GCC Market Watch - SICO Research

GCC Market Watch

July 18, 2016

GCC Market Watch

Regional Markets Today Country

Current

%Chg 1D

%Chg YTD

Bahrain (BAX)

1,164.0

(0.1)

(4.3)

Kuwait (KWSE)

5,380.5

(0.2)

(4.2)

Oman (MSI)

5,843.8

(0.5)

8.1

Qatar (DSMI)

10,585.1

1.6

1.5

S.Arabia (TASI)

6,682.0

0.0

(3.3)

UAE (DFM)

3,535.2

1.3

12.2

UAE (ADSM)

4,586.1

(0.2)

6.5

94.0

0.2

(1.6)

S&P GCC Source: Bloomberg

Note: S&P GCC index as of previous day

CDS-5years Dubai

Bahrain

AbuDhabi Qatar KSA

Current

170

390

80

103 165

Previous day

170

375

77

97 165

Week ago

178

390

81

102 173

Month ago

215

405

102

112 185

Year ago

179

267

53

56

Regional market wrap-up GCC Markets traded on a mixed note with DSM being the top gainer (+1.6%). Tadawul was flat as SABIC gained 0.8% and Almarai declined 1.1%. DFM closed in the green (+1.3%); DIB gained 1.9% and Emaar was up 2.2%. ADX decreased 0.2% due to 1.6% drop in FGB and 1.8% decline in UNB. DSM was 1.6% higher with all sectors in green; Ezdan Real Estate (+1.8%) and IQ (+3.9%). KWSE ended 0.2% lower with Boubyan Bank (-1.3%) and Americana (+1.6%). MSM declined 0.5% led by Bank Sohar down 0.5% and Bank Dhofar 2.5% lower. BHB was marginally down (-0.1%) with banks in red; Al Salam Bank (-3.2%) and BISB (-1.8%). For 2Q16 Results Monitor. Refer to Page 10.

In the news… 

ENBD reported net earnings of AED 1.9bn up 16.1% YoY, higher than SICO estimates by 10% and consensus by 6%. Stronger than expected earnings were on the back of 31% decline in provisioning charges of AED 626mn, supported by a loan-loss recovery of AED 497mn. The bank’s balance sheet performance continues to strong with lending book growing by 2.5% QoQ, supported by 2.3% QoQ deposits growth. The lending growth was primarily driven by Sovereign sector, which we believe led to lower NIM. The bank’s fee income was strong up 7% YoY, likely driven by balance sheet growth. Source: Company Announcement



NBK reported a net profit of KWD 71.68mn in 2Q16, +7.2% YoY on the back of a 2.4% YoY increase in total operating revenue which was driven mainly by a 4.8% YoY in NII and a 10.6% YoY increase in net income from Islamic financing. The bank’s net fees and commission income however declined by 3.4% YoY and net investment income also declined by 16% YoY. The decline in net investment income is due to the one off gain reported last year from the sale of IBQ. The bank’s total assets reached KWD 24.07bn, +4.9% YoY while dropping 2.5% QoQ. The bank has not released its balance sheet details. Source: Company Announcement



Riyad Bank reports net earnings of SAR 1.15bn in 2Q16 up 1.6% YoY, in line with SICO estimates and beating consensus by 5%. On the positive side the bank reported 5% YoY increase in net interest income led by balance sheet optimisation and lower provisioning charges down 33%, while on the flip side the bank’s non-interest income declined sharply by 24% YoY. The bank’s lending book increased by 1.4% QoQ, while deposits declined by 0.7% QoQ. We estimate that the bank’s NIM expanded by 16bps QoQ and 3bps YoY. Source: Company Announcement

56

Source: Bloomberg as of LTD

International Indices

GCC- Equities

Country

Current

%Chg 1D

%Chg YTD

DJIA

18,516.6

0.1

6.3

S&P

2,161.7

(0.1)

5.8

NASDAQ

5,029.6

(0.1)

0.4

FTSE

6,696.7

0.4

7.3

DAX

10,074.8

0.1

(6.2)

NIKKEI

16,497.9

0.7

(13.3)

867.8

0.2

9.3

MSCI EM

Source: Bloomberg @Jul-18 03:15 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

Commodity and Currency Monitor

SICO Research

Current

%Chg 1D

%Chg YTD

OPEC Basket

43.24

0.8

38.3

Brent Future

47.05

(1.2)

26.2

Nymex 1M Fut

45.44

(1.1)

22.7

Gold Spot

1,326.3

(0.3)

24.9

USD / Yen

105.69

(0.3)

(12.1)

Euro / USD

1.1055

(0.1)

1.7

Source: Bloomberg @Jul-18 03:15 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

405.9

224.9

1,101.6

80,486

14.3

13.5

1.5

4.3

11.3

UAE

206.3

579.0

217.8

7,284

10.7

10.2

1.4

4.1

13.0

75.2

71.0

29.5

1,916

12.9

12.3

0.9

3.8

7.8

153.8

12.0

475.7

5,313

13.0

12.4

1.6

3.7

12.1

Kuwait Qatar

P/E (x)

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

Bahrain

17.8

5.7

3.3

42

10.1

11.3

0.7

4.5

7.1

Oman

21.9

13.1

7.4

785

11.4

9.1

1.1

4.8

10.3

GCC

881

906

1,835

95,826

12.1

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)

83.940

6,492

67.1

0.8

9.7

102.750

59.500

5.6

11.6

6.6

1.6

13.4

15.2

Etisalat (UAE)

20.000

1,306

47.4

0.5

24.2

20.000

11.400

6.5

14.1

4.0

3.1

21.0

18.8

151.400

534

34.9

0.7

3.8

163.167

122.500

2.2

19.1

1.9

2.1

11.3

10.6

STC (KSA)

64.520

162

34.4

0.0

-5.7

73.250

52.750

9.8

15.3

6.2

2.1

13.9

13.0

Al Rajhi (KSA)

59.330

1,361

25.7

0.1

13.9

66.250

44.700

2.3

16.1

2.5

2.1

13.5

13.3

Saudi Electric (KSA)

