mubasher 20160502 global markets chronicles (gmc) april 2016

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April 2016

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Table of Contents

Major Indices PerformanceGTN Dearest & CheapestGTN Leaders & LaggardsGTN Consensus Buys & Sells

I. Equity Markets Dashboard

Commodities & CurrenciesEconomic Calendar

II. Macro Overview

MarketsGlobal Economic CalendarStocks Valuation Table

III. GTN In Focus MENAEGYPT

KUWAIT

OMAN

QATAR

SAUDI ARABIA

TURKEY

UAE

Non-MENAFRANCE

GERMANY

UNITED KINGDOM

UNITED STATES

Global Research [email protected]

Omnia Saber *Nouran Safwat *

Amr Abdelrazek *

Ayman El-Shahed *Eman Marie *Ibrahim Abo Yousef *

* Analysts employed by Mubasher International





Global Markets Chronicles | March 2016

Monday, 2 May 2016

Equity Markets Dashboard

Source: Bloomberg, *Prices as of 30 April 2016, *Performance is calculated based on period from 1 April 2016 to 30 April 2016 by USD values, *Valuation is based on forward-looking ratios - year 2016. *MCAP is based on all outstanding shares in the entire market.

Major Global Indices Performance Indices One-Month Price Performance

MENA

MSCI

Non-MENA

Source: Bloomberg *1-month daily prices starting from 1 April to 30 April 2016. ★is included in GTN markets coverage.

World Developed Emerging Frontier▲1.3% ▲1.4% ▲0.4% ▲2.7%

Egypt★ Kuwait★ Oman★ Qatar★▲3.3% ▲3.3% ▲8.7% ▼-1.8%

Saudi★ Turkey★ UAE, DFM★ UAE, ADI★▲9.4% ▲3.3% ▲4.1% ▲3.5%

Brazil China France★ Germany★▲11.2% ▼-2.5% ▲1.5% ▲1.3%

Hong Kong India Japan Russia▲1.4% ▲0.6% ▲3.3% ▲8.4%

Name Index LC Last MCAP Performance (%) 52-W Performance Valuation (2016)

LC USDbn MoM YTD 1-Yr Low Range High PER(x) PBV (x) DY (%)EV/

EBITDA (x)

MSCI World USD 403 44,271 1.3 1.0 -7.6 351 ▼ 444 16.2 1.9 2.7 9.9

MSCI Developed USD 1,671 36,875 1.4 0.5 -6.1 1,460 ▼ 1,814 16.8 2.0 2.7 10.1

MSCI Emerging USD 840 7,396 0.4 5.8 -19.8 687 ▼ 1,049 12.4 1.3 2.8 8.1

MSCI Frontier USD 506 269 2.7 0.1 -16.2 450 ▼ 606 10.0 1.3 4.5 6.2

MENA

Egypt EGX30 EGP 7,773 49 3.3 -2.2 -23.0 5,526 ▼ 9,144 9.5 1.3 3.0 -

Kuwait M-IXP KWD 5,392 77 3.3 -3.3 -15.4 4,912 ▼ 6,422 - - - -

Oman MSM30 OMR 5,943 23 8.7 9.9 -6.0 4,867 ▼ 6,593 10.8 1.3 5.7 -

Qatar QE QAR 10,186 152 -1.8 -2.3 -16.2 8,327 ▼ 12,678 12.0 1.6 - -

Saudi TASI SAR 6,806 416 9.4 -1.5 -30.8 5,349 ▼ 9,897 14.0 1.5 3.6 10.6

Turkey BIST100 TRY 85,328 219 3.3 24.1 -2.9 68,230 ▼ 88,652 9.7 1.2 3.0 7.0

UAE DFM AED 3,492 222 4.1 10.8 -17.4 2,591 ▼ 4,253 10.2 1.2 4.3 9.3

UAE ADI AED 4,544 222 3.5 5.5 -2.2 3,732 ▼ 4,902 12.3 1.6 5.2 -

Non-MENA

Brazil IBOV BRL 53,911 617 11.2 42.5 -16.5 37,046 ▼ 58,575 15.3 1.3 3.2 7.8

China SHCOMP CNY 2,938 5,898 -2.5 -16.8 -36.6 2,638 ▼ 5,178 13.2 1.4 2.1 10.4

France CAC 40 EUR 4,429 1,938 1.5 0.6 -10.5 3,892 ▼ 5,218 14.6 1.3 3.8 8.0

Germany DAX 30 EUR 10,039 1,827 1.3 -2.0 -10.6 8,699 ▼ 11,920 12.8 1.5 3.3 6.7

Hong Kong HSI HKD 21,067 3,859 1.4 -4.0 -25.2 18,279 ▼ 28,525 11.3 1.1 3.7 9.1

India SENSEX INR 25,607 1,461 0.6 -2.2 -9.2 22,495 ▼ 28,578 16.0 2.4 1.8 10.7

Japan Nikkei 225 JPY 16,666 4,951 3.3 -2.5 -5.7 14,866 ▼ 20,953 15.7 1.4 2.0 8.4

Russia MICEX RUB 1,953 487 8.4 25.8 -7.7 1,570 ▼ 1,977 7.4 0.7 4.4 4.1

UK FTSE 100 GBP 6,242 3,336 2.7 -0.7 -14.5 5,500 ▼ 7,084 16.9 1.7 4.2 9.0

US S&P 500 USD 2,065 23,305 0.3 1.0 -1.0 1,810 ▼ 2,135 17.6 2.6 2.2 10.6

UK★ US★▲0.3% ▲2.7%





Monday, 2 May 2016

2.69

1.38

1.28

0.41

11.17

9.37

8.69

8.40

4.07

3.49

3.34

3.27

3.27

3.26

2.71

1.52

1.38

1.26

0.62

0.27

-1.78

-2.51

MSCI | Frontier

MSCI | Developed

MSCI | World

MSCI | Emerging

Brazil | IBOV

Saudi | TASI

Oman | MSM30

Russia | MICEX

UAE | DFM

UAE | ADI

Egypt | EGX30

Japan | Nikkei 225

Turkey | BIST100

Kuwait | M-IXP

UK | FTSE 100

France | CAC 40

Hong Kong | HSI

Germany | DAX 30

India | SENSEX

US | S&P 500

Qatar | QE

China | SHCOMP

-6.05

-7.55

-16.25

-19.81

-0.97

-2.23

-2.85

-5.71

-6.00

-7.74

-9.21

-10.47

-10.59

-14.47

-15.40

-16.25

-16.47

-17.43

-23.00

-25.17

-30.79

-36.65

MSCI | Developed

MSCI | World

MSCI | Frontier

MSCI | Emerging

US | S&P 500

UAE | ADI

Turkey | BIST100

Japan | Nikkei 225

Oman | MSM30

Russia | MICEX

India | SENSEX

France | CAC 40

Germany | DAX 30

UK | FTSE 100

Kuwait | M-IXP

Qatar | QE

Brazil | IBOV

UAE | DFM

Egypt | EGX30

Hong Kong | HSI

Saudi | TASI

China | SHCOMP

5.80

1.00

0.48

0.09

42.47

25.81

24.09

10.81

9.92

5.48

1.05

0.56

-0.74

-1.45

-2.02

-2.22

-2.24

-2.29

-2.52

-3.34

-3.95

-16.81

MSCI | Emerging

MSCI | World

MSCI | Developed

MSCI | Frontier

Brazil | IBOV

Russia | MICEX

Turkey | BIST100

UAE | DFM

Oman | MSM30

UAE | ADI

US | S&P 500

France | CAC 40

UK | FTSE 100

Saudi | TASI

Germany | DAX 30

Egypt | EGX30

India | SENSEX

Qatar | QE

Japan | Nikkei 225

Kuwait | M-IXP

Hong Kong | HSI

China | SHCOMP

Equity Markets Dashboard (Cont.’d)

Top 20 Leaders in Price Performance

Source: Bloomberg; price changes are calculated based on USD values.

Top 20 Laggards in Price Performance

Performance is based on period from 1 April 2016 to 30 April 2016.Source: Bloomberg * Based on GTN stocks we track.

MoM Price Change (%) YTD Price Change (%) 1-Year Price Change (%)

CWEI.NSDQ Clayton Williams Energy US 103.3%

GECS.MSM Galfar Oman 40.5%

MUNSHAAT.KSE MUNSHAAT Kuwait 40.0%

2350.TDWL Kayan Saudi 39.3%

ATMI.MSM Al Jazeera Oman 38.3%

1301.TDWL ASLAK Saudi 37.2%

AGI.NYSE Alamos Gold US 36.1%

FCX.NYSE Freeport-McMo. US 35.4%

8160.TDWL AICC Saudi 35.2%

COAST.KSE Coast Kuwait 34.5%

OAS.NYSE Oasis Petroleum US 33.1%

1302.TDWL Bawan Saudi 32.8%

NIH.KSE NIH Kuwait 32.8%

2060.TDWL National Indus. Saudi 31.4%

RNSS.MSM RNSS Oman 31.0%

HITSTELEC.KSE HITSTELEC Kuwait 30.5%

OEIO.MSM OEIHC Oman 29.7%

SIHC.MSM A'Sharqiya Oman 29.1%

8060.TDWL Walaa Saudi 28.9%

8110.TDWL WAFA Insurance Saudi 28.8%

SUNE.NYSE SunEdison US -56.1%

GFIC.MSM GFI Oman -27.8%

PRGO.NYSE Perrigo US -24.4%

UAL.NYSE United US -23.5%

AGN.NYSE Allergan US -19.2%

FSLR.NSDQ First Solar US -18.4%

ILMN.NSDQ Illumina US -16.7%

MNKD.NSDQ MannKind Corp. US -16.1%

AAL.NSDQ American Air. US -15.4%

SIIS.QE Salam Intl. Qatar -15.2%

ZIMAH.KSE Zima Holding Kuwait -15.0%

DAL.NYSE Delta US -14.4%

GICI.MSM GIC Oman -14.4%

SWKS.NSDQ Skyworks Sol. US -14.2%

ICLD.NSDQ InterCloud Sys. US -14.2%

MCGS.QE Medicare Group Qatar -14.1%

AAPL.NSDQ Apple US -14.0%

WDC.NSDQ Western Digital US -13.5%

LVS.NYSE Sands US -12.6%

NFLX.NSDQ Netflix US -11.9%





Monday, 2 May 2016

2.7x

3.1x

3.4x

3.7x

5.0x

5.1x

5.6x

5.6x

5.9x

5.9x

6.2x

6.4x

6.5x

6.6x

6.7x

6.8x

6.9x

7.3x

7.3x

7.3x

7.4x

7.5x

7.5x

7.5x

7.6x

Kuwait | Jazeera

Saudi | SASCO

Kuwait | OOREDOO

UAE | DAMAC

Turkey | Halkbank

UAE | Orascom Cons.

US | GM

US | United

Oman | BankMuscat

UAE | UNB

Turkey | isbank

US | American Air.

US | Delta

US | Ford

UAE | Waha Capital

Germany | Daimler

Saudi | SAIB

UAE | Emirates REIT

US | Gilead

Turkey | Turkish Airlines

Turkey | Yapi Kredi

Germany | Volkswagen

Turkey | Tekfen

Oman | NBO

US | HP

Equity Markets Dashboard (Cont.’d)

Source: Bloomberg; based on 2016 forward PER, *Based on GTN stocks we track. Source: Bloomberg *Based on GTN stocks we track. The table shows Consensus Price Targets.Potential upside/downside is calculated based on prices as of 30 April 2016.

Top Three Stocks based on Consensus PT upside/downsideTop 25 Dearest GTN Stocks

277.3x

246.3x

218.7x

149.8x

103.4x

101.4x

81.7x

75.0x

74.6x

71.7x

70.4x

65.6x

64.5x

58.6x

58.1x

56.4x

55.5x

55.1x

50.7x

45.7x

40.7x

40.4x

39.5x

39.1x

38.0x

US | Halliburton

Saudi | Astra

US | Tesla

US | Netflix

Qatar | Salam Intl.

Turkey | Eczacıbaşı

US | Equinix

US | salesforce.com

UK | BHP Billiton

US | Palo Alto

US | Yahoo

US | Under Armour

US | Schlumberger

US | Chipotle

Saudi | Kingdom

US | Amazon

Saudi | MAADEN

US | Micron

UK | Glencore

UAE | Deyaar Dev.

UAE | Dana Gas

US | Chevron

UAE | Arabtec Holding

US | Illumina

UAE | Amlak Finance

Top 25 Cheapest GTN Stocks

Egypt Amer EKH Porto Group Edita OTMTEGP0.92 USD1 EGP0.57 EGP30.48 EGP0.53

136% 117% 80% -10% -28%

Kuwait MAZAYA OOREDOO ZAIN Gulf Bank VIVA Boubyan BankKWd165 KWd1486.67 KWd451.67 KWd210 KWd717.73 KWd280

35% 30% 29% -13% -30% -33%

Oman Ooredoo BankMuscat Omantel RNSS BKNZ Al Jazeera

OMR1.03 OMR0.52 OMR1.76 OMR0.19 OMR0.06 OMR0.15

36% 28% 10% -20% -21% -23%

Qatar Al Meera QEWC Qatar Gas Trans. Masraf Al Rayan Int. Islamic Vodafone

QAR294.5 QAR245.09 QAR26 QAR29.61 QAR53.2 QAR8.51

42% 17% 12% -13% -16% -29%

Saudi Zamil AlHokair Tawuniya Alujain ASLAK CHEMANOL

SAR57.3 SAR63.95 SAR138 SAR11.5 SAR17 SAR4

85% 65% 63% -26% -31% -45%

Turkey Turkish Airlines Karsan Emlak Konut Zorlu Enerji Otokar TUMOSAN

TRY10.11 TRY1.79 TRY3.84 TRY1.5 TRY93.81 TRY6.5

46% 37% 28% -13% -13% -20%

UAE Amanat Hold. Dana Gas Emaar Eshraq Arabtec Amlak Finance

AED1.35 AED0.9 AED9.74 AED0.53 AED0.97 AED0.37

59% 58% 43% -38% -40% -76%

France Airbus Group LVMH AXA L'Oreal TOTAL Schneider Elect.

EUR68.22 EUR174.32 EUR26.12 EUR166.48 EUR45.98 EUR59.37

25% 20% 19% 5% 5% 4%

Germany Daimler Allianz Siemens BASF Volkswagen

EUR81.37 EUR169.54 EUR100.87 EUR71.34 EUR125.5

33% 13% 10% -1% -10%

UK Shire Barclays Lloyds Bank Rio Tinto National Grid BHP Billiton

GBp5409 GBp213.5 GBp83 GBp2242.38 GBp924.33 GBp821.91

27% 24% 24% -3% -5% -12%

US Western Digital Delta UNITED CONT. Freeport Clayton MannKind

USD61.2 USD62.4 USD62.4 USD9.92 USD9.4 USD0.1

50% 50% 50% -29% -48% -93%

Top Three 'Buy' Top Three 'Sell' or 'Hold'

Schneider Elect





Monday, 2 May 2016

Macro Overview | Commodities, Currencies

Commodity, Currency Monthly Price Performance (%)Commodity, Yield, Currency

Source: Bloomberg, *Prices as of 30 April 2016

Source: Bloomberg, *Trending Up means +ve chg. in Feb & Mar *Reversing Up means +ve chg. in Mar & -ve chg. in Feb*Trending Down means -ve chg. in Feb & Mar *Reversing Down means -ve chg. in Mar & +ve chg. in Feb

Energy Metals Agricultural Currencies Yields

Trending Up

Trending Down Reversing Down

Reversing Up

This Month

Last

Mo

nth

Source: Bloomberg, *Prices as of 30 April 2016. *Performance is based on period from 1 April 2016 to 30 April 2016.

WTI Brent▲19.8% ▲21.5%

Gasoline Nat. Gas▲11.1% ▼-1.6%

Gold Silver▲4.9% ▲15.6%

Copper▲4.2%

Corn Wheat▲11.0% ▲1.0%

Cocoa Cotton▲8.7% ▲9.1%

EUR/USD GBP/USD▲0.6% ▲1.8%

JPY/USD▲5.9%

6M LIBOR 10Y US T-Bond▲0.5% ▲1.8%

Name Unit Last MoM YTD 1-Yr Low Range High

Energy

Nymex WTI Crude USD/bbl. 45.92 19.8 24.0 -23.0 26.05 ▼ 62.58

ICE Brent Crude USD/bbl. 48.13 21.5 29.1 -27.9 27.10 ▼ 69.63

Nymex Gasoline USd/gal. 158.48 11.1 25.1 -22.7 89.75 ▼ 218.58

Nymex Nat. Gas USD/MMBtu 1.91 -1.6 -17.5 -25.5 1.46 ▼ 3.12

Precious Metals

Gold USD/t oz. 1293.53 4.9 21.9 9.2 1046.44 ▼ 1296.85

Silver USD/t oz. 17.85 15.6 28.9 10.5 13.65 ▼ 17.96

Copper USD/MT 5050.00 4.2 7.3 -20.3 4318.00 ▼ 6481.00

Agriculture

Corn USd/bu. 390.25 11.0 8.8 7.7 346.50 ▼ 438.75

Wheat USd/bu. 478.00 1.0 1.7 2.4 435.25 ▼ 615.75

Cocoa USD/MT 3207.00 8.7 -0.1 9.0 2731.00 ▼ 3422.00

Cotton USd/lb. 63.76 9.1 0.8 -6.4 55.66 ▼ 68.30

Currencies

EUR/USD - 1.14510 0.6 5.4 2.0 1.05240 ▼ 1.17140

GBP/USD - 1.46120 1.8 -0.8 -4.8 1.38360 ▼ 1.59300

USD/JPY - 106.338 5.9 13.1 12.3 125.818 ▼ 106.293

Yields

6-Month LIBOR % 0.90 0.5 6.9 121.7 0.41 ▼ 0.92

10-Year US T-Bond % 1.82 1.8 -19.8 -11.1 1.57 ▼ 2.49

Performance (%) 52-Weeks





Monday, 2 May 2016

2.691.381.28

0.41

11.179.37

8.698.40

4.073.493.343.273.273.26

2.711.521.381.26

0.620.27

-1.78-2.51

MSCI | FrontierMSCI | Developed

MSCI | WorldMSCI | Emerging

Brazil | IBOVSaudi | TASI

Oman | MSM30Russia | MICEX

UAE | DFMUAE | ADI

Egypt | EGX30Japan | Nikkei 225

Turkey | BIST100Kuwait | M-IXP

UK | FTSE 100France | CAC 40Hong Kong | HSI

Germany | DAX 30India | SENSEX

US | S&P 500Qatar | QE

China | SHCOMP

Egypt: Leaders of KSA, France, and Bahrain were Egypt’s guests during the

month, bringing in multi-billion USD deals of investments

GTN Markets In Focus | Monthly Overview

Performance period is from 1 April 2016 to 30 April 2016.Source: Bloomberg *Based on GTN stocks we track.

Markets Monthly Price Return (%)

Corporate Calendar

Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks.Source: Mubasher, Bloomberg, stock exchanges, and company reports.

Macro• KSA King Salman, French Hollande, Bahraini King visited Egypt• UAE allocates USD4bn to Egypt to support CBE’s foreign reserves• IMF cut Egypt's growth rate projection for 2016 from 4.3% to 3.3%• World Bank to provide USD1bn as first-tranche of a USD3bn loan• EGP is weaker on black market amid dollar hoarding• CBE issued new rules concerning capital conservation buffer• Foreign reserves rose slightly to USD16.6bn by March end• PMI fell to 44.5 in March to record a 31-month low• Trade deficit falls c.25% YoY to EGP22.3bn in January• Tourism revenue slumps 66% YoY in Q1 2016 to USD500mn

In his first visit to Cairo, King Salman signed several agreements with El-Sisi to set up a SAR60bn investment fund, establish an economic free-zone to develop Sinai, and build a bridge connecting both countries. French President Francois Hollande also made his second visit to Egypt in less than a year, signing several MoUs in several fields, including the USD1.4bn metro line expansion in Cairo. Upon Bahraini King’s two-day visit to Egypt, 11 MoUs were signed in different fields including vocational training, scientific research, and fertilizers.

CBE Governor Tarek Amer called the sudden rise in the EGP black market ‘unjustified’ and the result of ‘speculation’ are ‘rumors’ by those trying to harm the country. Earlier, EGP was seen at level near EGP11.75/USD. Amer, however, asserts there is no intention to devalue the EgP further. Upon the Parliament’s approval of the government's economic program, the World Bank agreed to finance Egypt with a USD3bn loan; the first USD1bn tranche will be provided in December. On a similar note, the UAE has pledged USD4bn to Egypt,

to boost the CBE’s FX position.

Corporate• EFG Hermes (HRHO.EGX) [-0.84%] acquired 17.3% additional stake

in Tanmeyah for EGP77mn. Meanwhile, its private equity arm Vortex agreed with a subsidiary of EDP Renováveis to acquire a 49% stake in an operational 664MW portfolio of European wind assets.

• Orascom Telecom Media and Technology (OTMT.EGX)’s [-5.09%] offer to buy CI Capital through its affiliate Beltone Financial (BTFH.EGX) [+27.0%] was delayed by EFSA until court issues get resolved.

• MB Engineering's (MBEN.EGX) started trading in Nilex since 5 April.• Global Telecom Holding (GTHE.EGX) [-3.23%]wholly-owned Dutch

subsidiary GTH Finance BV has priced a total USD 1.2bn notes, guaranteed by the parent, VimpelCom (VIP). The notes were assigned a provisional "B1" senior unsecured rating by Moody's.

• Juhayna Food Industries’ (JUFO.EGX) [-2.5%] subsidiary Al-Enmaasold its 40% stake in its subsidiary Milky's for EGP56.5mn.

• Qatar National Bank Al Ahli Egypt (QNBA.EGX) net income for Q1 2016 jumped 39.4% to EGP904.9mn on higher net interest income and net fees & commissions income.

• Arabian Food Industries "Domty" (DOMT.EGX) signed a USD10mn contract to supply dairy products with Russia's largest retailer, Magnit.

• Orange Egypt (EMOB.EGX) formerly known as Mobinil, has started its offering procedures.

• Qalaa Holdings (CCAP.EGX) [-9.28%] is set to divest its entire holding in milk and juice producer Enjoy and El-AguizyInternational.

Egypt: Top 10 Leaders

Egypt: Top 10 Laggards

Source: Bloomberg *Performance period is (1 to 30 April 2016)

Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. %

CIB 10-May-16 Q1 2016 Earnings release EGP1.51bn 35.1% EGP1.22bn 10.0%

Global Telecom Holding 11-May-16 Q1 2016 Earnings release - - EGP0.01bn -

Talaat Moustafa Group 11-May-16 Q1 2016 Earnings release EGP0.28bn 48.7% EGP1.31bn -

Credit Agricole Egypt 11-May-16 Q1 2016 Earnings release - - EGP0.25bn -

EIPICO 11-May-16 Q1 2016 Earnings release - - EGP0.09bn -

Telecom Egypt 12-May-16 Q1 2016 Earnings release - - EGP0.74bn 22.2%

Edita Food Industries 15-May-16 Q1 2016 Earnings release - - EGP0.07bn -15.1%

Eastern Tobacco 25-May-16 Q3 2016 Earnings release - - EGP0.42bn -

Sidi Kerir Petrochemicals 25-May-16 Q1 2016 Earnings release - - EGP0.17bn -

EFG Hermes 31-May-16 Q1 2016 Earnings release - - - -

BTFH.EGX Beltone Fin. 27.0%

COMI.EGX CIB 17.8%

PHAR.EGX EIPICO 11.1%

ARCC.EGX ACC 10.1%

COSG.EGX Cairo Oils 8.8%

SVCE.EGX SVCC 8.8%

AMOC.EGX AMOC 5.6%

TMGH.EGX TMG 4.9%

MCQE.EGX QENA Cement 4.8%

SWDY.EGX Elsewedy 4.5%

PORT.EGX Porto Group -11.1%

OCDI.EGX SODIC -10.4%

PHDC.EGX PHD -9.6%

CCAP.EGX Al Qalaa -9.3%

AMER.EGX Amer -9.3%

ORWE.EGX Oriental Weav. -8.9%

MNHD.EGX MNHD -8.9%

AUTO.EGX GB Auto -8.9%

AIND.EGX Arabia Inv. -7.9%

EAST.EGX Eastern Co. -7.7%





Monday, 2 May 2016

Kuwait: The country’s oil output drops 60% due to a three-day oil workers’

strikeMarkets Monthly Price Return (%)

Corporate Calendar

Macro• Gov.is borrowing KWD2bn by bond issuances to only ‘local’ banks• Oil sector workers were busy on strikes over pay disputes• Gov. hikes power and water charges on expats

Kuwait oil and gas workers have begun a three-day strike on 17 April that has caused a temporary fall in the country’s oil output by almost half. The workers were striking against public sector pay reforms which they fear could reduce salaries and cut other benefits. Non-Kuwaiti workers in the industry did not go on strike.

The General Debt Managing Committee formed by the Ministry of Finance gave the Central Bank of Kuwait a green light to borrow KWD2bn (USD6.6bn) by issuing Islamic and conventional bonds to help plug the budget deficit. The bond sale is expected to happen this year and will be divided equally between conventional and Islamic bonds (Sukuk), adding that only local banks sought to contribute to this loan. Parliament passed a bill earlier allowing the government to raise power and water charges on foreign residents and on businesses but exempted the Gulf state's citizens. MPs initially rejected the bill but later approved it after Kuwaiti citizens were exempted. If given the final clearance; it will be the first time in 50 years that oil-rich Kuwait increased power charges.

Corporate• Zain Kuwait (ZAIN.KSE) [-1.27%] has officially launched high speed

4G-LTE services in Sudan, marking the first time the mobile broadband technology is made available in the country and the sixth Zain operation to do so. Earlier, the company reported its Q1 2016 results with net income dropping 9% YoY to reach KWD37mn,

impacted by FX losses from the devaluation of local currencies in Sudan and Iraq in addition to intense price competition.

• Ooredoo Kuwait (OOREDOO.KSE)'s [+5.70%] Q1 2016 net income surged to KWD10.2mn, beating consensus of KWD6.5mn by 57%, compared to KWD2.2mn net income in Q1 2015 which was pressured by FX losses. The earnings growth was attributed to positive performance in Algeria and the Maldives.

• Al Salam Group Holding (ALSALAM.KSE) [+10.44%] announced to offer depository receipts on EGX before the end of April.

• National Bank of Kuwait (NBK.KSE)[+0.14%] Q1 2016 net profit dropped 18% YoY to reach KWD78.9mn; missing consensus estimates of KWD87.45mn by 9.7%. The decline was a result of a one off investment income recorded in Q1 2015 due to the sale of NBK's stake in International Bank of Qatar.

• Kuwait Finance House (KFIN.KSE) [+2.23%] announced that the Court of Cassation has issued a rule in its favor against Commercial Bank of Kuwait (CBK.KSE) [+7.35%] where it ordered CBK to repay KWD44.06mn (USD145.8mn) to KFH. In a separate note, it obtained a regulatory approval to lend up to KWD500mn (USD1.66bn) to state-run refiner Kuwait National Petroleum Company for its clean fuels project.

• Viva (VIVA.KSE) [+0.14%] CEO Salman Al Badran stated that the company is evaluating a number of acquisition opportunities and the announcement will be made once a final agreement is reached. It is worthy to mention that the company did not distribute dividends for 2015.

• Kuwait Food Co Americana (FOOD.KSE) [-1.49%], seeks shareholder assent to issue bonds denominated in currencies including Kuwaiti dinars at its annual general meeting on 24 April.

Kuwait: Top 10 Leaders

Kuwait: Top 10 Laggards

GTN Markets In Focus | Monthly Overview (Cont.’d)





Burgan Bank 2-May-16 Q1 2016 Earnings release - - KWD13.00mn -25.9%

Kuwait Food Co Americana 11-May-16 Q1 2016 Earnings release - - - -

Agility Public Warehousing Co 11-May-16 Q1 2016 Earnings release - - KWD12.50mn 5.8%

Ahli United Bank 12-May-16 Q1 2016 Earnings release - - KWD152.00mn 3.3%

National Industries Group 12-May-16 Q1 2016 Earnings release - - - -

Commercial Real Estate Co 12-May-16 Q1 2016 Earnings release - - - -

National Investments Co 15-May-16 Q1 2016 Earnings release - - - -

Advanced Technology Co 18-May-16 Q1 2016 Earnings release - - - -

Mabanee Co 19-May-16 Q1 2016 Earnings release - - - -

Boubyan Petrochemicals Co 19-May-16 FY2016 Earnings release - - - -

MUNSHAAT.KSE MUNSHAAT 40.0%

COAST.KSE Coast 34.5%

NIH.KSE NIH 32.8%

HITSTELEC.KSE HITSTELEC 30.5%

NINV.KSE National Inv. 21.0%

SOKOUK.KSE SOKOUK 20.8%

ALMADINA.KSE Al-Madina 20.5%

EKTTITAB.KSE Ektettab 19.5%

GIH.KSE GIH 14.2%

SECH.KSE Sech 13.9%

ZIMAH.KSE Zima Holding -15.0%

ALMAL.KSE Al Mal -10.2%

MTCC.KSE Mushrif Trading -8.2%

ADNC.KSE ADNC -6.1%

POULT.KSE KUPCO -5.3%

AJWAN.KSE AJWAN -4.9%

KPPC.KSE PHC -3.9%

ALTIJARIA.KSE ALTIJARIA -3.7%

MUNTAZAHAT.KSE KRC -3.5%

NRE.KSE NRE -3.0%

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China | SHCOMP





Monday, 2 May 2016

Oman: Government picks banks for first international bond issuance in almost 20

years to shore up its financesMarkets Monthly Price Return (%)

Macro• Gov. to issue international bonds for the first time in 20 years• Budget deficit financing become easier• CBO to let banks count government debt towards reserves• CBO raises limit for banks’ government bond holdings• IMF cut its growth forecast from 2.8% to 1.8%• Shura members proposed a tax on expats• A third telecom operator license approved

Oman's government will issue international bonds for the first time in 20 years, picking five banks to arrange for the issuance. Earlier, Central Bank of Oman (CBO) adjusted its reserves policy to ease money market conditions and encourage banks to buy government debt, as low oil prices strain state finances and liquidity in the banking system. Banks can now count T-bills, government development bonds and government Sukuk towards their reserve requirements, up to a maximum of 2% of their deposits. This will allow banks to free up cash which the banks can lend back to the economy. The central bank has also increased the maximum amount of government securities which banks can hold to 45% of their net worth from 30%. The move will make it easier for the government to sell debt as it steps up bond issues to finance a big budget deficit caused by low oil prices.

