Post on 09-Apr-2020
Daily 15 May 2013
Irfan Ellam
Head of MENA Equity Research
+971 4 230 7807
mohammedie@emiratesnbd.com
Aditya Pugalia
Analyst
+971 4 230 7802
adityap@emiratesnbd.com
Equity Daily
MENA Equities
It was a positive day of trading for GCC equities with the UAE bourses outperforming its regional peers by a wide margin. The Bloomberg GCC 200 index gained +0.3%.
It was a broad based rally on both the DFM index (+2.7%) and the ADX index (+1.8%) on significantly higher volumes. The total value of shares traded on the DFM index was AED 1.1bn compared with the 50-day average of AED 371.8mn while on the ADX index it was AED 449.5mn compared with the 50-day average of AED 198.7mn. Emaar Properties (+3.1%) and Arabtec (+3.0%) led the gains on the DFM index while Dana Gas (+5.3%) and First Gulf Bank (+2.4%) propped up the ADX index.
Gains in banking stocks helped the Qatar Exchange (+0.4%) close in positive territory for the second consecutive day. Doha Bank (+2.0%) and Qatar National Bank (+0.7%) were notable gainers.
MENA Equity Indices (1d % change)
Source: Bloomberg, Emirates NBD Research
MENA Equity Indices
Index
Last
Price 1d chg
T.Value
(USD mn)
Best
P/E
Best
P/B
Div.
Yield
Adv/Dec
Ratio
% above
200d MA
DFM 2,255 59.2 275.3 12.5 1.0 3.7 3.6 64.5
ADX 3,481 62.5 122.4 10.2 1.4 5.0 3.3 37.1
Tadawul 7,139 -19.5 1,345.5 11.6 1.7 3.9 0.2 53.1
ISE 100 91,287 1522.0 1,429.2 12.4 1.8 1.9 3.6 83.0
EGX 30 5,401 -16.7 38.1 8.9 0.9 5.8 1.9 40.0
KWSE 7,863 16.0 308.3 - - 3.4 1.2 50.8
Bahrain 1,148 6.1 11.8 - - 4.3 6.0 14.6
MSM 6,319 33.3 27.0 9.9 1.5 4.4 1.7 86.7
DSM 8,938 37.9 77.3 10.4 1.5 5.2 3.8 85.0
MADEX 7,454 -67.8 5.8 12.5 2.2 4.3 0.4 44.4
TUSISE 4,433 -30.2 2.0 - - 1.4 0.4 8.9
FTSE
Dubai
2,549 48.9 287.6 - - 3.1 8.5 95.0
Source: Bloomberg, Emirates NBD Research
-0.7%
-0.9%
1.7%
-0.3%
0.5%
0.5%
0.2%
0.4%
-0.3%
1.8%
2.7%
-2% -1% 0% 1% 2% 3%
TUSISE
MADEX
ISE 100
EGX 30
MSM
Bahrain Bourse
KWSE
Qatar Exchange
Tadawul
ADX
DFM
Page 2
Global Equities
US equities traded higher as optimism over global economy improved. Actavis gained +1.0% after the company rejected a cash and stock offer from Mylan for USD 15bn and decided instead to pursue talks to take over Warner Chilcott. Edwards Lifesciences Corp gained +6.3% after the company announced a share buyback program.
European equities gained as positive earnings offset weaker than expected German investor sentiment data. ICAP gained +14.0% after the company reported earnings that topped estimates. Commerzbank dropped -6.3% after the company said it is offering the right to buy 20 shares for every 21 held by investors at a 55% discount to yesterday’s price.
Asian equities are trading higher this morning tracking gains in developed markets overnight. The MSCI Asia Pacific index was trading +0.8% at the time of writing.
