19 JULY 2020 NCBC ON THE MARKETS CLOSING BELL · 2020-07-19 · CLOSING BELL NCB CAPITAL 19 JULY...

Please refer to the last page for important disclaimer www.alahlicapital.com

Saudi Arabia - TASI: The benchmark TASI declined

0.1%, closing at 8,236.17 points. SABB and Al Rajhi

were up 0.6% and 0.3%, respectively. SAMBA and

Ma'aden were down 1.5% and 1.0%, respectively. The

Diversified Financials sector increased 1.9%, while the

Food & Staples sector declined 2.8%.Market breadth

was positive with 110 stocks up and 76 stocks down.

Turnover stood at SAR 10.1bn.

Saudi Arabia – MT30: The benchmark MSCI Tadawul

30 Index declined 0.4%, closing at 1,089.0 points.

Saudi Arabia – NomuC: The benchmark NomuC

gained 3.8%, closing at 14,509.8 points. Turnover stood

at SAR 49.7mn.

Dubai: The DFM benchmark index declined 1.5%,

closing at 2,252.3 points. Emaar Development was

down 3.2%.

Abu Dhabi: The Abu Dhabi index declined 0.5%,

closing at 4,466.8 points. Etisalat was up 0.4%. AD

National Energy was down 2.1%.

Kuwait: The Kuwait Main Market benchmark declined

0.3%, closing at 6,221.6 points. Warba Bank was up

1.6%. Burgan Bank was down 1.9%.

Qatar: The Qatari bourse benchmark remained flat,

closing at 9,788.3 points. Ooredoo was up 7.0%. Masraf

Al Rayan was down 1.2%.

Egypt: The EGX30 benchmark declined 0.6%, closing

at 10,911.4 points. Eastern Tobacco was up 0.7%. T M

G Holding was down 2.6%.

Oman: The MSM30 benchmark index gained 0.1%,

closing at 3,627.0 points. Nat'l Bk Of Oman was up

1.8%. HSBC was down 1.1%.

Bahrain: The Bahrain benchmark index remained flat,

closing at 1,450.4 points. Bahrain Telecom was up

0.4%. GFH Financial Grp was down 1.8%.

`

Najran cement to distribute SAR0.75 for H1 20:

Najran Cement announced a cash dividend of

SAR0.75/share for H1 20. . Record date is 01 October

2020 December, while payment date will be announced

later. (Tadawul, NCBC Research)

SACO opens a new store in Jeddah: SACO

announced the opening of a new store in Jeddah, with

an area of 5,517 sqm. This will increase SACO store

count to 35 stores in Saudi Arabia covering 18 cities.

(Tadawul, NCBC Research)

Weekly POS sales down 6.2% wow: Point-of-sales

(POS) transactions declined by -6.2% wow (+37.2% yoy)

to SAR6.88bn for the week ended 19 September 2020

from SAR7.33bn a week earlier. Number of transactions

dropped by -4.4% wow (+94% yoy) to 64,385 for the

week vs 67,353 for the week earlier. In 2020 ytd, POS

transaction are up +20.1% to SAR238.5bn, while number

of transaction are up +67.8% to 1.76mn. (Sama, NCBC

Research)

Resumption of Umrah services: Saudi Arabia

announced to resume Umrah in four phases. The first

phase (04 October), citizens and residents will be

allowed to perform Umrah at a 30% capacity (6,000

pilgrims per day). In the second phase (October 18) as

well citizens and residents will only be allowed to perform

Umrah, but at 75% capacity (15,000 pilgrims per day).

Under the third phase (November 01), Umrah, visits will

also be allowed for the people outside the country at a

100% capacity (20,000 Umrah pilgrims per day), but for

those countries approved by the MOH. Under the fourth

phase, Umrah and prayers will be allowed for at 100%

capacity. The four phases will be under continuous

evaluation, in light of the COVID-19 pandemic

developments. (SPA, NCBC Research)

Market performance MSCI EM vs. MSCI World (last 2 months) Index Close % last %MTD %QTD %YTD

2,000

2,100

2,200

2,300

2,400

2,500

2,600

900

950

1,000

1,050

1,100

1,150

23-Sep14-Sep3-Sep25-Aug14-Aug5-Aug27-Jul16-Jul7-Jul

MSCI EM (RHS) MSCI World

Saudi - TASI 8,236.2 (0.1) 3.7 14.0 (1.8)

Saudi - MT30 1,089.0 (0.4) 2.5 9.2 (7.5)

Saudi - NomuC 14,509.8 3.8 56.4 81.0 102.1

Dubai 2,252.3 (1.5) 0.3 9.1 (18.5)

Abu Dhabi 4,466.8 (0.5) (1.2) 4.2 (12.0)

Kuwait 6,221.6 (0.3) 6.3 11.0 (10.8)

Qatar 9,788.3 0.0 (0.6) 8.8 (6.1)

Egypt 10,911.4 (0.6) (4.0) 1.4 (21.8)

Oman 3,627.0 0.1 (3.8) 3.2 (8.9)

Bahrain 1,450.4 (0.0) 5.0 13.5 (9.9)

Source: Bloomberg Source: Bloomberg

24 SEPTEMBER 2020

NCBC ON THE MARKETS CLOSING BELL

Market Recap Economy and Business News

CLOSING BELL NCB CAPITAL

24 SEPTEMBER 2020

2

Regional and global markets statistics

Regional markets Mcap($bn) T/O ($mn) P/E-TTM P/BV DY (%) ROE-TTM(%) ROA-TTM(%)

Saudi - TASI 2,468.9 2,583.9 30.0 2.0 2.5 6.2 1.5

Saudi - Nomu 2.1 54.3 58.3 6.7 1.1 11.1 8.2

Qatar 143.2 140.6 15.9 1.5 4.1 9.4 1.8

Abu Dhabi 182.7 89.9 16.3 1.3 5.5 8.0 1.3

Dubai 66.9 75.0 8.5 0.8 4.3 8.9 1.8

Kuwait 26.9 64.6 NA 0.8 3.5 (0.6) (0.2)

Bahrain 22.0 2.4 13.5 0.9 4.8 6.6 1.0

Oman 10.9 0.6 10.8 0.7 6.7 7.2 1.2

Egypt 19.8 29.4 11.4 1.5 2.9 13.0 2.4

Source: Bloomberg, NCBC Research

Global equity indices Interest rates

Index value % Chg % YTD P/E 1 month 3month 6month

S&P 500 3,236.9 (2.4) 0.2 25.2

NASDAQ 10,633.0 (3.0) 18.5 61.2

FTSE 5,845.6 (0.9) (22.5) 104.5

Nikkei 23,087.8 (1.1) (2.4) 37.5

Singapore 2,450.8 (1.2) (24.0) 18.4

Hang Seng 23,311.1 (1.8) (17.3) 12.3

KSA (SIBOR) 0.71 0.87 0.92

UAE (AEIBOR) 0.27 0.46 0.69

LIBOR (US$) 0.15 0.22 0.27

US T-BILL (Yield) 0.07 0.08 0.09

KSA Inter-bank deposits 0.80 1.00 1.15

USA-10yr Govt (Yield)

0.66

Source: Bloomberg

Source: Bloomberg

Currencies vs. USD Commodities market Currencies Exchange rate % Chg % YTD Price % Chg % YTD

Saudi Riyal 3.75 0.0 0.0

Japanese Yen 105.42 (0.0) 3.0

Euro 1.16 (0.2) 3.8

Great British Pound 1.28 0.2 (3.8)

Swiss Franc 0.93 (0.2) 4.4

Gold 1,856.1 (0.4) 22.3

Nat Gas Spot ($/MMBTU) 1.7 16.8 (16.7)

Brent ($/bbl) 40.9 (0.0) (38.4)

OPEC Grade ($/bbl) 41.4 0.2 (39.1)

Copper Futures ($/lb) 292.9 (2.2) 3.6

Source: Bloomberg

Source: Bloomberg

Company events Country Event Date Details

SABIC Saudi Arabia Record date SAR1.5 DPS (H1 20) 03 September 2020

Othaim Saudi Arabia Record date SAR3.0 DPS (H1 20) 03 September 2020

Riyad REIT Saudi Arabia Record date SAR0.2 DPS (H1 20) 03 September 2020

SHG Saudi Arabia Dividends payment date (SAR0.4/share) 06 September 2020

Mahara Saudi Arabia H1 20 DPS record date of SAR2.25 06 September 2020

Thimar Saudi Arabia Start trading OTC 06 September 2020

Abu Moati Saudi Arabia 2019 DPS record date of SAR0.5 09 September 2020

Qassim Cement Saudi Arabia Dividends payment date (SAR1.0/share) 09 September 2020

Othaim Saudi Arabia Dividends payment date (SAR3.0/share) 10 September 2020

Um Alqurra Saudi Arabia Dividends payment date (SAR0.3/share) 10 September 2020

Jouf Agri. Saudi Arabia Dividends payment date (SAR0.5/share) 10 September 2020

SABIC Saudi Arabia Dividends payment date (SAR1.5/share) 20 September 2020

Maharah Saudi Arabia Dividends payment date (SAR2.25/share) 21 September 2020

Abo Moati Saudi Arabia Dividends payment date (SAR0.50/share) 21 September 2020

Northern Cement Saudi Arabia Dividends payment date (SAR0.25/share) 24 September 2020

Source: Mubasher


24 SEPTEMBER 2020

3

Saudi Arabia - TASI

Market recap: The benchmark TASI declined 0.1%, closing at 8,236.17 points. SABB and Al Rajhi were up 0.6%

and 0.3%, respectively. SAMBA and Ma'aden were down 1.5% and 1.0%, respectively. The Diversified Financials

sector increased 1.9%, while the Food & Staples sector declined 2.8%.Market breadth was positive with 110 stocks

up and 76 stocks down. Turnover stood at SAR 10.1bn.

