Mar 9, 2017 - stock company. SSP will maintain its 35% stake in the company, while ... terms. The telco borrowed USD 1.2
GCC Market Watch
March 09, 2017
GCC Market Watch
Regional Markets Today Country
Current
%Chg 1D
%Chg YTD
Bahrain (BAX)
1,353.6
1.3
10.9
Kuwait (KWSE)
6,711.2
0.9
16.8
Oman (MSI)
5,791.7
(0.2)
0.2
Qatar (DSMI)
10,467.2
1.0
0.3
S.Arabia (TASI)
6,916.8
(0.8)
(4.1)
UAE (DFM)
3,520.2
(0.3)
(0.3)
UAE (ADSM)
4,457.3
(2.9)
(2.0)
99.5
(0.3)
0.1
S&P GCC Source: Bloomberg
Note: S&P GCC index as of previous day
Regional market wrap-up GCC Markets traded on a mixed note with DSM being the top gainer and ADX the top loser. Tadawul was 0.8% lower with SABIC (-1%) and STC (-0.4%). DFM decreased 0.3% as DIB declined 0.9% and Emaar Malls was down 0.7%. ADX fell 2.9% led by FGB (-1.6%) and ADCB (-0.8%). DSM ended in green (+1%) with QIB (+2.5%) and QNB (+1.9%). KWSE gained 0.9% with ZAIN up 2.1% and Gulf Bank 1.2% higher. MSM was down 0.2%; Bank Muscat decreased 0.4% and Bank Sohar declined 0.6%. BHB closed 1.3% higher with banks in green; Ithmaar (+10%) and NBB (+9.2%).
CDS-5years Dubai
Bahrain
Current
115
214
AbuDhabi Qatar KSA 41
63
93
Previous day
114
214
41
62
92
Week ago
114
220
45
65
95
Month ago
139
248
57
79 109
Year ago
218
363
106
109 166
In the news…
Saudi Steel Pipe Co.’s (SSP) board of directors approved on Wednesday converting a SAR 43.75mn loan, which was secured by its associate Global Pipe Co. (GPC) into an equity through raising the capital of GPC, the company said in a statement. The steel pipe manufacturer will double GPC’s capital to SAR 250mn and convert it into a closed joint stock company. SSP will maintain its 35% stake in the company, while its equity in the associate’s capital will be raised to SAR 87.5mn from SAR 43.75mn. The associate had secured the loan in two tranches in 2012 and 2015, the statement added. Source: Argaam
Etisalat’s Nigeria associate missed the February payment on its USD 1.2bn loan and is currently in talks with the lenders to renegotiate the terms. The telco borrowed USD 1.2bn in 2013 from a consortium of 13 local banks to refinance its debt of USD 650mn and fund its network modernisation. The company management attributed the payment miss to currency devaluation (c. 29% in June 2016), economic downturn and shortage of US dollar in the country. The telco is discussing different options with lenders including conversion of the debt to Nigerian Naira. Based on media reports, the telco had notified the lenders in advance regarding the payment miss. Currently the outstanding loan stands at USD 500mn. Source: Reuters
Agility reported 4Q16 earnings of KWD 15.75mn – up 10% YoY and 4% QoQ; slightly below our estimate of KWD 16.36mn. Revenues for 4Q16 were at KWD 315mn – in line with our estimate of KWD 318mn but lower by 2% YoY. The company board has recommended final cash dividend of 15 fils per share as well as 10% bonus issue. Source: Company Announcement
Source: Bloomberg as of LTD
International Indices
GCC- Equities
Country
Current
%Chg 1D
%Chg YTD
DJIA
20,855.7
(0.3)
5.5
S&P
2,363.0
(0.2)
5.5
NASDAQ
5,837.6
0.1
8.4
FTSE
7,283.5
(0.7)
2.0
DAX
11,940.5
(0.2)
4.0
NIKKEI
19,318.6
0.3
1.1
934.9
(0.2)
8.4
MSCI EM
Source: Bloomberg @Mar-09 03:17 PM
Oil Price Trend
Jan-17
Sep-16
Jan-16
May-16
Sep-15
May-15
Jan-15
Sep-14
May-14
Jan-14
Sep-13
May-13
Brent Future Contract
140 120 100 80 60 40 20
SICO Research
Commodity and Currency Monitor Current
%Chg 1D
%Chg YTD
OPEC Basket
52.69
(1.6)
(1.1)
Brent Future
52.16
(1.8)
(8.2)
Nymex 1M Fut
49.31
(1.9)
(8.2)
Gold Spot
1,205.9
(0.2)
4.6
USD / Yen
114.66
(0.0)
(1.7)
Euro / USD
1.0565
0.3
0.2
Source: Bloomberg @Mar-09 03:17 PM
Raneem Seroor +973 -17515000 (extn - 5096)
[email protected]
GCC Market Statistics Country
Mcap
Vol
Turnover
