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Kuwait Financial Centre “Markaz” Daily Morning Brief Equity watch M. Cap Last Indicators (USD Bn) Close MENA Markets Saudi (TASI) 352 6,739 Turkey ISE National 100 196 60,675 Kuwait SE WT.INDEX 107 404 Qatar(QE Index) 96 8,726 Abu Dhabi (ADI) 73 2,475 Morocco (CAI) 63 11,361 Dubai (DFMGI) 49 1,476 Egypt (Hermes) 55 456 Jordan (Amman) 23 4,408 Bahrain (BAX) 17 1,136 Oman(Muscat SM) 14 5,568 Lebanon (BSE) 12 1,169 Emerging Markets MSCI EM Index 4,182 1,034 MSCI BRIC Index 1,878 1,038 Shanghai A Share Index 2,459 2,442 SENSEX Index (India) 604 17,707 S&P GCC Composite 239 95 Developed Markets MSCI WORLD Index 32,300 825 US (S&P 500) 12,613 1,344 UK (FTSE) 2,619 5,892 Japan (Nikkei 225) 2,281 8,929 France (CAC) 1,159 3,405 Germany (DAX) 922 6,765

*

2011 P/E Div. % TTM Yield

07 February, 2012

5 – year CDS (USD) watch (bps)

Chg (%)

MTD %

YTD %

-0.30 0.88 -0.44 0.03 -0.10 0.00 0.64 -0.87 -0.04 -0.07 0.07 0.21

1.70 6.13 -0.23 1.85 0.87 1.33 2.82 -2.24 -0.13 -0.35 0.11 0.23

5.00 18.35 -0.36 -0.60 3.04 3.02 9.08 19.50 -5.17 -0.69 -2.24 -0.63

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

13 10 14 10 7 12 10 9 13 8 12 10

3.6 2.5 4.7 4.4 5.0 3.5 4.5 4.8 3.5 5.0 4.9 0.5

Interest rate watch

-0.12 0.10 0.03 0.58 -0.30

2.83 3.48 1.68 2.99 1.86

14.33 17.99 5.99 14.57 2.96

-21 -26 -22 -25 -8

12 10 12 15 12*

2.8 2.8 2.2 1.5 3.5*

Yield curve watch

-0.03 -0.04 -0.15 1.10 -0.66 -0.03

2.78 2.43 3.71 1.44 3.24 4.74

8.95 6.90 5.74 5.60 7.77 14.69

-10 0 -6 -17 -17 -15

14 15 11 16 10 11

2.7 2.5 3.9 2.1 4.6 3.5

Country Saudi Arabia Abu-Dhabi Dubai Qatar Oman Bahrain

Current

2011

131.48 128.04 413.60 128.99 197.00 385.63

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 90.16 290.50 137.50 387.62 215.00

Source: Bloomberg, Reuters Eikon

Inter-bank 3M Int US 3M Deposit rate rates % Rate % Kuwait 0.54 0.53 Saudi 0.51 0.53 UAE 0.30 0.53 Qatar 0.40 0.53 Oman 0.50 0.53 Bahrain 0.75 0.53 Last FOMC Meeting Date: Jan 24-25

Libor (In %)

Diff FY10 Diff 0.01 0.04 -0.02 -0.08 -0.23 0.03 -0.13 0.05 -0.03 0.03 0.22 -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 232 582 134

Chg (%) MTD % 0.36 -0.66 0.05 0.86 0.00 0.43

YTD % 0.24 2.64 0.94

2011 231.43 567.00 133.00

2011% 15 8 8

2011

2011%

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 %

1,719.20 33.63 115.93 498.79

-0.38 0.12 1.18 -0.44

-1.14 1.54 4.46 -0.04

9.92 21.06 7.96 3.48

1564.11 27.78 107.38 482.01

10 -10 14 -7

17.76 1.31 76.51 0.2773 0.3642 * 4Q11

3.86 -0.15 0.13 0.04 -0.11

-8.64 -0.38 -0.37 0.05 -0.36

-24.10 -1.35 0.54 0.34 -1.02

23.4 1.2955 76.92 0.27825 0.3605

32 -3 -5 -1 -4

Last

Pct Chg

% M T D

95.3 74.0 36.3 14.0 48.2

-0.3 -0.7 2.5 -0.7 0.2

0.8 2.4 5.8 1.8 6.6

% Y T D -1 6 7 1 3

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

10 16 9 26 10

4.2 4.4 6.2 5.0 3.2

Corporate earnings watch Company Name

PAT (Mn) 3Q11

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

% Gr YoY -9 14 -0 NM 5

Earnings Type

Country

Currency

LFY

PFY

% Ch

Bahrain Cinema Co. UREC

12M

Bah

BHD(Mn)

3

4

-38

12M

Kuwait

KWD(Mn)

1

1

11

Arab Bank Group

12M

Jordan

USD (Mn)

306

271

13

News & Views 

 

Kuwait Petroleum Corp. has signed contracts to import 3 shipments of LNG, each valued at between 2.8 and 3.5tn BTUs. The shipments, which will be delivered in April, aim to meet the needs of the ministry of electricity and water. Kuwait's Agility said it has received an arbitration award of $23.1mn from Switzerland's Supreme Foodservice GmbH that includes compensation for legal expenses and other costs. Kuwait's Aref Energy Holding Co. said its 80% owned local subsidiary has won a KWD 8.32mn ($29.9 million) deal tendered by state-run Kuwait Oil Co. Work on Doha metro project will be accelerated due to Qatar's bid to host the 2020 Olympics, an executive overseeing the $40bn rail network said. He added that Phase 1A of the Doha Metro will be ready by 2019, in time for the Olympics. Barwa Real Estate Co. plans to reduce its debt by selling some of its assets, the company's chief executive said. He added that the company is working to boost profitability and improving its capital structure. International Bank of Qatar will sell up to $750mn worth of bonds in the third quarter as the bank looks to support growth with diversified funding sources, a senior executive said. NBK Capital has sold its 40% stake in Al Tala'a International Transportation Co. (Hanco). Hanco is a Saudi car rental & fleet management company valued at $140 million. Kingdom Holding Company has announced the expansion of its key project in Riyadh, Kingdom Centre (Trade Centre) at an investment of SAR 43.8mn ($11.6mn).

ETISALAT 20 9.5 0.1 0.2 4 -15 11 6.3 1,723 -1  NBAD 8 10.8 -0.5 0.5 -1 12 9 2.8 724* -1 First Gulf Bank 7 17.5 -0.9 1.7 13 -11 7 5.7 1,022* 18 Emirates NBD 5 3.1 -1.3 3.7 6 7 6 6.4 175 -59 Emaar Properties 5 2.9 0.0 4.7 12 -28 13 3.5 406 -34  Kuwait (KWD) 14 0.9 -1.1 3.6 -3 -41 12 23.0 70 -13 ZAIN  17 1.2 0.0 0.0 5 -14 15 3.4 77* -0 NBK 8 0.9 0.0 -1.2 -6 -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 -2.7 -2.7 -8 -14 33 0.0 7 -65 Comm. Bk. Kuwait Qatar (QAR) Industries Qatar 20 135.1 -0.4 3.4 2 -4 10 4.1 2,074 46  26 136.0 0.4 2.2 -2 14 11 2.9 2,092* 35 QNB 14 19.0 -0.6 -0.8 -14 -27 334 0.0 202 17 Ezdan Real Est. Co. 7 150.5 0.7 3.1 7 -5 11 3.3 567 -13 Q-TEL 6 82.3 -0.1 -0.6 -2 -9 11 8.5 379* 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>.

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Daily Morning Brief 07022012