Oct 3, 2011 ... Ind-Eng & Construction. 14. 13. 10. 2.6. 2.1. 3.9%. 15,901,626,986. Ind-
Transportation. 12. 11. 10. 1.2. 1.9. 4.7%. 6,170,510,256. Utilities. 17. 16.
MENA Morning Report Monday, October 03, 2011
Overview Earlier: The EGX30 (+1.37%) was the top gainer followed by the BHSE (+0.96%) and the KWSE (+0.1%). The DSM (-0.44%) led the losers followed by the MSM (-0.14%) and the DFMGI (-0.14%). Saudi witnessed trading volumes above the 3-month and 6-month average. Although Egypt rose over the past 2 trading sessions, its YTD performance is still at –41.3%. Qatar continues to be the best performer YTD at – 3.7% followed by Abu Dhabi (-6.8%) and Saudi (-7.7%), the Dubai (-12.3%). Trailing dividend yields are highest in Bahrain (5.36%) and lowest in Kuwait (3.32%). The weighted average trailing dividend yield for the UAE, KSA, QA, EG, KW combined is 4.1% according to our calculations. Today: Asian markets are mixed so far with the Hang Seng -4.95%, Nikkei 225 -2.36%, SENSEX -1.87%. Oil (77.92) is down -1.62% this morning after falling -3.58% on the prior trading day, and gold (1632.85) is up +0.55% this morning after closing +0.59% a day earlier.
Headlines (WW) Asia Stocks Drop as Euro Weakens Before EU Crisis Meeting
(KW) Global Says Jordan Freezes Its Assests in the Kingdom
(WW) ECB’s Noyer Says He’s ‘Open’ to a Leveraged EU Rescue Fund
(EG) Egypt Panel to Review Sale of Arab Cotton Ginning, Mal Says
(FX) Euro Drops to 8-Month Low Versus USD Before European Meeting
(EG) Egypt Shares Rally on Report Military Agrees to Transfer Power
(FX) Dollar Beating All Assets in September Belies S&P Downgrade
(EG) Orascom Tel Board Approves Renewing Bangladesh 2G License
(CD) Commodities Extend Worst Loss Since ’08 on European Debt Crisis
(EG) Ezz Steel of Egypt to Pay 25 Piaster Dividend on Oct. 16
(AE) Dana Gas Has $200 Million in Unpaid Gas Bills in Egypt, CEO Says
(SA) Petrorabigh to Sell More Stock to Fund Expansion, CEO Says
(AE) Abu Dhabi’s Taqa Sets Up 3.5 Billion Ringgit Sukuk Program
(SA) Saudi’s Dar Al-Arkan Bond Drops on Default Risk: Islamic Finance
(AE) Shuaa Rises Most in Month After Board of Directors Appointment (AE) ADCB Says Real Impact of Retail Loan Rules Will Be Felt in 2012
MENA Markets Index
Last
DoD (%)
WTD (%)
MTD (%)
YTD (%)
ST Trend *
MT Trend *
LT Trend *
Dubai (DFMGI)
1,429.73
-0.14%
-0.1%
-0.1%
-12.3%
˅
˅
˅
Abu Dhabi (ADSMI)
2,535.84
0.10%
0.1%
0.1%
-6.8%
˅
˅
˅
Saudi (SASEIDX)
6,112.41
-0.07%
0.0%
0.0%
-7.7%
˄
˅
˅
Kuwait (KWSE)
5,839.20
0.10%
0.1%
0.1%
-16.0%
˅
˅
˅
Egypt (EGX30)
4,193.96
1.37%
1.4%
1.4%
-41.3%
˅
˅
˅
Qatar (DSM)
8,356.77
-0.44%
-0.4%
-0.4%
-3.7%
˄
˅
˅
Bahrain (BHSEIDX)
1,176.89