Trades
$ bn
mn shr
$ mn
VWAP
16A
17E
16A
16A
16A
Saudi
430.0
215.6
1,138.7
80,436
17.3
14.7
1.6
3.4
10.3
UAE
211.1
309.4
182.8
3,794
12.9
11.2
1.4
4.6
11.3
88.1
429.0
128.7
8,379
15.7
14.6
1.2
3.3
8.0
147.1
10.0
92.6
4,503
14.1
12.7
1.6
3.3
12.6
Bahrain
20.5
6.5
4.5
69
9.8
10.5
0.9
5.0
8.8
Oman
21.9
11
7
745
10.3
9.0
1.1
4.5
11.1
GCC
919
982
1,555
97,926
13.7
12.9
1.6
3.6
10.2
Kuwait Qatar
Source: SICO Research, Bloomberg, Reuters, Zawya
© SICO 2017 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
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 14.4
SABIC (KSA)
96.470
3,446
77.2
-1.0
5.4
98.500
73.250
5.6
11.0
4.1
1.8
16.2
Etisalat (UAE)
17.850
944
42.3
0.0
-5.1
20.200
17.150
NA
NA
NA
NA
NA
NA
STC (KSA)
65.750
463
35.1
-0.4
-9.4
74.000
51.000
8.6
14.2
6.1
2.2
15.4
14.9
QNB (Qatar)
149.300
330
34.4
1.9
0.8
157.273
121.364
2.0
21.7
2.3
2.4
10.1
9.3
Al Rajhi (KSA)
62.980
3,209
27.3
0.2
-0.2
67.500
48.600
2.5
16.5
3.6
2.0
12.6
10.9
Saudi Electric (KSA)
23.970
2,022
26.6
-1.6
6.2
25.800
14.300
0.6
3.5
2.9
1.6
47.3
32.9
NCB Inds Qatar (Qatar) NBK (Kuw) Samba (KSA)
39.980
670
21.3
0.1
-6.2
46.300
32.000
2.1
17.4
4.0
1.5
8.6
7.9
113.800
107
18.9
0.7
-3.1
122.000
94.500
8.3
8.8
3.5
2.1
23.3
16.7
0.750
4,355
13.8
0.0
15.4
0.760
0.550
1.2
10.4
4.2
1.4
13.4
13.0
21.590
1,110
11.5
-0.5
-11.3
25.200
15.900
2.1
12.1
4.4
1.0
8.6
8.9
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
GCC Telecom and Transportation Universe Company Etisalat (UAE) STC (KSA)
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
20.200
17.150
NA
NA
NA
NA
NA
NA
17.850
944
42.3
0.0
-5.1
---52 Week---
---2016---
------------Valuation---------
65.750
463
35.1
-0.4
-9.4
74.000
51.000
8.6
14.2
6.1
2.2
15.4
14.9
100.200
190
8.8
1.2
-1.6
116.100
81.500
2.4
10.0
3.5
1.4
14.6
12.5
DU (UAE)
6.000
6,772
7.5
0.0
-3.2
6.990
5.560
NA
NA
NA
NA
NA
NA
ZAIN (Kuw)
0.485
3,318
6.6
2.1
18.3
0.520
0.320
4.5
10.2
NA
1.2
12.1
10.2 91.1
Ooredoo (Qatar)
Etihad Etisalat (KSA)
21.390
678
4.4
-1.2
-10.8
32.200
16.400
-0.5
(1.3)
NA
1.1
NA
Omantel (Oman)
1.380
178
2.7
0.7
-8.9
1.685
1.350
14.4
20.8
8.0
1.8
8.9
9.5
NMTC (Ooredoo)
1.180
3
2.1
0.0
-1.7
1.380
1.000
3.3
7.1
8.4
0.9
12.7
11.7 10.1
Batelco (Bah)
0.278
70
1.2
0.0
-2.8
0.312
0.274
3.8
7.4
9.0
0.9
12.3
21.920
153
18.2
-0.1
25.2
22.250
15.530
NA
NA
NA
NA
NA
NA
Agility (Kuw)
0.590
5,613
2.5
0.0
-4.8
0.770
0.440
3.5
5.6
4.8
0.8
14.0
14.9
Air Arabia (UAE)
1.190
12,638
1.5
0.0
-10.5
1.490
1.180
NA
NA
NA
NA
NA
NA
Aramex (UAE)
5.500
34,027
2.2
2.8
35.1
5.500
3.020
NA
NA
NA
NA
NA
NA
DP World (UAE)
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
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
149.300
330
34.4
1.9
0.8
157.273
121.364
2.0
21.7
2.3
2.4
10.1
9.3
Al Rajhi (KSA)
62.980
3,209
27.3
0.2
-0.2
67.500
48.600
2.5
16.5
3.6
2.0
12.6
10.9
NCB
39.980
670
21.3
0.1
-6.2
46.300
32.000
2.1
17.4
4.0
1.5
8.6
7.9
First Gulf Bk (UAE)
12.600
1,245
15.4
-1.6
-1.9
14.000
10.500
NA
NA
NA
NA
NA
NA
NBAD (UAE)
10.250
1,328
14.5
0.0
2.6
10.900
7.600
NA
NA
NA
NA
NA
NA
0.750
4,355
13.8
0.0
15.4
0.760
0.550
1.2
10.4
4.2
1.4
13.4
13.0 NA
NBK (Kuw) ENBD (UAE)
8.300
50
12.6
0.0
-2.2
9.000
7.560
NA
NA
NA
NA
NA
Samba (KSA)
21.590
1,110
11.5
-0.5
-11.3
25.200
15.900
2.1
12.1
4.4
1.0
8.6
8.9
0.610
1,183
11.1
0.0
13.0
0.630
0.432
1.0
9.2
2.7
1.8
19.4
18.1
Masraf AlRayan (Qatar)
40.700
358
8.4
1.2
8.2
43.350
32.100
2.4
16.6
4.9
2.4
14.7
16.0
Riyad Bk (KSA)
10.450
1,558
8.4
-1.3
-9.5
11.800
8.550
1.5
9.0
6.2
0.8
9.4
8.3
Saudi British (KSA)
20.690
287
8.3
0.2
-17.2
25.900
16.400
2.1
13.1
3.7
1.0
8.0
7.2
Saudi Fransi (KSA)
24.130
611
7.8
0.0
-7.3
27.800
18.000
1.8
12.3
4.7
1.0
8.3
7.6
101.800
149
6.6
2.5
-2.0
117.000
91.000
1.6
15.6
4.7
1.7
11.2
10.6 10.3
KFH (Kuw)
QISB (Qatar) AUB (Bah)
0.790
4,119
5.4
0.6
23.4
0.800
0.600
1.7
16.3
5.7
