GCC Market Watch - SICO Research

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Jul 19, 2016 - International Indices. Country. Current ... The bank's non-interest income also increased 12%. YoY, led b
GCC Market Watch

July 19, 2016

GCC Market Watch

Regional Markets Today Country

Current

%Chg 1D

%Chg YTD

Bahrain (BAX)

1,162.6

(0.1)

(4.4)

Kuwait (KWSE)

5,370.8

(0.2)

(4.4)

Oman (MSI)

5,839.3

(0.1)

8.0

Qatar (DSMI)

10,648.6

0.6

2.1

S.Arabia (TASI)

6,646.9

(0.5)

(3.8)

UAE (DFM)

3,526.2

(0.3)

11.9

UAE (ADSM)

4,583.4

(0.1)

6.4

94.2

0.3

(1.3)

S&P GCC Source: Bloomberg

Note: S&P GCC index as of previous day

Regional market wrap-up GCC Markets traded mostly in the red today except for DSM (+0.6%). Tadawul closed 0.5% lower with SABIC (-0.9%) and NCB (-0.5%). DFM was 0.3% lower as Emaar Malls declined 1% and DIB decreased 0.9%. ADX ended 0.1% lower due to 0.8% decline in FGB and 0.5% decrease in NBAD. DSM gained 0.6% with QIB up 3.9% and IQ 1.3% higher. KWSE declined 0.2% with KFH falling 2.2% and ZAIN decreasing 1.5%. MSM was marginally in the red (-0.1%); Ominvest declined 1.8% and Renaissance fell 1.4%. BHB closed 0.1% lower dragged by AUB (-0.8%).

CDS-5years Dubai

Bahrain

AbuDhabi Qatar KSA

Current

175

396

86

107 169

Previous day

170

390

80

103 165

Week ago

177

380

80

102 172

Month ago

192

388

95

107 182

Year ago

178

268

52

55

For 2Q16 Results Monitor. Refer to Page 10.

In the news… 

Al Rajhi reported net income of SAR 2bn up 6% YoY, in line with SICO and consensus estimates. The bank reported strong balance sheet performance with lending book rising by 3.8% QoQ, supported by 2.3% QoQ deposits growth. This further helped the bank improve its NIM by 28bps YoY (estimated), leading to 10% YoY net interest income growth. The bank’s non-interest income also increased 12% YoY, led by higher fees from banking activities. On the other hand we estimate that the bank’s provisioning charges increased by 28% YoY in 2Q16. Source: Company Announcement



Arabian Cement reported 2Q16 net income of SAR 143mn (-12% YoY), -4% below our estimate and missing consensus estimate by 12%. Operating income of SAR 159mn missed our estimates by 6%. The miss versus our estimates was on account of lower sales. June volumes were low across the sector due to Ramadan and general slowdown in construction activity. The company announced 1H dividend of SAR 2/sh; flat YoY. Source: Company Announcement, SICO Research



BBK achieved a net profit of BHD 16.0mn in 2Q16, +10.2% YoY mainly attributable to strong growth in NII which increased by 33.3% YoY. The provision requirements for 2Q16 amounted to BHD 5.6mn compared to BHD 4.0mn, +40%. BBK’s balance sheet stood at BHD 3.7bn as of end of 2Q16, -1% QoQ due mainly to a 1% QoQ decline in loans and advances and a 1% QoQ decline in current account deposits. The decline in loans and advances according to management, is attributed to the bank’s strategy to restructure its balance sheet towards higher yielding assets. Source: Company Announcement

55

Source: Bloomberg as of LTD

International Indices

GCC- Equities

Country

Current

%Chg 1D

%Chg YTD

DJIA

18,533.1

0.1

6.4

S&P

2,166.9

0.2

6.0

NASDAQ

5,055.8

0.5

1.0

FTSE

6,686.7

(0.1)

7.1

DAX

9,962.6

(1.0)

(7.3)

16,723.3

1.4

(12.1)

870.1

0.3

9.6

NIKKEI MSCI EM

Source: Bloomberg @Jul-19 03:09 PM

Oil Price Trend

Jan-16

May-16

Sep-15

May-15

Jan-15

Sep-14

May-14

Jan-14

Sep-13

Jan-13

May-13

Sep-12

Brent Future Contract

140 120 100 80 60 40 20

SICO Research

Commodity and Currency Monitor Current

%Chg 1D

%Chg YTD

OPEC Basket

43.36

0.3

38.7

Brent Future

47.20

0.5

26.6

Nymex 1M Fut

45.42

0.4

22.6

Gold Spot

1,331.4

0.2

25.3

USD / Yen

106.26

(0.1)

(11.6)

Euro / USD

1.1030

(0.4)

1.5

Source: Bloomberg @Jul-19 03:09 PM

Raneem Seroor +973 -17515000 (extn - 5096) [email protected]

GCC Market Statistics Country

Mcap

Vol

Turnover

Trades

$ bn

mn shr

$ mn

VWAP

15A

16A

15A

15A

15A

Saudi

403.5

197.0

1,016.7

78,925

14.3

13.4

1.5

4.3

11.3

UAE

206.2

433.9

179.1

6,053

10.7

10.2

1.4

4.1

13.0

74.6

61.0

27.4

1,698

12.8

12.2

0.9

3.8

7.8

154.6

8.6

82.6

4,484

13.1

12.5

1.6

3.7

12.1

Kuwait Qatar

P/E (x)

P/B(x) D/Yld(%) ROE(%)

Bahrain

17.8

1.8

1.7

33

10.1

11.3

0.7

4.5

7.1

Oman

21.9

14.6

9.2

932

11.4

9.1

1.1

4.8

10.3

GCC

879

717

1,317

92,125

12.0

11.9

1.4

4.0

10.9

Source: SICO Research, Bloomberg, Reuters, Zawya

© SICO 2016 All Rights Reserved Attention is drawn to the disclaimer and other information in the end

SICO RESEARCH

GCC MARKET WATCH

GCC Market Cap Heavyweights Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

SABIC (KSA)

83.220

6,167

66.6

-0.9

8.8

102.750

59.500

5.6

11.6

6.6

1.5

13.3

15.0

Etisalat (UAE)

20.000

1,241

47.4

0.0

24.2

20.000

11.400

6.5

14.1

4.0

3.1

21.0

18.8

151.000

136

34.8

-0.3

3.5

163.167

122.500

2.2

19.1

1.9

2.1

11.3

10.6

STC (KSA)

64.260

231

34.3

-0.4

-6.1

73.250

52.750

9.8

15.3

6.2

2.1

13.9

12.9

Al Rajhi (KSA)

59.380

1,882

25.7

0.1

14.0

66.250

44.700

2.3

16.1

2.5

2.1

13.5

13.3

Saudi Electric (KSA)

19.870

1,283

22.1

-0.7

26.5

21.800

12.400

0.5

2.6

3.5

1.4

53.6

33.1

QNB (Qatar)

NCB Inds Qatar (Qatar) NBK (Kuw) Samba (KSA)