0.96%
1.0%
1.0%
-17.8%
˅
˅
˅
Oman (MSM30)
5,594.23
-0.14%
-0.1%
-0.1%
-17.2%
˄
˅
˅
66.46
-0.09%
-0.1%
-0.1%
-12.7%
˅
˅
˅
Bloomberg Arabian (BBARABIA)
MENA Market Statistics Index
Volume (mln)
3M Avg. Volume (mln)
6M Avg. Volume (mln)
Value (USD mln)
3M Avg. Value (USD mln)
6M Avg. Value (USD mln)
Market Cap (USD mln)
Dubai (DFMGI)
19
57
91
7
23
31
30,614
Abu Dhabi (ADSMI)
48
48
66
15
22
28
73,742
Saudi (SASEIDX)
215
112
161
1,418
887
1,106
323,334
Kuwait (KWSE)
125
120
142
47
60
77
102,763
Egypt (EGX30)
41
44
53
26
39
46
30,297
Qatar (DSM)
2.8
4.3
5.3
25
52
60
91,804
Bahrain (BHSEIDX)
1.1
1.7
2.4
0.3
0.9
0.9
16,658
Oman (MSM30)
2.7
5.3
5.9
3.4
5.3
6.3
13,386
* ST trend based on a 5x25 day SMA crossover; MT trend based on a 25x100 day SMA crossover; LT trend based on a 50x200 day SMA crossover 1 Data & News Source: Bloomberg
MENA Morning Report Monday, October 03, 2011
Valuation and Performance Comparisons
(AE, SA, QA, KW, EY)
Trailing PE
2011 PE
2012 PE
Trailing PB
2011 PB
Trailing DY
Market Cap. (USD)
BM-Chemicals
11
10
9
2.8
2.5
3.8%
139,277,777,976
BM-Other
10
10
12
1.5
1.3
1.7%
10,341,457,140
Comm-Telecoms
9
10
9
1.8
1.8
7.8%
92,416,371,676
CC-Airlines
9
10
9
1.2
9.9%
1,022,036,118
17
13
12
5.1
3.2
3.4%
5,231,959,176
CC-Storage
13
9
5
0.8
0.3
10.5%
1,591,841,977
CC-Textiles
11
8
8
1.2
1.0
9.9%
1,431,958,524
9
7
7
1.5
1.0
3.2%
1,899,794,002
CNC-Commercial Services
21
20
16
1.1
2.1%
10,920,496,756
CNC-Food & Beverages
15
13
12
3.0
1.7
3.5%
16,406,740,853
CC-Retail
CNC-Agriculture
CNC-Pharma
8
8
7
1.4
1.6
6.8%
2,018,626,187
Diversified-Holding
12
9
9
1.8
0.7
2.8%
12,248,783,855
Energy-Oil & Gas
10
9
8
1.8
1.6
3.2%
5,414,332,082
Energy-Oil & Gas Services
18
9
7
1.5
1.8%
1,262,872,375
Fin-Banks
14
13
10
1.9
1.8
3.3%
219,626,812,716
Fin-Diversified FS
16
11
17
1.4
1.0
1.5%
11,234,359,507
Fin-Insurance
13
9
8
2.3
1.4
3.3%
11,043,957,776
Fin-Investments
34
37
25
1.1
1.1
3.5%
13,853,331,647
Fin-Real Estate
11
12
9
1.4
0.9
1.1%
44,835,792,983
Ind-Building Materials
14
13
12
2.4
2.4
7.4%
25,239,072,644
9
12
8
1.3
1.3
4.0%
2,575,309,699
Ind-Eng & Construction
14
13
10
2.6
2.1
3.9%
15,901,626,986
Ind-Transportation
12
11
10
1.2
1.9
4.7%
6,170,510,256
Utilities
17
16
16
1.7
1.3
5.3%
23,736,330,355
All Sectors & Industries
13
12
11
2.1
2.0
4.1%
688,804,437,599
Ind-Electrical
2 Data & Charts Source: Bloomberg; Table includes Bloomberg estimates and data for UAE, KSA, QA, KW and EG where available
MENA Morning Report Monday, October 03, 2011
Top Performers by Country (* indicates native currency; Latest data)
Dubai
Top Gainers
Abu Dhabi Saudi
Value (AED ‘000)
Top Losers
1.95
-1.52%
976
1,912
Dubai Islamic Insurance Co
0.543
-1.45%