TASI intraday

TASI 1-year movement and turnover

8,170

8,180

8,190

8,200

8,210

8,220

8,230

8,240

8,250

8,260

10:00 10:50 11:40 12:30 13:20 14:10

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

8,500

9,000

0

50

100

150

200

250

300

Sep-20Jun-20Mar-20Jan-20Oct-19

Turnover (RHS) TASI



Top gainers Top losers Most active

Company Close %Chg T/O Company Close %Chg T/O Company Close %Chg T/O

Al Sagr Ins. 14.96 10.0 20.1

Wataniya Insurance 58.40 10.0 17.7

Al-Ahlia Ins. 14.78 10.0 1.5

Tihama 55.30 9.9 125.7

Najran Cement 15.56 9.9 18.1

Al Othaim 128.20 (3.0) 4.6

BCI 28.40 (2.9) 5.5

Care 55.70 (2.3) 3.8

SPIMACO 33.80 (2.0) 9.3

SARCO 82.90 (2.0) 42.2

Saudi Fisheries 54.00 5.9 293.8

Tihama 55.30 9.9 125.7

Amana Insurance 30.00 2.2 104.6

Dar Al Arkan 8.89 (0.1) 85.9

Alinma Bank 16.12 (0.9) 57.8

Source: Bloomberg, NCBC Research Source: Bloomberg, NCBC Research Source: Bloomberg, NCBC Research

All Close values are in SR unless specified otherwise, T/O in $ million

Performance and valuation of market heavyweights

Close T/O MCap Price change TTM (%) Valuation (x) DY

Company (SR) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/E-TTM PBV (%)

Saudi Aramco 36.70 57.5 1,957,333 0.1 3.2 4.1 23.9 22.1 17.6 7.1 2.1

SABIC 88.80 39.2 71,040 (0.9) 0.9 (5.4) (1.9) 1.8 NA 1.6 4.2

STC 100.00 35.2 53,333 (0.6) 4.2 (1.8) 17.1 9.0 18.7 3.2 4.0

Al Rajhi 66.80 37.1 44,533 0.3 2.9 2.1 19.3 2.6 17.1 3.2 2.2

NCB 37.30 13.8 29,840 (0.5) 0.3 (24.3) 17.0 2.2 10.8 1.8 3.2

Saudi Electricity 16.50 20.5 18,333 (0.6) 3.6 (18.4) (1.7) 0.3 NA 1.0 4.2

Riyad Bank 18.90 6.2 15,120 (0.7) (1.5) (21.3) 12.9 2.1 11.1 1.4 0.0

SAMBA 27.00 4.0 14,400 (1.5) (2.0) (16.8) 9.3 1.6 12.5 1.2 2.6

SABB 25.30 6.1 13,863 0.6 (5.8) (27.1) (7.4) 1.1 NA 1.1 4.7

Ma'aden 40.80 3.2 13,389 (1.0) 3.6 (8.1) (4.0) (0.8) NA 1.7 0.0


Top 5 stocks rising for 3 consecutive days

Top 5 stocks losing for 3 consecutive days

22-Sep 23-Sep 24-Sep 24-Aug

Amana Insurance 26.7 29.4 30.0 24.3

Al Sagr Ins. 12.8 13.6 15.0 12.7

UCA 12.9 13.8 14.7 12.8

Malath Insurance 17.3 18.3 18.7 16.3

Solidarity Takaful 15.5 16.1 17.2 15.1


Alsorayai 20.3 19.9 19.7 21.1

SIIG 23.6 23.4 23.0 24.3

KEC 13.0 12.8 12.7 13.3

Zamil Ind. 19.5 19.4 19.3 20.2

Advanced 59.9 58.9 57.9 60.7

.


.



24 SEPTEMBER 2020

4

Companies touching a new 52-week high*

Companies touching a new 52-week low*

Close

Intra-day

high %chg

T/O

($mn)

Jarir 184.2 186.0 1.2 12.5

Najran Cement 15.6 15.6 9.9 18.1

Hail Cement 15.1 15.2 5.6 17.8

Chemanol 11.2 11.5 6.0 44.9

Farm Superstore 29.4 30.9 (1.7) 28.4

Close

Intra-day

low %chg

T/O

($mn)

.

Source: Bloomberg, NCBC Research * List includes top 5 companies by market cap who have crossed 52-week high today

.

Source: Bloomberg, NCBC Research * List includes top 5 companies by market cap who have crossed 52-week low today

Sector performance – today

Market volume and number of trades

1.91.6

1.1 0.9 0.8 0.7 0.6 0.4 0.4 0.2 0.2 0.0 0.0

-0.1 -0.1 -0.2 -0.3 -0.4 -0.5

-2.0

-2.8-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

Div

ers

ifie

d F

ina

nci

als

Insu

ran

ce

Me

dia

Re

taili

ng

Tra

ns

po

rt

Ca

pita

l G

ood

s

He

alt

h C

are

Co

mm

erc

ial &

Pro

f.

RE

ITs

Co

nsu

me

r S

erv

ice

s

Re

al E

sta

te

En

erg

y

Fo

od

& B

eve

rag

TA

SI

Co

nsu

me

r D

ura

ble

s

Ma

teria

ls

Ba

nks

Te

lec

om

Util

itie

s

Ph

arm

a

Fo

od

& S

tap

les

-

100

200

300

400

500

600

700

0

100

200

300

400

500

600

700

800

900

24-Sep22-Sep21-Sep20-Sep17-Sep16-Sep15-Sep14-Sep

Volume (LHS) No. of trades

(mn)



Saudi indices – performance and valuation

Index No. of Turnover Mkt cap Free float Change (%) TTM (%) Valuation (x)

Index value Cos (SR mn) (SR mn) Wt (%) Last YTD ROE ROA PBV P/E TTM

TASI 8,236 201 9,494 9,248,788 100.0 (0.1) (1.8) 6.2 1.5 2.0 30.0

Energy 5,600 5 667 7,372,161 13.0 0.0 2.9 16.8 7.3 5.2 23.4 Materials 5,095 41 1,353 529,340 20.6 (0.2) (1.4) (0.5) (0.2) 1.7 190.8

Capital Goods 5,128 11 320 11,850 0.8 0.7 18.4 (2.6) (1.0) 1.8 -

Commercial & Prof. 4,139 3 66 9,644 0.5 0.4 (13.3) 18.8 8.1 4.8 24.6

Transportation 4,429 5 144 12,596 0.9 0.8 0.8 2.2 1.1 2.0 85.5

Consumer Durables 4,635 6 114 5,250 0.3 (0.1) 32.2 (7.6) (4.0) 2.2 -

Consumer Services 4,102 10 247 19,396 1.1 0.2 3.6 10.7 6.3 1.4 13.3 Media 9,565 2 505 6,628 0.2 1.1 1.7 13.8 3.2 4.9 39.9

Retailing 8,438 11 166 35,686 3.5 0.9 9.6 16.1 4.6 6.8 8,780.0

Food & Staples 10,475 3 124 13,432 0.8 (2.8) 58.3 20.6 5.8 6.9 -

Food & Beverages 5,712 12 1,630 98,744 3.7 0.0 31.2 10.2 3.8 3.4 34.4 Health Care Equipment 5,175 7 148 56,494 2.1 0.6 38.7 11.1 5.4 3.7 32.7

Pharma 4,459 1 35 4,056 0.2 (2.0) 24.0 (9.6) (3.6) 2.3 -

Banks 7,053 11 567 583,748 35.6 (0.3) (13.0) 9.8 1.4 1.6 16.6

Diversified Financials 4,369 4 230 34,735 0.3 1.9 32.3 (2.2) (1.3) 1.3 -

Insurance 5,811 31 2,105 50,405 2.7 1.6 28.7 7.2 2.4 2.8 40.2 Telecom 6,548 3 277 228,959 6.9 (0.4) 1.2 11.1 4.4 2.5 22.6

Utilities 3,656 2 83 71,036 1.3 (0.5) (16.9) (1.5) (0.2) 1.0 -

REITs 4,168 17 92 13,011 0.8 0.4 (0.7) 4.5 3.6 1.0 22.7

Real Estate 3,330 11 620 91,618 5.3 0.2 6.3 (1.3) (0.6) 1.6 -

Source: Bloomberg, NCBC Research * Aggregate P/E calculation considers companies whose earnings data is negative; # - based on latest available book value


24 SEPTEMBER 2020

5

Saudi Arabia - Nomu Market recap: The benchmark NomuC gained 3.8%, closing at 14,509.8 points. Turnover stood at SAR 49.7mn.

Nomu intraday

Nomu 1-year movement and turnover

12800

13000

13200

13400

13600

13800

14000

14200

14400

10:00 10:30 11:00 11:30 12:00 12:30 13:00 13:30

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

-

200

400

600

800

1,000

1,200

Sep-20Jun-20Mar-20Jan-20Oct-19

Turnover (RHS) Nomu





Al-Samaani 160.0 10.3 1.8

DWF 142.0 4.1 7.9

NBM 309.0 0.8 0.0

Sumou 57.8 (1.7) 2.5

SAWCEM 28.6 (1.6) 1.1

DWF 142.0 4.1 7.9

Sumou 57.8 (1.7) 2.5

Al-Samaani 160.0 10.3 1.8

SAWCEM 28.6 (1.6) 1.1

NBM 309.0 0.8 0.0


All Close values are in AED unless specified otherwise, T/O in $ million

Performance and valuation

Close T/O MCap Price change (%) Valuation (x) DY

Company (SR) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E (%)

SAWCEM 28.6 1.03 914 (1.6) 42.8 42.8

0.0 2.0

2.6

NBM 309.0 0.00 494 0.8 29.8 10.8 4.8 3.1 13.8 293.2

Sumou 57.8 2.48 385 (1.7) 2.1

11.8

0.2

Al-Samaani 160.0 1.82 107 10.3 77.8 97.8 (5.5) (4.6) 12.2

0.2

DWF 142.0 7.92 95 4.1 111.3 80.0 24.1 5.9 4.6 27.5






.


