6.3. 0.0. -0.2. 6.20. 4.79. 9.6. 22.4 10.8 3.0 13.3. 13.5. ZAIN (Kuw). 0.46 1,811. 6.2. -1.5. 5.1. 0.57. 0.41. 4.5. 10.2
GCC Market Watch
February 11, 2018
GCC Market Watch
Regional Markets Today Country
Current
%Chg 1D
%Chg YTD
Bahrain (BAX)
1,333.6
0.0
0.1
Kuwait (KWSE)
6,640.0
(0.2)
3.6
Oman (MSI)
4,994.0
(0.3)
(2.1)
Qatar (DSMI)
9,044.8
1.7
6.1
S.Arabia (TASI)
7,327.2
(1.0)
1.4
UAE (DFM)
3,320.6
(0.2)
(1.5)
UAE (ADSM)
4,584.4
(0.3)
4.2
-
-
2.6
S&P GCC Source: Bloomberg
Note: S&P GCC index as of previous day
Regional market wrap-up GCC Markets traded mostly in red except for DSM (+1.7%). Tadawul closed in red (-1%) as NCB fell 3.5% and SABIC decreased 0.4%. DFM was 0.2% lower driven by Emaar (-1.2%) and Emaar Development (-1.6%). ADX ended 0.3% lower as FAB and ADNOC declined 0.4% each. DSM ended in green (+1.7%) as QNB advanced 3.2% and IQ gained 1.6%. KWSE was down 0.2% with NBK (0.8%) and ZAIN (-1.5%). MSM declined 0.3% led by Bank Muscat down 1% and Ooredoo Oman 1.1% lower. BHB closed flat with Alba up 1.6% and Batelco down 0.9%. For 4Q17 Results Monitor. Please refer to Page 10.
CDS-5years
In the news… Dubai
Bahrain
AbuDhabi Qatar KSA
Current
105
260
57
94
84
Previous day
106
262
54
90
80
Week ago
111
227
51
88
77
Month ago
113
282
52
91
82
Year ago
131
245
55
75 106
Al Rajhi reported net earnings of SAR 2.4bn up 20% YoY, while above SICO estimates by 10%. The beat to our estimates were on the back of lower provisioning charges and higher investment income. We estimate the bank’s cost of risk (provisions-to-loans) declined to 62bps in 4Q17 from 90bps in 4Q16. The bank’s asset quality has improved, with NPL ratio at mere 0.7%, which we believe may be difficult to sustain and the bank may witness provisioning pressure going forward. A Rajhi’s balance sheet performance was modest, with its lending book growth flat QoQ (3.8% YoY), while its deposits increased by 1.1% QoQ (Flat YoY). The bank’s LDR increased to 86%, lower than the regulated level of 90%. The increased leverage along with rising interest rate environment helped the bank boost its NIM by 29bps YoY. Source: Company Announcement
SACO reports flattish earnings YoY at SAR 41mn in 4Q17, bringing the total earnings for FY2017 to SAR 135mn (+5% YoY). The company’s 4Q17 sales improved 12% YoY at SAR 430mn, due to the increase in the number of stores to 29 store by end of 2017 and the higher sales seen across most departments. SACO's BoD announced the distribution of 2H17 cash dividend at SAR 1.5/share, lower than the 1.75/share distributed in 1H17, bringing the total cash dividend for FY17 to SAR 3.25/share. This is translated into 2.9% dividend yield for FY17. Source: Company Announcement
Fawaz Alhokair reported SAR 48.7mn net income in 4Q17, marginally lower YoY (-2%), while higher than consensus median of SAR 36mn. The company attributed the good results to the better control on cost of sales, which declined 8% YoY at SAR 87.8mn. This was driven by the lower cost of goods sold by SAR 63.8mn, and the lower rent by SAR 52mn. Alhokair’s gross margins improved to 23.6% from the 21.8% in the same period last year on the better cost of sales control, while sales were 6% lower YoY at SAR 80.7mn. Source: Company Announcement
Source: Bloomberg as of LTD
International Indices
GCC- Equities
Country
Current
%Chg 1D
%Chg YTD
DJIA
24,190.9
1.4
(2.1)
S&P
2,619.6
1.5
(2.0)
NASDAQ
6,874.5
1.4
(0.4)
FTSE
7,092.4
(1.1)
(7.7)
DAX
12,107.5
(1.2)
(6.3)
NIKKEI
21,382.6
(2.3)
(6.1)
1,142.9
(1.7)
(1.3)
MSCI EM
Source: Bloomberg @Feb-11 03:04 PM
Oil Price Trend Brent Future Contract
Dec-17
Aug-17
Apr-17
Dec-16
Apr-16
Aug-16
Dec-15
Apr-15
Aug-15
Dec-14
Aug-14
Apr-14
140 120 100 80 60 40 20
GCC Market Statistics
SICO Research
Commodity and Currency Monitor Current
%Chg 1D
%Chg YTD
OPEC Basket
62.69
(2.5)
(2.8)
Brent Future
62.79
(3.1)
(6.1)
Nymex 1M Fut
59.20
(3.2)
(2.0)
Gold Spot
1,312.6
(0.6)
0.5
USD / Yen
108.42
0.2
(3.7)
Euro / USD
1.2214
(0.3)
1.6
Source: Bloomberg @Feb-11 03:04 PM
Raneem Seroor +973 -17515000 (extn - 5096)