40.200

197

21.4

-0.5

-21.3

66.000

36.600

2.1

18.3

3.8

1.5

8.8

8.2

108.400

148

18.0

1.3

-2.4

137.900

88.000

12.3

13.2

4.6

2.0

14.8

15.7

0.590

2,116

10.9

0.0

-20.7

0.809

0.550

1.2

9.4

4.8

1.0

11.1

10.2

20.110

327

10.7

-1.7

-13.8

27.600

17.550

2.3

23.6

4.5

1.0

7.7

7.7

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

GCC Telecom and Transportation Universe Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

24.2

20.000

11.400

6.5

14.1

4.0

3.1

21.0

18.8

Etisalat (UAE)

20.000

1,241

47.4

0.0

STC (KSA)

64.260

231

34.3

-0.4

-6.1

73.250

52.750

9.8

15.3

6.2

2.1

13.9

12.9

DU (UAE)

6.690

320

8.3

-0.1

31.2

6.840

4.562

10.9

25.6

4.8

4.2

15.8

15.9

Ooredoo (Qatar)

93.400

106

8.2

0.5

24.5

96.100

60.000

2.2

8.1

5.4

1.4

14.1

12.4

Etihad Etisalat (KSA)

29.290

2,910

6.0

0.8

3.5

33.800

18.850

-2.4

(6.3)

NA

1.4

NA

37.6

ZAIN (Kuw)

0.325

3,790

4.4

-1.5

-7.1

0.440

0.320

4.5

8.6

10.2

0.7

8.2

7.6

Omantel (Oman)

1.660

211

3.2

0.6

6.1

1.760

1.390

6.1

8.9

4.5

2.2

24.8

10.4

NMTC (Ooredoo)

1.100

0

1.9

-3.5

0.0

1.420

0.980

3.3

5.9

8.9

0.7

11.3

9.0

Batelco (Bah)

0.302

-

1.3

0.0

-5.6

0.342

0.296

5.0

9.3

8.3

1.0

10.1

11.4

DP World (UAE)

16.990

559

14.1

0.3

-16.3

23.900

16.050

4.5

9.5

NA

NA

17.5

17.5

Agility (Kuw)

0.475

123

2.0

-1.0

-1.0

0.670

0.370

3.6

5.7

7.6

0.6

11.1

13.7

Air Arabia (UAE)

1.370

8,877

1.7

0.0

0.7

1.660

1.090

4.7

10.1

6.6

1.3

12.5

11.9

Aramex (UAE)

3.420

2,014

1.4

3.3

8.2

3.620

2.550

9.8

14.2

4.4

2.3

16.1

13.0

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

GCC Banking Large Caps Company QNB (Qatar)

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

151.000

136

34.8

-0.3

3.5

163.167

122.500

2.2

19.1

1.9

2.1

11.3

10.6

Al Rajhi (KSA)

59.380

1,882

25.7

0.1

14.0

66.250

44.700

2.3

16.1

2.5

2.1

13.5

13.3

NCB

40.200

197

21.4

-0.5

-21.3

66.000

36.600

2.1

18.3

3.8

1.5

8.8

8.2

First Gulf Bk (UAE)

12.200

3,959

15.0

-0.8

-3.6

15.750

9.900

2.7

17.3

8.2

1.6

9.1

9.2

NBAD (UAE)

10.000

1,409

14.2

-0.5

25.6

11.000

6.860

1.3

13.1

3.6

1.2

10.0

10.2

ENBD (UAE)

8.520

58

12.9

0.2

15.1

10.950

6.250

1.9

14.9

4.7

1.0

6.6

6.6

NBK (Kuw)

0.590

2,116

10.9

0.0

-20.7

0.809

0.550

1.2

9.4

4.8

1.0

11.1

10.2

Samba (KSA)

20.110

327

10.7

-1.7

-13.8

27.600

17.550

2.3

23.6

4.5

1.0

7.7

7.7

Riyad Bk (KSA)

11.240

980

9.0

0.8

-9.5

16.750

10.700

1.8

11.2

6.2

0.9

8.3

8.1

0.445

2,909

8.1

-2.2

-9.4

0.591

0.395

0.9

7.0

3.4

1.1

16.0

14.9

Saudi British (KSA)

20.000

154

8.0

-0.5

-19.2

34.100

19.000

2.3

16.2

3.7

1.1

6.9

7.4

Masraf AlRayan (Qatar)

36.000

454

7.4

0.1

-4.3

46.100

28.600

2.5

5.1

4.9

2.2

13.0

13.2

KFH (Kuw)

Saudi Fransi (KSA) QISB (Qatar) Arab Nat Bk (KSA) AUB (Bah) CBQ (Qatar)

23.050

63

7.4

0.0

-17.7

36.100

20.700

2.2

14.7

5.0

1.0

6.9

8.0

106.900

192

6.9

3.9

0.2

121.000

75.100

1.8

15.1

4.0

1.9

12.9

12.0

19.100

249

5.1

0.3

-18.9

34.300

17.750

1.8

13.9

5.2

0.9

6.4

6.6

0.635

393

4.3

-0.8

-4.1

0.681

0.590

1.6

13.1

7.1

1.0

8.1

7.0

40.450

408

3.6

1.4

-11.9

59.900

35.300

1.2

8.1

7.4

0.8

9.3

9.0

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

2

SICO RESEARCH

GCC MARKET WATCH

GCC Oil, Gas & Petroleum Universe Company SABIC (KSA)

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

83.220

6,167

66.6

-0.9

8.8

102.750

59.500

5.6

11.6

6.6

1.5

13.3

15.0

108.400

148

18.0

1.3

-2.4

137.900

88.000

12.3

13.2

4.6

2.0

14.8

15.7

Safco (KSA)

59.610

158

6.6

-0.8

-27.4

118.250

58.000

23.8

27.6

10.1

3.3

11.7

13.3

Yansab (KSA)

42.440

306

6.4

0.4

30.9

54.000

23.800

5.6

7.8

4.7

1.6

19.8

13.5

Nakilat (Qatar)

24.000

249

3.7

0.0

2.8

25.300

18.700

3.2

23.9

5.2

3.0

13.7

11.9

Petrorabigh (Saudi)

12.070

376

2.8

-0.2

-1.7

24.550

7.000

-1.6

(8.5)

NA

1.3

NA

40.4

Kayan (KSA)

6.840

8,336

2.7

-0.7

1.0

11.850

4.400

-2.8

(9.3)

NA

0.8

NA

NA

Tasnee (KSA)

13.840

369

2.5

-1.0

30.4

19.500

7.500

-3.1

(14.5)

NA

1.2

NA

51.1

Sipchem (KSA)

14.340

89

1.4

-0.8

2.4

32.600

9.750

1.7

4.9

8.7

0.9

18.2

15.4

Sahara Petro (KSA)

11.290

1,353

1.3

-1.4

10.3

14.700

7.400

0.4

0.6

4.4

0.9

141.8

15.6

0.590

6,325

1.1

0.0

15.7

0.630

0.370

4.0

5.4

NA

0.4

7.7

20.5

Inds Qatar (Qatar)

Dana Gas (UAE)

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

GCC Real Estate, Construction & Materials Universe Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

Ezdan (Qatar)

19.600

1,005

14.3

0.3

23.3

20.000

12.100

3.7

5.5

2.6

1.7

31.3

30.7

Emaar (UAE)