40
22
0.249
-1.19%
1,772
444
0.704
-0.85%
573
401
Volume ('000)
Value (AED ‘000)
3.96
2.33%
34
135
Dubai Islamic Bank PJSC
0.638
1.27%
579
371
Drake & Scull International
0.812
1.25%
536
435
Deyaar Development
Dubai Investments PJSC
0.741
0.14%
164
121
Tamweel PJSC
Volume ('000)
Value (AED ‘000)
Close *
DoD %
1.34
-4.96%
38
50
Ras Al Khaimah Ceramics
1.52
-4.40%
315
481
375
Dana Gas PJSC
0.54
-1.82%
4,987
2,705
185
Waha Capital PJSC
0.60
-1.64%
1,284
771
Abu Dhabi National Energy Co
1.18
-0.84%
25
29
Volume ('000)
Value (SAR ‘000)
2.00
8.11%
5
10
Ras Al Khaimah Cement Co
0.82
5.13%
29,134
23,912
RAK Properties PJSC
0.35
2.94%
1,080
Agthia Group PJSC
1.75
1.74%
106
First Gulf Bank PJSC
14.50
1.40%
145
2,096
Volume ('000)
Value (SAR ‘000)
DoD %
Top Losers Arkan Building Materials Co
National Bank of Umm Al Qaiwain
Close *
Value (AED ‘000) 89
Emirates NBD PJSC
DoD %
Volume ('000) 139
41
Close *
DoD % -2.59%
54
Takaful Al Emarat Insurance Co
Close * 0.640
Islamic Arab Insurance Co
5.47%
Al Alamiyah Cooperative Insurance
38.50
10.00%
2,800
103,163
Al Rajhi Co for Co-operative Insurance
50.00
9.89%
1,922
92,487
Top Losers
Close *
DoD %
18.25
-9.88%
14,359
280,368
Al Jouf
29.90
-5.68%
2,330
70,291
26.80
-5.30%
1,408
38,369
Al-Baha Development & Investment
Solidarity Saudi Takaful Co
19.45
9.89%
12,938
241,666
National Agriculture Development Co
Ace Arabia Cooperative Insurance Co
46.70
9.88%
2,478
112,482
Tabuk Agriculture
28.30
-5.03%
5,491
158,470
Alahli Takaful Co
89.50
9.82%
1,191
101,833
Filing & Packing Materials Manufac
34.50
-4.17%
1,635
56,908
Volume ('000)
Value (KWD 000)
Volume ('000)
Value (KWD 000)
210 223.08%
460
101
International Resorts Co KSCC
30
-7.81%
1,120
33
Coast Investment Development
58
-6.45%
9,240
567
Ekttitab Holding Co SAKC
22
-6.38%
960
21
Al salam Group Holding Co
43
-5.56%
3,040
131
First Dubai Real Estate Development
26
-5.45%
80
2
Volume ('000)
Value (EGP ‘000)
408
107
Top Gainers
Kuwait
Volume ('000)
0.790
Top Gainers
Nafais Holding Co KSC
Close (fils) *
DoD %
65
8.33%
3,080
194
290
7.41%
10
3
Al Safwa Group Co
18
5.88%
5,760
101
Palms Agro Production Co
91
5.81%
40
4
Volume ('000)
Value (EGP ‘000)
Al Safat Tec Holding Co KSC Egyptian Kuwaiti Holding Co SAE
Top Gainers
Egypt
DoD %
SHUAA Capital PSC
Top Gainers
Close *
DoD %
Top Losers
Top Losers
Egyptian Financial Group-Hermes
16.84
25.75%
223
3,748
Naeem Holding
Egyptian for Developing Building
14.97
8.64%
179
2,680
EL Ezz Aldekhela Steel Alexandria
El Kahera Housing
4.58
8.53%
657
3,011
Upper Egypt Contracting Co
Universal Unipack
7.68
8.02%
528
4,053
Housing & Development Bank
United Housing & Development
3.34
7.40%
523
1,745