1.5
9.4
Arab Nat Bk (KSA)
20.040
387
5.3
-0.3
-9.3
22.500
14.250
1.7
12.6
4.5
0.9
7.0
6.8
CBQ (Qatar)
31.900
232
2.9
-0.3
-1.8
45.241
30.200
0.4
3.1
NA
0.7
20.8
10.0
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
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
96.470
3,446
77.2
-1.0
5.4
98.500
73.250
5.6
11.0
4.1
1.8
16.2
14.4
113.800
107
18.9
0.7
-3.1
122.000
94.500
8.3
8.8
3.5
2.1
23.3
16.7
Yansab (KSA)
58.250
3,676
8.7
-1.2
7.8
59.750
35.300
11.2
14.6
5.2
2.0
14.2
13.6
Safco (KSA)
70.250
230
7.8
-0.7
-5.9
82.000
58.000
12.1
14.4
3.6
4.2
27.8
20.8
Nakilat (Qatar)
22.520
259
3.5
-1.2
-2.5
25.200
21.850
3.1
19.7
4.4
2.4
13.2
12.3
8.040
4,648
3.2
-2.1
-9.0
9.450
4.900
0.3
1.1
NA
NA
89.5
32.1
Petrorabigh (Saudi)
12.710
5,388
3.0
-4.1
8.1
14.000
8.650
0.1
0.4
NA
1.3
303.7
80.5
Tasnee (KSA)
16.640
1,133
3.0
-1.0
-4.7
20.000
8.800
0.6
3.2
NA
1.4
43.7
16.6
Sipchem (KSA)
17.770
570
1.7
-1.6
-6.0
19.750
11.800
0.4
1.2
3.7
1.1
93.0
12.1
Sahara Petro (KSA)
14.770
2,498
1.7
-2.4
0.1
15.900
8.300
4.7
7.4
5.1
1.1
15.6
16.7
0.440
14,975
0.8
0.0
-18.5
0.610
0.430
NA
NA
NA
NA
NA
NA
Inds Qatar (Qatar)
Kayan (KSA)
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
Emaar (UAE)
7.340
3,900
14.3
0.1
2.9
7.790
5.750
NA
NA
NA
NA
NA
NA
Ezdan (Qatar)
15.410
823
11.2
1.0
2.0
20.240
14.630
3.7
6.0
3.2
1.4
22.6
22.1
Aldar Properties (UAE)
2.370
3,313
5.1
0.9
-9.9
2.990
2.320
NA
NA
NA
NA
NA
NA
Damac (UAE)
2.890
549
4.8
2.1
14.2
2.970
1.910
NA
NA
NA
NA
NA
NA
Southern Cem (KSA)
68.750
3
2.6
-0.4
-16.5
83.500
52.500
20.3
27.1
6.9
2.9
10.9
11.7
Saudi Cem (KSA)
61.750
83
2.5
0.4
-13.3
71.750
47.000
20.6
27.6
4.5
2.9
10.5
11.6
United Devt (Qatar)
21.500
286
2.1
0.0
4.1
22.940
18.010
3.3
5.8
5.8
0.7
12.2
11.1
Dar Al Arkan (KSA)
6.030
33,761
1.7
-0.5
-2.1
7.400
4.450
1.0
1.4
NA
0.4
26.0
18.6
Taiba (KSA)
40.270
17
1.6
-0.5
0.2
42.700
30.400
5.6
6.5
4.0
1.6
24.3
24.3
Qat Natl Cem (Qatar)
80.000
79
1.3
-2.3
2.3
86.182
73.636
13.5
16.0
5.0
1.5
10.0
8.9
0.490
1
1.3
0.0
19.5
0.500
0.360
6.6
10.4
4.0
2.0
18.6
18.6
Arabtec Hold. (UAE)
0.917
13,038
1.2
-1.1
-30.0
1.820
0.813
NA
NA
NA
NA
NA
NA
Yamamah Cem (KSA)
18.260
119
1.0
-1.6
-20.1
30.400
15.550
9.2
9.9
5.5
1.0
10.1
8.2
0.567
7,199
0.9
-1.4
-8.3
0.707
0.501
NA
NA
NA
NA
NA
NA
Kuwait Cem (Kuw)
Deyaar (UAE) Raysut Cem (Oman)
1.440
19
0.7
0.0
-2.7
1.625
0.916
10.1
13.5
4.5
1.8
13.9
13.1
Saudi Real Est (KSA)
20.750
999
0.7
-2.7
-22.1
28.000
14.800
1.4
2.7
4.8
0.7
27.2
12.3
Drake & Scull (UAE)
0.468
10,500
0.3
-1.9
-2.5
0.640
0.431
NA
NA
NA
NA
NA
NA
Nass Corp (Bah)
0.118
122
0.1
0.9
-1.7
0.149
0.088
2.5
5.4
4.1
0.4
8.5
5.8
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)
69.620
448
14.9
-0.9
1.6
71.000
49.313
7.4
16.6
1.3
4.3
26.8
25.9
Savola (KSA)
37.700
121
5.4
-2.3
-6.0
44.900
27.800
-1.8
(4.7)
2.0
2.4
NA
18.3
2.600
2
3.6
-0.8
0.0
2.640
1.940
8.5
18.1
3.7
3.6
17.7
16.9
128.020
342
3.1
-1.3
10.9
141.000
81.000
29.2
48.7
5.5
7.5
15.6
15.0
Kt. Foods (Kuw) Jarir (KSA) AlHokair (KSA)
30.780
259
1.7
-3.3
-16.4
54.500
20.200
4.3
11.7
NA
2.3
20.5
12.9
Othaim (KSA)
103.820
783
1.2
0.1
5.1
110.000
63.000
0.0
29.5
NA
3.8
20.5
18.5
Sadafco (KSA)
124.500
22
1.1
-0.6
0.0
161.750
111.000
NA
28.0
3.2
3.4
13.1
13.3
Agthia (UAE)
6.310
63
1.0
-2.0
-11.1
7.900
5.360
NA
NA
NA
NA
NA
NA
Nadec (KSA)
23.550
270
0.5
-2.7
-1.7
25.500
16.500
2.6
7.2
NA
1.4
19.9
15.8
0.856
423
0.4
0.5
22.3
0.860
0.454
18.8
24.1
5.3
2.1
8.8
8.8
Oman Flour (Oman)
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
3
SICO RESEARCH
GCC MARKET WATCH
Bahrain
BHB closed 1.3% higher with banks in green; Ithmaar (+10%) and NBB (+9.2%). AUB increased 0.6% and GFH rose 4.7%. Nass gained 0.9% and Gulf Hotel was up 0.8%, while Bahrain Duty Free declined 0.6%. KHCB was down 1.7%. The most traded stock today was AUB with 4.1mn traded shares.
