GCC Market Watch

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Oman. 18.7. 6.8. 3.4. 287. 9.8. 9.6. 0.9. 5.6. 8.3. GCC. 973. 470. 1100. 85629. 13.4. 12.3. 1.6. 3.7. 11.2. Source: SICO
GCC Market Watch

May 22, 2018

GCC Market Watch

Regional Markets Today Country

Current

%Chg 1D

%Chg YTD

Bahrain (BAX)

1,265.5

(0.2)

(5.0)

Kuwait (KWSE)

4,752.8

(0.3)

(3.9)

Oman (MSI)

4,579.2

(0.4)

(10.2)

Qatar (DSMI)

8,993.2

0.6

5.5

S.Arabia (TASI)

8,044.7

0.6

11.3

UAE (DFM)

2,973.1

0.9

(11.8)

UAE (ADSM)

4,526.6

1.5

2.9

105.7

0.1

6.8

S&P GCC

Source: Bloomberg, Kuwait index since 1st April (YTD)

Regional market wrap-up GCC markets traded on a mixed note. Tadawul increased 0.6% on the back of SABIC (+3.1%) and STC (+1.5%). DFM closed positive (+0.9%) with ENBD climbing 8.4%. ADX was the top gainer within the GCC region – up 1.5%; FAB gained 3.4% and ADCB (+1.5%). DSM edged higher (+0.6%), driven by QNB (+0.6%) and Qatar Islamic Bank (+2%). KWSE was down 0.3%; Agility and Burgan Bank declined 0.4% each. MSM closed 0.4% lower; Omnatel (-0.5%), Raysut (-8.7%) and Oman Cement (-0.6%). BHB declined marginally (-0.2%) with AUB losing 1.7%.

Note: S&P GCC index as of previous day

CDS-5years

In the news… Dubai

Bahrain

AbuDhabi Qatar KSA

Current

119

368

65

96

92

Previous day

115

364

64

96

93

Week ago

114

318

62

89

87

Month ago

108

281

62

87

87

Year ago

108

220

40

60

94

Source: Bloomberg as of LTD



Mouwasat has started the trial run in Mouwasat Hospital – Al Khobar. The pilot operations will run for eight weeks. The date of launching commercial operations and the relevant financial impact will be revealed, after obtaining the required regulatory approvals. Source: Argaam



Emirates NBD will buy 99.9% stake in Denizbank for USD 3.2bn. The bank’s equity is USD 3bn as on 1Q18, translating into a 1.06x-BVPS trailing and 7.7x-EPS 2017. Source: Bloomberg, Company Announcement



Arabtec’s wholly owned subsidiary, Arabtec Construction has been awarded an AED 157mn (EGP 755mn) contract for the construction of Phase III and IV of Village E “Levana” in the Uptown Cairo Master Project. Uptown Cairo is an integrated development located in the heart of Egypt’s capital. The total built up area of both phases is approximately sixty-one thousand square metres. Phase III & IV entail the construction of 128 villas along with the surrounding roadworks and infrastructure. Source: Company Announcement



The UAE’s economy will grow 2.1% this year and 3.9% next year as non-oil growth rebounds on higher government spending, particularly in Dubai, according to Moody’s Investors Service. Moody’s economic forecast is almost in line with the IMF’s projections that put growth at 2% for 2018 and 3.6% next year. Fiscal consolidation in Abu Dhabi and higher oil prices will help narrow the UAE’s fiscal deficit to 0.8% from 2.3% of GDP in 2017. The UAE's consolidated fiscal position shows a diverging path between Abu Dhabi, where broad spending cuts were enacted, and Dubai, which has continued to increase spending ahead of the World Expo 2020. Moody’s said the UAE’s stable Aa2 rating is supported by the financial backing of Abu Dhabi, large hydrocarbon reserves and high wealth levels. Source: The National

International Indices

GCC- Equities

Country

Current

%Chg 1D

%Chg YTD

DJIA

25,013.3

1.2

1.2

S&P

2,733.0

0.7

2.2

NASDAQ

7,394.0

0.5

7.1

FTSE

7,871.4

0.2

2.4

DAX

13,137.9

0.5

1.7

NIKKEI

22,960.3

(0.2)

0.9

1,136.5

(0.1)

(1.9)

MSCI EM

Source: Bloomberg @May-22 03:03 PM

Oil Price Trend Brent Future Contract

Mar-18

Nov-17

Jul-17

Mar-17

Nov-16

Jul-16

Mar-16

Jul-15

Nov-15

Mar-15

Nov-14

Jul-14

140 120 100 80 60 40 20

GCC Market Statistics

SICO Research

Commodity and Currency Monitor Current

%Chg 1D

%Chg YTD

OPEC Basket

76.21

(0.3)

18.2

Brent Future

79.54

0.4

18.9

Nymex 1M Fut

72.43

0.3

19.9

Gold Spot

1,295.2

0.4

Country

Mcap

Vol

Turnover

Trades

$ bn

mn shr

$ mn

VWAP

17A

18E

17A

17A

17A

Saudi

495.6

129.6

845.0

75,738

17.7

15.3

1.9

2.6

11.5

UAE

217.8

283.8

108.7

3,627

11.5

10.1

1.3

5.6

12.1

83.3

36.7

22.6

1,596

15.0

12.7

1.3

3.7

9.5

137.0

9.1

118.0

4,328

12.8

11.4

1.4

4.5

11.1 8.7

(0.8)

Kuwait

P/E (x)

P/B(x) D/Yld(%) ROE(%)

USD / Yen

110.86

0.1

(1.5)

Qatar

Euro / USD

1.1807

0.3

(1.8)

Bahrain

20.3

4.4

1.8

53

10.2

9.5

0.9

7.4

Oman

18.7

6.8

3.4

287

9.8

9.6

0.9

5.6

8.3

GCC

973

470

1100

85629

13.4

12.3

1.6

3.7

11.2

Source: Bloomberg @May-22 03:03 PM

Meera Reddy +973 1751 5078 [email protected]

Source: SICO Research, Bloomberg, Reuters, Zawya

© SICO Bank 2018 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 SABIC (KSA)