[email protected]
Country
Mcap
Vol
Turnover
Trades
$ bn
mn shr
$ mn
VWAP
16A
17E
16A
16A
16A
Saudi
452.1
146.3
803.2
72,195
18.1
15.8
1.7
3.2
10.3
UAE
229.0
257.4
116.2
3,398
14.0
11.0
1.6
4.2
11.6
83.5
67.3
30.7
2,477
14.9
13.7
1.2
3.4
8.0
129.8
8.0
57.2
2,877
12.4
12.3
1.4
3.8
12.6
Bahrain
19.8
2.7
1.0
44
10.0
9.3
0.9
4.6
8.8
Oman
19.0
4
1.8
328
8.7
11.1
0.9
5.2
11.2
GCC
933
486
1,010
81,319
13.8
12.6
1.5
3.6
10.4
Kuwait Qatar
Source: SICO Research, Bloomberg, Reuters, Zawya
© SICO 2018 All Rights Reserved Attention is drawn to the disclaimer and other information in the end
P/E (x)
P/B(x) D/Yld(%) ROE(%)
SICO RESEARCH
GCC MARKET WATCH
GCC Market Cap Heavyweights Company SABIC (KSA)
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--Last
YTD
---52 Week--High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
103.66
3,462
82.9
-0.4
1.7
109.00
94.25
5.6
11.0
3.9
1.9
17.4
15.4
Etisalat (UAE)
17.40
1,078
41.2
0.0
-0.6
18.85
15.75
6.6
19.6
4.6
3.5
18.0
17.4
STC (KSA)
72.90
114
38.9
0.2
6.3
78.90
64.50
8.6
14.2
5.5
2.4
17.1
14.9
132.15
206
33.5
3.2
4.9
157.10
115.01
2.0
21.7
2.4
2.3
9.9
8.9
Al Rajhi (KSA)
71.05
4,060
30.8
0.1
10.0
76.00
61.00
2.5
16.5
3.2
2.2
14.2
12.9
NCB
55.98
729
29.9
-3.4
1.7
59.90
37.00
2.1
17.4
2.9
2.1
12.0
11.9
Saudi Electric (KSA)
19.96
1,040
22.2
-0.7
-5.1
26.05
19.76
0.6
3.5
3.5
1.3
39.4
17.2
Inds Qatar (Qatar)
104.99
85
17.5
1.6
8.2
121.60
85.00
8.3
8.8
3.8
1.9
21.5
18.9
0.75
1,282
13.7
-0.8
2.3
0.80
0.64
1.2
10.4
4.2
1.3
13.4
12.8
24.16
479
12.9
-1.4
2.8
27.10
19.80
2.1
12.1
3.9
1.1
9.7
9.6
QNB (Qatar)
NBK (Kuw) Samba (KSA)
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
High
Low
ROA
ROE
DivYld
PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
18.85
15.75
6.6
19.6
4.6
3.5
18.0
17.4
---2016---
------------Valuation---------
Etisalat (UAE)
17.40
1,078
41.2
0.0
STC (KSA)
72.90
114
38.9
0.2
6.3
78.90
64.50
8.6
14.2
5.5
2.4
17.1
14.9
Ooredoo (Qatar)
88.75
108
7.8
1.4
-2.2
116.10
78.00
2.4
10.0
3.9
1.3
13.0
14.3
DU (UAE)
5.09
694
6.3
0.0
-0.2
6.20
4.79
9.6
22.4
10.8
3.0
13.3
13.5
ZAIN (Kuw)
0.46
1,811
6.2
-1.5
5.1
0.57
0.41
4.5
10.2
NA
1.2
11.3
11.0
15.60
1,267
3.2
-1.0
5.2
23.60
12.94
-0.5
(1.3)
NA
0.8
NA
NA
Omantel (Oman)
1.12
45
2.2
0.0
-7.1
1.44
1.05
14.4
20.8
9.8
1.4
7.2
9.3
NMTC (Ooredoo)
1.13
0
2.0
6.6
4.6
1.38
1.00
3.3
7.1
8.8
0.9
12.2
11.6 11.7
Etihad Etisalat (KSA)
Batelco (Bah)
-0.6
---52 Week---
0.21
103
0.9
-0.9
2.9
0.29
0.20
3.8
7.4
11.9
0.7
9.3
26.00
130
21.6
-1.5
4.0
27.06
20.00
NA
NA
NA
NA
NA
NA
Agility (Kuw)
0.85
105
3.6
-1.4
6.0
0.98
0.51
4.0
6.5
3.3
1.1
17.4
17.3
Air Arabia (UAE)
1.30
15,595
1.7
1.6
4.8
1.32
0.96
4.1
9.4
6.9
1.1
12.4
12.1
Aramex (UAE)
4.17
155
1.7
2.0
-3.0
5.50
4.06
12.4
19.5
4.0
2.7
14.3
15.8
DP World (UAE)
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
GCC Banking Large Caps Company FAB (UAE)
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--Last
YTD
---52 Week--High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E 11.6
11.40
2,232
33.8
-0.4
11.2
11.55
9.75
1.2
13.2
1.9
3.1
24.8
132.15
206
33.5
3.2
4.9
157.10
115.01
2.0
21.7
2.4
2.3
9.9
8.9
Al Rajhi (KSA)
71.05
4,060
30.8
0.1
10.0
76.00
61.00
2.5
16.5
3.2
2.2
14.2
12.9
NCB
55.98
729
29.9
-3.4
1.7
59.90
37.00
2.1
17.4
2.9
2.1
12.0
11.9
0.75
1,282
13.7
-0.8
2.3
0.80
0.64
1.2
10.4
4.2
1.3
13.4
12.8
Samba (KSA)
24.16
479
12.9
-1.4
2.8
27.10
19.80
2.1
12.1
3.9
1.1
9.7
9.6
ENBD (UAE)
8.50
10
12.9
0.6
3.7
9.09
7.95
1.6
15.5
4.7
1.1
7.1
5.6
28.55
202
11.4
-1.6
5.7
31.00
20.05
2.1
13.1
2.7
1.4
11.0
10.1
QNB (Qatar)
NBK (Kuw)
Saudi British (KSA) KFH (Kuw)
0.59
1,374
10.8
-0.5
2.6
0.65
0.47
1.0
9.2
2.8
1.7
18.7
16.8
Riyad Bk (KSA)
13.30
316
10.6
-1.8
6.4
14.18
10.10
1.5
9.0
4.9
1.1
11.9
10.4
Saudi Fransi (KSA)
29.70
28
9.5
-1.0
3.8
33.40
22.75
1.8
12.3
3.9
1.2
10.2
8.8
Masraf AlRayan (Qatar)
40.90
556
8.4
3.0
8.3
45.40
33.32
2.4
16.6
4.9
2.4
14.8
15.1
26.00
131
6.9
-1.8
5.3
28.50
19.00
1.7
12.6
3.5
1.1
9.1
8.6
102.00
43
6.6
0.2
5.2
109.50
86.90
1.6
15.6
4.7
1.7
11.2
10.1 8.8
Arab Nat Bk (KSA) QISB (Qatar) AUB (Bah)
0.70
110
5.7