20.010

1,450

22.2

-1.2

27.4

21.800

12.400

0.5

2.6

3.5

1.4

54.0

33.3

QNB (Qatar)

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

40.420

253

21.6

-0.4

-20.9

66.000

36.600

2.1

18.3

3.8

1.5

8.9

8.3

107.000

554

17.8

3.9

-3.7

137.900

88.000

12.3

13.2

4.7

1.9

14.6

15.5

20.450

1,429

10.9

0.2

-12.3

27.600

17.550

2.3

23.6

4.4

1.0

7.8

7.9

0.590

4,600

10.9

1.7

-20.7

0.809

0.550

1.2

9.4

4.8

1.0

11.1

10.2

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

1,306

47.4

0.5

STC (KSA)

64.520

162

34.4

0.0

-5.7

73.250

52.750

9.8

15.3

6.2

2.1

13.9

13.0

DU (UAE)

6.700

996

8.3

0.8

31.4

6.840

4.562

10.9

25.6

4.8

4.2

15.8

16.0

Ooredoo (Qatar)

92.900

179

8.2

-0.1

23.9

96.100

60.000

2.2

8.1

5.4

1.4

14.0

12.4

Etihad Etisalat (KSA)

29.050

4,537

6.0

4.1

2.7

33.800

18.850

-2.4

(6.3)

NA

1.4

NA

37.3

ZAIN (Kuw)

0.330

1,484

4.5

0.0

-5.7

0.440

0.320

4.5

8.6

10.1

0.7

8.3

7.7

Omantel (Oman)

1.650

38

3.2

0.3

5.4

1.760

1.390

6.1

8.9

4.5

2.2

24.7

10.3

NMTC (Ooredoo)

1.140

2

2.0

0.0

3.6

1.420

0.980

3.3

5.9

8.6

0.7

11.7

9.4

Batelco (Bah)

0.302

36

1.3

0.7

-5.6

0.342

0.296

5.0

9.3

8.3

1.0

10.1

11.4

DP World (UAE)

16.940

967

14.1

-0.4

-16.6

23.900

16.050

4.5

9.5

NA

NA

17.4

17.4

Agility (Kuw)

0.480

1,064

2.0

2.1

0.0

0.670

0.370

3.6

5.7

7.5

0.6

11.2

13.8

Air Arabia (UAE)

1.370

5,801

1.7

1.5

0.7

1.660

1.090

4.7

10.1

6.6

1.3

12.5

11.9

Aramex (UAE)

3.310

1,439

1.3

1.5

4.7

3.620

2.550

9.8

14.2

4.5

2.2

15.6

12.6


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

151.400

534

34.9

0.7

3.8

163.167

122.500

2.2

19.1

1.9

2.1

11.3

10.6

Al Rajhi (KSA)

59.330

1,361

25.7

0.1

13.9

66.250

44.700

2.3

16.1

2.5

2.1

13.5

13.3

NCB

40.420

253

21.6

-0.4

-20.9

66.000

36.600

2.1

18.3

3.8

1.5

8.9

8.3

First Gulf Bk (UAE)

12.300

3,651

15.1

-1.6

-2.8

15.750

9.900

2.7

17.3

8.1

1.6

9.2

9.2

NBAD (UAE)

10.050

1,174

14.3

0.0

26.3

11.000

6.860

1.3

13.1

3.6

1.2

10.0

10.3

ENBD (UAE)

8.500

1,206

12.9

0.0

14.9

10.950

6.250

1.9

14.9

4.7

1.0

6.6

6.6

Samba (KSA)

20.450

1,429

10.9

0.2

-12.3

27.600

17.550

2.3

23.6

4.4

1.0

7.8

7.9

0.590

4,600

10.9

1.7

-20.7

0.809

0.550

1.2

9.4

4.8

1.0

11.1

10.2

11.150

1,912

8.9

0.5

-10.2

16.750

10.700

1.8

11.2

6.3

0.9

8.3

8.0

0.455

765

8.3

2.2

-7.3

0.591

0.395

0.9

7.0

3.3

1.1

16.4

15.3

Saudi British (KSA)

20.100

581

8.0

0.0

-18.8

34.100

19.000

2.3

16.2

3.7

1.1

7.0

7.4

Saudi Fransi (KSA)

23.050

82

7.4

-0.2

-17.7

36.100

20.700

2.2

14.7

5.0

1.0

6.9

8.0

Masraf AlRayan (Qatar)

35.950

564

7.4

2.0

-4.4

46.100

28.600

2.5

5.1

4.9

2.2

13.0

13.2

102.900

105

6.7

0.9

-3.6

121.000

75.100

1.8

15.1

4.1

1.8

12.4

11.5

19.050

32

5.1

0.3

-19.1

34.300

17.750

1.8

13.9

5.2

0.9

6.4

6.6

0.640

17

4.4

0.0

-3.3

0.681

0.590

1.6

13.1

7.0

1.0

8.1

7.1

39.900

261

3.6

2.6

-13.1

59.900

35.300

1.2

8.1

7.5

0.8

9.1

8.9

NBK (Kuw) Riyad Bk (KSA) KFH (Kuw)

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


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

83.940

6,492

67.1

0.8

9.7

102.750

59.500

5.6

11.6

6.6

1.6

13.4

15.2

107.000

554

17.8

3.9

-3.7

137.900

88.000

12.3

13.2

4.7

1.9

14.6

15.5

Safco (KSA)

60.120

220

6.7

-0.4

-26.8

118.250

58.000

23.8

27.6

10.0

3.3

11.8

13.4

Yansab (KSA)

42.290

229

6.3

0.4

30.5

54.000

23.800

5.6

7.8

4.7

1.5

19.7

13.5

Nakilat (Qatar)

24.000

616

3.7

1.2

2.8

25.300

18.700

3.2

23.9

5.2

3.0

13.7

11.9

Petrorabigh (Saudi)

12.100

500

2.8

-1.0

-1.5

24.550

7.000

-1.6

(8.5)

