DMB17092012
1
Kuwait Financial Centre “Markaz” Daily Morning Brief 17 Sep, 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) 382 7,156 -0.14 0.30 11.50 -3 13 4.6 Turkey ISE National 100 218 68,180 0.00 1.21 32.99 -22 11 2.5 Kuwait SE WT.INDEX 99 394 -0.06 -1.43 -2.75 -16 15 3.5 Qatar(QE Index) 99 8,600 0.43 1.37 -2.04 1 9 4.6 Abu Dhabi (ADI) 79 2,629 0.79 2.65 9.46 -12 9 5.8 Morocco (CAI) 54 9,829 0.00 -1.16 -10.87 -13 15 4.1 Dubai (DFMGI) 49 1,596 1.42 3.13 17.95 -17 11 4.5 Egypt (Hermes) 65 585 2.40 8.76 53.35 -42 12 3.1 Jordan (Amman) 23 4,547 -0.10 2.73 -2.17 -13 13 5.1 Bahrain (BAX) 16 1,075 0.29 -1.09 -6.05 -20 8 5.1 Oman(Muscat SM) 15 5,621 0.56 2.57 -1.31 -16 11 4.6 Lebanon (BSE) 12 1,122 0.00 -0.41 -4.68 -20 9 1.2 Emerging Markets MSCI EM Index 4,119 1,003 0.00 6.81 10.91 -21 12 3.0 MSCI BRIC Index 1,721 937 0.00 7.79 6.46 -26 10 3.5 Shanghai A Share Index 2,293 2,224 0.00 3.72 -3.47 -22 11 2.6 SENSEX Index (India) 555 18,464 0.00 6.23 19.47 -25 16 1.4 S&P GCC Composite 242 97 0.04 0.40 5.08 -8 12* 3.2* Developed Markets MSCI WORLD Index 33,699 861 0.00 5.65 13.75 -10 15 2.8 US (S&P 500) 13,695 1,466 0.00 4.21 16.55 0 16 2.5 UK (FTSE) 2,656 5,916 0.00 3.57 6.16 -6 12 4.1 Japan (Nikkei 225) 2,240 8,995 -1.79 1.76 6.38 -17 15 2.2 France (CAC) 1,217 3,582 0.00 4.94 13.35 -17 12 3.9 Germany (DAX) 985 7,412 0.00 6.33 25.66 -15 14 3.5 * - P/E & Div. Yield for GCC as per Zawya Fixed Income Watch Last Chg (%) MTD % YTD % 2011 2011% Barclays US treas. 10 Yr 237 -0.81 -1.95 2.45 231.43 15 JP Morgan Em Bond ETF 120 0.00 1.02 10.67 108.36 2 HSBC/Nasd. Dub GCC $ T.Ret 144 0.00 0.79 8.29 133.00 8 Commodity/Currency/Volatility Watch Close Chg (%) MTD % YTD % 2011 2011% Precious Metals Gold $/oz 1,769.46 -0.09 4.66 13.13 1564.11 10 Silver $/oz 34.59 -0.12 9.12 24.51 27.78 -10 IPE Brent $/bbl 116.66 0.00 1.82 8.64 107.38 14 CRB Commodity Index 495.33 0.00 0.94 2.76 482.01 -7 Volatility & Currency CBOE VIX index 14.51 0.00 -16.94 -37.99 23.4 32 USD (1 EUR =) 1.31 -0.02 -4.20 -1.33 1.2955 -3 Yen (1 USD =) 78.31 0.09 0.09 -1.77 76.92 -5 KWD (1 USD =) 0.2801 0.07 0.61 -0.66 0.27825 -1 KWD (1 EUR =) 0.3677 0.05 -3.62 -1.96 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) 2Q12 % Gr YoY Saudi Arabia (SAR) SABIC 76 94.5 -0.5 2.2 -2 -8 11 5.3 5,303 -35 Al-Rajhi Bank 30 73.8 -0.3 -0.3 6 -16 14 4.4 2,093 14 Saudi Telecom 22 40.4 0.0 -0.5 20 -21 9 5.0 2,408 7 Saudi Electricity Co. 15 13.1 -0.4 -0.8 -6 -1 22 5.3 1,360 2 Samba Fin. Group 11 47.0 -0.2 -2.1 1 -24 10 3.5 1,158 5 United Arab Emirates (AED) ETISALAT 21 9.8 1.4 3.2 8 -15 13 6.1 1,866 17 NBAD 9 9.0 1.1 5.3 13 12 9 3.3 1,046 2 First Gulf Bank 8 10.0 0.8 4.7 29 -11 8 10.0 1,017 14 Emirates NBD 5 3.1 0.0 0.7 4 7 10 6.6 648 -13 Emaar Properties 6 3.6 3.2 8.2 39 -28 9 2.8 614 146 Kuwait (KWD) ZAIN 10 0.7 -1.5 -2.9 -26 -41 9 9.7 71 1 NBK 15 1.0 0.0 -4.0 -7 -14 15 4.2 40 -40 KFH 7 0.7 1.5 0.0 -17 -16 26 2.2 22 -3 Gulf Bank 4 0.4 -1.3 -2.5 -20 -11 40 0.0 5 -36 Comm. Bk. Kuwait 3 0.6 0.0 -11.3 -20 -14 - 0.0 0.1 -5 Qatar (QAR) Industries Qatar 22 143.3 0.8 3.5 8 -4 10 5.2 2,129 3 QNB 26 134.6 -0.1 0.4 -3 14 11 3.0 2,112 17 Ezdan Real Est. Co. 15 20.4 -0.7 -0.2 -8 -27 85 0.7 198 91 Q-TEL 9 105.8 0.4 -1.9 12 -5 11 2.5 641 -11 Comr’cialBk of Qatar 5 75.5 2.3 3.9 -10 -9 10 7.9 546 7 5 – year CDS (USD) watch (bps) Country Current 2011 52-week High Low Saudi Arabia 99.93 123.32 342.35 99.88 Abu-Dhabi 103.82 124.89 342.35 98.12 Dubai 287.71 445.00 509.90 111.20 Qatar 104.62 125.39 342.35 97.65 Oman 155.00 246.00 342.35 111.20 Bahrain 251.41 376.66 387.62 111.20 Source: Bloomberg, Reuters Eikon Interest rate watch Inter-bank Deposit rate 3M Int rates % US 3M Rate % Diff FY11 Diff Kuwait 0.29 0.40 -0.11 0.04 Saudi 0.61 0.40 0.21 -0.08 UAE 0.25 0.40 -0.15 0.03 Qatar 0.34 0.40 -0.06 0.05 Oman 0.31 0.40 -0.09 0.03 Bahrain 0.32 0.40 -0.08 -0.17 Last FOMC Meeting Date: Jul 31-Aug 1 Next FOMC Mt Date: Sep12-13 Yield curve watch Libor (In %) US Treasuries (In %) KIBOR yield curve (%) Corporate earnings watch Company Name Type Country Currency Earnings % Ch LFY PFY Al Enmaa Real Estat 9M Kuwait KWD(Mn) 0.74 1.06 -30.0 Boubyan Ptrochmicals 3M Kuwait KWD(Mn) 0.10 0.84 -88.0 News & Views Qatar First Investment Bank has acquired two properties in central London, The Leinster Inn Hotel at Leinster Square and Westbourne House, Westbourne Grove. Emaar Properties plans to build a new hotel in Dubai’s high-end Downtown area, its first major hotel project since the emirate’s property crisis erupted in 2009. EFG Hermes reaffirmed their approval of a planned tie-up with Qatar’s QInvest after demands by the regulator for more information on the deal were met. Deutsche Bank is cutting several senior jobs in its investment banking business in Dubai, including directors, as it cuts costs to adapt to a tougher investment banking environment globally. Annual inflation in the UAE rose to 0.95% in August, from 0.46% in July, driven mainly by higher food and beverage prices: the National Bureau of Statistics. 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>.