Egyptian Financial & Industrial Co
Volume ('000)
Value (QAR ‘000)
Top Gainers
Qatar
Close *
Close *
DoD %
Top Losers
Close (fils) *
Close *
DoD %
DoD %
0.26
-7.14%
454.90
-1.01%
0
143
1.34
-0.74%
2,202
2,941
11.57
-0.52%
16
181
9.73
-0.51%
83
809
Volume ('000)
Value (QAR ‘000)
Close *
DoD %
Al-Khalij Holding Co
15.20
0.86%
177
2,684
National Leasing
43.50
-2.14%
64
2,789
Salam International Investment Co
12.13
0.50%
29
349
Vodafone Qatar
7.50
-1.57%
188
1,416
United Development Co
19.20
0.26%
30
566
Industries Qatar QSC
122.60
-1.05%
125
15,327
Gulf International Services OSC
24.51
0.04%
112
2,732
Doha Bank QSC
60.60
-0.82%
34
2,092
Masraf Al Rayan
24.72
-0.80%
808
20,059
Data & Charts Source: Bloomberg, Zawya
3
MENA Morning Report Monday, October 03, 2011
Top 30 MENA Stocks by Market Capitalization (* indicates native currency; Latest data) Company Name
Country
Market Cap (USD mln)
Close *
DoD %
YTD %
Volume ('000)
Value (USD ‘000)
52w High *
52w Low *
P/E
P/B
Div. Yield (T12M)
1
Saudi Basic Industries Corp
Saudi
73,192
91.50
-0.3%
-12.6%
6,879
167,653
114.0
82.5
10
2.1
4.4%
2
Al Rajhi Bank
Saudi
27,697
69.25
0.0%
-16.6%
931
17,178
84.0
65.0
15
3.4
4.0%
3
Qatar National Bank SAQ
Qatar
24,816
142.00
-0.2%
6.9%
87
3,389
148.9
108.4
12
2.4
2.5%
4
Emirates Telecommunications Corp
UAE
22,278
10.35
0.0%
-4.2%
1,169
3,296
12.0
9.99
11
2.1
5.8%
5
Industries Qatar QSC
Qatar
18,525
122.60
-1.0%
-11.2%
125
4,211
154.5
106.4
9
3.0
4.5%
6
Saudi Telecom Co
Saudi
18,291
34.30
0.3%
-19.5%
1,047
9,552
44.2
33.0
7
1.5
7.3%
7
National Bank of Kuwait
Kuwait
14,956
1060
0.0%
-19.0%
630
2,416
1345
990.0
14
1.9
3.4%
8
Saudi Electricity Co
Saudi
14,943
13.45
0.7%
-4.3%
4,339
15,584
15.6
12.1
22
1.1
5.2%
9
Mobile Telecommunications Co KSC
Kuwait
14,805
950.00
1.1%
-37.5%
1,910
6,579
1560
920.0
13
1.9
21.1%
10
SAFCO
Saudi
12,199
183.00
0.7%
14.6%
82
4,025
194.3
142.3
14
6.3
6.6%
11
Samba Financial Group
Saudi
10,535
43.90
0.0%
-28.3%
71
831
64.5
42.1
9
1.5
3.5%
12
Etihad Etisalat Co
Saudi
9,939
53.25
0.5%
-3.6%
606
8,600
57.0
41.5
8
2.3
6.1%
13
Riyad Bank
Saudi
9,399
23.50
-0.4%
-11.7%
70
440
28.6
20.3
12
1.2
5.3%
14
Kuwait Finance House
Kuwait
8,853
910.00
1.1%
-15.3%
625
2,036
1204
870.0
30
1.4
2.0%
15
National Bank of Abu Dhabi PJSC
UAE
8,283
10.60
0.0%
8.3%
216
626
12.1
9.00
7
1.2
2.4%
16
Saudi British Bank/The
Saudi
7,779
38.90
0.3%
-3.5%
37
380
47.8
33.0
12
1.8
1.7%
17
Orascom Construction Industries
Egypt
7,516
216.63
1.7%
-24.5%
36
1,293
294.5
183.9
11
2.4
5.8%
18
Banque Saudi Fransi
Saudi
7,443
38.60
0.3%
-13.6%
46
476
51.3
34.7
10
1.5
4.4%
19
Kingdom Holding Co
Saudi
7,312
7.40
0.0%
-9.8%
245
485
10.9
6.6
45
1.0
5.1%
20
Qatar Telecom Qtel Q.S.C.
