Page 1

Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 355 6,803 Turkey ISE National 100 191 59,332 Kuwait SE WT.INDEX 107 404 Qatar(QE Index) 96 8,687 Abu Dhabi (ADI) 72 2,456 Morocco (CAI) 63 11,354 Dubai (DFMGI) 49 1,489 Egypt (Hermes) 58 489 Jordan (Amman) 23 4,466 Bahrain (BAX) 17 1,139 Oman(Muscat SM) 14 5,601 Lebanon (BSE) 13 1,181 Emerging Markets MSCI EM Index 4,172 1,031 MSCI BRIC Index 1,864 1,031 Shanghai A Share Index 2,485 2,464 SENSEX Index (India) 596 17,749 S&P GCC Composite 239 95 Developed Markets MSCI WORLD Index 32,192 822 US (S&P 500) 12,584 1,343 UK (FTSE) 2,616 5,852 Japan (Nikkei 225) 2,274 8,947 France (CAC) 1,149 3,373 Germany (DAX) 928 6,693

*

2011 P/E Div. % TTM Yield

13 February, 2012

5 – year CDS (USD) watch (bps)

Chg (%)

MTD %

YTD %

-0.02 0.00 0.34 -0.04 -0.06 0.00 0.17 3.19 0.22 0.17 -0.24 0.00

2.67 3.78 -0.27 1.38 0.09 1.27 3.70 4.89 1.19 -0.09 0.72 1.20

6.00 15.73 -0.39 -1.05 2.25 2.96 10.01 28.21 -3.92 -0.43 -1.65 0.33

-3 -22 -16 1 -12 -13 -17 -42 -13 -20 -16 -20

13 10 16 10 8 12 10 11 13 8 12 10

3.6 2.5 4.7 4.2 5.0 3.5 4.5 4.5 3.5 5.0 4.9 0.5

Interest rate watch

0.00 0.00 -0.00 0.00 -0.05

2.59 2.70 2.59 3.23 1.82

14.06 17.10 6.94 14.84 3.48

-21 -26 -22 -25 -8

12 10 12 16 13*

2.8 2.8 2.2 1.5 3.5*

Yield curve watch

0.00 0.00 0.00 0.00 0.00 0.00

2.43 2.30 3.01 1.64 2.26 3.62

8.57 6.76 5.03 5.82 6.75 13.47

-10 0 -6 -17 -17 -15

14 15 11 16 10 11

2.7 2.5 4.0 2.1 4.7 3.6

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

131.53 128.08 396.25 128.10 203.00 380.79

123.32 124.89 445.00 125.39 246.00 376.66

52-week High Low 137.30 75.40 148.50 75.40 509.90 319.53 146.93 90.16 290.50 137.50 387.62 220.00

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.85 0.53 Saudi 0.50 0.53 UAE 0.30 0.53 Qatar 0.40 0.53 Oman 0.34 0.53 Bahrain 1.00 0.53 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff 0.32 0.04 -0.03 -0.08 -0.23 0.03 -0.13 0.05 -0.19 0.03 0.47 -0.17 Next FOMC Meet Date: Mar 13

US Treasuries

(In %)

- P/E & Div. Yield for GCC as per Zawya

Fixed Income Watch Barclays US treas. 10 Yr JP Morgan Em Bond Idx HSBC/Nasd. Dub GCC $ T.Ret

Last 231 582 134

Chg (%) MTD % 0.57 -0.90 0.00 0.83 0.00 0.34

YTD % 0.00 2.60 0.86

2011 231.43 567.00 133.00

2011% 15 8 8

2011

2011%

1564.11 27.78 107.38 482.01

10 -10 14 -7

KIBOR yield curve (%)

Commodity/Currency/Volatility Watch Precious Metals Gold $/oz Silver $/oz IPE Brent $/bbl CRB Commodity Index Volatility & Currency CBOE VIX index USD (1 EUR =) Yen (1 USD =) KWD (1 USD =) KWD (1 EUR =)

Blue chip watch M. Cap (USD Companies Bn) Saudi Arabia (SAR) SABIC 76 Al-Rajhi Bank 30 Saudi Telecom 19 Saudi Electricity Co. 16 Samba Fin. Group 12