6.900

12,238

13.5

0.7

21.3

8.160

4.220

5.4

10.8

2.2

1.2

12.1

12.0

Aldar Properties (UAE)

2.780

7,076

6.0

0.0

19.8

2.830

1.810

6.7

13.4

3.6

1.1

8.6

8.1

Damac (UAE)

2.400

1,656

4.0

0.4

3.4

3.518

2.000

22.0

63.3

3.8

1.6

NA

NA

Southern Cem (KSA)

75.000

101

2.8

-0.7

7.1

102.000

57.000

25.1

33.6

8.0

3.3

10.1

11.8

Saudi Cem (KSA)

62.250

44

2.5

-0.4

-4.0

91.750

47.000

20.9

29.1

7.6

2.9

10.1

11.3

Dar Al Arkan (KSA)

6.890

31,700

2.0

0.6

11.1

8.950

4.300

1.4

2.0

NA

0.4

20.7

20.2

Arabtec Hold. (UAE)

1.540

59,131

1.9

-1.9

23.2

2.590

0.930

6.3

18.2

NA

2.0

8.2

48.3

United Devt (Qatar)

19.450

827

1.9

-1.8

-6.3

26.400

16.500

3.6

6.4

7.7

0.6

10.0

10.0

Yamamah Cem (KSA)

27.200

117

1.5

0.4

-13.5

48.100

24.900

15.9

17.3

8.3

1.5

8.6

9.1

Qat Natl Cem (Qatar)

89.700

2

1.5

0.9

-3.3

110.364

77.636

14.7

17.0

4.1

1.9

11.5

11.7

Taiba (KSA)

33.400

35

1.3

0.3

-9.8

44.700

27.500

9.1

11.1

4.5

1.3

11.5

11.5

Kuwait Cem (Kuw)

0.390

-

1.0

0.0

-1.3

0.410

0.350

7.6

12.1

NA

1.5

12.4

12.4

Deyaar (UAE)

0.620

12,844

1.0

-0.6

20.6

0.860

0.391

4.8

6.5

NA

0.8

12.3

23.9

Raysut Cem (Oman)

1.375

91

0.7

0.7

37.5

1.495

0.900

10.3

14.4

3.8

1.9

13.1

13.0

Saudi Real Est (KSA)

21.330

274

0.7

-0.8

-7.2

33.700

14.500

2.9

4.3

4.7

0.7

17.3

13.9

Drake & Scull (UAE)

0.565

23,160

0.4

-2.1

35.8

0.864

0.291

-10.0

(31.8)

NA

0.6

NA

12.9

Nass Corp (Bah)

0.117

333

0.1

2.6

-0.8

0.166

0.088

2.6

4.7

4.3

0.5

9.6

25.7

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

GCC Consumer Universe Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

Almarai (KSA)

56.380

208

12.0

-0.7

-3.9

73.500

40.875

7.5

16.7

1.5

3.7

23.5

22.1

Savola (KSA)

38.030

680

5.4

2.1

-24.3

76.250

29.400

6.7

17.5

5.3

1.9

11.3

11.3

2.460

29

3.4

0.0

23.0

2.880

1.740

7.3

12.6

3.6

2.5

19.8

18.8

114.770

188

2.8

0.9

-28.2

226.000

110.000

34.0

57.9

6.6

6.9

12.5

12.4

AlHokair (KSA)

45.990

199

2.6

-0.8

-34.9

101.000

37.000

11.7

32.2

4.9

3.7

11.9

11.1

Sadafco (KSA)

153.530

15

1.3

-2.3

37.1

161.750

99.500

NA

21.7

2.3

4.9

23.8

21.1

Othaim (KSA)

106.830

12

1.3

-0.1

20.1

112.500

62.250

0.0

28.5

1.9

4.4

20.8

19.6

Agthia (UAE)

7.800

691

1.3

0.6

1.7

9.010

6.500

10.3

16.1

1.3

3.1

20.2

16.5

Nadec (KSA)

22.470

1,020

0.5

-3.4

-23.0

34.000

15.136

3.9

10.8

2.0

1.4

13.5

16.1

0.580

11

0.2

0.0

36.2

0.600

0.400

13.2

16.7

4.7

1.5

9.1

9.1

Kt. Foods (Kuw) Jarir (KSA)

Oman Flour (Oman)

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

3

SICO RESEARCH

GCC MARKET WATCH

Bahrain 

BHB closed 0.1% lower dragged by AUB (-0.8%). AUB was the top traded stock today with 393k traded shares. Alba and Bahrain Duty Free gained 0.6% each. Nass advanced 2.6%.

Bahrain Markets BSE index

1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

4-Jul

3-Jul

30-Jun

5-Jul

Turnover BD mn RHS

1,180 1,170 1,160 1,150 1,140 1,130 1,120 1,110 1,100 1,090

Bahrain Markets Vol 000 - RHS

70

Trades (VWAP)

7,000

Top Gainers Company

60

6,000

50 40

5,000 Nass Corp 4,000 Bah Duty Free

30

3,000 ALBA

20

2,000 N/A

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

-

3-Jul

1,000 N/A

-

30-Jun

10

Top Losers Company Ahli United Bk $ N/A N/A N/A N/A

BAHRAIN Index (Intraday)

12:40 PM

12:20 PM

12:00 PM

11:40 AM

11:20 AM

11:00 AM

10:40 AM

10:20 AM

10:00 AM

9:40 AM

Top Movers Company

9:20 AM

1,165 1,164 1,164 1,163 1,163 1,162 1,162 1,161 1,161

Last Pr BD 0.12 0.83 0.34 N/A N/A

Ahli United Bk $ Nass Corp Ithmaar Bank $ Al Baraka $ BBK

---Change--BD 0.00 0.01 0.00 N/A N/A

% 2.6 0.6 0.6 N/A N/A

Vol '000 333 10 80 N/A N/A

Last Pr BD 0.64 N/A N/A N/A N/A

---Change--BD % (0.01) (0.8) N/A N/A N/A N/A N/A N/A N/A N/A

Vol '000 393 N/A N/A N/A N/A

Last Pr BD 0.635 0.12 0.12 0.46 0.34

---Change--BD % (0.01) (0.8) 0.00 2.6 -

Vol '000 393 333 200 150 150

Bahrain - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

AUB $ **

0.635

393

4.3

-0.8

-4.1

0.681

0.590

1.6

13.1

7.1

1.0

8.1

7.0

NBB

0.730

80

2.0

0.0

14.7

0.730

0.575

1.9

14.9

3.4

2.1

13.9

13.4

Batelco

0.302

-

1.3

0.0

-5.6

0.342

0.296

5.0

9.3

8.3

1.0

10.1

11.4

ALBA

0.344

80

1.3

0.6

-7.5

0.498

0.276

5.1

6.4

3.2

0.5

8.1

NA

ABC $

0.370

-

1.2

0.0

-12.9

0.625

0.350

0.6

4.4

NA

0.3

6.4

6.4

BBK

0.336

150

1.0

0.0

-22.9

0.436

0.310

1.5

14.8

7.4

1.0

6.8

6.8

UGB

0.388

-

0.9

0.0

-0.5

0.396

0.300

0.4

2.0

NA

1.7

76.5

72.9

Al Baraka

0.460

150

0.5

0.0

-16.9

0.660

0.420

0.7

7.8

4.3

0.3

3.2

3.2

Al Salam

0.092

-

0.5

0.0

0.0

0.138

0.081

0.7

`

5.4

0.6

16.0

16.0

GFH $

0.220

-

0.5

0.0

37.5

0.245

0.140

-0.3

(0.4)