Bahrain Markets Turnover USD mn RHS
1,360
BSE index
6.00
1,355
5.00
1,350 4.00
1,345 1,340
3.00
1,335
2.00
1,330 1.00
1,325 1,320
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
22-Feb
0.00
Bahrain Markets Vol 000 - RHS
120
Trades (VWAP)
14,000
Top Gainers Company
12,000
100
10,000 Ithmaar Bank $ 8,000 Natl Bank Bah
80 60
6,000
40
4,000
Top Losers Company
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
-
23-Feb
2,000
-
22-Feb
20
Gulf Fin House $ Nass Corp Gulf Hotel Group
Khaleeji Comm Bk Bah Duty Free N/A N/A N/A
BAHRAIN Index (Intraday) 1,346 1,344 1,342
Top Movers Company
1,340
1,338 1,336
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
1,332
9:20 AM
1,334
Ahli United Bk $ Khaleeji Comm Bk Ithmaar Bank $ ALBA Gulf Fin House $
Last Pr BD 0.17 0.70 0.67 0.12 0.61
---Change--BD % 0.02 10.0 0.06 9.2 0.03 4.7 0.00 0.9 0.01 0.8
Vol '000 420 16 140 122 35
Last Pr BD 0.11 0.84 N/A N/A N/A
---Change--BD % (0.00) (1.7) (0.01) (0.6) N/A N/A N/A N/A N/A N/A
Vol '000 1,110 66 N/A N/A N/A
Last Pr BD 0.790 0.11 0.17 0.34 0.67
---Change--BD % 0.01 0.6 (0.00) (1.7) 0.02 10.0 0.03 4.7
Vol '000 4,119 1,110 420 207 140
Bahrain - 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
AUB $ **
0.790
4,119
5.4
0.6
23.4
0.800
0.600
1.7
16.3
5.7
1.5
9.4
10.3
NBB
0.700
16
2.0
9.2
6.9
0.700
0.523
1.9
14.9
3.9
1.8
12.7
11.2
GFH $
0.670
140
1.5
4.7
44.5
0.718
0.182
7.3
12.2
4.0
0.8
7.0
71.2
ALBA
0.342
207
1.3
0.0
6.9
0.354
0.260
4.1
5.0
6.1
0.5
10.0
8.4
Batelco
0.278
70
1.2
0.0
-2.8
0.312
0.274
3.8
7.4
9.0
0.9
12.3
10.1
ABC $
0.365
-
1.1
0.0
-1.4
0.395
0.310
0.6
4.8
8.2
0.3
6.2
6.0
BBK
0.392
85
1.1
0.0
-2.0
0.400
0.310
1.5
15.1
7.7
1.1
7.5
7.5
UGB
0.388
-
0.9
0.0
10.9
0.388
0.300
0.2
1.6
NA
2.2
137.2
137.2
Al Salam
0.114
-
0.6
0.0
-3.4
0.130
0.084
1.0
5.1
4.4
0.8
15.0
13.6
Al Baraka
0.500
-
0.6
0.0
2.0
0.540
0.370
0.6
11.5
2.0
0.4
3.8
3.6
Ithmaar Bank $
0.165
420
0.5
10.0
32.0
0.255
0.095
0.0
0.2
NA
1.2
-
-
Bah Islamic Bk
0.133
20
0.4
0.0
8.1
0.140
0.082
0.8
7.5
3.7
1.2
16.0
15.0
BCFC
0.710
-
0.3
0.0
6.0
0.755
0.645
6.5
17.4
6.9
1.0
5.8
5.5
Seef Properties
0.220
50
0.3
0.0
1.9
0.250
0.178
7.2
8.0
6.4
0.7
9.2
10.2
Zain Bahrain
0.095
-
0.1
0.0
-5.0
0.15
0.10
3.6
6.6
5.3
0.5
8.2
8.3
Esterad
0.149
-
0.1
0.0
-11.8
0.190
0.140
1.8
2.2
6.7
0.6
26.5
26.5
Source: SICO Research, Bloomberg, Reuters (** PER based on diluted capital), Data as of LTD.
4
SICO RESEARCH
GCC MARKET WATCH
Kuwait
Kuwait Markets Turnover USD mn RHS
6,850
KSE Index
140,000
KWSE gained 0.9% with ZAIN up 2.1% and Gulf Bank 1.2% higher. CBK rose 2.2%, while Americana decreased 0.8% and Kuwait Projects went down 1%.