.



24 SEPTEMBER 2020

6

Saudi equities fact sheet


TASI Close T/O Mkt cap FF Price change TTM (%) Valuation (x) Div yld

Code Company Name (SR) (SR mn) (SR mn) wt(%) % last % YTD ROE ROA P/E P/BV (%)

Energy

2222 Saudi Arabian Oil Co 36.7 216 7,340,000 10.9 0.1 4.1 23.9 22.1 17.6 7.1 3.8

4030 National Shipping Co Of/The 39.9 172.3 15,691 1.0 (0.7) (0.4) 16.6 7.6 10.0 1.6 2.5

2380 Rabigh Refining And Petroche 14.2 105.9 12,474 0.3 0.0 (34.3) (42.7) (5.1)

1.8 -

4200 Aldrees Petroleum And Transp 66.6 15.0 3,996 0.3 0.0 6.6 39.1 7.9 13.8 4.8 2.3

2030 Saudi Arabia Refineries Co 82.9 158.2 1,244 0.1 (2.0) 85.5 3.4 3.3 87.9 3.2 1.2

Materials

2010 Saudi Basic Industries Corp 88.8 146.9 266,400 6.5 (0.9) (5.4) (1.9) (1.0)

1.6 3.4

1211 Saudi Arabian Mining Co 40.8 12.2 50,208 1.3 (1.0) (8.1) (4.0) (1.2)

1.7 -

2020 Saudi Arabian Fertilizer Co 81.4 10.6 33,917 1.3 (0.2) 5.0 19.1 14.6 23.9 4.5 2.5

2290 Yanbu National Petrochemical 58.8 12.8 33,075 1.1 (0.3) 5.2 3.5 3.0 61.6 2.3 4.3

2350 Saudi Kayan Petrochemical Co 10.4 113.6 15,570 0.8 (1.0) (6.5) (7.4) (3.1) - 1.1 -

2002 National Petrochemical Co 29.4 3.8 14,088 0.3 (0.3) 23.6 2.1 0.9 84.7 1.8 1.7

2330 Advanced Petrochemicals Co 57.9 32.0 12,534 1.0 (1.7) 17.2 21.2 15.8 18.9 4.1 4.5

2310 Sahara International Petroch 16.1 43.5 11,792 0.9 (0.2) (10.5) (1.3) (0.7) - 0.9 7.5

2250 Saudi Ind Investment Group 23.0 19.0 10,350 0.8 (1.7) (4.2) (0.1) (0.0)

1.6 4.3

3050 Southern Province Cement Co 65.7 5.3 9,198 0.4 0.5 2.0 17.4 13.8 16.2 2.8 6.8

3030 Saudi Cement 57.2 25.3 8,752 0.7 0.7 (18.4) 18.3 11.3 19.5 3.6 5.2

2060 National Industrialization C 12.4 36.1 8,321 0.7 0.3 (9.1) (26.4) (9.7) - 1.1 -

3040 Qassim Cement/The 72.1 6.7 6,489 0.4 1.5 9.1 24.6 21.5 15.0 3.6 5.5

3060 Yanbu Cement Co 35.1 13.7 5,520 0.4 0.4 (8.1) 8.5 7.4 20.3 1.7 5.7

3020 Yamama Cement Co 25.4 32.0 5,144 0.4 3.2 (1.9) 8.4 5.3 16.9 1.4 2.0

3003 City Cement Co 19.6 12.1 3,708 0.3 1.7 9.5 9.5 9.2 17.3 1.6 -

3010 Arabian Cement 31.2 22.2 3,115 0.3 0.2 (15.4) 6.7 5.2 16.6 1.1 6.4

2170 Alujain Holding 44.0 59.6 3,045

1.6 46.7 34.8 34.0 6.4 1.9 -

3080 Eastern Province Cement Co 34.3 11.0 2,946 0.2 0.4 (4.9) 9.5 8.4 13.5 1.2 4.4

3002 Najran Cement Co 15.6 0.0 2,645 0.2 9.9 30.1 6.2 4.9 21.6 1.3 9.6

3004 Northern Region Cement Co 11.6 44.3 2,084 0.2 2.7 (2.2)

20.2 1.0 4.3

3091 Al Jouf Cement 10.5 63.8 1,504 0.1 2.7 9.9 1.7 1.1 53.2 1.0 -

3001 Hail Cement 15.1 66.7 1,482 0.1 5.6 24.1 9.4 7.6 14.7 1.3 -

3005 Umm Al-Qura Cement Co 26.7 66.6 1,469 0.1 1.7 20.8 16.5 8.1 14.0 2.2 2.2

3090 Tabuk Cement Co 16.2 22.7 1,458 0.1 2.4 2.5 3.4 2.3 35.3 1.2 -

2001 Methanol Chemicals Co 11.2 168.2 1,356 0.1 6.0 34.6 (12.7) (6.8) - 1.4 -

1301 United Wire Factories Compan 34.4 6.3 1,206 0.1 0.0 58.3 6.2 5.5 36.1 2.2 5.8

2240 Zamil Industrial Investment 19.3 0.0 1,156 0.1 (0.6) 6.1 (10.3) (2.1)

1.0 -

1304 Al Yamamah Steel Industries 22.3 41.0 1,131 0.1 (0.6) 17.8 0.6 0.3 306.7 1.8 -

1320 Saudi Steel Pipe Co 22.1 21.2 1,129 0.0 (0.2) 7.1 (12.0) (5.8)

2.3 -

1201 Takween Advanced Industries 10.4 29.7 988 0.0 2.6 30.0 (12.8) (3.8)

1.7 -

2150 National Co For Glass In/The 29.4 20.5 967 0.1 (1.0) 66.5 (6.7) (5.4)

1.7 -

1202 Middle East Paper Co 17.9 20.6 895 0.1 0.3 25.2 2.7 1.2 44.7 1.2 -

3007 Zahrat Al Waha For Trading C 58.2 3.8 873 0.0 (0.9) 23.8 26.6 11.6 15.4 3.8 2.6

1210 Basic Chemical Industries 28.4 20.6 781 0.1 (2.9) 18.4 8.7 6.1 16.7 1.4 -

2210 Nama Chemicals Co 31.1 24.8 730 0.1 (0.8) 31.5

2.6 -

2090 National Gypsum 23.0 7.7 730 0.1 (0.7) 69.7 7.7 7.3 18.7 1.6 1.5

3008 Al Kathiri Holding Co 156.6 14.0 708 0.0 0.3 18.6 22.4 13.3 45.9 9.5 -

2200 Arabian Pipes Co 17.3 18.7 691 0.1 0.1 35.4 (4.6) (1.9)

1.4 2.9

2220 Maadaniyah 22.1 17.0 620 0.0 1.4 44.4 (23.0) (14.3)

2.1 -

2180 Filing & Packing Materials M 49.2 33.4 566 0.0 0.0 70.2 (9.6) (4.6)

4.0 -

2300 Saudi Paper Manufacturing Co 50.6 23.0 466 0.0 0.4 99.2 (28.1) (3.1)

6.0 -

Capital Goods

2040 Saudi Ceramic Co 41.9 16.7 2,514 0.2 (0.4) 15.6 4.7 2.3 38.2 1.8 -

1212 Astra Industrial Group 22.3 5.0 1,784 0.1 (0.4) 45.0 5.4 2.2 28.0 1.4 -

2320 Al Babtain Power & Telecommu 27.4 10.2 1,168 0.1 0.0 1.5 10.2 4.0 14.2 1.5 3.6

2140 Al-Ahsa Development Co. 15.2 24.8 1,121 0.1 0.5 35.2 2.4 1.6 59.0 1.5 -

1302 Bawan Co 18.4 11.1 1,104 0.1 0.1 14.6 6.1 1.7 28.4 1.7 -

1303 Electrical Industries Co 22.1 48.1 993 0.1 2.6 40.9 (7.9) (4.2)

1.8 -

2360 Saudi Vitrified Clay Pipe Co 55.9 2.5 839 0.0 (0.5) 5.9 5.0 4.4 56.5 2.9 1.8

2110 Saudi Cable Co 20.3 73.9 732 0.1 2.8 9.4 (35.3) (5.0) - 2.5 -

2370 Middle East Specialized Cabl 13.7 43.0 546 0.0 3.8 44.4 (2.5) (1.3) - 1.5 -

2160 Saudi Arabian Amiantit Co 15.4 46.1 531 0.0 1.9 0.5 (87.2) (9.9) - 3.1 -

4140 Saudi Industrial Export Co 80.1 38.9 519 0.0 0.6 22.5 (24.6) (20.7) - 12.1 -



24 SEPTEMBER 2020

7




Commercial & Professional Svc

6004 Saudi Airlines Catering Co 82.3 14.2 6,749 0.4 0.6 (19.9) 9.8 4.3 58.6 6.3 6.8

1831 Maharah Human Resources Co 77.2 13.2 2,895 0.2 0.0 (10.3) 54.6 25.1 10.5 5.5 2.9

4270 Saudi Printing & Packaging C 19.3 38.4 1,156 0.1 0.5 48.4 (2.2) (0.8)

1.6

Transportation

4031 Saudi Ground Services Co 30.5 17.5 5,734 0.2 0.8 (13.1) (1.9) (1.3)

2.1 -

4260 United International Transpo 34.0 11.6 2,416 0.2 (0.7) (7.0) 14.1 11.2 14.9 2.0 2.9

4040 Saudi Public Transport Co 18.2 57.9 2,275 0.2 4.7 1.2 (8.1) (3.2)

1.6 -

2190 Saudi Industrial Services Co 26.6 16.4 2,171 0.2 (0.6) 35.7 8.7 2.8 22.7 1.9 2.3