Developed Market Equity Indices (1d % change)
Source: Bloomberg, Emirates NBD Research
Emerging Market Equity Indices (1d % change)
Source: Bloomberg, Emirates NBD Research
0.2%
-0.2%
0.4%
0.5%
0.5%
0.7%
0.8%
0.7%
1.0%
0.8%
-1% 0% 1% 2%
S&P / ASX 200
Nikkei
Stoxx 600
SMI
CAC 40
DAX
FTSE 100
Nasdaq
S&P 500
DJIA
-0.3%
-1.1%
1.0%
0.2%
0.3%
1.1%
0.0%
0.4%
-0.8%
0.8%
-1.0%
0.5%
0.0%
0.4%
-2% -1% 0% 1% 2%
Hang Seng
SHCOMP
KOSPI
Sensex
Nifty
KSE 100
TWSE
Bovespa
Micex
FTSE / JSE Africa
Ho Chi Minh
JSE
KLCI
MEXBOL
Page 3
MENA News Flow
Telecom
Telecom Egypt reported Q1 2013 net income of EGP 858mn (-6.0% y/y). Revenues for the company increased to EGP
2.72bn from EGP 2.68bn last year. (Bloomberg)
Petrochemicals & Fertilisers
Dana Gas reported Q1 2013 net income of AED 241mn (+17.0% y/y) as gains from an asset sale outweighed a decline in
revenue. Sales for the company declined -20.0% y/y to AED 557mn. (Bloomberg)
Banking & Financials
Commercial Bank of Dubai is said to have sold USD 500mn in bonds at 250 bps over midswap. (Bloomberg)
Shuaa Capital said its Q1 2013 net loss narrowed to AED 5.9mn from AED 8.5mn a year earlier. Revenues for the company
declined -34.2% y/y to AED 36.2mn because of lower investment returns on managed funds and a drop in fees. (Bloomberg)
Kuwait Finance House said it received a KWD 50mn offer to sell property. The company said it will give more details once
procedures are completed. (Bloomberg)
Construction & Building Materials
The Dubai Financial Services Authority suspended Depa securities from its official list of securities until further notice.
(Bloomberg)
Real Estate
Talaat Moustafa reported Q1 2013 net income of EGP 139.4mn (-19.7% y/y). Revenues for the company increased +17.0%
y/y to EGP 1.52bn. (Bloomberg)
Page 4
Events Calendar
Date Company / Country Event
15-May Orascom Telecom Holding SAE Earnings Release
15-May Renaissance Services SAOG Earnings Release
15-May Transgulf Investment Holding Co Earnings Release
15-May Union Insurance Co Earnings Release
15-May Abu Dhabi National Co for Building Mat Earnings Release
15-May Emirates Refreshments Co Earnings Release
15-May Al Sagr National Insurance Co Earnings Release
15-May United Foods Co PSC Earnings Release
15-May Takaful Al Emarat Insurance Co Earnings Release
15-May Methaq Takaful Insurance Co Earnings Release
15-May Pearl of Kuwait Real Estate Earnings Release
15-May Contracting & Marine Services Co KSC Earnings Release
15-May Al Safat Energy Holding Co KSCC Earnings Release
15-May GEN Co FOR Ceramics & Porcel Earnings Release
15-May United Gulf Bank BSC Earnings Release
15-May TAIB Bank EC Earnings Release
15-May Raya Holding Co Earnings Release
15-May City Group Co KSC Earnings Release
15-May International Finance Co Earnings Release
15-May Kuwait & Gulf Link Transport Co Earnings Release
15-May National Industries Co Earnings Release
15-May National Petroleum Services Co KSCC Earnings Release
