QNBFS Daily Market Report July 28, 2016

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1. Page 1 of 7 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.6% to close at 10,604.8. Gains were led by the Banks & Financial Services and Telecoms…
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  • 1. Page 1 of 7 QSE Intra-Day Movement Qatar Commentary The QSE Index rose 0.6% to close at 10,604.8. Gains were led by the Banks & Financial Services and Telecoms indices, gaining 0.8% each. Top gainers were Ahli Bank and Qatar Islamic Bank, rising 3.7% and 2.9%, respectively. Among the top losers, Qatar Islamic Insurance fell 2.6%, while Qatar German Co for Medical Devices was down 2.5%. GCC Commentary Saudi Arabia: The TASI Index fell 0.6% to close at 6,431.6. Losses were led by the Transport and Multi-Investment indices, falling 2.4% and 2.2%, respectively. Aseer Trading Tourism fell 9.9%, while Alalamiya Cooperative Insurance Co. was down 6.2%. Dubai: The DFM Index declined 0.8% to close at 3,509.9. The Telecommunication index fell 1.9%, while the Consumer Staples index declined 1.7%. Mashreq Bank fell 5.5%, while International Financial Advisors was down 2.6%. Abu Dhabi: The ADX benchmark index rose 0.1% to close at 4,596.8. The Banks index gained 0.4%, while the Industrial index rose 0.2%. Sudatel Telecommunications Group Co. gained 3.6%, while Abu Dhabi Commercial Bank was up 2.9%. Kuwait: The KSE Index declined 0.4% to close at 5,461.9. The Oil & Gas index fell 4.3%, while the Technology index declined 1.1%. National Petroleum Services Co. fell 12.1%, while Amwal International Investment Co. was down 9.5%. Oman: The MSM Index rose 0.2% to close at 5,821.6. Gains were led by the Financial and Services indices, rising 0.4% and 0.1%, respectively. Alizz Islamic Bank rose 3.5%, while Al Hassan Engineering was up 2.7%. Bahrain: The BHB Index fell 0.2% to close at 1,157.7. The Hotels & Tourism index declined 0.5%, while the other indices ended flat or in green. Gulf Hotel Group declined 0.8%, while BBK was down 0.6%. QSE Top Gainers Close* 1D% Vol. ‘000 YTD% Ahli Bank 42.50 3.7 12.6 (3.1) Qatar Islamic Bank 109.50 2.9 530.6 2.6 Qatar Gen. Insurance & Reinsurance 47.90 2.9 1.1 3.1 Doha Insurance Co. 21.10 1.9 17.2 0.5 Industries Qatar 107.00 1.3 115.0 (3.7) QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD% Qatar Islamic Bank 109.50 2.9 530.6 2.6 Qatar First Bank 12.21 (1.5) 509.6 (18.6) Vodafone Qatar 11.06 0.1 460.1 (12.9) Masraf Al Rayan 35.80 1.0 404.3 (4.8) Mesaieed Petrochemical Holding 19.03 0.2 372.3 (1.9) Market Indicators 27 July 16 26 July 16 %Chg. Value Traded (QR mn) 238.3 204.0 16.8 Exch. Market Cap. (QR mn) 568,414.3 565,066.7 0.6 Volume (mn) 5.2 5.0 3.5 Number of Transactions 3,490 2,796 24.8 Companies Traded 44 42 4.8 Market Breadth 27:13 11:30 – Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 17,157.81 0.6 0.7 5.8 14.5 All Share Index 2,933.23 0.6 0.6 5.6 13.9 Banks 2,856.09 0.8 1.3 1.8 12.1 Industrials 3,214.12 0.6 (0.1) 0.8 14.6 Transportation 2,544.64 (0.1) (0.5) 4.7 11.8 Real Estate 2,703.82 0.4 0.5 15.9 23.7 Insurance 4,353.02 0.4 1.5 7.9 11.4 Telecoms 1,169.38 0.8 0.1 18.5 17.8 Consumer 6,574.03 0.5 (0.6) 9.6 13.5 Al Rayan Islamic Index 4,076.03 0.6 0.1 5.7 17.6 GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD% Ahli