120,000
6,800
100,000
6,750
80,000 6,700 60,000 6,650
40,000
-
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
2-Mar
20,000
6,550
22-Feb
6,600
Kuwait Markets Vol 000 - LHS
600,000
Trades (VWAP)
10,000 Top Gainers Company 8,000
400,000
Real Estate Asst Mgmt Abyaar Real Est Nat Ind Group Yiaco Medical Co Qurain Petro Ind
6,000 4,000
200,000
2,000 -
Top Losers Company
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
22-Feb
-
Amwal Intl Invest Glf Franchising Kwt Bld Mat Mfg Kuwait Ins Co Shuaiba Paper Co
KUWAIT Index (Intraday) 6,750 6,700
Top Movers Company
6,650
6,600
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
8:45 AM
6,500
---Change--KWD 0.050 0.003 0.010 0.020 0.025
% 9.1 8.6 7.8 7.5 7.4
Vol '000 0 25,077 1,592 0 9,329
Last Pr KWD 0.053 0.054 0.120 0.290 0.375
---Change--KWD (0.005) (0.005) (0.010) (0.020) (0.025)
% (8.6) (8.5) (7.7) (6.5) (6.3)
Vol '000 7,164 250 14 8 5
---Change--KWD % 0.00 5.3 0.00 8.6 0.00 3.7
Vol '000 65,526 39,260 25,077 24,417 20,431
Last Pr KWD 0.050 0.045 0.032 0.196 0.028
Ithmaar Bank Aayan Leasing Abyaar Real Est Alimtiaz Invest Co Investors Hlding
6,550
Last Pr KWD 0.600 0.032 0.138 0.285 0.365
Kuwait - 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
NBK
0.750
4,355
13.8
0.0
15.4
0.760
0.550
1.2
10.4
4.2
1.4
13.4
13.0
KFH
0.610
1,183
11.1
0.0
13.0
0.630
0.432
1.0
9.2
2.7
1.8
19.4
18.1
ZAIN
0.485
3,318
6.6
2.1
18.3
0.520
0.320
4.5
10.2
NA
1.2
12.1
10.2
AUB Kuwait
0.244
2,595
5.8
0.0
25.8
0.248
0.180
1.7
16.3
5.7
1.5
9.4
10.3
Kt. Food (Americana)
2.600
2
3.6
-0.8
0.0
2.640
1.940
8.5
18.1
3.7
3.6
17.7
16.9
Boubyan Bank
0.420
129
3.2
0.0
6.3
0.455
0.370
1.3
11.2
1.1
2.2
22.2
22.2
Gulf Bank
0.244
681
2.6
1.2
1.7
0.295
0.206
0.8
7.8
2.7
1.3
17.3
16.0
Kuwait Inv Pro Co
0.495
623
2.5
-1.0
-1.0
0.580
0.495
0.6
8.3
4.6
1.2
13.8
11.2
Agility (PWC)
0.590
5,613
2.5
0.0
-4.8
0.770
0.440
3.5
5.6
4.8
0.8
14.0
14.9
Mabanee
0.840
238
2.5
0.0
-1.2
0.910
0.740
7.9
15.4
1.2
2.2
14.7
14.0
Burgan Bank
0.335
248
2.4
0.0
9.8
0.350
0.295
1.0
10.8
1.5
1.1
10.1
8.3
CBK
0.460
99
2.3
2.2
12.2
0.510
0.295
1.0
7.0
3.4
1.1
16.2
18.6
ooredoo
1.180
3
2.1
0.0
-1.7
1.380
1.000
3.3
7.1
8.4
0.9
12.7
11.7
Al Ahli Bank
0.305
0
1.7
0.0
1.7
0.360
0.290
0.6
4.9
3.3
0.9
18.3
16.5
Viva Kuwait
0.820
19
1.4
0.0
-11.8
1.060
0.810
15.0
NM
1.2
3.4
10.3
10.2
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
5
SICO RESEARCH
GCC MARKET WATCH
Oman Oman Markets Turnover USD mn RHS
5,880 5,860 5,840 5,820 5,800 5,780 5,760 5,740 5,720
MSM index
35.0 30.0 25.0
MSM was down 0.2%; Bank Muscat decreased 0.4% and Bank Sohar declined 0.6%. Bank Dhofar ended (-1.2%). Oman Cement and Renaissance closed (-0.8%) each. Galfar fell 1.1%, Ahli Bank Oman gained 1% and Omantel increased 0.7%.
20.0 15.0
10.0 5.0
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
22-Feb
0.0
Oman Markets
9-Mar
1,400 1,200 1,000 800 600 400 200 -
8-Mar
7-Mar
6-Mar
5-Mar
Trades (VWAP)
2-Mar
1-Mar
28-Feb
26-Feb
23-Feb
22-Feb
27-Feb
Vol 000 - LHS
80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 -
Top Gainers Company Gf Chemicals Om Fisheries Co Ahli Bank Voltamp Energy Omantel Top Losers Company Financial Corp Om & Em Inv Em Asaffa Poultry Hassan Eng Co Oman Invest &Fin
Oman Index (Intraday) 5,810 5,805
5,800
Top Movers Company
5,795
Om Fisheries Co Gf Chemicals Bank Sohar Al Madina Takaful Insurance Al Anwar Holding
5,790
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
5,780
8:45 AM
5,785
Last Pr OMR 0.30 0.19 0.20 0.54 1.38
---Change--OMR % 0.01 2.4 0.00 2.2 0.00 1.0 0.00 0.7 0.01 0.7
Vol '000 753 2,607 472 27 178
Last Pr OMR 0.09 0.14 0.73 0.05 0.22
---Change--OMR % (0.010) (10.0) (0.014) (9.2) (0.072) (9.0) (0.002) (3.8) (0.004) (1.8)
Vol '000 87 31 44 484 370
Last Pr OMR 0.19 0.30 0.16 0.10 0.21
---Change--OMR % 0.00 2.2 0.01 2.4 (0.00) (0.6) (0.00) (1.0) (0.00) (0.5)
Vol '000 2,607 753 750 749 706
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
0.468
142
2.9
-0.4
-0.8
0.488
0.366
1.5
12.0
5.5
0.7
6.4
5.9
Omantel
1.380
178
2.7
0.7
-8.9
1.685
1.350
14.4
20.8
8.0
1.8
8.9
9.5
Bank Dhofar
0.251
301
1.1
-1.2
9.1
0.270
0.205
1.3
12.2
NA
1.0
9.0
8.4
Ooredoo Oman
0.580
111
1.0
0.0
-12.1
0.772
0.554
11.6