0.0
-0.7
0.79
0.62
1.7
16.3
5.4
1.6
10.0
ADIB (UAE)
4.04
1,225
3.5
-0.2
6.9
4.10
3.49
1.7
20.2
6.0
1.3
6.6
6.0
CBQ (Qatar)
28.49
81
2.6
2.0
-1.4
33.40
24.50
0.4
3.1
NA
0.6
18.6
25.8
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
2
SICO RESEARCH
GCC MARKET WATCH
GCC Oil, Gas & Petroleum Universe Company
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--Last
YTD
---52 Week--High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
SABIC (KSA)
103.66
3,462
82.9
-0.4
1.7
109.00
94.25
5.6
11.0
3.9
1.9
17.4
15.4
Inds Qatar (Qatar)
104.99
85
17.5
1.6
8.2
121.60
85.00
8.3
8.8
3.8
1.9
21.5
18.9
Yansab (KSA)
62.94
245
9.4
-0.9
7.0
66.50
52.00
11.2
14.6
4.8
2.2
15.4
15.9
Safco (KSA)
64.05
154
7.1
-3.3
-1.6
73.25
57.00
12.1
14.4
3.9
3.8
25.4
23.7
Petrorabigh (Saudi)
21.08
6,153
4.9
-3.2
28.2
23.76
11.00
0.1
0.4
NA
2.2
503.6
13.0
Kayan (KSA)
12.07
13,186
4.8
0.6
13.0
13.02
7.40
0.3
1.1
NA
NA
134.4
23.2
Tasnee (KSA)
15.83
1,272
2.8
-2.0
-3.5
20.00
12.44
0.6
3.2
NA
1.3
41.6
18.4
Nakilat (Qatar)
17.37
117
2.7
0.1
7.9
24.90
13.05
3.1
19.7
5.7
1.8
10.2
12.2
Sahara Petro (KSA)
16.09
1,868
1.9
-1.9
-2.4
16.94
12.16
4.7
7.4
4.7
1.2
17.0
14.9
Sipchem (KSA)
17.54
1,081
1.7
-1.7
0.5
19.45
12.76
0.4
1.2
3.7
1.1
91.8
15.1
0.74
4,358
1.4
0.0
-8.6
0.85
0.38
0.8
1.1
NA
0.5
42.6
10.3
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
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E 7.7
Emaar (UAE)
6.40
7,653
12.5
-1.2
-2.1
8.43
6.29
6.6
13.2
2.3
1.1
8.8
Emaar Development
5.61
573
7.1
-1.6
10.2
5.93
5.00
12.0
28.1
NA
3.5
12.4
9.1
Ezdan (Qatar)
9.77
128
7.1
0.2
-19.1
16.30
6.19
3.7
6.0
5.1
0.9
14.3
15.3
Damac (UAE)
3.25
865
5.4
0.3
-1.5
4.57
2.48
15.4
32.9
7.7
1.6
NA
NA
Aldar Properties (UAE)
2.22
2,321
4.8
-1.8
0.9
2.60
2.10
7.8
13.3
5.0
0.8
6.3
7.0
Arabtec Hold. (UAE)
2.51
4,256
3.2
-4.9
5.5
5.59
2.30
-26.4
(108.7)
NA
4.0
NA
115.8
Dar Al Arkan (KSA)
9.79
28,472
2.8
1.3
-32.0
15.26
5.74
1.0
1.4
NA
0.6
42.2
19.1
Saudi Cem (KSA)
49.90
29
2.0
-0.5
5.2
64.75
37.20
20.6
27.6
5.5
2.3
8.5
16.2
Southern Cem (KSA)
48.60
39
1.8
-2.3
0.4
72.75
39.60
20.3
27.1
9.8
2.1
7.7
21.6
United Devt (Qatar)
16.75
794
1.6
0.1
16.5
21.98
12.50
3.3
5.8
7.4
0.6
9.5
10.6
Taiba (KSA)
32.70
99
1.3
-1.3
-6.0
46.80
32.00
5.6
6.5
4.9
1.3
19.8
21.3
1.85
7,643
1.2
-5.6
-18.1
2.45
1.32
-9.7
(38.4)
NA
2.2
NA
NA
Qat Natl Cem (Qatar)
68.00
10
1.1
-2.9
8.1
86.18
51.17
13.5
16.0
5.9
1.3
8.5
12.4
Yamamah Cem (KSA)
16.21
141
0.9
-2.6
-8.1
19.85
15.80
9.2
9.9
6.2
0.9
9.0
23.5
0.54
9,847
0.8
-0.7
10.2
0.62
0.45
3.5
4.5
NA
0.6
14.4
23.9
Saudi Real Est (KSA)
21.44
121
0.7
-3.8
-4.3
25.00
18.20
1.4
2.7
4.7
0.8
28.1
12.7
Raysut Cem (Oman)
0.80
2
0.4
0.0
2.6
1.48
0.72
10.1
13.5
8.1
1.0
7.7
23.1
Nass Corp (Bah)
0.12
117
0.1
-3.2
0.0
0.15
0.11
2.5
5.4
4.1
0.5
8.7
8.5
Drake & Scull (UAE)
Deyaar (UAE)
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
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
Almarai (KSA)
50.53
350
10.8
-0.5
-6.0
78.64
50.00
7.4
16.6
1.8
3.1
19.4
18.2
Savola (KSA)
36.98
182
5.3
-2.0
-6.4
51.00
35.15
-1.8
(4.7)
2.0
2.3
NA
16.5
164.20
72
3.9
-0.5
11.9
169.80
122.00
29.2
48.7
4.3
9.7
20.0
17.0
29.91
604
1.7
-1.0
-1.6
48.30
26.10
4.3
11.7
NA
2.3
19.9
15.7
133.00
23
1.6
-0.1
8.1
138.80
100.50
0.0
29.5
NA
4.8
26.2
15.0
1.05
0
1.5
0.5
-5.6
2.70
1.00
8.5
18.1
9.3
1.4
7.2
7.4
119.20
98
1.0
-1.1
-9.0
138.00
113.00
NA
28.0
3.4
3.3
12.6
13.6
Agthia (UAE)
4.25
51
0.7
-1.2
-11.5
6.80
3.85
10.7
15.9
2.9
1.5
10.0
12.5
Nadec (KSA)
29.78
83
0.7
-1.2
-7.9
36.20
22.00
2.6
7.2
NA
1.8
25.2
42.0
0.83
-
0.3
0.0
-11.1
0.94
0.80
18.8
24.1
5.4
2.0
8.5
9.5
Jarir (KSA) AlHokair (KSA) Othaim (KSA) Kt. Foods (Kuw) Sadafco (KSA)
Oman Flour (Oman)
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
3
SICO RESEARCH
GCC MARKET WATCH
Bahrain
Bahrain Markets Turnover USD mn RHS
BHB closed flat with Alba up 1.6% and Batelco down 0.9%. NBB gained 0.8%, while Al Salam Bank declined 1.7% and GFH was 1.3% lower. Seef fell 1.9% and Nass dropped 3.2%. ABC closed flat, being the most traded stock for the day with 2.1mn traded shares.
