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Transcript of DMB17042012
Kuwait Financial Centre “Markaz”
Daily Morning Brief
17 April, 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) 379 7,278 -0.96 -7.11 13.40 -3 13 3.8
Turkey ISE National 100 193 60,479 -0.17 -3.12 17.97 -22 10 2.5
Kuwait SE WT.INDEX 103 412 -0.35 -2.04 1.48 -16 14 3.1
Qatar(QE Index) 98 8,727 -0.14 -0.72 -0.59 1 9 4.3
Abu Dhabi (ADI) 74 2,500 -0.50 -2.09 4.05 -12 8 6.0
Morocco (CAI) 57 10,294 0.59 -5.98 -6.66 -13 11 3.9
Dubai (DFMGI) 51 1,649 -1.55 0.02 21.86 -17 11 4.1
Egypt (Hermes) 56 472 0.00 -4.61 23.70 -42 10 4.2
Jordan (Amman) 24 4,679 -1.33 -0.27 0.67 -13 13 4.7
Bahrain (BAX) 17 1,139 0.05 -1.19 -0.44 -20 8 5.3
Oman(Muscat SM) 14 5,949 -0.91 4.55 4.46 -16 14 5.9
Lebanon (BSE) 13 1,189 0.00 -2.87 1.06 -20 10 0.5
Emerging Markets
MSCI EM Index 4,092 1,010 0.47 -2.00 11.66 -21 12 2.7
MSCI BRIC Index 1,786 985 0.75 -1.70 11.97 -26 10 2.8
Shanghai A Share Index 2,512 2,469 -0.09 4.16 7.15 -22 13 2.2
SENSEX Index (India) 558 17,151 0.33 -1.46 10.97 -25 14 1.5
S&P GCC Composite 250 100 -0.74 -5.60 8.28 -8 12* 3.8*
Developed Markets
MSCI WORLD Index 31,888 817 0.13 -3.25 7.93 -10 15 2.6
US (S&P 500) 12,832 1,370 -0.05 -2.76 8.90 0 17 2.2
UK (FTSE) 2,523 5,666 0.26 -1.77 1.69 -6 11 4.3
Japan (Nikkei 225) 2,262 9,471 -1.74 -6.08 12.01 -17 17 2.0
France (CAC) 1,094 3,205 0.51 -6.38 1.44 -17 10 4.4
Germany (DAX) 915 6,625 0.63 -4.63 12.32 -15 11 3.8 *- P/E & Div. Yield for GCC as per Zawya
Fixed Income Watch Last Chg (%) MTD % YTD % 2011 2011%
Barclays US treas. 10 Yr 232 0.18 1.98 0.34 231.43 15
JP Morgan Em Bond ETF 112 0.06 0.17 3.56 108.36 2 HSBC/Nasd. Dub GCC $ T.Ret 137 0.00 0.12 2.81 133.00 8
Commodity/Currency/Volatility Watch Close Chg (%) MTD % YTD % 2011 2011% Precious Metals
Gold $/oz 1,651.60 -0.42 -0.98 5.59 1564.11 10
Silver $/oz 31.45 -0.03 -2.36 13.21 27.78 -10
IPE Brent $/bbl 118.68 -2.09 -3.36 10.52 107.38 14
CRB Commodity Index 488.05 -0.87 -1.84 1.25 482.01 -7
Volatility & Currency
CBOE VIX index 19.55 0.00 26.13 -16.45 23.4 32
USD (1 EUR =) 1.31 -0.53 1.58 -1.37 1.2955 -3
Yen (1 USD =) 80.38 0.63 3.00 -4.30 76.92 -5
KWD (1 USD =) 0.2778 0.15 -0.10 0.18 0.27825 -1
KWD (1 EUR =) 0.3648 -0.38 1.51 -1.18 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)
4Q11 % Gr YoY
Saudi Arabia (SAR)
SABIC 78 98.0 -1.3 -9.3 2 -8 10 5.1 5,266 -8
Al-Rajhi Bank 30 75.5 -1.0 -8.8 9 -16 15 4.3 2,011 21
Saudi Telecom 20 38.3 -1.5 -6.1 13 -21 10 5.2 2,337 2
Saudi Electricity Co. 15 13.4 -3.2 -16.3 -4 -1 25 5.2 -522 NM
Samba Fin. Group 13 54.0 2.4 -4.8 16 -24 11 3.1 943 5
United Arab Emirates (AED)
ETISALAT 18 8.6 0.0 -3.6 -6 -15 12 7.0 704 -65
NBAD 9 8.6 -0.5 -0.7 8 12 9 3.5 724 -1
First Gulf Bank 8 9.3 -1.0 -4.4 20 -11 7 10.8 1,022 18
Emirates NBD 4 2.9 0.0 -5.6 -2 7 6 6.9 2,531 523
Emaar Properties 5 3.2 -0.3 4.3 23 -28 11 3.2 717 162
Kuwait (KWD)
ZAIN 11 0.7 -1.4 -11.1 -20 -41 10 9.0 75 -14
NBK 17 1.1 0.0 -1.9 4 -14 15 3.8 77 -0