IMF lowered the country’s 2016 growth forecast to 1.8% from 2.8% on expectations of a continuing decline in oil prices and sluggish global economic growth. The fund expects the economy to expand 1.7% in 2017 and has projected Oman's average inflation (based on consumer prices) to remain at 0.3% this year, the lowest among GCC countries.

However, Oman's average inflation has been projected to rise to 2.8% in 2017. On the back of lower oil export revenues, current account balance is expected to surge to 25.1% of GDP in 2016 from 12.6% in 2015, and would decline to 19.6% of GDP in 2017.

In order to encourage companies to replace expats with Omanis, a proposal has been discussed in by Shura Council to charge a 3% monthly fee on expatriates.

Corporate• Ooredoo Oman (ORDS.MSM) [+5.56%] has unified its roaming rates

for customers traveling to GCC countries in line with the announcement made by the GGC's Secretariat General. Moreover, the company signed a five-year agreement with the Information Technology Authority (ITA) to provide Oman government with Next Generation High Speed Network (NGN), which will deliver gigabit speeds connectivity and high-capacity bandwidth to support better services.

• Bank Muscat (BKMB.MSM) [+7.33%] received all regulatory approvals to open a representative office in Iran .

• Bank Sohar (BKSB.MSM)[+26.76%] net earnings were down 37% YoY to OMR4.16mn in Q1 2016 on a 10% YoY decrease in total banking income to OMR14.55mn and a 5% YoY increase in operating expenses, in addition to a marginal increase in provisioning charges.

• Bank Dhofar (BKDB.MSM) set up a Euro Medium-Term Note (EMTN) program, allowing it to issue euro bonds up to a maximum volume of USD500mn in all major currencies. The program is listed on the Irish Stock Exchange.

Oman: Top 10 Leaders

Oman: Top 10 Laggards


Corporate Calendar





Galfar Engineering & Contracting 1-May-16 FY2016 Earnings release - - (OMR9.00mn) 66.2%

Oman Investment & Finance 1-May-16 FY2016 Earnings release - - - -

GECS.MSM Galfar 40.5%

ATMI.MSM Al Jazeera 38.3%

RNSS.MSM RNSS 31.0%

OEIO.MSM OEIHC 29.7%

SIHC.MSM A'Sharqiya 29.1%

BKSB.MSM Bank Sohar 26.8%

HBMO.MSM HBON 26.5%

RCCI.MSM RCC 23.4%

OMVS.MSM OMINVEST 22.8%

GISI.MSM GIS 21.2%

GFIC.MSM GFI -27.8%

GICI.MSM GIC -14.4%

SSPW.MSM Sembcop -6.3%

AACT.MSM Al Shams -3.6%

SMNP.MSM SMN Power Hldg. -2.2%

NPMI.MSM NPI Oman 0.0%

ABOB.MSM ABQ 0.6%

BKNZ.MSM BKNZ 1.3%

BATP.MSM Al Batinah Power 1.4%

NBOB.MSM NBO 3.5%

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China | SHCOMP





Monday, 2 May 2016

Qatar: Doha talks on oil output freeze failed; Qatari GDP grew by 4% in Q4 2015Markets Monthly Price Return (%)

Corporate Calendar

Macro• Doha meeting failed on Saudi-Iran tensions• Real GDP growth seen at 4% YoY in Q4 2015• Central bank invites bids for QAR1.5bn T-bills• Gov. denies plans to tighten its grip on personal lending• Gov. set to let domestic fuel prices fluctuate in subsidy reform

Officials from more than a dozen energy-rich countries met on 17 April in Doha, Qatar to discuss a possible deal to boost oil prices and to consider freezing production to January levels. But the meeting can be labeled a failure and had been postponed to June as Saudi Arabiademanded that Iran join a global deal on freezing oil output even though Riyadh had earlier insisted on excluding Iran from the talks because Tehran had refused to stabilize production, seeking to regain market share after the lifting of Western sanctions against it in January.

Qatar's economy is estimated to have grown by 4% YoY in Q4 2015. The IMF revised its estimate downwards from 4.9% to 3.4% growth in 2016, yet set to remain the region fastest-growing economy.

Qatar will allow its domestic gasoline and diesel prices to fluctuate in response to changes in global markets as it seeks to reduce waste of fuel and save money for the state budget. Currently, local fuel prices are fixed at low levels, requiring the government to spend on subsidies

Corporate• Commercial Bank of Qatar (CBQK.QE) [-7.99%] plans to raise funds

by end of Q3 2016 and open three new Qatari branches in May. The bank posted a net profit of QAR274mn in Q1 2016 (-41% YoY) on

higher provisioning charges (+52% YoY) to QAR259.1mn.• Qatar Navigation “Milaha” (QNNS.QE) [-1.04%] received its newly-

built lift boat "Milaha Explorer“ which will be directed to serve the offshore oil and gas sector.

• Ooredoo Qatar (ORDS.QE)’s[-1.34%] subsidiary OoredooTunisia has successfully launched 4G services earlier this month. The company posted 75% YoY increase in Q1 2016 net income to QAR879mn on the back of QAR454mn FX gains compared to QAR385mn FX losses in Q1 2015.

• Qatar National Bank (QNBK.QE) [+2.3%] has mandated CréditAgricole Corporate and Investment Bank and Société GénéraleCorporate and Investment Banking to arrange for a new EUR1.5bn three-year senior unsecured term loan facility, to be used for general corporate purposes.

• Qatar Islamic Bank (QIB) (QIBK.QE) [-5.16%] net profit increased 23% YoY in Q1 2016 to QAR492mn on higher net interest income.

• Industries Qatar “IQ” (IQCD.QE)’s[-2.99%] subsidiary Qatar Steel Company achieved a record production of more than 1mn tons of rebar at RM II, the company's ultra-modern rolling mill.

• Qatar Islamic Bank (QIBK.QE)’s[-5.16%]subsidiary QIB UK has been fined GBP1.385mn (USD1.95mn) by the Bank of England for failing in reporting its financial resources to the regulator in 2011 and 2012.

• Qatar National Bank (QNB) (QNBK.QE)’s [+2.33%] agreed to purchase Turkey's Finansbank, the Gulf Arab region's largest lender, from National Bank of Greece for EUR2.7bn after it received an approval of Qatar's Central Bank and Turkey's Banking Regulation and Supervision Agency for the deal.

Qatar: Top 10 Leaders

Qatar: Top 10 Laggards






Qatar German Co for Medical Devices1-May-16 Q1 2016 Earnings release - - - -

GWCS.QE Gulf Warehous. 7.4%

NLCS.QE National Leas. 4.3%

DOHI.QE Doha Insurance 3.5%

MRDS.QE Mazaya Qatar 2.8%

QNBK.QE QNB 2.3%

QFLS.QE Qatar Fuel 1.3%

ERES.QE Ezdan 1.2%

QNCD.QE QNCC 1.0%

MERS.QE Al Meera 0.2%

QEWS.QE QEWC -0.5%

SIIS.QE Salam Intl. -15.2%

MCGS.QE Medicare Group -14.1%

QIGD.QE QIG -10.9%

IHGS.QE Islamic Holding -8.6%

CBQK.QE CBQ -8.0%

BRES.QE Barwa -6.6%

QIIK.QE Int. Islamic -5.9%

QIBK.QE Al Masrif -5.2%

GISS.QE GISS -4.2%

MARK.QE Masraf Al Rayan -4.1%

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China | SHCOMP





Monday, 2 May 2016

Saudi Arabia: Prince unveiled sweeping plans to end an oil-dependent era by

2030; Fitch downgraded the kingdom’s rating


Markets Monthly Price Return (%)

Macro• Saudi prince unveils sweeping plans to end ‘addiction’ to oil price • Fitch downgraded KSA’s credit ratings• KSA secures bank loan of USD10bn• Kingdom softens subsidies cuts amid ‘Saudization’ policies

Deputy Crown Prince Mohammed bin Salman announced his "Saudi Vision 2030", setting goals and broad policy agenda for the next 15 years in a package of economic and social policies designed to free the kingdom from dependence on oil exports. Further he announced that the state-controlled Public Investment Fund will be restructured as a hub for Saudi investment abroad, partly by raising money through IPO of less than 5% stake in the national oil giant Saudi Aramco.

The kingdom is close to signing a USD10bn bank loan through JP Morgan, HSBC and Bank of Tokyo-Mitsubishi as each will contribute around USD1.3bn, with the remainder of the loan coming from other lenders. Earlier, the country’s credit worthiness was downgraded to AA- by Fitch Ratings after the plunge in oil price. In a plan to speed up fiscal consolidation, the Kingdom softened the subsidy cut blow by developing a mechanism to provide cash to low- and middle-income Saudis who rely on subsidies. Further, the Federation of Labor Committee has called for fixing a minimum salary for Saudi workers in the private sector to achieve labor market stability. Amid its steps to apply Saudization policies, the Ministry of Labor revealed plans to restrict all jobs related to human resources (HR) as well as positions in the departments dealing with hiring of workers in the private sector to Saudi nationals.

Corporate• Bahri (4030.TDWL)[+14.91%] signed a SAR1.43bn Murabha facility

agreement with Riyad Bank to finance for the build of five new VLCCs.

• Fitch downgraded seven banks. In addition it revised the outlooks on Saudi Hollandi Bank (1040.TDWL)[+6.17%], Saudi Investment Bank (1030.TDWL), Alinma Bank (1150.TDWL) [+12.48%]and Bank Aljazira (1020.TDWL) to negative from stable.

• Dar Al Arkan Real Estate (4300.TDWL)[+7.81%] Q1 2016 earnings dropped 61% YoY to SAR57.9mn on lower property sales revenues despite higher leasing revenues.

• Zain KSA (7030.TWDL)[+2.98%] narrowed its net losses to SAR250mn in Q1 2016 on growing demand for mobile broadband services.

• Mobily (7020.TWDL)[+1.02%] amended company's bylaws to add new activities such as launching electrical operations.

• Saudi Real Estate (4020.TDWL)[+5.41%] posted a 38% YoY drop in Q1 2016 net earnings to SAR26.6mn amid higher financing costs.

• Sipchem (2310.TDWL) [+9.56%]net earnings slumped 37% YoY in Q1 2016 to SAR50.7mn pressured by the lower selling prices of all the products.

• SABIC (2010.TDWL)[+13.57%]net profit dropped 13% YoY to SAR3.41bn pressured by lower average selling prices. SABIC’s subsidiary Kemya started operations for the black carbon unit.

• Saudi Airlines Catering (6004.TDWL)[-1.15%] signed a seven-year lease contract worth SAR2.4mn with Saudi Airlines Real Estate, an associate company of Saudia Airlines to lease Saudia Hotel.

Saudi Arabia: Top 10 Leaders

Saudi Arabia: Top 10 LaggardsCorporate Calendar





Jabal Omar Development Co. 8-May-16 Q2 2016 Earnings release - - - -

2350.TDWL Kayan 39.3%

1301.TDWL ASLAK 37.2%

8160.TDWL AICC 35.2%

1302.TDWL Bawan 32.8%

2060.TDWL National Indus. 31.4%

8060.TDWL Walaa 28.9%

8110.TDWL WAFA Insurance 28.8%

1211.TDWL MAADEN 28.7%

8310.TDWL Amana Insu. 28.6%

8180.TDWL Sagr Insurance 27.8%

1030.TDWL SAIB -10.7%

8040.TDWL Allianz SF -8.3%

4290.TDWL Alkhaleej Trng -7.9%

8270.TDWL Buruj -7.3%

2160.TDWL SAAC -7.1%

4240.TDWL AlHokair -7.0%

2050.TDWL Savola Group -4.2%

8240.TDWL ACE -2.8%

4140.TDWL SIECO -2.5%

4200.TDWL Aldrees -1.7%

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China | SHCOMP





Monday, 2 May 2016

Turkey: Newly-appointed central bank governor opens account with interest

rate cut, while Turkish lira catches its breath after the decisionMarkets Monthly Price Return (%)

Corporate Calendar

Macro• A new governor for the Central Bank was picked• Biggest inflation drop in three years• Turkish lira rallies after an expected rate cut • IMF revises growth forecast upwards for Turkey • Current account gap narrows over oil plunge• Unemployment at 11-month high in January

The Turkish lira has rallied to 2.81TRY/USD from 2.83TRY/USD, after the newly-appointed Central Bank Governor Murat Çetinkaya kicked off his first meeting by cutting the overnight lending rate - upper band of interest rate corridor - by 50bps, to 10%. This move was widely expected especially after the inflation recorded its biggest annual decline in more than three years when it declined in March 2016 to 7.46% YoY from 8.78% YoY in February 2016, beating the median estimate of 8.2% by Bloomberg survey of analysts. It is worth noting that the rate cut came after a previous 25bps cut in March. On the other hand, the Central Bank left benchmark repo rate unchanged at 7.5%, and the overnight borrowing rate was kept at 7.25%.

The IMF has revised its growth forecast upwards in 2016 from 3.2% to 3.8%, tracing this back to a large minimum wage increase resulting in enhancing domestic demand in the face of geopolitical uncertainty, weak external demand, and weak credit growth. The IMF however decreased its 2017 growth estimate from 3.6% to 3.4%.

Current account deficit edged lower than expected in February to USD1.79bn with a fall of more than USD1.5bn YoY. The main reasons behind this improvement are the decreasing trend in energy prices,

the positive contribution of the loss in the Turkish lira previously over competitiveness level and some rebound in European economies.

The unemployment rate increased to an 11-month high of 11.1% inJanuary from 10.8% in December, impacted largely by the labor forceparticipation rate which reached 50.7%, with a 0.7% YoY increase.

Corporate• Turk Telekomunikasyon (TTKOM.ISE) [+1.98%] and Nokia

announced signing an MoU to develop 5G radio access network technology and the applications, which accompany it, to drive the Internet of Things (IoT). In that vein, Türk Telekom will make its network infrastructure available to Nokia for real-time testing to accelerate the introduction of 5G in Turkey in a step towards 5G.

• Otokar Otomotiv ve Savunma Sanayi (OTKAR.ISE) [+0.96%], a branch of the leading Koç Holding (KCHOL.ISE) [+3.03%] which undertook the design phase of Altay battle tanks, has said it is ready to undertake the mass production of the country’s first ever domestic tank.

• Turk Hava Yollari (THYAO.ISE) [-10.74%] was given a ‘sell’ rating by Morgan Stanley after US carrier Delta Air Lines said it plans to suspend service to Istanbul amid increased security concerns and weaker demand.

• Haci Omer Sabanci Holding (SAHOL.ISE) [+4.50%] plans to sell a minority stake in its subsidiary Enerjisa to cut debt ahead of Enerjisa’s IPO which is planned to be at 2017 or the beginning of 2018.

Turkey: Top 10 Leaders

Turkey: Top 10 Laggards






Yapi ve Kredi Bankasi 2-May-16 Q1 2016 Earnings release - - TRY652.50mn 30.3%

Tofas Turk Otomobil Fabrikasi 2-May-16 Q1 2016 Earnings release - - TRY201.40mn -1.9%

Tupras Turkiye Petrol Rafinerileri 5-May-16 Q1 2016 Earnings release - - TRY474.36mn 68.4%

Enka Insaat ve Sanayi 6-May-16 Q1 2016 Earnings release - - TRY348.00mn -18.0%

Turkiye Vakiflar Bankasi TAO 6-May-16 Q1 2016 Earnings release - - TRY505.00mn 51.5%

BIM Birlesik Magazalar 8-May-16 Q1 2016 Earnings release - - TRY147.18mn 18.9%

Turk Hava Yollari AO 9-May-16 Q1 2016 Earnings release - - (TRY920.90mn) -

Turkiye Is Bankasi 11-May-16 Q1 2016 Earnings release - - TRY904.00mn -0.1%

KOC Holding 13-May-16 Q1 2016 Earnings release - - TRY665.67mn 45.0%

Haci Omer Sabanci Holding 13-May-16 Q1 2016 Earnings release - - TRY676.80mn 4.4%

VESTL.ISE Vestel 24.3%

GSRAY.ISE Galatasaray SK 20.4%

IPEKE.ISE IPEKE 11.3%

EREGL.ISE Erdemir 11.0%

TKFEN.ISE Tekfen 10.8%

KOZAA.ISE Koza 9.4%

ECILC.ISE Eczacıbaşı 8.7%

AKBNK.ISE Akbank 8.1%

ULKER.ISE Ulker 7.4%

FENER.ISE Fenerbahçe SK 6.2%

THYAO.ISE Turkish Airlines -10.7%

NETAS.ISE Netas -9.2%

KARSN.ISE Karsan -9.0%

EGEEN.ISE EGE Endustri -7.8%

TUPRS.ISE Tupras -6.2%

ALCTL.ISE Alcatel Lucent -6.0%

TMSN.ISE TUMOSAN -5.8%

GUBRF.ISE Gubretas -5.0%

PGSUS.ISE Pegasus Airlines -4.4%

DOAS.ISE Doğuş Otomotiv -3.2%

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UAE | DFMUAE | ADI






China | SHCOMP





Monday, 2 May 2016

UAE: Government expects higher GDP growth, while IMF expects slower growth

amid slumping oil pricesMarkets Monthly Price Return (%)

Corporate Calendar

Macro• IMF expects slower growth for UAE• Abu Dhabi plans first bond issue since 2009 as oil curbs finances• Dubai private sector output rebounds in March• Expatriates in Abu Dhabi will have to pay 3% municipal fee• Emirate of Sharjah to impose AED35 departure fee

The UAE's GDP is expected to grow by 3-3.5% in 2016 and exceed 4% in 2017, amid expectations of higher oil prices, according to the UAE's Economy Minister- Sultan bin Saeed Al Mansouri. Conversely, the IMFanticipated a growth of 2.4% this year, below the fund's January forecast of 2.6% and the country's slowest growth rate since 2010.

Abu Dhabi is sounding out investors about plans to issue bonds for the first time in more than seven years as the government seeks to bolster its finances against a slumping oil price

The private sector economy in Dubai signaled a solid rebound in business conditions during March, following a slight deterioration recorded during the previous month, according to the Emirates NBD Dubai Economy Tracker Index that rose to 52.5 points in March, up from 48.9 points in February.

Expatriates in Abu Dhabi will have to pay 3% municipal fee on the rental value. UAE nationals are exempt. The new charge will be collected with monthly electricity and water bills. This brings Abu Dhabi in line with Dubai, which imposes a 5% municipal housing tax payable on utility bills.

Corporate• Dubai Financial Market (DFM.DFM)’s[+12.50%] 67% owned

subsidiary, Nasdaq Dubai, has welcomed the listing of two Sukukissues by the Government of Indonesia with a total value of USD2.5bn.

• Emaar Malls Group (EMG) (EMAARMALLS.DFM) [+0.70%] Q1 2016 results came exactly in-line with MTRe. The net profit stood at AED529mn, up 22% YoY, beating consensus by 18%.

• Abu Dhabi National Energy Company (TAQA.ADX) is set to start oil operations in Atrush Field in Iraq by H1 2016.

• Dana Gas (DANA.ADX) [+9.62%] is still in discussions with Iran to settle the dispute over tariffs on natural gas imports into the UAE.

• Emaar Properties (EMAAR.DFM)[+12.96%] plans to end its JV with the Indian partner, Motor & General Finance Developments (MGF), through a demerger process for Emaar MGF.

• Damac Properties (DAMAC.DFM) [-5.48%] is considering further high-end projects in London, as well as new markets such as the US.

• Bank of Sharjah (BOS.ADX) [-8.96%] is seeking shareholders’ approval for the issuance of bonds worth up to USD1.5bn.

• Aldar Properties (ALDAR.ADX) [-1.09%] announced a launch of YasAcres with a development value exceeds AED6bn.

• Emirates NBD (EMIRATESNBD.DFM) [+6.17%] has been hired by Dubai Group to help find a buyer for its stake in investment bank Shuaa Capital (SHUAA.DFM)[+19.84%].

• Dubai Islamic Bank (DIB.DFM) [-1.18%] plans to start operations in Kenya before end of 2016. Moreover, the bank listed its latest sukuk with a value of AED1.84bn (USD500mn) on Nasdaq Dubai.

• Gulf Navigation Holding (GULFNAV.DFM) [+20.50%] announced its full acquisition of Gulf Stolt Ship Management (GSSM) by acquiring the remaining shares from Stolt Nielsen.

UAE: Top 10 Leaders

UAE: Top 10 Laggards






Emaar Properties 1-May-16 Q1 2016 Earnings release AED1.25bn 21.7%

Amanat Holdings 8-May-16 Q1 2016 Earnings release - -

Air Arabia 10-May-16 Q1 2016 Earnings release AED125.00mn 60.0% AED0.09bn 16.7%

Dana Gas 10-May-16 Q1 2016 Earnings release AED0.22bn -58.0%

Ras Al Khaimah Ceramics 10-May-16 Q1 2016 Earnings release AED0.07bn -

Union Properties 11-May-16 Q1 2016 Earnings release (AED0.02bn) -

Arabtec Holding 12-May-16 Q1 2016 Earnings release (AED0.06bn) 77.5%

Gulf Pharmaceutical Industries 12-May-16 Q1 2016 Earnings release - -

Aldar Properties 15-May-16 Q1 2016 Earnings release AED0.40bn -30.0%

Al Waha Capital 17-May-16 Q1 2016 Earnings release - -

GULFNAV.DFM GULFNAV 20.5%

SHUAA.DFM SHUAA Capital 19.2%

TABREED.DFM TABREED 15.0%

DSI.DFM Drake & Scull 14.7%

EMAAR.DFM Emaar 13.0%

ALSALAMSUDAN.DFM ASBS 12.8%

DFM.DFM DFM 12.5%

ESHRAQ.ADX Eshraq 11.7%

DEYAAR.DFM Deyaar Dev. 11.6%

SALAMA.DFM IAIC 11.3%

RAKBANK.ADX RAK Bank -11.5%

OC.DIFX Orascom Cons. -9.0%

BOS.ADX Bank of Sharjah -9.0%

MANAZEL.ADX Manazel -6.3%

DAMAC.DFM DAMAC -5.5%

TAKAFUL-EM.DFM Takaful Emarat -4.6%

AMAN.DFM Aman -3.8%

OILC.ADX Waha Capital -3.3%

UNB.ADX UNB -3.2%

AMLAK.DFM Amlak Finance -3.1%

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UAE | DFMUAE | ADI






China | SHCOMP





Monday, 2 May 2016

Macro• France's dilemma with labor reforms• France steps up austerity measures as it grapples with budget• Bank of France raises Q1 2016 growth estimate• Consumer prices down by 0.1% YoY in March • S&P affirmed 'AA/A-1+' ratings with negative outlook

France witnessed massive demonstrations after the implementation of a new labor code that gives the companies more autonomy to fire personnel on economic grounds. The economic views regarding this move are largely mixed as the Organization for Economic Co-operation & Development (OECD) pointed out that the rigidity of France’s labor market, seen in 43.5% “labor freedom” statistic, plays a role in hindering economic growth. The figure is far lower than corresponding figures in countries with higher rates of economic growth as US and UK that have reached 91.4% and 71.8% in their labor freedom statistic respectively. On the other hand, Bank of France Governor Francois Villeroy de Galhau criticized the law stressing that a strong domestic consumption is the main key driver of robust GDP growth and that the law will cause uncertainty in labor market and a further decrease in consumer confidence resulting in negative impact on private consumption and economic growth.

The country will pursue a policy of intensifying its austerity measures, seeking to save EUR3.8bn in 2016 and EUR5bn in 2017 as the government tries to stay within the 3% budget deficit limit despite looming presidential elections. Lower-than-expected inflation weighs on the deteriorating budget situation; CPI grew by 0.7% MoM in Marchafter a 0.3% growth in February but diminished by 0.1% YoY in March

after -0.2% in February. Consumer prices were mainly driven up bymanufactured products whose prices recovered after winter sales, thebounce back of energy prices mainly for petroleum products, andstrength in food prices.

Earlier, Bank of France slightly raised its Q1 2016 growth forecast to 0.4% QoQ from 0.3% previously, tracing this back to the rise in industrial production and deliveries and the rebound in the chemical and pharmaceuticals sector and a slight fall in the auto sector output. The bank said the sentiment indicator in manufacturing inched one point MoM to 99 in March, just below the long-term average of 100.

S&P affirmed France’s “AA/A-1+” rating with outlook remains negative, illustrating this reflects the country’s strong institutions, as well as its wealthy, productive, and highly diversified economy.

Corporate• Sanofi (SAN.CHIX) [+2.29%] is targeting a hostile acquisition of

Medivation, a US firm that develops and markets cancer therapies, after the latter’s refusal for a takeover bid.

• Total (FP.CHIX) [+10.23%] plans to invest in new energy projects despite lower energy prices and sluggish growth in demand.

• Renault (RNO.CHIX) [-2.98%] plans to launch one model every year for the next few years in India as part of its strategy to further consolidate its position in the country.

• Orange (ORA.CHIX) [-5.46%] and Bouygues discussion of a merger deal has collapsed, ending an attempt to ease a price war by bringing telecom operators to three from current four.

• Engie (Engie.CHIX)[+6.12%] signed two energy agreements with various Egyptian state-backed companies.

France: Arguments for and against labor reforms amid intensifying austerity

measuresMarkets Monthly Price Return (%)

France: Top 10 Leaders

France: Top 10 Laggards


Corporate Calendar


Performance period is from 1 April 2016 to 30 April 2016.Source: Bloomberg *Based on all index constituents.



BNP Paribas 3-May-16 Q1 2016 Earnings release - - EUR1.13bn -39.9%

Societe Generale 4-May-16 Q1 2016 Earnings release - - EUR629.00mn -32.1%

Vivendi 11-May-16 Q1 2016 Earnings release - - EUR92.00mn -32.4%

MTP.CHIX ArcelorMittal 24.7%

FP.CHIX TOTAL 10.2%

LHNP.CHIX LafargeHolcim 7.2%

CS.CHIX AXA 7.0%

Engie.CHIX Engie 6.1%

GLE.CHIX Societe Generale 6.0%

TECP.CHIX Technip 5.5%

PUBP.CHIX Publicis Groupe 5.3%

BNP.CHIX BNP Paribas 5.1%

EIP.CHIX Essilor International 4.7%

ENP.CHIX Bouygues -18.4%

VIV.CHIX Vivendi -8.8%

SWP.CHIX Sodexo -6.4%

UGP.CHIX Peugeot -6.2%

AIR.CHIX Airbus Group -5.9%

ORA.CHIX Orange -5.5%

KERP.CHIX Kering -4.2%

RIP.CHIX Pernod Ricard -3.3%

MC.CHIX LVMH -3.1%

RNO.CHIX Renault -3.0%

2.691.381.28

0.41

11.179.37

8.698.40

4.073.493.343.273.273.26

2.711.521.381.26

0.620.27

-1.78-2.51





UAE | DFMUAE | ADI






China | SHCOMP





Monday, 2 May 2016

Germany: The engine of the European Union’s economy is seeing its GDP growth

revised down to 1.6%Markets Monthly Price Return (%)

Macro• Gov. trims down its GDP growth forecast• German leading institutes confirm lower growth forecasts• OECD is pointing out to issues in German economy• A surplus of EUR29.5bn in overall public budget of 2015• The CPI rose markedly in March on lower energy prices

During the month, a statement was released by the Economy Ministerthat highlighted the strong pace of the economy growth in the beginning of 2016 driven by strong domestic demand while foreign trade prospects subdued but the growth is expected to slow in the coming months, owing to an unprecedented flow of refugees into the West European country. The minister penciled in an economic growth of 1.7% for 2016 and 1.5% for 2017. Despite the ministerial statement, the country’s leading economic institutes have also trimmed their growth forecast for the economy for this year to 1.6% from 1.8% previously, pointing to slower expansion in China and elsewhere. They also expect a further slowing growth for 2017 to 1.5%.

A survey published earlier by the Organization for Economic Co-operation & Development (OECD) highlighted the wreaking of productivity growth despite low unemployment rate and challenges facing the economy on demographic ageing and a large refugee inflow while the investment is subdued on weaker demand growth in both emerging economies and in the euro area, as well as by restrictive regulation in services with the need to further develop infrastructure.The overall public budget in 2015 which recorded the highest financial surplus ever standing at EUR29.5bn. The financial balance improved by EUR21.4bn compared with the previous year. In 2014, the overall

public budget recorded a cash surplus of EUR8.1bn.

Corporate• Deutsche Bank (DBKD.CHIX) [+11.43%] net income slumped by

58%YoY in Q1 2016 to EUR236mn as its investment bank continued to ache under legal costs for past scandals.

• Volkswagen (VKW.LSE) [+9.38%] has reached a deal to repurchase or fix nearly 500,000 diesel cars that cheat on emission tests, giving car owners the choice of what to do by either a repair or a buyback. The company’s net losses for FY2015 reached EUR5.5bn as it set aside more than USD18bn to cover the cost of fines, legal claims and vehicle recalls.

• Daimler (DAID.CHIX) [-8.97%],owners of Mercedes-Benz, filed a new class action lawsuit in the US saying the vehicles likely contained a “defeat device” used to cheat emissions testing. It has opened an investigation into its emissions testing process at the request of the US Department of Justice.

• BASF (BFA.LSE) [+9.24%] has developed the worldwide first roof frame for cars that is entirely made of natural fiber together with the International Automotive Components (IAC). Meanwhile, it has signed an agreement to sell its global Polyolefin Catalysts business to W.R. Grace & Co.,pending completion in Q3 2016.

• Allianz (ALVD.CHIX) [+4.94%] signed a deal to sell its operations in South Korea for more than USD3mn to the Chinese Anbang.

• Bayer (BAYND.CHIX) [-1.45%]and Trendlines, an Israeli innovation company, announced a partnership to invest in agricultural technologies through the establishment of the Bayer Trendlines Innovation Fund where Bayer committed USD10mn to it.