NA

0.2

NA

NA

Ithmaar Bank $

0.115

200

0.3

0.0

-23.3

0.170

0.095

-0.8

(8.4)

NA

0.5

-

-

Bah Islamic Bk

0.110

-

0.3

0.0

-20.0

0.159

0.109

1.3

2.8

NA

0.2

9.9

9.9

BCFC

0.670

-

0.3

0.0

-12.4

0.765

0.650

6.4

16.8

6.7

1.0

6.3

6.0

Seef Properties

0.206

-

0.3

0.0

2.0

0.208

0.178

7.1

7.5

5.8

0.7

9.6

9.6

Zain Bahrain

0.118

-

0.1

0.0

-34.4

0.18

0.12

4.5

8.4

4.2

0.7

8.4

8.4

Esterad

0.190

-

0.1

0.0

N/A

0.206

0.178

2.3

3.0

5.2

0.7

23.5

23.5

Source: SICO Research, Bloomberg, Reuters (** PER based on diluted capital), Data as of LTD.

4

SICO RESEARCH

GCC MARKET WATCH

Kuwait

 Kuwait Markets Turnover KD mn RHS

5,395 5,390 5,385 5,380 5,375 5,370 5,365 5,360 5,355 5,350

KSE Index

14,000 12,000

KWSE declined 0.2% with KFH falling 2.2% and ZAIN decreasing 1.5%. Ooredoo dropped 3.5% and Viva Kuwait went down 1.1%. Al Ahli Bank ended 3% lower. Mabanee declined 1.3% and Agility ended 1% lower.

10,000 8,000 6,000 4,000 2,000

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

30-Jun

3-Jul

-

Kuwait Markets Vol 000 - LHS

200,000

Trades (VWAP)

4,000 Top Gainers Company

Last Pr KWD 0.108 0.160 0.091 0.162 0.230

Palms Agro Prod 2,000 Kw Slaughter Hse Marine Srvc Ind Alrai Media Yiaco Medical Co -

Top Losers Company

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

-

Kwt Cable Vision Automated Sys Co Glf Franchising Kwt Nat Cinema Combined Group

KUWAIT Index (Intraday)

Aayan Leasing Bayan Invest Co Al-Mal Inv Co Equipment Hlding Zain

12:25 PM

12:05 PM

11:45 AM

11:25 AM

11:05 AM

10:45 AM

10:25 AM

10:05 AM

9:45 AM

9:25 AM

9:05 AM

Top Movers Company

8:45 AM

5,384 5,382 5,380 5,378 5,376 5,374 5,372 5,370 5,368 5,366 5,364

---Change--KWD 0.008 0.010 0.005 0.008 0.010

% 8.0 6.7 5.8 5.2 4.5

Vol '000 0 0 15 120 21

Last Pr KWD 0.018 0.270 0.029 1.580 0.650

---Change--KWD % (0.003) (12.5) (0.020) (6.9) (0.002) (6.5) (0.100) (6.0) (0.040) (5.8)

Vol '000 0 13 7 1 7

Last Pr KWD 0.033 0.036 0.027 0.063 0.325

---Change--KWD % 0.00 1.5 0.00 1.6 (0.01) (1.5)

Vol '000 10,039 5,665 5,386 4,698 3,790

Kuwait - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

NBK

0.590

2,116

10.9

0.0

-20.7

0.809

0.550

1.2

9.4

4.8

1.0

11.1

10.2

KFH

0.445

2,909

8.1

-2.2

-9.4

0.591

0.395

0.9

7.0

3.4

1.1

16.0

14.9

AUB Kuwait

0.190

316

4.5

0.0

-4.1

0.210

0.175

NA

NA

NA

NA

NA

NA

ZAIN

0.325

3,790

4.4

-1.5

-7.1

0.440

0.320

4.5

8.6

10.2

0.7

8.2

7.6

Kt. Food (Americana)

2.460

29

3.4

0.0

23.0

2.880

1.740

7.3

12.6

3.6

2.5

19.8

18.8

Boubyan Bank

0.380

129

2.9

0.0

-9.3

0.429

0.357

1.3

11.5

1.3

2.6

23.4

23.4

Kuwait Inv Pro Co

0.500

259

2.6

0.0

-13.8

0.690

0.495

0.6

4.7

5.0

0.6

12.5

11.4

Gulf Bank

0.232

251

2.5

-0.9

-10.8

0.290

0.202

0.7

7.5

0.2

1.3

18.1

17.3

Burgan Bank

0.325

306

2.3

0.0

-15.6

0.425

0.295

1.0

8.0

4.6

0.7

8.8

8.5

Mabanee

0.760

281

2.2

-1.3

-15.1

0.952

0.740

8.7

17.3

1.3

2.2

13.5

13.7

Agility (PWC)

0.475

123

2.0

-1.0

-1.0

0.670

0.370

3.6

5.7

7.6

0.6

11.1

13.7

ooredoo

1.100

0

1.9

-3.5

0.0

1.420

0.980

3.3

5.9

8.9

0.7

11.3

9.0

CBK

0.380

15

1.9

0.0

-19.4

0.594

0.380

1.1

8.4

3.4

1.0

11.6

8.6

Al Ahli Bank

0.320

16

1.8

-3.0

-14.7

0.390

0.300

0.8

5.4

3.1

0.9

17.1

17.1

Viva Kuwait

0.930

98

1.6

-1.1

-6.1

1.120

0.800

19.7

NM

NA

5.6

10.0

7.8

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

5

SICO RESEARCH

GCC MARKET WATCH

Oman  Oman Markets Turnover OR mn RHS

5,950

MSM index

5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0

5,900 5,850 5,800

5,750

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

30-Jun

3-Jul

5,700

MSM was marginally in the red (-0.1%); Ominvest declined 1.8% and Renaissance fell 1.4%. Omantel gained 0.6% and Ooredoo Oman increased 0.5%. Raysut Cement went up 0.7% and NBO advanced 0.8%. Bank Sohar closed 0.5% higher.