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

120.57

5,968

96.5

3.1

18.3

123.80

94.90

5.8

11.3

3.5

2.2

19.6

17.1

84.58

480

45.1

1.5

23.3

86.00

65.10

9.7

16.7

1.2

2.7

16.6

16.1

160.00

1,187

40.6

0.6

27.0

160.00

115.01

1.7

20.5

3.7

2.2

11.3

10.7

Etisalat (UAE)

16.20

731

38.4

0.9

-7.4

18.85

15.75

6.7

19.5

4.9

3.2

16.7

15.9

Al Rajhi (KSA)

83.29

1,820

36.1

0.7

28.9

85.60

61.00

2.7

16.9

4.8

2.4

14.8

14.8

NCB

45.46

1,051

24.2

-1.1

23.9

48.20

26.60

2.2

18.0

3.7

1.6

9.3

8.6

Saudi Electric (KSA)

21.19

516

23.5

0.0

0.7

26.05

19.76

1.6

10.3

NA

1.2

12.8

15.8

Inds Qatar (Qatar)

106.00

417

17.6

-1.9

9.3

116.89

85.00

9.4

9.8

4.7

1.9

19.3

16.6

0.74

2,517

16.0

-0.3

6.3

0.76

0.63

1.3

10.9

3.9

1.5

14.2

13.7

28.47

610

15.2

0.1

21.1

29.60

21.50

2.2

11.5

5.3

1.3

11.3

12.1

STC (KSA) 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

---52 Week--High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

STC (KSA)

84.58

480

45.1

1.5

23.3

86.00

65.10

9.7

16.7

1.2

2.7

16.6

16.1

Etisalat (UAE)

16.20

731

38.4

0.9

-7.4

18.85

15.75

6.7

19.5

4.9

3.2

16.7

15.9

4.80

484

6.0

0.4

-5.9

5.90

4.73

9.4

21.5

4.5

2.7

12.8

13.3

66.50

48

5.9

0.8

-26.7

106.50

65.71

2.2

8.7

5.3

0.9

10.8

8.7

0.38

706

5.7

0.0

-12.4

0.57

0.38

5.2

11.8

9.2

1.1

10.3

9.5

19.03

3,003

3.9

-1.4

28.3

21.50

12.94

-1.7

(4.8)

NA

1.0

NA

NA

DU (UAE) Ooredoo (Qatar) ZAIN (Kuw) Etihad Etisalat (KSA) NMTC (Ooredoo)

0.88

4

1.5

-1.4

-18.9

1.30

0.77

2.9

6.3

8.0

0.7

11.2

10.6

Omantel (Oman)

0.73

399

1.4

-0.5

-39.6

1.41

0.73

1.8

13.9

9.6

1.0

6.8

8.1

Batelco (Bah)

0.24

354

1.1

0.0

17.6

0.27

0.20

0.4

0.7

10.4

0.9

114.3

9.3

22.40

69

18.6

1.1

-10.4

27.06

20.56

NA

NA

NA

NA

NA

NA 12.8

DP World (UAE) Agility (Kuw)

0.75

251

3.3

-0.4

7.5

0.86

0.54

4.2

7.2

2.0

1.0

13.8

Air Arabia (UAE)

1.17

1,120

1.5

0.0

-5.6

1.33

0.96

5.0

11.0

8.5

0.9

8.7

8.7

Aramex (UAE)

3.89

1,310

1.6

-0.3

-9.5

5.50

3.75

10.3

18.3

4.2

2.3

13.1

12.4

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

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

160.00

1,187

40.6

0.6

27.0

160.00

115.01

1.7

20.5

3.7

2.2

11.3

10.7

Al Rajhi (KSA)

83.29

1,820

36.1

0.7

28.9

85.60

61.00

2.7

16.9

4.8

2.4

14.8

14.8

FAB (UAE)

11.75

1,736

34.9

3.1

14.6

12.65

10.05

2.0

14.1

5.9

1.4

14.6

11.3

NCB

45.46

1,051

24.2

-1.1

23.9

48.20

26.60

2.2

18.0

3.7

1.6

9.3

8.6

ENBD (UAE)

10.70

4,256

16.2

8.4

30.5

11.00

7.95

1.7

15.0

3.7

1.2

7.7

6.9

NBK (Kuw)

0.74

2,517

16.0

-0.3

6.3

0.76

0.63

1.3

10.9

3.9

1.5

14.2

13.7

Samba (KSA)

28.47

610

15.2

0.1

21.1

29.60

21.50

2.2

11.5

5.3

1.3

11.3

12.1

Saudi British (KSA)

30.58

217

12.2

-0.6

13.3

34.00

22.24

2.1

12.2

4.9

1.4

11.6

10.4

Riyad Bk (KSA)

14.93

290

11.9

-0.2

19.4

15.36

10.20

1.8

10.3

2.5

1.2

11.4

11.5

0.52

1,271

11.4

-0.2

-1.5

0.59

0.42

1.1

10.0

2.9

1.8

18.0

16.4

Saudi Fransi (KSA)

32.05

236

10.3

-0.2

12.1

33.50

25.30

1.8

11.5

3.9

1.2

10.9

10.8

Arab Nat Bk (KSA)

32.00

86

8.5

-0.2

29.6

33.65

19.30

1.8

12.7

5.2

1.3

10.6

9.6

115.79

236

7.5

2.0

19.4

116.00

86.90

1.7

16.3

4.3

1.8

11.4

12.6

34.00

758

7.0

1.7

-9.9

45.40

33.06

2.1

15.7

5.9

1.9

12.6

12.4

0.59

529

4.7

-1.7

-11.5

0.70

0.59

1.8

15.9

7.3

1.2

8.1

26.4

CBQ (Qatar)

38.99

359

4.3

1.0

34.9

39.45

24.50

0.4

3.7

2.6

0.9

26.1

16.1

ADIB (UAE)

3.80

219

3.3

-0.8

0.5

4.14

3.49

1.6

19.2

7.6

1.1

6.1

6.1

KFH (Kuw)

QISB (Qatar) Masraf AlRayan (Qatar) AUB (Bah)

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

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

SABIC (KSA)