11-Feb
16.00 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00
8-Feb
6-Feb
5-Feb
7-Feb
BSE index
4-Feb
1-Feb
31-Jan
30-Jan
29-Jan
28-Jan
25-Jan
1,360 1,355 1,350 1,345 1,340 1,335 1,330 1,325 1,320
Bahrain Markets
11-Feb
35,000 30,000 25,000 20,000 15,000 10,000 5,000 -
8-Feb
7-Feb
6-Feb
5-Feb
4-Feb
Trades (VWAP)
1-Feb
31-Jan
29-Jan
28-Jan
25-Jan
450 400 350 300 250 200 150 100 50 -
30-Jan
Vol 000 - RHS
ALBA Natl Bank Bah N/A N/A N/A Top Losers Company Nass Corp Seef Properties Al Salam Bk Gulf Fin House $ Batelco
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
1,337 1,336 1,336 1,335 1,335 1,334 1,334 1,333 1,333 1,332 1,332
Top Gainers Company
Arab Bnking Co $ Nass Corp Ahli United Bk $ Batelco Al Salam Bk
Last Pr BD 0.64 0.65 N/A N/A N/A
---Change--BD 0.01 0.01 N/A N/A N/A
% 1.6 0.8 N/A N/A N/A
Vol '000 48 20 N/A N/A N/A
Last Pr BD 0.12 0.21 0.12 0.37 0.21
---Change--BD (0.00) (0.00) (0.00) (0.01) (0.00)
% (3.2) (1.9) (1.7) (1.3) (0.9)
Vol '000 117 65 76 70 103
Last Pr BD 0.280 0.12 0.70 0.21 0.12
---Change--BD % (0.00) (3.2) (0.00) (0.9) (0.00) (1.7)
Vol '000 2,054 117 110 103 76
Bahrain - Performance and Valuation of Major Listed Companies Company
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--- ---52 Week--Last
YTD
High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E 8.8
AUB $ **
0.70
110
5.7
0.0
-0.7
0.79
0.62
1.7
16.3
5.4
1.6
10.0
ALBA
0.64
48
2.4
1.6
4.1
0.64
0.27
4.1
5.0
NA
0.9
18.8
9.7
NBB
0.65
20
2.0
0.8
0.0
0.70
0.61
1.9
14.9
3.9
1.8
12.8
14.6
BBK
0.42
5
1.2
0.0
1.4
0.43
0.35
1.5
15.1
7.1
1.2
8.1
8.0
Batelco
0.21
103
0.9
-0.9
2.9
0.29
0.20
3.8
7.4
11.9
0.7
9.3
11.7
GFH $
0.37
70
0.9
-1.3
-11.9
0.75
0.36
7.3
12.2
6.5
0.5
4.2
7.7
ABC $
0.28
2,054
0.9
0.0
-5.1
0.38
0.27
0.6
4.8
10.7
0.2
4.8
4.7
Al Salam
0.12
76
0.7
-1.7
2.6
0.13
0.09
1.0
5.1
4.3
0.8
15.4
15.6
Ithmaar Bank $
0.19
-
0.6
0.0
37.0
0.22
0.09
0.0
0.2
NA
1.3
-
-
Al Baraka
0.37
-
0.4
0.0
-1.3
0.48
0.35
0.6
11.5
2.6
0.3
2.9
3.4
Bah Islamic Bk
0.15
-
0.4
0.0
-3.3
0.15
0.13
0.8
7.5
3.4
1.3
17.5
16.3
BCFC
0.71
-
0.3
0.0
2.2
0.74
0.67
6.5
17.4
7.0
1.0
5.8
5.9
Seef Properties
0.21
65
0.3
-1.9
-1.9
0.26
0.20
7.2
8.0
6.7
0.7
8.8
9.3
Bahrain Cinema
1.18
-
0.2
0.0
-0.8
1.24
1.00
10.3
11.5
4.1
1.8
16.0
2.1
Zain Bahrain
0.09
-
0.1
0.0
-2.2
0.10
0.08
3.6
6.6
5.7
0.5
7.6
7.9
Esterad
0.12
-
0.0
0.0
N/A
0.15
0.11
1.8
2.2
4.3
0.5
20.6
12.3
Source: SICO Research, Bloomberg, Reuters (** PER based on diluted capital), Data as of LTD.
4
SICO RESEARCH
GCC MARKET WATCH
Kuwait
Kuwait Markets Turnover USD mn RHS
6,720
KSE Index
70,000
6,700
60,000
6,680
50,000
6,660
40,000
6,640
30,000
8-Feb
6-Feb
5-Feb
31-Jan
30-Jan
29-Jan
28-Jan
11-Feb
-
7-Feb
6,580
4-Feb
10,000
1-Feb
20,000
6,600
25-Jan
6,620
KWSE was down 0.2% with NBK (-0.8%) and ZAIN (-1.5%). Agility and Mabanee declined 1.4% each. Burgan Bank decreased 0.6% and KFH was 0.5% lower. Ooredoo rallied 6.6% and Boubyan Bank gained 1.3%.
Kuwait Markets Vol 000 - LHS
200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000
Trades (VWAP)
6,000 Top Gainers Company 4,000 Real Estate Asst Mgmt Kipco Asset Mgmt Warba Ins Co 2,000 Kwt Invest Co Nat Mobile Tele
11-Feb
8-Feb
7-Feb
6-Feb
5-Feb
4-Feb
1-Feb
31-Jan
30-Jan
29-Jan
28-Jan
25-Jan
-
Top Losers Company Ithmaar Bank First Takaful Aayan Real Est Ras Al Kh Cement Sokouk Hlding
KUWAIT Index (Intraday)
Kwt Invest Co Ithmaar Bank Investors Hlding Al Mazaya Hlding Boubyan Bank
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
6,680 6,660 6,640 6,620 6,600 6,580 6,560 6,540 6,520 6,500 6,480 6,460
Last Pr KWD 1.100 0.069 0.070 0.141 1.130
---Change--KWD 0.100 0.006 0.006 0.011 0.070
% 10.0 9.5 9.1 8.5 6.6
Vol '000 0 0 38 10,822 0
Last Pr KWD 0.048 0.058 0.072 0.080 0.048
---Change--KWD % (0.006) (10.3) (0.005) (8.6) (0.006) (7.7) (0.006) (7.0) (0.003) (5.9)
Vol '000 10,652 2 6 30 921
Last Pr KWD 0.141 0.048 0.016 0.108 0.477
---Change--KWD % 0.01 8.5 (0.01) (10.3) 0.00 0.9 0.01 1.3
Vol '000 10,822 10,652 4,530 3,121 1,872
Kuwait - Performance and Valuation of Major Listed Companies Company
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--- ---52 Week--Last
YTD
High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
NBK
0.75
1,282
13.7
-0.8
2.3
0.80
0.64
1.2
10.4
4.2
1.3
13.4
12.8
KFH
0.59
1,374
10.8
-0.5
2.6
0.65
0.47
1.0
9.2
2.8
1.7
18.7
16.8
ZAIN
0.46
1,811
6.2
-1.5
5.1
0.57
0.41
4.5
10.2
NA
1.2
11.3
11.0
AUB Kuwait
0.21
1,048
6.0
0.5
1.9
0.25
0.18
1.7
16.3
5.4
1.6
10.0
8.8
Boubyan Bank
0.48
1,872
3.6
1.3
9.4
0.48
0.39
1.3
11.2
1.0
2.5
25.2
23.0
Agility (PWC)
0.85
105
3.6
-1.4
6.0
0.98
0.51
4.0
6.5
3.3
1.1
17.4
17.3
Gulf Bank
0.24
1,632
2.6
0.0
1.3
0.28
0.23
0.8
7.8
2.8
1.3
17.1
15.8
CBK
0.40
-
2.3
0.0
0.0
0.46
0.30
1.0
7.0
3.4
1.2
16.5
26.3
Mabanee
0.72
139
2.2
-1.4
2.1
0.84
0.67
7.9
15.4
1.3
1.9
13.2
13.1
Burgan Bank
0.31
77
2.2
-0.6
0.3
0.38
0.29
1.0
10.8
1.6
1.0
9.3
10.0
ooredoo
1.13
0
2.0
6.6
4.6
1.38
1.00
3.3
7.1
8.8
0.9
12.2
11.6
Al Ahli Bank
0.30
-
1.7
0.0
3.4
0.35
0.29
0.6
4.9
3.3
0.9
18.0
14.0
Kuwait Inv Pro Co
0.30
36
1.6
0.3
-9.3
0.52
0.28
0.6
8.3
7.5
0.7
8.5
17.9
Kt. Food (Americana)
1.05
0
1.5
0.5
-5.6
2.70
1.00
8.5
18.1
9.3
1.4
7.2
7.4
Viva Kuwait
0.75
27
1.3
-0.3
-6.1
0.94
0.67
15.0
37.1
1.3
3.1
9.4
9.5
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
5
SICO RESEARCH
GCC MARKET WATCH
Oman Oman Markets
11-Feb
16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0
8-Feb
7-Feb
6-Feb
5-Feb
MSM index
4-Feb
1-Feb
31-Jan
29-Jan
28-Jan
25-Jan
30-Jan
Turnover USD mn RHS
5,080 5,060 5,040 5,020 5,000 4,980 4,960 4,940 4,920
MSM declined 0.3% led by Bank Muscat down 1% and Ooredoo Oman 1.1% lower. Renaissance dropped 2.9% and Galfar was 1.3% lower.
