GCC Market Watch - SICO Bahrain

Jan 30, 2017 - GCC Markets traded on a mixed note with KWSE being the top loser. Tadawul ended 0.7% lower; SABIC decreased 0.8% and STC declined ...
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GCC Market Watch

January 30, 2017

GCC Market Watch

Regional Markets Today Country

Current

Bahrain (BAX)

1,304.1

0.1

6.9

Kuwait (KWSE)

6,839.1

(1.5)

19.0

Oman (MSI)

5,751.4

(0.2)

(0.5)

Qatar (DSMI)

10,747.8

(1.3)

3.0

S.Arabia (TASI)

7,132.4

(0.7)

(1.1)

UAE (DFM)

3,678.8

0.3

4.2

UAE (ADSM)

4,590.9

0.1

1.0

102.3

0.3

2.9

S&P GCC

%Chg 1D

%Chg YTD

Source: Bloomberg Note: S&P GCC index as of previous day

Regional market wrap-up GCC Markets traded on a mixed note with KWSE being the top loser. Tadawul ended 0.7% lower; SABIC decreased 0.8% and STC declined 1%. DFM increased 0.3% with Damac up 0.8% and Arabtec 3% higher. ADX was marginally in green (+0.1%); ADCB gained 1% and Etisalat increased 0.6%. DSM ended (1.3%) with all sectors in red; Ooredoo (-2.6%) and QNB (-1.4%). KWSE was in red (-1.5%) with NBK down 1.3% and KFH 1.6% lower. MSM closed 0.2% lower led by Bank Muscat (-0.4%) and HSBC Oman (-2.4%). BHB was 0.1% higher as Batelco gained 0.7% and Ithmaar rose 2.1%.

CDS-5years Dubai

Bahrain

AbuDhabi Qatar KSA

Current

140

249

58

83 112

Previous day

140

245

58

83 112

Week ago

142

270

60

85 113

Month ago

150

303

61

80 113

Year ago

261

374

124

128 177

For 4Q16 Results Monitor. Refer to Page 10.

In the news… 

Waha Capital reported a 31% YoY decline in 2016 net profits. The company has not published its detailed results. Waha Capital's financial investments increased by 27% YoY, while total assets increased by 4.2% YoY. Total cash balances have declined by 50% YoY bringing the bank's liquid assets (cash/total assets) ratio to 6%. Total EPS as at end of 2016 stood at AED 0.22 compared to AED 0.31 end of 2015. Source: Company Announcement



Aramex has reported 4Q16 earnings of AED 132mn, up 129% YoY and 83% QoQ. The earnings are higher than our estimate of AED 76mn and consensus median of AED 86mn. The earnings beat comes despite revenues (AED 1,140mn) being largely in line with our projections (AED 1,110mn). On a segment wise basis, International Express continued to deliver solid growth with revenues up 30% YoY, Domestic Express revenues were up 30% YoY (driven by Fastway acquisition with results consolidated from 1Q16) while Freight Forwarding segment continues to struggle with revenues down 9% YoY. Source: Company Announcement



Agthia reported 4Q16 profit of AED 54.1mn (+4% YoY) beating our estimate of SAR 49.6mn. Sales came in at SAR 489mn (flat YoY), in line with our estimate of SAR 495mn. Net profit for the year increased by 10% YoY and sales for the year is up by 8% YoY. Source: Company Announcement

Source: Bloomberg as of LTD

International Indices

GCC- Equities

Country

Current

%Chg 1D

%Chg YTD

DJIA

20,093.8

(0.0)

1.7

S&P

2,294.7

(0.1)

2.5

NASDAQ

5,660.8

0.1

5.2

FTSE

7,129.7

(0.8)

(0.2)

DAX

11,723.8

(0.8)

2.1