Germany: Top 10 Leaders

Germany: Top 10 Laggards


Corporate Calendar




Siemens 4-May-16 FY2015 Earnings release - - EUR1.16bn -15.0%

Allianz 11-May-16 Q1 2106 Earnings release - - EUR1.55bn -15.0%

Volkswagen 31-May-16 Q1 2106 Earnings release - - (EUR2.59bn) -

RWED.CHIX RWE 15.3%

VKW.LSE Volkswagen 13.6%

MRKD.CHIX Merck KGaA 12.5%

TKAD.CHIX ThyssenKrupp 11.8%

DBKD.CHIX Deutsche Bank 10.7%

ADSD.CHIX adidas 9.9%

BFA.LSE BASF 9.4%

CBKD.CHIX Commerzbank 7.3%

EOAND.CHIX E.ON 7.3%

DPWD.CHIX Deutsche Post 5.5%

DAID.CHIX Daimler -9.4%

MUV2D.CHIX Munich Re -8.9%

VNAD.CHIX Vonovia -6.6%

LHAD.CHIX Deutsche Lufthansa -4.0%

DB1D.CHIX Deutsche Boerse -3.9%

COND.CHIX Continental -3.6%

SAP.CHIX SAP -3.4%

DTED.CHIX Deutsche Telekom -2.6%

FMED.CHIX Fresenius Medical Care & Co-2.2%

BAYND.CHIX Bayer -2.0%

2.691.381.28

0.41

11.179.37

8.698.40

4.073.493.343.273.273.26

2.711.521.381.26

0.620.27

-1.78-2.51





UAE | DFMUAE | ADI






China | SHCOMP





Monday, 2 May 2016

Macro• Economy slows hit by a drop in manufacturing output• Manufacturing slumps as trade deficit with EU hits fresh record• BOE keeps interest rate unchanged at 0.5%• IMF cut its GDP forecast for the kingdom on warnings of EU-exit

UK economy slowed at the start of this year as GDP for Q1 2016 grew by 0.4%, down from 0.6% in Q4 2015. Part of the slowdown was due to a sharp fall in construction output, which dropped 0.9% in Q1 2016. The slowdown was buffeted by a slowing global economy and uncertainty ahead of this year's referendum on European membership, as it relied solely on the services sector to drive growth. Earlier, the Bank of England (BOE) issued its clearest warning yet that a British exit from the European Union would probably hurt the economy and cause sterling to slide. According to BOE, the British exit might result in an extended period of uncertainty about the economic outlook, which would likely push down demand in the short run and have significant implications for asset prices and the exchange rate. The warning comes two days after the IMF asserted that the world economy would suffer if Britain voted to leave the EU. IMF downgraded its expectations for UK growth this year from 2.2% to 1.9%, highlighting the real risk of exit. In another note, the BOE has decided to hold rates at 0.5% once again, a record low for seven years, amid concerns over global growth and uncertainty ahead of a Brexit. Britain's industrial output shrank at the fastest rate in more than three years in the three months to February and the trade deficit ballooned to its widest in eight years. The industrial output fell 0.5% in February from a year earlier, the biggest decline since August 2013. The weaker-than-expected figures have raised fears over the performance of the

economy. Separate figures from the ONS showed that the trade deficit in February was also worse than expected and came at GBP4.8bn for February, while January's figure was revised higher to GBP5.2bn. In the same vein, British Chambers of Commerce (BCC) expected that the growth in the economy is set to soften further.

Corporate• Lloyds Banking (LLD.LSE) [+0.95%]is making cuts to its credit sales

and trading operations amid efforts to reduce costs.• Glencore (GLEN.LSE)[+5.23%]is selling a stake of 40% in an

agriculture unit for USD2.5bn to Canada’s largest pension fund, to help curb USD25.9bn of debt.

• GlaxoSmithKline (GSK.LSE) [+4.99%] reported its first profit increase since 2013 when sales climbed by 6% in Q1 2016 to GBP6.23bn on higher demand for its vaccines and new drugs which helped to offset declines in the sales of its blockbuster Advair.

• Barclays (BARC.LSE) [+16.18%]agreed to sell its wealth management business in Singapore and Hong Kong to Oversea-Chinese Banking Corp (OCBC) for USD320mn to pare back its presence in the region.

• Rio Tinto (RIO.LSE) [+19.54%] cut its forecast for production next year from its Australian mines by 6% because of delays in its auto-trains.

• BP (BP.LSE)’s[+8.46%]shareholders voted against CEO’s pay-increase signaling that it is not the right time for a pay increase amid low prices environment. The company’s profit plunged 80% to a pretax loss of USD485mn in Q1 2016.

• BHP Billiton (BLT.LSE) [+21.12%] has trimmed its full-year production guidance for iron ore after being hit by a string of issues.

United Kingdom: GDP slows to 0.4% in Q1 2016 as Brexit voting seems to hide a

lot of pain to the economyMarkets Monthly Price Return (%)

Corporate Calendar

United Kingdom: Top 10 Leaders

United Kingdom: Top 10 Laggards






HSBC Holdings 3-May-16 Q1 2016 Earnings release - - - -

Royal Dutch Shell 4-May-16 Q1 2016 Earnings release - - GBP1.18bn -63.6%

Vodafone Group 17-May-16 FY2016 Earnings release - - GBP1.27bn -13.6%

SABMiller 18-May-16 FY2016 Earnings release - - GBP3.46bn -9.6%

National Grid 19-May-16 FY2016 Earnings release - - GBP2.31bn 5.8%

2.691.381.28

0.41

11.179.37

8.698.40

4.073.493.343.273.273.26

2.711.521.381.26

0.620.27

-1.78-2.51





UAE | DFMUAE | ADI






China | SHCOMP

AAL.LSE Anglo American 40.5%

BLT.LSE BHP Billiton 21.1%

RIO.LSE Rio Tinto 19.5%

FRES.LSE Fresnillo 18.7%

STAN.LSE Standard Chartered 18.7%

BARC.LSE Barclays 16.2%

SHP.LSE Shire 9.4%

BP.LSE BP 8.5%

RRS.LSE Randgold Resources 8.0%

RDSA.LSE Royal Dutch Shell 7.4%

BRBY.LSE Burberry Group -11.5%

TSCO.LSE Tesco -8.8%

CCL.LSE Carnival -8.0%

ABF.LSE Associated British Foods -7.0%

SL..LSE Standard Life -6.9%

SKY.LSE Sky -6.9%

TT..LSE TUI -6.7%

PSON.LSE Pearson -6.5%

ARM.LSE ARM Holdings -6.1%

BKG.LSE Berkeley Group Holdings -5.4%





Monday, 2 May 2016

Macro• Fed left interest rates unchanged• Economy expanded 0.5% in Q1 2016, weakest in two years• Government budget deficit nearly doubled YoY in March• Trade deficit widened by 2.6% in FebruaryThe US economy has grown in Q1 2016 at the slowest pace in two years as the country’s consumers reined in spending and companies are seen tightening their belts to shaky global financial markets and a plunge in oil prices. GDP rose at a 0.5% annualized rate after a 1.4% growth in Q4 2015 versus a 0.7% that was expected widely by analysts. The GDP expansion data was released by Commerce Department at the end of this month. The data showed a weak global markets and oil’s tumble resulted in the biggest business-investment slump in almost seven years, and household purchases climbed the least since early 2015. While the Fed, in a day earlier of the released data, acknowledged the softness, indicating strong hiring and income gains have the potential to reignite consumer spending and propel economic growth. The Fed kept interest rates unchanged but signaled confidence in the US economic outlook, yet leaving the door open to a likely hike in June. Earlier, official figures showed a government budget deficit of USD108bn in March 2016, more than double the amount from the same period last year, while the country’s trade gap widened by 2.6% to USD47.1bn in February 2016, as a rebound in exports was offset by an increase in imports.

Corporate• Apple (AAPL.NSDQ) [-14%] snapped a 13-year streak of ever-

growing sales by posting a 13% QoQ dip in Q2 FY2016 revenues to USD50.6bn on disappointing iPhone sales.

• The Justice Department approved Charter Communications (CHTR.NSDQ) [+4.84%] purchase of Time Warner Cable (TWX.NYSE) [+3.57%].

• SunEdison (SUNE.NYSE) [-56.13%] filed for Chapter 11 bankruptcy protection on 21 April after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.

• Verizon’s (VZ.NYSE) [-5.81%] employees went for strikes on 13 April on tensions against management over off-shoring, pay, and benefits.

• Morgan Stanley (MS.NYSE) [+8.20%] earnings fell 54.4% to USD1.06bn in Q1 2016.The bank has cut about 1,440 positions in Q1 2016, the biggest reduction since the start of 2013.

• IBM (IBM.NYSE) [-3.64%] reported its worst quarterly revenue in 14 years in Q1 2016, falling by 4.6% QoQ to USD18.68bn on disappointing new businesses of cloud and mobile computing.

• Pfizer (PFE.NYSE) [+10.38%] confirms termination of proposed USD160bn deal to merge with Allergan (AGN.NYSE) [-19.20%] in light of the US Treasury's new measures to curb such tax evading deals.

• Facebook (FB.NSDQ) [+3.05%] launched its chat-bots on 12 April, allowing it to keep up with chat competitors like Kik, Line and Telegram that have their own bots. Earlier, its texting service WhatsApp had launched an end-to-end encryption.

• Intel (INTC.NSDQ) [-6.40%], the chip maker is cutting 12,000 jobs, about 11% of its workforce, as demand for PCs collapses.

• Yahoo (YHOO.NSDQ) [-0.57%] received bid offers from Verizon, Daily Mail and TPG; the bids are in the USD4-8bn range for its core web business.

United States: Fed kept rates unchanged, yet global economic headwinds remain

on its radar which leaves the door open for a hike in JuneMarkets Monthly Price Return (%)

Corporate Calendar

United States: Top 10 Leaders

United States: Top 10 Laggards






Berkshire Hathaway 2-May-16 Q1 2016 Earnings release - - USD4.61bn 8.7%

Pfizer 3-May-16 Q1 2016 Earnings release - - USD3.41bn 6.5%

CVS Health Corp 3-May-16 Q1 2016 Earnings release - - USD1.28bn -1.2%

Alibaba Group Holding 5-May-16 Q4 2016 Earnings release - - USD9.07bn 17.2%

Merck & Co 5-May-16 Q1 2016 Earnings release - - USD2.41bn -0.8%

Walt Disney 10-May-16 Q2 2016 Earnings release - - USD2.34bn 11.0%

Cisco Systems 13-May-16 Q3 2016 Earnings release - - USD2.80bn 0.1%

Wal-Mart Stores 17-May-16 Q1 2017 Earnings release - - USD2.78bn -16.7%

Home Depot 17-May-16 Q1 2017 Earnings release - - USD1.66bn 8.4%

Medtronic 31-May-16 Q4 2016 Earnings release - - USD1.77bn 5.6%

CWEI.NSDQ Clayton Williams Energy 103.3%

AGI.NYSE Alamos Gold 36.1%

FCX.NYSE Freeport-McMo. 35.4%

OAS.NYSE Oasis Petroleum 33.1%

DDAY.NSDQ Draftdat Fantasy 28.8%

MRO.NYSE Marathon Oil 26.5%

DVN.NYSE Devon 26.4%

SCTY.NSDQ SolarCity 23.4%

WMB.NYSE Williams 20.7%

COP.NYSE ConocoPhillips 18.7%

SUNE.NYSE SunEdison -56.1%

PRGO.NYSE Perrigo -24.4%

UAL.NYSE United -23.5%

AGN.NYSE Allergan -19.2%

FSLR.NSDQ First Solar -18.4%

ILMN.NSDQ Illumina -16.7%

MNKD.NSDQ MannKind Corp. -16.1%

AAL.NSDQ American Air. -15.4%

DAL.NYSE Delta -14.4%

SWKS.NSDQ Skyworks Sol. -14.2%

2.691.381.28

0.41

11.179.37

8.698.40

4.073.493.343.273.273.26

2.711.521.381.26

0.620.27

-1.78-2.51





UAE | DFMUAE | ADI






China | SHCOMP





Monday, 2 May 2016

Macro Overview | Global Economic Calendar

Source: FXStreet, Bloomberg

Country Date Time (GMT) Event Previous Consensus

China 1-May-16 1:00 AM Non-manufacturing PMI (Apr) 53.80 -

China 1-May-16 1:00 AM NBS Manufacturing PMI (Apr) 50.20 -

United States 2-May-16 2:00 PM ISM Manufacturing PMI (Apr) 51.80 -

United States 2-May-16 2:00 PM ISM Prices Paid (Apr) 51.50 -

Turkey 2-May-16 7:00 AM Markit/ISO Turkey PMI Mfg (Apr) 49.20 -

European Monetary Union 3-May-16 9:00 AM Producer Price Index (YoY) (Mar) 4.20% -

European Monetary Union 3-May-16 9:00 AM Producer Price Index (MoM) (Mar) -0.70% -

Egypt 3-May-16 5:30 AM Emirates NBD Egypt PMI (April) 44.5 -

UAE 3-May-16 5:30 AM Emirates NBD UAE PMI (April) 54.5 -

Turkey 3-May-16 7:00 AM CPI MoM (Apr) -0.04% -

Turkey 3-May-16 7:00 AM CPI YoY (Apr) 7.46% -

Turkey 3-May-16 7:00 AM CPI Core Index YoY (Apr) 9.51% -

Turkey 3-May-16 7:00 AM PPI MoM (Apr) 0.40% -

Turkey 3-May-16 7:00 AM PPI YoY (Apr) 3.80% -

Saudi Arabia 3-May-16 5:30 AM Emirates NBD Saudi Arabia PMI 54.5 -

European Monetary Union 4-May-16 7:00 AM Non-monetary policy's ECB meeting - -

United States 6-May-16 12:30 PM Nonfarm Payrolls (Apr) 215thd -

United States 6-May-16 12:30 PM Unemployment Rate (Apr) 5% -

Saudi Arabia 8-May-16 - Non-Oil Exports YoY - -

China 9-May-16 2:00 AM Trade Balance USD (Apr) USD29.86bn -

UAE 9-May-16 5:15 AM Dubai Economy Tracker SA (April) 52.5 -

Turkey 9-May-16 7:00 AM Industrial Production MoM (Mar) 0.50% -

Turkey 9-May-16 7:00 AM Industrial Production YoY (Mar) 5.80% -

Germany 10-May-16 6:00 AM Trade Balance s.a. (Mar) EUR19.8bn -

Egypt 10-May-16 - Urban CPI YoY (April) 9% 8.75%

Egypt 10-May-16 - Urban CPI MoM (April) 1.40% -

Egypt 10-May-16 - CPI Core YoY (April) 8% 10.00%

Turkey 10-May-16 7:00 AM Current Account Balance (Mar) (TUR1.79bn) -

Saudi Arabia 10-May-16 - April Cement Output YTD YoY - -

United Kingdom 11-May-16 2:00 PM NIESR GDP Estimate (3M) (Apr) 0.30% -

Saudi Arabia 11-May-16 - CPI YoY 4.30% -

United Kingdom 12-May-16 11:00 AM BoE Interest Rate Decision (May 12) 0.50% -

United Kingdom 12-May-16 11:00 AM BoE Asset Purchase Facility (May) GBP375bn -

United Kingdom 12-May-16 11:00 AM BOE MPC Vote Unchanged 9.00 -





Monday, 2 May 2016

Macro Overview | Global Economic Calendar (Cont.’d)

Source: FXStreet, Bloomberg

Country Date Time (GMT) Event Previous Consensus

United Kingdom 12-May-16 11:00 AM BOE MPC Vote Hike - -

Egypt 12-May-16 - Production Index MoM (March) 1.50% -

European Monetary Union 13-May-16 9:00 AM Gross Domestic Product s .a . (YoY) (Q1)Prel iminar 1.60% -

European Monetary Union 13-May-16 9:00 AM Gross Domestic Product s .a . (QoQ) (Q1)Prel iminar 0.30% -

United States 13-May-16 12:30 PM Retai l Sa les (MoM) (Apr) -0.30% -

United States 13-May-16 12:30 PM Retai l control (Apr) 0.10% -

United States 13-May-16 12:30 PM Retai l Sa les ex Autos (MoM) (Apr) 0.20% -

Egypt 13-May-16 - Egypt Sovereign Debt to Be Rated by S&P - -

Turkey 16-May-16 7:00 AM Unemployment Rate (Feb) 11.10% -

Turkey 16-May-16 8:00 AM Centra l Gov't Budget Balance (Apr) (TUR6.57bn) -

United Kingdom 17-May-16 8:30 AM Consumer Price Index (YoY) (Apr) 0.50% -

United Kingdom 17-May-16 8:30 AM Core Consumer Price Index (YoY) (Apr) 1.50% -

European Monetary Union 18-May-16 7:00 AM Non-monetary pol icy's ECB meeting - -

European Monetary Union 18-May-16 9:00 AM Consumer Price Index (MoM) (Apr) 1.20% -

European Monetary Union 18-May-16 9:00 AM Consumer Price Index - Core (YoY) (Apr) - -

European Monetary Union 18-May-16 9:00 AM Consumer Price Index (YoY) (Apr) - -

European Monetary Union 18-May-16 9:00 AM Consumer Price Index - Core (MoM) (Apr) 1.50% -

Kuwait 18-May-16 - Crude Oi l Exports (Mar) - -

Saudi Arabia 18-May-16 - March Crude Oi l Exports - -

Saudi Arabia 18-May-16 - March Refined Oi l Ba lance - -

European Monetary Union 19-May-16 11:30 AM ECB Monetary Pol icy Meeting Accounts - -

Egypt 19-May-16 - Trade Balance (March) (EGP3018.0mn) -

Kuwait 20-May-16 - Kuwait Sovereign Debt to Be Rated by Moody's - -

Turkey 23-May-16 7:00 AM Consumer Confidence Index (May) 68.46 -

Turkey 24-May-16 11:00 AM Benchmark Repurchase Rate 7.50% -

Turkey 24-May-16 11:00 AM Overnight Lending Rate 10.00% -

Turkey 24-May-16 11:00 AM Overnight Borrowing Rate 7.25% -

Turkey 25-May-16 11:30 AM Real Sector Confidence SA (May) 105.70 -

Turkey 25-May-16 11:30 AM Real Sector Confidence NSA (May) 110.10 -

Turkey 27-May-16 8:00 AM Foreign Touris t Arriva ls YoY (Apr) - -

Turkey 31-May-16 7:00 AM Trade Balance (Apr) - -





Monday, 2 May 2016

Source: Bloomberg, *Prices as of 30 April 2016 *MoM and YTD are calculated based on USD values.

GTN Focus List | Performance and Valuation

Country Name Sector Ticker LC Consensus

Last Last MoM YTD 52-Week MCAP PT +/- Rating

LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Egypt 21.9 12.8 11.5 1.9 1.3 1.3 0.0 0.0 3.0 12.2 9.1 14.1

Egypt ACGC Consumer Disc. ACGC.EGX EGP 3.02 0.34 -5.9 -8.8 ▼ 0.09 - - BUY 47.7 24.6 - 0.8 0.5 - - - - 32.3 23.4 -

Egypt El Wadi Co Consumer Disc. ELWA.EGX EGP 20.59 2.32 3.8 100.5 ▼ 0.04 - - - - 15.7 - - 0.8 - - - - - 16.9 -

Egypt ERC Consumer Disc. EGTS.EGX EGP 0.91 0.10 -7.1 -4.5 ▼ 0.11 0.98 7 BUY - 4.0 - 2.1 1.0 - 0.0 0.0 - - 3.5 -

Egypt GB Auto Consumer Disc. AUTO.EGX EGP 2.34 0.26 -8.9 -41.7 ▼ 0.29 4.05 73 BUY 22.5 10.4 - 2.0 1.2 - 0.0 0.0 - 6.5 9.6 -

Egypt Orienta l Weav. Consumer Disc. ORWE.EGX EGP 6.60 0.74 -8.9 -26.4 ▼ 0.33 9.02 37 BUY 14.8 9.8 - 1.4 0.9 - 0.7 6.3 - 9.5 6.6 -

Egypt Porto Group Consumer Disc. PORT.EGX EGP 0.32 0.04 -11.1 -31.2 ▼ 0.17 0.57 80 BUY - - 8.0 - - 2.3 - - 9.4 - - -

Egypt Cairo Oi ls Consumer Stap. COSG.EGX EGP 18.53 2.09 8.8 -32.5 ▼ 0.08 - - - - - - - - - 0.0 0.0 - - - -

Egypt Eastern Co. Consumer Stap. EAST.EGX EGP 179.89 20.27 -7.7 -9.4 ▼ 1.01 267.01 48 BUY 8.3 9.3 - 1.6 2.0 - 5.3 4.2 - 10.6 4.3 -

Egypt Edita Consumer Stap. EFID.EGX EGP 33.82 3.81 -3.2 -8.9 ▼ 1.38 30.48 -10 HOLD - 32.3 - - 10.1 - - - - - 22.7 -

Egypt Juhayna Consumer Stap. JUFO.EGX EGP 7.20 0.81 -2.5 -20.5 ▼ 0.76 8.48 18 BUY 52.6 26.8 - 3.9 3.1 - 1.1 - - 19.1 10.7 -

Egypt Al Qalaa Financia ls CCAP.EGX EGP 1.46 0.16 -9.3 -19.6 ▼ 0.24 - - BUY - - - 1.3 - - 0.0 - - 175.0 - -

Egypt Arabia Inv. Financia ls AIND.EGX EGP 1.04 0.12 -7.9 -7.4 ▼ 0.05 - - - 21.9 - - 1.9 0.9 - - - - 35.0 11.2 -

Egypt Beltone Fin. Financia ls BTFH.EGX EGP 20.01 2.25 27.0 366.5 ▼ 0.37 - - - 50.7 - - 1.2 - - - - - 27.8 - -

Egypt CAE Financia ls CIEB.EGX EGP 22.00 2.48 -6.7 -6.5 ▼ 0.77 25.95 18 BUY 7.7 6.2 - 1.8 1.9 - - - - - - -

Egypt CIB Financia ls COMI.EGX EGP 45.18 5.09 17.8 4.5 ▼ 5.87 48.57 8 BUY 15.4 9.4 8.9 3.0 2.6 - 2.0 - - - - -

Egypt EFG- Hermes Financia ls HRHO.EGX EGP 10.08 1.14 -0.8 0.8 ▼ 0.70 13.98 39 BUY 15.5 11.7 11.5 0.9 0.5 0.7 - - 2.3 - - -

Egypt EKH Financia ls EKHO.EGX USD 0.46 0.46 -2.1 -11.5 ▼ 0.45 1.00 117 BUY - 13.9 - 1.3 1.0 - 0.0 0.0 - 8.3 6.7 -

Egypt Pioneers Financia ls PIOH.EGX EGP 9.85 1.11 -4.1 15.6 ▼ 0.63 14.29 45 BUY 26.1 7.9 - 2.1 0.9 - - - - 12.2 12.8 -

Egypt EIPICO Health Care PHAR.EGX EGP 66.65 7.51 11.1 -17.8 ▼ 0.60 83.00 25 BUY 19.4 15.3 - 3.2 2.8 - - - - 10.4 8.7 -

Egypt Canal Shipping Industria ls CSAG.EGX EGP 5.99 0.67 -5.5 -5.4 ▼ 0.13 - - BUY 65.5 44.0 - 6.4 5.0 - - - - - - -

Egypt Electro Cable Industria ls ELEC.EGX EGP 0.95 0.11 1.1 3.4 ▼ 0.06 - - SELL - 17.2 - - 0.7 - - - - - 19.0 -

Egypt Elsaeed Industria ls UEGC.EGX EGP 0.96 0.11 -7.7 -2.8 ▼ 0.06 - - BUY 10.0 - - 1.2 - - - - - 6.8 - -

Egypt Elsewedy Industria ls SWDY.EGX EGP 46.54 5.24 4.5 11.8 ▼ 1.17 55.21 19 BUY 23.0 6.6 - 1.8 1.3 - - 2.7 - 10.2 5.3 -

Egypt UASC Industria ls UASG.EGX EGP 0.99 0.11 0.0 3.9 ▼ 0.02 - - - - - - - - - 0.0 0.0 - - - -

Egypt ACC Materia ls ARCC.EGX EGP 8.40 0.95 10.1 -25.6 ▼ 0.36 13.21 57 BUY 17.3 13.8 - 4.9 2.7 - - - - 8.3 6.0 -

Egypt AMOC Materia ls AMOC.EGX EGP 27.58 3.11 5.6 -3.2 ▼ 0.27 - - BUY 9.8 10.7 8.1 2.5 1.5 - 7.3 14.1 - 5.9 4.9 -

Egypt EISC Materia ls IRON.EGX EGP 6.83 0.77 2.6 39.3 ▼ 0.38 - - - - - - - - - 0.0 0.0 - - - -

Egypt Ezz Steel Materia ls ESRS.EGX EGP 8.85 1.00 -4.6 -12.8 ▼ 0.54 11.74 33 BUY - - - 1.9 1.4 - - - - 32.8 19.8 -

Egypt KIMA Materia ls EGCH.EGX EGP 4.01 0.45 -4.3 15.1 ▼ 0.18 - - SELL 27.7 17.7 - 1.3 - - - - - 45.4 - -

Egypt QENA Cement Materia ls MCQE.EGX EGP 75.09 8.46 4.8 -21.4 ▼ 0.25 112.95 50 BUY 6.8 - - 2.9 - - 8.4 - - 3.2 - -

Egypt SIDPEC Materia ls SKPC.EGX EGP 12.95 1.46 2.4 0.5 ▼ 0.77 16.25 26 BUY 8.0 - - 3.0 - - 9.2 - - 4.5 - -

Egypt SVCC Materia ls SVCE.EGX EGP 4.62 0.52 8.8 -2.1 ▼ 0.25 5.81 26 BUY 23.3 - 23.1 1.1 - 0.7 0.0 - 0.0 13.0 - 7.6

Egypt Amer Real Estate AMER.EGX EGP 0.39 0.04 -9.3 -23.6 ▼ 0.20 0.92 136 BUY 26.7 - 13.0 3.2 - 1.3 1.8 - - 12.7 - -

Egypt Emaar Misr Real Estate EMFD.EGX EGP 2.62 0.30 -3.6 -15.7 ▼ 1.36 3.72 42 BUY - - - - - - - - - - - -

Egypt Giza Contracting Real Estate GGCC.EGX EGP 2.84 0.32 -3.0 7.9 ▼ 0.04 - - - 10.9 4.9 - 2.9 1.2 - - - - 7.8 2.9 -

Egypt Hel iopol is Hous . Real Estate HELI.EGX EGP 51.01 5.75 -1.3 -9.9 ▼ 0.64 78.35 54 BUY 24.7 31.4 21.7 9.9 12.6 10.0 3.3 2.6 3.7 24.0 28.0 20.7

Price Performance Valuation

PE (x) PB (x) DY (%) EV/EBITDA (x)





Monday, 2 May 2016

GTN Focus List | Performance and Valuation (Cont.’d)




LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Egypt 21.9 12.8 11.5 1.9 1.3 1.3 0.0 0.0 3.0 12.2 9.1 14.1

Egypt MNHD Real Estate MNHD.EGX EGP 20.31 2.29 -8.9 -2.1 ▼ 0.86 25.38 25 BUY 23.0 28.6 - 7.8 7.1 - - - - 19.7 24.8 -

Egypt NOAF Real Estate NOAF.EGX EGP 1.53 0.17 -1.2 -25.1 ▼ 0.03 - - - 41.9 29.5 - 10.0 6.2 - 0.0 0.0 - 49.1 23.2 -

Egypt PHD Real Estate PHDC.EGX EGP 2.62 0.30 -9.6 -8.0 ▼ 0.64 3.54 35 BUY 15.8 5.3 - 1.4 0.9 - 0.0 0.0 - 20.2 11.5 -

Egypt SODIC Real Estate OCDI.EGX EGP 10.76 1.21 -10.4 0.1 ▼ 0.41 14.92 39 BUY 10.9 10.3 - 1.6 1.0 - 0.0 0.0 - 13.5 7.9 -

Egypt TMG Real Estate TMGH.EGX EGP 6.67 0.75 4.9 -9.1 ▼ 1.55 10.42 56 BUY 29.8 17.5 - 0.8 0.5 - 0.0 - - 18.0 8.3 -

Egypt GTH Telecomm. GTHE.EGX EGP 2.96 0.33 -3.2 25.4 ▼ 1.75 3.49 18 BUY - - - - 4.1 - 0.0 0.0 - 4.1 2.6 -

Egypt OTMT Telecomm. OTMT.EGX EGP 0.74 0.08 -5.1 -8.1 ▼ 0.44 0.53 -28 HOLD 213.3 - - 1.1 - - - - - 3.6 - -

Egypt TE Telecomm. ETEL.EGX EGP 7.78 0.88 -5.4 6.8 ▼ 1.50 10.30 32 BUY 14.4 3.7 - 0.8 0.4 - 1.7 11.7 - 4.8 2.8 -



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Kuwait 11.6 15.8 11.6 0.7 0.5 1.3 2.0 0.5 4.0 11.7 13.2 4.2

Kuwait Americana Consumer Disc. FOOD.KSE KWd 2420.00 8.03 -1.5 21.8 ▼ 3.23 - - BUY 21.1 17.9 - 3.0 2.2 - 3.2 5.0 - 8.5 6.0 -

Kuwait KFG Consumer Disc. KOUTFOOD.KSE KWd - - - - - - - - - 10.1 - - 1.6 - - 4.2 - - 5.6 - -

Kuwait KRC Consumer Disc. MUNTAZAHAT.KSEKWd 80.00 0.27 -3.5 -18.7 ▼ 0.05 - - - 5.0 5.7 - 0.7 0.8 - 6.7 5.1 - 2.3 3.7 -

Kuwait Mayadeen Consumer Disc. MAYADEEN.KSE KWd 23.00 0.08 -2.0 7.7 ▼ 0.02 - - BUY - - - 0.3 0.2 - - - - - - -

Kuwait Danah Consumer Stap. DANAH.KSE KWd 77.00 0.26 1.5 -3.1 ▼ 0.07 - - BUY 46.3 222.2 - 0.6 0.6 - - - - 5.1 7.8 -

Kuwait KUPCO Consumer Stap. POULT.KSE KWd 176.00 0.58 -5.3 -9.7 ▼ 0.07 - - - 7.9 8.3 - 1.1 1.1 - 5.6 10.2 - 3.0 2.6 -

Kuwait Mezzan Holding Consumer Stap. MEZZAN.KSE KWd 1200.00 3.98 9.2 4.1 ▼ 1.18 1217.33 1 BUY - 17.6 - - - - - - - - 18.4 -

Kuwait GPI Energy GPI.KSE KWd 42.50 0.14 7.8 -16.1 ▼ 0.05 - - BUY 7.8 - - 0.4 0.4 - 6.1 0.0 - 5.4 4.0 -

Kuwait SENERGY Energy SENERGY.KSE KWd 13.00 0.04 4.1 9.0 ▼ 0.03 - - BUY - - - 0.7 0.4 - 0.0 0.0 - 15.4 27.3 -

Kuwait ABK Financia ls ABK.KSE KWd 335.00 1.11 0.1 -10.1 ▼ 1.80 - - BUY 17.8 19.7 - 1.2 1.1 - 3.2 2.7 - - - -

Kuwait Al Imtiaz Financia ls ALIMTIAZ.KSE KWd 77.00 0.26 5.6 2.0 ▼ 0.29 - - BUY 12.1 7.8 - 0.4 0.4 - 7.4 7.9 - 13.4 10.6 -

Kuwait Al Mal Financia ls ALMAL.KSE KWd 30.50 0.10 -10.2 - ▼ 0.07 - - BUY - - - 0.7 - - 0.0 - - - 2.8 -