Oman Markets Vol 000 - LHS

25,000

Trades (VWAP)

1,200

Top Gainers Company

1,000

20,000

Const Materials Sharqiya Inv National Gas Co Nat Bank Of Oman Raysut Cement Co

800

15,000

600 10,000

400

5,000

200

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

30-Jun

4-Jul

-

3-Jul

-

Top Losers Company Nat Aluminium Pr Al Anwar Cer Til Al Anwar Holding Hassan Eng Co Jazeera Steel

Oman Index (Intraday)

---Change--OMR 0.00 0.00 0.01 0.00 0.01

% 3.3 1.4 1.3 0.8 0.7

Vol '000 115 734 329 126 91

Last Pr OMR 0.23 0.23 0.19 0.08 0.24

---Change--OMR (0.016) (0.012) (0.006) (0.002) (0.005)

% (6.5) (4.9) (3.1) (2.6) (2.0)

Vol '000 10 609 1,505 258 775

---Change--OMR % 0.00 0.5 (0.01) (3.1) -

Vol '000 1,709 1,505 1,472 1,032 887

Last Pr OMR 0.19 0.19 0.38 0.10 0.10

Bank Sohar Al Anwar Holding Bank Muscat Galfar Eng HSBC Oman

12:05 PM

11:45 AM

11:25 AM

11:05 AM

10:45 AM

10:25 AM

10:05 AM

9:45 AM

9:25 AM

9:05 AM

Top Movers Company

8:45 AM

5,848 5,846 5,844 5,842 5,840 5,838 5,836 5,834 5,832 5,830

Last Pr OMR 0.03 0.14 0.62 0.25 1.38

Oman - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E 10.4

Omantel

1.660

211

3.2

0.6

6.1

1.760

1.390

6.1

8.9

4.5

2.2

24.8

Bank Muscat

0.380

1,472

2.4

0.0

-15.5

0.552

0.358

1.6

13.0

6.3

0.7

5.2

5.1

Ooredoo Oman

0.744

394

1.3

0.5

5.1

0.812

0.608

0.0

20.1

5.4

2.2

11.6

10.3

Bank Dhofar

0.235

200

1.0

0.0

20.8

0.264

0.187

1.4

13.6

5.8

1.1

8.5

8.5

NBO

0.254

126

1.0

0.8

4.6

0.327

0.195

1.9

15.8

6.1

0.9

6.2

6.2

OMINVEST

0.540

121

0.9

-1.8

40.5

0.570

0.365

1.1

10.0

NA

1.6

15.0

15.0

Bank Sohar

0.188

1,709

0.8

0.5

19.7

0.208

0.120

1.3

12.5

4.4

1.2

10.7

9.4

Raysut Cement

1.375

91

0.7

0.7

37.5

1.495

0.900

10.3

14.4

3.8

1.9

13.1

13.0

Ahli Bank Oman

0.184

340

0.7

0.0

-6.1

0.222

0.168

1.6

13.0

5.4

1.2

9.5

8.5

HSBC Oman

0.100

887

0.5

0.0

0.0

0.139

0.092

0.6

4.2

3.9

0.6

15.5

19.4

Shell Oman Mktg

1.900

-

0.5

0.0

-5.0

2.050

1.850

18.2

39.0

5.9

4.6

12.7

12.9

Oman Cement

0.472

-

0.4

0.0

2.6

0.522

0.426

6.1

7.3

6.4

1.0

13.3

13.2

Salalah Port Ser

0.648

-

0.3

0.0

0.0

0.648

0.620

NA

NA

NA

NA

NA

NA

Bank Nizwa

0.075

845

0.3

0.0

7.1

0.082

0.060

NA

NA

NA

NA

NA

NA

Renaissance

0.281

95

0.2

-1.4

72.4

0.338

0.110

-4.6

(16.3)

3.4

0.4

NA

31.7

Galfar

0.104

1,032

0.1

0.0

48.6

0.125

0.050

-5.6

(33.1)

NA

0.4

NA

NA

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

6

SICO RESEARCH

GCC MARKET WATCH

Qatar 

Qatar Markets Turnover QT mn RHS

10,800

DSM index

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -

10,600 10,400

10,200 10,000 9,800 9,600

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

9,400

30-Jun

DSM gained 0.6% with QIB up 3.9% and IQ 1.3% higher. QIB reported strong net profit of QAR 563mn in 2Q16 (+14% YoY). Al Ahli Bank Qatar increased 2.5% and CBQ went up 1.7%. Ezdan Real Estate was 0.3% higher and Barwa Real Estate advanced 1.9%. Al Meera and Ooredoo gained 0.5% each. Qatar Electricity & Water closed 1.7% higher, while Qatar Insurance declined 1.1% and QNB decreased 0.3%.

Qatar Markets Vol 000 - LHS

16,000

Trades (VWAP)

6,000

4,000 8,000

2,000

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

30-Jun

United Dvlpmnt Qatar Ins Co Qa Indus Manf Co Mannai Corp Mesaieed Petroch

Qatar Index (Intraday)

Ezdan Real Est Vodafone Qatar United Dvlpmnt Barwa Real Est Qatar First Bank

1:00 PM

12:40 PM

12:20 PM

12:00 PM

11:40 AM

11:20 AM

11:00 AM

10:40 AM

10:20 AM

10:00 AM

9:40 AM

9:20 AM

Top Movers Company

9:00 AM

10,660 10,640 10,620 10,600 10,580 10,560 10,540 10,520 10,500 10,480 10,460

Qat Ger Med Dev Qa Islamic Bk Dlala Brokerage Al Ahli Bk Qatar Qatar Oman Inves Top Losers Company

-

3-Jul

-

Top Gainers Company

Last Pr QAR 12.50 106.90 25.00 40.25 11.28

---Change--QAR 0.50 4.00 0.70 1.00 0.23

% 4.2 3.9 2.9 2.5 2.1

Vol '000 269 192 156 1 208

Last Pr QAR 19.45 82.00 43.10 90.50 19.15

---Change--QAR (0.35) (0.90) (0.25) (0.50) (0.09)

% (1.8) (1.1) (0.6) (0.5) (0.5)

Vol '000 827 107 4 1 144

Last Pr QAR 19.60 11.30 19.45 35.65 12.11

---Change--QAR % 0.05 0.3 0.11 1.0 (0.35) (1.8) 0.65 1.9 0.05 0.4

Vol '000 1,005 971 827 524 457

Qatar - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

LCY

('000)

bn

%

%

LCY

LCY

---2015---

Low ROA

------------Valuation---------

ROE

DivYld

PBV

PER

PER*

%

%

2015

2015

2015

2016E

QNB

151.00

136

34.8

-0.3

3.5

163.167

122.500

2.2

19.1

1.9

2.1

11.3

10.6

Industries Qatar

108.40

148

18.0

1.3

-2.4

137.900

88.000

12.3

13.2

4.6

2.0

14.8

15.7

Ezdan Real Estate

19.60

1,005

14.3

0.3

23.3

20.000

12.100

3.7

5.5

2.6

1.7

31.3

30.7

Ooredoo

93.40

106

8.2

0.5

24.5

96.100

60.000

2.2

8.1

5.4

1.4

14.1

12.4

Al Rayan

36.00

454

7.4

0.1

-4.3

46.100

28.600

2.5

5.1

4.9

2.2

13.0

13.2

Qatar Islamic Bk

106.90

192

6.9

3.9

0.2

121.000

75.100

1.8

15.1

4.0

1.9

12.9

12.0

Q. Elec.& Water

224.80

41

6.8

1.7

3.9

228.800

175.100

11.4

21.2

3.3

3.4

16.5

14.8

Qatar Insurance

82.00

107

5.5

-1.1

17.9

91.994

58.503

5.2

18.1

2.3

3.4

19.1

12.8

155.00

39

3.9

0.1

13.5

162.000

100.000

12.5

18.3

5.4

2.0

11.3

11.0

Barwa Real Estate

35.65

524

3.8

1.9

-10.9

51.600

28.000

10.7

18.3

6.2

0.8

4.5

4.6

Qatar Gas (Nakilat)