Oman Markets
11-Feb
1,400 1,200 1,000 800 600 400 200 -
8-Feb
7-Feb
6-Feb
5-Feb
Trades (VWAP)
4-Feb
31-Jan
30-Jan
29-Jan
25-Jan
28-Jan
1-Feb
Vol 000 - LHS
40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 -
Top Gainers Company Global Fin Inv Muscat Finance Al Jazeira Svc Oman Invest &Fin Oman Cement Co Top Losers Company Sharqiya Inv Renaissance Serv Glf Inv Serv Om Fisheries Co Om & Em Inv Em
Oman Index (Intraday) 5,010 5,005
Top Movers Company
5,000 4,995
Glf Inv Serv Oman Invest &Fin Bank Muscat Al Madina Takaful Insurance Om & Em Inv Em
4,990
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
4,980
8:45 AM
4,985
Last Pr OMR 0.14 0.12 0.17 0.13 0.39
---Change--OMR % 0.01 3.7 0.00 2.6 0.00 1.8 0.00 1.5 0.00 0.5
Vol '000 6 194 135 469 117
Last Pr OMR 0.12 0.33 0.09 0.14 0.10
---Change--OMR % (0.005) (3.9) (0.010) (2.9) (0.002) (2.2) (0.003) (2.2) (0.002) (1.9)
Vol '000 212 100 470 71 285
Last Pr OMR 0.09 0.13 0.41 0.09 0.10
---Change--OMR % (0.00) (2.2) 0.00 1.5 (0.00) (1.0) (0.00) (1.1) (0.00) (1.9)
Vol '000 470 469 312 287 285
Oman - Performance and Valuation of Major Listed Companies Company
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--Last
YTD
---52 Week--High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
Bank Muscat
0.41
312
2.9
-1.0
4.1
0.46
0.35
1.5
12.0
5.6
0.7
6.3
7.3
Omantel
1.12
45
2.2
0.0
-7.1
1.44
1.05
14.4
20.8
9.8
1.4
7.2
9.3
Bank Dhofar
0.21
-
0.9
0.0
-5.4
0.24
0.20
1.3
12.2
NA
0.9
7.5
9.0
Ooredoo Oman
0.52
24
0.9
-1.1
-0.4
0.62
0.42
11.6
20.5
8.0
1.4
7.4
11.0
NBO
0.21
-
0.8
0.0
3.0
0.24
0.18
1.6
13.6
7.7
0.7
5.4
6.9
OMINVEST
0.42
-
0.7
0.0
-10.7
0.53
0.42
1.0
10.4
NA
1.2
11.4
12.9
Bank Sohar
0.16
-
0.6
0.0
3.3
0.16
0.13
0.9
7.4
NA
0.9
13.0
9.8
Ahli Bank Oman
0.16
-
0.6
0.0
-6.4
0.21
0.16
1.6
12.6
6.2
1.0
7.8
8.7
HSBC Oman
0.11
11
0.6
0.0
-14.1
0.14
0.11
0.8
5.4
4.5
0.7
13.0
11.5
Shell Oman Mktg
1.74
-
0.4
0.0
-2.2
2.03
1.70
17.9
38.5
6.4
3.7
10.3
12.8
Raysut Cement
0.80
2
0.4
0.0
2.6
1.48
0.72
10.1
13.5
8.1
1.0
7.7
23.1
Bank Nizwa
0.09
-
0.3
0.0
-1.1
0.10
0.09
0.0
0.1
NA
1.3
1,518
44.0
Oman Cement
0.39
117
0.3
0.5
-4.4
0.50
0.39
6.4
7.9
7.7
0.8
10.1
13.4
Salalah Port Ser
0.60
-
0.3
0.0
0.0
0.66
0.55
NA
NA
NA
NA
NA
NA
Renaissance
0.33
100
0.2
-2.9
12.5
0.37
0.16
-5.7
(27.2)
NA
0.7
NA
NA
Galfar
0.08
223
0.1
-1.3
2.7
0.10
0.07
-1.2
(8.0)
NA
0.3
NA
NA
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
6
SICO RESEARCH
GCC MARKET WATCH
Qatar
DSM ended in green (+1.7%) as QNB advanced 3.2% and IQ gained 1.6%. Al Rayan rose 3% and Qatar Insurance went up 5.1%. CBQ was 2% higher and Barwa Real Estate ended 3.8% lower. Nationals were net buyers.