Kuwait Al Sa lam Financia ls ALSALAM.KSE KWd 37.50 0.12 10.4 7.9 ▼ 0.03 - - - 7.5 - - 0.4 0.3 - - - - 7.7 109.8 -

Kuwait Al -Madina Financia ls ALMADINA.KSE KWd 38.50 0.13 20.5 10.7 ▼ 0.05 - - - - - - 0.4 0.7 - 0.0 0.0 - - - -

Kuwait Al -Motahid Financia ls ALMUTAHED.KSEKWd 420.00 1.39 5.1 -12.2 ▼ 2.41 420.00 0 SELL 17.5 17.5 14.2 2.5 2.1 1.7 1.6 0.9 2.4 - - -

Kuwait AUB Financia ls AUB.KSE KWd 182.00 0.60 0.1 -7.5 ▼ 4.12 215.58 18 BUY 10.1 8.6 - 1.5 1.3 - 5.6 6.5 - - - -

Kuwait Bayan Financia ls BAYANINV.KSE KWd 36.00 0.12 12.7 6.6 ▼ 0.05 - - BUY 8.4 - - 0.6 0.4 - 0.0 0.0 - 15.4 12.1 -

Kuwait BIIHC Financia ls BIIHC.KSE KWd 30.00 0.10 7.3 2.4 ▼ 0.03 - - - - - - 0.8 0.5 - 0.0 0.0 - - - -

Kuwait Boubyan Bank Financia ls BOUBYAN.KSE KWd 415.00 1.38 2.7 -0.3 ▼ 2.98 280.00 -33 SELL 28.5 25.7 20.5 2.7 2.9 2.4 1.2 1.1 2.4 - - -

Kuwait Burgan Bank Financia ls BURG.KSE KWd 345.00 1.14 1.6 -9.8 ▼ 2.35 398.00 15 BUY 19.3 18.9 - 1.4 1.2 - 3.1 4.7 - - - -

Kuwait CBK Financia ls CBK.KSE KWd 445.00 1.48 7.4 -5.0 ▼ 2.21 520.00 17 HOLD 18.1 15.3 14.8 1.6 1.2 1.1 2.9 2.6 3.4 - - -

Kuwait Coast Financia ls COAST.KSE KWd 47.00 0.16 34.5 47.8 ▼ 0.10 - - BUY 7.0 - - 0.5 0.4 - 0.0 0.0 - 30.0 1.8 -

Kuwait Ektettab Financia ls EKTTITAB.KSE KWd 34.00 0.11 19.5 14.1 ▼ 0.04 - - - - - - 0.5 0.4 - 0.0 0.0 - - - -

Kuwait Fi rs t Investment Financia ls ALOLA.KSE KWd 51.00 0.17 -1.8 -11.5 ▼ 0.11 - - BUY - 26.4 - - 0.4 - - - - - - -

Kuwait GIH Financia ls GIH.KSE KWd 28.50 0.09 14.2 8.3 ▼ 0.02 - - BUY - - - 0.6 0.4 - 0.0 0.0 - - - -









Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Kuwait 11.6 15.8 11.6 0.7 0.5 1.3 2.0 0.5 4.0 11.7 13.2 4.2

Kuwait GNAHC Financia ls GNAHC.KSE KWd 36.00 0.12 4.5 31.8 ▼ 0.02 - - - 12.4 57.3 - 0.3 0.3 - 0.0 0.0 - 144.7 38.0 -

Kuwait Gul f Bank Financia ls GBK.KSE KWd 240.00 0.80 13.4 -7.1 ▼ 2.43 210.00 -13 SELL 22.3 20.0 24.0 1.6 1.4 1.3 0.0 0.2 4.2 - - -

Kuwait Hous ing Finance Financia ls ISKAN.KSE KWd 31.00 0.10 7.0 -0.9 ▼ 0.02 - - BUY 6.9 6.0 - 0.4 0.3 - 0.0 0.0 - 1.5 40.6 -

Kuwait KFH Financia ls KFIN.KSE KWd 490.00 1.63 2.2 0.5 ▼ 8.52 461.35 -6 SELL 24.3 17.4 13.5 1.8 1.4 1.4 2.1 3.1 3.9 - - -

Kuwait KIB Financia ls KIB.KSE KWd 196.00 0.65 0.1 -12.7 ▼ 0.67 250.00 28 HOLD 16.9 13.2 10.0 1.0 0.9 0.7 3.6 4.0 5.0 - - -

Kuwait KIPCO Financia ls KPROJ.KSE KWd 550.00 1.82 0.1 -4.5 ▼ 2.69 640.00 16 BUY 21.2 14.8 12.0 1.6 1.2 1.4 3.6 4.3 6.5 11.7 10.4 -

Kuwait National Inv. Financia ls NINV.KSE KWd 110.00 0.36 21.0 25.8 ▼ 0.32 - - BUY 19.0 - - 0.7 0.4 - 3.9 0.0 - 18.6 10.4 -

Kuwait NBK Financia ls NBK.KSE KWd 670.00 2.22 0.1 -11.5 ▼ 11.76 817.75 22 BUY 16.3 14.3 10.2 1.6 1.4 1.2 3.3 3.8 5.2 - - -

Kuwait NIH Financia ls NIH.KSE KWd 61.00 0.20 32.8 0.7 ▼ 0.04 - - - 11.9 40.7 - 0.3 0.4 - 7.3 0.0 - 14.2 48.4 -

Kuwait PHC Financia ls KPPC.KSE KWd 48.00 0.16 -3.9 -5.3 ▼ 0.12 - - - 7.3 335.5 - 0.4 0.3 - 10.1 0.0 - 18.7 18.5 -

Kuwait Sech Financia ls SECH.KSE KWd 45.50 0.15 13.9 25.5 ▼ 0.10 - - - - - - 0.9 0.5 - - - - 80.0 - -

Kuwait Warba Bank Financia ls WARBABANK.KSEKWd 176.00 0.58 0.1 -9.6 ▼ 0.58 - - BUY - 196.0 - 2.6 2.1 - 0.0 0.0 - - - -

Kuwait Zima Holding Financia ls ZIMAH.KSE KWd 45.00 0.15 -15.0 -60.9 ▼ 0.01 - - - - 145.0 - 1.1 1.1 - 0.0 0.0 - 26.3 28.6 -

Kuwait Advanced Tech. Health Care ATC.KSE KWd 920.00 3.05 0 0.5 - 0.46 - - BUY - 27.9 - - 3.1 - - 1.6 - 18.1 15.8 -

Kuwait AGLTY Industria ls AGLTY.KSE KWd 510.00 1.69 6.4 7.0 ▼ 2.05 700.00 37 HOLD 15.9 10.3 - 0.9 0.6 - 4.7 6.3 - 9.0 5.0 -

Kuwait ALAFCO Industria ls ALAFCO.KSE KWd 212.00 0.70 -1.7 1.6 ▼ 0.67 - - BUY 12.7 10.9 7.8 1.1 0.8 0.7 1.9 2.3 2.4 9.6 8.4 -

Kuwait EQUIPMT Industria ls EQUIPMENT.KSEKWd 58.00 0.19 11.7 0.7 ▼ 0.03 - - - 13.7 - - 0.7 0.5 - 0.0 0.0 - 19.4 13.2 -

Kuwait Jazeera Industria ls JAZEERA.KSE KWd 890.00 2.95 0.1 -0.5 ▼ 0.59 1361.67 53 HOLD 13.2 26.1 2.7 2.7 5.7 4.1 10.8 1.7 - 11.1 11.0 12.1

Kuwait KGL Logis tics Industria ls LOGISTICS.KSE KWd 77.00 0.26 8.6 33.6 ▼ 0.15 - - BUY 11.4 5.9 - 0.8 0.4 - 4.8 13.8 - 10.4 3.9 -

Kuwait MUBARRAD Industria ls MUBARRAD.KSEKWd 65.00 0.22 10.3 -15.0 ▼ 0.04 - - - 5.5 7.1 - 0.5 0.6 - 8.3 6.5 - - - -

Kuwait Mushri f Trading Industria ls MTCC.KSE KWd 77.00 0.26 -8.2 15.7 ▼ 0.08 - - - - 20.0 - 0.5 0.5 - 0.0 0.0 - 20.3 19.9 -

Kuwait NIND Industria ls NIND.KSE KWd 134.00 0.44 10.0 7.1 ▼ 0.60 - - BUY 8.9 6.6 - 0.6 0.4 - 6.3 7.9 - 46.8 35.0 -

Kuwait BPCC Materia ls BPCC.KSE KWd 520.00 1.72 -1.7 -1.2 ▼ 0.92 - - BUY 13.7 10.9 - 1.2 1.0 - 6.0 6.7 - 5.1 2.2 -

Kuwait ALQURAIN Materia ls ALQURAIN.KSE KWd 212.00 0.70 10.6 13.5 ▼ 0.77 - - BUY 9.3 6.7 - 0.8 0.6 - 4.1 5.0 - - 15.8 -

Kuwait ABYAAR Real Estate ABYAAR.KSE KWd 24.50 0.08 -1.9 -15.0 ▼ 0.09 - - - 47.1 - - 0.4 0.3 - 0.0 0.0 - 71.3 68.2 -

Kuwait ADNC Real Estate ADNC.KSE KWd 15.00 0.05 -6.1 -44.1 ▼ 0.02 - - BUY 10.7 - - 0.9 1.0 - 0.0 0.0 - - - -

Kuwait AJWAN Real Estate AJWAN.KSE KWd 28.50 0.09 -4.9 8.3 ▼ 0.01 - - - - 139.5 - 0.5 0.4 - - - - - - -

Kuwait ALMUDON Real Estate ALMUDON.KSE KWd 32.50 0.11 8.5 2.2 ▼ 0.01 - - - 22.9 - - 0.5 0.2 - 0.0 0.0 - - - -

Kuwait ALTIJARIA Real Estate ALTIJARIA.KSE KWd 75.00 0.25 -3.7 -4.4 ▼ 0.44 - - BUY 8.6 6.8 - 0.6 0.5 - 6.3 6.3 - 10.0 26.5 -

Kuwait IFA Real Estate IFA.KSE KWd 30.50 0.10 0 5.7 ▼ 0.07 - - - - - - 0.5 - - 0.0 - - 10.4 - -

Kuwait INVESTORS Real Estate INVESTOR.KSE KWd 23.00 0.08 4.7 -7.4 ▼ 0.05 - - - - - - 0.4 0.3 - 0.0 0.0 - 3.4 34.2 -

Kuwait KBT Real Estate KBT.KSE KWd 42.50 0.14 0.1 -0.5 ▼ 0.07 - - - 5.6 4.5 - 0.3 0.4 - 0.0 0.0 - 60.8 23.4 -

Kuwait KRE Real Estate KRE.KSE KWd 52.00 0.17 -1.7 -3.1 ▼ 0.16 - - - 9.0 11.5 - 0.5 0.4 - 7.0 0.0 - 27.4 532.7 -

Kuwait MABANEE Real Estate MABANEE.KSE KWd 860.00 2.85 -1.0 -7.9 ▼ 2.42 1069.75 24 BUY 14.6 16.4 - 2.7 2.6 - 1.6 1.1 - 13.3 16.6 -

Kuwait MANAZEL Real Estate MANAZEL.KSE KWd 17.00 0.06 -0.1 -25.7 ▼ 0.04 - - - 4.1 39.7 - 0.9 0.5 - 0.0 0.0 - - - -

Kuwait MAZAYA Real Estate MAZAYA.KSE KWd 122.00 0.40 13.1 20.4 ▼ 0.28 165.00 35 BUY 9.5 6.8 - 0.8 0.6 - 4.8 6.9 - 13.7 18.1 -







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Kuwait 11.6 15.8 11.6 0.7 0.5 1.3 2.0 0.5 4.0 11.7 13.2 4.2

Kuwait MUNSHAAT Real Estate MUNSHAAT.KSE KWd 65.00 0.22 40.0 -24.8 ▼ 0.07 - - BUY 3.2 29.0 - 0.5 0.3 - - - - 4.1 3.2 -

Kuwait NRE Real Estate NRE.KSE KWd 92.00 0.31 -3.0 7.7 ▼ 0.29 - - BUY 10.8 5.0 - 0.6 0.4 - - - - 22.2 98.5 -

Kuwait SOKOUK Real Estate SOKOUK.KSE KWd 41.00 0.14 20.8 -12.2 ▼ 0.08 - - BUY 6.9 - - 0.4 0.4 - 0.0 0.0 - 65.1 98.6 -

Kuwait HITSTELEC Telecomm. HITSTELEC.KSE KWd 36.50 0.12 30.5 28.9 ▼ 0.09 - - BUY - - - 0.4 0.4 - 0.0 0.0 - 0.4 0.2 -

Kuwait OOREDOO Telecomm. OOREDOO.KSE KWd 1140.00 3.78 5.7 4.3 ▼ 1.91 1486.67 30 BUY 15.4 20.8 3.4 1.0 0.8 0.8 5.0 9.1 7.7 4.0 3.3 2.9

Kuwait VIVA Telecomm. VIVA.KSE KWd 1020.00 3.38 0.1 3.7 ▼ 1.69 717.73 -30 HOLD 8.0 11.5 11.6 6.5 5.3 3.8 0.0 0.0 1.8 3.4 4.0 3.6

Kuwait ZAIN Telecomm. ZAIN.KSE KWd 350.00 1.16 -1.3 0.7 ▼ 5.02 451.67 29 BUY 10.6 8.8 8.0 1.4 1.0 0.9 7.5 8.6 9.6 5.7 4.6 4.7



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Oman 10.8 9.6 10.9 1.1 0.9 1.0 4.5 5.3 6.0 9.8 8.3 8.0

Oman RNSS Energy RNSS.MSM OMR 0.24 0.63 31.0 47.8 ▼ 0.18 0.19 -20 HOLD 7.9 - 24.1 0.8 0.2 0.5 2.1 - - 9.8 5.7 6.2

Oman AAH Financia ls AAIT.MSM OMR 0.23 0.60 17.3 39.4 ▼ 0.09 - - - 14.4 7.3 - 2.0 1.3 - 2.7 3.8 - 34.2 6.6 -

Oman ABQ Financia ls ABOB.MSM OMR 0.18 0.47 0.6 -7.7 ▼ 0.67 0.18 -1 BUY 12.6 10.1 8.5 1.6 1.2 8.5 4.1 5.1 11.3 - - -

Oman A'Sharqiya Financia ls SIHC.MSM OMR 0.13 0.35 29.1 44.6 ▼ 0.03 - - - 18.6 46.0 - 0.6 0.6 - 3.8 0.0 - 17.8 24.1 -

Oman Bank Sohar Financia ls BKSB.MSM OMR 0.18 0.47 26.8 14.6 ▼ 0.74 0.15 -14 HOLD 8.4 7.8 8.6 1.3 0.9 1.0 2.7 5.7 2.2 - - -

Oman BankMuscat Financia ls BKMB.MSM OMR 0.41 1.06 7.3 -8.8 ▼ 2.66 0.52 28 BUY 7.8 6.1 5.9 1.0 0.8 0.7 4.3 5.3 7.4 - - -

Oman BKNZ Financia ls BKNZ.MSM OMR 0.08 0.20 1.3 8.6 ▼ 0.30 0.06 -21 SELL - - - 0.9 0.8 1.0 - - 13.2 - - -

Oman GFI Financia ls GFIC.MSM OMR 0.14 0.35 -27.8 21.6 ▼ 0.07 - - BUY - 15.6 - 0.8 0.7 - 0.0 4.5 - 47.6 63.4 -

Oman GIS Financia ls GISI.MSM OMR 0.13 0.33 21.2 40.0 ▼ 0.02 - - - 14.2 - - 1.1 0.8 - 4.2 - - 9.9 6.5 -

Oman HBON Financia ls HBMO.MSM OMR 0.12 0.32 26.5 24.0 ▼ 0.64 0.11 -14 HOLD 23.5 16.7 15.3 0.9 0.6 0.8 3.9 3.9 0.8 - - -

Oman NBO Financia ls NBOB.MSM OMR 0.26 0.69 3.5 8.8 ▼ 1.01 0.28 6 BUY 7.7 6.2 7.5 1.1 0.9 1.0 5.4 6.4 7.2 - - -

Oman OEIHC Financia ls OEIO.MSM OMR 0.13 0.34 29.7 45.6 ▼ 0.04 - - - 30.8 - - 0.7 0.6 - - - - 111.3 100.7 -

Oman OMINVEST Financia ls OMVS.MSM OMR 0.55 1.43 22.8 43.1 ▼ 0.91 - - BUY 9.7 8.5 - 1.1 1.1 - 4.8 2.3 - 0.9 5.6 -

Oman OUIC Financia ls OUIS.MSM OMR 0.27 0.71 11.9 25.3 ▼ 0.07 - - BUY 7.8 6.6 - 1.1 0.8 - 7.8 11.1 0.7 - - -

Oman UFC Financia ls UFCI.MSM OMR 0.14 0.36 5.4 10.7 ▼ 0.12 - - BUY 7.6 7.6 - 0.9 0.9 - 5.1 7.7 - 11.0 11.2 -

Oman NPI Oman Health Care NPMI.MSM OMR 0.11 0.29 0 0.0 - 0.01 - - - 5.6 5.2 - 0.8 0.8 - - 9.1 - 5.4 5.7 -

Oman Al Shams Industria ls AACT.MSM OMR 0.27 0.70 -3.6 -11.2 ▼ 0.21 0.29 9 HOLD 12.6 13.8 13.5 3.0 2.2 1.9 4.0 6.6 7.4 10.5 8.7 8.2

Oman Galfar Industria ls GECS.MSM OMR 0.12 0.31 40.5 68.6 ▼ 0.09 - - SELL - - - 0.6 0.4 - - - - 8.3 97.0 -

Oman OIFC Industria ls OIFC.MSM OMR 0.21 0.55 8.2 7.1 ▼ 0.11 0.23 8 BUY 8.2 6.6 - 1.6 1.2 - 9.2 9.5 - 20.6 14.7 -

Oman Oman Cables Industria ls OCAI.MSM OMR 1.78 4.62 17.1 0.6 ▼ 0.41 1.80 1 BUY 9.7 8.6 10.5 2.2 1.8 1.7 4.7 5.1 5.1 9.4 8.0 8.4

Oman Al Jazeera Materia ls ATMI.MSM OMR 0.20 0.51 38.3 43.4 ▼ 0.06 0.15 -23 HOLD 8.0 9.7 20.0 1.0 0.4 0.6 6.5 6.6 5.0 6.8 6.1 8.3

Oman GIC Materia ls GICI.MSM OMR 0.26 0.68 -14.4 0.8 ▼ 0.01 - - - 6.1 6.7 - 1.0 1.6 - 14.5 13.5 - 3.6 7.5 -

Oman OCC Materia ls OCOI.MSM OMR 0.50 1.29 7.8 7.8 ▼ 0.43 0.48 -3 HOLD 13.0 13.1 13.4 1.1 0.9 1.0 5.8 6.5 6.0 8.3 8.0 8.9

Oman RCC Materia ls RCCI.MSM OMR 1.17 3.04 23.4 17.0 ▼ 0.61 1.20 3 BUY 12.2 9.5 11.7 2.4 1.4 1.5 4.5 5.0 6.0 9.6 6.2 7.7

Oman Omantel Telecomm. OTEL.MSM OMR 1.60 4.16 4.9 2.2 ▼ 3.12 1.76 10 BUY 10.4 24.1 10.1 2.2 2.2 2.0 4.4 7.3 7.5 5.5 4.9 4.6

Oman Ooredoo Telecomm. ORDS.MSM OMR 0.76 1.97 5.6 7.3 ▼ 1.28 1.03 36 BUY 10.8 11.1 10.9 2.1 2.1 2.1 6.1 5.6 5.7 3.9 3.7 4.3









Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Oman 10.8 9.6 10.9 1.1 0.9 1.0 4.5 5.3 6.0 9.8 8.3 8.0

Oman Al Batinah Power Uti l i ties BATP.MSM OMR 0.21 0.55 1.4 9.9 ▼ 0.37 - - HOLD 23.0 18.2 - 1.7 1.9 - 4.7 4.6 - 11.1 11.1 -

Oman Al Suwadi Power Uti l i ties SUWP.MSM OMR 0.22 0.56 4.3 13.1 ▼ 0.40 - - HOLD 25.4 18.8 - 1.7 1.9 - 4.4 4.3 - 11.1 11.1 -

Oman Phoenix Uti l i ties PHPC.MSM OMR 0.15 0.39 4.2 4.2 ▼ 0.57 - - BUY - 7.3 - - 1.5 - - - - - 11.7 -

Oman Sembcop Uti l i ties SSPW.MSM OMR 0.25 0.66 -6.3 3.3 ▼ 0.63 - - HOLD 17.1 17.5 - 2.7 2.9 - 6.0 5.2 - 9.7 9.8 -

Oman SMN Power Hldg. Uti l i ties SMNP.MSM OMR 0.72 1.86 -2.2 -3.2 ▼ 0.37 - - BUY 15.3 16.4 - 9.2 8.6 - 3.3 2.6 - 11.3 11.8 -



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Qatar 14.8 12.2 13.6 1.9 1.8 2.0 4.2 4.1 4.6 14.8 14.1 12.3

Qatar Al Meera Consumer Stap. MERS.QE QAR 207.20 56.93 0.2 -5.8 ▼ 1.14 294.50 42 BUY 17.7 27.7 16.6 2.8 3.2 3.1 4.5 4.1 4.6 19.2 17.1 13.2

Qatar GISS Energy GISS.QE QAR 34.75 9.55 -4.2 -32.5 ▼ 1.77 42.00 21 HOLD 12.8 11.9 - 4.3 2.4 - 5.7 1.9 - 15.9 9.2 -

Qatar Qatar Fuel Energy QFLS.QE QAR 157.40 43.25 1.3 15.3 ▼ 3.94 - - BUY 15.2 9.9 - 2.6 1.8 - 4.4 6.1 - 9.1 5.8 -

Qatar Qatar Gas Trans . Energy QGTS.QE QAR 23.15 6.36 -2.7 -0.8 ▼ 3.56 26.00 12 BUY 14.3 13.2 12.8 3.4 2.9 - 5.2 5.4 6.0 14.2 14.1 11.4

Qatar Al Khal i ji Financia ls KCBK.QE QAR 17.20 4.73 -0.8 -4.2 ▼ 1.70 18.05 5 HOLD 14.1 10.3 10.1 1.4 1.1 0.9 4.5 5.6 5.8 - - -

Qatar Al Masri f Financia ls QIBK.QE QAR 98.20 26.98 -5.2 -7.9 ▼ 6.38 93.53 -5 HOLD 15.1 13.0 - 1.9 1.9 - 4.2 4.0 - - - -

Qatar CBQ Financia ls CBQK.QE QAR 38.30 10.52 -8.0 -16.5 ▼ 3.44 40.89 7 HOLD 11.6 11.5 - 1.4 1.0 - 5.1 6.5 - - - -

Qatar Doha Bank Financia ls DHBK.QE QAR 36.85 10.12 -0.8 -17.2 ▼ 2.62 41.82 13 HOLD 11.9 9.2 - 1.6 1.2 - 7.0 6.7 - - - -

Qatar Doha Insurance Financia ls DOHI.QE QAR 19.80 5.44 3.5 -5.7 ▼ 0.27 - - BUY 14.8 9.5 - 1.3 1.0 - 3.4 4.8 17.1 - - -

Qatar Int. Is lamic Financia ls QIIK.QE QAR 63.20 17.36 -5.9 -1.7 ▼ 2.63 53.20 -16 SELL 15.0 12.4 17.2 2.3 1.8 1.7 4.9 6.2 6.4 - - -

Qatar Is lamic Holding Financia ls IHGS.QE QAR 68.50 18.82 -8.6 -12.9 ▼ 0.11 - - - 31.0 51.4 - 7.3 5.1 - 0.0 1.9 - 26.0 62.2 -

Qatar Masraf Al Rayan Financia ls MARK.QE QAR 34.20 9.40 -4.1 -9.0 ▼ 7.05 29.61 -13 SELL 16.6 13.6 12.8 0.5 2.3 2.0 4.0 4.7 5.3 - - -

Qatar Qatar Insurance Financia ls QATI.QE QAR 79.90 21.95 -3.6 15.0 ▼ 5.35 91.00 14 HOLD 14.5 14.3 19.5 2.5 2.6 2.3 2.8 3.0 2.4 - - -

Qatar QNB Financia ls QNBK.QE QAR 144.00 39.56 2.3 -1.2 ▼ 33.22 159.13 11 BUY 14.2 10.9 - 2.6 2.0 - 3.3 2.0 - - - -

Qatar Sa lam Intl . Financia ls SIIS.QE QAR 11.27 3.10 -15.2 -4.6 ▼ 0.35 - - BUY 23.3 11.9 103.4 1.1 0.8 7.7 3.8 6.8 0.1 12.8 10.9 6.8

Qatar Medicare Group Health Care MCGS.QE QAR 92.70 25.47 -14.1 -22.3 ▼ 0.72 - - - 18.1 18.6 - 3.6 3.1 - 4.3 4.2 - 16.7 17.3 -

Qatar Qatar German Co. MedHealth Care QGMD.QE QAR 12.28 3.37 -3.1 -10.5 ▼ 0.04 - - - - - - 1.0 1.5 - 0.0 0.0 - - - -

Qatar Gul f Warehous . Industria ls GWCS.QE QAR 63.00 17.31 7.4 10.8 ▼ 1.03 69.18 10 BUY 19.1 14.6 18.7 3.1 1.9 2.4 2.7 2.6 2.3 14.8 14.7 14.3

Qatar Industries Qatar Industria ls IQCD.QE QAR 105.00 28.85 -3.0 -5.4 ▼ 17.45 118.00 12 HOLD 16.0 15.1 14.3 3.0 2.0 1.9 4.2 4.5 5.5 71.4 55.8 54.6

Qatar Mannai Industria ls MCCS.QE QAR 89.60 24.62 -2.6 -5.9 ▼ 1.12 - - BUY 9.4 8.2 - 2.3 1.8 - 5.5 5.2 - 23.3 13.4 -

Qatar Qatar Navig. Industria ls QNNS.QE QAR 90.50 24.86 -1.0 -4.7 ▼ 2.85 - - BUY 10.8 9.9 7.8 0.8 0.8 - 5.5 5.3 - 8.4 7.3 -

Qatar QIG Materia ls QIGD.QE QAR 52.90 14.53 -10.9 40.4 ▼ 1.81 - - BUY 22.6 18.6 - 2.3 1.9 - 1.8 2.0 - 21.2 17.2 -

Qatar QNCC Materia ls QNCD.QE QAR 87.80 24.12 1.0 -5.3 ▼ 1.43 118.90 35 HOLD 15.4 11.9 12.7 2.5 1.9 1.7 0.0 3.9 4.6 10.9 8.7 8.6

Qatar Barwa Real Estate BRES.QE QAR 33.80 9.29 -6.6 -15.5 ▼ 3.61 - - BUY 5.9 5.1 - 1.0 0.9 - 5.3 5.5 - 5.5 6.2 -

Qatar Ezdan Real Estate ERES.QE QAR 18.40 5.06 1.2 15.8 ▼ 13.41 - - - 29.3 25.2 - 1.3 1.4 - 2.7 3.1 - 32.4 48.5 -

Qatar Mazaya Qatar Real Estate MRDS.QE QAR 14.45 3.97 2.8 6.9 ▼ 0.44 - - - 11.3 13.2 - 1.5 1.1 - 1.6 - - 9.7 11.2 -

Qatar National Leas . Real Estate NLCS.QE QAR 17.30 4.75 4.3 22.7 ▼ 0.24 - - - 14.3 - - 0.9 0.7 - 4.3 3.5 - 4.0 1.0 -

Qatar United Dev. Real Estate UDCD.QE QAR 19.29 5.30 -2.0 -7.0 ▼ 1.88 - - BUY 13.3 10.6 - 0.8 0.7 - 5.3 7.2 - 13.3 19.2 -









Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Qatar 14.8 12.2 13.6 1.9 1.8 2.0 4.2 4.1 4.6 14.8 14.1 12.3

Qatar Ooredoo Telecomm. ORDS.QE QAR 91.70 25.19 -1.3 22.3 ▼ 8.07 104.85 14 HOLD 19.0 11.3 13.3 1.7 1.1 1.1 3.2 4.0 4.2 5.6 4.3 4.7

Qatar Vodafone Qatar Telecomm. VFQS.QE QAR 12.00 3.30 -2.5 -5.5 ▼ 2.79 8.51 -29 SELL - - - 1.7 2.7 - 0.0 1.2 - 22.5 26.3 -

Qatar QEWC Uti l i ties QEWS.QE QAR 208.80 57.37 -0.5 -3.5 ▼ 6.31 245.09 17 BUY 13.5 15.9 13.6 3.0 3.2 2.7 4.0 3.5 3.9 15.9 17.0 14.1



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Saudi 20.0 17.7 14.4 2.4 1.9 1.5 2.2 2.2 4.3 16.0 14.3 10.4

Saudi Al Hokair Group Consumer Disc. 1820.TDWL SAR 50.84 13.56 16.2 -22.9 ▼ 0.75 - - BUY 16.6 19.1 13.6 4.6 4.8 - 4.2 3.8 3.9 12.3 13.5 11.5

Saudi AlAbdul lati f Consumer Disc. 2340.TDWL SAR 19.22 5.12 7.0 -35.8 ▼ 0.42 - - BUY 13.5 17.5 - 2.2 2.0 - 3.0 5.8 - 11.4 12.0 -

Saudi AlHokair Consumer Disc. 4240.TDWL SAR 38.73 10.33 -7.0 -45.1 ▼ 2.17 63.95 65 BUY 24.5 25.3 - 7.8 8.5 - 1.5 2.3 - 21.3 20.5 -

Saudi Alkhaleej Trng Consumer Disc. 4290.TDWL SAR 26.82 7.15 -7.9 -22.2 ▼ 0.29 39.00 45 BUY 26.7 20.1 15.9 4.7 2.6 1.9 1.2 2.9 3.7 22.9 17.7 14.8

Saudi ALTAYYAR Consumer Disc. 1810.TDWL SAR 42.97 11.46 22.6 -40.5 ▼ 2.29 53.00 23 BUY 16.0 12.4 - 6.3 3.6 - 1.7 - - 13.2 10.2 -

Saudi Dur Hospita l i ty Consumer Disc. 4010.TDWL SAR 24.91 6.64 6.4 -6.9 ▼ 0.66 - - BUY 28.1 18.6 - 1.6 1.5 - 4.1 2.6 - 14.5 13.4 -

Saudi Extra Consumer Disc. 4003.TDWL SAR 27.14 7.24 4.8 -32.2 ▼ 0.26 28.27 4 HOLD 19.9 29.2 14.1 4.7 2.7 1.7 - - 5.4 14.1 13.8 8.1