20.5
7.2
1.6
8.2
8.6
NBO
0.250
239
1.0
0.0
5.5
0.272
0.218
1.4
11.6
6.4
0.9
7.7
6.6
OMINVEST
0.532
-
0.9
0.0
3.9
0.570
0.409
1.0
10.4
NA
1.5
14.6
14.6
Raysut Cement
1.440
19
0.7
0.0
-2.7
1.625
0.916
10.1
13.5
4.5
1.8
13.9
13.1
Ahli Bank Oman
0.202
472
0.7
1.0
3.1
0.206
0.168
1.6
12.6
5.0
1.2
9.7
8.8
HSBC Oman
0.131
-
0.7
0.0
9.2
0.133
0.095
0.8
5.4
3.8
0.8
15.5
15.5
Bank Sohar
0.155
750
0.6
-0.6
-3.1
0.192
0.137
0.9
7.4
NA
0.9
12.9
8.7
Shell Oman Mktg
1.990
-
0.5
0.0
-0.5
2.000
1.850
17.9
38.5
5.6
4.3
11.8
12.6
Oman Cement
0.490
6
0.4
-0.8
3.4
0.500
0.426
6.4
7.9
6.1
1.0
12.6
12.5
Bank Nizwa
0.091
333
0.4
0.0
9.6
0.094
0.065
0.0
0.1
NA
1.3
1,518
121.6
Salalah Port Ser
0.632
-
0.3
0.0
0.0
0.648
0.616
NA
NA
NA
NA
NA
NA
Renaissance
0.248
100
0.2
-0.8
3.3
0.338
0.163
-5.7
(27.2)
NA
0.5
NA
NA
Galfar
0.089
254
0.1
-1.1
-5.3
0.121
0.060
-1.2
(8.0)
NA
0.4
NA
NA
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
6
SICO RESEARCH
GCC MARKET WATCH
Qatar
DSM ended in green (+1%) with QIB (+2.5%) and QNB (+1.9%). Doha Bank rose 2.5% and Al Rayan increased 1.2%. Barwa and Ezdan Real Estate went up 1.1% each. CBQ decreased 0.3% and Qatar Gas was 1.2% lower. Nationals were net sellers.
Qatar Markets Turnover USD mn RHS
11,000 10,900 10,800 10,700 10,600 10,500 10,400 10,300 10,200 10,100 10,000
DSM index
250 200 150 100
50
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
22-Feb
-
Qatar Markets Vol 000 - LHS
24,000
Trades (VWAP)
8,000
6,000
16,000
4,000
8,000
2,000
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
Qa Cinema & Film Doha Ins Co Zad Holding Co Qatar Oman Inves Qa Indus Manf Co
Qatar Index (Intraday)
Vodafone Qatar Ezdan Real Est Barwa Real Est Dlala Brokerage Nat Leasing Co
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
10,500 10,480 10,460 10,440 10,420 10,400 10,380 10,360 10,340 10,320 10,300 10,280
Al Ahli Bk Qatar Dlala Brokerage Qa Meat&Livestk Qa Islamic Bk Doha Bk Ltd Top Losers Company
-
22-Feb
-
Top Gainers Company
Last Pr QAR 37.00 23.50 67.00 101.80 32.80
---Change--QAR 2.76 1.50 2.00 2.50 0.80
% 8.1 6.8 3.1 2.5 2.5
Vol '000 2 656 1 149 245
Last Pr QAR 27.00 17.10 85.30 9.66 42.90
---Change--QAR (2.70) (0.85) (3.70) (0.29) (1.25)
% (9.1) (4.7) (4.2) (2.9) (2.8)
Vol '000 0 9 0 233 127
Last Pr QAR 8.91 15.41 34.90 23.50 17.50
---Change--QAR % (0.13) (1.4) 0.16 1.0 0.35 1.0 1.50 6.8 0.10 0.6
Vol '000 2,240 823 806 656 559
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
---2016---
Low ROA
------------Valuation---------
ROE
DivYld
PBV
PER
PER*
%
%
2016
2016
2016
2017E
QNB
149.30
330
34.4
1.9
0.8
157.273
121.364
2.0
21.7
2.3
2.4
10.1
9.3
Industries Qatar
113.80
107
18.9
0.7
-3.1
122.000
94.500
8.3
8.8
3.5
2.1
23.3
16.7
Ezdan Real Estate
15.41
823
11.2
1.0
2.0
20.240
14.630
3.7
6.0
3.2
1.4
22.6
22.1
Ooredoo
100.20
190
8.8
1.2
-1.6
116.100
81.500
2.4
10.0
3.5
1.4
14.6
12.5
Al Rayan
40.70
358
8.4
1.2
8.2
43.350
32.100
2.4
16.6
4.9
2.4
14.7
16.0
Q. Elec.& Water
222.00
8
6.7
1.9
-2.2
247.900
194.200
10.8
19.7
3.4
3.0
15.8
14.5
Qatar Islamic Bk
101.80
149
6.6
2.5
-2.0
117.000
91.000
1.6
15.6
4.7
1.7
11.2
10.6
Qatar Insurance
73.30
55
4.9
1.1
-0.6
79.739
60.870
3.9
14.7
2.0
2.2
17.3
13.7
Barwa Real Estate
34.90
806
3.7
1.0
5.0
41.800
29.000
5.6
9.0
7.2
0.7
8.5
8.5
Qatar Gas (Nakilat)
22.52
259
3.5
-1.2
-2.5
25.200
21.850
3.1
19.7
4.4
2.4
13.2
12.3
Qatar Fuel
136.00
36
3.4
0.4
2.0
151.376
126.606
9.2
12.5
5.6
1.7
14.0
13.6
Qatar Intl.Islamic Bk
69.10
9
2.9
0.1
10.0
73.300
58.100
1.9
12.9
5.8
1.6
13.3
13.8
CBQ
31.90
232
2.9
-0.3
-1.8
45.241
30.200
0.4
3.1
NA
0.7
20.8
10.0
Qatar Navigation
81.30
50
2.6
0.1
-15.0
97.000
80.500
3.2
5.1
4.3
0.7
13.1
9.3
Doha Bank
32.80
245
2.3
2.5
-6.0
40.500
32.000
1.2
9.3
9.1
0.9
8.0
7.9
Al Khaliji Bank
14.95
2
1.5
1.7
-12.1
18.490
14.550
0.7
5.9
NA
0.8
14.0
12.4
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
7
SICO RESEARCH
GCC MARKET WATCH
Saudi Arabia
Tadawul was 0.8% lower with SABIC (-1%) and STC (0.4%). Samba declined 0.5% and Riyad Bank was down 1.3%. Almarai decreased 0.9% and Savola fell 2.3%. Mobily was 1.2% lower. Saudi Kayan declined 2.1% and Petro Rabigh fell 4.1%. Al Rajhi Bank increased 0.2% and Riyad REIT was up 1.6%.
