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Transcript of DMB08072012
Kuwait Financial Centre “Markaz”
Daily Morning Brief
July 8, 2012
This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to
copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly
mention the source as “Markaz “. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial
instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us
as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800
Fax: 00965 22450647. Email: [email protected]
Equity watch
Indicators
M. Cap
(USD Bn)
Last
Close
Chg
(%)
MTD
%
YTD
%
2011
%
P/E
TTM
Div.
Yield
MENA Markets
Saudi (TASI) 361 6,860 0.36 2.23 6.88 -3 12 4.2
Turkey ISE National 100 198 62,781 1.30 0.38 22.46 -22 10 2.5
Kuwait SE WT.INDEX 102 404 0.07 0.44 -0.38 -16 15 3.4
Qatar(QE Index) 96 8,267 0.16 1.78 -5.83 1 9 4.5
Abu Dhabi (ADI) 75 2,472 0.01 1.01 2.91 -12 7 6.1
Morocco (CAI) 52 9,958 -0.73 -0.95 -9.70 -13 11 4.0
Dubai (DFMGI) 47 1,505 1.02 3.64 11.18 -17 10 4.5
Egypt (Hermes) 57 497 0.70 3.75 30.20 -42 10 3.6
Jordan (Amman) 23 4,431 0.29 0.94 -4.68 -13 12 5.0
Bahrain (BAX) 17 1,122 0.00 -0.43 -1.91 -20 8 5.4
Oman(Muscat SM) 15 5,577 0.35 -1.98 -2.07 -16 12 4.7
Lebanon (BSE) 12 1,150 0.15 0.98 -2.25 -20 10 1.1
Emerging Markets
MSCI EM Index 3,844 938 -1.01 1.01 3.75 -21 12 3.1
MSCI BRIC Index 1,614 880 -1.09 1.41 0.02 -26 9 3.5
Shanghai A Share Index 2,373 2,329 1.01 -0.08 1.06 -22 12 2.6
SENSEX Index (India) 534 17,521 -0.10 0.52 13.37 -25 14 1.5
S&P GCC Composite 238 94 0.05 1.27 2.25 -8 12* 3.8*
Developed Markets
MSCI WORLD Index 30,809 789 -1.56 -0.21 4.15 -10 14 2.8
US (S&P 500) 12,700 1,355 -0.94 -0.55 7.72 0 14 2.6
UK (FTSE) 2,413 5,663 -0.53 1.64 1.62 -6 11 4.2
Japan (Nikkei 225) 2,196 9,021 -0.65 0.16 6.69 -17 15 2.2
France (CAC) 1,012 3,169 -1.88 -0.87 0.28 -17 10 4.4
Germany (DAX) 802 6,410 -1.92 -0.10 8.68 -15 11 4.1 *- P/E & Div. Yield for GCC as per Zawya
Fixed Income Watch Last Chg (%) MTD % YTD % 2011 2011%
Barclays US treas. 10 Yr 241 0.41 0.92 4.14 231.43 15
JP Morgan Em Bond ETF 115 0.28 0.80 5.83 108.36 2 HSBC/Nasd. Dub GCC $ T.Ret 141 0.00 0.29 6.03 133.00 8
Commodity/Currency/Volatility Watch Close Chg (%) MTD % YTD % 2011 2011% Precious Metals
Gold $/oz 1,582.50 0.01 -0.91 1.18 1564.11 10
Silver $/oz 27.07 0.07 -1.49 -2.56 27.78 -10
IPE Brent $/bbl 98.19 -2.49 0.40 -8.56 107.38 14
CRB Commodity Index 481.45 -0.49 1.23 -0.12 482.01 -7
Volatility & Currency
CBOE VIX index 17.1 -2.29 0.12 -26.92 23.4 32
USD (1 EUR =) 1.23 0.85 3.02 5.44 1.2955 -3
Yen (1 USD =) 79.64 0.29 0.16 -3.42 76.92 -5
KWD (1 USD =) 0.2795 0.52 0.00 -0.43 0.27825 -1
KWD (1 EUR =) 0.3454 0.61 2.46 4.37 0.3605 -4
Blue chip watch
Companies
M. Cap
(USD Bn)
Last Pct
Chg
% M
T D
% Y
T D
2011
%
P /
E (ttm)
Div
yield
PAT (Mn)
1Q12 % Gr
YoY
Saudi Arabia (SAR)
SABIC 72 89.5 -0.6 -3.5 -7 -8 9 5.6 7,271 -5
Al-Rajhi Bank 30 74.3 -1.3 0.7 7 -16 14 4.4 2,011 18
Saudi Telecom 20 38.4 -0.5 -2.8 14 -21 9 5.2 2,521 60
Saudi Electricity Co. 14 13.0 -0.4 0.8 -6 -1 23 5.4 -583 NM
Samba Fin. Group 11 45.9 -0.4 1.8 -2 -24 10 3.6 1,145 2
United Arab Emirates (AED)
ETISALAT 20 9.3 0.3 0.9 2 -15 13 6.5 1,809 0
NBAD 9 8.2 0.0 -0.7 3 12 9 3.6 1,041 12
First Gulf Bank 7 8.4 -0.2 5.1 9 -11 7 11.9 935 7
