daily€¦ · construction & building materials the dubai financial services authority...

Daily 15 May 2013

Irfan Ellam

Head of MENA Equity Research

+971 4 230 7807

[email protected]

Aditya Pugalia

Analyst

+971 4 230 7802

[email protected]

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


-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

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)


Emerging Market Equity Indices (1d % change)


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

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)

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

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

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


Major Market Movers

Dubai Financial Market (1d % change)

Abu Dhabi Stock Market (1d % change)

Tadawul (1d % change)


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

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


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

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


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


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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 [email protected]

Tim Fox

Head of Research & Chief Economist +971 4 230 7800 [email protected]

Research

Khatija Haque

Senior Economist +971 4 509 3065 [email protected]

Irfan Ellam

Head of MENA Equity Research +971 4 509 3064 [email protected]

Aditya Pugalia

Research Analyst +971 4 230 7802 [email protected]

Sales & Structuring

Head of Sales & Structuring

Sayed Sajjid Sadiq +971 4 230 7777 [email protected]

Saudi Arabia Sales

Numair Attiyah +966 1 282 5625 [email protected]

Singapore Sales

Supriyakumar Sakhalkar +65 65785 627 [email protected]

London Sales

Lee Sims +44 (0) 20 7838 2240 [email protected]

Group Corporate Communications

Ibrahim Sowaidan

+971 4 609 4113 [email protected]

Claire Andrea

+971 4 609 4143 [email protected]

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