Saudi Markets Turnover USD mn RHS
7,100
TASI
1,400 1,200
7,050
1,000
7,000
800
6,950
600
6,900
400
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
-
23-Feb
200
6,800
22-Feb
6,850
Saudi Markets Vol 000 - LHS
300,000
Trades (VWAP)
100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 -
250,000 200,000
150,000 100,000
50,000
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
22-Feb
-
Top Gainers Company
Last Pr SAR 68.55 147.88 14.21 15.99 14.50
Jabal Omar Al Mouwasat Riyad REIT Al Ahsa Dev. Untd Coop Assurance Top Losers Company Solidarity Saudi Saudi Ind Export Saudi Adv Ind Tabuk Agr Dev Co Buruj Coop Ins
SAUDI ARABIA Index (Intraday) 6,980 6,960 6,940
Top Movers Company
6,920
6,900
Dar Al Arkan Alinma Riyad REIT Petro Rabigh Saudi Kayan
6,880
2:25 PM
2:05 PM
1:45 PM
1:25 PM
1:05 PM
12:45 PM
12:25 PM
12:05 PM
11:25 AM
11:45 AM
11:05 AM
10:45 AM
10:25 AM
9:45 AM
6,840
10:05 AM
6,860
---Change--SAR 1.80 2.31 0.22 0.24 0.07
% 2.7 1.6 1.6 1.5 0.5
Vol '000 1,635 192 13,534 4,544 1,034
Last Pr SAR 19.95 31.53 20.41 11.98 32.95
---Change--SAR % (1.14) (5.4) (1.66) (5.0) (1.01) (4.7) (0.56) (4.5) (1.51) (4.4)
Vol '000 1,476 769 1,023 3,499 1,793
Last Pr SAR 6.03 14.48 14.21 12.71 8.04
---Change--SAR % (0.03) (0.5) (0.09) (0.6) 0.22 1.6 (0.54) (4.1) (0.17) (2.1)
Vol '000 33,761 33,467 13,534 5,388 4,648
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
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E
SABIC
96.47
3,446
77.2
-1.0
5.4
98.500
73.250
5.6
11.0
4.1
1.8
16.2
14.4
Saudi Telecom
65.75
463
35.1
-0.4
-9.4
74.000
51.000
8.6
14.2
6.1
2.2
15.4
14.9
Al Rajhi Bank
62.98
3,209
27.3
0.2
-0.2
67.500
48.600
2.5
16.5
3.6
2.0
12.6
10.9
Saudi Electricity
23.97
2,022
26.6
-1.6
6.2
25.800
14.300
0.6
3.5
2.9
1.6
47.3
32.9
NCB
39.98
670
21.3
0.1
-6.2
46.300
32.000
2.1
17.4
4.0
1.5
8.6
7.9
Al Marai Company
69.62
448
14.9
-0.9
1.6
71.000
49.313
7.4
16.6
1.3
4.3
26.8
25.9
Samba
21.59
1,110
11.5
-0.5
-11.3
25.200
15.900
2.1
12.1
4.4
1.0
8.6
8.9
Riyad Bank
10.45
1,558
8.4
-1.3
-9.5
11.800
8.550
1.5
9.0
6.2
0.8
9.4
8.3
Saudi British Bank
20.69
287
8.3
0.2
-17.2
25.900
16.400
2.1
13.1
3.7
1.0
8.0
7.2
SAFCO
70.25
230
7.8
-0.7
-5.9
82.000
58.000
12.1
14.4
3.6
4.2
27.8
20.8
Banque Saudi Fransi
24.13
611
7.8
0.0
-7.3
27.800
18.000
1.8
12.3
4.7
1.0
8.3
7.6
Savola Group
37.70
121
5.4
-2.3
-6.0
44.900
27.800
-1.8
(4.7)
2.0
2.4
NA
18.3
Arab National Bank
20.04
387
5.3
-0.3
-9.3
22.500
14.250
1.7
12.6
4.5
0.9
7.0
6.8
Etihad Etisalat
21.39
678
4.4
-1.2
-10.8
32.200
16.400
-0.5
(1.3)
NA
1.1
NA
91.1
National Industry
16.64
1,133
3.0
-1.0
-4.7
20.000
8.800
0.6
3.2
NA
1.4
43.7
16.6
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
8
SICO RESEARCH
GCC MARKET WATCH
UAE
---Change--AED % 0.06 3.2 0.01 1.2 0.02 0.9 0.01 0.3 N/A N/A
Vol '000 23,530 2 3,313 1,219 N/A
Last Pr AED 0.56 0.40 4.15 6.31 1.54
---Change--AED % (0.05) (8.2) (0.01) (2.4) (0.10) (2.4) (0.13) (2.0) (0.03) (1.9)
Vol '000 102 73 2,084 63 600
Last Pr AED 1.91 0.44 0.73 1.15 1.99
---Change--AED % 0.06 3.2 (0.01) (1.4) (0.01) (0.9) (0.03) (1.5)
Vol '000 23,530 14,975 14,903 14,377 4,692
Top Gainers Company Aramex Mashreq Bank Damac Properties Isl Arab Ins Ekttitab Hldg Co Top Losers Company DXB Entertainment Shuaa Capital Dar Takaful Int Fin Advisors Gulf Gen Inv Co Top Movers Company Gulf Fin House Aramex DXB Entertainment Arabtec Air Arabia
Last Pr AED 5.50 77.00 2.89 0.55 0.51
---Change--AED % 0.15 2.8 2.00 2.7 0.06 2.1 0.01 1.1 0.01 1.0
Vol '000 34,027 11 549 2,857 2,108
Last Pr AED 1.01 1.63 1.17 0.46 0.47