4110 Batic Investments And Logist 32.4 40.8 971 0.1 0.5 11.0 (1.9) (1.3)

2.7 -

Consumer Durables & Apparel

4012 Alaseel Co 57.0 1.8 1,710 0.1 0.5 30.7 15.8 14.0 20.0 3.4 3.5

2340 Alabdullatif Industrial Inv 14.6 7.3 1,185 0.0 (0.4) 20.7 (3.5) (2.9)

1.1 -

4011 L'Azurde Co For Jewelry 21.9 39.6 943 0.0 (1.9) 29.1 (7.2) (1.5)

2.3 -

4180 Fitaihi Holding Group 16.9 14.8 928 0.1 (0.6) 46.8 (6.9) (6.4)

1.6 -

2130 Saudi Industrial Development 12.1 24.8 485 0.0 1.0 47.8 (17.2) (12.9)

2.3 -

1213 Naseej International Trading 19.7 26.0 351 0.0 (1.0) 15.2 (82.4) (11.7)

3.5 -

Consumer Services

1810 Seera Group Holding 18.8 99.4 5,634.0 0.4 0.6 (14.2) 16.2 12.0 5.6 0.8 -

1830 Leejam Sports Co Jsc 70.2 12.5 3,677.3 0.1 0.3 (13.4) 4.9 1.3 115.7 5.8 2.8

6002 Herfy Food Services Co 53.4 0.7 3,453.9 0.1 0.2 (0.6) 10.5 4.9 35.2 3.8 4.1

4010 Dur Hospitality Co 29.5 12.1 2,945.0 0.2 1.2 25.9 2.4 1.2 72.8 1.7 1.7

4291 National Co For Learning & E 48.6 6.5 2,089.8 0.1 (0.4) 69.9 10.6 8.2 38.9 3.5 1.6

4292 Ataa Educational Co 39.9 27.6 1,596.0 0.1 (1.8) 35.0 11.7 7.3 19.0 2.2 2.5

4290 Al Khaleej Training And Educ 24.7 38.8 1,111.5 0.1 0.2 78.0 11.4 4.2 17.2 1.9 1.0

1820 Abdul Mohsen Al-Hokair Touri 16.7 18.1 920.7 0.1 (1.3) 5.8 (21.6) (3.6)

2.1 -

6012 Raydan Food Co 24.5 31.7 551.3 0.0 (1.4) 39.2 (8.9) (5.7)

2.2 -

Media

4210 Saudi Research And Marketing 72.0 33.6 5,760.0 0.5 (0.3) (7.3) 17.8 3.7 26.1 4.4 -

4070 Tihama Advertising & Public 55.3 471.5 867.8 0.1 9.9 153.3 (51.5) (12.5) - 18.2 -

Retailing

4190 Jarir Marketing Co 184.2 46.8 22,104 1.6 1.2 11.2 65.8 26.0 21.2 13.5 3.7

4240 Fawaz Abdulaziz Alhokair & C 22.2 13.0 4,662 0.2 (1.0) (13.3) (73.5) (13.7) - 4.1 -

4003 United Electronics Co 70.3 25.1 4,218 0.3 0.7 12.6 33.5 8.5 18.0 5.8 2.8

4050 Sasco 32.5 10.6 1,950 0.1 1.9 10.4 16.0 5.0 16.2 2.4 3.1

4008 Saudi Co For Hardware Llc 50.2 17.7 1,807 0.1 0.0 (3.6) 11.5 4.1 27.5 3.1 2.0

1214 Al-Hassan G.I. Shaker Co 15.0 28.2 945 0.1 (0.4) 37.9 (1.5) (0.6) - 1.5 -

4191 Abdullah Saad Mohammed Abo M 31.8 24.7 636 0.0 0.0 65.8 6.3 4.2 39.7 2.7 1.6

Food & Staples Retailing

4001 Abdullah Al Othaim Markets 128.2 17.1 11,538 0.9 (3.0) 57.3 29.8 9.1 25.6 7.3 4.7

4006 Saudi Marketing Co 29.4 106.7 1,323 0.0 (1.7) 84.0 6.2 1.5 36.3 2.2 -

4061 Anaam International Holding 266.0 0.0 399 0.0 2.0 60.3

- 25.5 -

4160 Thimar 17.2 0.0 172

0.0 0.0 (10.0) (6.2) - 1.6 -

Food & Beverages

2280 Almarai Co 54.0 21.4 54,000 2.0 0.4 9.1 13.4 5.8 27.6 3.7 1.6

2050 Savola 49.6 11.5 26,459 2.0 (0.7) 44.3 12.6 3.5 28.2 3.4 0.6

2270 Saudia Dairy & Foodstuff Co 180.0 3.0 5,850 0.3 (0.8) 25.9 20.0 12.9 20.7 4.0 2.8

6010 The National Agriculture Dev 32.2 14.3 3,273 0.2 (0.2) 40.0 9.2 3.4 23.5 2.1 -

6050 Saudi Fisheries 54.0 1,101.7 2,160 0.1 5.9 131.3 (19.3) (10.5)

6.6 -

6001 Halwani Bros Co 68.1 4.7 2,140 0.1 (1.2) 94.0 12.0 5.7 37.5 4.4 1.5

6070 Al Jouf Agriculture Developm 40.4 56.0 1,212 0.1 2.9 80.4 (1.6) (1.2) - 1.9 2.5

6040 Tabuk Agricultural Developme 37.9 184.4 916 0.1 (0.1) 118.9 (31.8) (19.6)

3.4 -

6090 Jazan Energy And Development 16.1 0.0 804 0.1 0.0 37.4 (0.1) (0.1) - 1.5 -

6060 Ash-Sharqiyah Development Co 88.7 84.3 665 0.1 0.8 72.6 (37.7) (30.6) - 4.6 -

2100 Wafrah For Industry And Deve 83.5 149.0 644 0.1 3.2 133.8 (27.6) (13.5)

21.7 -

6020 Al Gassim Investment Holding 20.7 0.0 620 0.1 2.3 85.5 (7.7) (5.1)

2.1 -

Health Care Equipment & Svc

4013 Dr Sulaiman Al Habib Medical 94.3 21.1 33,005 0.7 (0.2)

20.7 10.8 36.4 7.1 0.4

4002 Mouwasat Medical Services Co 126.4 18.0 12,640 0.7 2.6 43.6 24.1 13.7 28.2 6.4 1.6

4004 Dallah Healthcare Co 46.6 10.0 4,194 0.1 (0.3) 19.5 8.3 4.2 32.5 2.7 2.5

4007 Al Hammadi Co For Developmen 27.9 14.4 3,342 0.2 1.3 32.4 7.2 4.3 29.3 2.0 -

4009 Middle East Healthcare Co 36.0 30.8 3,313 0.1 (1.6) 21.2 7.1 3.3 30.6 2.1 -

2230 Saudi Chemical Co Holding 31.4 39.8 2,648 0.2 (0.5) 30.9 2.5 0.9 59.4 1.6

4005 National Medical Care Co 55.7 14.2 2,498 0.1 (2.3) 14.6 9.5 7.0 26.3 2.5 3.6

Pharma, Biotech & Life Science

2070 Saudi Pharmaceutical Industr 33.8 34.8 4,056 0.3 (2.0) 24.0 (8.1) (3.3)

2.3 1.5



24 SEPTEMBER 2020

8




Banks

1120 Al Rajhi Bank 66.8 139.3 167,000 12.6 0.3 2.1 19.3 2.5 17.1 3.2 4.5

1180 National Commercial Bank 37.3 51.6 111,900 4.1 (0.5) (24.3) 17.0 2.1 10.8 1.8 -

1010 Riyad Bank 18.9 23.2 56,700 2.9 (0.7) (21.3) 12.9 1.9 11.1 1.4 5.8

1090 Samba Financial Group 27.0 15.0 54,000 2.5 (1.5) (16.8) 9.3 1.6 12.5 1.2 5.2

1060 Saudi British Bank 25.3 22.8 51,986 2.8 0.6 (27.1) (7.4) (1.4) - 1.1 4.7

1050 Banque Saudi Fransi 32.0 6.2 38,571 2.9 (1.5) (15.6) 7.6 1.3 15.3 1.1 6.3

1150 Alinma Bank 16.1 216.6 32,240 2.4 (0.9) (15.2) 9.7 1.6 14.7 1.4 -

1080 Arab National Bank 20.0 9.9 30,030 1.3 (1.1) (26.9) 8.9 1.4 12.1 1.1 5.0

1140 Bank Albilad 24.1 0.0 18,105 1.2 (0.3) (10.3) 13.3 1.5 14.5 1.8 4.1

1030 Saudi Investment Bank/The 15.8 0.2 11,850 0.5 (0.4) (12.4) 4.5 0.6 20.1 0.9 -

1020 Bank Al-Jazira 13.9 62.1 11,365 0.9 (0.6) (7.8) 7.4 1.0 13.4 1.0 4.3

1182 Amlak International For Real 23.6 20.2 2,142 - 0.5 - - - - 1.9 3.2

Diversified Financials

4280 Kingdom Holding Co 8.5 20.3 31,500 0.1 3.0 12.6 (3.7) (2.3) - 1.1 5.9

4080 Aseer Trading Tourism & Manu 13.7 17.4 1,737 0.1 (0.1) 51.3 (4.0) (1.8) - 1.3 -

2120 Saudi Advanced Industries 17.2 17.5 861 0.1 0.0 25.1 2.6 2.6 40.9 1.1 1.5

4130 Al-Baha Development & Invest 36.0 174.5 637 0.0 5.1 109.1 (3.0) (1.4) - 4.7 -

Insurance