Bank Qatar 42.50 3.7 12.6 (3.1) Abu Dhabi Comm. Bank Abu Dhabi 6.67 2.9 4,364.1 1.2 Qatar Islamic Bank Qatar 109.50 2.9 530.6 2.6 Qatar Gen. Ins. & Reins. Qatar 47.90 2.9 1.1 3.1 Fawaz Abdulaziz Alhokair Saudi Arabia 42.71 2.9 1,615.9 (39.6) GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD% Aseer Trading Tourism Saudi Arabia 16.75 (9.9) 838.3 (28.6) Etihad Etisalat Co. Saudi Arabia 25.91 (5.3) 1,450.8 (8.4) Al-Hassan G.I. Shaker Co. Saudi Arabia 22.93 (5.2) 1,113.3 (19.0) Saudi Int. Petrochemicals Saudi Arabia 13.27 (4.8) 651.7 (5.3) United Int. Transport. Saudi Arabia 32.82 (4.1) 320.4 (9.0) Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) QSE Top Losers Close* 1D% Vol. ‘000 YTD% Qatar Islamic Insurance 60.70 (2.6) 10.3 (15.7) Qatar German Co. for Medical Dev. 12.27 (2.5) 139.2 (10.6) Qatar First Bank 12.21 (1.5) 509.6 (18.6) Qatari Investors Group 50.10 (1.2) 63.1 32.9 Widam Food Co. 62.70 (0.8) 3.5 18.8 QSE Top Value Trades Close* 1D% Val. ‘000 YTD% Qatar Islamic Bank 109.50 2.9 57,207.7 2.6 QNB Group 150.90 0.1 34,508.2 3.5 Ooredoo 94.40 1.0 29,345.2 25.9 Masraf Al Rayan 35.80 1.0 14,388.8 (4.8) Industries Qatar 107.00 1.3 12,194.3 (3.7) Source: Bloomberg (* in QR) Regional Indices Close 1D% WTD% MTD% YTD% Exch. Val. Traded ($ mn) Exchange Mkt. Cap. ($ mn) P/E** P/B** Dividend Yield Qatar* 10,604.77 0.6 0.7 7.3 1.7 65.43 156,143.4 14.5 1.6 3.9 Dubai 3,509.90 (0.8) (1.0) 6.0 11.4 72.94 92,692.4 12.4 1.4 4.3 Abu Dhabi 4,596.83 0.1 0.2 2.2 6.7 38.63 123,086.5 12.4 1.5 5.3 Saudi Arabia 6,431.58 (0.6) (2.6) (1.1) (6.9) 917.29 396,863.4 14.8 1.5 3.9 Kuwait 5,461.90 (0.4) 1.3 1.8 (2.7) 24.99 80,024.9 19.1 1.0 4.3 Oman 5,821.60 0.2 0.1 0.8 7.7 7.58 23,105.3 8.5 1.2 5.0 Bahrain 1,157.69 (0.2) (0.2) 3.5 (4.8) 1.45 17,955.6 9.6 0.4 4.7 Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) 10,450 10,500 10,550 10,600 10,650 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00
  • 2. Page 2 of 7 Qatar Market Commentary  The QSE Index rose 0.6% to close at 10,604.8. The Banks & Financial Services and Telecoms indices led the gains. The index rose on the back of buying support from non-Qatari and GCC shareholders despite selling pressure from Qatari shareholders.  Ahli Bank and Qatar Islamic Bank were the top gainers, rising 3.7% and 2.9%, respectively. Among the top losers, Qatar Islamic Insurance fell 2.6%, while Qatar German Co for Medical Devices was down 2.5%.  Volume of shares traded on Wednesday rose by 3.5% to 5.2mn from 5.0mn on Tuesday. Further, as compared to the 30-day moving average of 4.5mn, volume for the day was 15.9% higher. Qatar Islamic Bank and Qatar First Bank were the most active stocks, contributing 10.2% and 9.8% to the total volume, respectively. Source: Qatar Stock Exchange (* as a % of traded value) Ratings, Earnings Releases, Global Economic Data and Earnings Calendar Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change Abu Dhabi Islamic Bank Fitch Abu Dhabi LT-IDR/ST- IDR/VR/SR/SRF A+/F1/bb/1/A+ A+/F1/bb/1/A+ – Stable – Bank of Sharjah Fitch Abu Dhabi LT-IDR/ST- IDR/VR/SR/SRF BBB+/F2/bb/2/BBB+ BBB+/F2/bb/2/ BBB+ – Stable – Commercial Bank International Fitch Dubai LT-IDR/ST- IDR/VR/SR A-/ F1/ b+/1 A-/ F1/ b+/1 – Stable – Commercial Bank of Dubai Fitch Dubai