24.00

249

3.7

0.0

2.8

25.300

18.700

3.2

23.9

5.2

3.0

13.7

11.9

CBQ

40.45

408

3.6

1.4

-11.9

59.900

35.300

1.2

8.1

7.4

0.8

9.3

9.0

Qatar Navigation

89.90

17

2.8

0.1

-5.4

102.000

83.400

5.4

8.1

5.5

0.8

9.4

8.0

Qatar Intl.Islamic Bk

65.40

66

2.7

2.0

1.7

79.700

52.100

2.0

14.4

6.1

1.8

12.6

14.8

Doha Bank

37.05

83

2.6

0.0

-16.7

54.300

33.450

1.7

11.2

8.1

0.7

7.0

7.6

Al Khaliji Bank

17.00

18

1.7

0.6

-5.4

22.750

15.710

1.2

10.6

5.9

1.0

9.8

10.1

Qatar Fuel

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

7

SICO RESEARCH

GCC MARKET WATCH

Saudi Arabia 

Tadawul closed 0.5% lower with SABIC (-0.9%) and NCB (-0.5%). Samba declined 1.7% and SABB fell 0.5%. SAFCO dropped 0.8% and Saudi Kayan decreased 0.7%. Maaden fell 4.1%; the company reported 2Q16 net income after minorities of SAR 132.5mn (-51% YoY). Almarai decreased 0.7% and Nadec ended 3.4% lower. Nadec posted 2Q16 net income of SAR 37.1mn (+6% YoY). Savola gained 2.1% and Riyad Bank increased 0.8%.

Saudi Markets Turnover SAR mn RHS

6,750

TASI

6,000

6,700

5,000

6,650

4,000

6,600

3,000

6,550

2,000

6,500

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

10-Jul

30-Jun

11-Jul

-

5-Jul

6,400

4-Jul

1,000

3-Jul

6,450

Saudi Markets

18-Jul

100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 -

19-Jul

17-Jul

13-Jul

14-Jul

Trades (VWAP)

12-Jul

11-Jul

10-Jul

4-Jul

3-Jul

30-Jun

5-Jul

Vol 000 - LHS

350,000 300,000 250,000 200,000 150,000 100,000 50,000 -

Red Sea Housing Al Alamiya Coop Ins Saudi Ind Serv Sa Indust Dev Acig Top Losers Company Maaden Emaar Econ City Natl Agr Dev Dallah Healthcare Amana Coop Ins

SAUDI ARABIA Index (Intraday)

Alinma Dar Al Arkan Saudi Kayan Sa Basic Ind Solidarity Saudi

3:30 PM

3:10 PM

2:50 PM

2:30 PM

2:10 PM

1:50 PM

1:30 PM

1:10 PM

12:30 PM

12:50 PM

12:10 PM

11:50 AM

11:30 AM

10:50 AM

Top Movers Company

11:10 AM

6,670 6,665 6,660 6,655 6,650 6,645 6,640 6,635 6,630 6,625 6,620

Top Gainers Company

Last Pr SAR 27.87 31.98 14.47 11.63 16.35

---Change--SAR 0.91 0.97 0.43 0.33 0.45

% 3.4 3.1 3.1 2.9 2.8

Vol '000 350 782 1,980 1,373 3,526

Last Pr SAR 37.16 14.16 22.47 85.07 10.75

---Change--SAR (1.58) (0.59) (0.79) (2.67) (0.25)

% (4.1) (4.0) (3.4) (3.0) (2.3)

Vol '000 3,470 3,319 1,020 31 1,885

Last Pr SAR 13.77 6.89 6.84 83.22 9.82

---Change--SAR (0.16) 0.04 (0.05) (0.72) 0.10

% (1.1) 0.6 (0.7) (0.9) 1.0

Vol '000 40,900 31,700 8,336 6,167 5,936

Saudi Arabia - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E

SABIC

83.22

6,167

66.6

-0.9

8.8

102.750

59.500

5.6

11.6

6.6

1.5

13.3

15.0

Saudi Telecom

64.26

231

34.3

-0.4

-6.1

73.250

52.750

9.8

15.3

6.2

2.1

13.9

12.9

Al Rajhi Bank

59.38

1,882

25.7

0.1

14.0

66.250

44.700

2.3

16.1

2.5

2.1

13.5

13.3

Saudi Electricity

19.87

1,283

22.1

-0.7

26.5

21.800

12.400

0.5

2.6

3.5

1.4

53.6

33.1

NCB

40.20

197

21.4

-0.5

-21.3

66.000

36.600

2.1

18.3

3.8

1.5

8.8

8.2

Al Marai Company

56.38

208

12.0

-0.7

-3.9

73.500

40.875

7.5

16.7

1.5

3.7

23.5

22.1

Samba

20.11

327

10.7

-1.7

-13.8

27.600

17.550

2.3

23.6

4.5

1.0

7.7

7.7

Riyad Bank

11.24

980

9.0

0.8

-9.5

16.750

10.700

1.8

11.2

6.2

0.9

8.3

8.1

Saudi British Bank

20.00

154

8.0

-0.5

-19.2

34.100

19.000

2.3

16.2

3.7

1.1

6.9

7.4

Banque Saudi Fransi

23.05

63

7.4

0.0

-17.7

36.100

20.700

2.2

14.7

5.0

1.0

6.9

8.0

SAFCO

59.61

158

6.6

-0.8

-27.4

118.250

58.000

23.8

27.6

10.1

3.3

11.7

13.3

Etihad Etisalat

29.29

2,910

6.0

0.8

3.5

33.800

18.850

-2.4

(6.3)

NA

1.4

NA

37.6

Savola Group

38.03

680

5.4

2.1

-24.3

76.250

29.400

6.7

17.5

5.3

1.9

11.3

11.3

Arab National Bank

19.10

249

5.1

0.3

-18.9

34.300

17.750

1.8

13.9

5.2

0.9

6.4

6.6

National Industry

13.84

369

2.5

-1.0

30.4

19.500

7.500

-3.1

(14.5)

NA

1.2

NA

51.1

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

8

SICO RESEARCH

GCC MARKET WATCH

UAE

Top Gainers Company Arkan Bld Mt Co Natl Co Bldg Mat Union Cement Rak Properties Union Natl Bk Top Losers Company Natl Marine Drdg Ad Natl Ins Co United Arab Bk Bank Of Sharjah Eshraq Properties Top Movers Company Methaq Rak Properties Eshraq Properties Aldar Properties Dana Gas

---Change--AED % 0.05 5.6 0.02 4.1 0.04 3.6 0.02 3.4 0.14 3.2

Vol '000 24 1,187 20 43,658 953

Last Pr AED 4.46 1.90 2.40 1.37 0.77

---Change--AED % (0.39) (8.0) (0.10) (5.0) (0.07) (2.8) (0.02) (1.4) (0.01) (1.3)