15-May Investors Holding Group Co Earnings Release
15-May Kuwait Co for Process Plant Cons & Cont Earnings Release
15-May Kuwait Slaughter House Co Earnings Release
15-May United Foodstuff Industries Group Earnings Release
15-May Al Safwa Group Co Earnings Release
15-May First Takaful Insurance Co Earnings Release
15-May Wethaq Takaful Insurance Co Earnings Release
Page 5
15-May Kuwait Real Estate Holding Co KSHC Earnings Release
15-May Nafais Holding Co KSC Earnings Release
15-May Credit Rating & Collection Co KSCC Earnings Release
15-May Al-Deera Holding Co Earnings Release
15-May Maridive & Oil Services SAE Earnings Release
15-May IFA Hotels & Resorts KSCC Earnings Release
15-May Al Safat Tec Holding Co KSC Earnings Release
15-May Mushrif Trading & Contracting Co Earnings Release
15-May National Consumer Holding Co Earnings Release
15-May Al Mowasat Health Care Co KSC Earnings Release
15-May Mashaer Holdings Earnings Release
15-May Munshaat Real Estate Projects Co KSC Earnings Release
15-May Abyaar Real Estate Development Earnings Release
15-May Salbookh Trading Co KSCC Earnings Release
15-May First Dubai Real Estate Development Co Earnings Release
15-May Afaq Educational Services Co KSCC Earnings Release
15-May Al Safat Real estate Co KSCC Earnings Release
15-May Kuwaiti Syrian Holding Co Earnings Release
15-May Al Eid Food Co Earnings Release
15-May Flex Resorts & Real Estate Co KSCC Earnings Release
15-May Real Estate Trade Centers Co Earnings Release
15-May Kuwait Remal Real Estate Co Earnings Release
15-May Zima Holding Co KSC Earnings Release
15-May Heliopolis Co for Housing and Construction Earnings Release
15-May Egyptian Kuwaiti Holding Co SAE Earnings Release
15-May Assiut Islamic Trading Earnings Release
15-May El Obour Real Estate Investment Earnings Release
15-May Citadel Capital SAE Earnings Release
15-May Arab Valves Co Earnings Release
16-May National Mineral Water Earnings Release
16-May Oman National Investment Corp Holdings Earnings Release
16-May Muscat National Holding Earnings Release
Page 6
16-May Dubai National Insurance & Reinsurance Earnings Release
16-May Abu Dhabi National Hotels Earnings Release
16-May Al Wathba National Insurance Co Earnings Release
16-May Al Buhairah Insurance Co Earnings Release
16-May Gulf General Investment Co Earnings Release
16-May Islamic Arab Insurance Co Earnings Release
16-May Kuwait Real Estate Co Earnings Release
16-May Livestock Transport & Trading Co KSC Earnings Release
16-May Kuwait Pipes Industries & Oil Services Co Earnings Release
16-May Bahrain Family Leisure Co Earnings Release
16-May BMB Investment Bank Earnings Release
16-May Sultan Center Food Products Co Earnings Release
16-May Acico Industries Co KSCC Earnings Release
16-May Al-Arabi Group Holding Co Earnings Release
16-May Kuwait and Middle East Financial Inv Co Earnings Release