KFH 8 0.7 -1.3 -5.1 -11 -16 26 2.0 10 10
Gulf Bank 4 0.4 1.2 -6.5 -11 -11 36 0.0 31 252
Comm. Bk. Kuwait 4 0.8 0.0 0.0 0 -14 NM 0.0 -7 NM
Qatar (QAR)
Industries Qatar 21 139.2 0.4 -0.9 5 -4 10 5.4 1,686 19
QNB 26 134.9 0.5 -0.1 -2 14 11 3.0 2,004 29
Ezdan Real Est. Co. 14 19.7 -0.5 -1.0 -11 -27 151 0.8 144 NM
Q-TEL 8 127.7 -0.1 -5.4 18 -5 11 2.3 603 33
Comr’cial Bk of Qatar 5 75.9 1.2 -1.2 -10 -9 10 7.9 379 23
5 – year CDS (USD) watch (bps)
Country Current 2011 52-week
High Low
Saudi Arabia 118.76 123.32 137.30 94.04
Abu-Dhabi 116.29 124.89 148.50 89.96
Dubai 360.05 445.00 509.90 319.53
Qatar 120.25 125.39 146.93 90.16
Oman 209.50 246.00 290.50 143.00
Bahrain 358.68 376.66 387.62 220.22 Source: Bloomberg, Reuters Eikon
Interest rate watch Inter-bank
Deposit rate
3M Int
rates %
US 3M
Rate % Diff FY10 Diff
Kuwait 0.46 0.49 -0.03 0.04
Saudi 0.60 0.49 0.11 -0.08
UAE 0.30 0.49 -0.19 0.03
Qatar 0.40 0.49 -0.09 0.05
Oman 0.15 0.49 -0.34 0.03
Bahrain 0.85 0.49 0.36 -0.17
Last FOMC Meeting Date: Mar 13 Next FOMC Meet Date: Apr 24-25
Yield curve watch Libor (In %) US Treasuries (In %)
KIBOR yield curve (%)
Corporate earnings watch
Company
Name
Type Country Currency
Earnings
% Ch LFY PFY
Etihad
Etisalat Co.
3M Saudi SAR(Mn) 1,210 1,000 21
Saudi Vit
Cly Pipe Co.
3M Saudi SAR(Mn) 19.00 19.1 -0.5
Tabouk Agri
Dev Co.
3M Saudi SAR(Mn) 3.5 8.1 -57
Saudi Htls & Rst Areas
3M Saudi SAR(Mn) 97 37 164
News & Views Saudi Arabia's Mohammad al-Mojil Group said it will appoint a local bank
as an advisor to help with its debt restructuring. The group also plans to take a subordinated loan of SAR 100mn ($26.7mn) from Al-Mojil Investment Ltd.
Saudi Chemical Co. said it plans to invest SAR 230mn ($61mn) to build a new pharmaceutical plant in the industrial area of Hail. The facility will
target the world's leading drug manufacturers for licenses to manufacture their products.
Qatar Airways Chief Executive criticized Europe's tax on airlines for carbon emissions, saying it will hit fast-growing Middle East carriers the hardest.
Qatar's sovereign wealth fund said it signed an agreement to acquire Smeralda Holding, owner of luxury resorts on Costa Smeralda in Sardinia,
from US-based Colony Capital. Horizon Terminals Ltd, a subsidiary of Emirates National Oil Co has
awarded a contract to Indian construction firm Punj Lloyd to build an oil products terminal at Jebel Ali and construct a 60KM fuel pipeline to Dubai
International Airport. Dubai World is planning to invest AED 13.6bn in new projects in the next
three years as part of an ongoing expansion strategy worldwide, its chairman said.
Tamweel PJSC may consider tapping the debt market again this year after the mortgage lender raised $300mn from the sale of Islamic bonds
in January, acting CEO said. Omani lender Bank Nizwa plans to raise $156mn by selling 40% of capital
in an IPO on the Muscat Securities Market. Subscription will start on April 23.
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>.