Vol '000 2 176 100 22 18,475

Last Pr AED 0.92 0.61 0.77 2.78 0.59

---Change--AED % 0.02 3.4 (0.01) (1.3) -

Vol '000 52,488 43,658 18,475 7,076 6,325

Top Gainers Company Takaful Emarat Ins Dar Takaful Aramex Gulf Navigation Shuaa Capital Top Losers Company Natl Cement Co DSI Almadina Fin&Inv Amlak Finance Arabtec Top Movers Company Arabtec DSI Dar Takaful Isl Arab Ins Union Prop

12:45 PM

1:05 PM

12:25 PM

11:45 AM

11:25 AM

11:05 AM

12:45 PM

Last Pr AED 2.77 1.15 3.42 1.08 0.66

---Change--AED % 0.36 14.9 0.05 4.5 0.11 3.3 0.02 1.9 0.01 1.4

Vol '000 1,747 22,788 2,014 13,313 7,349

Last Pr AED 3.11 0.57 0.58 1.48 1.54

---Change--AED % (0.34) (9.9) (0.01) (2.1) (0.01) (2.0) (0.03) (2.0) (0.03) (1.9)

Vol '000 2 23,160 794 6,722 59,131

Last Pr AED 1.54 0.57 1.15 0.52 0.77

---Change--AED % (0.03) (1.9) (0.01) (2.1) 0.05 4.5 (0.01) (1.9) (0.00) (0.5)

Vol '000 59,131 23,160 22,788 16,759 14,929

1:05 PM

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

11-Jul

12-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

Last Pr AED 0.95 0.51 1.15 0.61 4.49

12:05 PM

-

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

11-Jul

12-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

-

12:25 PM

1,000

100

12:05 PM

2,000

100,000

200

11:45 AM

3,000

200,000

11:25 AM

300,000

300

11:05 AM

400

500

10:25 AM

5,000

4,000

600

10:45 AM

500,000

400,000

700

3,550 3,545 3,540 3,535 3,530 3,525 3,520 3,515 3,510 3,505 3,500

6,000

10:05 AM

Trades (VWAP)

9:45 AM

Vol 000 - LHS

600,000

800

9:25 AM

DUBAI Index (Intraday)

Dubai Markets DFM index

10:45 AM

4,540

10:25 AM

4,550

-

9:45 AM

500

10:05 AM

4,560

9:25 AM

4,570

1,000

9:05 AM

4,580

1,500

8:45 AM

4,590

2,000

19-Jul

18-Jul

17-Jul

14-Jul

2,500

8:45 AM

Dubai Markets Turnover AED mn RHS

3,600 3,550 3,500 3,450 3,400 3,350 3,300 3,250 3,200 3,150

13-Jul

30-Jun

19-Jul

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

5-Jul

10-Jul

4-Jul

3-Jul

-

12-Jul

50

4,600

Trades (VWAP)

11-Jul

100

5-Jul

150

4-Jul

200

30-Jun

Vol 000 - LHS

160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 -

250

10-Jul

300

3-Jul

4,620 4,600 4,580 4,560 4,540 4,520 4,500 4,480 4,460 4,440

ABUDHABI Index (Intraday)

Abu Dhabi Markets

ADSM index

9:05 AM

Abu Dhabi Markets Turnover AED mn RHS

 DFM was 0.3% lower as Emaar Malls declined 1% and DIB decreased 0.9%. Arabtec fell 1.9% and DSI dropped 2.1%. Dubai Parks ended 1.2% lower, whereas Damac gained 0.4% and Emaar was up 0.7%. ENBD increased 0.2% and Aramex rose 3.3%.

 ADX ended 0.1% lower due to 0.8% decline in FGB and 0.5% decrease in NBAD. Eshraq fell 1.3% and Agthia increased 0.7%. ADCB gained 1.5% and UNB rose 3.2%. ADCB reported net earnings of AED 1.1bn down 12.3% YoY. Nationals were net sellers.

UAE - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2015--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2015

2015

2015

2016E 18.8

Etisalat

20.00

1,241

47.4

0.0

24.2

20.000

11.400

6.5

14.1

4.0

3.1

21.0

First Gulf Bank

12.20

3,959

15.0

-0.8

-3.6

15.750

9.900

2.7

17.3

8.2

1.6

9.1

9.2

NBAD

10.00

1,409

14.2

-0.5

25.6

11.000

6.860

1.3

13.1

3.6

1.2

10.0

10.2

Emaar

6.90

12,238

13.5

0.7

21.3

8.160

4.220

5.4

10.8

2.2

1.2

12.1

12.0

Emirates NBD

8.52

58

12.9

0.2

15.1

10.950

6.250

1.9

14.9

4.7

1.0

6.6

6.6

Emaar Mall

2.95

997

10.5

-1.0

6.9

3.330

2.020

7.4

12.0

NA

2.6

22.3

19.5

ADCB

6.20

3,273

9.4

1.5

-5.9

8.910

5.200

2.3

18.3

6.7

1.3

7.0

7.3

DU

6.69

320

8.3

-0.1

31.2

6.840

4.562

10.9

25.6

4.8

4.2

15.8

15.9

Aldar Properties

2.78

7,076

6.0

0.0

19.8

2.830

1.810

6.7

13.4

3.6

1.1

8.6

8.1

Dubai Islm Bank

5.45

6,196

5.9

-0.9

-3.4

7.002

4.510

2.6

17.9

8.3

1.0

6.1

5.5

Damac Properties

2.40

1,656

4.0

0.4

3.4

3.518

2.000

22.0

63.3

3.8

1.6

3.2

2.9

Union National Bk

4.49

953

3.4

3.2

-4.1

7.150

3.130

2.3

12.7

4.5

0.7

5.6

7.9

DFM

1.38

5,711

3.0

0.0

12.2

2.040

0.980

3.0

3.2

3.6

1.4

42.3

29.5

Arabtec

1.54

59,131

1.9

-1.9

23.2

2.590

0.930

6.3

18.2

NA

2.0

8.2

48.3

AD Nat Engy (Taqa)

0.54

1,117

0.9

0.0

14.9

0.710

0.360

1.0

13.9

NA

0.4

2.8

2.8

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

9

SICO RESEARCH

GCC MARKET WATCH

Results Monitor (Q2-2016) Cur r (m n)