Qatar
7,084
146.50
-0.2%
-1.6%
8
329
165.0
117.5
10
1.2
2.8%
21
Saudi Kayan Petrochemical Co
Saudi
6,859
17.15
-0.6%
-10.9%
6,326
29,111
20.3
14.0
0
1.7
0%
22
Yanbu National Petrochemicals Co
Saudi
6,689
44.60
-0.4%
-6.3%
1,170
13,934
53.5
37.5
10
2.8
0%
23
Saudi Arabian Mining Co-Ma'aden
Saudi
6,265
25.40
0.0%
16.5%
778
5,255
28.4
18.9
0
1.4
0%
24
Arab National Bank
Saudi
6,221
27.40
-0.7%
-4.8%
118
860
35.9
26.0
12
1.4
2.8%
25
Emirates NBD PJSC
UAE
5,992
3.96
0.0%
43.5%
34
37
4.6
2.7
7
0.6
5%
26
First Gulf Bank PJSC
UAE
5,922
14.50
1.4%
-16.4%
145
571
19.2
13.9
8
0.8
3.9%
27
National Industrialization Co
Saudi
5,871
39.50
-0.3%
22.4%
913
9,606
45.2
25.6
11
2.2
2.3%
28
Rabigh Refining & Petrochemicals Co
Saudi
5,863
25.10
1.6%
11.8%
2,024
13,486
30.1
18.3
197
2.7
0%
29
Commercial Bank of Qatar QSC/The
Qatar
5,377
79.10
-0.1%
-14.0%
20
431
95.0
62.4
10
1.5
9%
30
Almarai Co Ltd
Saudi
5,243
85.50
-0.3%
-23.5%
52
1,186
117.0
81.3
15
3.2
2.6%
1,025
10,795
18
2.0
4.3%
Averages
12,872
Data Source: Bloomberg Disclaimer: This report is prepared by Al Masah capital Management Limited (“AMCML”). AMCML is a company incorporated under the DIFC Companies Law and is regulated by the Dubai Financial Services Authority (“DFSA”). The information contained in this report does not constitute an offer to sell securities or the solicitation of an offer to buy, or recommendation for investment in, any securities in any jurisdiction. The information in this report is not intended as financial advice and is only intended for professionals with appropriate investment knowledge and ones that AMCML is satisfied meet the regulatory criteria to be classified as a ‘Professional Client’ as defined under the Rules & Regulations of the appropriate financial authority. Moreover, none of the report is intended as a prospectus within the meaning of the applicable laws of any jurisdiction and none of the report is directed to any person in any country in which the distribution of such report is unlawful. This report provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information may therefore not be accurate or current. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, is made by AMCML, as to their accuracy, completeness or correctness and AMCML does also not warrant that the information is up to date. Moreover, you should be aware of the fact that investments in undertakings, securities or other financial instruments involve risks. Past results do not guarantee future performance. We accept no liability for any loss arising from the use of material presented in this report. This document has not been reviewed by, approved by or filed with the DFSA. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent. Copyright © 2011 Al Masah Capital Management Limited
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