Saudi Fi ta ihi Group Consumer Disc. 4180.TDWL SAR 15.31 4.08 7.2 1.9 ▼ 0.22 - - - 16.2 150.3 - 1.5 1.2 - - - - 20.5 23.0 -

Saudi Herfy Foods Consumer Disc. 6002.TDWL SAR 70.86 18.89 9.4 -29.5 ▼ 0.87 85.68 21 BUY 21.8 22.9 - 6.6 6.3 - 3.2 - - 18.5 17.3 -

Saudi Jari r Consumer Disc. 4190.TDWL SAR 121.85 32.49 7.6 -23.7 ▼ 2.92 153.18 26 HOLD 22.4 17.4 - 12.3 9.6 - 3.3 4.8 - 22.1 17.0 -

Saudi SACO Consumer Disc. 4008.TDWL SAR 88.57 23.62 3.1 -10.9 ▼ 0.57 109.00 23 BUY - 19.0 15.2 - 5.2 4.0 - 2.0 3.0 - 15.8 12.4

Saudi SASCO Consumer Disc. 4050.TDWL SAR 17.51 4.67 6.9 -21.2 ▼ 0.25 - - BUY 13.4 63.5 3.1 1.5 1.6 0.8 6.2 2.2 11.3 41.2 32.4 6.6

Saudi Saudi Ind. Dev. Consumer Disc. 2130.TDWL SAR 10.99 2.93 12.4 -22.0 ▼ 0.12 - - BUY 86.5 - - 1.4 1.4 - 0.0 0.0 - 19.6 13.1 -

Saudi SHAKER Consumer Disc. 1214.TDWL SAR 26.77 7.14 12.9 -5.4 ▼ 0.45 40.10 50 BUY 5.7 13.1 - 2.3 1.7 - 4.2 0.0 - 22.1 23.6 -

Saudi SRMG Consumer Disc. 4210.TDWL SAR 40.80 10.88 0.6 -29.3 ▼ 0.87 - - - - - - 1.2 4.8 - - - - 31.7 196.3 -

Saudi TAPRCO Consumer Disc. 4070.TDWL SAR 37.33 9.95 5.0 25.3 ▼ 0.15 - - - - - - 16.5 9.5 - - - - - - -

Saudi TECO Consumer Disc. 4170.TDWL SAR 37.91 10.11 6.6 -12.0 ▼ 0.10 - - - 81.0 215.5 - 4.2 4.6 - 0.0 0.0 - 34.8 60.7 -

Saudi Almarai Consumer Stap. 2280.TDWL SAR 56.13 14.97 7.3 -4.3 ▼ 11.97 55.56 -1 HOLD 27.3 24.4 - 4.2 3.9 - 1.3 1.5 - 16.3 14.7 -

Saudi Anaam Holding Consumer Stap. 4061.TDWL SAR 20.40 5.44 11.6 -7.0 ▼ 0.11 - - BUY - 20.5 - 3.3 2.4 - 0.0 0.0 - 30.0 6.4 -

Saudi Farm Superstor. Consumer Stap. 4006.TDWL SAR 40.77 10.87 6.0 -14.8 ▼ 0.49 50.63 24 BUY 27.4 20.1 17.2 5.8 3.9 3.7 - - 1.4 20.7 15.9 12.1

Saudi Halwani Bros . Consumer Stap. 6001.TDWL SAR 61.47 16.39 -0.5 -12.6 ▼ 0.47 76.93 25 BUY 25.0 17.5 14.3 3.7 3.1 2.6 2.5 3.6 4.6 14.7 12.6 9.3

Saudi JAZADCO Consumer Stap. 6090.TDWL SAR 13.95 3.72 14.4 -18.6 ▼ 0.19 - - BUY 87.4 39.0 - 1.2 1.4 - 0.0 0.0 - 47.4 27.6 -

Saudi NADEC Consumer Stap. 6010.TDWL SAR 22.13 5.90 13.3 -24.1 ▼ 0.50 19.48 -12 HOLD 20.0 17.4 17.9 1.7 1.8 1.2 1.6 1.6 1.6 9.9 9.1 8.3

Saudi Qass im Agr. Consumer Stap. 6020.TDWL SAR 11.07 2.95 10.5 -17.6 ▼ 0.15 - - BUY - 672.5 - 1.7 2.0 - 0.0 46.5 - 51.5 73.3 -

Saudi SADAFCO Consumer Stap. 2270.TDWL SAR 137.00 36.53 10.6 22.4 ▼ 1.19 153.50 12 BUY 13.7 27.8 16.9 3.4 4.1 3.9 - 2.9 3.9 9.7 17.0 11.2

Saudi Savola Group Consumer Stap. 2050.TDWL SAR 40.01 10.67 -4.2 -20.3 ▼ 5.70 51.24 28 HOLD 20.8 15.0 - 4.2 2.5 - 2.9 4.0 - 23.7 20.9 -

Saudi SFICO Consumer Stap. 6050.TDWL SAR 13.51 3.60 6.0 -16.5 ▼ 0.19 - - - - - - 5.8 4.3 - 0.0 0.0 - - - -

Saudi Sharqiya Dev. Consumer Stap. 6060.TDWL SAR 43.49 11.60 6.6 -21.1 ▼ 0.09 - - - - 46.3 - 9.3 6.1 - 0.0 0.0 - 234.6 49.3 -

Saudi TADCO Consumer Stap. 6040.TDWL SAR 11.89 3.17 11.9 -8.3 ▼ 0.14 - - - 70.6 108.1 - 1.4 1.0 - - - - 17.7 10.1 -

Saudi THIMAR Consumer Stap. 4160.TDWL SAR 33.95 9.05 4.4 -15.1 ▼ 0.09 - - - 46.1 9.3 - 12.3 3.7 - 0.0 0.0 - 59.3 40.2 -









Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Saudi 20.0 17.7 14.4 2.4 1.9 1.5 2.2 2.2 4.3 16.0 14.3 10.4

Saudi WAFRAH Consumer Stap. 2100.TDWL SAR 28.09 7.49 14.8 9.6 ▼ 0.15 - - - - - - 3.3 2.6 - 0.0 - - 92.1 68.8 -

Saudi Aldrees Energy 4200.TDWL SAR 36.03 9.61 -1.7 -16.5 ▼ 0.38 50.67 41 BUY 16.6 12.0 11.1 3.5 2.7 2.2 3.9 4.6 5.9 11.4 9.2 8.3

Saudi NSCSA Energy 4030.TDWL SAR 46.67 12.44 14.9 4.1 ▼ 4.90 54.00 16 BUY 21.5 10.1 - 1.7 2.0 - 2.9 2.1 - 16.0 9.1 -

Saudi PETRO RABIGH Energy 2380.TDWL SAR 12.63 3.37 20.1 2.9 ▼ 2.95 13.50 7 BUY 23.3 - - 1.7 1.3 1.3 0.0 4.1 2.0 11.1 33.0 20.1

Saudi SARCO Energy 2030.TDWL SAR 35.42 9.44 5.9 -14.1 ▼ 0.14 - - BUY 35.3 82.6 - 1.6 2.1 - 1.4 1.2 - 43.0 66.7 -

Saudi ACE Financia ls 8240.TDWL SAR 43.29 11.54 -2.8 -20.4 ▼ 0.12 - - - 41.1 59.7 - 2.8 2.8 - 0.0 0.0 - 25.8 32.6 -

Saudi ACIG Financia ls 8150.TDWL SAR 16.19 4.32 12.9 -5.4 ▼ 0.09 - - - 45.0 30.6 - 3.7 2.9 - 0.0 0.0 - - - -

Saudi AICC Financia ls 8160.TDWL SAR 9.94 2.65 35.2 32.6 ▼ 0.11 - - - 163.1 - - 5.1 1.3 - 0.0 0.0 - - - -

Saudi Al Alamiya Financia ls 8280.TDWL SAR 31.73 8.46 -0.9 -46.4 ▼ 0.34 - - - - 85.9 - 26.8 8.1 - 0.0 0.0 - - - -

Saudi Al Ra jhi Bank Financia ls 1120.TDWL SAR 60.35 16.09 16.3 15.9 ▼ 26.15 54.33 -10 HOLD 12.2 11.9 - 2.0 1.8 - 3.4 2.9 - - - -

Saudi Al -Ahl ia Financia ls 8140.TDWL SAR 8.10 2.16 22.7 8.5 ▼ 0.07 - - - - - - 2.5 2.0 - 0.0 0.0 - - - -

Saudi ALBILAD Financia ls 1140.TDWL SAR 20.64 5.50 6.9 0.7 ▼ 3.30 17.85 -14 SELL 20.6 15.6 14.3 3.0 1.9 1.8 1.1 - 2.1 - - -

Saudi Al inma Bank Financia ls 1150.TDWL SAR 14.42 3.85 12.5 -2.3 ▼ 5.77 13.37 -7 HOLD 24.0 14.9 - 1.7 1.2 - 2.5 3.4 - - - -

Saudi Al inma Tokio M Financia ls 8312.TDWL SAR 20.35 5.43 4.6 -15.3 ▼ 0.24 - - - - - - 8.5 3.5 - 0.0 0.0 - - - -

Saudi Al l ianz SF Financia ls 8040.TDWL SAR 39.99 10.66 -8.3 -3.0 ▼ 0.21 - - - 43.3 34.7 - 3.7 4.1 - - - - - - -

Saudi AlRajhi Takaful Financia ls 8230.TDWL SAR 22.35 5.96 9.3 0.5 ▼ 0.24 - - - 46.6 21.4 - 7.1 2.6 - 0.0 0.0 - 25.7 15.9 -

Saudi Amana Insu. Financia ls 8310.TDWL SAR 11.19 2.98 28.6 36.1 ▼ 0.10 - - - - - - 3.9 2.4 - 0.0 0.0 - - - -

Saudi Aseer Financia ls 4080.TDWL SAR 22.11 5.90 4.2 -5.6 ▼ 0.75 - - BUY 16.2 20.5 - 1.1 1.2 - 4.2 4.3 - 9.9 10.5 -

Saudi AXA Cooperative Financia ls 8250.TDWL SAR 18.07 4.82 20.3 8.3 ▼ 0.22 - - - 38.9 26.2 - 3.4 1.6 - 0.0 0.0 - - - -

Saudi Bank Al jazi ra Financia ls 1020.TDWL SAR 14.25 3.80 7.1 -12.0 ▼ 1.52 14.20 0 HOLD 19.4 5.0 7.6 1.8 0.9 0.7 0.0 0.0 1.4 - - -

Saudi Bupa Arabia Financia ls 8210.TDWL SAR 127.78 34.07 12.1 11.3 ▼ 2.73 166.50 30 BUY 22.0 14.9 15.2 6.4 5.5 5.0 - - 2.2 - - -

Saudi Buruj Financia ls 8270.TDWL SAR 20.31 5.42 -7.3 13.4 ▼ 0.14 - - - 24.5 14.7 - 4.8 1.9 - 0.0 0.0 - - - -

Saudi Enaya Financia ls 8311.TDWL SAR 12.13 3.23 11.8 -26.9 ▼ 0.13 - - - - - - 4.1 3.3 - 0.0 0.0 - - - -

Saudi Gul f Genera l Financia ls 8260.TDWL SAR 17.13 4.57 6.0 -16.1 ▼ 0.09 - - - 23.3 - - 2.5 2.3 - 0.0 0.0 - - - -

Saudi Jazi ra Takaful Financia ls 8012.TDWL SAR 34.15 9.11 1.0 2.3 ▼ 0.32 - - - - 69.4 - - 3.1 - - 0.0 - - - -

Saudi Kingdom Financia ls 4280.TDWL SAR 12.51 3.34 4.7 -20.8 ▼ 12.36 - - BUY 78.7 83.2 58.1 2.1 2.0 - 2.8 3.2 3.9 213.0 184.4 26.0

Saudi Malath Financia ls 8020.TDWL SAR 16.74 4.46 13.3 -23.2 ▼ 0.13 - - - - - - 3.3 2.5 - 0.0 0.0 - - - -

Saudi MEDGULF Financia ls 8030.TDWL SAR 24.10 6.43 13.5 -13.3 ▼ 0.64 19.50 -19 SELL 25.9 - 18.3 4.3 3.1 2.1 - - - - - -

Saudi METLIFE AIG ANB Financia ls 8011.TDWL SAR 26.26 7.00 -1.4 -20.3 ▼ 0.25 - - - - - - - 11.1 - - - - - - -

Saudi NCB Financia ls 1180.TDWL SAR 44.48 11.86 9.3 -12.9 ▼ 23.72 44.68 0 HOLD 12.7 11.2 - 2.4 1.9 - 2.6 3.0 - - - -

Saudi Riyad Bank Financia ls 1010.TDWL SAR 11.14 2.97 -1.0 -10.2 ▼ 8.91 12.24 10 HOLD 11.7 9.2 - 1.4 1.0 - 4.3 5.6 - - - -

Saudi SABB Takaful Financia ls 8080.TDWL SAR 27.73 7.39 6.4 -15.6 ▼ 0.25 - - - 62.8 299.0 - 3.0 3.1 - 0.0 0.0 - 51.2 239.8 -

Saudi Sagr Insurance Financia ls 8180.TDWL SAR 34.63 9.23 27.8 11.2 ▼ 0.23 - - - 51.7 9.0 - 2.0 1.9 - 1.9 - - - - -

Saudi SAIB Financia ls 1030.TDWL SAR 13.05 3.48 -10.7 -18.4 ▼ 2.44 14.56 12 HOLD 10.8 8.5 6.9 1.3 0.9 0.7 3.1 4.4 5.9 - - -

Saudi SAICO Financia ls 8100.TDWL SAR 16.79 4.48 -1.6 -5.6 ▼ 0.11 - - - 18.4 11.2 - 4.8 1.8 - 0.0 0.0 - - - -

Saudi Samba Financia ls 1090.TDWL SAR 22.94 6.12 12.6 -1.6 ▼ 12.23 24.71 8 BUY 9.3 8.9 - 1.2 1.2 - 3.5 3.9 - - - -







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Saudi 20.0 17.7 14.4 2.4 1.9 1.5 2.2 2.2 4.3 16.0 14.3 10.4

Saudi Saudi Re Financia ls 8200.TDWL SAR 7.59 2.02 14.8 6.2 ▼ 0.20 - - - - - - 1.1 0.9 - 0.0 0.0 - 63.7 746.7 -

Saudi SHB Financia ls 1040.TDWL SAR 26.68 7.11 6.2 -7.4 ▼ 4.07 29.11 9 HOLD 11.7 8.1 8.1 2.0 1.4 1.1 2.9 1.8 2.4 - - -

Saudi Sol idari ty Financia ls 8290.TDWL SAR 9.27 2.47 20.4 24.9 ▼ 0.14 - - - - - - 3.9 2.0 - 0.0 0.0 - - - -

Saudi Tawuniya Financia ls 8010.TDWL SAR 84.75 22.60 5.9 7.0 ▼ 2.26 138.00 63 BUY 8.9 13.3 13.4 2.4 3.4 3.1 2.9 1.3 1.2 - - -

Saudi Trade Union Financia ls 8170.TDWL SAR 15.84 4.22 11.3 -26.4 ▼ 0.12 - - - - 22.9 - 3.9 2.3 - 0.0 0.0 - - - -

Saudi UCA Financia ls 8190.TDWL SAR 12.70 3.39 26.6 4.5 ▼ 0.17 - - - - - - 3.2 2.0 - - - - - - -

Saudi WAFA Insurance Financia ls 8110.TDWL SAR 19.83 5.29 28.8 46.2 ▼ 0.11 - - - 258.1 - - 9.8 4.2 - 0.0 0.0 - - - -

Saudi Walaa Financia ls 8060.TDWL SAR 13.07 3.49 28.9 20.3 ▼ 0.14 - - - 92.0 - - 2.5 1.3 - - - - - - -

Saudi Al Hammadi Health Care 4007.TDWL SAR 44.57 11.88 21.0 -9.0 ▼ 1.43 46.43 4 BUY 42.5 41.5 32.7 4.8 4.2 3.7 1.2 1.5 1.6 44.6 33.8 28.2

Saudi Care Health Care 4005.TDWL SAR 56.36 15.03 11.3 1.6 ▼ 0.67 56.70 1 BUY 26.2 19.1 18.3 2.9 2.8 2.7 2.8 2.8 3.6 17.5 14.0 12.8

Saudi Dal lah Health Health Care 4004.TDWL SAR 83.61 22.29 11.3 19.1 ▼ 1.32 95.30 14 BUY 41.6 25.1 25.7 4.8 3.0 3.2 0.8 2.1 1.7 32.2 19.0 19.4

Saudi Mouwasat Health Care 4002.TDWL SAR 133.37 35.56 17.0 9.6 ▼ 1.78 138.83 4 BUY 25.7 29.1 - 6.0 5.4 - 1.6 1.6 - 23.1 22.0 -

Saudi Saudi German HosptlHealth Care 4009.TDWL SAR 74.09 19.76 2.1 - ▼ 1.83 - - - - - - - - - - - - - - -

Saudi Al -Ahsa Industria ls 2140.TDWL SAR 13.91 3.71 7.8 12.8 ▼ 0.18 - - - - 14.5 - 1.5 1.2 - 0.0 0.0 - 106.7 7.8 -

Saudi ALKHODAR Industria ls 1330.TDWL SAR 13.07 3.49 15.5 -18.3 ▼ 0.19 9.75 -25 SELL 16.1 25.4 18.1 1.8 1.0 0.8 1.6 3.1 2.7 10.5 10.2 8.9

Saudi Astra Industria ls 1212.TDWL SAR 16.78 4.47 11.8 -15.1 ▼ 0.36 13.25 -21 HOLD 21.3 247.4 246.3 1.3 0.9 0.9 2.4 3.8 12.8 17.7 16.8 12.1

Saudi Bawan Industria ls 1302.TDWL SAR 22.73 6.06 32.8 -2.6 ▼ 0.36 21.00 -8 BUY 13.5 15.9 16.9 3.1 1.8 1.5 5.3 5.4 4.4 11.6 11.3 11.3

Saudi EIC Industria ls 1303.TDWL SAR 27.09 7.22 10.0 -20.0 ▼ 0.33 - - - 14.6 21.7 - 4.0 2.5 - 3.8 2.9 - 13.1 16.4 -

Saudi MESC Industria ls 2370.TDWL SAR 8.31 2.22 17.5 -10.1 ▼ 0.13 - - - - - - 2.7 1.4 - - - - 41.2 69.5 -

Saudi National Indus . Industria ls 2060.TDWL SAR 12.02 3.21 31.4 13.4 ▼ 2.14 14.13 18 HOLD 16.6 - 24.6 1.5 0.9 1.0 3.8 0.0 0.0 9.8 15.7 12.4

Saudi SAAC Industria ls 2160.TDWL SAR 8.63 2.30 -7.1 -3.2 ▼ 0.27 8.07 -7 HOLD 17.8 10.0 11.4 1.0 0.7 0.6 0.0 0.0 7.6 12.2 8.5 10.7

Saudi SAPTCO Industria ls 4040.TDWL SAR 13.73 3.66 13.2 -18.1 ▼ 0.46 - - BUY 29.3 9.9 - 2.0 1.4 - 3.1 3.0 - 11.2 5.8 -

Saudi Saudi Catering Industria ls 6004.TDWL SAR 103.66 27.64 -1.2 -15.7 ▼ 2.27 117.01 13 BUY 23.3 14.4 12.5 12.4 7.7 6.3 3.6 5.7 7.0 22.4 13.8 11.2

Saudi Saudi Ceramic Industria ls 2040.TDWL SAR 41.89 11.17 9.9 -10.4 ▼ 0.56 51.92 24 BUY 12.8 8.2 - 2.3 1.2 - 1.9 4.3 - 10.8 6.8 -

Saudi SGS Industria ls 4031.TDWL SAR 49.38 13.17 21.3 9.2 ▼ 2.48 50.00 1 BUY - 13.7 12.0 - 3.1 - - 4.7 5.5 - 10.4 9.3

Saudi SIECO Industria ls 4140.TDWL SAR 43.48 11.59 -2.5 9.9 ▼ 0.13 - - - 159.8 247.4 - 3.2 3.5 - - - - 124.5 159.7 -

Saudi SISCO Industria ls 2190.TDWL SAR 14.76 3.94 14.6 0.7 ▼ 0.27 - - BUY 13.1 11.2 - 1.1 1.0 - 3.3 3.4 - 8.2 7.5 -

Saudi SLTCO Industria ls 4110.TDWL SAR 53.13 14.17 5.9 -24.8 ▼ 0.26 - - - 13.7 24.8 - 2.5 4.6 - 3.0 - - 10.1 14.7 -

Saudi SPPC Industria ls 4270.TDWL SAR 20.72 5.52 2.0 -21.1 ▼ 0.33 - - - 24.6 73.0 - 1.2 1.7 - - - - 17.0 21.0 -

Saudi SVCP Industria ls 2360.TDWL SAR 88.50 23.60 7.5 -5.9 ▼ 0.35 - - - 13.4 13.7 - 5.4 5.3 - 5.6 6.4 - 11.2 9.8 -

Saudi Advanced Petro. Materia ls 2330.TDWL SAR 47.78 12.74 16.4 26.6 ▼ 2.09 44.29 -7 BUY 8.8 8.7 13.3 2.8 2.5 3.0 7.5 7.9 6.4 7.1 6.7 10.0

Saudi Al Jouf Cement Materia ls 3091.TDWL SAR 9.75 2.60 8.5 -7.9 ▼ 0.34 8.90 -9 HOLD 29.9 17.9 19.9 1.3 0.9 0.8 - - 0.0 18.6 12.5 11.9

Saudi Aluja in Materia ls 2170.TDWL SAR 15.45 4.12 8.3 7.3 ▼ 0.29 11.50 -26 HOLD 6.7 9.4 12.8 1.2 1.0 - 0.0 0.0 - 5.7 5.4 6.5

Saudi Arabian Pipes Materia ls 2200.TDWL SAR 10.94 2.92 11.0 -18.9 ▼ 0.12 - - SELL - - - 1.2 0.9 - - - - 79.8 422.4 -

Saudi ARCCO Materia ls 3010.TDWL SAR 56.19 14.98 23.1 18.2 ▼ 1.50 58.28 4 BUY 12.0 7.9 11.3 2.4 1.5 1.6 6.4 9.5 7.0 8.8 5.3 7.6

Saudi ASLAK Materia ls 1301.TDWL SAR 24.52 6.54 37.2 11.6 ▼ 0.29 17.00 -31 HOLD 16.7 13.3 15.7 3.0 1.9 2.7 5.1 6.6 4.1 12.4 7.9 9.9







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Saudi 20.0 17.7 14.4 2.4 1.9 1.5 2.2 2.2 4.3 16.0 14.3 10.4

Saudi CHEMANOL Materia ls 2001.TDWL SAR 7.23 1.93 25.7 1.2 ▼ 0.23 4.00 -45 SELL 43.8 - - 0.9 0.6 0.6 - - 3.1 9.7 17.2 8.7

Saudi CITYC Materia ls 3003.TDWL SAR 14.60 3.89 6.9 -2.8 ▼ 0.74 15.10 3 HOLD 19.4 11.7 11.3 2.2 1.4 - 4.4 6.6 6.8 14.0 7.6 6.8

Saudi EPCCO Materia ls 3080.TDWL SAR 31.86 8.50 2.6 0.6 ▼ 0.73 35.45 11 HOLD 12.7 8.2 11.1 2.1 1.2 1.1 4.5 7.9 6.4 10.3 5.1 5.9

Saudi FIPCO Materia ls 2180.TDWL SAR 35.65 9.51 7.4 -5.7 ▼ 0.15 - - BUY 21.8 33.2 - 2.9 2.3 - 2.2 2.6 - 14.5 15.9 -

Saudi Hai l Cement Materia ls 3001.TDWL SAR 13.01 3.47 4.8 -9.3 ▼ 0.34 14.50 11 HOLD 15.2 12.4 - 2.1 1.3 - 4.8 7.7 - 10.7 7.6 -

Saudi Kayan Materia ls 2350.TDWL SAR 7.05 1.88 39.3 4.2 ▼ 2.82 7.07 0 HOLD - - - 1.2 0.8 0.8 0.0 0.0 0.0 14.9 18.8 12.6

Saudi MAADEN Materia ls 1211.TDWL SAR 36.56 9.75 28.7 10.3 ▼ 11.39 29.70 -19 HOLD 22.2 63.8 55.5 1.3 1.4 1.6 0.0 0.0 0.0 21.1 24.3 22.7

Saudi MEPC Materia ls 1202.TDWL SAR 20.74 5.53 11.9 -18.6 ▼ 0.28 - - - - 23.2 - - 1.9 - - 0.0 - - 11.4 -

Saudi Najran Cement Materia ls 3002.TDWL SAR 14.74 3.93 11.9 1.0 ▼ 0.67 14.70 0 HOLD 18.5 9.7 12.7 2.2 1.2 - 2.3 6.8 5.5 13.3 7.1 8.7

Saudi Nama Materia ls 2210.TDWL SAR 6.96 1.86 19.2 -2.4 ▼ 0.24 - - BUY - - - 1.1 0.8 - - 0.0 - - 130.8 -

Saudi National Gypsum Materia ls 2090.TDWL SAR 15.55 4.15 15.0 -2.9 ▼ 0.13 - - BUY 33.9 24.7 - 1.6 1.1 - 2.6 3.8 - 18.1 13.8 -

Saudi NMMCC Materia ls 2220.TDWL SAR 26.80 7.15 14.5 4.8 ▼ 0.20 - - - 40.9 24.6 - 2.2 1.8 - 1.7 2.0 - 18.2 11.5 -

Saudi PETROCH Materia ls 2002.TDWL SAR 17.40 4.64 4.8 4.3 ▼ 2.23 19.02 9 HOLD 13.6 8.8 12.5 2.1 1.4 1.3 0.0 0.0 2.7 10.7 7.9 9.1

Saudi SABIC Materia ls 2010.TDWL SAR 84.99 22.66 13.6 11.2 ▼ 67.99 83.95 -1 HOLD 10.7 12.2 18.0 1.6 1.4 1.5 6.6 7.2 5.1 5.9 6.2 8.2

Saudi SAFCO Materia ls 2020.TDWL SAR 65.87 17.56 -0.6 -19.8 ▼ 7.32 70.88 8 HOLD 14.8 16.1 15.4 6.0 4.5 3.8 5.0 7.3 7.0 13.6 13.4 12.8

Saudi Sahara Materia ls 2260.TDWL SAR 10.60 2.83 24.0 3.6 ▼ 1.24 10.32 -3 HOLD 17.3 102.4 19.4 1.1 0.8 0.8 5.6 4.9 4.2 16.9 14.9 13.6

Saudi Saudi Cement Materia ls 3030.TDWL SAR 63.97 17.06 1.4 -1.3 ▼ 2.61 71.87 12 BUY 13.6 10.5 11.6 4.6 3.0 2.9 6.3 9.2 7.8 11.4 8.2 9.7

Saudi Saudi Chemica l Materia ls 2230.TDWL SAR 49.22 13.12 5.1 -14.1 ▼ 0.83 - - BUY 12.8 14.4 - 2.3 2.3 - 6.6 8.7 - 11.6 13.5 -

Saudi Saudi Steel Pipe Materia ls 1320.TDWL SAR 19.20 5.12 8.9 -11.7 ▼ 0.26 17.20 -10 HOLD 41.3 32.9 19.9 1.5 1.4 1.2 2.1 - 2.5 20.2 17.4 20.7

Saudi SIIG Materia ls 2250.TDWL SAR 13.70 3.65 12.1 -0.7 ▼ 1.64 18.94 38 BUY 12.3 8.5 8.4 1.7 0.9 0.9 3.9 0.0 6.7 11.9 8.3 8.9

Saudi SIPCHEM Materia ls 2310.TDWL SAR 14.44 3.85 9.6 3.2 ▼ 1.41 16.80 16 BUY 16.1 17.7 13.4 1.6 0.9 0.8 4.7 4.3 4.8 10.0 10.6 9.1

Saudi SPM Materia ls 2300.TDWL SAR 14.23 3.79 4.9 -23.2 ▼ 0.17 - - BUY 42.4 - 13.0 1.6 1.6 - - - 4.2 18.2 105.7 10.4

Saudi Takween Materia ls 1201.TDWL SAR 25.72 6.86 11.9 -30.8 ▼ 0.24 - - BUY 30.3 - 23.4 3.4 2.9 - 1.0 - - 18.9 18.7 11.1

Saudi Qass im Cement Materia ls 3040.TDWL SAR 62.96 16.79 2.4 -10.1 ▼ 1.51 70.02 11 HOLD 14.2 10.7 11.9 4.1 3.3 2.9 6.7 8.9 7.9 10.9 8.1 9.8

Saudi Yamama Cement Materia ls 3020.TDWL SAR 28.75 7.67 2.8 -8.5 ▼ 1.55 34.24 19 BUY 14.5 9.9 10.1 2.6 1.7 1.5 6.3 9.5 8.5 9.7 6.3 6.7

Saudi YANSAB Materia ls 2290.TDWL SAR 42.25 11.27 8.4 30.5 ▼ 6.34 41.74 -1 BUY 10.8 15.1 17.4 1.7 1.2 1.5 6.3 6.2 4.6 6.9 7.1 8.9

Saudi Zami l Materia ls 2240.TDWL SAR 30.97 8.26 6.0 -4.8 ▼ 0.50 57.30 85 BUY 10.8 7.4 11.0 1.6 1.0 1.0 4.3 6.1 9.5 9.4 6.9 9.0

Saudi ALANDALUS Real Estate 4320.TDWL SAR 21.62 5.76 2.9 - ▼ 0.40 - - - - - - - - - - - - - - -

Saudi Arriyadh Real Estate 4150.TDWL SAR 21.43 5.71 4.6 17.1 ▼ 0.76 17.00 -21 HOLD 13.3 8.3 14.4 1.6 1.3 1.4 4.9 7.1 5.1 15.9 8.3 13.9

Saudi Dar Al Arkan Real Estate 4300.TDWL SAR 5.66 1.51 7.8 -8.6 ▼ 1.63 5.74 1 HOLD 15.3 18.8 - 0.5 0.4 - 0.0 0.0 - 13.5 28.0 -

Saudi Emaar Eco. Ci ty Real Estate 4220.TDWL SAR 14.91 3.98 6.9 15.3 ▼ 3.38 11.50 -23 BUY 26.6 35.9 30.0 1.2 1.3 1.4 0.0 0.0 - 27.1 44.8 35.3

Saudi Jabal Omar Real Estate 4250.TDWL SAR 64.50 17.20 15.1 16.3 ▼ 15.98 51.50 -20 HOLD 116.8 500.3 - 5.2 6.6 - 0.0 0.0 - 116.8 313.7 -

