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Mubasher 20160502 Global Markets Chronicles (GMC) April 2016

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Mubasher 20160502 Global Markets Chronicles (GMC) April 2016

  1. 1. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 1 April 2016
  2. 2. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 2 Table of Contents Major Indices Performance GTN Dearest & Cheapest GTN Leaders & Laggards GTN Consensus Buys & Sells I. Equity Markets Dashboard Commodities & Currencies Economic Calendar II. Macro Overview Markets Global Economic Calendar Stocks Valuation Table III. GTN In Focus MENA EGYPT KUWAIT OMAN QATAR SAUDI ARABIA TURKEY UAE Non-MENA FRANCE GERMANY UNITED KINGDOM UNITED STATES Global Research Group GRG@MubasherTrade.com Omnia Saber * Nouran Safwat * Amr Abdelrazek * Ayman El-Shahed * Eman Marie * Ibrahim Abo Yousef * * Analysts employed by Mubasher International
  3. 3. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 3 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%
  4. 4. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 4 Global Markets Chronicles | March 2016 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%
  5. 5. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 5 Global Markets Chronicles | March 2016 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 OTMT EGP0.92 USD1 EGP0.57 EGP30.48 EGP0.53 136% 117% 80% -10% -28% Kuwait MAZAYA OOREDOO ZAIN Gulf Bank VIVA Boubyan Bank KWd165 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
  6. 6. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 6 Global Markets Chronicles | March 2016 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 LastMonthSource: 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
  7. 7. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 7 Global Markets Chronicles | March 2016 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 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-Enmaa sold 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-Aguizy International. 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 QENACement 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%
  8. 8. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 8 Global Markets Chronicles | March 2016 Monday, 2 May 2016 Kuwait: The country’s oil output drops 60% due to a three-day oil workers’ strike Markets 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) Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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 MushrifTrading -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% 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
  9. 9. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 9 Global Markets Chronicles | March 2016 Monday, 2 May 2016 Oman: Government picks banks for first international bond issuance in almost 20 years to shore up its finances Markets 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 GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate Calendar Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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% 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
  10. 10. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 10 Global Markets Chronicles | March 2016 Monday, 2 May 2016 Qatar: Doha talks on oil output freeze failed; Qatari GDP grew by 4% in Q4 2015 Markets 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 Arabia demanded 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 Ooredoo Tunisia 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 Crédit Agricole Corporate and Investment Bank and Société Générale Corporate 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 GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % Qatar German Co for Medical Devices1-May-16 Q1 2016 Earnings release - - - - GWCS.QE GulfWarehous. 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 MasrafAl Rayan -4.1% 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
  11. 11. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 11 Global Markets Chronicles | March 2016 Monday, 2 May 2016 Saudi Arabia: Prince unveiled sweeping plans to end an oil-dependent era by 2030; Fitch downgraded the kingdom’s rating GTN Markets In Focus | Monthly Overview (Cont.’d) 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 Laggards Corporate Calendar Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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 WAFAInsurance 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 AllianzSF -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% 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
  12. 12. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 12 Global Markets Chronicles | March 2016 Monday, 2 May 2016 Turkey: Newly-appointed central bank governor opens account with interest rate cut, while Turkish lira catches its breath after the decision Markets 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% in January from 10.8% in December, impacted largely by the labor force participation 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 GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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 EGEEndustri -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% 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
  13. 13. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 13 Global Markets Chronicles | March 2016 Monday, 2 May 2016 UAE: Government expects higher GDP growth, while IMF expects slower growth amid slumping oil prices Markets 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 IMF anticipated 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 Sukuk issues 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 Yas Acres 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 GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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 SHUAACapital 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 ofSharjah -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% 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
  14. 14. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 14 Global Markets Chronicles | March 2016 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 March after 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 by manufactured products whose prices recovered after winter sales, the bounce back of energy prices mainly for petroleum products, and strength 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 measures Markets Monthly Price Return (%) France: Top 10 Leaders France: Top 10 Laggards GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate Calendar Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on all index constituents. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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% 2.69 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
  15. 15. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 15 Global Markets Chronicles | March 2016 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 Minister that 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 GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate Calendar Source: Bloomberg *Performance period is (1 to 30 April 2016) Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on all index constituents. Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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% 2.69 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
  16. 16. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 16 Global Markets Chronicles | March 2016 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 economy Markets Monthly Price Return (%) Corporate Calendar United Kingdom: Top 10 Leaders United Kingdom: Top 10 Laggards GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Source: Bloomberg *Performance period is (1 to 30 April 2016) Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on all index constituents. Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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% 2.69 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 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%