Close

Chg (%) MTD % YTD %

1,719.39 33.56 117.31 498.05 20.79 1.32 77.54 0.2774 0.3663 * 4Q11

-0.13 0.00 0.00 0.00 0.00 -0.07 0.15 -0.13 -0.19

Last

Pct Chg

% M T D

95.0 74.3 36.0 14.1 49.1

-0.8 -0.3 -0.3 0.0 -0.8

0.5 2.8 5.0 2.5 8.6

-1.13 1.33 5.70 -0.19 6.94 -0.95 -1.69 0.03 -0.93 % Y T D -1 7 7 1 5

9.93 20.81 9.25 3.33 -11.15 -1.91 -0.80 0.32 -1.58

23.4 1.2955 76.92 0.27825 0.3605

P 2011 / Div % E yield (ttm) -8 -16 -21 -1 -24

10 16 9 26 10

4.2 4.4 6.3 5.0 3.2

Corporate earnings watch Company Name

32 -3 -5 -1 -4

Dubai Dev Co. Dubai Ins Co. Kuwait Styrene Co.

PAT (Mn) 3Q11

5,237* 1,899* 2,278* -514* 944*

% Gr YoY -9 14 -0 NM 5

Earnings Type

PFY

% Ch

0.13

1

-78

25.2

23.6

7

99

NA

Country

Currency

LFY

12M

UAE

12M

UAE

AED (Mn) AED(Mn)

12M

Kuwait

USD (Mn)

--

News & Views   

Saudi Arabia's Etihad Etisalat Co. said it has signed a SAR 10bn ($2.6bn) Islamic refinancing agreement with seven local banks for three of its loans. Saudi Arabia's Labor Minister has said that there is a need to create three million jobs in the Kingdom by 2015 and then an additional six million jobs by 2030. Bahrain's Telecommunications Regulatory Authority has issued an instruction to all mobile operators to implement reduced tariffs for international calls made to GCC countries while roaming in GCC countries. Mashreq Bahrain and Gulf Air have announced the signing of a financial facility of $80mn for the airline. The facility is set to assist Gulf Air to meet its medium-term working capital requirements. Conventional banks in Qatar will not be allowed to invest in sukuk following the closure of their Shariah-based windows, IMF has said in its country report. Oman's United Engineering Services, a subsidiary of MB Holding LLC, has announced the acquisition of Malaysia based Professional Power Craft International and Wise Marine assets. Abu Dhabi-based Dolphin Energy sold another $300mn of 10yr bonds, adding to the $1bn deal. The add-on priced the 5.50% coupon bonds at $101.25 to yield 5.336%, or 332bps over Treasurys. Iraq's oil exports will increase by 300,000bpd once a new Gulf crude export outlet starts loading within ten days, state-run South Oil Company chief said.

ETISALAT 20 9.3 -2.1 -2.4 1 -15 10 6.5 704* -65 NBAD 9 10.9 0.0 0.9 -1 12 9 2.8 724* -1  First Gulf Bank 7 17.6 0.6 2.3 14 -11 8 5.7 1,022* 18 Emirates NBD 4 3.0 -1.7 -2.0 0 7 6 6.8 175 -59  Emaar Properties 5 2.9 -1.0 4.4 11 -28 13 3.5 406 -34 Kuwait (KWD) 13 0.9 0.0 2.4 -4 -41 12 23.3 70 -13 ZAIN  17 1.2 0.0 0.0 5 -14 15 3.4 77* -0 NBK 8 0.8 -1.2 -3.5 -8 -16 28 2.4 25 -5 KFH Gulf Bank 4 0.5 0.0 -1.0 -5 -11 33 0.0 9 9  3 0.7 0.0 -5.3 -10 -14 32 0.0 -7* NM Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 134.4 0.2 2.9 1 -4 10 4.1 2,074 46  26 136.0 -0.5 2.2 -2 14 11 2.9 2,092* 35 QNB 14 18.9 -0.5 -1.3 -15 -27 332 0.0 202 17 Ezdan Real Est. Co. 7 149.2 -0.5 2.2 6 -5 11 3.4 567 -13 Q-TEL 5 80.7 0.5 -2.5 -4 -9 10 8.7 379* 23 Comr’cial Bk of Qatar Note: 1 Weekend Details – Saudi Arabia – Thursday & Friday; Turkey, Morocco & Lebanon – Saturday & Sunday; MENA Ex-Saudi Arabia, Turkey, Morocco & Lebanon – Friday & Saturday; US, European & Emerging Markets – Saturday & Sunday. Markaz Research can now be accessed on Bloomberg. Type “MRKZ” <Go>.

This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz “. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800 Fax: 00965 22450647. Email: research@markaz.com


Daily Morning Brief 13022012  

Daily Morning Brief 13022012

Advertisement
Read more
Read more
Similar to
Popular now
Just for you