120.57

5,968

96.5

3.1

18.3

123.80

94.90

5.8

11.3

3.5

2.2

19.6

17.1

Inds Qatar (Qatar)

106.00

417

17.6

-1.9

9.3

116.89

85.00

9.4

9.8

4.7

1.9

19.3

16.6

Yansab (KSA)

72.10

262

10.8

1.5

22.5

74.50

52.00

11.9

14.4

4.5

2.4

17.1

15.9

Safco (KSA)

63.37

215

7.0

-0.4

-2.7

73.10

57.00

10.5

12.7

2.8

3.8

30.1

18.6

Petrorabigh (Saudi)

24.42

1,123

5.7

0.7

48.5

31.80

11.00

2.4

15.4

NA

2.1

15.0

18.3

Kayan (KSA)

13.99

6,761

5.6

1.5

31.0

15.20

7.95

1.7

4.8

NA

1.5

31.4

12.8

Tasnee (KSA)

20.38

2,376

3.6

0.9

24.3

22.20

12.44

1.8

8.6

NA

1.6

19.2

18.3

Nakilat (Qatar)

14.10

166

2.1

0.7

-12.4

19.60

13.05

2.8

15.1

7.1

1.3

9.2

8.4

Sahara Petro (KSA)

17.53

1,559

2.1

1.4

6.3

20.08

12.16

5.9

8.0

5.7

1.4

17.3

17.1

1.07

8,921

2.0

0.0

32.1

1.15

0.38

2.2

2.9

NA

0.7

24.5

20.2

20.69

672

2.0

1.2

18.6

24.30

12.76

2.7

7.6

2.4

1.3

17.3

14.7

Dana Gas (UAE) Sipchem (KSA)

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

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

Emaar (UAE)

5.28

7,458

10.3

-0.2

-19.2

8.43

4.89

5.5

12.7

2.7

0.8

6.6

6.2

Ezdan (Qatar)

9.00

217

6.6

1.9

-25.5

15.79

6.19

3.4

5.6

5.6

0.8

14.1

14.9

Emaar Development

5.42

4,519

5.9

-0.7

6.5

5.93

5.00

12.7

46.3

NA

4.3

7.9

6.9

Aldar Properties (UAE)

2.11

11,128

4.5

1.0

-4.1

2.50

2.00

5.5

8.9

5.7

0.7

8.3

7.4

Damac (UAE)

2.39

2,041

3.9

0.0

-27.6

4.57

2.17

11.0

20.8

10.5

1.0

NA

NA

Dar Al Arkan (KSA)

11.77

21,709

3.4

4.8

-18.3

15.26

5.74

2.2

3.0

NA

0.7

23.0

42.4

Saudi Cem (KSA)

50.80

46

2.1

1.0

7.1

60.40

37.20

11.1

14.7

15.3

2.7

17.1

15.2

Southern Cem (KSA)

40.34

43

1.5

0.1

-16.7

55.80

39.60

8.8

11.5

3.7

1.8

15.3

16.2

United Devt (Qatar)

13.95

71

1.4

1.5

-3.0

19.20

12.50

2.9

4.9

9.0

0.4

9.2

9.0

Taiba (KSA)

30.77

52

1.2

0.3

-11.5

46.40

30.40

4.5

5.3

NA

NA

23.0

23.0

Saudi Real Est (KSA)

33.02

1,355

1.1

7.7

47.4

33.20

18.20

1.9

3.9

NA

NA

29.9

19.5

Qat Natl Cem (Qatar)

54.50

8

1.0

0.6

-13.4

81.00

51.17

8.6

10.5

6.7

1.1

10.9

10.9

Yamamah Cem (KSA)

16.38

43

0.9

0.3

-7.1

18.20

15.80

2.5

3.0

NA

1.0

30.4

15.9

Arabtec Hold. (UAE)

2.06

6,845

0.8

3.0

-13.4

3.64

1.58

1.1

15.9

NA

1.9

25.1

20.6

Deyaar (UAE)

0.48

20,022

0.7

0.8

-3.1

0.60

0.45

2.0

2.6

NA

0.5

21.0

13.7

Drake & Scull (UAE)

1.21

4,111

0.4

0.8

-46.5

2.45

1.00

-16.3

(113.9)

NA

1.9

NA

13.0

Raysut Cem (Oman)

0.63

101

0.3

-8.7

-19.0

1.09

0.62

3.0

3.7

4.6

0.8

21.7

7.0

Nass Corp (Bah)

0.11

-

0.1

0.0

-7.5

0.14

0.10

2.5

6.0

4.4

0.4

6.9

11.3

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

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

Almarai (KSA)

60.42

148

16.1

0.0

12.4

78.64

50.00

7.2

15.9

1.2

4.2

27.7

25.8

Savola (KSA)

38.04

252

5.4

-0.2

-3.7

51.00

35.15

4.4

11.8

NA

2.3

19.8

14.6

173.64

32

4.2

-0.2

18.3

193.00

136.80

31.5

55.0

4.8

9.6

18.0

16.8

1.26

-

1.8

0.0

N/A

2.70

0.90

11.0

23.1

NA

NA

9.1

9.4

Othaim (KSA)

70.07

198

1.7

-0.6

13.9

92.00

51.10

0.0

30.5

2.1

4.2

14.0

19.3

AlHokair (KSA)

27.42

220

1.5

-0.3

-9.8

48.30

26.10

0.0

-

NA

1.9

NA

10.3

Sadafco (KSA)

98.02

26

0.8

-0.1

-25.1

138.00

94.30

NA

-

4.1

2.5

NA

11.2

Agthia (UAE)

4.80

30

0.8

0.0

0.0

5.71

3.61

7.5

11.8

3.1

1.6

14.0

14.3

Nadec (KSA)

34.10

65

0.8

-0.7

5.4

40.70

25.55

1.0

2.8

NA

2.0

72.3

19.3

0.75

13

0.3

0.0

-19.7

0.94

0.67

NA

NA

NA

NA

NA

NA

Jarir (KSA) Kt. Foods (Kuw)

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

1,280

BSE index

2.50

0.50

1,255

0.00 22-May

21-May

17-May

14-May

9-May

8-May

20-May

1,260

16-May

1.00

15-May

1,265

10-May

1.50

13-May

2.00

1,270

7-May

1,275

BHB declined marginally (-0.2%) with AUB losing 1.7%. ABC gained 1.6% and NBB was up 0.8%. BBK increased 0.5%. GFH was the top traded stock with 2mn shares traded.