Mc a p -----2 Q 2 0 1 6 -----$ mn N e t I nc % YoY % A l R a jhi Ba nk ing & I nv . Cor p. KSA 2 ,0 5 2 6% SA R 2 5 ,7 0 8 A l Ma r a i Com pa ny KSA 629 19% SA R 1 2 ,1 1 4 Ba nk A l Bila d KSA 184 -1 1 % SA R 2 ,4 0 0 A r a bia n Ce m e nt KSA 143 -1 2 % SA R 1 ,3 3 5 N A DE C (N a t iona l A gr ic ult ur a l De v e lopm e nt Co. ) KSA 3 7 .1 6% SA R 525 Cit y Ce m e nt KSA 65 -5 % SA R 780 Sa udi Ca t e r ing KSA 145 -1 7 % SA R 2 ,1 2 1 Ma a de n KSA 132 -5 1 % SA R 1 2 ,0 7 0 A bu Dha bi Com m e r c ia l Ba nk UAE 1 ,1 2 5 -1 2 % AED 9 ,3 0 9 Qa t a r I s la m ic Ba nk Qa t a r 563 14% QA R 6 ,6 7 8 MA SR A F A L R A YA N Qa t a r 514 5% QA R 7 ,4 0 5 U nit e d De v e lopm e nt Co. Qa t a r 73 -7 5 % QA R 1 ,9 2 6 Ba nk of Ba hr a in & Kuwa it Ba hr a in 1 6 .0 10% BH D 964 Samba Financial Group KSA 1,314 -1% SAR 10,906 Riyad Bank KSA 1,146 2% SAR 8,919 National Commercial Bank KSA 2,438 3% SAR 21,556 United Wire Factories (Aslak) KSA 38.6 55% SAR 333 Emirates NBD UAE 1,910 16% AED 12,863 Commercial Bank of Dubai UAE 246 -22% AED 4,045 United Arab Bank (Q1 2005 E & TA) UAE 25.7 -86% AED 925 OM & EM INV UAE (2.3) NM AED 39 National Bank of Kuwait Kuwait 72 7% KWD 10,688 Kuwait International Bank Kuwait 5.2 NM KWD 675 Dhofar Insurance Oman (2.3) NM OMR 107 Al Hassan Engg Oman 0.05 -65% OMR 15 Oman Education Oman 0.3 6% OMR 64 Muscat Finance Oman 1.2 5% OMR 81 Oman & Emirates Investment Hold Oman (0.2) NM OMR 187 Banque Saudi Fransi KSA 1,048 3% SAR 7,408 Qassim Cement KSA 115 -31% SAR 1,493 Thimar (NATL AGR MKTING ) KSA 2.0 -18% SAR 88 Union National Bank UAE 470 -17% AED 3,259 Abu Dhabi Islamic Bank UAE 507 1% AED 3,278 Q. National Bank Qatar 3,381 16% QAR 34,915 Qatar Gas Transport (Nakilat) Qatar 260 -3% QAR 3,691 BARWA REAL ESTATE CO Qatar 549 185% QAR 3,741 Q. Electr. & Water Co. Qatar 444 14% QAR 6,677 BOUBYAN BANK K.S.C Kuwait 9.8 13% KWD 2,818 EDU HLDING GROUP Kuwait 1.3 -10% KWD 160 EYAS EDUCATION Kuwait 0.9 NM KWD 160 Bank Muscat Oman 46.7 0% OMR 2,375 Omantel Oman 32.0 20% OMR 3,205 Raysut Cement Oman 4.8 -2% OMR 714 Bank Dhofar Oman 12.6 16% OMR 1,064 Oman International Bank Oman 4.4 217% OMR 520 Oman Cable Industries Oman 4.7 -1% OMR 424 Renaissance Services Oman (2.0) NM OMR 212 Oman Cement Oman 3.0 83% OMR 406 Ahli Bank Oman Oman 7.2 -7% OMR 685 Bank Sohar Oman 4.7 -36% OMR 774 OMINVEST (Oman Intl Dev & Invest Co) Oman 5.1 4% OMR 925 Al Anwar Ceramics and Tiles Oman 1.4 -26% OMR 188 AL JAZEIRA SVC Oman 0.6 -41% OMR 34 Al Maha Petroleum Oman 2.5 -7% OMR 267 Oman Oil Marketing CO Oman 2.7 -5% OMR 315 Source: SICO Research, Company Reports, Reuters, Bloomberg, Zawya, Stock Exchanges Note*: Preliminary Com pa ny

Count r y

-2 Q-1 6 For e c a s t QoQ Me dia n Va r % 2 % 2 ,0 7 2 -1 % NM 541 16% 5% 208 -1 2 % -3 7 % 157 -9 % 47% 3 5 .0 6% -1 1 % 70 -7 % 2% 150 -3 % -2 2 % 135 -2 % 1 0 % 1 ,0 1 3 11% 14% 526 7% -4 % 515 0% -7 2 % NA NA 5% NA Na 4% 1,316 0% -2% 1,094 5% -7% 2,578 -5% NM NA NA 6% 1,798 6% 2% 293 -16% -43% NA NA NM NA NA -9% 80 -10% -22% NA NA NM NA NA -10% NA NA 6% NA NA -4% NA NA NM NA NA -3% 1,035 1% -15% 114 1% -11% NA NA 5% 392 20% 5% 477 6% 18% 3,162 7% 8% NA NA -16% NA NA 28% 389 14% 8% NA NA 6% NA NA -36% NA NA 7% 42.6 10% -8% 28.8 11% -40% 6.3 -23% -7% 13.4 -6% 26% 3.9 13% 2% 4.4 7% NM 0.9 NM -23% 3.5 -15% 2% 6.2 16% 12% 6.2 -24% -28% NA NA 19% 1.1 24% NM NA NA 21% 3.0 -18% 29% NA NA

10

SICO RESEARCH

GCC MARKET WATCH

NOTES

Contact Details BMB Centre, 1 Floor P.O Box 1331, Diplomatic Area Manama Kingdom of Bahrain



* PER 2016E : The P/E Ratios for the companies in this report are based on the following estimates (in descending order of preference) 1. Broker Consensus / SICO Estimates (where available) 2. Annualized performance of 2016 (based on results announced so far) 3. SICO estimates based on past performance and normalized operations 4. Assumption of status-quo of profits in 2015 where the none of the above is available



2015 ROA / ROE may not tally with reported figures from individual companies as SICO Research has tried to normalize financials to remove the impact of exception items.



LTD stands for last traded day.



The Sector Universes in Page 2 & 3 have been compiled on the basis of market capitalisations of the biggest companies in the respective sectors (while ensuring a fair representation from each country).



In each market page the ‘# Trans’ has been smoothened on days when markets are closed in order to avoid distortion in the graphs. Smoothening of the data assumes the number of transactions on days where the markets were closed, is the same as the preceding day.



Intra-day index movements’ graphs are based on ticks of 5 minutes.



Last / Closing Prices used in this report are the ‘last actual trades’ and may differ from the official closing prices quoted by individual stock exchanges (which in some cases are volume weighted averages).



This report is provided for information purpose only and the actual performance / valuation ratios of individual companies may vary from those published in this report. Readers are strongly advised to check relevant company sources / stock exchanges site before taking any investment decision.

st

Investment Research [email protected]

Head of Research Nishit Lakhotia, CFA, CAIA Tel: (Direct) +973 – 17515021

Brokerage Fadhel Makhlooq Tel: (Direct): +973 – 17515202

Visit us at www.sicobahrain.com

Securities & Investment Company BSC Disclaimer This report does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for any securities. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness and are subject to change without notice. Investors must make their own investment decisions. Past performance is not necessarily a guide to future performance. Nothing in this report should be construed as investment or financial advice or as an advice to buy or sell the securities of the company referred to in this report. SICO and/or its clients may have positions in or options on the securities mentioned in this report or any related investments, may effect transactions or may buy, sell or offer to buy or sell such securities or any related investments. Additional information on the contents of this report is available on request.

Copyright Notice © Securities and Investment Company 2016. This report is being supplied to the recipient for information and not for circulation and may not be reproduced, redistributed or passed on to any other person or published, in whole or in part.

11