Saudi KEC Real Estate 4310.TDWL SAR 14.95 3.99 9.5 -3.5 ▼ 1.35 - - - - - - 1.8 1.7 - 0.0 0.0 - - - -

Saudi REDSEA Real Estate 4230.TDWL SAR 27.42 7.31 13.7 12.4 ▼ 0.44 34.00 24 HOLD 13.9 19.2 - 2.2 1.5 - 2.8 3.1 - 8.2 9.0 -

Saudi SRECO Real Estate 4020.TDWL SAR 19.49 5.20 5.4 -15.1 ▼ 0.62 24.35 25 HOLD 14.5 18.7 15.0 1.2 0.8 0.6 3.0 4.4 5.0 15.6 27.2 21.6

Saudi TIRECO Real Estate 4090.TDWL SAR 35.94 9.58 6.7 -2.8 ▼ 1.44 42.30 18 HOLD 5.0 12.7 - 1.5 1.4 - 3.2 5.4 - 19.8 15.6 -







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Saudi 20.0 17.7 14.4 2.4 1.9 1.5 2.2 2.2 4.3 16.0 14.3 10.4

Saudi Etihad Atheeb Telecomm. 7040.TDWL SAR 4.50 1.20 12.5 -17.4 ▼ 0.19 - - - - - - 4.1 1.6 - - - - - - -

Saudi Etihad Etisa lat Telecomm. 7020.TDWL SAR 29.71 7.92 1.0 5.1 ▼ 6.10 26.02 -12 HOLD - - - 1.7 1.4 - 8.5 0.0 - 16.0 11.7 -

Saudi Saudi Telecom Telecomm. 7010.TDWL SAR 63.67 16.98 -0.9 -6.9 ▼ 33.95 74.82 18 BUY 12.0 14.8 11.2 2.2 2.3 1.9 5.3 5.8 6.8 6.2 6.6 5.5

Saudi ZAIN - KSA Telecomm. 7030.TDWL SAR 8.99 2.40 3.0 7.5 ▼ 1.40 9.42 5 HOLD - - - 1.3 1.1 1.4 0.0 0.0 0.0 15.7 9.2 7.9

Saudi SECO Uti l i ties 5110.TDWL SAR 16.11 4.30 0.9 2.6 ▼ 17.90 17.28 7 HOLD 17.1 42.5 23.1 1.0 1.1 1.1 4.7 4.5 4.3 16.1 16.0 14.9



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Turkey 11.1 10.6 8.5 1.6 1.7 1.2 0.0 0.0 6.3 10.6 8.7 5.7

Turkey Arcel ik Consumer Disc. ARCLK.ISE TRY 18.79 6.72 -1.2 40.3 ▼ 4.54 18.65 -1 HOLD 16.4 10.6 - 2.3 2.0 - - - - 10.1 8.0 -

Turkey Beşiktaş JK Consumer Disc. BJKAS.ISE TRY 5.17 1.85 3.2 149.7 ▼ 0.44 - - BUY - - - - - - - 0.0 - - - -

Turkey Doğuş Otomotiv Consumer Disc. DOAS.ISE TRY 12.08 4.32 -3.2 14.3 ▼ 0.95 13.57 12 HOLD 10.4 8.0 - 2.1 1.8 - 8.4 0.0 - 10.1 8.5 -

Turkey EGE Endustri Consumer Disc. EGEEN.ISE TRY 291.30 104.17 -7.8 -3.3 ▼ 0.33 - - BUY 11.1 9.7 - 4.7 4.9 - 0.0 0.0 - 9.2 8.9 -

Turkey Fenerbahçe SK Consumer Disc. FENER.ISE TRY 44.62 15.96 6.2 25.1 ▼ 0.45 - - BUY - - - - - - - - - 21.2 - -

Turkey Galatasaray SK Consumer Disc. GSRAY.ISE TRY 20.74 7.42 20.4 22.4 ▼ 0.16 - - BUY - - - - - - 0.0 0.0 - - - -

Turkey Karsan Consumer Disc. KARSN.ISE TRY 1.31 0.47 -9.0 -9.5 ▼ 0.22 1.79 37 BUY - - - 2.6 2.5 - - - - 17.5 27.8 -

Turkey Tofaş Consumer Disc. TOASO.ISE TRY 22.14 7.92 -2.4 21.9 ▼ 3.96 23.59 7 HOLD 13.9 11.4 15.5 3.6 3.7 - - - - 10.9 10.7 -

Turkey Vestel Consumer Disc. VESTL.ISE TRY 7.24 2.59 24.3 47.8 ▼ 0.87 6.40 -12 BUY 21.9 28.8 16.8 1.6 1.1 - - - - 12.8 3.5 5.6

Turkey BIM Consumer Stap. BIMAS.ISE TRY 61.60 22.03 1.7 25.1 ▼ 6.69 61.92 1 HOLD 38.4 26.7 28.6 13.2 9.3 - 1.5 - - 23.5 17.2 -

Turkey Eczacıbaşı Consumer Stap. ECILC.ISE TRY 3.55 1.27 8.7 39.7 ▼ 0.70 4.07 15 BUY - 21.5 101.4 0.5 0.5 - - - 2.8 - - -

Turkey Ulker Consumer Stap. ULKER.ISE TRY 22.28 7.97 7.4 32.0 ▼ 2.72 23.24 4 HOLD 29.9 23.2 - 5.6 3.9 - 1.3 1.3 - 18.5 13.1 -

Turkey IPEKE Energy IPEKE.ISE TRY 1.37 0.49 11.3 16.2 ▼ 0.13 - - SELL 5.8 - 26.9 0.5 - 0.4 - - - 1.0 - 1.4

Turkey Tupras Energy TUPRS.ISE TRY 73.85 26.41 -6.2 10.7 ▼ 6.61 80.41 9 BUY 9.5 6.8 8.0 2.2 2.1 2.1 0.0 9.3 9.7 20.9 6.3 7.2

Turkey Akbank Financia ls AKBNK.ISE TRY 8.60 3.08 8.1 33.9 ▼ 12.30 8.95 4 BUY 10.2 8.3 7.9 1.3 1.0 1.2 - - - - - -

Turkey Garanti Financia ls GARAN.ISE TRY 8.62 3.08 5.4 26.3 ▼ 12.95 9.17 6 BUY 10.8 8.3 8.1 1.5 1.0 1.2 1.4 0.0 - - - -

Turkey Halkbank Financia ls HALKB.ISE TRY 10.75 3.84 3.5 7.9 ▼ 4.81 13.28 24 BUY 7.7 5.6 5.0 1.1 0.7 0.7 - - - - - -

Turkey isbank Financia ls ISCTR.ISE TRY 4.91 1.76 6.2 11.3 ▼ 7.90 5.80 18 BUY 9.1 6.2 6.2 1.1 0.6 0.7 - - - - - -

Turkey Sabanci Holding Financia ls SAHOL.ISE TRY 10.10 3.61 4.5 27.2 ▼ 7.37 12.12 20 BUY 10.3 7.9 - 1.1 0.8 - 0.8 1.5 - 3.1 2.2 -

Turkey VakıfBank Financia ls VAKBN.ISE TRY 4.94 1.77 5.7 34.5 ▼ 4.42 4.83 -2 HOLD 6.7 5.1 - 0.8 0.6 - 0.8 1.0 - - - -

Turkey Yapi Kredi Financia ls YKBNK.ISE TRY 4.28 1.53 3.9 35.7 ▼ 6.65 4.14 -3 HOLD 10.4 7.7 7.4 1.1 0.6 0.8 0.0 0.0 - - - -

Turkey Deva Health Care DEVA.ISE TRY 3.73 1.33 1.9 0.3 ▼ 0.27 - - BUY 48.1 16.2 - 1.0 1.7 - 0.0 0.0 - 11.5 10.0 -

Turkey Enka Industria ls ENKAI.ISE TRY 4.86 1.74 0.4 12.2 ▼ 6.95 5.50 13 HOLD 13.2 12.6 10.5 1.6 1.2 1.0 0.0 0.0 - 7.0 5.1 4.7

Turkey Koç Holding Industria ls KCHOL.ISE TRY 14.63 5.23 3.0 39.6 ▼ 13.27 14.68 0 HOLD 11.6 7.8 - 1.5 1.2 - - - - 34.1 7.7 -

Turkey Otokar Industria ls OTKAR.ISE TRY 108.20 38.69 1.0 25.7 ▼ 0.93 93.81 -13 HOLD 28.6 27.1 - 8.5 8.8 - 0.0 0.0 - 12.5 14.6 -

Turkey Pegasus Airl ines Industria ls PGSUS.ISE TRY 16.31 5.83 -4.4 -3.1 ▼ 0.60 19.21 18 HOLD 23.7 15.8 8.9 2.9 1.2 - 0.0 0.0 - 9.4 6.4 -

Turkey TAV Airports Industria ls TAVHL.ISE TRY 16.31 5.83 -2.2 -6.5 ▼ 2.12 23.33 43 HOLD 10.9 10.5 - 3.4 2.6 - 4.4 0.0 - 10.3 7.9 -

Turkey Tekfen Industria ls TKFEN.ISE TRY 5.98 2.14 10.8 54.4 ▼ 0.79 6.06 1 BUY 38.3 8.1 7.5 1.1 0.7 - 0.0 0.0 - 28.7 9.9 -









Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Turkey 11.1 10.6 8.5 1.6 1.7 1.2 0.0 0.0 6.3 10.6 8.7 5.7

Turkey TUMOSAN Industria ls TMSN.ISE TRY 8.13 2.91 -5.8 -6.6 ▼ 0.33 6.50 -20 SELL 27.4 31.1 - 2.6 4.0 - - - - 14.9 19.7 -

Turkey Turkish Airl ines Industria ls THYAO.ISE TRY 6.90 2.47 -10.7 -2.6 ▼ 3.40 10.11 46 BUY 7.3 3.4 7.3 1.5 0.7 - 0.0 0.0 - 8.1 6.3 -

Turkey Alcatel Lucent Info Tech. ALCTL.ISE TRY 6.27 2.24 -6.0 2.7 ▼ 0.09 - - - - 9.8 - 2.0 3.0 - - - - 3.7 30.3 -

Turkey Netas Info Tech. NETAS.ISE TRY 10.61 3.79 -9.2 -0.7 ▼ 0.25 - - BUY 36.5 21.1 - 1.3 1.7 - - - - 21.3 18.2 -

Turkey Afyon Cimento Materia ls AFYON.ISE TRY 6.15 2.20 -2.7 4.5 ▼ 0.22 - - BUY 38.2 43.2 - 9.3 3.7 - 0.0 0.0 - 25.5 47.2 -

Turkey Cimento Konya Materia ls KONYA.ISE TRY 324.00 115.86 -1.7 6.6 ▼ 0.56 - - BUY 22.0 33.3 - 3.7 4.2 - - - - 14.2 22.5 -

Turkey Erdemir Materia ls EREGL.ISE TRY 4.67 1.67 11.0 60.2 ▼ 5.84 4.32 -7 HOLD 9.7 9.4 - 1.6 0.9 - 9.0 8.5 - 6.9 5.4 -

Turkey Goltas Cimento Materia ls GOLTS.ISE TRY 86.00 30.75 2.9 21.2 ▼ 0.22 - - BUY 9.6 51.2 - 1.5 1.9 - - - - 7.5 13.3 -

Turkey Gubretas Materia ls GUBRF.ISE TRY 5.72 2.05 -5.0 5.0 ▼ 0.68 7.40 29 HOLD 8.0 21.0 - 1.8 1.8 - - - - 4.8 8.3 -

Turkey Kardemir Materia ls KRDMD.ISE TRY 1.48 0.53 3.6 41.6 ▼ 0.41 1.46 -1 HOLD 6.3 - - 1.5 0.5 - - - - 7.0 13.3 -

Turkey Koza Materia ls KOZAA.ISE TRY 1.40 0.50 9.4 20.7 ▼ 0.19 1.80 29 HOLD 5.0 - - 0.4 - - - - - 0.8 - -

Turkey Koza Altin Materia ls KOZAL.ISE TRY 18.30 6.54 2.1 55.4 ▼ 1.00 20.40 11 HOLD 4.8 - - 1.3 - - 5.4 - - 2.2 - -

Turkey Petkim Materia ls PETKM.ISE TRY 4.11 1.47 3.8 40.1 ▼ 2.20 4.09 0 HOLD 612.1 11.0 - 1.9 2.5 - 0.0 - - 79.6 6.4 -

Turkey Emlak Konut Real Estate EKGYO.ISE TRY 3.01 1.08 5.7 20.8 ▼ 4.09 3.84 28 BUY 11.1 10.4 8.2 1.2 1.1 1.2 - - - 11.5 8.3 6.9

Turkey Turk Telekom Telecomm. TTKOM.ISE TRY 6.76 2.42 2.0 29.1 ▼ 8.46 7.00 4 HOLD 12.7 21.1 13.0 4.0 3.8 4.8 0.0 0.0 - 6.6 5.5 5.7

Turkey Turkcel l Telecomm. TCELL.ISE TRY 12.10 4.33 2.9 27.5 ▼ 9.52 12.32 2 HOLD 16.9 10.5 12.3 1.8 1.5 1.9 10.6 0.0 - 7.0 6.0 6.1

Turkey Zorlu Enerji Uti l i ties ZOREN.ISE TRY 1.73 0.62 4.4 8.1 ▼ 0.46 1.50 -13 SELL - - - 2.2 1.7 - - 0.0 - 22.4 19.9 -



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

UAE 12.3 10.1 11.6 1.1 1.1 1.0 3.6 4.3 5.5 13.7 12.8 10.3

UAE Dubai Parks Consumer Disc. DUBAIPARKS.DFMAED 1.27 0.35 3.1 18.6 ▼ 2.76 1.30 3 HOLD - - - 0.7 1.2 1.5 - - - - - -

UAE Marka Consumer Disc. MARKA.DFM AED 1.27 0.35 -2.3 5.8 ▼ 0.17 - - - - - - - - - - - - - - -

UAE Agthia Group Consumer Stap. AGTHIA.ADX AED 7.80 2.12 1.7 1.7 ▼ 1.27 8.60 10 BUY 19.3 19.9 - 2.7 3.0 - 1.6 1.6 - 14.8 14.2 -

UAE Dana Gas Energy DANA.ADX AED 0.57 0.16 9.6 11.8 ▼ 1.08 0.90 58 BUY 7.6 6.6 40.7 0.4 0.3 1.4 0.0 0.0 0.0 4.0 9.2 9.6

UAE ADCB Financia ls ADCB.ADX AED 6.60 1.80 -1.5 0.1 ▼ 10.06 7.68 16 BUY 9.5 7.1 - 1.6 1.5 1.3 5.7 6.8 - - - -

UAE ADIB Financia ls ADIB.ADX AED 4.05 1.10 4.1 2.8 ▼ 3.49 4.14 2 HOLD 12.1 7.4 9.1 1.7 1.3 1.2 5.2 6.2 4.0 - - -

UAE Ajman Bank Financia ls AJMANBANK.DFMAED 1.99 0.54 0.4 2.9 ▼ 0.61 1.38 -31 SELL 39.4 18.0 19.7 2.5 1.8 1.1 0.0 0.0 - - - -

UAE Al Is lami Financia ls DIB.DFM AED 5.86 1.60 -1.2 -5.2 ▼ 6.31 6.68 14 HOLD 9.6 7.6 - 2.3 1.9 1.1 5.8 7.3 - - - -

UAE Aman Financia ls AMAN.DFM AED 0.63 0.17 -3.8 14.7 ▼ 0.04 - - - 69.9 68.1 - 1.2 - - - - - 119.4 99.5 -

UAE Amanat Hold. Financia ls AMANAT.DFM AED 0.85 0.23 -0.7 6.9 ▼ 0.58 1.35 59 BUY - 39.8 - - - - - - - - - -

UAE Amlak Finance Financia ls AMLAK.DFM AED 1.56 0.42 -3.1 10.6 ▼ 0.64 0.37 -76 SELL - 16.4 38.0 - 1.3 1.4 - 0.0 - - 7.5 -

UAE ASBB Financia ls SALAM_BAH.DFMAED 0.93 0.25 2.2 1.4 ▼ 0.54 - - BUY 16.4 15.9 - 0.9 0.6 - 3.8 5.4 - - - -

UAE ASBS Financia ls ALSALAMSUDAN.DFMAED 1.59 0.43 12.8 20.1 ▼ 0.05 - - - 6.7 - - 0.3 - - - - - - - -

UAE Bank of Sharjah Financia ls BOS.ADX AED 1.32 0.36 -9.0 -14.3 ▼ 0.75 1.75 33 BUY 14.6 13.0 12.0 0.9 0.7 0.6 4.6 2.5 3.8 - - -

UAE Dar Al Takaful Financia ls DARTAKAFUL.DFMAED 0.55 0.15 0.0 30.0 ▼ 0.01 - - - 13.0 - - 1.1 - - 0.0 - - 5.2 2.2 -

UAE DFM Financia ls DFM.DFM AED 1.53 0.42 12.5 24.4 ▼ 3.33 1.46 -4 HOLD 21.2 37.3 - 1.9 1.2 - 3.5 4.1 - 18.0 29.7 -









Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

UAE 12.3 10.1 11.6 1.1 1.1 1.0 3.6 4.3 5.5 13.7 12.8 10.3

UAE Dubai Inv. Financia ls DIC.DFM AED 2.18 0.59 0.9 7.9 ▼ 2.40 3.00 38 BUY 6.8 7.5 9.4 0.9 0.8 0.8 5.0 5.9 5.5 20.0 14.6 10.3

UAE Emirates NBD Financia ls EMIRATESNBD.DFMAED 8.27 2.25 6.2 11.8 ▼ 12.51 10.18 23 BUY 10.7 6.3 - 1.3 1.0 - 3.9 5.4 - - - -

UAE Firs t Gul f Bank Financia ls FGB.ADX AED 12.95 3.53 10.2 2.4 ▼ 15.87 13.81 7 BUY 12.0 9.6 - 2.2 1.8 - 5.9 7.9 - - - -

UAE GFH Financia ls GFH.DFM AED 0.91 0.25 10.9 84.3 ▼ 0.56 - - - - - - - 0.2 - - 0.0 - 25.4 29.3 -

UAE GGIC Financia ls GGICO.DFM AED 0.68 0.19 8.8 3.5 ▼ 0.33 - - BUY 26.8 - - 1.3 1.1 - 0.0 0.0 - 19.2 18.5 -

UAE IAIC Financia ls SALAMA.DFM AED 0.52 0.14 11.3 32.5 ▼ 0.17 - - HOLD 16.2 - - 0.6 - - 0.0 - - 4.2 2.0 -

UAE Methaq Financia ls METHAQ.ADX AED 0.85 0.23 -1.2 41.7 ▼ 0.03 - - BUY - - - 1.2 1.1 - 0.0 0.0 - 15.3 - -

UAE NBAD Financia ls NBAD.ADX AED 8.88 2.42 1.6 11.6 ▼ 12.60 9.12 3 HOLD 12.3 8.2 9.1 2.0 1.1 1.2 2.9 5.0 4.7 - - -

UAE RAK Bank Financia ls RAKBANK.ADX AED 5.31 1.45 -11.5 -15.0 ▼ 2.42 6.82 28 BUY 9.5 7.4 7.6 1.9 1.4 1.2 6.1 8.0 8.5 - - -

UAE SHUAA Capita l Financia ls SHUAA.DFM AED 0.69 0.19 19.2 69.9 ▼ 0.20 0.61 -12 HOLD 27.5 - - 0.6 0.4 - 0.0 0.0 - 13.7 8.2 -

UAE SIB Financia ls NBS.ADX AED 1.45 0.39 7.4 -3.3 ▼ 0.96 1.58 9 HOLD 11.0 8.8 11.7 0.9 0.8 0.7 5.7 6.7 5.9 - - -

UAE Takaful Emarat Financia ls TAKAFUL-EM.DFMAED 1.85 0.50 -4.6 3.9 ▼ 0.08 - - - 10.0 25.4 - 1.1 - - 0.0 - - 5.0 21.5 -

UAE UNB Financia ls UNB.ADX AED 3.57 0.97 -3.2 -23.7 ▼ 2.67 4.70 32 BUY 8.4 7.2 5.9 1.1 0.8 0.6 4.3 4.3 5.5 - - -

UAE Waha Capita l Financia ls OILC.ADX AED 2.05 0.56 -3.3 -5.1 ▼ 1.09 1.67 -19 BUY 3.2 6.9 6.6 1.3 1.0 1.0 8.9 9.3 9.7 56.3 138.6 -

UAE Julphar Health Care JULPHAR.ADX AED 2.47 0.67 1.2 -1.2 ▼ 0.71 - - BUY 12.0 10.9 - 1.3 - - 5.2 - - 11.5 10.6 -

UAE Air Arabia Industria ls AIRARABIA.DFMAED 1.24 0.34 0.8 -8.8 ▼ 1.58 1.57 27 BUY 12.5 12.4 9.5 1.4 1.3 - 6.0 6.6 - 10.9 8.3 -

UAE Arabtec Holding Industria ls ARTC.DFM AED 1.63 0.44 -0.6 30.4 ▼ 2.05 0.97 -40 SELL 136.7 - 39.5 2.3 1.7 - - - - 27.4 12.8 -

UAE Aramex Industria ls ARMX.DFM AED 3.40 0.93 0.3 7.6 ▼ 1.36 4.15 22 BUY 14.3 14.8 - 2.1 2.1 - 4.5 4.7 - 8.9 9.1 -

UAE Depa Industria ls DEPA.DIFX USD 0.37 0.37 0 -11.8 ▼ 0.23 0.41 11 HOLD 26.7 - - 0.8 - - 0.0 - - 11.2 8.9 -

UAE DP World Industria ls DPW.DIFX USD 18.90 18.90 0.6 -6.9 ▼ 15.69 24.44 29 BUY 24.9 19.1 16.8 2.1 1.9 - 1.1 1.5 - 13.7 12.7 -

UAE Drake & Scul l Industria ls DSI.DFM AED 0.56 0.15 14.7 35.1 ▼ 0.35 0.36 -36 SELL 20.3 - 13.9 0.7 0.4 - - - - 24.1 16.5 -

UAE GULFNAV Industria ls GULFNAV.DFM AED 1.07 0.29 20.5 72.6 ▼ 0.16 - - BUY 21.8 16.8 - 0.7 1.1 - 0.0 0.0 - 14.1 13.6 -

UAE Orascom Cons . Industria ls OC.DIFX USD 5.38 5.38 -9.0 -23.1 ▼ 0.64 - - BUY - - 5.1 - 2.1 0.7 - - 6.6 - 27.3 2.6

UAE RAK Ceramics Industria ls RAKCEC.ADX AED 3.35 0.91 4.7 0.8 ▼ 0.78 4.19 25 BUY 7.6 10.1 - 0.9 1.0 - 8.3 8.6 - 9.2 9.1 -

UAE TABREED Industria ls TABREED.DFM AED 1.38 0.38 15.0 15.0 ▼ 0.28 1.59 15 BUY 12.1 10.9 10.4 0.2 0.2 0.8 - - 4.8 5.9 8.1 7.1

UAE BILDCO Materia ls BILDCO.ADX AED 0.50 0.14 11.1 11.1 ▼ 0.04 - - BUY 50.0 - - 0.6 0.4 - - - - - - -

UAE Aldar Properties Real Estate ALDAR.ADX AED 2.72 0.74 -1.1 17.2 ▼ 5.82 3.35 23 BUY 9.3 7.2 11.6 1.2 0.9 1.0 3.4 4.3 - 23.2 13.7 13.8

UAE DAMAC Real Estate DAMAC.DFM AED 2.58 0.70 -5.5 11.2 ▼ 4.25 3.01 17 HOLD - 3.1 3.6 - 1.4 - - 4.3 - - 1.8 -

UAE Deyaar Dev. Real Estate DEYAAR.DFM AED 0.64 0.18 11.6 25.3 ▼ 1.01 - - BUY 17.4 10.2 45.7 1.1 0.6 0.8 0.0 0.0 - 24.7 14.4 71.3

UAE Emaar Real Estate EMAAR.DFM AED 6.80 1.85 13.0 19.5 ▼ 13.26 9.74 43 BUY 15.1 10.0 - 1.6 1.1 - 2.1 2.6 - 10.9 9.9 -

UAE Emaar Mal ls Real Estate EMAARMALLS.DFMAED 2.90 0.79 0.7 5.1 ▼ 10.28 3.12 8 HOLD 25.8 21.2 - 2.5 2.3 - - 3.6 - 20.1 20.2 -

UAE Emirates REIT Real Estate REIT.DIFX USD 1.20 1.20 -0.8 -4.7 ▼ 0.36 1.37 14 BUY 6.8 6.0 7.3 0.9 0.8 0.7 3.1 3.2 7.1 - - 27.4

UAE Eshraq Real Estate ESHRAQ.ADX AED 0.86 0.23 11.7 56.4 ▼ 0.54 0.53 -38 HOLD - - - 0.9 - - - - - 6.1 2.7 -

UAE Manazel Real Estate MANAZEL.ADX AED 0.59 0.16 -6.3 -1.7 ▼ 0.40 - - - 13.4 7.7 - 0.8 0.6 - - - - 10.5 24.9 -

UAE RAK Properties Real Estate RAKPROP.ADX AED 0.56 0.15 -1.7 1.8 ▼ 0.30 - - BUY 9.3 6.9 21.5 0.4 0.3 0.3 6.8 9.1 8.9 23.8 18.7 23.9

UAE Union Properties Real Estate UPP.DFM AED 0.84 0.23 -1.6 13.2 ▼ 0.85 0.55 -35 SELL 5.0 6.2 - 0.9 0.5 - 0.0 0.0 - 23.9 - -







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

UAE 12.3 10.1 11.6 1.1 1.1 1.0 3.6 4.3 5.5 13.7 12.8 10.3

UAE du Telecomm. DU.DFM AED 6.45 1.76 0.8 26.5 ▼ 8.03 5.84 -10 HOLD 11.0 12.1 - 2.9 3.0 - 6.3 8.4 - 4.3 4.0 -

UAE Etisa lat Telecomm. ETISALAT.ADX AED 18.90 5.15 2.2 17.4 ▼ 44.75 15.76 -17 HOLD 10.9 16.5 18.3 2.1 3.2 3.6 6.4 5.0 4.3 6.2 8.1 6.7



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

France 19.5 20.2 14.6 1.6 1.4 1.2 3.4 3.7 5.5 9.9 9.3 7.3

France LVMH Consumer Disc. MC.CHIX EUR 145.10 165.99 -3.1 5.4 ▼ 84.17 174.32 20 BUY 11.7 20.4 - 3.0 3.0 2.9 2.4 2.5 - 9.9 9.3 -

France Renault Consumer Disc. RNO.CHIX EUR 84.28 96.42 -3.0 -4.2 ▼ 28.51 100.06 19 HOLD 8.7 8.9 - 0.7 1.0 - 3.1 2.6 - 3.9 4.9 -

France Vivendi Consumer Disc. VIV.CHIX EUR 16.76 19.17 -8.8 -11.2 ▼ 26.24 20.77 24 HOLD - 38.7 - 1.2 1.3 - 4.8 10.1 - 17.1 10.5 -

France Danone Consumer Stap. BN.CHIX EUR 61.17 69.98 -1.6 3.4 ▼ 45.83 68.19 11 HOLD 29.0 29.7 - 2.8 3.0 - 2.8 2.6 - 13.9 14.3 -

France L'Oreal Consumer Stap. OR.CHIX EUR 158.45 181.27 1.2 7.4 ▼ 102.08 166.48 5 HOLD 29.1 26.2 - 3.8 3.7 - 1.9 2.0 - 15.8 14.9 -

France TOTAL Energy FP.CHIX EUR 43.93 50.26 10.2 12.1 ▼ 124.57 45.98 5 HOLD 27.5 20.2 17.1 1.4 1.2 1.2 5.8 5.4 5.5 6.6 8.2 7.3

France AXA Financia ls CS.CHIX EUR 22.02 25.19 7.0 -8.1 ▼ 61.15 26.12 19 BUY 9.8 11.5 - 0.8 1.0 - 4.9 4.4 - - - -

France BNP Paribas Financia ls BNP.CHIX EUR 46.24 52.90 5.1 -6.8 ▼ 65.93 54.42 18 HOLD - 10.2 8.9 0.7 0.7 0.6 3.0 4.4 - - - -

France Societe Genera le Financia ls GLE.CHIX EUR 34.25 39.18 6.0 -15.3 ▼ 31.60 40.84 19 HOLD 12.1 9.5 10.3 0.5 0.6 - 3.4 4.7 - - - -

France Sanofi Health Care SAN.CHIX EUR 72.11 82.49 2.3 -3.4 ▼ 108.02 85.48 19 HOLD 23.3 23.3 13.1 1.8 1.8 - 3.8 3.7 - 11.2 10.9 -

France Airbus Group Industria ls AIR.CHIX EUR 54.61 62.47 -5.9 -7.3 ▼ 48.70 68.22 25 BUY 13.8 18.1 - 4.6 8.1 - 2.9 2.1 - 4.2 6.9 -

France Schneider Elect. Industria ls SU.CHIX EUR 56.84 65.02 2.9 13.9 ▼ 38.28 59.37 4 HOLD 19.6 21.3 - 1.8 1.5 - 3.1 3.7 - 10.6 11.1 -

France Vinci Industria ls DG.CHIX EUR 65.24 74.63 0.2 16.1 ▼ 44.01 71.05 9 BUY 10.2 16.0 16.1 1.8 2.3 - 4.9 3.1 - 6.5 8.6 -

France Air Liquide Materia ls AI.CHIX EUR 99.00 113.26 0.6 0.6 ▼ 39.00 105.12 6 HOLD 21.2 20.2 - 3.1 2.9 - 2.5 2.5 - 10.8 10.4 -

France Orange Telecomm. ORA.CHIX EUR 14.48 16.57 -5.5 -1.6 ▼ 43.88 17.49 21 HOLD 35.1 18.6 17.4 1.3 1.3 - 4.2 3.9 - 6.2 6.4 -

France Engie Uti l i ties Engie.CHIX EUR 14.40 16.47 6.1 -7.1 ▼ 40.12 16.24 13 BUY 19.4 - - 0.9 0.9 - 5.1 6.1 - 6.7 6.9 -



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

Germany 12.5 12.5 10.5 1.7 1.5 2.2 3.5 4.1 12.5 7.2 7.3 9.9

Germany Daimler Consumer Disc. DAID.CHIX EUR 61.10 69.90 -9.0 -17.4 ▼ 74.78 81.37 33 BUY 10.6 9.9 6.8 1.7 1.5 - 3.6 4.2 - 3.7 3.3 -