NA

1.3

NA

40.5

Kayan (KSA)

6.890

12,402

2.8

-0.9

1.8

11.850

4.400

-2.8

(9.3)

NA

0.8

NA

NA

Tasnee (KSA)

13.980

516

2.5

-0.5

31.8

19.500

7.500

-3.1

(14.5)

NA

1.2

NA

51.6

Sipchem (KSA)

14.450

227

1.4

0.8

3.1

32.600

9.750

1.7

4.9

8.6

0.9

18.4

15.6

Sahara Petro (KSA)

11.450

1,873

1.3

0.0

11.8

14.700

7.400

0.4

0.6

4.4

0.9

143.8

15.8

0.590

7,240

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)


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)

19.550

1,633

14.2

1.8

23.0

20.000

12.100

3.7

5.5

2.6

1.7

31.2

30.6

Emaar (UAE)

6.850

10,414

13.4

2.2

20.4

8.160

4.220

5.4

10.8

2.2

1.2

12.0

11.9

Aldar Properties (UAE)

2.780

10,803

6.0

0.4

19.8

2.830

1.810

6.7

13.4

3.6

1.1

8.6

8.1

Damac (UAE)

2.390

4,449

3.9

0.0

3.0

3.518

2.000

22.0

63.3

3.8

1.6

NA

NA

Southern Cem (KSA)

75.500

32

2.8

-0.7

7.8

102.000

57.000

25.1

33.6

7.9

3.3

10.2

11.9

Saudi Cem (KSA)

62.490

69

2.5

-0.2

-3.7

91.750

47.000

20.9

29.1

7.6

2.9

10.2

11.3

Arabtec Hold. (UAE)

1.570

50,206

2.0

0.0

25.6

2.590

0.930

6.3

18.2

NA

2.0

8.3

49.3

Dar Al Arkan (KSA)

6.850

45,018

2.0

-4.1

10.5

8.950

4.300

1.4

2.0

NA

0.4

20.6

20.1

United Devt (Qatar)

19.800

523

1.9

2.2

-4.6

26.400

16.500

3.6

6.4

7.6

0.6

10.2

10.2

Yamamah Cem (KSA)

27.090

276

1.5

-0.3

-13.9

48.100

24.900

15.9

17.3

8.3

1.5

8.5

9.0

Qat Natl Cem (Qatar)

88.900

6

1.5

2.2

-4.1

110.364

77.636

14.7

17.0

4.1

1.9

11.4

11.6

Taiba (KSA)

33.300

33

1.3

-0.3

-10.0

44.700

27.500

9.1

11.1

4.5

1.3

11.4

11.4

Kuwait Cem (Kuw)

0.390

30

1.0

2.6

-1.3

0.410

0.350

7.6

12.1

NA

1.5

12.4

12.4

Deyaar (UAE)

0.624

30,337

1.0

2.3

21.4

0.860

0.391

4.8

6.5

NA

0.8

12.4

24.0

Raysut Cem (Oman)

1.365

60

0.7

-0.7

36.5

1.495

0.900

10.3

14.4

3.8

1.8

13.0

12.9

Saudi Real Est (KSA)

21.510

294

0.7

-1.1

-6.4

33.700

14.500

2.9

4.3

4.6

0.8

17.5

14.0

Drake & Scull (UAE)

0.577

41,409

0.4

0.5

38.7

0.864

0.291

-10.0

(31.8)

NA

0.6

NA

13.2

Nass Corp (Bah)

0.114

150

0.1

0.0

-3.4

0.166

0.088

2.6

4.7

4.4

0.4

9.4

25.1


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)

56.790

222

12.1

-1.1

-3.2

73.500

40.875

7.5

16.7

1.5

3.8

23.7

22.3

Savola (KSA)

37.260

367

5.3

-0.8

-25.8

76.250

29.400

6.7

17.5

5.4

1.9

11.1

11.1

2.460

72

3.4

-1.6

23.0

2.880

1.740

7.3

12.6

3.6

2.5

19.8

18.8

113.750

168

2.7

-1.2

-28.9

226.000

110.000

34.0

57.9

6.7

6.8

12.4

12.3

AlHokair (KSA)

46.340

223

2.6

-1.5

-34.4

101.000

37.000

11.7

32.2

4.9

3.7

11.9

11.1

Sadafco (KSA)

157.090

40

1.4

0.6

40.2

161.750

99.500

NA

21.7

2.2

5.0

24.4

21.6

Othaim (KSA)

106.900

6

1.3

-1.0

20.2

112.500

62.250

0.0

28.5

1.9

4.4

20.8

19.6

Agthia (UAE)

7.750

594

1.3

1.3

1.0

9.010

6.500

10.3

16.1

1.3

3.1

20.1

16.4

Nadec (KSA)

23.260

1,026

0.5

0.0

-20.3

34.000

15.136

3.9

10.8

2.0

1.4

13.9

16.7

0.580

-

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)


3

SICO RESEARCH

GCC MARKET WATCH

Bahrain  Bahrain Markets BSE index

1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

3-Jul

30-Jun

29-Jun

4-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

BHB was marginally down (-0.1%) with banks in red; Al Salam Bank (-3.2%) and BISB (-1.8%). Al Baraka Bank was 1.1% lower and BBK went down 1.2%. KHCB declined 1.6% and BNH dropped 2.4%. Alba gained 0.6% and Batelco was up 0.7%. Ithmaar Bank advanced 4.6% and it was the most traded stock today with 1.2mn traded shares.