Emirates NBD 4 2.7 0.4 -0.4 -8 7 9 7.4 641 -55
Emaar Properties 5 3.1 1.7 10.0 20 -28 10 3.2 606 44
Kuwait (KWD)
ZAIN 11 0.7 -2.8 -5.4 -22 -41 10 9.3 71 1
NBK 16 1.1 1.9 3.9 4 -14 15 3.8 81 0
KFH 8 0.7 0.0 -1.4 -12 -16 27 2.1 20 -11
Gulf Bank 4 0.4 0.0 -1.1 -11 -11 39 0.0 7 -25
Comm. Bk. Kuwait 3 0.8 0.0 -3.8 -5 -14 - 0.0 0.3 -75
Qatar (QAR)
Industries Qatar 20 132.2 0.2 5.8 -1 -4 9 5.7 1,907 -9
QNB 26 133.8 0.9 1.9 -3 14 11 3.0 2,004 17
Ezdan Real Est. Co. 14 19.6 0.4 -1.5 -12 -27 152 0.8 144 291
Q-TEL 9 105.7 -0.2 2.1 12 -5 11 2.5 711 -12 Comr’cialBk of Qatar 5 69.3 0.0 1.3 -18 -9 9 8.7 471 6
5 – year CDS (USD) watch (bps)
Country Current 2011 52-week
High Low
Saudi Arabia 123.33 123.32 137.30 94.04
Abu-Dhabi 124.50 124.89 148.50 89.96
Dubai 346.59 445.00 509.90 328.63
Qatar 125.51 125.39 146.93 90.16
Oman 210.00 246.00 290.50 156.50
Bahrain 341.57 376.66 387.62 235.38 Source: Bloomberg, Reuters Eikon
Interest rate watch
Inter-bank Deposit rate
3M Int rates %
US 3M Rate % Diff FY11 Diff
Kuwait 0.27 0.45 -0.18 0.04
Saudi 0.60 0.45 0.15 -0.08
UAE 0.30 0.45 -0.15 0.03
Qatar 0.32 0.45 -0.13 0.05
Oman 0.28 0.45 -0.17 0.03
Bahrain 0.30 0.45 -0.15 -0.17
Last FOMC Meeting Date: Jun 19-20 Next FOMC Mt Date: Jul 31-Aug 1
Yield curve watch Libor (In %) US Treasuries (In %)
KIBOR yield curve (%)
Corporate earnings watch
Company
Name
Type Country Currency
Earnings
% Ch LFY PFY
National
Gypsum Co
6M Saudi
Arabia
SAR (Mn) 16.00 21.05 -
24.0
Almarai Co 6M Saudi
Arabia
SAR(Mn)
621.60
586.4 6.0
Dar Alarkan
RED Co
6M Saudi
Arabia
SAR(Mn)
623.60
572.11 9.0
Yanbu
Cement Co
6M Saudi
Arabia
SAR(Mn) 360.0 251.75 43.0
News & Views
Saudi National Water to launch projects worth SAR 2.1 billion in
Riyadh. They will drill new wells, set up treatment plants for drinking water with a total capacity of 150,000 cubic metres a day.
Surplus commercial space in Jeddah and Riyadh as a result of
several new projects, forces rents to fall. Research houses expect
the construction and RE market to be attractive in the long term
due to demand from foreign investors and strong economic
performance.
Zain KSA shareholders approve capital restructuring plan. The paid-
up capital will be reduced from SAR 14 billion to 4.8 bn. A rights issue will subsequently increase the paid-up capital to SAR 10.8 bn.
Saudi Fin Min denies report carried out in a local newspaper about properties expected to be appropriated to make way for the
expansion of the Prophet’s Mosque. The Ministry will announce in detail steps taken to implement the expansion project.
Development of tourist attractions in Riyadh is on the cards.
President of SCTA Prince Sultan bin Salman and the Mayor of
Riyadh Abdullah Al-Muqbil discussed future plans for tourism. Abu Dhabi banks and fin institutions in UAE will carry out a due
diligence in compliance with the Central Bank circular to ascertain if Syrian President or other officials hold assets or have had
transactions in UAE instis.
Note: 1 Weekend Details – Saudi Arabia – Thursday & Friday; Turkey, Morocco & Lebanon – Saturday & Sunday; MENA Ex-Saudi Arabia, Turkey, Morocco & Lebanon –
Friday & Saturday; US, European & Emerging Markets – Saturday & Sunday. Markaz Research can now be accessed on Bloomberg. Type “MRKZ” <Go>.