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DMB17092012
Transcript of DMB17092012
Kuwait Financial Centre “Markaz”
Daily Morning Brief
17 Sep, 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) 382 7,156 -0.14 0.30 11.50 -3 13 4.6
Turkey ISE National 100 218 68,180 0.00 1.21 32.99 -22 11 2.5
Kuwait SE WT.INDEX 99 394 -0.06 -1.43 -2.75 -16 15 3.5
Qatar(QE Index) 99 8,600 0.43 1.37 -2.04 1 9 4.6
Abu Dhabi (ADI) 79 2,629 0.79 2.65 9.46 -12 9 5.8
Morocco (CAI) 54 9,829 0.00 -1.16 -10.87 -13 15 4.1
Dubai (DFMGI) 49 1,596 1.42 3.13 17.95 -17 11 4.5
Egypt (Hermes) 65 585 2.40 8.76 53.35 -42 12 3.1
Jordan (Amman) 23 4,547 -0.10 2.73 -2.17 -13 13 5.1
Bahrain (BAX) 16 1,075 0.29 -1.09 -6.05 -20 8 5.1
Oman(Muscat SM) 15 5,621 0.56 2.57 -1.31 -16 11 4.6
Lebanon (BSE) 12 1,122 0.00 -0.41 -4.68 -20 9 1.2
Emerging Markets
MSCI EM Index 4,119 1,003 0.00 6.81 10.91 -21 12 3.0
MSCI BRIC Index 1,721 937 0.00 7.79 6.46 -26 10 3.5
Shanghai A Share Index 2,293 2,224 0.00 3.72 -3.47 -22 11 2.6
SENSEX Index (India) 555 18,464 0.00 6.23 19.47 -25 16 1.4
S&P GCC Composite 242 97 0.04 0.40 5.08 -8 12* 3.2*
Developed Markets
MSCI WORLD Index 33,699 861 0.00 5.65 13.75 -10 15 2.8
US (S&P 500) 13,695 1,466 0.00 4.21 16.55 0 16 2.5
UK (FTSE) 2,656 5,916 0.00 3.57 6.16 -6 12 4.1
Japan (Nikkei 225) 2,240 8,995 -1.79 1.76 6.38 -17 15 2.2
France (CAC) 1,217 3,582 0.00 4.94 13.35 -17 12 3.9
Germany (DAX) 985 7,412 0.00 6.33 25.66 -15 14 3.5 *- P/E & Div. Yield for GCC as per Zawya
Fixed Income Watch Last Chg (%) MTD % YTD % 2011 2011%
Barclays US treas. 10 Yr 237 -0.81 -1.95 2.45 231.43 15
JP Morgan Em Bond ETF 120 0.00 1.02 10.67 108.36 2 HSBC/Nasd. Dub GCC $ T.Ret 144 0.00 0.79 8.29 133.00 8
Commodity/Currency/Volatility Watch Close Chg (%) MTD % YTD % 2011 2011% Precious Metals
Gold $/oz 1,769.46 -0.09 4.66 13.13 1564.11 10
Silver $/oz 34.59 -0.12 9.12 24.51 27.78 -10
IPE Brent $/bbl 116.66 0.00 1.82 8.64 107.38 14
CRB Commodity Index 495.33 0.00 0.94 2.76 482.01 -7
Volatility & Currency
CBOE VIX index 14.51 0.00 -16.94 -37.99 23.4 32
USD (1 EUR =) 1.31 -0.02 -4.20 -1.33 1.2955 -3
Yen (1 USD =) 78.31 0.09 0.09 -1.77 76.92 -5
KWD (1 USD =) 0.2801 0.07 0.61 -0.66 0.27825 -1
KWD (1 EUR =) 0.3677 0.05 -3.62 -1.96 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)
2Q12 % Gr
YoY
Saudi Arabia (SAR)
SABIC 76 94.5 -0.5 2.2 -2 -8 11 5.3 5,303 -35
Al-Rajhi Bank 30 73.8 -0.3 -0.3 6 -16 14 4.4 2,093 14
Saudi Telecom 22 40.4 0.0 -0.5 20 -21 9 5.0 2,408 7
Saudi Electricity Co. 15 13.1 -0.4 -0.8 -6 -1 22 5.3 1,360 2
Samba Fin. Group 11 47.0 -0.2 -2.1 1 -24 10 3.5 1,158 5
