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