8210 Bupa Arabia For Cooperative 122.0 8.1 14,640 0.7 0.0 19.1 25.4 8.7 17.8 4.1 -

8010 Co For Cooperative Insurance 82.1 10.7 10,263 0.5 (0.7) 7.0 21.7 4.1 20.5 4.1 -

8230 Al Rajhi Co For Co-Operative 76.0 23.6 3,040 0.2 (0.9) 19.7 14.3 3.7 26.0 3.5 -

8030 Mediterranean & Gulf Insuran 25.3 150.4 2,024 0.1 3.0 58.3 0.6 0.1 540.0 2.9 -

8250 Axa Cooperative Insurance 37.7 22.6 1,885 0.1 1.1 41.7 13.8 3.5 20.3 2.5 1.9

8040 Allianz Saudi Fransi Coopera 21.8 80.8 1,306 0.0 3.2 36.4 2.7 0.5 94.3 2.5 -

8280 Al Alamiya Cooperative Insur 23.9 61.9 954 0.0 2.5 28.4 2.7 1.3 88.8 2.3 -

8020 Malath Insurance 18.7 120.8 935 0.1 2.0 85.9 0.4 0.1 589.5 2.0 -

8270 Buruj Cooperative Insurance 28.0 96.5 839 0.0 9.8 45.4 (6.1) (2.8) - 2.1 -

8012 Aljazira Takaful Ta'Awuni Co 22.7 93.3 794 0.0 2.8 27.8 10.0 4.0 18.7 1.8 -

8310 Amana Cooperative Insurance 30.0 392.2 720 0.1 2.2 148.8 - - - 4.5 -

8060 Walaa Cooperative Insurance 21.6 46.4 1,398 0.1 2.2 29.5 (0.8) (0.2) - 1.8 -

8240 Chubb Arabia Cooperative Ins 32.9 51.3 658 0.0 3.8 41.8 7.7 4.1 27.2 2.0 1.5

8312 Alinma Tokio Marine 20.1 100.5 602 0.0 3.0 60.9 (8.9) (8.0) - 2.9 -

8200 Saudi Re For Cooperative Rei 12.8 0.0 1,034 0.1 3.6 37.2 3.6 1.1 33.1 1.2 -

8150 Allied Cooperative Insurance 41.0 88.4 578 0.0 5.1 53.8 4.2 4.0 86.6 3.8 -

8130 Alahli Takaful Co 33.6 79.2 559 0.0 1.7 32.9 2.9 0.8 79.8 2.3 -

8311 Saudi Enaya Cooperative Insu 33.0 85.1 495 0.0 0.9 38.7 (42.3) (28.1) - 3.6 -

8160 Arabia Insurance Cooperative 18.0 56.3 477 0.0 2.3 1.6 (16.2) (5.5) - 2.2 -

8170 Al-Etihad Cooperative Insura 21.4 48.7 856 0.1 6.0 45.6 11.5 4.0 16.0 1.8 -

8080 Sabb Takaful 26.3 57.6 894 0.0 4.2 59.4 (11.1) (4.2) - 2.9 -

8260 Gulf General Cooperative Ins 18.9 35.6 378 0.0 5.0 53.7 3.6 3.3 62.5 2.2 -

8070 Arabian Shield Cooperative 22.9 36.4 688 0.1 (0.1) 32.4 2.8 1.0 57.6 1.6 -

8300 Wataniya Insurance Co 58.4 66.2 1,168 0.1 10.0 219.1 1.8 0.3 260.4 4.7 -

8180 Al Sagr Co-Operative Insuran 15.0 0.0 598 0.0 10.0 48.4 (26.3) (10.3) - 1.8 -

8190 United Co-Operative Assuranc 14.7 91.7 590 0.0 6.8 61.8 (0.2) (0.2) - 1.6 -

8120 Gulf Union Cooperative Insur 19.0 0.0 285 0.0 7.0 47.3 6.8 6.4 29.6 1.9 -

8050 Salama Cooperative Insurance 20.5 86.2 512 0.0 4.9 70.7 (1.4) (1.2) - 2.5 -

8100 Saudi Arabian Coop Ins Co 17.6 44.7 528 0.0 2.6 47.2 2.8 2.7 57.7 1.6 -

8290 Solidarity Saudi Takaful Co 17.2 64.1 431 0.0 7.2 39.0 (19.7) (11.0) - 2.2 -

8140 Al-Ahlia Cooperative Insuran 14.8 5.6 182 0.0 10.0 31.3 (4.0) (1.8) - 2.5 -

8110 Wafa Insurance 9.5 0.0 95 - 0.0 0.0 - (396.5) - - -

Software & Services

7200 Al Moammar Information Syste 64.7 11.3 1,294 0.1 0.3 82.2 34.9 8.3 13.9 5.1 1.5

7201 Arab Sea Information Systems 67.3 21.4 673 0.0 0.1 206.2 12.5 11.4 38.8 4.5 -

Telecommunication Services

7010 Saudi Telecom Co 100.0 132.1 200,000 4.9 (0.6) (1.8) 17.1 9.4 18.7 3.2 4.0

7020 Etihad Etisalat Co 27.9 42.7 21,445 1.5 (0.4) 11.4 1.7 0.6 87.6 1.5 -

7030 Mobile Telecommunications Co 12.4 102.1 7,262 0.3 2.5 6.0 9.7 1.4 18.7 1.7 -

7040 Etihad Atheeb Telecommunicat 11.1 0.0 253 - 0.0 0.0 (31.6) (3.1) - 1.8 -

Utilities

5110 Saudi Electricity Co 16.5 76.7 68,749 1.4 (0.6) (18.4) (1.7) (0.3) - 1.0 4.2

2080 National Gas & Industrializa 30.5 6.7 2,288 0.2 0.2 (1.3) 2.2 1.6 61.0 1.5 - Source: Bloomberg, NCBC Research


24 SEPTEMBER 2020

9




REITs

4342 Jadwa Reit Saudi Fund 13.3 0.9 2,105 0.2 (0.6) 18.9 - - 27.5 1.4 5.4

4340 Al Rajhi Reit 9.6 3.7 1,546 0.1 0.1 (1.1) - - 25.5 1.0 5.9

4347 Bonyan Reit 9.0 0.4 1,466 0.0 1.4 (8.5) - - 16.6 1.0 2.7

4330 Riyad Reit Fund 8.2 2.6 1,408 0.1 0.0 (5.9) 4.3 3.4 19.9 0.9 4.9

4338 Alahli Reit Fund 1 9.2 1.0 1,258 0.0 (0.5) (3.7) - - 31.1 0.9 2.7

4339 Derayah Reit 10.0 2.7 1,079 0.1 0.2 (4.4) - - - 1.0 3.6

4345 Swicorp Wabel Reit 7.4 3.1 868 0.0 (0.5) (10.5) - - 14.6 0.8 5.8

4335 Musharaka Reit Fund 9.1 17.0 801 0.1 1.7 (4.1) 4.6 3.4 19.8 0.9 3.8

4333 Taleem Reit 12.9 1.4 659 0.0 0.3 3.5 7.0 6.9 17.9 1.2 4.9

4348 Alkhabeer Reit 9.8 5.3 648 0.0 0.8 (10.6) - - - - 8.2

4336 Mulkia Gulf Real Estate Reit 9.0 0.9 613 0.0 0.1 (8.6) 4.9 3.5 18.9 0.9 1.1

4344 Sedco Capital Reit Fund 9.3 0.5 560 0.0 1.2 (6.2) - - - 1.0 6.5

4346 Mefic Reit 7.4 9.3 544 0.0 0.4 (5.4) - - 19.5 0.7 6.7

4332 Jadwa Reit Alharamain Fund 7.7 5.8 506 0.0 0.1 (6.4) 3.0 2.3 26.6 0.8 5.2

4334 Al Maather Reit Fund 8.2 3.4 503 0.0 0.9 (6.5) - - 23.5 0.8 7.6

4337 Al Mashaar Reit 7.9 0.8 449 0.0 0.1 (3.2) 4.2 4.2 18.4 0.8 2.5

4331 Al-Jazira Riet Fund 22.0 33.1 260 0.0 6.3 76.3 (0.2) (0.2) - 2.4 -

Real Estate Mgmt & Dev't

4250 Jabal Omar Development Co 35.8 86.8 33,226 2.7 0.4 31.7 (12.2) (3.8) - 3.9 -

4321 Arabian Centres Co Ltd 26.3 16.8 12,469 0.4 (0.4) (9.9) 9.3 3.2 21.9 2.0 1.9

4100 Makkah Construction & Devepl 66.2 62.2 10,911 0.9 0.3 (13.4) 6.0 5.4 37.5 2.6 2.3

4300 Dar Al Arkan Real Estate Dev 8.9 322.1 9,601 0.8 (0.1) (19.2) 1.2 0.8 43.6 0.5 -

4220 Emaar Economic City 10.0 24.9 8,534 0.4 (0.4) 5.1 (12.5) (5.1) - 1.3 -

4090 Taiba Investments Co 30.9 7.6 4,950 0.4 (0.2) (1.0) 5.9 5.4 22.8 1.3 6.5

4310 Knowledge Economic City 12.7 11.7 4,309 0.1 (0.5) 27.8 (0.4) (0.4) - 1.4 -

4020 Saudi Real Estate Co 14.2 27.5 3,403 0.1 (0.6) 4.0 (7.6) (3.2) - 1.2 -

4150 Arriyadh Development Company 16.4 7.0 2,916 0.2 (0.2) 9.3 8.1 6.8 18.1 1.5 6.1

4320 Alandalus Property Co 18.6 43.7 1,299 0.1 3.9 18.8 5.0 3.4 37.2 1.2 5.4

4230 Red Sea International Co 17.3 9.8 1,037 0.0 (0.7) 23.4 (12.7) (6.8) - 1.8 -

Parallel Market (NOMU)

