GCC Market Watch - SICO Bahrain

Mar 9, 2017 - The telco borrowed USD 1.2bn in 2013 from a consortium of 13 ... Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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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