LT-IDR/ST- IDR/VR/SR/SRF A-/ F2/ bb+/1/ A- A-/ F2/ bb+/1/ A- – Stable – Dubai Islamic Bank Fitch Dubai LT-IDR/ST- IDR/VR/SR/SRF A/ F1/ bb/1/A A/ F1/ bb/1/A – Stable – Emirates Islamic Bank Fitch Dubai LT-IDR/ST- IDR/VR/SR A+/F1/bb-/1 A+/F1/bb-/1 – Stable – Mashreq Bank Fitch Dubai LT-IDR/ST- IDR/VR/SR/SRF A/F1/bb+/1/A A/F1/bb+/1/A – Stable – Noor Bank Fitch Dubai LT-IDR/ST- IDR/VR/SR/SRF A-/F2/b+/1/A- A-/F2/b+/1/A- – Stable – RAKBANK Fitch Abu Dhabi LT-IDR/ST- IDR/VR/SR/SRF BBB+/F2/bb+/2/BBB + BBB+/F2/bb+/2 /BBB+ – Stable – Sharjah Islamic Bank Fitch Abu Dhabi LT-IDR/ST- IDR/VR/SR/SRF BBB+/F2/bb+/2/BBB + BBB+/F2/bb+/2 /BBB+ – Stable – Al Hilal Bank Fitch Abu Dhabi LT-IDR/ST- IDR/VR/SR/SRF A+/F1/bb/1/A+ A+/F1/bb/1/A+ – Stable – Source: News reports (* LT – Long Term, ST – Short Term, VR – Viability Rating, SRF – Support Rating Floor, IDR – Issuer Default Rating, SR – Support Rating) Earnings Releases Company Market Currency Revenue (mn) 2Q2016 % Change YoY Operating Profit (mn) 2Q2016 % Change YoY Net Profit (mn) 2Q2016 % Change YoY Al-Babtain Power & Telecomm. Co. Saudi Arabia SR – – 44.6 -32.0% 40.9 3.3% Saudi Basic Industries Corp Saudi Arabia SR – – 6,950.0 -25.9% 4,740.0 -23.2% Alujain Corp. Saudi Arabia SR – – 89.8 -23.4% 37.8 -24.8% Saudi Industrial Export Co. Saudi Arabia SR – – -1.7 NA -0.4 NA Saudi Advanced Industries Co. Saudi Arabia SR – – 10.5 54.1% 10.0 37.2% Basic Chemical Industries Co. Saudi Arabia SR – – 19.1 30.8% 11.6 58.9% Al Abdullatif Industrial Inv. Co. Saudi Arabia SR – – 15.8 -74.7% 12.2 -77.5% Al-Ahsa Development Co. Saudi Arabia SR – – -0.4 NA -11.6 NA Saudi Steel Pipe Co. Saudi Arabia SR – – 3.5 -85.9% 5.9 -74.9% Eastern Province Cement Co. Saudi Arabia SR – – 53.0 -42.4% 50.0 -46.2% Nama Chemicals Co. Saudi Arabia SR – – -32.7 NA -33.2 NA Zamil Industrial Investment Co. Saudi Arabia SR – – 99.2 2.0% 50.8 -31.7% Saudi Chemical Co. Saudi Arabia SR – – 60.6 -30.6% 47.7 -38.9% Dallah Healthcare Holding Co. Saudi Arabia SR – – 59.6 66.9% 54.4 51.5% Saudi Arabian Amiantit Co. Saudi Arabia SR – – 25.5 -44.8% 3.3 -87.2% Aseer Trading, Tourism & Manufact. Saudi Arabia SR – – 35.0 -63.8% 15.1 -76.7% Sipchem Saudi Arabia SR – – 99.0 -56.5% 26.0 -76.4% United Electronics Company Saudi Arabia SR – – 12.1 -7.9% 12.2 2.7% Altayyar Travel Group Saudi Arabia SR – – 311.0 -23.2% 300.0 -24.2% Overall Activity Buy %* Sell %* Net (QR) Qatari Individuals 20.71% 31.98% (26,867,881.79) Qatari Institutions 26.81% 36.36% (22,742,563.47) Qatari 47.52% 68.34% (49,610,445.26) GCC Individuals 1.78% 0.64% 2,731,216.94 GCC Institutions 10.55% 1.89% 20,655,425.38 GCC 12.33% 2.53% 23,386,642.32 Non-Qatari Individuals 9.12% 10.97% (4,393,011.51) Non-Qatari Institutions 31.02% 18.17% 30,616,814.45 Non-Qatari 40.14% 29.14% 26,223,802.94
  • 3. Page 3 of 7 Saudi Pharmaceutical Industries Saudi Arabia SR – – 54.9 14.4% 51.6 -78.3% Lazurde Company for Jewelry Saudi Arabia SR – – 33.2 -6.7% 21.4 -5.1% Bawan Co. Saudi Arabia SR – – 65.4 117.7% 53.4 124.3% Fawaz Abdulaziz Alhokair Co. Saudi Arabia SR – – 308.2 15.9% 212.6 0.9% Abdullah Al Othaim Markets Co. Saudi Arabia SR – – 51.3 2.5% 50.3 -9.6% Al Jouf Cement Company Saudi Arabia SR – – 23.2 -23.5% 22.7 -15.2% Mouwasat Medical Services Co. Saudi Arabia SR – – 70.2 11.4% 62.3 11.1% Etisalat UAE AED 