  17. 17. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 17 Global Markets Chronicles | March 2016 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 February The 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 June Markets Monthly Price Return (%) Corporate Calendar United States: Top 10 Leaders United States: Top 10 Laggards GTN Markets In Focus | Monthly Overview (Cont.’d) Corporate calendar is selected for ten events enclosing earnings announcements for GTN stocks. Source: Mubasher, Bloomberg, stock exchanges, and company reports. Performance period is from 1 April 2016 to 30 April 2016. Source: Bloomberg *Based on GTN stocks we track. Source: Bloomberg *Performance period is (1 to 30 April 2016) Company Date Event MTRe MTR YoY Gr. % Consensus Cons. YoY Gr. % 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% 2.69 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
  18. 18. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 18 Global Markets Chronicles | March 2016 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 -
  19. 19. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 19 Global Markets Chronicles | March 2016 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)Preliminar 1.60% - European Monetary Union 13-May-16 9:00 AM Gross Domestic Product s.a. (QoQ) (Q1)Preliminar 0.30% - United States 13-May-16 12:30 PM Retail Sales (MoM) (Apr) -0.30% - United States 13-May-16 12:30 PM Retail control (Apr) 0.10% - United States 13-May-16 12:30 PM Retail Sales 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 Central 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 policy'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 Oil Exports (Mar) - - Saudi Arabia 18-May-16 - March Crude Oil Exports - - Saudi Arabia 18-May-16 - March Refined Oil Balance - - European Monetary Union 19-May-16 11:30 AM ECB Monetary Policy 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 Tourist Arrivals YoY (Apr) - - Turkey 31-May-16 7:00 AM Trade Balance (Apr) - -
  20. 20. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 20 Global Markets Chronicles | March 2016 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 Oriental 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 Oils 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 Financials CCAP.EGX EGP 1.46 0.16 -9.3 -19.6 ▼ 0.24 - - BUY - - - 1.3 - - 0.0 - - 175.0 - - Egypt Arabia Inv. Financials 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. Financials BTFH.EGX EGP 20.01 2.25 27.0 366.5 ▼ 0.37 - - - 50.7 - - 1.2 - - - - - 27.8 - - Egypt CAE Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Industrials 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 Industrials ELEC.EGX EGP 0.95 0.11 1.1 3.4 ▼ 0.06 - - SELL - 17.2 - - 0.7 - - - - - 19.0 - Egypt Elsaeed Industrials UEGC.EGX EGP 0.96 0.11 -7.7 -2.8 ▼ 0.06 - - BUY 10.0 - - 1.2 - - - - - 6.8 - - Egypt Elsewedy Industrials 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 Industrials UASG.EGX EGP 0.99 0.11 0.0 3.9 ▼ 0.02 - - - - - - - - - 0.0 0.0 - - - - Egypt ACC Materials 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 Materials 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 Materials IRON.EGX EGP 6.83 0.77 2.6 39.3 ▼ 0.38 - - - - - - - - - 0.0 0.0 - - - - Egypt Ezz Steel Materials 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 Materials 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 Materials 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 Materials 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 Materials 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 Heliopolis 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)
  21. 21. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 21 Global Markets Chronicles | March 2016 Monday, 2 May 2016 GTN Focus List | Performance and Valuation (Cont.’d) Source: Bloomberg, *Prices as of 30 April 2016 *MoM and YTD are calculated based on USD values. 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 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 - 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 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 Financials 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 Financials 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 Financials ALMAL.KSE KWd 30.50 0.10 -10.2 - ▼ 0.07 - - BUY - - - 0.7 - - 0.0 - - - 2.8 - Kuwait Al Salam Financials 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 Financials ALMADINA.KSE KWd 38.50 0.13 20.5 10.7 ▼ 0.05 - - - - - - 0.4 0.7 - 0.0 0.0 - - - - Kuwait Al-Motahid Financials 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 Financials 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 Financials 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 Financials BIIHC.KSE KWd 30.00 0.10 7.3 2.4 ▼ 0.03 - - - - - - 0.8 0.5 - 0.0 0.0 - - - - Kuwait Boubyan Bank Financials 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 Financials 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 Financials 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 Financials 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 Financials EKTTITAB.KSE KWd 34.00 0.11 19.5 14.1 ▼ 0.04 - - - - - - 0.5 0.4 - 0.0 0.0 - - - - Kuwait First Investment Financials ALOLA.KSE KWd 51.00 0.17 -1.8 -11.5 ▼ 0.11 - - BUY - 26.4 - - 0.4 - - - - - - - Kuwait GIH Financials GIH.KSE KWd 28.50 0.09 14.2 8.3 ▼ 0.02 - - BUY - - - 0.6 0.4 - 0.0 0.0 - - - - PE (x) PB (x) DY (%) EV/EBITDA (x) Price Performance Valuation Price Performance Valuation PE (x) PB (x) DY (%) EV/EBITDA (x)
  22. 22. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 22 Global Markets Chronicles | March 2016 Monday, 2 May 2016 GTN Focus List | Performance and Valuation (Cont.’d) Source: Bloomberg, *Prices as of 30 April 2016 *MoM and YTD are calculated based on USD values. 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 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 Financials 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 Gulf Bank Financials 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 Housing Finance Financials 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 Financials 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 Financials 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 Financials 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. Financials 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 Financials 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 Financials 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 Financials 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 Financials SECH.KSE KWd 45.50 0.15 13.9 25.5 ▼ 0.10 - - - - - - 0.9 0.5 - - - - 80.0 - - Kuwait Warba Bank Financials 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 Financials 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 Industrials 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 Industrials 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 Industrials 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 Industrials 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 Logistics Industrials 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 Industrials 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 Mushrif Trading Industrials 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 Industrials 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 Materials 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 Materials 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 - Price Performance Valuation PE (x) PB (x) DY (%) EV/EBITDA (x)
  23. 23. For more information on MubasherTrade, please visit our website at www.MubasherTrade.com or contact us at Research@MubasherTrade.com. Please read the important disclosure and disclaimer at the end of this document. Page 23 Global Markets Chronicles | March 2016 Monday, 2 May 2016 GTN Focus List | Performance and Valuation (Cont.’d) Source: Bloomberg, *Prices as of 30 April 2016 *MoM and YTD are calculated based on USD values. 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 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 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 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Financials 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 Industrials 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 Industrials GECS.MSM OMR 0.12 0.31 40.5 68.6 ▼ 0.09 - - SELL - - - 0.6 0.4 - - - - 8.3 97.0 - Oman OIFC Industrials 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 Industrials 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 Materials 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 Materials 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 Materials 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 Materials 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 Price Performance Valuation PE (x) PB (x) DY (%) EV/EBITDA (x) Price Performance Valuation PE (x) PB (x) DY (%) EV/EBITDA (x)

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