United Arab Emirates (AED)
ETISALAT 21 9.8 1.4 3.2 8 -15 13 6.1 1,866 17
NBAD 9 9.0 1.1 5.3 13 12 9 3.3 1,046 2
First Gulf Bank 8 10.0 0.8 4.7 29 -11 8 10.0 1,017 14
Emirates NBD 5 3.1 0.0 0.7 4 7 10 6.6 648 -13
Emaar Properties 6 3.6 3.2 8.2 39 -28 9 2.8 614 146
Kuwait (KWD)
ZAIN 10 0.7 -1.5 -2.9 -26 -41 9 9.7 71 1
NBK 15 1.0 0.0 -4.0 -7 -14 15 4.2 40 -40
KFH 7 0.7 1.5 0.0 -17 -16 26 2.2 22 -3
Gulf Bank 4 0.4 -1.3 -2.5 -20 -11 40 0.0 5 -36
Comm. Bk. Kuwait 3 0.6 0.0 -11.3 -20 -14 - 0.0 0.1 -5
Qatar (QAR)
Industries Qatar 22 143.3 0.8 3.5 8 -4 10 5.2 2,129 3
QNB 26 134.6 -0.1 0.4 -3 14 11 3.0 2,112 17
Ezdan Real Est. Co. 15 20.4 -0.7 -0.2 -8 -27 85 0.7 198 91
Q-TEL 9 105.8 0.4 -1.9 12 -5 11 2.5 641 -11 Comr’cialBk of Qatar 5 75.5 2.3 3.9 -10 -9 10 7.9 546 7
5 – year CDS (USD) watch (bps)
Country Current 2011 52-week
High Low
Saudi Arabia 99.93 123.32 342.35 99.88
Abu-Dhabi 103.82 124.89 342.35 98.12
Dubai 287.71 445.00 509.90 111.20
Qatar 104.62 125.39 342.35 97.65
Oman 155.00 246.00 342.35 111.20
Bahrain 251.41 376.66 387.62 111.20 Source: Bloomberg, Reuters Eikon
Interest rate watch
Inter-bank Deposit rate
3M Int rates %
US 3M Rate % Diff FY11 Diff
Kuwait 0.29 0.40 -0.11 0.04
Saudi 0.61 0.40 0.21 -0.08
UAE 0.25 0.40 -0.15 0.03
Qatar 0.34 0.40 -0.06 0.05
Oman 0.31 0.40 -0.09 0.03
Bahrain 0.32 0.40 -0.08 -0.17
Last FOMC Meeting Date: Jul 31-Aug 1 Next FOMC Mt Date: Sep12-13
Yield curve watch Libor (In %) US Treasuries (In %)
KIBOR yield curve (%)
Corporate earnings watch
Company
Name
Type Country Currency
Earnings
% Ch LFY PFY
Al Enmaa
Real Estat
9M Kuwait KWD(Mn) 0.74 1.06 -30.0
Boubyan
Ptrochmicals
3M Kuwait KWD(Mn) 0.10 0.84 -88.0
News & Views
Qatar First Investment Bank has acquired two properties in central
London, The Leinster Inn Hotel at Leinster Square and Westbourne
House, Westbourne Grove.
Emaar Properties plans to build a new hotel in Dubai’s high-end
Downtown area, its first major hotel project since the emirate’s
property crisis erupted in 2009.
EFG Hermes reaffirmed their approval of a planned tie-up with
Qatar’s QInvest after demands by the regulator for more
information on the deal were met.
Deutsche Bank is cutting several senior jobs in its investment
banking business in Dubai, including directors, as it cuts costs to
adapt to a tougher investment banking environment globally.
Annual inflation in the UAE rose to 0.95% in August, from 0.46% in
July, driven mainly by higher food and beverage prices: the National
Bureau of Statistics.
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>.