Bahrain Markets 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 -

22-May

21-May

20-May

17-May

16-May

Trades (VWAP)

15-May

14-May

13-May

9-May

8-May

7-May

90 80 70 60 50 40 30 20 10 -

10-May

Vol 000 - RHS

Top Gainers Company Arab Bnking Co $ Natl Bank Bah BBK N/A N/A Top Losers Company Ahli United Bk $ N/A N/A N/A N/A

BAHRAIN Index (Intraday)

Gulf Fin House $ Arab Bnking Co $ Ahli United Bk $ Batelco Al Salam Bk

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

1,269 1,268 1,267 1,266 1,265 1,264 1,263 1,262 1,261 1,260 1,259

Last Pr BD 0.32 0.61 0.45 N/A N/A

---Change--BD 0.01 0.01 0.00 N/A N/A

% 1.6 0.8 0.5 N/A N/A

Vol '000 1,329 3 25 N/A N/A

Last Pr BD 0.59 N/A N/A N/A N/A

---Change--BD (0.01) N/A N/A N/A N/A

% (1.7) N/A N/A N/A N/A

Vol '000 529 N/A N/A N/A N/A

Last Pr BD 0.390 0.32 0.59 0.24 0.11

---Change--BD 0.01 (0.01) -

% 1.6 (1.7) -

Vol '000 2,000 1,329 529 354 179

Bahrain - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--- ---52 Week--Last

YTD

High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E 26.4

AUB $ **

0.59

529

4.7

-1.7

-11.5

0.70

0.59

1.8

15.9

7.3

1.2

8.1

ALBA

0.61

-

2.3

0.0

-1.6

0.66

0.42

6.5

9.1

4.3

0.8

9.3

5.8

NBB

0.61

3

2.3

0.8

3.2

0.65

0.55

2.0

14.1

3.8

1.9

13.9

23.0

GFH $

0.39

2,000

1.4

0.0

-7.1

0.65

0.33

2.8

6.8

5.9

1.2

13.8

9.8

BBK

0.45

25

1.3

0.5

7.7

0.47

0.39

1.4

12.9

6.7

1.2

9.4

14.7

Batelco

0.24

354

1.1

0.0

17.6

0.27

0.20

0.4

0.7

10.4

0.9

114.3

9.3

ABC $

0.32

1,329

1.0

1.6

8.5

0.33

0.27

0.6

5.0

9.4

0.3

5.2

5.2

Al Salam

0.11

179

0.6

0.0

-2.6

0.15

0.09

1.1

5.8

4.5

0.8

13.1

14.4

Al Baraka

0.31

-

0.4

0.0

-14.9

0.43

0.30

0.5

9.8

6.3

0.3

3.0

2.6

Bah Islamic Bk

0.13

-

0.4

0.0

-9.0

0.14

0.12

0.9

8.5

3.6

1.1

13.6

12.7

BCFC

0.74

-

0.3

0.0

7.2

0.76

0.68

5.6

16.2

6.7

0.9

5.8

5.6

Ithmaar Holding $

0.10

-

0.3

0.0

-25.9

0.22

0.09

-1.0

(21.7)

NA

0.9

NA

57.1

Seef Properties

0.23

-

0.3

0.0

6.5

0.26

0.20

6.5

7.5

6.1

0.7

9.8

9.9

Bahrain Cinema

1.00

-

0.2

0.0

-16.0

1.24

1.00

73.5

80.6

NA

NA

2.4

32.6

Zain Bahrain

0.09

-

0.1

0.0

3.3

0.10

0.08

3.8

6.5

5.4

0.5

7.9

NA

Esterad

0.11

-

0.0

0.0

-6.0

0.12

0.11

3.0

3.8

5.5

0.4

11.6

6.9

Source: SICO Research, Bloomberg, Reuters (** PER based on diluted capital), Data as of LTD.

4

SICO RESEARCH

GCC MARKET WATCH

Kuwait



KWSE was down 0.3%; Agility and Burgan Bank declined 0.4% each. Boubyan Bank decreased 0.8% and GFH Kuwait (0.9%). Kuwait Projects and Warba Bank were up 0.4% each. Kuwait Real Estate was the top traded stock with 6mn shares traded.

Kuwait Markets Turnover USD mn RHS

4,950

KSE Index

40 35

4,900

30 4,850

25

4,800

20

15

4,750

10

4,700

5

4,650

20-May

22-May

21-May

16-May

17-May

14-May

15-May

10-May

13-May

9-May

8-May

7-May

-

Kuwait Markets Vol 000 - LHS

70,000

Trades (VWAP)

Top Gainers Company

3,500

60,000

3,000

50,000

2,500

40,000

2,000

30,000

1,500

20,000

1,000

10,000

Mena Real Estate Natl Petro Svc Boubyan Intl Equipment Hlding Arab Real Est Co

500

-

21-May

Top Losers Company

22-May

17-May

20-May

15-May

16-May

13-May

14-May

9-May

10-May

8-May

7-May

-

Amwal Intl Invest Al Madar Fin&Inv Gulf Cement Intl Resorts Ajial Real Est

KUWAIT Index (Intraday) 4,865

4,860 4,855

Top Movers Company

4,850

4,845

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

4,830

8:45 AM

4,835

---Change--KWD 0.002 0.037 0.001 0.001 0.001

% 5.9 5.1 4.3 3.7 3.6

Vol '000 20 31 552 0 289

Last Pr KWD 0.052 0.074 0.081 0.022 0.131

---Change--KWD (0.004) (0.006) (0.006) (0.002) (0.008)

% (7.9) (7.5) (6.9) (6.8) (5.8)

Vol '000 258 236 1 404 179

---Change--KWD % (0.00) (1.7) 0.00 2.3 0.01 3.4 (0.00) (0.3) (0.00) (0.2)