Bahrain Markets Vol 000 - RHS

70

Trades (VWAP)

7,000

Top Gainers Company

60

6,000

50 40

5,000 Ithmaar Bank $ 4,000 Batelco

30

3,000 ALBA

20

2,000 N/A

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

-

30-Jun

1,000 N/A

-

29-Jun

10

Top Losers Company Al Salam Bk Bah Natl Holding Bah Islamic Bk Khaleeji Comm Bk BBK

BAHRAIN Index (Intraday) 1,166 1,165 1,165

Top Movers Company

1,164

1,164 1,163

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

1,162

9:20 AM

1,163

Ithmaar Bank $ Al Baraka $ Al Salam Bk Khaleeji Comm Bk Nass Corp

Last Pr BD 0.12 0.30 0.34 N/A N/A

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

% 4.5 0.7 0.6 N/A N/A

Vol '000 1,230 36 22 N/A N/A

Last Pr BD 0.09 0.41 0.11 0.06 0.34

---Change--BD (0.00) (0.01) (0.00) (0.00) (0.00)

% (3.2) (2.4) (1.8) (1.6) (1.2)

Vol '000 326 20 52 200 13

Last Pr BD 0.115 0.46 0.09 0.06 0.11

---Change--BD % 0.01 4.5 (0.01) (1.1) (0.00) (3.2) (0.00) (1.6) -

Vol '000 1,230 810 326 200 150

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 $ **

0.640

17

4.4

0.0

-3.3

0.681

0.590

1.6

13.1

7.0

1.0

8.1

7.1

NBB

0.730

6

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

36

1.3

0.7

-5.6

0.342

0.296

5.0

9.3

8.3

1.0

10.1

11.4

ALBA

0.342

22

1.3

0.6

-8.1

0.498

0.276

5.1

6.4

3.2

0.5

8.1

NA

ABC $

0.370

100

1.2

0.0

-12.9

0.625

0.350

0.6

4.4

NA

0.3

6.4

6.4

BBK

0.336

13

1.0

-1.2

-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

810

0.5

-1.1

-16.9

0.660

0.420

0.7

7.8

4.3

0.3

3.2

3.2

Al Salam

0.092

326

0.5

-3.2

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

1,230

0.3

4.5

-23.3

0.170

0.095

-0.8

(8.4)

NA

0.5

-

-

Bah Islamic Bk

0.110

52

0.3

-1.8

-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 10,000 8,000

KWSE ended 0.2% lower with Boubyan Bank (-1.3%) and Americana (+1.6%). AUB Kuwait decreased 1%, while KFH gained 2.2% and NBK was up 1.7%. Gulf Bank increased 0.9% and Al Ahli Bank rose 4.8%. Viva Kuwait closed 1.1% higher, Agility rose 2.1% and Mabanee advanced 1.3%.

6,000 4,000 2,000

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

29-Jun

-

Kuwait Markets Vol 000 - LHS

200,000

Trades (VWAP)

4,000 Top Gainers Company

Last Pr KWD 0.290 0.134 0.030 0.330 0.054

Automated Sys Co 2,000 E K Holding Wethaq Takaful Al Ahli Bank Kwt Real Est -

Top Losers Company

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

29-Jun

-

Kwt Cable Vision United Real Est Future Kid Ent Marine Srvc Ind Kwt Syrian Hldg

KUWAIT Index (Intraday)

Al-Mal Inv Co Zima Holding Int Fin Advisors Abyaar Real Est National Bank Kt

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

5,400 5,395 5,390 5,385 5,380 5,375 5,370 5,365 5,360 5,355

---Change--KWD 0.023 0.010 0.002 0.015 0.002

% 8.7 8.1 5.3 4.8 3.8

Vol '000 65 1,228 410 336 1,465

Last Pr KWD 0.020 0.102 0.102 0.086 0.031

---Change--KWD % (0.003) (11.1) (0.008) (7.3) (0.006) (5.6) (0.005) (5.5) (0.002) (4.7)

Vol '000 0 59 30 26 20

Last Pr KWD 0.027 0.043 0.032 0.023 0.590

---Change--KWD % (0.00) (1.8) 0.00 3.3 0.01 1.7

Vol '000 5,968 5,688 5,517 5,181 4,600

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

4,600

10.9

1.7

-20.7

0.809

0.550

1.2

9.4

4.8

1.0

11.1

10.2

KFH

0.455

765

8.3

2.2

-7.3

0.591

0.395

0.9

7.0

3.3

1.1

16.4

15.3

AUB Kuwait

0.190

1

4.5

-1.0

-4.1

0.210

0.175

NA

NA

NA

NA

NA

NA

ZAIN

0.330

1,484

4.5

0.0

-5.7

0.440

0.320

4.5

8.6

10.1

0.7

8.3

7.7

Kt. Food (Americana)

2.460

72

3.4

-1.6

23.0

2.880

1.740

7.3

12.6

3.6

2.5

19.8

18.8

Boubyan Bank

0.380

80

2.9

-1.3

-9.3

0.429

0.357

1.3

11.5

1.3

2.6

23.4

23.4

Kuwait Inv Pro Co

0.500

63

2.6

0.0

-13.8

0.690

0.495

0.6

4.7

5.0

0.6

12.5

11.4

Gulf Bank

0.234

165

2.5

0.9

-10.0

0.290

0.202

0.7

7.5

0.2

1.3

18.3

17.4

Burgan Bank

0.325

1,560

2.3

0.0

-15.6

0.425

0.295

1.0

8.0

4.6

0.7

8.8

8.5

Mabanee

0.770

11

2.3

1.3

-14.0

0.952

0.740

8.7

17.3

1.3

2.3

13.7

13.9

Agility (PWC)

0.480

1,064

2.0

2.1

0.0

0.670

0.370

3.6

5.7

7.5

0.6

11.2

13.8

ooredoo

1.140

2

2.0

0.0

3.6

1.420

0.980

3.3

5.9

8.6

0.7

11.7

9.4

CBK

0.380

87

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

0.330

336

1.9

4.8

-12.0

0.390

0.300

0.8

5.4

3.0

1.0

17.6

17.6

Viva Kuwait

0.940

233

1.6

1.1

-5.1

1.120

0.800

19.7

NM

NA

5.7

10.1

7.9


5

SICO RESEARCH

GCC MARKET WATCH

Oman 

MSM declined 0.5% led by Bank Sohar down 0.5% and Bank Dhofar 2.5% lower. Ahli Bank and Al Anwar Holding decreased 0.5% each. Ominvest fell 1.8% and Bank Nizwa fell 2.6%. Omantel was 0.3% lower. Raysut Cement declined 0.7% and Galfar dropped 1%. Omantel gained 0.3%.