13,330.0 4.8% 0.0 NA 2,320.0 51.6% Nakheel Dubai AED – – – – 1,480.0 – United Finance Oman OMR 6.4 3.7% – – 2.4 -3.6% Ooredoo Oman OMR 66.7 6.5% – – 12.3 7.0% Delmon Poultry Co. Bahrain BHD 1.4 -59.4% -0.3 NA -0.3 NA Bahrain commercial Facilities Bahrain BHD – – 10.2 17.4% 5.0 13.4% Source: Company data, DFM, ADX, MSM Global Economic Data Date Market Source Indicator Period Actual Consensus Previous 07/27 US Mortgage Bankers Association MBA Mortgage Applications 22-July -11.20% – -1.30% 07/27 UK ONS GDP QoQ 2Q2016 A 0.60% 0.50% 0.40% 07/27 UK ONS GDP YoY 2Q2016 A 2.20% 2.10% 2.00% 07/27 Germany Destatis Import Price Index MoM June 0.50% 0.60% 0.90% 07/27 Germany Destatis Import Price Index YoY June -4.60% -4.60% -5.50% 07/27 Germany GfK AG GfK Consumer Confidence August 10.0 9.9 10.1 07/27 France INSEE Consumer Confidence July 96.0 96.0 97.0 07/27 France INSEE PPI MoM June 0.40% – 0.40% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) Earnings Calendar Tickers Company Name Date of reporting 2Q2016 results No. of days remaining Status QGRI Qatar General Insurance & Reinsurance 31-Jul-16 3 Due QNCD Qatar National Cement Company 31-Jul-16 3 Due QCFS Qatar Cinema & Film Distribution Company 1-Aug-16 4 Due AKHI Al Khaleej Takaful Insurance 2-Aug-16 5 Due MRDS Mazaya Qatar 2-Aug-16 5 Due GISS Gulf International Services 2-Aug-16 5 Due QNNS Qatar Navigation (Milaha) 3-Aug-16 6 Due IQCD Industries Qatar 3-Aug-16 6 Due QFLS Qatar Fuel Company 4-Aug-16 7 Due DOHI Doha Insurance 8-Aug-16 11 Due MPHC Mesaieed Petrochemical Holding Company 9-Aug-16 12 Due MERS Al Meera Consumer Goods Company 9-Aug-16 12 Due QISI Qatar Islamic Insurance 10-Aug-16 13 Due MCCS Mannai Corp. 10-Aug-16 13 Due DBIS Dlala Brokerage & Investment Holding Company 10-Aug-16 13 Due MCGS Medicare Group 10-Aug-16 13 Due SIIS Salam International Investment 11-Aug-16 14 Due WDAM Widam Food Company 11-Aug-16 14 Due QGMD Qatar German Company for Medical Devices 14-Aug-16 17 Due ZHCD Zad Holding Company 14-Aug-16 17 Due Source: QSE
  • 4. Page 4 of 7 News Qatar  ERES’s net profit declines by 41.7% QoQ in 2Q2016 – Ezdan Holding Group’s (ERES) net profit dropped by 41.7% QoQ to QR341.5mn in 2Q2016, primarily due to absence of dividend income (ERES reported dividend income of QR227.1mn in 1Q2016) and increased G&A expenses (up 39% QoQ to QR71.2mn in 2Q2016) along with higher finance costs (up 8% QoQ to QR154.4mn). However, the net profit was up 1.7% YoY in 2Q2016. The company’s rental income grew marginally by 0.3% QoQ (up 2.3% YoY) to QR395.7mn in 2Q2016, while its share of results of associates and joint ventures was up 7.3% QoQ (down 44.5% YoY) to QR67.1mn in 2Q2016. It should be noted that ERES reported total comprehensive loss of QR354.6mn in 2Q2016 due to an unrealized net loss of QR696.4mn on AFS securities. (QSE, QNBFS Research)  QFBQ reports net profit of QR16.83mn in 1H2016 – Qatar First Bank (QFBQ) reported a net profit of QR16.83mn in 1H2016 as compared to net loss of QR35.12mn in 1H2015. The earnings per share (EPS) amounted to QR0.08 for the period ended June 30, 2016 as compared to loss per share of QR0.18 for the period ended June 30, 2015. The bank’s revenue stood at QR353mn in 1H2016. (QSE, QNBFS Research, Gulf-Times.com)  ZHCD to disclose financial statements