16-May Bahrain Duty Free Complex BSC Earnings Release
16-May Hilal Cement Co KSCC Earnings Release
16-May Misr Beni Suef Cement Co Earnings Release
16-May Kuwait Reinsurance Co KSC Earnings Release
16-May Palms Agro Production Co Earnings Release
16-May Kuwait Packing Materials Manufacturing Earnings Release
16-May Hits Telecom Holding KSC Earnings Release
16-May Commercial Real Estate Co - KSCC Earnings Release
16-May Sanam Real Estate Co KSCC Earnings Release
16-May Markaz - Real Estate Fund Earnings Release
16-May Al salam Group Holding Co Earnings Release
16-May Ekttitab Holding Co SAKC Earnings Release
16-May Future Kid Entertainment and Real Estate Earnings Release
16-May KGL Logistics Co KSCC Earnings Release
16-May Al Rai Media Group Co KSC Earnings Release
16-May Alexandria Pharmaceutical Earnings Release
16-May Nile Pharmaceuticals Earnings Release
Source: Bloomberg, Emirates NBD Research
Page 7
Major Market Movers
Dubai Financial Market (1d % change)
Abu Dhabi Stock Market (1d % change)
Tadawul (1d % change)
Source: Bloomberg, Emirates NBD Research
Most Active by Value
Dubai Financial Market
Stock Price
(AED) 1d % chg
T. Value
AED mn
Emaar Properties 5.72 3.06% 284.83
DIB 3.11 5.78% 265.68
Arabtec 2.41 2.99% 105.82
Deyaar Development 0.41 2.70% 59.61
Air Arabia 1.10 0.92% 51.91
Abu Dhabi Stock Market
Stock Price
(AED) 1d % chg
T. Value
AED mn
Eshraq Properties 0.59 3.51% 128.20
Aldar Properties 1.60 3.23% 58.82
Dana Gas 0.60 5.26% 30.84
NBAD 12.40 0.81% 27.48
Etisalat 12.00 1.27% 26.59
Tadawul
Stock Price
(SAR) 1d % chg
T. Value
SAR mn
Sabic 91.25 0.27% 408.29
Alinma Bank 13.20 -0.75% 208.87
Thimar 36.00 -9.77% 182.98
Jabal Omar 26.30 1.15% 157.95
Sahara Petchem 15.30 4.79% 145.38
14.9
6.0
5.8
4.7
3.1
-2.4
-1.1
-1.0
-0.8
-0.4
-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0
GGICO DB
DARTAKAFDB
DIB DB
EMIRATESDB
TAKAFULEDB
MASQ DB
AJMANBANDB
AMAN DB
SHUAA DB
ARMX DB
14.8
11.8
8.5
7.4
6.2
-3.2
-3.2
-2.2
-2.2
-2.0
-5.0 0.0 5.0 10.0 15.0 20.0
AWNIC DH
AKIC DH
INVESTB DH
BILDCO DH
WATANIA DH
FH DH
JULPHAR DH
RAKWCT DH
RAKCEC DH
FOODCO DH
4.8
2.3
2.2
1.8
1.8
-10.0
-10.0
-10.0
-10.0
-9.9
-13.0 -8.0 -3.0 2.0 7.0 12.0
SPC AB
SIIG AB
ALCO AB
ALKHODARAB
APPC AB
GGCI AB
SOLIDARIAB
WALAA AB
ALAHLIA AB
SINDIAN AB
Page 8
Major Market Movers
Qatar Stock Exchange (1d % change)
Kuwait Stock Exchange (1d % change)
Egypt Stock Exchange (1d % change)
Most Active by Value
Qatar Stock Exchange
Stock Price
(QAR) 1d % chg
T. Value
QAR mn
United Development 20.59 2.18% 46.78
Industries Qatar 170.20 -0.35% 27.93
QNB 143.50 0.70% 22.01
Vodafone Qatar 9.50 0.96% 21.87
CBQ 68.30 0.59% 21.38
Kuwait Stock Exchange
Stock Price
(KWd fill) 1d % chg
T. Value
KWd bn
National Range 23.00 6.98% 5.06
Investors Holding 27.50 10.00% 4.35
Munshaat RE 168.00 -5.62% 3.91
Gulf Finance House 41.00 -1.20% 3.63
Ithmaar Bank 75.00 5.63% 3.58
Egypt Stock Exchange
Stock Price
(EGP) 1d % chg
T. Value
EGP mn