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

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

29-Jun

5,700

Oman Markets Vol 000 - LHS

25,000

Trades (VWAP)

1,200

Top Gainers Company

1,000

20,000

Al Jazeira Svc Jazeera Steel Global Fin Inv National Gas Co Nat Detergent

800

15,000

600 10,000

400

5,000

200

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

-

29-Jun

-

Top Losers Company Const Materials Bank Nizwa Hassan Eng Co Bank Dhofar Ominvest

Oman Index (Intraday)

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

% 3.8 2.5 2.0 2.0 1.9

Vol '000 55 2,139 15 78 18

Last Pr OMR 0.03 0.08 0.08 0.24 0.55

---Change--OMR (0.001) (0.002) (0.002) (0.006) (0.010)

% (3.2) (2.6) (2.5) (2.5) (1.8)

Vol '000 60 1,424 196 297 15

---Change--OMR % 0.01 2.5 (0.00) (2.6) (0.00) (0.5) (0.00) (1.0)

Vol '000 2,139 1,792 1,424 1,421 929

Last Pr OMR 0.25 0.38 0.08 0.19 0.10

Jazeera Steel Bank Muscat Bank Nizwa Al Anwar Holding Galfar Eng

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

5,875 5,870 5,865 5,860 5,855 5,850 5,845 5,840 5,835 5,830 5,825

Last Pr OMR 0.22 0.25 0.15 0.61 0.66

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 10.3

Omantel

1.650

38

3.2

0.3

5.4

1.760

1.390

6.1

8.9

4.5

2.2

24.7

Bank Muscat

0.380

1,792

2.4

0.0

-15.5

0.552

0.358

1.6

13.0

6.3

0.7

5.2

5.1

Ooredoo Oman

0.740

126

1.3

0.0

4.5

0.812

0.608

0.0

20.1

5.4

2.2

11.6

10.2

Bank Dhofar

0.235

297

1.0

-2.5

20.8

0.264

0.187

1.4

13.6

5.8

1.1

8.5

8.5

NBO

0.252

241

1.0

0.0

3.8

0.327

0.195

1.9

15.8

6.1

0.9

6.2

6.2

OMINVEST

0.550

15

0.9

-1.8

43.1

0.570

0.365

1.1

10.0

NA

1.6

15.2

15.2

Bank Sohar

0.187

859

0.8

-0.5

19.1

0.208

0.120

1.3

12.5

4.4

1.2

10.7

9.4

Raysut Cement

1.365

60

0.7

-0.7

36.5

1.495

0.900

10.3

14.4

3.8

1.8

13.0

12.9

Ahli Bank Oman

0.184

100

0.7

-0.5

-6.1

0.222

0.168

1.6

13.0

5.4

1.2

9.5

8.5

HSBC Oman

0.100

638

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

17

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

1,424

0.3

-2.6

7.1

0.082

0.060

NA

NA

NA

NA

NA

NA

Renaissance

0.285

70

0.2

-1.7

74.8

0.338

0.110

-4.6

(16.3)

3.3

0.5

NA

32.2

Galfar

0.104

929

0.1

-1.0

48.6

0.125

0.050

-5.6

(33.1)

NA

0.4

NA

NA


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

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

9,400

29-Jun

DSM was 1.6% higher with all sectors in green; Ezdan Real Estate (+1.8%) and IQ (+3.9%). Al Rayan was up 2% and Qatar Insurance rose 4.3%. CBQ gained 2.6% and QNB was 0.7% higher. Doha Bank and QIB increased 0.8% and 0.9% respectively. Qatar Fuel and Qatar Navigation gained 0.6% each.

Qatar Markets Vol 000 - LHS

16,000

Trades (VWAP)

6,000

4,000 8,000

2,000 -

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

10-Jul

5-Jul

4-Jul

3-Jul

30-Jun

29-Jun

Qa Cinema & Film Qa Gen Ins Reins Doha Ins Co Qatar Ins Co Industries Qatar Top Losers Company

-

Islamic Fin Sec Dlala Brokerage Mazaya Qatar Qatar Oman Inves Qa Meat&Livestk

Qatar Index (Intraday) 10,600 10,550

10,500

Top Movers Company

10,450

Ezdan Real Est Vodafone Qatar Gulf Intr Serv Qa Gas Transport Masraf Al Rayan

10,400

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

9:00 AM

10,350 10,300

Top Gainers Company

Last Pr QAR 35.70 47.90 21.00 82.90 107.00

---Change--QAR 3.20 2.40 0.95 3.40 4.00

% 9.8 5.3 4.7 4.3 3.9

Vol '000 2 2 3 503 554

Last Pr QAR 67.00 24.30 14.07 11.05 63.20

---Change--QAR (1.90) (0.50) (0.13) (0.10) (0.40)

% (2.8) (2.0) (0.9) (0.9) (0.6)

Vol '000 115 125 486 138 21

Last Pr QAR 19.55 11.19 37.20 24.00 35.95

---Change--QAR 0.35 0.31 0.05 0.29 0.70

% 1.8 2.8 0.1 1.2 2.0

Vol '000 1,633 1,453 894 616 564

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

151.40

534

34.9

0.7

3.8

163.167

122.500

2.2

19.1

1.9

2.1

11.3

10.6

Industries Qatar

107.00

554

17.8

3.9

-3.7

137.900

88.000

12.3

13.2

4.7

1.9

14.6

15.5

Ezdan Real Estate

19.55

1,633

14.2

1.8

23.0

20.000

12.100

3.7

5.5

2.6

1.7

31.2

30.6

Ooredoo

92.90

179

8.2

-0.1

23.9

96.100

60.000

2.2

8.1

5.4

1.4

14.0

12.4

Al Rayan

35.95

564

7.4

2.0

-4.4

46.100

28.600

2.5

5.1

4.9

2.2

13.0

13.2

Qatar Islamic Bk

102.90

105

6.7

0.9

-3.6

121.000

75.100

1.8

15.1

4.1

1.8

12.4

11.5

Q. Elec.& Water

221.00

51

6.7

0.5

2.1

228.800

175.100

11.4

21.2

3.4

3.3

16.2

14.5

Qatar Insurance

82.90

503

5.6

4.3

19.2

91.994

58.503

5.2

18.1

2.3

3.5

19.4

13.0

154.90

60

3.9

0.6

13.4

162.000

100.000

12.5

18.3

5.4

2.0

11.3

10.9

Barwa Real Estate

35.00

371

3.7

0.0

-12.5

51.600

28.000

10.7

18.3

6.3

0.8

4.5

4.5

Qatar Gas (Nakilat)

