 39 YANBU NATIONAL PETROCHEMICALS CO SA 5,762 38.40 12.9% 18.2% 57.50 23.80 17.9 1.4 5.2% 40 ALDAR PROPERTIES PJSC AE 5,545 2.59 3.6% 11.6% 3.01 1.81 8.0 1.0 3.9% 41 ARAB NATIONAL BANK SA 5,522 20.70 8.7% -12.5% 36.20 17.75 7.0 0.9 4.8% 42 MOBILE TELECOMMUNICATIONS CO KSC KW 5,474 380.00 5.6% 8.6% 520.00 320.00 9.6 1.0 7.9% 43 COMMERCIAL INTL BANK EGYPT SAE EG 5,420 37.00 10.6% -2.9% 47.36 28.90 9.2 2.6 0.0% 44 ALINMA BANK SJSC SA 5,382 13.45 1.9% -8.8% 25.00 11.80 13.6 1.1 3.7% 45 ETIHAD ETISALAT CO SJSC SA 5,217 25.40 10.0% -9.9% 43.40 18.85 - 1.3 0.0% 46 AHLI UNITED BANK BSC BA 4,429 0.68 -1.5% -2.2% 0.80 0.62 8.1 1.1 6.6% 47 DAMAC PROPERTIES DUBAI CO PSC AE 4,332 2.63 -3.3% 13.4% 3.52 1.64 3.4 1.6 9.2% 48 NATIONAL SHIPPING CO OF SAUDI ARABIA SA 4,065 38.70 2.7% -17.0% 56.75 29.70 7.6 1.6 6.5% 49 COMMERCIAL BANK QSC QA 4,032 44.95 4.5% -2.1% 63.82 36.90 11.2 0.9 6.7% 50 BARWA REAL ESTATE CO QSC QA 4,029 37.70 2.5% -5.8% 54.40 28.00 4.8 0.8 5.8% Company Name Total MCap; Weighted Avg Div Yield 604,021 4.2% Data and News Source: Thomson Reuters Disclaimer: This report is prepared by Al Masah Capital Management Limited (“AMCML”). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority (“DFSA”). The information contained in this report does not constitute an offer to sell securities or the solicitation of an 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 for professionals 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. Moreover, 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. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve risks. Past results do not guarantee future performance. We accept no liability for any loss arising from the use of material presented in this report. 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. Copyright © 2015 Al Masah Capital Management Limited 7