Palm Hills 2.28 3.17% 61.68
EFG Hermes 9.71 2.21% 54.17
TMG Holding 4.03 -0.25% 24.12
Orascom Telecom 4.66 -0.43% 22.80
Orascom Construction 241.80 -1.64% 14.48
Source: Bloomberg, Emirates NBD Research
2.2
2.0
1.2
1.0
0.9
0.7
-0.4
-0.4
-0.4
-0.2
-4.0 0.0 4.0
UDCD QD
DHBK QD
QIIK QD
VFQS QD
BRES QD
NLCS QD
KCBK QD
KHCD QD
IQCD QD
QEWS QD
9.9
9.1
8.9
8.8
8.5
-7.9
-7.6
-6.7
-6.5
-6.4
-15.0 -10.0 -5.0 0.0 5.0 10.0 15.0
UFIG KK
QURAINHLKK
ADNC KK
AMWAL KK
MANAZEL KK
FIRSTDUBKK
MAZAYA KK
WETHAQ KK
AAYAN KK
GFC KK
3.2
2.2
2.1
1.8
1.5
-1.6
-1.1
-0.5
-0.4
-0.3
-2.0 -1.0 0.0 1.0 2.0 3.0 4.0
PHDC EC
HRHO EC
EFIC EC
ESRS EC
HELI EC
OCIC EC
EGTS EC
COMI EC
ORTE EC
ETEL EC
Page 9
Foreign Ownership Limits
Stock Allowed Owned Stock Allowed Owned Stock Allowed Owned
Dubai Al Buhairah Ins. Co. 25.00 4.71 SCIDC 15.00 1.78
Air Arabia 49.00 21.63 Al Khazna Ins. Co. 25.00 2.33 Sorouh Real Estate 15.00 13.71
Ajman Bank 49.00 2.60 Aldar Properties 40.00 10.80 Sudan Telecom 100.00 79.60
Arabtec Holdings 49.00 8.41 Bank of Sharjah 30.00 18.82 UAQ Cement 49.00 17.11
Aramex 49.00 35.92 Comm. Bank Intl 49.00 43.08 Union Cement 49.00 3.03
Drake & Scull Intl 49.00 16.29 Dana Gas 49.00 64.66 UNB 40.00 8.10
DFM 49.00 5.60 Eshraq Properties 49.00 32.54 United Arab Bank 49.00 45.71
Dubai Investments 20.00 5.82 Finance House 20.00 9.38 United Insurance Co. 25.00 0.00
Dubai Islamic Bank 15.00 3.42 First Gulf Bank 25.00 14.83 Waha Capital 49.00 5.94
DNIR 25.00 0.06 Foodco Holding 0.00 1.26 Qatar
Emaar 49.00 15.81 Green Crescent Ins. 25.00 8.85 Al Khaliji 24.97 16.39
Du 100.00 0.21 Gulf Cement Co. 49.00 18.00 Al Khalij Holding 24.86 3.29
Emirates NBD 5.00 1.98 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 5.47
GGICO 49.00 0.81 Gulf Medical Projects 49.00 8.32 CBQ 20.27 12.93
Gulf Navigation 20.00 4.61 JULPHAR 49.00 34.60 Doha Bank 25.00 7.04
National Cement Co. 25.00 1.03 Insurance House 25.00 0.46 Gulf Intl Services 22.50 9.39
TABREED 49.00 5.59 ASMAK 49.00 0.01 Industries Qatar 12.25 6.88
Shuaa Capital 49.00 17.00 Investbank 20.00 0.55 Masraf Al Rayan 49.00 14.19
TAKAFUL 25.00 16.78 METHAQ 25.00 21.43 National Leasing 25.00 11.70
Takaful House 25.00 3.22 NBAD 25.00 3.05 QEWS 25.00 7.08
Tamweel 40.00 2.07 RAK Bank 20.00 18.57 Qatar Gas Transport 24.47 10.21
Union Properties 15.00 3.31 NMDC 5.00 1.78 Qatar Insurance Co. 24.69 7.52
Abu Dhabi Qatar Telecom 100.00 87.22 QIIB 19.39 2.58
ADCB 49.00 7.07 RAK Properties 49.00 29.17 Qatar Islamic Bank 20.59 3.71
BILDCO 25.00 8.67 RAK Poultry & Feeding 49.00 14.82 Qatar National Bank 12.49 4.62
AD National Hotel 25.00 1.47 RAK Cement Co. 49.00 25.11 Qatar Navigation 25.00 6.82
ADNIC 25.00 0.05 RAK Ceramics 49.00 12.09 Qatar Telecom 100.00 22.09
AD Ship Building 25.00 4.21 RAK Co for White Cement 49.00 14.46 United Development 25.00 12.66
Agthia Group 25.00 10.94 RAK National Ins. 25.00 0.05 Vodafone Qatar 100.00 3.73
Source: Bloomberg, Emirates NBD Research