24.00

616

3.7

1.2

2.8

25.300

18.700

3.2

23.9

5.2

3.0

13.7

11.9

CBQ

39.90

261

3.6

2.6

-13.1

59.900

35.300

1.2

8.1

7.5

0.8

9.1

8.9

Qatar Navigation

89.80

32

2.8

0.6

-5.5

102.000

83.400

5.4

8.1

5.5

0.8

9.4

8.0

Qatar Intl.Islamic Bk

64.10

32

2.7

0.6

-0.3

79.700

52.100

2.0

14.4

6.2

1.8

12.4

14.5

Doha Bank

37.05

238

2.6

0.8

-16.7

54.300

33.450

1.7

11.2

8.1

0.7

7.0

7.6

Al Khaliji Bank

16.90

28

1.7

1.2

-6.0

22.750

15.710

1.2

10.6

5.9

1.0

9.7

10.0

Qatar Fuel


7

SICO RESEARCH

GCC MARKET WATCH

Saudi Arabia 

Tadawul was flat as SABIC gained 0.8% and Almarai declined 1.1%. Riyad Bank gained 0.5%; the bank reported net earnings of SAR 1.15bn in 2Q16 (+1.6% YoY). Samba increased 0.2%; posted SAR 1.3bn net income in 2Q16 (+1.4% YoY). Mobily rose 4.1% and Al Yamamah Steel went up 3.8%. NCB decreased 0.4% and BSF was down 0.2%. SAFVO fell 0.4% and Saudi Kayan went down 0.9%. Dar Al Arkan dropped 4.1%. Savola declined 0.8% and Almarai ended -1.1%.

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

17-Jul

18-Jul

13-Jul

14-Jul

11-Jul

12-Jul

5-Jul

30-Jun

10-Jul

-

4-Jul

6,400

3-Jul

1,000

29-Jun

6,450

Saudi Markets

17-Jul

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

18-Jul

14-Jul

12-Jul

13-Jul

Trades (VWAP)

11-Jul

10-Jul

5-Jul

3-Jul

30-Jun

29-Jun

4-Jul

Vol 000 - LHS

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

Last Pr SAR 41.22 28.46 29.05 36.44 11.00

Sagr Insurance United Wire Etihad Etisalat Al Yamamah Steel Amana Coop Ins Top Losers Company Untd Coop Assurance Dar Al Arkan Gulf Gen Coop Ins Salama Saudi Inv Bank

SAUDI ARABIA Index (Intraday)

Dar Al Arkan Alinma Saudi Kayan Amana Coop Ins Sa Basic Ind

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

6,685 6,680 6,675 6,670 6,665 6,660 6,655 6,650 6,645

Top Gainers Company

---Change--SAR 2.12 1.16 1.15 1.33 0.38

% 5.4 4.2 4.1 3.8 3.6

Vol '000 2,782 910 4,537 3,089 7,500

Last Pr SAR 11.62 6.85 16.09 13.42 12.55

---Change--SAR % (1.07) (8.4) (0.29) (4.1) (0.54) (3.2) (0.41) (3.0) (0.30) (2.3)

Vol '000 4,827 45,018 782 958 201

Last Pr SAR 6.85 13.93 6.89 11.00 83.94

---Change--SAR % (0.29) (4.1) (0.03) (0.2) (0.06) (0.9) 0.38 3.6 0.68 0.8

Vol '000 45,018 37,289 12,402 7,500 6,492

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

83.94

6,492

67.1

0.8

9.7

102.750

59.500

5.6

11.6

6.6

1.6

13.4

15.2

Saudi Telecom

64.52

162

34.4

0.0

-5.7

73.250

52.750

9.8

15.3

6.2

2.1

13.9

13.0

Al Rajhi Bank

59.33

1,361

25.7

0.1

13.9

66.250

44.700

2.3

16.1

2.5

2.1

13.5

13.3

Saudi Electricity

20.01

1,450

22.2

-1.2

27.4

21.800

12.400

0.5

2.6

3.5

1.4

54.0

33.3

NCB

40.42

253

21.6

-0.4

-20.9

66.000

36.600

2.1

18.3

3.8

1.5

8.9

8.3

Al Marai Company

56.79

222

12.1

-1.1

-3.2

73.500

40.875

7.5

16.7

1.5

3.8

23.7

22.3

Samba

20.45

1,429

10.9

0.2

-12.3

27.600

17.550

2.3

23.6

4.4

1.0

7.8

7.9

Riyad Bank

11.15

1,912

8.9

0.5

-10.2

16.750

10.700

1.8

11.2

6.3

0.9

8.3

8.0

Saudi British Bank

20.10

581

8.0

0.0

-18.8

34.100

19.000

2.3

16.2

3.7

1.1

7.0

7.4

Banque Saudi Fransi

23.05

82

7.4

-0.2

-17.7

36.100

20.700

2.2

14.7

5.0

1.0

6.9

8.0

SAFCO

60.12

220

6.7

-0.4

-26.8

118.250

58.000

23.8

27.6

10.0

3.3

11.8

13.4

Etihad Etisalat

29.05

4,537

6.0

4.1

2.7

33.800

18.850

-2.4

(6.3)