Vol '000 6,046 4,333 3,562 2,517 1,271

Last Pr KWD 0.046 0.040 0.154 0.737 0.516

Kwt Real Est Gulf North Africa Hldg Nat Ind Group National Bank Kt Kwt Fin House

4,840

Last Pr KWD 0.027 0.760 0.031 0.031 0.032

Kuwait - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--- ---52 Week--Last

YTD

High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

NBK

0.74

2,517

16.0

-0.3

6.3

0.76

0.63

1.3

10.9

3.9

1.5

14.2

13.7

KFH

0.52

1,271

11.4

-0.2

-1.5

0.59

0.42

1.1

10.0

2.9

1.8

18.0

16.4

ZAIN

0.38

706

5.7

0.0

-12.4

0.57

0.38

5.2

11.8

9.2

1.1

10.3

9.5

AUB KUWAIT $

0.17

531

4.8

0.0

-11.3

0.22

0.17

1.8

15.9

7.3

1.2

8.1

26.4

Boubyan Bank

0.48

414

4.0

-0.8

16.3

0.50

0.38

1.3

13.2

1.4

3.1

24.2

22.0

Agility

0.75

251

3.3

-0.4

7.5

0.86

0.54

4.2

7.2

2.0

1.0

13.8

12.8

Gulf Bank

0.26

759

2.7

0.0

8.0

0.28

0.23

0.9

8.2

2.6

1.3

16.3

15.1

Mabanee

0.64

162

2.2

-0.2

-4.8

0.79

0.63

6.4

13.5

1.5

1.6

12.8

12.3

Burgan Bank

0.26

129

2.0

-0.4

-11.4

0.36

0.25

0.9

9.9

NA

0.9

9.0

9.0

Boubyan Petrochemicals

0.86

458

1.6

-0.6

27.6

0.89

0.54

0.0

-

4.5

NA

NA

NA

GFH Kuwait $

0.11

516

1.4

-0.9

-10.8

0.19

0.09

0.4

0.7

10.4

0.9

114.3

9.3

Kuwait Projects

0.25

405

1.3

0.4

-22.6

0.36

0.23

0.2

5.1

3.5

0.9

16.2

12.7

Warba Bank

0.24

380

0.8

0.4

4.8

0.27

0.20

NA

NA

NA

NA

NA

NA

KIB

0.22

116

0.8

0.0

-3.5

0.26

0.20

0.9

6.9

NA

0.9

12.9

12.9

Mezzan

0.71

2

0.8

-0.1

-7.9

1.00

0.69

NA

NA

NA

NA

NA

NA

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

5

SICO RESEARCH

GCC MARKET WATCH

Oman 

MSM closed 0.4% lower; Omnatel (-0.5%), Raysut (-8.7%) and Oman Cement (-0.6%). Bank Muscat gained 0.5% and Galfar, which was up 2.9% was amongst the top traded stocks.

Oman Markets Turnover USD mn RHS

4,750

MSM index

90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0

4,700 4,650

4,600 4,550 22-May

21-May

20-May

17-May

15-May

16-May

14-May

13-May

10-May

9-May

8-May

7-May

4,500

Oman Markets 1,000 900 800 700 600 500 400 300 200 100 -

22-May

21-May

20-May

17-May

16-May

14-May

Trades (VWAP)

15-May

13-May

9-May

8-May

7-May

10-May

Vol 000 - LHS

140,000 120,000 100,000 80,000 60,000 40,000 20,000 -

Top Gainers Company

Last Pr OMR 0.16 0.11 0.11 0.11 0.12

Al Jazeira Svc Galfar Eng Glf Inv Serv Al Madina Takaful Insurance Sharqiya Inv Top Losers Company

Last Pr OMR 0.63 0.36 0.73 N/A N/A

Raysut Cement Co Oman Cement Co Omantel N/A N/A

Oman Index (Intraday) 4,600 4,595 4,590

Top Movers Company

4,585

Last Pr OMR 0.09 0.11 0.38 0.11 0.16

4,580

Bank Nizwa Galfar Eng Bank Muscat Glf Inv Serv Ahli Bank

4,575

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

4,565

8:45 AM

4,570

---Change--OMR 0.01 0.00 0.00 0.00 0.00

% 3.9 2.9 1.9 1.8 1.7

Vol '000 18 1,447 791 478 114

---Change--OMR % (0.060) (8.7) (0.002) (0.6) (0.004) (0.5) N/A N/A N/A N/A

Vol '000 101 71 399 N/A N/A

---Change--OMR 0.00 0.00 0.00 -

% 2.9 0.5 1.9 -

Vol '000 1,681 1,447 918 791 500

Oman - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E NA

Bank Muscat

0.38

918

2.9

0.5

1.3

0.40

0.34

1.6

10.9

6.7

0.7

6.3

Omantel

0.73

399

1.4

-0.5

-39.6

1.41

0.73

1.8

13.9

9.6

1.0

6.8

8.1

Bank Dhofar

0.18

-

1.1

0.0

-13.4

0.22

0.18

1.1

10.7

6.2

0.9

9.1

10.1

Ooredoo Oman

0.50

6

0.8

0.0

-5.7

0.55

0.42

7.8

13.1

8.5

1.3

10.4

11.5

OMINVEST

0.38

-

0.8

0.0

-9.4

0.47

0.36

0.8

10.1

3.6

1.8

14.4

15.5

NBO

0.18

-

0.8

0.0

-6.0

0.22

0.17

1.3

10.3

8.0

0.7

6.6

7.3

Bank Sohar

0.14

-

0.7

0.0

-0.9

0.15

0.13

0.9

8.9

3.3

0.9

10.6

8.8

Ahli Bank Oman

0.16

500

0.6

0.0

-1.1

0.17

0.15

1.3

10.7

5.8

1.0

9.1

8.7

HSBC Oman

0.10

33

0.5

0.0

-19.5

0.13

0.10

0.8

6.0

5.5

0.6

10.8

9.8

Shell Oman Mktg

1.65

-

0.4

0.0

-7.3

1.88

1.59

10.7

28.4

5.4

3.4

12.2

11.2

Renaissance

0.39

-

0.4

0.0

32.7

0.41

0.16

-5.7

(39.1)