9512 Saudi White Cement Co 28.6 0.0 3,426 - (1.6) - - - - 2.0 2.6

9510 National Building And Market 309.0 0.0 1,854 - 0.8 10.8 4.8 3.4 293.2 13.8 -

9511 Sumou Real Estate Co 57.8 9.3 1,445 - (1.7) - - - - - 0.2

9504 Al Samaani Factory For Metal 160.0 0.0 400 - 10.3 97.8 (5.5) (4.6) - 12.2 0.2

9501 Development Works Food Co 142.0 29.7 355 - 4.1 80.0 24.1 7.7 27.5 4.6 - Source: Bloomberg, NCBC Research


24 SEPTEMBER 2020

10

Dubai Market recap: The DFM benchmark index declined 1.5%, closing at 2,252.3 points. Emaar Development was

down 3.2%.

DFM intraday

DFM 1-year movement and turnover

2225

2230

2235

2240

2245

2250

2255

2260

2265

2270

2275

2280

9:00 9:30 10:00 10:30 11:00 11:30 12:00 12:30

1000

1500

2000

2500

3000

-

200

400

600

800

1,000

1,200

1,400

1,600

Sep-20Jun-20Apr-20Jan-20Oct-19

Turnover (RHS) Dubai





Dar Al Takaful 1.0 (5.0) 0.3

Arabtec Holding 0.6 (4.9) 5.8

Dubai Islamic Insurance 1.1 (4.3) 5.1

Gulf Navigation Holding 0.4 (4.0) 0.1

Emaar Development 2.4 (3.2) 2.2

Emaar Properties 2.9 (2.4) 15.1

Emirates NBD 10.5 (1.4) 9.5

Arabtec Holding 0.6 (4.9) 5.8

Dubai Islamic Insurance 1.1 (4.3) 5.1

Dubai Islamic Bank 4.3 (0.7) 4.7





Company (AED) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

Emirates NBD 10.5 9.51 17,986 (1.4) (3.2) (19.6) 16.0 1.8 0.9 5.9 3.8

Commercial Bk Of Dubai 3.8 0.00 10,650 0.0 5.6 (5.0) 12.5 1.4 1.0 8.6 5.4

Emaar Development 2.4 2.19 9,560 (3.2) 5.8 (39.0)

0.9

Dubai Islamic Bank 4.3 4.73 8,425 (0.7) 4.1 (22.5) 15.0 1.7 1.1 7.4 8.2

DU 5.3 0.03 6,484 (0.8) 0.0 (4.9) 16.6 9.0 2.9 17.1 6.5

Emaar Properties 2.9 15.13 5,560 (2.4) (1.0) (29.1) 9.6 4.3 0.4 4.0

Emaar Malls 1.5 1.51 5,213 (1.3) 5.8 (19.7)

1.0

Mashreq Bank 62.8 0.00 3,035 0.0 (6.2) (10.7) 6.6 0.9 0.5 8.1 6.4

Dubai Financial Market 0.8 0.36 1,833 (1.6) (3.0) (13.3) 1.7 1.4 0.9 49.1 3.0

Tabreed 2.2 0.19 1,598 (0.9) 0.9 12.5 10.5 4.7 1.2 11.8 4.9






Gulf Navigation Holding 0.46 0.45 0.43 0.50

Shuaa Capital 0.65 0.65 0.65 0.63

.


.



24 SEPTEMBER 2020

11

Abu Dhabi

Market recap: The Abu Dhabi index declined 0.5%, closing at 4,466.8 points. Etisalat was up 0.4%. AD National

Energy was down 2.1%.

ADX intraday

ADX 1-year movement and turnover

4450

4455

4460

4465

4470

4475

4480

4485

4490

9:00 9:30 10:00 10:30 11:00 11:30 12:00 12:30

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

-

100

200

300

400

500

600

700

800

900

1,000

Sep-20Jun-20Apr-20Jan-20Oct-19

ADI Turnover (RHS)





Agthia Group 3.6 1.7 0.5

RAK Cement 0.8 1.5 0.2

RAK Properties 0.4 0.8 0.3

Etisalat 16.6 0.4 2.8

RAK Bank 3.6 0.3 0.5

Eshraq Properties 0.3 (5.0) 1.5

Gulf Cement 0.4 (4.9) 0.0

AD National Hotels 2.6 (4.8) 0.0

Methaq Takaful Ins 0.7 (4.4) 0.1

AD National Insurance 3.8 (2.6) 0.0

Intl Holdings 37.8 (0.3) 19.7

First Abu Dhabi Bank 11.1 (0.9) 18.9

Aldar Properties 2.0 (1.5) 15.0

AD Commercial Bank 5.5 (0.4) 11.3

Abu Dhabi National Oil 3.4 0.0 8.5





Company (AED) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

AD National Energy 1.4 1.33 41,971 (2.1) (6.8) 163.0 (62.5) (2.0) 4.9

Etisalat 16.6 2.81 39,337 0.4 0.2 1.5 19.4 7.2 3.2 16.5 4.8

First Abu Dhabi Bank 11.1 18.87 33,028 (0.9) (3.1) (26.8) 11.6 1.3 1.4 11.5 6.7

Intl Holdings 37.8 19.73 18,750 (0.3) (0.3) 509.4 44.8 20.4 14.7 44.4

Abu Dhabi National Oil 3.4 8.50 11,649 (1.4) 6.9 15.5 53.3 13.9 12.4 21.8 5.6

AD Commercial Bank 5.5 11.34 10,427 (0.4) (0.7) (30.6) 7.7 0.9 0.8 10.4 6.9

Aldar Properties 2.0 15.00 4,285 (1.5) (1.5) (7.4) 7.2 4.5 0.6 9.0 7.2

AD Islamic Bank 4.1 2.34 4,077 0.2 3.0 (23.6) 12.4 1.6 1.1 9.0 6.6

National Bank Of Fujairah 5.0 N.A. 2,598 0.0 0.0 3.3 4.7 0.6 1.9 52.8 2.0

RAK Bank 3.6 0.51 1,621 0.3 1.7 (25.3) 11.5 1.5 0.8 7.1 8.5






Eshraq Investments 0.36 0.34 0.32 0.41

Methaq Takaful Insurance 0.74 0.72 0.69 0.61

.


.



24 SEPTEMBER 2020

12

Kuwait

Market recap: The Kuwait Main Market benchmark declined 0.3%, closing at 6,221.6 points. Warba Bank was up

1.6%. Burgan Bank was down 1.9%.

KSE intraday

KSE 1-year movement and turnover

6180

6190

6200

6210

6220

6230

6240

6250

6260

8:50 9:20 9:50 10:20 10:50 11:20 11:50 12:20

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

-

10

20

30

40

50

60

70

80

90

100

Sep-20Jun-20Mar-20Dec-19Oct-19

('0

00s

)

Turnover (RHS) KWSE





Boursa Kuwait 1.18 3.7 5.52

Warba Bank 0.25 1.6 8.79

Burgan Bank 0.21 (1.9) 2.72

Qurain Petrochemical 0.28 (1.1) 0.45

Kuwait Int'l Bank 0.20 (1.0) 8.92

Humansoft Holding 2.68 (1.0) 1.01

Mezzan Holding 0.62 (1.0) 0.47

Kuwait Finance House 0.69 (0.1) 41.55

Zain Kuwait 0.59 (0.2) 10.63

Ahli United Bank 0.24 (0.4) 9.46

Gulf Bank 0.23 (0.4) 9.07

Kuwait Int'l Bank 0.20 (1.0) 8.92


All Close values are in KWD unless specified otherwise, T/O in $ million



Company (KWD) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

Kuwait Finance House 0.69 47.58 18,457 (0.1) 10.7 (6.0) 10.7 1.0 2.9 26.8 2.6

Ahli United Bank 0.24 10.83 8,263 (0.4) 4.7 (16.9) 17.0 1.9 1.8 11.1 5.8

Boubyan Bank 0.60 2.82 6,417 0.0 4.5 (1.1) 8.8 0.9 3.7 40.4 1.4

Agility 0.68 10.09 4,552 0.0 8.7 (4.7) 5.7 2.9 1.4 22.0 0.6

Gulf Bank 0.23 10.39 2,339 (0.4) 8.0 (24.1) 8.4 0.9 1.1 12.6 4.8

Burgan Bank 0.21 3.11 1,920 (1.9) 5.6 (31.3) 5.5 0.9 0.8 13.7 5.7

Warba Bank 0.25 10.07 1,371 1.6 24.6 (5.3) (5.1) (0.2) 2.1

Shamal Az-Zour 0.34 8.15 1,293 0.0 4.7

15.1 2.3 4.8 30.0

Humansoft Holding 2.68 1.16 1,151 (1.0) 6.1 (10.9) 35.2 22.0 3.7 12.4

Kuwait Projects 0.16 2.11 1,088 (0.6) 6.0 (26.9) 6.9 0.3 1.3 19.5 6.3





Boursa Kuwait 1.12 1.14 1.18


Humansoft Holding 2.78 2.71 2.68 2.57

.