---Change--AED % (0.05) (4.7) (0.07) (4.1) (0.05) (4.1) (0.02) (3.6) (0.02) (3.1)
Vol '000 31,222 1,850 2,227 364 8,520
Last Pr AED 2.51 5.50 1.01 0.92 1.19
---Change--AED % (0.04) (1.6) 0.15 2.8 (0.05) (4.7) (0.01) (1.1) -
Vol '000 39,147 34,027 31,222 13,038 12,638
1:05 PM
12:25 PM
12:45 PM
12:05 PM
12:25 PM
11:45 AM
11:25 AM
11:05 AM
10:45 AM
10:25 AM
9:45 AM
10:05 AM
9:25 AM
9:05 AM
12:05 PM
1:05 PM
12:45 PM
11:45 AM
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
22-Feb
-
11:25 AM
1,000
11:05 AM
2,000
100,000
10:25 AM
3,000
200,000
10:45 AM
5,000
10:05 AM
6,000
9:45 AM
3,535 3,530 3,525 3,520 3,515 3,510 3,505 3,500 3,495
9:25 AM
7,000
-
Last Pr AED 1.91 0.82 2.37 3.95 N/A
8:45 AM
4,350
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
4,400
-
500,000
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
22-Feb
3,400 23-Feb
3,450
50
United Arab Bk Dana Gas Rak Properties Eshraq Properties Int Fish Farming
500
8,000
300,000
100
3,500
Top Movers Company
4,450
4,000
3,550
Natl Co Bldg Mat Al Khazna Ins Co Union Natl Bk Em Foodstuff Sharjah Islamic
4,500
1,000
DUBAI Index (Intraday)
Trades (VWAP)
400,000
150
Top Losers Company
4,550
1,500
600,000
23-Feb
3,600
Vol 000 - LHS
700,000
250
200
United Arab Bk Rak Cement Co Aldar Properties Ad Islamic Bk N/A
4,600
2,000
Dubai Markets DFM index
3,650
Top Gainers Company
2,500
8:45 AM
Dubai Markets Turnover USD mn RHS
3,700
2-Mar
9-Mar
8-Mar
7-Mar
6-Mar
5-Mar
2-Mar
1-Mar
28-Feb
27-Feb
26-Feb
23-Feb
22-Feb
4,350
4,650
Trades (VWAP)
1-Mar
4,450
4,400
28-Feb
4,500
26-Feb
4,550
23-Feb
4,600
Vol 000 - LHS
200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 -
27-Feb
80 70 60 50 40 30 20 10 -
4,650
22-Feb
4,700
ABUDHABI Index (Intraday)
Abu Dhabi Markets
ADSM index
9:05 AM
Abu Dhabi Markets Turnover USD mn RHS
DFM decreased 0.3% as DIB declined 0.9% and Emaar Malls was down 0.7%. DXBE fell 4.7% and Arabtec dropped 1.1%. GFH was 1.6% lower, while Damac gained 2.1%.
ADX fell 2.9% led by FGB (-1.6%) and ADCB (-0.8%). UNB declined 2.4%. Agthia closed 2% lower. Eshraq ended 0.9% lower, while Aldar gained 0.9%. Foreigners 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
---2016--ROE
DivYld
------------Valuation--------PBV
PER
PER*
LCY
('000)
bn
%
%
LCY
LCY
%
%
2016
2016
2016
2017E 15.5
Etisalat
17.85
944
42.3
0.0
-5.1
20.200
17.150
6.6
19.6
4.5
3.6
18.4
First Gulf Bank
12.60
1,245
15.4
-1.6
-1.9
14.000
10.500
2.5
18.2
7.9
1.7
9.6
9.5
NBAD
10.25
1,328
14.5
0.0
2.6
10.900
7.600
1.2
13.2
4.4
1.3
10.7
10.6
Emaar
7.34
3,900
14.3
0.1
2.9
7.790
5.750
6.6
13.2
2.0
1.3
10.0
9.1
Emirates NBD
8.30
50
12.6
0.0
-2.2
9.000
7.560
1.6
15.5
4.8
1.0
6.9
6.8
ADCB
7.29
229
11.1
-0.8
5.7
7.680
5.660
1.6
15.7
5.1
1.5
10.2
8.7
Emaar Mall
2.65
1,120
9.4
-0.7
1.1
3.100
2.480
7.5
11.9
3.8
2.2
18.4
15.7
DU
6.00
6,772
7.5
0.0
-3.2
6.990
5.560
9.6
22.4
9.2
3.5
15.7
14.1
Dubai Islm Bank
5.44
1,729
5.9
-0.9
-2.3
6.290
4.900
1.9
20.5
10.3
1.3
6.9
6.4
Aldar Properties
2.37
3,313
5.1
0.9
-9.9
2.990
2.320
7.8
13.3
4.6
0.9
6.7
7.2
Damac Properties
2.89
549
4.8
2.1
14.2
2.970
1.910
15.4
32.9
5.2
1.4
4.7
4.7
Union National Bk
4.15
2,084
3.1
-2.4
-8.6
4.850
3.380
1.5
9.4
4.8
0.7
7.6
6.1
DFM
1.35
2,985
2.9
-1.5
8.0
1.640
1.060
2.9
3.2
3.7
1.4
42.6
32.6
Arabtec
0.92
13,038
1.2
-1.1
-30.0
1.820
0.813
-26.4
(109)
NA
1.5
NA
NA
AD Nat Engy (Taqa)
0.47
90
0.8
0.0
-11.3
0.680
0.400
-1.8
(107)
NA
3.2
NA
NA
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
9
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 2017. 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.
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