Jul 18, 2016 - Riyad Bank reports net earnings of SAR 1.15bn in 2Q16 up 1.6% YoY, .... GCC Banking Large Caps. Last. Vol
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
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
---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)
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
---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)
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
---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
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
---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)
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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
Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.
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