Qatar Markets DSM index
11-Feb
180 160 140 120 100 80 60 40 20 -
8-Feb
7-Feb
6-Feb
5-Feb
4-Feb
1-Feb
31-Jan
30-Jan
28-Jan
25-Jan
29-Jan
Turnover USD mn RHS
9,600 9,400 9,200 9,000 8,800 8,600 8,400 8,200
Qatar Markets Vol 000 - LHS
30,000
Trades (VWAP)
6,000 5,000
20,000
4,000 3,000
10,000
2,000 1,000
-
Qatar Oman Inves Mannai Corp Qa Nat Cement Co Salam Intl Inv Medicare Group
Qatar Index (Intraday) 9,100
9,050 9,000
Top Movers Company
8,950
8,900
Qatar First Bank Gulf Intr Serv United Dvlpmnt Barwa Real Est Vodafone Qatar
8,850
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
8,800 8,750
Qatar Ins Co Gulf Intr Serv Nat Leasing Co Al-Khalij Holding Barwa Real Est Top Losers Company
11-Feb
8-Feb
7-Feb
6-Feb
5-Feb
4-Feb
1-Feb
31-Jan
30-Jan
29-Jan
28-Jan
25-Jan
-
Top Gainers Company
Last Pr QAR 48.01 17.82 10.20 32.49 37.87
---Change--QAR 2.35 0.84 0.45 1.19 1.38
% 5.1 4.9 4.6 3.8 3.8
Vol '000 65 879 105 253 690
Last Pr QAR 7.62 63.01 68.00 6.10 78.20
---Change--QAR (0.38) (1.98) (2.00) (0.15) (0.80)
% (4.8) (3.0) (2.9) (2.4) (1.0)
Vol '000 1 2 10 80 12
Last Pr QAR 6.44 17.82 16.75 37.87 7.05
---Change--QAR % (0.03) (0.5) 0.84 4.9 0.01 0.1 1.38 3.8 0.10 1.4
Vol '000 947 879 794 690 623
Qatar - Performance and Valuation of Major Listed Companies Company
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--Last
YTD
---52 Week--High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
QNB
132.15
206
33.5
3.2
4.9
157.10
115.01
2.0
21.7
2.4
2.3
9.9
8.9
Industries Qatar
104.99
85
17.5
1.6
8.2
121.60
85.00
8.3
8.8
3.8
1.9
21.5
18.9
Al Rayan
40.90
556
8.4
3.0
8.3
45.40
33.32
2.4
16.6
4.9
2.4
14.8
15.1
Ooredoo
88.75
108
7.8
1.4
-2.2
116.10
78.00
2.4
10.0
3.9
1.3
13.0
14.3
9.77
128
7.1
0.2
-19.1
16.30
6.19
3.7
6.0
5.1
0.9
14.3
15.3
Qatar Islamic Bk
102.00
43
6.6
0.2
5.2
109.50
86.90
1.6
15.6
4.7
1.7
11.2
10.1
Q. Elec.& Water
185.97
39
5.6
0.3
4.5
232.00
161.99
10.8
19.7
4.0
2.5
13.3
12.7
Barwa Real Estate
37.87
690
4.0
3.8
18.3
41.80
27.36
5.6
9.0
6.6
0.8
9.2
10.5
Qatar Insurance
48.01
65
3.2
5.1
-7.7
76.40
36.90
3.9
14.7
3.1
1.4
11.3
28.0
115.20
22
2.9
-0.7
12.9
148.07
83.09
9.2
12.5
6.7
1.5
11.9
14.1
Qatar Gas (Nakilat)
17.37
117
2.7
0.1
7.9
24.90
13.05
3.1
19.7
5.7
1.8
10.2
12.2
CBQ
28.49
81
2.6
2.0
-1.4
33.40
24.50
0.4
3.1
NA
0.6
18.6
25.8
Qatar Intl.Islamic Bk
60.14
107
2.5
0.3
10.1
71.50
43.40
1.9
12.9
6.7
1.4
11.6
10.9
Doha Bank
33.50
261
2.4
0.1
17.5
38.33
25.57
1.2
9.3
9.0
0.9
8.2
6.4
Qatar Navigation
64.81
43
2.0
-0.3
15.9
96.10
41.00
3.2
5.1
5.4
0.5
10.4
14.8
Al Khaliji Bank
12.00
44
1.2
0.0
-15.5
16.40
11.10
0.7
5.9
NA
0.6
11.3
7.8
Ezdan Real Estate
Qatar Fuel
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
7
SICO RESEARCH
GCC MARKET WATCH
Saudi Arabia
Tadawul closed in red (-1%) as NCB fell 3.5% and SABIC decreased 0.4%. Saudi Electricity was 0.7% lower and Maaden 1.5% lower. Banks were mostly in red; Samba ended (-1.4%), SABB (-1.6%), Riyad Bank (-1.8%) and BSF (-1%). Savola fell 2% and Almarai decreased 0.5%.
Saudi Markets Turnover USD mn RHS
7,700
TASI
1,400
1,200
7,600
1,000
7,500
800
7,400
600
7,300
400
11-Feb
8-Feb
7-Feb
6-Feb
5-Feb
4-Feb
1-Feb
30-Jan
28-Jan
31-Jan
-
29-Jan
200
7,100
25-Jan
7,200
Saudi Markets Vol 000 - LHS
300,000
Trades (VWAP)
120,000
250,000
100,000
200,000
80,000
150,000
60,000
100,000
40,000
50,000
20,000
-
8-Feb
Last Pr SAR 12.25 24.36 17.40 43.96 24.99
Al Ahlia Solidarity Saudi Aicc Tihama Sagr Insurance Top Losers Company
11-Feb
7-Feb
6-Feb
5-Feb
4-Feb
1-Feb
31-Jan
30-Jan
29-Jan
28-Jan
25-Jan
-
Top Gainers Company
Nat Co Glass Ind Saudi Real Est Saudi Enaya Ins National Commercial Bank Al-Hassan Co
SAUDI ARABIA Index (Intraday) 7,420 7,400
---Change--SAR 0.82 0.77 0.37 0.93 0.39
% 7.2 3.3 2.2 2.2 1.6
Vol '000 1,990 1,610 108 715 353
Last Pr SAR 20.06 21.44 18.29 55.98 10.43
---Change--SAR % (0.82) (3.9) (0.84) (3.8) (0.67) (3.5) (1.98) (3.4) (0.36) (3.3)
Vol '000 219 121 334 729 294
Last Pr SAR 9.79 19.68 12.07 21.08 71.05
---Change--SAR % 0.13 1.3 (0.23) (1.2) 0.07 0.6 (0.69) (3.2) 0.06 0.1
Vol '000 28,472 19,499 13,186 6,153 4,060
7,380 Top Movers Company
7,360 7,340 7,320
Dar Al Arkan Alinma Saudi Kayan Petro Rabigh Al-Rajhi Bank
7,300
2:25 PM
2:05 PM
1:45 PM
1:25 PM
1:05 PM
12:25 PM
12:45 PM
12:05 PM
11:25 AM
11:45 AM
11:05 AM
10:45 AM
10:25 AM
9:45 AM
10:05 AM
7,280 7,260
Saudi Arabia - Performance and Valuation of Major Listed Companies Company SABIC