on August 14 – Zad Holding Company (ZHCD) will disclose its financial statements for the period ending June 30, 2016 on August 14, 2016. (QSE)  MDPS: Qatar’s foreign merchandise trade balance stands at QR8.3bn in June 2016 – According to the Ministry of Development Planning and Statistics (MDPS), Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, stood at QR8.3bn in June 2016. However, this indicates a decrease of QR6.6bn or 44.4% as compared to June 2015. The MDPS said it recorded an increase of QR0.8bn or 10.6% as compared to May 2016. The MDPS said that the YoY decrease in total exports were mainly due to lower exports of petroleum gases and other gaseous hydrocarbons (LNG, condensates, propane, and butane, among others) that touched QR10.3bn in June 2016 (down 29.3%). Similarly, the MDPS said petroleum oils and oils from bituminous minerals (crude) dropped 22.0% or QR3.1bn, as well as petroleum oils and oils from bituminous minerals (not crude), which decreased by 29.2% or QR1.0bn. (Gulf-Times.com)  BMI Research: Qatar set to increase logistical capacity growth in line with national demands – BMI Research has said in a report that Qatar looks set to increase its logistical capacity growth in line with the growing demands of the national economy. The Fitch Group company in its recent report said, “Qatar is well suited to meet its logistical needs in the short-to-mid-term future.” The report said that with an eye on the upcoming 2022 FIFA World Cup and high focus on achieving the 2030 Qatar National Vision objectives, the country’s infrastructure is being modernized. Combined with regionally relaxed and cost-efficient trading procedures, Qatar is well-placed to ensure that its international trade is maintained at its required levels. BMI Research said for these reasons, Qatar scores 63 out of 100, occupying the sixth position among 19 countries in the MENA region. The report further added that Qatar boasts of a robust position with regard to utilities, largely augmented by its excellent IT & communications sector and low fuel and electricity costs. (Gulf-Times.com)  Kron engaged in talks with Qatari companies to provide Wi-Fi services for World Cup Stadiums – Turkish software maker Kron’s Chairman said the company is in talks with Qatari companies to provide Wi-Fi services in Stadiums that will be used for the 2022 FIFA World Cup. Kron, which provided the software for Turkish sports club Besiktas’s Vodafone Arena in Istanbul, may yield as much as $1mn for each Stadium. (Bloomberg) International  Fed leaves rates unchanged, says risks to outlook reduced – The Federal Reserve left interest rates unchanged but said near-term risks to the US economic outlook had diminished, opening the door to a resumption of monetary policy tightening in 2016. The US central bank said that the economy had expanded at a moderate rate and job gains were strong in June. It added that household spending also had been growing strongly and pointed to an increase in labor utilization. While Fed policymakers said that they continued to closely monitor inflation data and global economic and financial developments, they indicated less worry about possible shocks that could push the economy off course. The Fed's policy-setting committee said that near-term