NA

1.5

NA

NA

Bank Nizwa

0.09

1,681

0.3

0.0

-1.1

0.10

0.08

0.5

2.9

NA

1.3

44

44.0

Raysut Cement

0.63

101

0.3

-8.7

-19.0

1.09

0.62

3.0

3.7

4.6

0.8

21.7

7.0

Oman Cement

0.36

71

0.3

-0.6

-12.7

0.48

0.35

4.8

5.9

8.4

0.7

12.3

11.8

Salalah Port Ser

0.60

-

0.3

0.0

-0.7

0.66

0.54

NA

NA

NA

NA

NA

NA

Galfar

0.11

1,447

0.1

2.9

44.0

0.12

0.07

-1.4

(9.9)

NA

0.6

NA

NA

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

6

SICO RESEARCH

GCC MARKET WATCH

Qatar 

DSM edged higher (+0.6%), driven by QNB (+0.6%) and Qatar Islamic Bank (+2%). Real Estate companies closed higher- Ezdan (+1.9%) and Barwa (+1%). IQ fell 1.9% and Vodafone Qatar (-1.1%). QNB was amongst the top traded stocks.

Qatar Markets Turnover USD mn RHS

9,050 9,000 8,950 8,900 8,850 8,800 8,750 8,700 8,650 8,600

DSM index

300 250 200 150 100 50

22-May

21-May

20-May

17-May

16-May

15-May

14-May

13-May

9-May

10-May

8-May

7-May

-

Qatar Markets Vol 000 - LHS

30,000

Trades (VWAP)

7,000 6,000 5,000 4,000 3,000 2,000 1,000 -

20,000 10,000

22-May

21-May

20-May

17-May

16-May

15-May

14-May

13-May

10-May

9-May

7-May

8-May

-

Top Gainers Company Mesaieed Petroch Qatar Oman Inves Qa Islamic Bk Ezdan Real Est Doha Bk Ltd Top Losers Company Islamic Fin Sec Industries Qatar Medicare Group Vodafone Qatar Dlala Brokerage

Qatar Index (Intraday)

Mesaieed Petroch Qa Nat Bk Doha Bk Ltd Masraf Al Rayan Vodafone Qatar

1:00 PM

12:40 PM

12:20 PM

12:00 PM

11:20 AM

11:40 AM

11:00 AM

10:20 AM

10:40 AM

10:00 AM

9:40 AM

9:20 AM

Top Movers Company

9:00 AM

9,000 8,990 8,980 8,970 8,960 8,950 8,940 8,930 8,920 8,910

Last Pr QAR 15.94 6.38 115.79 9.00 27.10

---Change--QAR 0.61 0.16 2.29 0.17 0.50

% 4.0 2.6 2.0 1.9 1.9

Vol '000 1,911 97 236 217 822

Last Pr QAR 28.20 106.00 56.50 8.65 12.80

---Change--QAR (1.10) (2.00) (1.05) (0.10) (0.12)

% (3.8) (1.9) (1.8) (1.1) (0.9)

Vol '000 12 417 54 540 11

Last Pr QAR 15.94 160.00 27.10 34.00 8.65

---Change--QAR % 0.61 4.0 1.01 0.6 0.50 1.9 0.57 1.7 (0.10) (1.1)

Vol '000 1,911 1,187 822 758 540

Qatar - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

QNB

160.00

1,187

40.6

0.6

27.0

160.00

115.01

1.7

20.5

3.7

2.2

11.3

10.7

Industries Qatar

106.00

417

17.6

-1.9

9.3

116.89

85.00

9.4

9.8

4.7

1.9

19.3

16.6

Qatar Islamic Bk

115.79

236

7.5

2.0

19.4

116.00

86.90

1.7

16.3

4.3

1.8

11.4

12.6

34.00

758

7.0

1.7

-9.9

45.40

33.06

2.1

15.7

5.9

1.9

12.6

12.4

9.00

217

6.6

1.9

-25.5

15.79

6.19

3.4

5.6

5.6

0.8

14.1

14.9

197.98

120

6.0

1.3

11.2

217.70

161.99

10.4

18.7

3.8

2.4

13.5

12.8

Ooredoo

66.50

48

5.9

0.8

-26.7

106.50

65.71

2.2

8.7

5.3

0.9

10.8

8.7

CBQ

38.99

359

4.3

1.0

34.9

39.45

24.50

0.4

3.7

2.6

0.9

26.1

16.1 13.9

Al Rayan Ezdan Real Estate Q. Elec.& Water

Qatar Fuel

134.99

31

3.7

1.1

32.3

145.20

83.09

8.1

13.7

5.9

1.9

13.9

Barwa Real Estate

33.97

53

3.6

1.0

6.2

38.79

27.36

5.8

9.2

7.4

0.7

7.8

7.8

Qatar Insurance

34.56

303

3.0

0.0

-23.6

63.48

32.09

1.3

4.7

3.8

1.1

26.4

10.9

Doha Bank

27.10

822

2.3

1.9

-4.9

34.98

25.20

1.2

11.0

NA

0.8

7.6

6.8

Qatar Intl.Islamic Bk

53.00

14

2.2

-0.7

-2.9

63.22

43.40

1.9

13.3

7.5

1.4

9.6

9.1

Qatar Gas (Nakilat)

14.10

166

2.1

0.7

-12.4

19.60

13.05

2.8

15.1

7.1

1.3

9.2

8.4

Qatar Navigation

61.00

63

1.9

0.3

9.0

75.40

41.00

2.3

3.4

5.7

0.5

14.9

14.9

Al Khaliji Bank

11.02

28

1.1

0.2

-22.4

14.69

10.80

0.9

8.3

NA

0.6

7.2

7.0

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

7

SICO RESEARCH

GCC MARKET WATCH

Saudi Arabia 

Tadawul increased 0.6% on the back of SABIC (+3.1%) and STC (+1.5%). Maaden was up 0.6% and Al Rajhi Bank (+0.7%). NCB declined 1.1% and SABB (-0.6%). Dar Al Arkan was the top traded stock with 21.7mn shares traded.