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--Last
YTD
---52 Week--High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
103.66
3,462
82.9
-0.4
1.7
109.00
94.25
5.6
11.0
3.9
1.9
17.4
15.4
Saudi Telecom
72.90
114
38.9
0.2
6.3
78.90
64.50
8.6
14.2
5.5
2.4
17.1
14.9
Al Rajhi Bank
71.05
4,060
30.8
0.1
10.0
76.00
61.00
2.5
16.5
3.2
2.2
14.2
12.9
NCB
55.98
729
29.9
-3.4
1.7
59.90
37.00
2.1
17.4
2.9
2.1
12.0
11.9
Saudi Electricity
19.96
1,040
22.2
-0.7
-5.1
26.05
19.76
0.6
3.5
3.5
1.3
39.4
17.2
Maaden
50.19
508
15.6
-1.5
-3.3
57.10
39.00
0.4
1.5
NA
2.1
146.4
44.5
Samba
24.16
479
12.9
-1.4
2.8
27.10
19.80
2.1
12.1
3.9
1.1
9.7
9.6
Saudi British Bank
28.55
202
11.4
-1.6
5.7
31.00
20.05
2.1
13.1
2.7
1.4
11.0
10.1
Al Marai Company
50.53
350
10.8
-0.5
-6.0
78.64
50.00
7.4
16.6
1.8
3.1
19.4
18.2
Riyad Bank
13.30
316
10.6
-1.8
6.4
14.18
10.10
1.5
9.0
4.9
1.1
11.9
10.4
Banque Saudi Fransi
29.70
28
9.5
-1.0
3.8
33.40
22.75
1.8
12.3
3.9
1.2
10.2
8.8
SAFCO
64.05
154
7.1
-3.3
-1.6
73.25
57.00
12.1
14.4
3.9
3.8
25.4
23.7
Savola Group
36.98
182
5.3
-2.0
-6.4
51.00
35.15
-1.8
(4.7)
2.0
2.3
NA
16.5
Etihad Etisalat
15.60
1,267
3.2
-1.0
5.2
23.60
12.94
-0.5
(1.3)
NA
0.8
NA
NA
National Industry
15.83
1,272
2.8
-2.0
-3.5
20.00
12.44
0.6
3.2
NA
1.3
41.6
18.4
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
8
SICO RESEARCH
GCC MARKET WATCH
UAE
40
100,000
20
50,000
Vol '000 10 1 1 10 50
Last Pr AED 0.78 2.15 0.70 0.59 0.74
---Change--AED % 0.01 1.3 0.06 2.9 (0.01) (1.4) 0.02 3.5 -
Vol '000 11,541 9,472 8,336 5,836 4,358
3,305
DSI Marka Arabtec Ekttitab Hldg Co Alsalamsudan Top Movers Company Gulf Fin House DXB Entertainment Air Arabia Deyaar Isl Arab Ins
Last Pr AED 3.39 3.50 2.27 4.17 1.30
---Change--AED % 0.33 10.8 0.15 4.5 0.05 2.3 0.08 2.0 0.02 1.6
Vol '000 110 10 1,293 155 15,595
Last Pr AED 1.85 0.53 2.51 0.37 1.68
---Change--AED % (0.11) (5.6) (0.03) (5.2) (0.13) (4.9) (0.02) (4.6) (0.08) (4.5)
Vol '000 7,643 716 4,256 71 151
Last Pr AED 1.39 0.57 1.30 0.54 0.49
---Change--AED % (0.01) (0.7) (0.02) (3.5) 0.02 1.6 (0.00) (0.7) (0.01) (2.4)
Vol '000 39,846 17,497 15,595 9,847 9,253
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
1:05 PM
12:45 PM
11:25 AM
11:45 AM
10:45 AM
11:05 AM
10:05 AM
10:25 AM
9:45 AM
9:25 AM
11-Feb
7-Feb
8-Feb
5-Feb
6-Feb
4-Feb
1-Feb
31-Jan
28-Jan
Top Losers Company
9:05 AM
3,295
8:45 AM
3,300
-
25-Jan
---Change--AED % (0.45) (10.0) (0.13) (9.8) (0.11) (9.6) (0.05) (4.8) (0.03) (2.7)
3,310
1,500
1,000
-
Last Pr AED 4.05 1.19 1.04 1.00 1.07
2,000
500
Dnir Dubai Ins Co Emaar Malls Aramex Air Arabia
12:05 PM
60
150,000
Top Gainers Company
12:25 PM
80
200,000
Vol '000 1 700 5,836 9,472 282
12:05 PM
3,315
100
---Change--AED % 0.09 11.4 0.01 3.7 0.02 3.5 0.06 2.9 0.02 2.7
12:25 PM
3,320
2,500
Last Pr AED 0.88 0.28 0.59 2.15 0.75
9:05 AM
11-Feb
7-Feb
8-Feb
5-Feb
3,000
11-Feb
7-Feb
8-Feb
5-Feb
6-Feb
4-Feb
1-Feb
31-Jan
29-Jan
30-Jan
25-Jan
28-Jan
Rak Properties Waha Capital Eshraq Properties Ad Natl Energy Dana Gas
3,325
300,000
-
Top Movers Company
3,500
250,000
29-Jan
3,200
Natl Bk Fujairah Union Cement Comm Bk Intl Gulf Cement Co Sharjah Cement
DUBAI Index (Intraday) 3,330
Trades (VWAP)
350,000
30-Jan
3,300 3,250
Top Losers Company
1,600 1,400 1,200 1,000 800 600 400 200 -
120
140
3,350
Vol 000 - LHS
400,000
160
3,450
Green Crescent Ins Al Khazna Ins Co Ad Natl Energy Waha Capital Arkan Bld Mt Co
4,620 4,615 4,610 4,605 4,600 4,595 4,590 4,585 4,580 4,575 4,570 4,565
Dubai Markets DFM index
3,400
Top Gainers Company
6-Feb
25-Jan
11-Feb
7-Feb
8-Feb
5-Feb
6-Feb
1-Feb
4-Feb
31-Jan
29-Jan
30-Jan
25-Jan
Dubai Markets Turnover USD mn RHS
3,500
1-Feb
10
-
Trades (VWAP)
4-Feb
20
31-Jan
30
29-Jan
40
28-Jan
Vol 000 - LHS
180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 -
50
30-Jan
60
28-Jan
4,660 4,640 4,620 4,600 4,580 4,560 4,540 4,520 4,500 4,480
Abu Dhabi Markets
ADSM index
8:45 AM
ABUDHABI Index (Intraday)
Abu Dhabi Markets Turnover USD mn RHS
DFM was 0.2% lower driven by Emaar (-1.2%) and Emaar Development (-1.6%). Emaar Properties net earnings were at USD 1.55bn for FY17. Arabtec dropped 4.9% and DXBE was 3.5% lower. ENBD gained 0.6% and Air Arabia closed 1.6% higher. Damac increased 0.3% and Emaar Malls ended 2.3% higher. Foreigners were net sellers.
ADX ended 0.3% lower as FAB and ADNOC declined 0.4% each. Aldar declined 1.8% and Eshraq fell 1.4%. Taqa advanced 3.5% and ADCB was 0.3% higher. Foreigners were net sellers.