risks to the economic outlook have diminished. However, the Fed noted that inflation expectations were on balance little changed in recent months, and gave no firm indication of whether it would raise rates at its next policy meeting in September. Most Fed policymakers had urged caution in raising rates until there was concrete progress in moving inflation toward the central bank's 2% target. (Reuters)  US durable goods orders data points to weak business spending – The US Commerce Department said that the country’s new orders for manufactured capital goods rose less than expected in June amid weak demand for machinery, suggesting an ongoing downturn in business spending. Business investment remains soft despite data ranging from retail sales to housing suggesting that US economic growth has regained speed after growth almost stalled early in the year. The Department said that the non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans increased 0.2% in June after decreasing 0.5% in May. Overall orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, tumbled 4.0% in June, marking the biggest drop since August 2014, after declining 2.8% in May. (Reuters)  US Pending home sales rise slightly in June – The US National Association of Realtors said that the contracts to buy previously owned US homes rose far less than expected in June, another sign that a lack of inventory is crimping activity despite mortgage rates being at near-record lows. The Association added that its pending home sales index, based on contracts signed in June, nudged up 0.2% to 111.0. The index was 1.0% YoY higher. Contracts rose in the Northeast and Midwest in June but fell in the South and West. Pending home sales for May were unrevised. The housing market has continued to strengthen amid historically low mortgage rates and almost six years of monthly job gains. However, a lack of supply has pushed up house prices and offset some of the stimulus of low mortgage rates. (Reuters)  UK retailers report biggest fall in sales in 4 years after Brexit vote – British retailers suffered their sharpest fall in sales in four years after June vote to leave the European Union, raising doubts about the ability of consumers to stave off a Brexit recession. Official figures showed that the economy as a whole grew fairly robustly in the run-up to the vote. However, most economists are expecting a sharp slowdown as businesses and consumers retrench after the referendum shock. The Confederation of British Industry (CBI) said that the sales fell sharply between June 28 and July 14 and retailers cut orders with suppliers by the most since the 2008-09 financial crisis. The CBI said that its retail sales volume index for July fell to -14 from +4 in June, marking its lowest level since January 2012. Expected sales for August were also the lowest since then. Orders placed with suppliers fell at the sharpest rate since
  • 5. Page 5 of 7 March 2009 and were expected to decline rapidly in August too. (Reuters)  British economy picked up speed in 2Q2016 ahead of Brexit vote – Britain’s Office for National Statistics said that the Britain's economy picked up speed in the three months up to its vote to leave the European Union (EU),
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