Saudi Markets

22-May

1,600 1,400 1,200 1,000 800 600 400 200 -

21-May

20-May

TASI

17-May

16-May

14-May

13-May

10-May

9-May

8-May

7-May

15-May

Turnover USD mn RHS

8,150 8,100 8,050 8,000 7,950 7,900 7,850 7,800 7,750

Saudi Markets Vol 000 - LHS

250,000

Trades (VWAP)

120,000 100,000

200,000

80,000

150,000

60,000 100,000

40,000

50,000

20,000

-

22-May

21-May

20-May

17-May

16-May

15-May

14-May

13-May

10-May

9-May

8-May

7-May

Last Pr SAR 33.02 20.37 33.69 11.77 32.18

Saudi Real Est Sabb Takaful Tourism Ent Dar Al Arkan Al Alamiya Coop Ins Top Losers Company

-

Last Pr SAR 11.77 20.43 13.99 120.57 13.88

Dar Al Arkan Alinma Saudi Kayan Sa Basic Ind Al Jazira Bank

2:25 PM

2:05 PM

1:45 PM

1:25 PM

1:05 PM

12:45 PM

12:25 PM

11:45 AM

12:05 PM

11:25 AM

11:05 AM

10:45 AM

10:25 AM

9:45 AM

Top Movers Company

10:05 AM

---Change--SAR 2.36 1.14 1.65 0.54 1.09

Last Pr SAR 8.36 33.52 8.31 55.70 13.50

Al-Khodari Sons Budget Saudi Saudi Paper Middle East Healthcare Co Nat Gypsum Co

SAUDI ARABIA Index (Intraday) 8,030 8,020 8,010 8,000 7,990 7,980 7,970 7,960 7,950 7,940

Top Gainers Company

% 7.7 5.9 5.1 4.8 3.5

Vol '000 1,355 1,384 368 21,709 456

---Change--SAR % (0.23) (2.7) (0.75) (2.2) (0.15) (1.8) (0.83) (1.5) (0.20) (1.5)

Vol '000 2,341 86 784 192 652

---Change--SAR 0.54 0.09 0.20 3.57 0.29

% 4.8 0.4 1.5 3.1 2.1

Vol '000 21,709 18,035 6,761 5,968 4,448

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

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

120.57

5,968

96.5

3.1

18.3

123.80

94.90

5.8

11.3

3.5

2.2

19.6

17.1

Saudi Telecom

84.58

480

45.1

1.5

23.3

86.00

65.10

9.7

16.7

1.2

2.7

16.6

16.1

Al Rajhi Bank

83.29

1,820

36.1

0.7

28.9

85.60

61.00

2.7

16.9

4.8

2.4

14.8

14.8

NCB

45.46

1,051

24.2

-1.1

23.9

48.20

26.60

2.2

18.0

3.7

1.6

9.3

8.6

Saudi Electricity

21.19

516

23.5

0.0

0.7

26.05

19.76

1.6

10.3

NA

1.2

12.8

15.8

Maaden

56.06

165

17.5

0.6

8.0

58.70

39.50

0.7

2.7

NA

2.5

91.6

28.5

Al Marai Company

60.42

148

16.1

0.0

12.4

78.64

50.00

7.2

15.9

1.2

4.2

27.7

25.8

Samba

28.47

610

15.2

0.1

21.1

29.60

21.50

2.2

11.5

5.3

1.3

11.3

12.1

Saudi British Bank

30.58

217

12.2

-0.6

13.3

34.00

22.24

2.1

12.2

4.9

1.4

11.6

10.4

Riyad Bank

14.93

290

11.9

-0.2

19.4

15.36

10.20

1.8

10.3

2.5

1.2

11.4

11.5

Banque Saudi Fransi

32.05

236

10.3

-0.2

12.1

33.50

25.30

1.8

11.5

3.9

1.2

10.9

10.8

SAFCO

63.37

215

7.0

-0.4

-2.7

73.10

57.00

10.5

12.7

2.8

3.8

30.1

18.6

Savola Group

38.04

252

5.4

-0.2

-3.7

51.00

35.15

4.4

11.8

NA

2.3

19.8

14.6

Etihad Etisalat

19.03

3,003

3.9

-1.4

28.3

21.50

12.94

-1.7

(4.8)

NA

1.0

NA

NA

National Industry

20.38

2,376

3.6

0.9

24.3

22.20

12.44

1.8

8.6

NA

1.6

19.2

18.3

Source: SICO Research, Company, Bloomberg, Reuters, Data as of LTD.

8

SICO RESEARCH

GCC MARKET WATCH

UAE ABUDHABI Index (Intraday)

Top Movers Company Aldar Properties Dana Gas Eshraq Properties Ad Commercial Bk Bank Of Sharjah

---Change--AED % 0.02 4.0 0.09 3.8 0.35 3.1 0.02 2.7 0.03 2.5

Vol '000 554 651 1,736 462 1,706

Last Pr AED 2.65 0.75 1.75 1.37 0.92

---Change--AED % (0.13) (4.7) (0.02) (2.6) (0.04) (2.2) (0.03) (2.1) (0.02) (2.1)

Vol '000 11 127 10 77 0

Last Pr AED 2.11 1.07 0.74 6.90 1.13

---Change--AED % 0.02 1.0 0.01 1.4 0.10 1.5 0.02 1.8

Vol '000 11,128 8,921 4,662 2,171 1,773

Top Gainers Company Emirates Nbd Al Salam Bk DXB Entertainment Hits Telecom Almadina Fin&Inv Top Losers Company Alsalamsudan Tabreed Ajman Bank Dfm Emaar Development Top Movers Company DXB Entertainment Gulf Fin House Deyaar Hits Telecom Dfm

12:45 PM

1:05 PM

12:45 PM

1:05 PM

12:05 PM

12:25 PM

12:05 PM

12:25 PM

11:25 AM

11:45 AM

10:45 AM

11:05 AM

10:05 AM

22-May

21-May

20-May

---Change--AED % 0.83 8.4 0.08 7.2 0.02 5.6 0.01 4.2 0.01 3.4

Vol '000 4,256 369 86,457 16,596 4,234

Last Pr AED 1.58 1.75 1.00 1.07 5.42

---Change--AED % (0.04) (2.5) (0.03) (1.7) (0.01) (1.0) (0.01) (0.9) (0.04) (0.7)