.



24 SEPTEMBER 2020

13

Qatar

Market recap: The Qatari bourse benchmark remained flat, closing at 9,788.3 points. Ooredoo was up 7.0%.

Masraf Al Rayan was down 1.2%.

DSM20 intraday

DSM20 1-year movement and turnover

9650

9700

9750

9800

9850

9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

6,000

7,000

8,000

9,000

10,000

11,000

50 150 250 350 450 550 650 750 850 950

Sep-20Jun-20Mar-20Dec-19Oct-19Turnover (RHS) DSM 20





Ooredoo 7.1 7.0 55.3

Vodafone 1.3 6.8 8.0

Qatar Insurance 2.1 3.0 1.3

Ezdan Holding 1.9 2.4 15.2

Barwa 3.4 1.6 5.6

United Development 1.9 (2.6) 0.0

Mesaieed Petrochemical 2.1 (1.4) 1.8

Masraf Al Rayan 4.1 (1.2) 2.8

QEWC 16.6 (1.0) 3.9

QNB 17.4 (0.9) 14.9

Qatar Islamic Bank 16.0 (0.3) 79.6

Ooredoo 7.1 7.0 55.3

Ezdan Holding 1.9 2.4 15.2

QNB 17.4 (0.9) 14.9

Vodafone 1.3 6.8 8.0


All Close values are in QAR unless specified otherwise, T/O in $ million



Company (QAR) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

QNB 17.4 14.86 44,025 (0.9) (3.6) (15.7) 17.2 1.4 2.3 13.8 3.5

Industries Qatar 10.0 0.73 16,554 0.4 1.0 (3.1) 4.9 4.4 1.9 38.2 4.0

Qatar Islamic Bank 16.0 79.53 10,354 (0.3) (0.3) 4.0 17.6 1.9 2.2 13.3 3.3

Masraf Al Rayan 4.1 2.84 8,427 (1.2) (1.9) 3.3 16.7 2.1 2.3 14.0 5.5

Ooredoo 7.1 55.26 6,266 7.0 7.9 0.6 7.6 2.0 1.0 13.6 3.5

QEWC 16.6 3.94 5,016 (1.0) (3.5) 3.2 16.2 8.9 2.1 12.6 4.7

Commercial Bank 3.9 2.89 4,370 0.0 (5.4) (16.4) 10.2 1.4 0.9 9.0 5.1

Nakilat 2.6 4.24 3,973 (0.8) (4.2) 9.2 17.4 3.4 2.4 13.5 3.8

Barwa 3.4 5.55 3,629 1.6 (0.5) (4.1) 8.2 5.0 0.7 8.3 5.9

Qatar Int'l Islamic 8.2 1.73 3,418 0.0 (4.0) (15.1) 15.3 1.7 2.1 14.1 5.2





Ooredoo 6.5 6.7 7.1 6.7


QNB 17.7 17.5 17.4 18.3

Qatar Islamic Bank 16.1 16.0 16.0 16.1

.


.



24 SEPTEMBER 2020

14

Egypt

Market recap: The EGX30 benchmark declined 0.6%, closing at 10,911.4 points. Eastern Tobacco was up 0.7%. T

M G Holding was down 2.6%.

TASI intraday


10850

10860

10870

10880

10890

10900

10910

10920

10930

10940

10950

10960

11:00 11:30 12:00 12:30 13:00 13:30 14:00 14:30

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

-

200

400

600

800

1,000

1,200

1,400

1,600

Sep-20Jun-20Mar-20Dec-19Sep-19

Turnover (RHS) EGX 30





Sidi Kerir 8.9 1.7 0.0

Dice Sport 1.7 1.7 8.4

Ezz Steel 8.1 1.0 0.0

Eastern Tobacco 11.9 0.7 0.6

Beltone 2.8 (3.8) 2.4

Egyptian Iron & Steel 3.2 (2.8) 0.0

Orascom Investment 0.5 (2.8) 0.0

Ghabbour Auto 2.5 (2.7) 0.0

T M G Holding 6.1 (2.6) 1.0

Beltone 2.8 (3.8) 2.4

Elswedy Electric 6.8 (1.7) 2.0

Edita Food 9.6 (0.5) 1.5

T M G Holding 6.1 (2.6) 1.0

Egypt Kuwait Holding 1.1 (0.1) 0.1


All Close values are in EGP unless specified otherwise, T/O in $ million



Company (EGP) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

CIB 67.0 3.56 5,788 (0.1) (0.9) (19.3) 21.5 3.0 1.9 9.5 1.9

Eastern Tobacco 11.9 0.23 1,568 0.7 (6.8) (23.9) 34.9 19.3 2.5 7.6 19.7

Telecom Egypt 11.6 0.72 1,161 (1.8) (14.2) 14.9 10.1 6.2 0.5 5.6 2.2

Elswedy Electric 6.8 0.78 870 (1.7) (9.9) (41.1) 20.6 5.9 1.0 4.8 11.8

T M G Holding 6.1 0.36 740 (2.6) (11.7) (25.3) 5.7 1.7 0.4 7.1 0.7

Emaar Misr 2.4 0.12 629 (1.7) (7.1) (19.2) 13.4 5.3 0.6 5.4

Credit Agricole Egypt 25.6 0.02 468 (0.9) 3.3 (41.4) 28.3 3.4 1.2 4.5 13.4

Cleopatra Hospital 5.0 0.59 468 (0.6) (1.0) (17.6) 12.7 10.9 4.2 39.9

Heliopolis Housing 5.7 0.48 445 (0.9) (13.3) (28.0) 86.4 16.3 1.6 10.8 0.3

Cairo Inv. 12.9 0.00 444 (0.5) (0.5) (6.8) 23.6 15.4 7.1 31.6 0.3





Ezz Steel 7.6 8.0 8.1 7.5

Sidi Kerir 8.6 8.8 8.9 7.7


Orascom Dev 4.0 4.0 3.9 4.6

Ibnsina Pharma 7.3 7.2 7.0 7.8

Credit Agricole Egypt 25.9 25.8 25.6 25.8

Cairo Inv. 13.0 13.0 12.9 12.9

.


.



24 SEPTEMBER 2020

15

Oman

Market recap: The MSM30 benchmark index gained 0.1%, closing at 3,627.0 points. Nat'l Bk Of Oman was up

1.8%. HSBC was down 1.1%.

TASI intraday


3618

3620

3622

3624

3626

3628

9:00 9:30 10:00 10:30 11:00 11:30

-

1,000

2,000

3,000

4,000

5,000

-

2,500

5,000

7,500

10,000

12,500

15,000

17,500

20,000


Turnover (RHS) MSM 30





Gulf Inv. Services 0.1 3.1 0.0

Nat'l Bk Of Oman 0.2 1.8 0.0

Oman Cement Co 0.2 1.8 0.0

Oman Fisheries 0.1 1.2 0.0

Bank Nizwa 0.1 1.0 0.0

Renaissance 0.3 (2.4) 0.0

Muscat Finance 0.0 (2.0) 0.0

Al Anwar Holdings 0.1 (1.5) 0.0

Al Madina Takaful 0.1 (1.3) 0.0

Raysut Cement 0.3 (1.3) 0.0

HSBC 0.09 (1.1) 0.25

Al-Anwar Ceramic 0.17 (0.6) 0.11

Bank Sohar 0.10 0.0 0.10

Ooredoo 0.39 0.0 0.07

Oman Telecom 0.63 0.0 0.06


All Close values are in OMR unless specified otherwise, T/O in $ million



Company (OMR) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

Bank Muscat 0.4 0.03 3,108 0.5 (8.0) (11.0) 9.0 1.3 0.7 7.4 9.06

Oman Telecom 0.6 0.06 1,232 0.0 1.9 5.3

0.9

8.76

Bank Dhofar 0.1 0.00 818 0.0 (5.4) (14.6) 2.9 0.6 0.6 18.7 2.86

Nat'l Bk Of Oman 0.2 0.00 710 1.8 (6.1) (8.7) 8.4 1.1 0.7 9.4 10.00

Ominvest 0.3 0.00 697 0.0 (0.6) (2.4) 21.0 2.2 1.3 5.7 7.53

Ooredoo 0.4 0.07 656 0.0 (2.5) (26.0) 10.7 6.0 1.0 9.5 10.31

Bank Sohar 0.1 0.10 607 0.0 (10.3) (10.1) 6.9 0.9 0.7 8.0 3.00

Ahli Bank 0.1 0.00 600 0.0 2.2 13.1 11.3 1.2 0.9 10.4 6.85

HSBC 0.1 0.25 473 (1.1) (7.1) (24.8) 2.0 0.3 0.5 24.2 9.56

Bank Nizwa 0.1 0.03 394 1.0 0.0 6.3 8.0 1.2 1.0 12.5




22-Sep 23-Sep 24-Sep 21-Sep

22-Sep 23-Sep 24-Sep 21-Sep

.


.



24 SEPTEMBER 2020

16

Bahrain

Market recap: The Bahrain benchmark index remained flat, closing at 1,450.4 points. Bahrain Telecom was up

0.4%. GFH Financial Grp was down 1.8%.