NA

1.4

NA

37.3

Savola Group

37.26

367

5.3

-0.8

-25.8

76.250

29.400

6.7

17.5

5.4

1.9

11.1

11.1

Arab National Bank

19.05

32

5.1

0.3

-19.1

34.300

17.750

1.8

13.9

5.2

0.9

6.4

6.6

National Industry

13.98

516

2.5

-0.5

31.8

19.500

7.500

-3.1

(14.5)

NA

1.2

NA

51.6


8

SICO RESEARCH

GCC MARKET WATCH

UAE Abu Dhabi Markets

Methaq Ad Shipbldg Co. Natl Co Bldg Mat Ad Natl Energy Bank Of Sharjah Top Losers Company Int Fish Farming Union Cement Natl Marine Drdg Arkan Bld Mt Co Union Natl Bk Top Movers Company Methaq Eshraq Properties Rak Properties Aldar Properties Dana Gas

---Change--AED % 0.12 15.0 0.23 9.3 0.01 2.1 0.01 1.9 0.02 1.5

Vol '000 55,210 28 195 1,198 52

Last Pr AED 1.55 1.11 4.85 0.90 4.35

---Change--AED % (0.06) (3.7) (0.04) (3.5) (0.15) (3.0) (0.02) (2.2) (0.08) (1.8)

Vol '000 227 23 3 6 471

Last Pr AED 0.92 0.78 0.59 2.78 0.59

---Change--AED % 0.12 15.0 (0.01) (1.3) 0.01 0.4 -

Vol '000 55,210 35,069 12,132 10,803 7,240

Top Gainers Company Takaful Emarat Ins Mashreq Bank Isl Arab Ins Db Isl Ins&Reins Dar Takaful Top Losers Company Marka Int Fin Advisors Natl Cement Co Shuaa Capital Ekttitab Hldg Co Top Movers Company Union Prop Isl Arab Ins Arabtec Hits Telecom DSI

1:05 PM

12:45 PM

11:25 AM

11:45 AM

10:45 AM

11:05 AM

10:05 AM

10:25 AM

9:25 AM

9:45 AM

12:05 PM

Last Pr AED 2.41 69.95 0.53 0.67 1.10

---Change--AED % 0.31 14.8 4.95 7.6 0.02 4.3 0.02 3.6 0.03 2.8

Vol '000 3,664 0 51,067 2,903 24,044

Last Pr AED 1.16 0.40 3.45 0.65 0.50

---Change--AED % (0.06) (4.9) (0.01) (2.4) (0.04) (1.1) (0.01) (0.8) (0.00) (0.2)

Vol '000 11 2,313 36 2,249 2,936

Last Pr AED 0.77 0.53 1.57 0.50 0.58

---Change--AED % 0.02 2.0 0.02 4.3 0.01 1.6 0.00 0.5

Vol '000 52,487 51,067 50,206 42,474 41,409

1:05 PM

12:45 PM

18-Jul

17-Jul

14-Jul

13-Jul

11-Jul

12-Jul

10-Jul

5-Jul

4-Jul

30-Jun

3-Jul

29-Jun

Last Pr AED 0.92 2.69 0.49 0.54 1.39

12:25 PM

-

18-Jul

17-Jul

14-Jul

13-Jul

11-Jul

12-Jul

10-Jul

5-Jul

4-Jul

3-Jul

29-Jun

30-Jun

Top Gainers Company

12:05 PM

1,000

-

12:25 PM

100,000

100

11:25 AM

2,000

200

11:45 AM

3,000

200,000

10:45 AM

300,000

300

11:05 AM

400

500

10:05 AM

5,000

4,000

600

10:25 AM

500,000

400,000

700

3,540 3,530 3,520 3,510 3,500 3,490 3,480 3,470 3,460 3,450

6,000

9:25 AM

Trades (VWAP)

9:45 AM

Vol 000 - LHS

600,000

800

8:45 AM

DUBAI Index (Intraday)

Dubai Markets DFM index

8:45 AM

4,540

9:05 AM

4,550

-

9:05 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 3,100

4,560

500 18-Jul

29-Jun

18-Jul

17-Jul

14-Jul

13-Jul

12-Jul

11-Jul

5-Jul

10-Jul

4-Jul

3-Jul

30-Jun

29-Jun

4,300

17-Jul

4,350

14-Jul

50

4,570

13-Jul

4,400

4,580

1,000

12-Jul

100

4,590

1,500

11-Jul

4,450

4,600

2,500 2,000

5-Jul

150

4,610

Trades (VWAP)

10-Jul

4,550 4,500

Vol 000 - LHS

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

200

4-Jul

250

4,600

3-Jul

4,650

ABUDHABI Index (Intraday)

Abu Dhabi Markets

ADSM index

30-Jun

Turnover AED mn RHS

 DFM closed in the green (+1.3%); DIB gained 1.9% and Emaar was up 2.2%. Emaar Malls increased 1% and Dubai Parks advanced 1.3%. Du was up 0.8% and DSI increased 0.5%. Aramex ended 1.5% higher and DFM went up 0.7%. Foreigners were net buyers.

 ADX decreased 0.2% due to 1.6% drop in FGB and 1.8% decline in UNB. Eshraq was down 1.3%, whereas Aldar gained 0.4%. Etisalat increased 0.5% and Taqa advanced 1.9%. Agthia closed 1.3% higher and ADIB ended 0.3% higher. 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