Vol '000 101 8 29 9,175 4,519

Last Pr AED 0.40 1.50 0.48 0.32 1.07

---Change--AED % 0.02 5.6 0.01 0.7 0.00 0.8 0.01 4.2 (0.01) (0.9)

Vol '000 86,457 23,511 20,022 16,596 9,175

11:25 AM

22-May

21-May

Last Pr AED 10.70 1.19 0.40 0.32 0.33

11:45 AM

16-May

15-May

14-May

17-May

20-May

17-May

16-May

15-May

13-May

14-May

10-May

9-May

7-May

Last Pr AED 0.52 2.49 11.75 0.76 1.25

8-May

22-May

-

10:45 AM

-

2,980 2,975 2,970 2,965 2,960 2,955 2,950 2,945 2,940 2,935 2,930

4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 -

11:05 AM

50,000

2,820

21-May

20

17-May

100,000

2,840 20-May

40

15-May

150,000

2,860

16-May

200,000

60

13-May

80

2,880

14-May

2,900

9-May

250,000

10-May

100

7-May

300,000

2,920

8-May

120

Ad Natl Hotels Rak Cement Co Rak Poultry Feed Int Fish Farming Gulf Cement Co

DUBAI Index (Intraday)

Trades (VWAP)

350,000

140

Top Losers Company

Vol 000 - LHS

400,000

160

2,940

Sudatel Rak Ceramics First Abu Dhabi Bank Methaq Ad Natl Energy

4,420

Dubai Markets DFM index

2,960

Top Gainers Company

4,440

10:05 AM

Dubai Markets Turnover USD mn RHS

2,980

13-May

10-May

7-May

21-May

22-May

17-May

20-May

15-May

16-May

13-May

14-May

9-May

10-May

7-May

8-May

-

9-May

-

10:25 AM

10

4,460

10:25 AM

40,000 20,000

9:25 AM

60,000

20

4,500 4,480

9:45 AM

30

4,520

2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 -

9:25 AM

80,000

Trades (VWAP)

9:45 AM

40

Vol 000 - LHS

8:45 AM

100,000

9:05 AM

120,000

50

4,540

8:45 AM

60

8-May

4,560 4,540 4,520 4,500 4,480 4,460 4,440 4,420 4,400 4,380 4,360

Abu Dhabi Markets

ADSM index

9:05 AM

Abu Dhabi Markets Turnover USD mn RHS



DFM closed positive (+0.9%) with ENBD climbing 8.4%. DXBE increased 5.6% and Arabtec (+3%). Emaar Development was down 0.7% and Tabreed (1.7%). DXBE was the top traded stock with 86.4mn shares traded.



ADX was the top gainer within the GCC region – up 1.5%; FAB gained 3.4% and ADCB (+1.5%). Aldar was up 1%. ADNOC and ADIB slipped 0.8% each. Aldar was the top traded stock with 11mn shares traded.

UAE - Performance and Valuation of Major Listed Companies Company

Last

Vol.

Mcap

Price

Traded

US$

---Price Chg--Last

YTD

---52 Week--High

Low

ROA

---2017--ROE

DivYld

------------Valuation--------PBV

PER

PER*

LCY

('000)

bn

%

%

LCY

LCY

%

%

2017

2017

2017

2018E

Etisalat

16.20

731

38.4

0.9

-7.4

18.85

15.75

6.7

19.5

4.9

3.2

16.7

15.9

FAB

11.75

1,736

34.9

3.1

14.6

12.65

10.05

2.0

14.1

5.9

1.4

14.6

11.3

Emirates NBD

10.70

4,256

16.2

8.4

30.5

11.00

7.95

1.7

15.0

3.7

1.2

7.7

6.9

Emaar

5.28

7,458

10.3

-0.2

-19.2

8.43

4.89

5.5

12.7

2.7

0.8

6.6

6.2

ADCB

6.90

2,171

9.8

1.5

1.5

7.50

6.50

1.6

15.0

6.1

1.3

8.7

7.3

Abu Dhabi National Oil

2.47

65

8.4

-0.8

-4.6

2.83

2.42

0.0

-

-

-

-

-

Emaar Mall

2.09

1,227

7.4

1.0

-1.9

2.63

2.00

8.2

13.0

NA

NA

13.1

14.3

Dubai Islm Bank

4.78

3,868

6.4

-0.2

-13.3

5.90

4.66

2.0

21.4

9.4

1.3

6.2

5.1

DU

4.80

484

6.0

0.4

-5.9

5.90

4.73

9.4

21.5

4.5

2.7

12.8

13.3

Emaar Development

5.42

4,519

5.9

-0.7

6.5

5.93

5.00

12.7

46

NA

4.3

7.9

6.9

Aldar Properties

2.11

11,128

4.5

1.0

-4.1

2.50

2.00

5.5

8.9

5.7

0.7

8.3

7.4

Damac Properties

2.39

2,041

3.9

0.0

-27.6

4.57

2.17

11.0

20.8

10.5

1.0

5.2

4.2

ADIB

3.80

219

3.3

-0.8

0.5

4.14

3.49

1.6

19.2

7.6

1.1

6.1

6.1

DFM

1.07

9,175

2.3

-0.9

-4.5

1.26

0.95

2.5

2.9

4.7

1.1

36.8

23.8

Arabtec

2.06

6,845

0.8

3.0

-13.4

3.64

1.58

1.1

16

NA

1.9

25.1

20.6

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 2018E : 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 2017 (based on results announced so far) 3. SICO estimates based on past performance and normalized operations 4. Assumption of status-quo of profits in 2017 where the none of the above is available



2017 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.



The traded value and volumes in the KWSE and MSM indices, represent the all shares in the index. In addition, for KWSE price movement represents KWSE Premier Index.



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 Mariam Isa Tel: (Direct): +973 – 17515210

Chief Capital Markets Officer Fadhel Makhlooq Tel: (Direct): +973 – 17515202

Visit us at www.sicobank.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.

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