Page 10
Other Asset Classes
Currencies
Close %1d chg 1 year fwd Close %1d chg Close %1d chg
EURUSD 1.2920 -0.42 1.2957 USDTRY 1.8155 +0.22 EURAED 4.7458 -0.42
GBPUSD 1.5209 -0.59 1.5186 USDEGP 6.9650 -0.01 GBPAED 5.5864 -0.58
USDJPY 102.4200 +0.59 102.1003 USDSAR 3.7503 -0.00 JPYAED 0.0359 -0.55
USDCAD 1.0180 +0.73 1.0268 USDQAR 3.6407 -0.01 CADAED 3.6078 -0.73
AUDUSD 0.9889 -0.63 0.9652 USDKWD 0.2857 +0.05 AUDAED 3.6325 -0.65
USDCHF 0.9671 +0.99 0.9624 USDBHD 0.3770 -- CHFAED 3.7978 -1.01
EURGBP 0.8495 +0.17 0.8532 USDOMR 0.3850 +0.01 TRYAED 2.0231 -0.22
USDCNY 6.1429 -0.06 6.1437 USDMAD 8.6062 +0.43 INRAED 0.0671 +0.15
USDINR 54.8162 +0.15 57.9412 USDTND 1.6618 -0.07
Rates
Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps)
EIBOR 0.5825 0.9663 1.2025 1.3750 USD 2 yr 0.3876 0.7
USD LIBOR 0.1982 0.2741 0.4234 0.6951 USD 5 yr 1.0197 3.7
GBP LIBOR 0.4913 0.5056 0.5906 0.8856 USD 10 yr 2.1166 5.4
EURIBOR 0.1120 0.2030 0.3030 0.4910 EUR 2 yr 0.4020 1.3
JPY LIBOR 0.1200 0.1550 0.2429 0.4371 EUR 5 yr 0.8440 3.2
CHF LIBOR -0.0030 0.0200 0.0800 0.2450 EUR 10 yr 1.6200 0.9
Commodities & Fixed Income
Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close
1d chg
(bps)
CRB CMDT Index 475.20 -0.12 ADGB 5.5 14 0.5730 +12.1 Abu Dhabi 66.5 +3.0
Gold 1425.40 -0.36 DUGB 6.396 14 2.0320 -0.8 Dubai 196.0 +1.0
Silver 23.41 -1.12 QATAR 5.15 14 0.5210 -1.4 Qatar 67.7 -0.3
Oil (WTI) 94.21 -1.01 BHRAIN 6.273 18 2.9810 -2.4 Saudi Arabia 63.0 +0.2
Oil (Brent) 102.60 -0.21 EGYPT 5.75 20 7.2420 -1.4 Bahrain 205.0 -5.7
Aluminium 1827.50 -0.68 TURKEY 7.25 15 1.6600 +3.4 Egypt 619.3 -5.7
Copper 7216.00 -2.33 MOROC 5.375 17 2.9080 +0.1 Turkey 116.5 -0.0
Tin (LME) 20933.00 +0.46 BTUN 4.5 20 5.0110 +1.1 Morocco 203.6 +3.6
Zinc (LME) 1814.00 -0.90 US Tsy 2 yr 0.2450 +0.8
US Tsy 10 yr 1.9740 +5.4
Source: Bloomberg, Emirates NBD Research
Page 11
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Page 12
Emirates NBD Research & Treasury Contact List
Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai
Aazar Ali Khwaja
Group Treasurer & EVP Global Markets & Treasury +971 4 609 3000 aazark@emiratesnbd.com
Tim Fox
Head of Research & Chief Economist +971 4 230 7800 timothyf@emiratesnbd.com
Research
Khatija Haque
Senior Economist +971 4 509 3065 khatijah@emiratesndb.com
Irfan Ellam
Head of MENA Equity Research +971 4 509 3064 Mohammedie@emiratesnbd.com
Aditya Pugalia
Research Analyst +971 4 230 7802 adityap@emiratesnbd.com
Sales & Structuring
Head of Sales & Structuring
Sayed Sajjid Sadiq +971 4 230 7777 sayeds@emiratesnbd.com
Saudi Arabia Sales
Numair Attiyah +966 1 282 5625 attiyahn@emiratesnbd.com
Singapore Sales
Supriyakumar Sakhalkar +65 65785 627 sakhalkars@emiratesnbd.com
London Sales
Lee Sims +44 (0) 20 7838 2240 simsl@emiratesnbd.com
Group Corporate Communications
Ibrahim Sowaidan
+971 4 609 4113 ibrahims@emiratesnbd.com
Claire Andrea
+971 4 609 4143 clairea@emiratesnbd.com