Germany Volkswagen Consumer Disc. VKW.LSE EUR 138.68 158.65 9.4 2.2 ▼ 46.82 125.50 -10 HOLD 8.2 - 7.5 1.0 0.8 - 2.7 0.1 - 2.4 3.0 -

Germany Al l ianz Financia ls ALVD.CHIX EUR 149.39 170.90 4.9 -4.2 ▼ 78.10 169.54 13 BUY 10.0 11.2 10.5 1.0 1.2 - 5.0 4.5 - - - -

Germany Deutsche Bank Financia ls DBKD.CHIX EUR 16.56 18.94 11.4 -22.9 ▼ 26.12 18.76 13 HOLD 18.6 - - 0.5 0.5 - 3.0 0.0 - - - -

Germany Bayer Health Care BAYND.CHIX EUR 101.31 115.90 -1.5 -8.3 ▼ 95.84 121.41 20 HOLD 28.1 23.8 - 4.6 3.9 - 2.0 2.2 - 13.6 11.9 -

Germany Siemens Industria ls SIED.CHIX EUR 91.41 104.58 -1.1 6.6 ▼ 88.89 100.87 10 HOLD 15.4 12.5 14.0 2.5 1.9 2.2 3.5 4.4 - 10.6 10.3 9.9

Germany BASF Materia ls BFA.LSE EUR 71.90 82.25 9.2 6.6 ▼ 75.55 71.34 -1 HOLD 12.5 16.3 15.1 2.3 2.1 - 4.0 4.1 - 7.2 7.3 -



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

UK 20.1 22.9 21.1 2.2 1.7 1.0 3.7 4.1 4.5 15.6 12.0 10.5

UK Bri tish American TobaccoConsumer Stap. BATS.LSE GBp 4170.00 60.99 3.6 9.8 ▼ 113.70 4261.50 2 HOLD 20.9 16.3 18.0 11.8 14.4 - 4.2 4.1 3.9 15.0 17.1 14.9

UK Diageo Consumer Stap. DGE.LSE GBp 1846.00 27.00 -0.3 -1.3 ▼ 67.95 2023.07 10 HOLD 20.1 19.4 20.0 7.5 6.5 - 2.8 3.1 3.3 18.2 17.8 15.8













Monday, 2 May 2016




LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

UK 20.1 22.9 21.1 2.2 1.7 1.0 3.7 4.1 4.5 15.6 12.0 10.5

UK Reckitt Benckiser Consumer Stap. RB.LSE GBp 6654.00 97.32 0.5 5.2 ▼ 68.51 7260.59 9 HOLD 22.6 25.7 - 5.5 6.4 - 2.7 2.2 - 16.8 19.1 -

UK SABMil ler Consumer Stap. SAB.LSE GBp 4185.00 61.21 -0.1 2.1 ▼ 99.25 4357.50 4 HOLD 23.6 25.5 26.6 3.0 3.6 - 2.1 2.2 1.9 17.4 17.4 -

UK Uni lever Consumer Stap. ULVR.LSE GBp 3054.50 44.68 -1.5 3.6 ▼ 58.53 3254.69 7 HOLD 18.6 22.9 - 7.0 7.3 - 3.3 3.0 - 11.6 14.7 -

UK BG Group Energy BG.LSE GBp - - - - - - - - BUY - 21.3 - 1.7 1.7 - 2.1 1.0 - 55.6 9.5 -

UK BP Energy BP.LSE GBp 373.75 5.47 8.5 4.8 ▼ 101.94 372.64 0 HOLD 31.2 - 22.1 1.0 1.0 1.1 6.1 7.7 7.3 8.1 18.4 5.7

UK Shel l Energy RDSA.LSE GBp 1779.50 26.03 7.4 15.8 ▼ 111.27 1967.20 11 BUY 14.2 72.5 25.3 1.2 0.9 - 5.6 8.4 7.2 5.4 7.4 6.1

UK Barclays Financia ls BARC.LSE GBp 171.50 2.51 16.2 -22.2 ▼ 42.41 213.50 24 BUY - - - 0.7 0.7 0.5 2.7 3.0 - - - -

UK HSBC Financia ls HSBA.LSE GBp 452.50 6.62 6.0 -16.2 ▼ 131.12 495.58 10 HOLD 13.7 12.2 12.9 1.0 0.8 0.9 5.3 6.3 - - - -

UK Lloyds Bank Financia ls LLD.LSE GBp 67.07 0.98 1.0 -8.2 ▼ 70.02 83.00 24 BUY 44.6 91.3 - 1.3 1.3 - 1.0 2.1 - - - -

UK AstraZeneca Health Care AZN.LSE GBp 3928.00 57.45 2.3 -15.5 ▼ 72.65 4614.72 17 HOLD 72.4 30.5 15.2 4.6 4.7 - 3.9 4.1 - 16.8 13.4 -

UK GSK Health Care GSK.LSE GBp 1459.00 21.34 5.0 7.0 ▼ 103.94 1502.65 3 HOLD 24.0 7.9 16.7 15.7 13.1 - 5.8 5.8 - 16.2 6.8 -

UK Shire Health Care SHP.LSE GBp 4261.00 62.32 9.4 -10.0 ▼ 36.97 5409.00 27 BUY 12.6 30.6 - 4.9 4.2 - 0.3 0.4 - 18.8 20.6 -

UK BHP Bi l l i ton Materia ls BLT.LSE GBp 933.10 13.65 21.1 21.9 ▼ 28.81 821.91 -12 HOLD 12.6 30.0 74.6 2.2 1.6 - 3.7 6.3 6.8 7.1 8.3 11.0

UK Glencore Materia ls GLEN.LSE GBp 162.90 2.38 5.2 78.7 ▼ 34.30 160.90 -1 HOLD 25.9 - 50.7 1.2 0.5 - 3.7 4.5 - 10.5 7.5 10.2

UK Rio Tinto Materia ls RIO.LSE GBp 2300.50 33.65 19.5 15.4 ▼ 46.25 2242.38 -3 HOLD 13.2 - 24.9 1.9 1.4 - 4.6 7.4 - 6.6 8.7 8.2

UK Vodafone Telecomm. VOD.LSE GBp 219.20 3.21 0.7 -1.5 ▼ 85.15 241.52 10 HOLD 5.2 10.2 - 0.8 0.9 - 6.3 5.1 - 21.8 7.3 -

UK National Grid Uti l i ties NG.LSE GBp 974.80 14.26 0.3 3.2 ▼ 53.41 924.33 -5 HOLD 12.4 16.1 15.9 2.7 2.8 2.9 5.1 5.0 4.5 10.2 10.5 10.8



LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

US 19.1 19.1 17.3 3.3 3.4 3.0 1.5 1.7 2.3 11.5 11.8 10.9

US 21st Century Fox Consumer Disc. FOXA.NSDQ USD 30.26 30.26 8.5 11.4 ▼ 33.87 33.41 10 BUY 22.6 18.9 15.5 4.5 3.9 4.1 0.7 0.8 1.5 14.2 11.7 10.6

US Amazon Consumer Disc. AMZN.NSDQ USD 659.59 659.59 11.1 -2.4 ▼ 311.21 801.50 22 BUY - 537.8 56.4 13.4 23.8 21.4 0.0 0.0 - 28.9 36.9 19.0

US CBS Corp Consumer Disc. CBS.NYSE USD 55.91 55.91 1.5 18.6 ▼ 23.33 60.63 8 BUY 18.7 14.2 14.0 4.0 3.9 4.5 1.0 1.3 1.1 11.1 11.4 9.8

US Charter Comm. Consumer Disc. CHTR.NSDQ USD 212.24 212.24 4.8 15.9 ▼ 23.87 226.19 7 BUY - - - 127.8 - - 0.0 0.0 - 12.7 17.4 15.7

US Chipotle Consumer Disc. CMG.NYSE USD 420.97 420.97 -10.6 -12.3 ▼ 12.29 455.91 8 HOLD 48.0 31.2 58.6 10.6 6.9 7.9 0.0 0.0 0.0 24.9 16.0 25.5

US Comcast Consumer Disc. CMCSA.NSDQ USD 60.76 60.76 -0.5 7.7 ▼ 146.90 70.72 16 BUY 19.4 17.3 16.9 2.8 2.6 2.8 1.6 1.8 1.9 8.5 7.7 7.5

US Disney Consumer Disc. DIS.NYSE USD 103.26 103.26 4.0 -1.7 ▼ 168.48 110.11 7 HOLD 20.5 20.0 17.7 3.4 3.7 3.9 1.0 1.8 1.3 12.2 12.3 10.9

US Dol lar Genera l Consumer Disc. DG.NYSE USD 81.91 81.91 -4.3 14.0 ▼ 23.48 93.68 14 BUY 17.5 19.1 17.9 3.3 3.6 4.3 0.0 0.0 1.2 9.8 10.7 10.7

US Expedia Consumer Disc. EXPE.NSDQ USD 115.77 115.77 7.4 -6.9 ▼ 15.78 134.36 16 BUY 25.6 73.3 21.3 6.1 3.8 3.6 0.8 0.7 0.8 13.3 22.9 11.2

US Ford Consumer Disc. F.NYSE USD 13.56 13.56 0.4 -1.7 ▼ 52.91 15.40 14 HOLD 10.7 7.4 6.6 2.5 2.0 1.7 3.2 4.3 4.5 6.5 2.8 2.9

US GM Consumer Disc. GM.NYSE USD 31.80 31.80 1.2 -6.5 ▼ 48.97 38.06 20 HOLD 8.9 6.6 5.6 1.6 1.3 1.2 3.4 4.1 4.8 4.7 3.2 2.5

US GoPro Consumer Disc. GPRO.NSDQ USD 12.64 12.64 5.7 -29.8 ▼ 1.29 11.42 -10 HOLD 68.7 72.0 - 12.7 3.2 2.5 0.0 0.0 - 37.3 23.9 -

US Kandi Consumer Disc. KNDI.NSDQ USD 7.19 7.19 -0.1 -34.0 ▼ 0.34 - - BUY 48.3 56.8 - 3.1 2.1 - 0.0 0.0 - 61.3 290.8 -

US Lowe's Consumer Disc. LOW.NYSE USD 76.02 76.02 0.4 0.0 ▼ 68.22 83.40 10 BUY 21.3 25.0 19.1 4.0 6.5 9.4 1.5 1.3 1.5 10.2 12.0 10.2

US Macy's Inc Consumer Disc. M.NYSE USD 39.59 39.59 -10.2 13.2 ▼ 12.34 45.84 16 HOLD 13.4 14.5 10.2 3.1 4.0 3.1 1.8 1.9 4.0 6.6 7.1 5.7

US McDonald's Consumer Disc. MCD.NYSE USD 126.49 126.49 0.6 7.1 ▼ 111.02 132.67 5 HOLD 19.4 23.8 22.2 7.0 15.1 76.4 3.5 2.9 2.9 10.8 14.4 13.5










Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

US 19.1 19.1 17.3 3.3 3.4 3.0 1.5 1.7 2.3 11.5 11.8 10.9

US Netfl ix Consumer Disc. NFLX.NSDQ USD 90.03 90.03 -11.9 -21.3 ▼ 38.56 119.14 32 HOLD 79.1 408.5 149.8 11.1 22.0 17.2 0.0 0.0 - 43.5 133.0 63.2

US NIKE Consumer Disc. NKE.NYSE USD 58.94 58.94 -4.1 -5.7 ▼ 78.48 72.98 24 BUY 25.9 27.5 25.3 6.2 6.9 8.1 1.2 1.1 1.2 14.9 17.2 16.7

US Pricel ine Group Consumer Disc. PLCN.NSDQ USD 1343.66 1343.66 4.2 5.4 ▼ 66.70 1476.71 10 BUY 24.9 26.0 19.3 6.9 7.2 7.5 0.0 0.0 - 18.1 19.0 16.0

US Sands Consumer Disc. LVS.NYSE USD 45.15 45.15 -12.6 3.0 ▼ 35.88 53.07 18 HOLD 16.3 17.3 18.2 6.4 5.1 - 3.4 5.9 6.5 10.7 11.4 11.3

US Starbucks Consumer Disc. SBUX.NSDQ USD 56.23 56.23 -5.8 -6.3 ▼ 82.37 68.14 21 BUY 28.9 35.2 27.3 10.7 14.8 14.0 1.5 1.2 1.6 14.8 19.1 15.0

US Starwood Hotels Consumer Disc. HOT.NYSE USD 81.88 81.88 -1.9 18.2 ▼ 13.82 80.46 -2 HOLD 26.5 22.0 29.2 9.2 9.0 10.2 8.1 2.2 1.9 14.1 12.8 13.9

US Target Consumer Disc. TGT.NYSE USD 79.50 79.50 -3.4 9.5 ▼ 47.38 83.47 5 HOLD 13.2 17.4 15.0 2.2 3.4 3.4 2.9 2.7 2.9 6.8 8.6 7.4

US Tes la Consumer Disc. TSLA.NSDQ USD 240.76 240.76 4.8 0.3 ▼ 32.24 262.19 9 HOLD - - 218.7 30.7 29.0 31.5 0.0 0.0 - 629.3 702.0 50.6

US The Home Depot Consumer Disc. HD.NYSE USD 133.89 133.89 0.3 1.2 ▼ 167.56 143.81 7 BUY 20.4 22.8 21.6 8.5 14.6 26.6 2.0 1.8 2.1 11.1 12.5 12.5

US Time Warner Consumer Disc. TWX.NYSE USD 75.14 75.14 3.6 16.2 ▼ 59.16 84.26 12 BUY 16.8 13.6 14.1 2.9 2.2 2.5 1.5 2.2 2.1 13.6 9.7 9.7

US Time Warner Cab.Consumer Disc. TWC.NYSE USD 212.11 212.11 3.7 14.3 ▼ 60.39 214.57 1 HOLD 20.1 28.0 27.2 5.3 5.8 6.1 2.0 2.0 1.4 8.2 9.3 9.1

US Under Armour Consumer Disc. UA.NYSE USD 43.94 43.94 0.3 5.5 ▼ 8.05 52.21 19 BUY 71.5 75.3 65.6 10.8 10.4 11.2 0.0 0.0 - 33.3 35.2 28.2

US Wynn Resorts Consumer Disc. WYNN.NSDQ USD 88.30 88.30 -5.5 27.6 ▼ 8.98 96.86 10 HOLD 20.2 21.3 29.2 - - - 4.2 4.3 2.3 13.0 14.6 14.2

US Yum! Consumer Disc. YUM.NYSE USD 79.56 79.56 -2.8 8.9 ▼ 32.42 86.42 9 HOLD 21.9 22.4 21.3 20.5 34.1 - 2.1 2.4 2.6 15.2 13.2 11.8

US Altria Consumer Stap. MO.NYSE USD 62.71 62.71 0.1 7.7 ▼ 122.69 65.50 4 HOLD 19.2 20.7 20.2 32.2 39.6 41.5 4.1 3.7 3.8 13.9 14.5 14.0

US Coca-Cola Consumer Stap. KO.NYSE USD 44.80 44.80 -3.4 4.3 ▼ 193.81 47.80 7 HOLD 20.6 21.0 22.8 6.1 7.3 7.9 2.9 3.1 3.1 17.6 19.8 18.0

US Costco Consumer Stap. COST.NSDQ USD 148.13 148.13 -6.0 -8.3 ▼ 65.03 168.00 13 BUY 26.0 26.7 26.3 4.3 5.8 5.7 1.1 4.7 1.2 12.0 12.9 12.7

US CVS Health Consumer Stap. CVS.NYSE USD 100.50 100.50 -3.1 2.8 ▼ 109.77 112.36 12 BUY 22.8 20.2 17.3 2.9 2.9 3.0 1.1 1.4 1.7 11.3 11.5 10.2

US Kroger Consumer Stap. KR.NYSE USD 35.39 35.39 -7.5 -15.4 ▼ 34.06 43.15 22 BUY 12.4 19.5 15.8 3.4 6.2 5.1 1.7 1.0 1.3 6.7 8.9 7.5

US Mondelēz Int. Consumer Stap. MDLZ.NSDQ USD 42.96 42.96 7.1 -4.2 ▼ 66.68 48.24 12 BUY 18.6 26.5 22.9 2.2 2.5 2.5 1.6 1.4 1.7 17.7 8.7 16.5

US P & G Consumer Stap. PG.NYSE USD 80.12 80.12 -2.7 0.9 ▼ 213.27 84.50 5 HOLD 19.0 19.5 20.8 3.1 3.4 3.6 3.1 3.3 3.4 13.4 15.6 13.5

US Peps iCo Consumer Stap. PEP.NYSE USD 102.96 102.96 0.5 3.0 ▼ 148.72 112.56 9 BUY 21.0 21.7 21.4 8.3 12.3 13.4 2.6 2.7 2.9 13.6 15.6 13.5

US Phi l ip Morris Consumer Stap. PM.NYSE USD 98.12 98.12 0.0 11.6 ▼ 152.21 103.13 5 HOLD 15.5 19.6 21.2 - - - 4.8 4.6 4.3 12.4 14.3 14.9

US Reynolds Americ. Consumer Stap. RAI.NYSE USD 49.60 49.60 -1.4 7.5 ▼ 70.80 54.29 9 BUY 22.4 25.2 20.4 7.6 3.6 - 4.2 3.0 3.5 14.5 11.4 12.8

US Walgreens Consumer Stap. WBA.NSDQ USD 79.28 79.28 -5.9 -6.9 ▼ 85.64 94.00 19 BUY 19.5 18.7 16.8 2.8 3.1 2.8 2.1 1.6 1.9 12.2 17.5 10.5

US Walmart Consumer Stap. WMT.NYSE USD 66.87 66.87 -2.4 9.1 ▼ 209.89 65.16 -3 HOLD 14.8 17.0 16.1 3.2 3.4 2.7 2.5 2.3 3.0 8.3 8.7 7.9

US Anadarko Petro. Energy APC.NYSE USD 52.76 52.76 13.3 8.6 ▼ 27.22 58.73 11 BUY 22.1 - - 2.1 1.9 1.8 1.2 2.2 0.4 5.2 3.5 13.1

US Chevron Energy CVX.NYSE USD 102.18 102.18 7.1 13.6 ▼ 192.58 101.07 -1 BUY 11.0 27.2 40.4 1.4 1.1 1.3 3.8 4.8 4.2 6.2 11.4 7.7

US Clayton Wi l l iams EnergyEnergy CWEI.NSDQ USD 18.13 18.13 103.3 -38.7 ▼ 0.22 9.40 -48 HOLD 16.4 - - 2.0 1.2 - 0.0 0.0 - 5.3 30.3 25.8

US ConocoPhi l l ips Energy COP.NYSE USD 47.79 47.79 18.7 2.4 ▼ 59.18 50.42 6 HOLD 13.1 - - 1.6 1.5 1.6 4.1 6.3 2.1 6.7 41.5 11.5

US Devon Energy DVN.NYSE USD 34.68 34.68 26.4 8.4 ▼ 18.17 35.18 1 BUY 12.8 12.5 - 1.2 1.9 2.5 1.5 3.0 1.2 6.5 4.5 16.8

US EOG Resources Energy EOG.NYSE USD 82.62 82.62 13.8 16.7 ▼ 45.43 82.48 0 BUY 19.1 132.5 - 2.9 3.0 3.6 0.6 0.9 0.8 6.4 5.1 22.5

US Exxon Energy XOM.NYSE USD 88.40 88.40 5.8 13.4 ▼ 366.88 83.43 -6 HOLD 12.3 20.2 29.5 2.2 1.9 2.1 2.9 3.7 3.4 8.2 11.8 9.9

US Gevo Energy GEVO.NSDQ USD 0.26 0.26 -5.5 -58.9 ▼ 0.01 3.00 1076 BUY - - - 0.7 0.3 - 0.0 0.0 - - - -

US Hal l iburton Energy HAL.NYSE USD 41.31 41.31 15.6 21.4 ▼ 35.47 43.21 5 BUY 9.8 21.8 277.2 2.1 1.9 2.3 1.6 2.1 1.8 5.4 20.6 16.0

US Kinder Morgan Energy KMI.NYSE USD 17.76 17.76 -0.6 19.0 ▼ 39.63 20.65 16 BUY 40.2 17.7 24.6 2.6 0.9 1.1 4.1 10.8 2.9 20.2 15.7 11.2







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

US 19.1 19.1 17.3 3.3 3.4 3.0 1.5 1.7 2.3 11.5 11.8 10.9

US Marathon Oi l Energy MRO.NYSE USD 14.09 14.09 26.5 11.9 ▼ 11.94 14.63 4 HOLD - - - 0.9 0.5 0.5 2.8 5.4 1.4 5.7 120.5 14.1

US Oas is Petroleum Energy OAS.NYSE USD 9.69 9.69 33.1 31.5 ▼ 1.75 9.47 -2 HOLD 8.0 - - 0.9 0.4 0.6 0.0 0.0 - 4.0 8.9 9.1

US OXY Energy OXY.NYSE USD 76.65 76.65 12.0 13.4 ▼ 58.54 74.95 -2 HOLD 20.9 474.9 - 1.8 2.1 2.5 3.6 4.4 4.0 12.1 10.0 17.5

US Phi l l ips 66 Energy PSX.NYSE USD 82.11 82.11 -5.2 0.4 ▼ 43.16 90.58 10 HOLD 12.9 11.3 12.9 1.8 1.9 - 2.6 2.7 - 9.8 8.7 8.0

US Pioneer Energy PXD.NYSE USD 166.10 166.10 18.0 32.5 ▼ 27.17 180.89 9 BUY 33.4 - - 2.6 2.2 2.8 0.1 0.1 - 10.8 18.7 15.7

US Schlumberger Energy SLB.NYSE USD 80.34 80.34 8.9 15.2 ▼ 111.77 88.64 10 BUY 15.2 21.4 64.5 2.9 2.5 2.8 1.9 2.9 2.5 9.8 13.3 17.0

US Valero Energy VLO.NYSE USD 58.87 58.87 -8.2 -16.7 ▼ 27.66 73.29 24 BUY 8.4 8.8 9.2 1.2 1.6 1.3 2.1 2.4 4.1 3.8 4.7 4.8

US W&T Offshore Energy WTI.NYSE USD 2.41 2.41 10.0 4.3 ▼ 0.18 2.57 7 HOLD - - - 1.1 - - 5.4 0.0 - 3.3 2.6 7.1

US Weatherford Energy WFT.NYSE USD 8.13 8.13 4.5 -3.1 ▼ 7.28 9.16 13 BUY 32.9 - - 1.3 1.5 1.4 0.0 0.0 - 8.5 7.2 18.9

US Wil l iams Energy WMB.NYSE USD 19.39 19.39 20.7 -24.6 ▼ 14.54 25.14 30 BUY 85.3 33.9 23.4 3.8 3.1 2.6 4.4 9.5 13.2 24.2 27.4 11.2

US AIG Financia ls AIG.NYSE USD 55.82 55.82 3.3 -9.9 ▼ 63.29 63.21 13 BUY 12.2 28.7 11.9 0.7 0.8 0.7 0.9 1.3 2.3 - - -

US Amex Financia ls AXP.NYSE USD 65.43 65.43 6.6 -5.9 ▼ 62.23 67.05 2 HOLD 18.2 12.9 12.3 4.6 3.3 2.9 1.1 1.6 1.9 11.6 9.3 -

US Bank of America Financia ls BAC.NYSE USD 14.56 14.56 7.7 -13.5 ▼ 150.34 17.27 19 BUY 12.9 11.6 10.1 0.8 0.7 0.6 0.7 1.2 2.0 - - -

US Berkshire Hathaway IncFinancia ls BRK.A.NYSE USD 145.48 145.48 2.5 10.2 ▼ 182.49 166.00 14 BUY - - 18.3 - - 1.4 - - - - - -

US BlackRock Financia ls BLK.NYSE USD 356.33 356.33 4.6 4.6 ▼ 58.29 389.38 9 BUY 19.1 17.6 17.4 2.2 2.0 2.0 2.2 2.6 2.6 12.7 11.2 11.1

US BNY Mel lon Financia ls BK.NYSE USD 40.24 40.24 9.3 -2.4 ▼ 43.30 44.89 12 HOLD 12.5 14.5 12.6 1.3 1.3 1.2 1.6 1.6 1.9 - - -

US Charles Schwab Financia ls SCHW.NYSE USD 28.41 28.41 1.4 -13.7 ▼ 37.54 32.25 14 BUY 32.2 32.7 21.4 3.6 3.6 2.5 0.8 0.7 1.0 13.6 14.5 9.9

US Chubb Financia ls CB.NYSE USD 117.86 117.86 -1.1 0.9 ▼ 54.71 127.89 9 BUY 11.7 12.0 12.2 1.3 1.3 1.2 2.2 2.3 2.3 - - -

US Citi Financia ls C.NYSE USD 46.28 46.28 10.9 -10.6 ▼ 136.12 55.67 20 BUY 11.4 8.9 9.2 0.8 0.7 0.6 0.1 0.3 1.1 22.6 7.5 15.0

US Goldman Sachs Financia ls GS.NYSE USD 164.11 164.11 4.5 -8.9 ▼ 68.72 185.74 13 BUY 10.8 10.3 9.8 1.1 1.0 0.9 1.2 1.4 1.7 8.1 8.6 -

US JPMorgan Chase & CoFinancia ls JPM.NYSE USD 63.20 63.20 6.7 -4.3 ▼ 231.10 70.73 12 BUY 11.0 11.9 10.7 1.1 1.1 1.0 2.5 2.6 3.0 - - -

US MetLi fe Financia ls MET.NYSE USD 45.10 45.10 2.6 -6.5 ▼ 49.64 52.00 15 BUY 9.6 9.4 7.9 0.9 0.8 0.7 2.5 3.1 3.6 - - -

US Morgan Stanley Financia ls MS.NYSE USD 27.06 27.06 8.2 -14.9 ▼ 52.49 32.15 19 HOLD 25.0 12.2 10.1 1.2 0.9 0.8 0.9 1.7 2.7 46.4 8.4 -

US US Bancorp Financia ls USB.NYSE USD 42.69 42.69 5.2 0.0 ▼ 74.11 45.77 7 HOLD 13.8 13.7 12.7 2.1 1.8 1.8 2.1 2.4 2.6 - - -

US Wel ls Fargo Financia ls WFC.NYSE USD 49.98 49.98 3.3 -8.1 ▼ 252.76 54.94 10 HOLD 13.4 13.2 12.1 1.7 1.6 1.4 2.5 2.7 3.2 - - -

US Abbott Health Care ABT.NYSE USD 38.90 38.90 -7.0 -13.4 ▼ 57.31 47.69 23 BUY 28.3 23.6 17.3 3.2 3.1 - 2.0 2.2 2.7 17.2 16.1 11.1

US AbbVie Health Care ABBV.NYSE USD 61.00 61.00 6.8 3.0 ▼ 98.68 71.56 17 BUY 20.4 14.4 12.1 59.8 24.2 15.1 2.7 3.5 3.8 26.4 14.3 -

US Aetna Health Care AET.NYSE USD 112.27 112.27 -0.1 3.8 ▼ 39.36 137.69 23 BUY 14.2 14.9 13.7 2.1 2.3 - 1.0 0.9 0.9 7.5 7.3 7.6

US Alexion Health Care ALXN.NSDQ USD 139.28 139.28 0.0 -27.0 ▼ 31.20 194.59 40 BUY 53.0 64.4 25.2 11.2 5.2 - 0.0 0.0 - 38.1 64.3 -

US Al lergan Health Care AGN.NYSE USD 216.56 216.56 -19.2 -30.7 ▼ 85.57 297.75 37 BUY - 191.5 15.5 2.4 1.7 - 0.0 0.0 - 217.2 57.0 16.7

US Amgen Health Care AMGN.NSDQ USD 158.30 158.30 5.6 -2.5 ▼ 118.73 182.28 15 HOLD 21.9 17.7 14.3 4.7 4.4 - 1.5 1.9 2.5 15.1 11.7 -

US Anthem Health Care ANTM.NYSE USD 140.77 140.77 1.3 1.0 ▼ 37.02 173.67 23 BUY 14.2 14.4 12.7 1.4 1.6 1.5 1.4 1.8 1.8 4.6 5.1 5.7

US Baxter Health Care BAX.NYSE USD 44.22 44.22 7.6 15.9 ▼ 24.33 47.56 8 HOLD 61.4 33.5 26.0 4.9 2.4 - 2.8 3.3 2.8 31.7 16.6 13.1

US Biogen Health Care BIIB.NSDQ USD 274.99 274.99 5.6 -10.2 ▼ 60.24 342.83 25 BUY 27.9 19.4 14.5 7.4 7.1 - 0.0 0.0 - 16.6 12.5 -

US Bris tol -Myers Sq. Health Care BMY.NYSE USD 72.18 72.18 13.0 4.9 ▼ 120.49 73.90 2 HOLD 42.7 30.5 27.4 6.6 8.0 - 2.5 2.2 2.1 30.8 49.7 -

US Celgene Health Care CELG.NSDQ USD 103.41 103.41 3.3 -13.7 ▼ 80.10 137.23 33 BUY 43.3 53.6 17.5 13.7 15.9 - 0.0 0.0 - 30.7 38.2 -







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

US 19.1 19.1 17.3 3.3 3.4 3.0 1.5 1.7 2.3 11.5 11.8 10.9

US Cigna Health Care CI.NYSE USD 138.54 138.54 0.9 -5.3 ▼ 35.43 169.30 22 BUY 13.8 17.5 15.1 2.5 3.1 2.7 0.0 0.0 - 7.4 10.0 8.3

US Express Scripts Health Care ESRX.NSDQ USD 73.73 73.73 7.3 -15.7 ▼ 46.64 81.13 10 HOLD 28.9 22.3 11.4 3.1 3.4 3.0 0.0 0.0 - 12.6 10.7 8.3

US Genetic Tech. Health Care GENE.NSDQ USD 2.42 2.42 4.8 -9.7 ▼ 0.03 - - - - - - - - - - - - - - -

US Gi lead Health Care GILD.NSDQ USD 88.21 88.21 -4.0 -12.8 ▼ 119.49 113.40 29 BUY 12.7 8.5 7.3 9.2 7.8 - 0.0 1.3 2.1 8.8 6.1 -

US HCA Health Care HCA.NYSE USD 80.62 80.62 3.3 19.2 ▼ 31.91 90.57 12 BUY 15.6 12.1 12.8 - - - 0.0 0.0 - 8.6 7.5 7.6

US Humana Health Care HUM.NYSE USD 177.07 177.07 -3.2 -0.8 ▼ 26.39 207.46 17 HOLD 19.3 22.7 20.0 2.2 2.6 2.5 0.8 0.6 0.7 6.2 7.8 6.8