1,306

47.4

0.5

24.2

20.000

11.400

6.5

14.1

4.0

3.1

21.0

First Gulf Bank

12.30

3,651

15.1

-1.6

-2.8

15.750

9.900

2.7

17.3

8.1

1.6

9.2

9.2

NBAD

10.05

1,174

14.3

0.0

26.3

11.000

6.860

1.3

13.1

3.6

1.2

10.0

10.3

Emaar

6.85

10,414

13.4

2.2

20.4

8.160

4.220

5.4

10.8

2.2

1.2

12.0

11.9

Emirates NBD

8.50

1,206

12.9

0.0

14.9

10.950

6.250

1.9

14.9

4.7

1.0

6.6

6.6

Emaar Mall

2.98

2,420

10.6

1.0

8.0

3.330

2.020

7.4

12.0

NA

2.6

22.5

19.7

ADCB

6.11

-

9.3

0.0

-7.3

8.910

5.200

2.3

18.3

6.8

1.2

6.9

7.1

DU

6.70

996

8.3

0.8

31.4

6.840

4.562

10.9

25.6

4.8

4.2

15.8

16.0

Aldar Properties

2.78

10,803

6.0

0.4

19.8

2.830

1.810

6.7

13.4

3.6

1.1

8.6

8.1

Dubai Islm Bank

5.50

17,053

5.9

1.9

-2.5

7.002

4.510

2.6

17.9

8.2

1.0

6.1

5.6

Damac Properties

2.39

4,449

3.9

0.0

3.0

3.518

2.000

22.0

63.3

3.8

1.6

3.2

2.9

Union National Bk

4.35

471

3.3

-1.8

-7.1

7.150

3.130

2.3

12.7

4.6

0.7

5.4

7.6

DFM

1.38

7,180

3.0

0.7

12.2

2.040

0.980

3.0

3.2

3.6

1.4

42.3

29.5

Arabtec

1.57

50,206

2.0

0.0

25.6

2.590

0.930

6.3

18.2

NA

2.0

8.3

49.3

AD Nat Engy (Taqa)

0.54

1,198

0.9

1.9

14.9

0.710

0.360

1.0

13.9

NA

0.4

2.8

2.8


9

SICO RESEARCH

GCC MARKET WATCH

Results Monitor (Q2-2016) -----2 Q 2 0 1 6 -----N e t I nc % YoY % Sa m ba Fina nc ia l G r oup KSA 1 ,3 1 4 -1 % SA R 1 0 ,8 7 9 R iya d Ba nk KSA 1 ,1 4 6 2% SA R 8 ,8 7 9 N a t iona l Com m e r c ia l Ba nk KSA 2 ,4 3 8 3% SA R 2 1 ,6 4 6 U nit e d Wir e Fa c t or ie s (A s la k ) KSA 3 8 .6 55% SA R 319 E m ir a t e s N BD UAE 1 ,9 1 0 16% AED 1 2 ,8 6 3 Com m e r c ia l Ba nk of Duba i UAE 246 -2 2 % AED 4 ,0 4 5 U nit e d A r a b Ba nk (Q1 2 0 0 5 E & T A ) UAE 2 5 .7 -8 6 % AED 925 OM & E M I N V UAE (2 .3 ) NM AED 39 N a t iona l Ba nk of Kuwa it Kuwa it 72 7% KWD 1 0 ,5 0 7 Kuwa it I nt e r na t iona l Ba nk Kuwa it 5 .2 NM KWD 661 Dhof a r I ns ur a nc e Om a n (2 .3 ) NM OMR 107 A l H a s s a n E ngg Om a n 0 .0 5 -6 5 % OMR 15 Om a n E duc a t ion Om a n 0 .3 6% OMR 64 Mus c a t Fina nc e Om a n 1 .2 5% OMR 81 Om a n & E m ir a t e s I nv e s t m e nt H old Om a n (0 .2 ) NM OMR 187 Banque Saudi Fransi KSA 1,048 3% SAR 7,421 Qassim Cement KSA 115 -31% SAR 1,518 Thimar (NATL AGR MKTING ) KSA 2.0 -18% SAR 88 Union National Bank UAE 470 -17% AED 3,319 Abu Dhabi Islamic Bank UAE 507 1% AED 3,269 Q. National Bank Qatar 3,381 16% QAR 34,662 Qatar Gas Transport (Nakilat) Qatar 260 -3% QAR 3,647 BARWA REAL ESTATE CO Qatar 549 185% QAR 3,741 Q. Electr. & Water Co. Qatar 444 14% QAR 6,640 BOUBYAN BANK K.S.C Kuwait 9.8 13% KWD 2,855 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 OMAN REFRESHMENT Oman 2.4 1% OMR 286 Ooredoo Oman Oman 12.3 7% OMR 1,251 Port Services Corp. Oman 1.0 93% OMR 60 Al Omaniya Oman 1.7 -2% OMR 188 GLF INV SERV Oman 0.1 -26% OMR 46 United Finance Oman 1.3 -8% OMR 82 National Finance Oman 1.3 -4% OMR 57 Taageer Oman 1.1 -1% OMR 81 OMAN CHLORINE Oman 0.4 -47% OMR 75 OM NATL ENG INV Oman 0.1 87% OMR 78 Oman Orix Oman 1.3 -3% OMR 74 GLOBAL FIN INV Oman 0.5 -31% OMR 76 MAJAN GLASS CO Oman (0.2) NM OMR 21 KAMIL POWER Oman 1.0 5% OMR 78 SOHAR POWER CO Oman 1.4 809% OMR 172 VOLTAMP ENERGY S Oman 1.0 -1% OMR 70 A'SAFFA POULTRY FARMS Oman 1.4 -24% OMR 268 ACWA POWER BARKA Oman 3.2 14% OMR 59 Source: SICO Research, Company Reports, Reuters, Bloomberg, Zawya, Stock Exchanges Note*: Preliminary Com pa ny

Count r y

Cur r (m n)

Mc a p $ mn

-2 Q-1 6 For e c a s t QoQ Me dia n Va r % 4 % 1 ,3 1 6 0% -2 % 1 ,0 9 4 5% -7 % 2 ,5 7 8 -5 % NM NA NA 6 % 1 ,7 9 8 6% 2% 293 -1 6 % -4 3 % NA NA NM NA NA -9 % 80 -1 0 % -2 2 % NA NA NM NA NA -1 0 % 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 40% NA NA -3% 12.2 1% 29% NA NA 17% NA NA -68% NA NA 9% NA NA -6% NA NA 3% NA NA -27% NA NA -56% NA NA -2% NA NA -34% NA NA NM NA NA 32% NA NA 167% NA NA 50% 0.8 29% -6% NA NA 28% 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