UAE - Performance and Valuation of Major Listed Companies Company
Last
Vol.
Mcap
Price
Traded
US$
---Price Chg--- ---52 Week--Last
YTD
High
Low
ROA
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
Etisalat
17.40
1,078
41.2
0.0
-0.6
18.85
15.75
6.6
19.6
4.6
3.5
18.0
17.4
FAB
11.40
2,232
33.8
-0.4
11.2
11.55
9.75
1.2
13.2
1.9
3.1
24.8
11.6
Emirates NBD
8.50
10
12.9
0.6
3.7
9.09
7.95
1.6
15.5
4.7
1.1
7.1
5.6
Emaar
6.40
7,653
12.5
-1.2
-2.1
8.43
6.29
6.6
13.2
2.3
1.1
8.8
7.7
ADCB
7.20
1,572
11.0
0.3
5.9
7.60
6.55
1.6
15.7
5.2
1.5
10.0
9.7
Abu Dhbai National Oil
2.64
1,137
9.0
-0.4
-0.4
2.90
2.50
NA
NA
NA
NA
NA
NA
Dubai Islm Bank
6.24
8,443
8.4
0.6
0.8
6.63
5.36
1.9
20.5
7.2
1.8
10.0
7.1
Emaar Mall
2.27
1,293
8.0
2.3
6.6
2.70
2.00
7.5
11.9
4.4
1.8
15.8
14.7
Emaar Development
5.61
573
7.1
-1.6
10.2
5.93
5.00
12.0
28
NA
3.5
12.4
9.1
DU
5.09
694
6.3
0.0
-0.2
6.20
4.79
9.6
22.4
10.8
3.0
13.3
13.5
Damac Properties
3.25
865
5.4
0.3
-1.5
4.57
2.48
15.4
32.9
7.7
1.6
5.3
5.3
Aldar Properties
2.22
2,321
4.8
-1.8
0.9
2.60
2.10
7.8
13.3
5.0
0.8
6.3
7.0
ADIB
4.04
1,225
3.5
-0.2
6.9
4.10
3.49
1.7
20.2
6.0
1.3
6.6
6.0
Arabtec
2.51
4,256
3.2
-4.9
5.5
5.59
2.30
-26.4
(109)
NA
4.0
NA
115.8
DFM
1.08
3,773
2.4
0.0
-3.6
1.64
1.03
2.9
3.2
4.6
1.1
34.1
34.6
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
9
SICO RESEARCH
GCC MARKET WATCH
Results Monitor (Q4-2017) Count r y
Cur r (m n)
A l R a jhi Ba nk ing & I nv . Cor p. Ba nk A l Bila d A l T a yya r ZOU J A J T iha m a A dv t . & P ub. R e la t ions Co. Sa udi Com pa ny f or H a r dwa r e Fuja ir a h Ce m e nt I nds Da na G a s R A K P r ope r t ie s N a t iona l Ce m e nt Com pa ny (N CC) Shua 'a Ca pt ia l ( FY e nds Ma r c h) Duba i I nv e s t m e nt Co. Kuwa it I nv e s t m e nt Com pa ny A lum inium Ba hr a in Yamama Saudi Cement Abu Dhabi National Energy Company (Taqa) Commercial Bank of Dubai Abu Dhabi National Hotels Co. United Development Co. Zain AL AHLI BANK Wataniya Telecom (ooredoo) Gulf Bank MABANEE CO SAKC Commerical Facilities Company Kuwait Financial Centre (Markaz) AJIAL REAL EST TIJARA& REAL EST LIVESTOCK T.T CO Khaleeji Comm Bank
KSA KSA KSA KSA KSA KSA UAE UAE UAE UAE UAE UAE Kuwa it Ba hr a in KSA UAE UAE UAE Qatar Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Kuwait Bahrain
SA R SA R SA R SA R SA R SA R AED AED AED AED AED AED KWD BH D SAR AED AED AED QAR KWD KWD KWD KWD KWD KWD KWD KWD KWD KWD BHD
Al Yamamah Steel
KSA
SAR
312
6.70
-77%
-39%
22.30
-70%
RAK Ceramics
UAE
AED
675
40.13
NM
-46%
54
-26%
MUNSHAAT REAL ES
Kuwait
KWD
91
(3.83)
NM
NM
NA
NA
NM 12% 77% 16% 2%
NM 26% 11% -29% -41%
NA 2,350 115 388 NA
NA 9% 45% -26% NA
Com pa ny
Mc a p $ mn 3 0 ,7 8 6 2 ,7 8 0 1 ,4 0 0 160 176 723 92 1 ,4 0 3 425 269 319 2 ,5 9 1 266 2 ,4 1 1 875 975 3,053 779 1,629 6,090 1,663 1,950 2,515 2,199 334 204 98 79 171 290
-----4 Q 2 0 1 7 -----N e t I nc % YoY % QoQ 2 ,4 5 3 20% 8% 226 2% -9 % 1 6 .5 6 -8 9 % -8 7 % (2 .1 0 ) -6 3 % -1 1 4 % 0 .8 0 -1 1 1 % -6 4 % 4 0 .9 9 -1 % 80% 9 .9 7 -1 0 % 61% (1 5 3 ) -6 8 8 % -1 4 1 % 117 22% 796% 6 .3 4 -5 8 % 247% 1 4 .1 9 -1 7 5 % -3 8 % 171 -5 4 % -5 1 % 0 .2 4 -8 8 % -9 7 % 2 3 .4 5 73% -9 % 16.94 -61% -42% 253 NM NM 337 12% 2% 106 4% 579% 103 -40% -33% 37.00 15% -8% 13.57 7% 131% 4.78 -67% -58% 11.88 17% -11% 12.40 2% 2% 1.41 -46% -52% (1.40) NM NM (0.42) NM NM 0.35 94% 165% 0.13 -90% -64% (2.16) NM NM
Investcorp Bank Bahrain 20.85 BHD 688 National Commercial Bank KSA 2,556 SAR 29,854 Othaim Markets KSA 167 SAR 1,596 Union National Bank UAE 288 AED 2,967 National Bank of Fujairah UAE 71 AED 1,402 Source: SICO Research, Company Reports, Reuters, Bloomberg, Zawya, Stock Exchanges Note*: Preliminary
-4 Q-1 7 For e c a s t Me dia n Va r % 2 ,3 2 5 .5 8 5% 2 5 2 .3 8 -1 0 % 1 1 6 .5 0 -8 6 % NA NA NA NA 4 4 .8 0 -8 % NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 30.50 -44% NA NA 335 1% NA NA NA NA 40 -7% NA NA 10 -52% NA NA NA NA NA NA NA NA NA NA NA NA NA NA 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 2017E : 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 2016 where the none of the above is available
2016 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 2018. 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