US Il lumina Health Care ILMN.NSDQ USD 134.99 134.99 -16.7 -29.7 ▼ 19.85 169.21 25 HOLD 80.4 65.5 39.1 18.5 15.2 9.8 0.0 0.0 - 42.5 37.7 25.2

US J&J Health Care JNJ.NYSE USD 112.08 112.08 3.6 9.1 ▼ 309.16 116.47 4 HOLD 17.6 17.4 16.9 4.2 4.0 4.5 2.6 2.9 2.8 11.3 12.5 11.9

US Li l ly Health Care LLY.NYSE USD 75.53 75.53 4.9 -10.4 ▼ 83.37 96.25 27 BUY 26.9 29.5 20.5 5.0 6.4 - 2.9 2.4 2.7 19.8 23.5 -

US MannKind Corp. Health Care MNKD.NSDQ USD 1.35 1.35 -16.1 -6.9 ▼ 0.58 0.10 -93 HOLD - - - - - - 0.0 0.0 - - - -

US McKesson Health Care MCK.NYSE USD 167.82 167.82 6.7 -14.9 ▼ 38.36 193.57 15 BUY 25.2 25.7 12.8 4.8 6.6 3.6 0.5 0.4 0.7 15.4 14.7 8.8

US Medtronic Health Care MDT.NYSE USD 79.15 79.15 5.5 2.9 ▼ 110.89 86.37 9 BUY 15.5 23.7 17.2 3.0 2.1 2.2 1.9 1.6 2.2 11.5 25.1 13.1

US Merck Health Care MRK.NYSE USD 54.84 54.84 3.6 3.8 ▼ 151.89 61.58 12 HOLD 28.0 14.7 14.8 3.3 3.3 - 3.1 3.4 3.3 13.6 12.1 10.7

US Mylan Health Care MYL.NSDQ USD 41.71 41.71 -10.0 -22.9 ▼ 20.47 59.94 44 BUY 18.9 18.9 8.5 6.5 2.7 - 0.0 0.0 - 14.4 13.1 7.6

US Perrigo Health Care PRGO.NYSE USD 96.67 96.67 -24.4 -33.2 ▼ 13.84 122.69 27 HOLD 50.7 52.5 11.6 2.4 2.1 - 0.3 0.3 0.6 19.6 23.4 11.5

US Pfizer Health Care PFE.NYSE USD 32.71 32.71 10.4 1.3 ▼ 202.28 37.90 16 BUY 16.8 16.7 14.4 2.7 3.1 - 3.3 3.5 3.7 10.5 12.7 9.9

US Regeneron Health Care REGN.NSDQ USD 376.71 376.71 4.5 -30.6 ▼ 38.86 474.77 26 HOLD 95.4 96.5 33.4 16.5 15.5 - 0.0 0.0 - 46.2 41.3 21.4

US Thermo Fisher Health Care TMO.NYSE USD 144.25 144.25 1.9 1.7 ▼ 56.76 162.40 13 BUY 33.2 27.8 17.3 2.4 2.7 2.7 0.5 0.4 0.4 15.1 17.1 15.5

US UnitedHealth Health Care UNH.NYSE USD 131.68 131.68 2.2 11.9 ▼ 125.12 149.10 13 BUY 18.2 19.9 16.3 3.0 3.3 3.1 1.4 1.6 1.7 9.1 10.5 9.5

US 3M Industria ls MMM.NYSE USD 167.38 167.38 0.5 11.1 ▼ 101.40 171.57 3 HOLD 21.9 19.5 20.1 8.0 7.8 9.2 2.1 2.7 2.8 12.7 12.1 -

US American Air. Industria ls AAL.NSDQ USD 34.69 34.69 -15.4 -18.1 ▼ 20.06 47.32 36 BUY 10.5 4.6 6.4 18.5 4.7 3.6 0.4 0.9 1.4 8.5 5.3 4.4

US Boeing Industria ls BA.NYSE USD 134.80 134.80 6.2 -6.8 ▼ 85.87 146.71 9 HOLD 17.1 15.7 15.2 10.6 15.2 19.2 2.2 2.5 3.3 9.5 10.2 8.3

US Caterpi l lar Industria ls CAT.NYSE USD 77.72 77.72 1.5 14.4 ▼ 45.38 69.53 -11 HOLD 14.3 15.5 28.4 3.3 2.7 3.0 2.9 4.4 4.0 7.0 7.0 12.7

US CSX Industria ls CSX.NYSE USD 27.27 27.27 5.9 5.1 ▼ 26.07 27.74 2 BUY 18.8 13.5 15.0 3.3 2.2 2.2 1.7 2.7 2.8 9.5 7.3 7.8

US Cummins Industria ls CMI.NYSE USD 117.03 117.03 6.4 33.0 ▼ 19.94 102.89 -12 HOLD 16.4 9.7 15.0 3.4 2.1 2.7 1.9 4.0 3.4 9.2 6.1 8.1

US Danaher Industria ls DHR.NYSE USD 96.75 96.75 2.0 4.2 ▼ 66.63 102.68 6 BUY 23.6 32.6 19.4 2.6 2.7 2.7 0.5 0.6 0.6 14.2 16.8 14.2

US Delta Industria ls DAL.NYSE USD 41.67 41.67 -14.4 -17.8 ▼ 32.15 62.40 50 BUY 14.3 10.8 6.5 4.6 3.6 2.7 0.6 0.9 1.5 12.0 4.6 3.8

US FedEx Industria ls FDX.NYSE USD 165.11 165.11 1.5 10.8 ▼ 44.32 175.36 6 BUY 19.2 18.2 13.9 2.7 3.3 2.9 0.4 0.5 0.7 6.9 11.8 6.0

US FreeSeas Industria ls FREE.NSDQ USD - - - - - - - - - - - - - - - - - - - - -

US GE Industria ls GE.NYSE USD 30.75 30.75 -3.3 -1.3 ▼ 285.52 33.77 10 BUY 23.6 35.9 19.1 2.0 3.0 2.9 3.5 3.0 3.1 19.2 35.4 -

US Honeywel l Industria ls HON.NYSE USD 114.27 114.27 2.0 10.3 ▼ 87.09 125.83 10 BUY 17.7 16.0 16.9 4.4 4.4 4.8 1.9 2.1 2.2 11.5 11.0 11.0

US John Deere Industria ls DE.NYSE USD 84.11 84.11 9.2 10.3 ▼ 26.52 75.95 -10 HOLD 9.8 13.4 21.1 3.3 3.7 3.9 2.6 3.1 2.9 4.8 5.7 12.1

US Lockheed Martin Industria ls LMT.NYSE USD 232.38 232.38 4.9 7.0 ▼ 70.75 241.80 4 HOLD 16.9 18.3 19.0 17.8 21.2 21.2 2.9 2.8 3.0 10.0 12.5 11.9

US SolarCi ty Industria ls SCTY.NSDQ USD 30.32 30.32 23.4 -40.6 ▼ 2.98 40.56 34 HOLD - - - 6.9 5.7 - 0.0 0.0 0.0 - - -

US Southwest Air. Industria ls LUV.NYSE USD 44.61 44.61 -0.4 3.6 ▼ 28.49 56.30 26 BUY 21.0 12.2 10.5 4.2 3.8 3.5 0.5 0.7 0.6 9.1 5.6 5.0

US Union Paci fic Industria ls UNP.NYSE USD 87.23 87.23 9.7 11.5 ▼ 73.36 92.08 6 BUY 20.9 14.5 16.4 5.0 3.2 3.4 1.6 2.8 2.6 10.9 7.9 8.9







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

US 19.1 19.1 17.3 3.3 3.4 3.0 1.5 1.7 2.3 11.5 11.8 10.9

US United Industria ls UAL.NYSE USD 45.81 45.81 -23.5 -20.1 ▼ 15.43 67.20 47 BUY 15.4 4.8 5.6 10.5 2.3 1.7 0.0 0.0 - 7.9 4.1 3.4

US United Tech. Industria ls UTX.NYSE USD 104.37 104.37 4.3 8.6 ▼ 87.34 110.60 6 BUY 17.9 15.2 15.8 3.4 2.9 3.0 2.1 2.7 2.7 10.6 10.9 9.8

US UPS Industria ls UPS.NYSE USD 105.07 105.07 -0.4 9.2 ▼ 72.51 109.30 4 HOLD 23.4 17.7 17.9 47.0 34.5 36.8 2.4 3.0 3.0 16.0 9.8 9.7

US Accenture Info Tech. ACN.NYSE USD 112.92 112.92 -2.1 8.1 ▼ 70.44 118.35 5 BUY 18.0 19.6 20.5 9.3 10.0 11.2 2.3 2.2 - 10.2 11.5 12.6

US Activis ion Info Tech. ATVI.NSDQ USD 34.47 34.47 1.9 -11.0 ▼ 25.44 38.36 11 BUY 17.8 32.3 19.3 2.0 3.5 3.1 1.0 0.6 - 9.1 16.9 12.8

US Adobe Systems Info Tech. ADBE.NSDQ USD 94.22 94.22 0.4 0.3 ▼ 47.13 110.52 17 BUY 130.0 77.8 31.1 5.4 6.6 6.6 0.0 0.0 - 47.5 35.3 19.3

US Al ibaba Group Info Tech. BABA.NYSE USD 76.94 76.94 -2.6 -5.3 ▼ 190.50 95.26 24 BUY - 66.5 24.3 - 8.8 8.0 - 0.0 0.0 - 43.4 18.4

US Alphabet Info Tech. GOOG.NSDQ USD 707.88 707.88 -7.2 -9.0 ▼ 206.91 909.35 28 BUY 26.2 33.6 20.2 3.5 4.4 3.8 0.0 0.0 0.0 13.8 18.6 11.2

US Apple Info Tech. AAPL.NSDQ USD 93.74 93.74 -14.0 -10.9 ▼ 513.45 125.26 34 BUY 15.6 12.4 11.0 5.3 5.4 4.0 1.8 1.7 2.4 8.0 6.2 5.2

US Appl ied Materia lsInfo Tech. AMAT.NSDQ USD 20.47 20.47 -3.4 9.6 ▼ 23.15 23.48 15 BUY 21.3 14.0 14.1 3.3 2.5 3.3 1.9 2.4 2.1 12.8 9.4 9.4

US Avago Info Tech. AVGO.NSDQ USD 145.75 145.75 -5.7 0.4 ▼ 56.91 178.74 23 BUY 49.7 20.9 13.1 6.8 7.2 4.0 1.3 1.3 1.4 24.2 13.9 8.0

US Baidu Info Tech. BIDU.NSDQ USD 194.30 194.30 1.8 2.8 ▼ 52.72 216.70 12 BUY 37.8 24.1 26.7 9.7 5.3 4.5 0.0 0.0 - 27.9 22.5 18.4

US Cisco Info Tech. CSCO.NSDQ USD 27.49 27.49 -3.4 1.2 ▼ 138.33 29.52 7 BUY 15.7 15.6 11.9 2.3 2.4 2.3 2.8 2.8 3.6 8.6 8.3 6.1

US DHI Info Tech. DHX.NYSE USD 7.11 7.11 -11.9 -22.5 ▼ 0.37 8.80 24 HOLD 19.6 20.2 14.8 3.0 3.5 2.7 0.0 0.0 - 8.3 18.6 6.3

US Draftdat Fantasy Info Tech. DDAY.NSDQ USD 0.31 0.31 28.8 -12.6 ▼ 0.01 - - BUY - - - 1.7 7.8 - 0.0 0.0 - - - -

US eBay Info Tech. EBAY.NSDQ USD 24.43 24.43 2.4 -11.1 ▼ 28.07 27.34 12 HOLD - 17.6 13.0 3.5 4.9 4.3 0.0 0.0 - 22.0 11.7 8.4

US Electronic Arts Info Tech. EA.NSDQ USD 61.85 61.85 -6.4 -10.0 ▼ 19.13 80.91 31 BUY 167.0 19.3 19.1 3.7 5.9 5.8 0.0 0.0 0.0 27.7 13.5 10.9

US EMC Info Tech. EMC.NYSE USD 26.11 26.11 -2.0 1.7 ▼ 50.99 28.89 11 BUY 20.8 20.5 14.1 2.7 2.4 2.2 1.5 1.8 1.9 10.1 10.3 6.9

US Facebook Info Tech. FB.NSDQ USD 117.58 117.58 3.0 12.3 ▼ 271.83 145.02 23 BUY 70.9 81.1 31.2 6.0 6.7 6.9 0.0 0.0 - 33.1 34.0 18.8

US Firs t Solar Info Tech. FSLR.NSDQ USD 55.84 55.84 -18.4 -15.4 ▼ 5.71 75.93 36 BUY 11.3 13.0 16.5 0.9 1.2 1.0 0.0 0.0 - 4.0 6.6 8.3

US HP Info Tech. HPQ.NYSE USD 12.27 12.27 -0.4 3.6 ▼ 21.19 13.49 10 HOLD 10.8 8.4 7.6 2.5 1.8 - 1.7 2.5 4.3 6.2 6.1 5.5

US IBM Info Tech. IBM.NYSE USD 145.94 145.94 -3.6 6.0 ▼ 140.10 144.36 -1 HOLD 8.9 9.1 10.7 13.4 9.3 7.0 2.6 3.6 3.7 8.6 8.8 8.4

US Intel Info Tech. INTC.NSDQ USD 30.28 30.28 -6.4 -12.1 ▼ 142.84 35.58 17 BUY 16.4 15.0 12.3 3.1 2.7 2.3 2.4 2.7 3.5 7.3 6.9 6.9

US InterCloud Sys . Info Tech. ICLD.NSDQ USD 0.81 0.81 -14.2 -18.5 ▼ 0.02 - - BUY - - - 1.5 - - 0.0 - - - - -

US Linkedin Info Tech. LNKD.NYSE USD 125.31 125.31 9.6 -44.3 ▼ 14.78 165.86 32 BUY - - 35.3 8.6 6.7 4.0 0.0 0.0 0.0 95.8 102.2 14.1

US MasterCard Info Tech. MA.NYSE USD 96.99 96.99 2.6 -0.4 ▼ 104.59 107.97 11 BUY 27.0 27.5 26.5 14.6 18.0 19.0 0.6 0.7 0.8 15.5 17.1 16.8

US Methode Info Tech. MEI.NYSE USD 29.73 29.73 1.7 -6.6 ▼ 1.10 38.38 29 BUY 11.7 16.0 13.2 2.8 3.6 2.5 1.0 0.8 - 11.1 11.1 6.8

US Micron Info Tech. MU.NSDQ USD 10.75 10.75 2.7 -24.1 ▼ 11.15 14.17 32 BUY 11.9 6.6 55.1 3.3 1.5 0.9 0.0 0.0 0.0 7.2 3.6 4.1

US Microsoft Info Tech. MSFT.NSDQ USD 49.87 49.87 -9.7 -10.1 ▼ 392.00 57.45 15 BUY 15.8 17.5 18.0 3.8 4.4 4.9 2.7 2.8 3.0 8.5 12.3 9.7

US Oracle Info Tech. ORCL.NYSE USD 39.86 39.86 -2.6 9.1 ▼ 165.41 44.52 12 HOLD 17.4 19.1 14.5 4.0 3.9 3.6 1.1 1.2 1.5 9.8 10.6 9.0

US Palo Al to Info Tech. PANW.NYSE USD 150.87 150.87 -7.5 -14.3 ▼ 13.33 194.78 29 BUY - - 71.7 13.7 27.4 22.1 0.0 0.0 - - - 37.6

US PayPal Info Tech. PYPL.NSDQ USD 39.18 39.18 1.5 8.2 ▼ 47.49 43.97 12 BUY - 35.1 25.3 - 3.2 3.4 - 0.0 - - 19.7 14.8

US Qihoo Info Tech. QIHU.NYSE USD 75.94 75.94 0.5 4.3 ▼ 7.71 84.00 11 BUY 38.3 47.6 - 7.2 - - 0.0 - - 21.1 27.3 -

US QUALCOMM Info Tech. QCOM.NSDQ USD 50.52 50.52 -1.2 1.1 ▼ 74.21 57.16 13 HOLD 16.2 13.9 11.5 3.2 2.6 2.4 2.1 3.4 4.1 10.8 9.1 6.6

US Rofin-Sinar Info Tech. RSTI.NSDQ USD 32.19 32.19 -0.1 20.2 ▼ 0.91 30.53 -5 HOLD 25.1 17.8 21.5 1.2 1.3 - 0.0 0.0 - 10.1 8.0 -

US sales force.com Info Tech. CRM.NYSE USD 75.80 75.80 2.7 -3.3 ▼ 51.43 89.36 18 BUY - - 75.0 12.0 9.2 10.0 0.0 0.0 - 444.5 116.0 29.8







Monday, 2 May 2016





LC USD (%) (%) USDbn LC (%) 2014 2015 2016 2014 2015 2016 2014 2015 2016 2014 2015 2016

US 19.1 19.1 17.3 3.3 3.4 3.0 1.5 1.7 2.3 11.5 11.8 10.9

US SanDisk Info Tech. SNDK.NSDQ USD 75.13 75.13 -1.2 -1.1 ▼ 15.10 77.50 3 HOLD 25.7 45.7 25.5 3.3 2.6 2.7 1.0 1.2 1.6 9.1 10.7 8.6

US Skyworks Sol . Info Tech. SWKS.NSDQ USD 66.82 66.82 -14.2 -13.0 ▼ 12.70 87.05 30 BUY 22.9 20.3 11.9 4.1 5.1 3.5 0.4 0.8 1.7 14.1 12.3 8.1

US SouFun Holdings Info Tech. SFUN.NYSE USD 5.69 5.69 -5.0 -23.0 ▼ 2.01 7.49 32 BUY 12.5 - - 4.8 4.2 3.8 2.7 0.0 0.0 8.7 8.9 -

US SunEdison Info Tech. SUNE.NYSE USD 0.24 0.24 -56.1 -95.3 ▼ 0.09 0.22 -7 HOLD - - - 22.8 - - 0.0 - - - - -

US Texas Inst. Info Tech. TXN.NYSE USD 57.04 57.04 -0.7 4.1 ▼ 57.34 61.91 9 HOLD 19.7 18.4 17.8 5.4 5.6 5.9 2.3 2.6 2.7 11.1 10.4 10.9

US Twitter Info Tech. TWTR.NYSE USD 14.62 14.62 -11.7 -36.8 ▼ 10.24 18.53 27 HOLD - - 27.8 6.4 3.7 2.3 0.0 0.0 - - - 10.9

US Visa Info Tech. V.NYSE USD 77.24 77.24 1.0 -0.4 ▼ 147.13 88.06 14 BUY 28.3 33.1 26.2 4.8 5.7 6.7 0.7 0.7 0.8 15.5 16.7 16.1

US Western Digi ta l Info Tech. WDC.NSDQ USD 40.87 40.87 -13.5 -31.9 ▼ 9.51 61.20 50 BUY 13.3 11.8 7.7 2.5 2.0 1.0 1.3 2.2 4.9 6.3 5.9 2.5

US Yahoo Info Tech. YHOO.NSDQ USD 36.60 36.60 -0.6 10.0 ▼ 34.65 40.75 11 BUY 38.4 148.4 70.4 1.2 1.1 1.2 0.0 0.0 - 51.8 30.0 36.9

US Alamos Gold Materia ls AGI.NYSE USD 7.20 7.20 36.1 118.8 ▼ 1.90 6.63 -8 BUY - - - - - 1.1 - - - - - 12.8

US Alcoa Materia ls AA.NYSE USD 11.17 11.17 16.6 13.2 ▼ 14.69 10.87 -3 HOLD 17.9 16.5 27.9 1.7 1.2 1.2 0.8 1.2 1.1 12.5 11.6 9.5

US Dow Materia ls DOW.NYSE USD 52.61 52.61 3.4 2.2 ▼ 59.07 56.83 8 BUY 14.4 14.7 14.5 2.9 2.7 2.4 3.4 3.3 3.7 9.0 9.1 8.0

US DuPont Materia ls DD.NYSE USD 65.91 65.91 4.1 -1.0 ▼ 57.57 72.73 10 HOLD 23.2 24.6 20.3 5.1 5.9 5.9 2.5 2.6 2.9 12.9 13.6 11.5

US Freeport-McMo. Materia ls FCX.NYSE USD 14.00 14.00 35.4 106.8 ▼ 17.53 9.92 -29 HOLD 10.4 - 15.4 1.3 1.1 2.7 5.4 3.8 0.0 12.0 7.9 6.8

US Lyondel lBasel l Materia ls LYB.NYSE USD 82.67 82.67 -3.4 -4.9 ▼ 35.28 94.94 15 HOLD 10.0 9.1 8.6 4.7 5.8 4.9 3.4 3.5 4.2 6.5 6.3 6.1

US Monsanto Materia ls MON.NYSE USD 93.68 93.68 6.8 -4.9 ▼ 40.92 99.37 6 HOLD 22.2 17.0 17.2 7.1 6.5 8.2 1.5 2.1 2.4 13.8 12.0 11.3

US Equinix Real Estate EQIX.NSDQ USD 330.35 330.35 -0.1 9.2 ▼ 22.94 341.67 3 BUY 73.0 82.2 81.7 5.6 6.8 - 0.0 2.2 2.1 16.1 21.1 16.6

US Simon Property Real Estate SPG.NYSE USD 201.17 201.17 -3.1 3.5 ▼ 62.24 231.00 15 BUY 37.6 31.0 33.0 11.2 13.6 - 2.8 3.1 3.3 21.2 21.2 18.4

US AT&T Telecomm. T.NYSE USD 38.82 38.82 -0.9 12.8 ▼ 238.79 40.52 4 HOLD 12.8 14.1 13.6 1.9 1.7 1.9 5.5 5.5 5.0 8.1 7.1 6.6

US Verizon Telecomm. VZ.NYSE USD 50.94 50.94 -5.8 10.2 ▼ 207.65 52.72 3 HOLD 13.9 11.6 13.0 15.8 11.5 10.2 4.6 4.8 4.5 8.2 6.0 6.9

US Duke Energy Uti l i ties DUK.NYSE USD 78.78 78.78 -2.4 10.4 ▼ 54.26 79.71 1 HOLD 19.0 16.2 17.2 1.4 1.2 1.4 3.8 4.5 4.3 11.3 10.2 10.3

US Exelon Uti l i ties EXC.NYSE USD 35.09 35.09 -2.1 26.4 ▼ 32.34 36.53 4 HOLD 15.9 11.2 14.0 1.4 1.0 1.2 3.3 4.5 3.6 7.7 5.6 7.2

US NextEra Energy Uti l i ties NEE.NYSE USD 117.58 117.58 -0.6 13.2 ▼ 54.26 125.46 7 BUY 20.0 18.4 19.3 2.4 2.1 2.3 2.7 3.0 3.1 10.3 9.9 11.2





Important Disclosures

METHODOLOGY: We strive to search for the best businesses that trade at the lowest valuation levels as measured by an issuer’s intrinsic value on a per-share basis. In doing so, we follow both top-down and bottom-up approaches. Under the top-down approach, we attempt to study the most important quantitative and qualitative factors that we believe can affect a security's value, includingmacroeconomic, sector-specific, and company-specific factors. Under the bottom-up approach, we focus on the analysis of individual stocks by running our proprietary scoring model, includingvaluation, financial performance, sentiment, trading, risk, and value creation.

COUNTRY MACRO RATINGS: We analyze the four main sectors of a country’s macroeconomics, then we assign , , and star for low risk, moderate risk, and high risk, respectively. We usedifferent weights for each economic sector: (a) Real Sector (30% weight), (b) Monetary Sector (10% weight), (c) Fiscal Sector (25% weight), (d) External Sector (15% weight), and (e) Credit Rating andOutlook (20%).

STOCK MARKET RATINGS: We compare our year-end price targets for the subject market index on a total-return basis versus our calculated required rate of return (RRR). Taking into account ourCountry Macro Rating, we set the “Neutral” borderline (below which is “Underweight”) as 20% of RRR for Country Macro Rating, 40% of RRR for Country Macro Rating, and 60% of RRR for Country Macro Rating. That said, our index price targets are based on the average of two models. Model (1): Estimated index levels based on consensus price targets of all index constituents. Stockswith no price targets are valued at market price. Model (2): Estimated index levels based on our expected re-pricing (whether re-rating, de-rating, or unchanged rating) of the forward price-earningsratio (PER) of each index in addition to consensus earnings growth for the forward year.

SECTOR RATINGS: On the sectors level, we focus on six major sectors, namely (1) Consumer and Health Care, (2) Financials, (3) Industrials, Energy, & Utilities, (4) Materials, (5) Real Estate, and (6)Telecom Services & IT. To assess each sector, we use the SWOT analysis to list the strengths, weaknesses, opportunities, and threats in each country. We then translate our qualitative SWOT analysisinto a quantitative model to evaluate all six sectors across countries. Each of the measures we used, although mostly subjective, is assigned a score as either +1 (high impact), 0 (medium impact), or -1(low impact). At a later stage, when assigning the final rating – Overweight, Neutral, or Underweight – for each sector in each country, we realize that sometimes it is unfair to assign equal weights forthe sub-sectors in each major sector assessed. Hence, some of the sub-sectors are given different weights for their significant profile in each country. Additionally, the final rating for each sector in eachspecific country is assigned based on a relative calculation comparing this sector to all other sectors in this country.

Low

(1)

Moderate

(2)

High

(3)

Buy

(B)Higher than RRR Higher than RRR Higher than RRR

Hold

(H)

Between RRR

and 20% of RRR

Between RRR

and 40% of RRR

Between RRR

and 60% of RRR

Sell

(S)

Lower than 20%

of RRR

Lower than 40%

of RRR

Lower than 60%

of RRR

Not Rated

(NR)

Not Covered

(NC)

We do not currently cover this stock or we are

restricted from coverage for regulatory reasons.

Inv

es

tme

nt

Ra

tin

g

Risk Rating

We have decided not to publish a rating on the

stock due to certain circumstances related to the

company (i.e. special situations).

If

Total Return

is …

Disclosure Appendix

SECURITY INVESTMENT RATINGS: We combine intrinsic value, relative valuation, and market sentiment into a singlerating. Our three-pronged methodology involves (1) discounted cash flows “DCF” valuation model(s), (2) relativevaluation metrics, and (3) overall sentiment. Whenever possible we attempt to apply all three aspects on the issuers orsecurities under review. In certain cases where we do not have our own financial and valuation models, we attempt toscan the market for other analysts’ value estimates and ratings (i.e. consensus view) on average. We compliment thiswith relative valuation and sentiment drivers, such as positive/neutral/negative news flows. For all issuers/securitiescovered, we have three investment ratings (Buy, Hold, or Sell), comparing the security’s expected total return (includingboth price performance and expected cash dividend) over a 12-month period versus its Required Rate of Return “RRR”as calculated using the Capital Asset Pricing Model “CAPM” and adjusted for the Risk Rating we attach to each security.Our price targets are subjective and are estimates of the analysts where the securities covered will trade within thenext 12 months. Price targets can be derived from earnings-based valuation models (e.g. Discounted Cash Flow “DCF”),asset-based valuation models (e.g. Net Asset Value “NAV”), relative valuation multiples (e.g. PER, PBV, EV/EBITDA, etc.),or a combination of them. In case we do not have our own valuation model, we use a weighted average of marketconsensus price targets and ratings. We review the investment ratings periodically or as the situation necessitates.

SECURITY RISK RATINGS: We assess the risk profile of each issuer/security covered and assign one of three risk ratings(High, Moderate, or Low). The risk rating is weighted to reflect different aspects specific to (1) the sector, (2) the issuer,(3) the security under review, and (4) volatility versus the market (as measure by beta) and versus the security’s averageannualized standard deviation. We review the risk ratings at least annually or as the situation necessitates.

Other DisclosuresMFS does not have any proprietary holding in any securities. Only as a nominee, MFS holds shares on behalf of itsclients through Omnibus accounts. MFS is not currently a market maker for any listed securities.

Analyst CertificationI (we), Research Team, and employed with Mubasher International, a company under the National Technology Group of Saudi Arabia being a shareholder of Mubasher Financial Services BSC (c) asauthor(s) to this report, hereby certify that all the views expressed in this research report accurately reflect my (our) views about the subject issuer(s) or security(ies). I (we) also certify that no part ofmy (our) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or view(s) expressed in this report.

Head of Research CertificationI, Amr Hussein Elalfy, Global Head of Research of Mubasher Financial Services BSC (c) confirm that I have vetted the information, and all the views expressed by the Analyst in this research reportabout the subject issuer(s) or security(ies). I also certify that Research Team, the author of this report, has not received any compensation directly related to the contents of the Report.

DisclaimerThis document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Mubasher Financial Services BSC (c) (‘MFS’) has basedthis document on information obtained from sources it believes to be reliable but which it has not independently verified; MFS makes no guarantee, representation or warranty and accepts noresponsibility or liability as to its accuracy or completeness. The opinions contained within the document are based upon publicly available information at the time of publication and are subject tochange without notice. This document is not intended for all recipients and may not be suitable for all investors. Securities described in this document are not available for sale in all jurisdictions or tocertain category of investors. The document is not substitution for independent judgment by any recipient who should evaluate investment risks. Additionally, investors must regard this document asproviding stand-alone analysis and should not expect continuing analysis or additional documents relating to the issuers and/or securities mentioned herein. Past performance is not necessarily aguide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. The value of any investment or income may go down as well as up and youmay not get back the full amount invested. Where an investment is denominated in a currency other than the local currency of the recipient of the research report, changes in the exchange rates mayhave an adverse effect on the value, price or income of that investment. In case of investments for which there is no recognized market, it may be difficult for investors to sell their investments or toobtain reliable information about its value or the extent of the risk to which it is exposed. References to ratings/recommendations are for informational purposes only and do not imply that MFSadopts, supports or confirms in any way the ratings/recommendations, opinions or conclusions of the analysts. This document is not directed or intended for distribution to, or use by, any person orentity who is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law, regulation or whichwould subject MFS or its affiliates to any registration or licensing requirements within such jurisdiction. MFS accepts no liability for any direct, indirect, or consequential damages or losses incurred bythird parties including its clients from any use of this document or its contents.

Copyright© Copyright 2016, Mubasher Financial Services BSC (MFS), ALL RIGHTS RESERVED. No part or excerpt of this document may be redistributed, reproduced, stored in a retrieval system, or transmitted,on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of MFS. MubasherTrade is a trademark of Mubasher FinancialServices BSC. Mubasher Financial Services BSC (c) is an Investment Business Firm Category 1, licensed and regulated by the Central Bank of Bahrain.

Issuer of ReportMubasher Financial Services BSC (c) is an Investment Business Firm Category 1, licensed and regulated by the Central Bank of Bahrain.Website: www.MubasherTrade.comE-mail: [email protected]



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mubasher 20160502 global markets chronicles (gmc) april 2016

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