TASI intraday


1445

1446

1447

1448

1449

1450

1451

1452

9:30 9:55 10:15 10:40 11:15

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000


Turnover (RHS) BAX





Bahrain Telecom 0.5 0.4 0.2

Seef Properties 0.2 (1.2) 0.0


BBK 0.5 (0.2) 0.0

Nat'l Bk Of Bahrain 0.6 (0.2) 0.0

Bmmi 0.74 0.0 7.80


GFH Financial Grp 0.16 0.0 0.54

Ithmaar Holding 0.09 9.0 0.23

Bahrain Telecom 0.46 0.4 0.19


All Close values are in BHD unless specified otherwise, T/O in $ million



Company (BHD) ($mn) ($mn) %Last %MTD %YTD ROE ROA P/BV P/E TTM (%)

Ahli United Bank 0.8 2.06 20,244 (0.4) 9.2 (16.5) 17.0 1.9 1.8 11.0 5.70

Nat'l Bk Of Bahrain 0.6 0.01 2,819 (0.2) 1.1 (1.8) 14.7 2.3 2.0 12.7 3.60

Arab Banking Corp 0.3 0.04 2,488 0.0 1.3 (35.3) 4.9 0.7 0.2 4.3 NA

Bahrain Telecom 0.5 0.19 2,026 0.4 9.7 19.6 11.0 5.4 1.6 14.9 6.70

BBK 0.5 0.05 1,810 (0.2) 1.0 (7.5) 15.0 2.0 1.3 8.8 5.66

GFH Financial Grp 0.2 0.54 1,570 (1.8) (1.8) (29.6) 7.8 1.5 0.5 7.7 5.49

Aluminium Bahrain 0.4 0.16 1,495 0.0 4.4 (4.3) 1.3 0.6 0.5 29.0 0.25

Albaraka Banking Grp 0.3 0.01 841 0.0 (0.4) (17.1) NA NA NA NA 7.78

Al-Salam Bank 0.1 0.03 467 0.0 4.1 (19.9) NA NA 0.6 NA 5.00

Bahrain Duty Free 0.7 0.08 247 0.0 18.9 (14.3) 14.4 12.4 1.8 12.5 7.63






.


.



24 SEPTEMBER 2020

17

Glossary – Abbreviations used

%Chg % change MCap Market capitalization TTM Trailing 12 month*

bn Billion mn Million VAR Variance

DY Dividend yield Nm Not meaningful Vol Volume (No of stocks traded)

O/N Overnight P/E Price to earnings* YoY Year on Year

Fut. Futures’ prices (commodities) PBV Price to book value* YTD Year to date

%Last % change in last trading day QoQ Quarter on Quarter MTD Month to date

Close Adjusted Closing Price ROA Return on assets* QTD Quarter to date

T/O Turnover (Value of stocks traded) ROE Return on equity* 1M, 2M 1 Month, 2 Month etc

Important information

The authors of this report hereby certify that the views expressed in this document accurately reflect their personal views regarding the securities and companies that are the subject of this document. The authors also certify that neither they nor their respective spouses or dependents (if relevant) hold a beneficial interest in the securities that are the subject of this document. Funds managed by NCB Capital and its subsidiaries for third parties may own the securities that are the subject of this document. NCB Capital or its subsidiaries may own securities in one or more of the aforementioned companies, or funds or in funds managed by third parties The authors of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. The investment banking division of NCB Capital may be in the process of soliciting or executing fee earning mandates for companies that are either the subject of this document or are mentioned in this document. This document is issued to the person to whom NCB Capital has issued it. This document is intended for general information purposes only, and may not be reproduced or redistributed to any other person. This document is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document is not intended to take into account any investment suitability needs of the recipient. In particular, this document is not customized to the specific investment objectives, financial situation, risk appetite or other needs of any person who may receive this document. NCB Capital strongly advises every potential investor to seek professional legal, accounting, tax and financial guidance when determining whether an investment in a security is appropriate to his or her needs. Any investment recommendations contained in this document take into account both risk and expected return. Information and opinions contained in this document have been compiled or arrived at by the author are from sources believed to be reliable, but NCB Capital has not independently verified the contents of this document and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this document. To the maximum extent permitted by applicable law and regulation, NCB Capital shall not be liable for any loss that may arise from the use of this document or its contents or otherwise arising in connection therewith. Any financial projections, fair value estimates and statements regarding future prospects contained in this document may not be realized. All opinions and estimates included in this document constitute the author’s judgment as of the date of production of this document, and are subject to change without notice. Past performance of any investment is not indicative of future results. The value of securities, the income from them, the prices and currencies of securities, can go down as well as up. An investor may get back less than he or she originally invested. Additionally, fees may apply on investments in securities. Changes in currency rates may have an adverse effect on the value, price or income of a security. No part of this document may be reproduced without the written permission of NCB Capital. Neither this document nor any copy hereof may be distributed in any jurisdiction outside the Kingdom of Saudi Arabia where its distribution may be restricted by law. Persons who receive this document should make themselves aware, of and adhere to, any such restrictions. By accepting this document, the recipient agrees to be bound by the foregoing limitations. NCB Capital is authorised by the Capital Market Authority of the Kingdom of Saudi Arabia to carry out dealing, as principal and agent, and underwriting, managing, arranging, advising and custody, with respect to securities under licence number 37-06046. The registered office of NCB Capital is at King Saud Road, NCB Regional Building P.O. Box 22216, 11495 Riyadh, Kingdom of Saudi Arabia.

Research disclosures

Third Party Research This research is prepared by NCB Capital, with headquarters in Riyadh, Saudi Arabia. NCB Capital is authorized to engage in securities activities according to its domestic legislation. This research is not a product of Tellimer Markets, Inc., a U.S. registered broker-dealer. NCB Capital has sole control over the contents of this research report. Tellimer Markets, Inc. does not exercise any control over the contents of, or the views expressed in, research reports prepared by NCB Capital. NCB Capital is not registered as a broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” and other “U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Tellimer Markets, Inc., located at Floor 36, 444 Madison Avenue, Floor 36, New York, NY 10022. A representative of Tellimer Markets, Inc. is contactable on +1 (212) 551 3480. Tellimer Markets, Inc. accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person including major U.S. institutional investors.


24 SEPTEMBER 2020

18

None of the materials provided in this report may be used, reproduced, or transmitted, in any form or by any means, electronic or mechanical, including recording or the use of any information storage and retrieval system, without written permission from Tellimer and NCB Capital. NCB Capital is the employer of the research analyst(s) responsible for the content of this report and research analysts preparing this report are resident outside the U.S. and are not associated persons of any U.S. regulated broker-dealer. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of Tellimer Markets, Inc. and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account. Tellimer Markets, Inc. or its affiliates has not managed or co-managed a public offering of securities for the subject company in the past 12 months, has not received compensation for investment banking services from the subject company in the past 12 months, and does not expect to receive or intend to seek compensation for investment banking services from the subject company in the next three months. Tellimer Markets, Inc. has never owned any class of equity securities of the subject company. There are no other actual, or potential, material conflicts of interest of Tellimer Markets, Inc. at the time of the publication of this report. As of the publication of this report, Tellimer Markets, Inc. does not make a market in the subject securities.

About Tellimer

Tellimer is a registered trade mark of Exotix Partners LLP. Exotix Partners LLP and its subsidiaries ("Tellimer") provide specialist investment banking services to trading professionals in the wholesale markets. Tellimer draws together liquidity and matches buyers and sellers so that deals can be executed by its customers. Tellimer may at any time, hold a trading position in the securities and financial instruments discussed in this report. Tellimer has procedures in place to identify and manage any potential conflicts of interests that arise in connection with its research. A copy of Tellimer’s conflict of interest policy is available at www.tellimer.com/regulatory-information.

Distribution

This report is not intended for distribution to the public and may not be reproduced, redistributed or published, in whole or in part, for any purpose without the written permission of Tellimer. Tellimer shall accept no liability whatsoever for the actions of third parties in this respect. This report is for distribution only under such circumstances as may be permitted by applicable law. This report may not be used to create any financial instruments or products or any indices. Neither Tellimer and NCB Capital, nor its members, directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the information herein. United Kingdom: Distributed by Exotix Partners LLP only to Eligible Counterparties or Professional Clients (as defined in the FCA Handbook). The information herein does not apply to, and should not be relied upon by, Retail Clients (as defined in the FCA Handbook); neither the FCA’s protection rules nor compensation scheme may be applied. UAE: Distributed in the Dubai International Financial Centre by Exotix Partners LLP (Dubai) which is regulated by the Dubai Financial Services Authority (“DFSA”). Material is intended only for persons who meet the criteria for Professional Clients under the Rules of the DFSA and no other person should act upon it. Other distribution: The distribution of this report in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction.

Disclaimers

Tellimer and/or its members, directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein. Tellimer may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups of Tellimer. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. Frontier and Emerging Market laws and regulations governing investments in securities markets may not be sufficiently developed or may be subject to inconsistent or arbitrary interpretation or application. Frontier and Emerging Market securities are often not issued in physical form and registration of ownership may not be subject to a centralised system. Registration of ownership of certain types of securities may not be subject to standardised procedures and may even be effected on an ad hoc basis. The value of investments in Frontier and Emerging Market securities may also be affected by fluctuations in available currency rates and exchange control regulations. Not all of these or other risks associated with the relevant company, market or instrument which are the subject matter of the report are necessarily considered.

19 JULY 2020 NCBC ON THE MARKETS CLOSING BELL · 2020-07-19 · CLOSING BELL NCB CAPITAL 19 JULY...

Documents

Transcript of 19 JULY 2020 NCBC ON THE MARKETS CLOSING BELL · 2020-07-19 · CLOSING BELL NCB CAPITAL 19 JULY...