MORNING NOTE – JANUARY 5, 2015 January 5, 2015 WEALTH MANAGEMENT MARKETS AT A GLANCE MARKETS MSM – OMAN SSE – SAUDI ARABIA QSE – DOHA DFM – DUBAI ADSM – ABU DHABI KSE – KUWAIT BSE – BAHRAIN S&P 500 Oil – BRENT ($/bbl) CLOSE (JAN 4, 2015) CHANGE % YTD % P/E (2015e)* DIV YIELD (%) 6,353.50 8,356.94 12,229.08 3,689.06 4,450.57 6,546.78 1,426.57 2,058.20 55.50 0.16% -0.63% -0.46% -2.25% -1.73% 0.17% 0.75% -0.03% -1.63% 0.16% 0.28% -0.46% -2.25% -1.73% 0.17% 0.00% -0.03% -3.19% 9.6x 12.7x 12.9x 11.5x 10.9x 16.2x 10.3x 16.6x - 4.5% 3.2% 3.8% 5.4% 3.7% 3.9% 4.8% 2.0% - Source: Bloomberg *Note: Except Kuwait and Bahrain which are P/E (ttm) MUSCAT SECURITIES MARKET TOP RECOMMENDATIONS TICKER BKMB AAIT OMVS ORDS COMPANY BankMuscat SAOG Al Anwar Holdings SAOG OMINVEST Omani Qatari Telecom. Co SAOG SECTOR Banking Investment Investment Services RECOMMENDATION Buy Buy Buy Buy INVESTMENT HORIZON Fundamental, 6-12M Fundamental, 6-12M Fundamental, 6-12M Fundamental, 6-12M TARGET PRICE 0.700 0.255 0.500 0.832 BETA 1.05 1.65 0.82 1.15 P/E (TTM) 7.0x 4.7x 9.2x 10.2x P/BV 1.0x 1.1x 1.1x 2.1x DIV YLD (%) 3YR AVG ROE (%) 4.3% 13.92% 4.8% 8.61% 3.3% 10.34% 6.1% 23.28% TOP GAINERS & LOSERS AS ON JAN 1, 2015 TICKER ONIC GECS DBIH SIHC OIFC TOP GAINERS COMPANY ONIC Holding Galfar Engineering & Contracting Al Batinah Dev. & Inv. Holding Al Sharqia Inv. Holding Oman Investment & Finance TOP LOSERS CLOSE 0.336 0.170 0.130 0.134 0.205 CHANGE % 6.3% 5.6% 4.0% 3.1% 3.0% TICKER SSPW BATP BKSB AMCI COMPANY Sembcorp Salalah Al Batinah Power Sohar Bank Al Maha Ceramics CLOSE 2.195 0.169 0.218 0.522 CHANGE % -1.3% -1.2% -0.9% -0.8% Source: Bloomberg, ASMA Charts, FINCORP Investment Research FINCORP WEALTH MANAGEMENT Page | 1 MORNING NOTE – JANUARY 5, 2015 SAUDI STOCK EXCHANGE TOP RECOMMENDATIONS TICKER 2280 1330 7020 4002 8190 COMPANY Almarai Co Ltd Abdullah A.M. Al-Khodari Sons Co Etihad Etisalat Co Al Mouwasat Medical Services Co United Co-operative Assurance Co SECTOR Food & Agriculture Building & Const. Telecom & IT Retail Insurance RECOMMENDATION INVESTMENT HORIZON TARGET PRICE Buy Fundamental, 6-12M 85.00 Buy Fundamental, 6-12M 50.00 Buy Fundamental, 6-12M 60.00 Buy Fundamental, 6-12M 135.00 Buy Fundamental, 6-12M 28.00 BETA P/E (TTM) 0.70 29.1x 1.15 25.9x 1.15 7.6x 0.87 26.0x 1.00 - P/BV 4.3x 2.0x 1.5x 6.4x 2.4x DIV YLD (%) 3YR AVG ROE (%) 1.3% 18.30% 1.6% 17.43% 8.5% 30.11% 1.6% 24.06% -0.71% TOP GAINERS & LOSERS AS ON JAN 4, 2015 TICKER 8030 7040 8010 3060 4020 TOP GAINERS COMPANY The Mediterranean & Gulf Insurance & Re Co Etihad Atheeb Telecommunication Company The Company for Cooperative Insurance Mobile Telecommunications Company Saudi Arabia Saudi Real Estate Co. CLOSE 56.29 7.17 53.90 6.73 35.40 CHG % 7.4% 5.8% 4.6% 3.1% 3.0% TICKER 8310 4290 1201 4210 2370 TOP LOSERS COMPANY Amana Cooperative Insurance Co Alkhaleej Training and Education Company Takween Advanced Industries Saudi Research and Marketing Group Middle East Specialized Cables Co CLOSE 14.03 64.19 45.18 15.42 21.36 CHG % -6.8% -4.1% -4.0% -3.8% -3.1% Source: Bloomberg, ASMA Charts, FINCORP Investment Research QATAR EXCHANGE TOP RECOMMENDATIONS TICKER GWCS QNNS MERS BRES DOHI COMPANY Gulf Warehousing Qatar Navigation Al Meera Consumer Goods Barwa Real Estate Co Doha Insurance SECTOR Transportation Transportation Consumer Goods & Services Real Estate Insurance RECOMMENDATION INVESTMENT HORIZON TARGET PRICE Buy Fundamental, 6-12M 65.00 Buy Fundamental, 6-12M 108.00 Buy Fundamental, 6-12M 230.00 Buy Fundamental, 6-12M 54.20 Buy Fundamental, 6-12M 37.00 BETA P/E (TTM) 0.96 20.6x 0.88 11.4x 1.02 14.7x 1.35 11.7x 0.83 10.5x P/BV 3.2x 0.9x 2.9x 1.2x 1.4x DIV YLD (%) 3YR AVG ROE (%) 2.7% 12.53% 5.1% 7.55% 4.0% 30.01% 4.8% 10.47% 6.7% 13.69% TOP GAINERS & LOSERS AS ON JAN 4, 2015 TICKER DOHI AHCS MCGS QEWS ERES TOP GAINERS COMPANY Doha Insurance Aamal Holding Company Medicare Group Qatar Electricity & Watar Co Ezdan Holding Group CLOSE 29.75 15.50 119.00 190.60 15.08 CHG % 2.6% 2.0% 1.7% 1.7% 1.1% TICKER QGRI AKHI ORDS CBQK IHGS TOP LOSERS COMPANY Qatar General Insurance & Reinsurance Al Khaleej Takaful Group Ooredoo Commercial Bank of Qatar Islamic Holding Group CLOSE 53.30 49.20 121.00 66.90 121.80 CHG % -9.7% -3.2% -2.3% -2.3% -2.2% Source: Bloomberg, ASMA Charts, FINCORP Investment Research FINCORP WEALTH MANAGEMENT Page | 2 MORNING NOTE – JANUARY 5, 2015 DUBAI FINANCIAL MARKET TOP RECOMMENDATIONS TICKER AIRARABIA ARMX COMPANY Air Arabia PJSC Aramex PJSC SECTOR Transportation Transportation RECOMMENDATION INVESTMENT HORIZON Buy Fundamental, 6-12M Buy Fundamental, 6-12M TARGET PRICE 1.680 3.900 BETA 0.81 0.48 P/E (TTM) P/BV DIV YLD (%) 3YR AVG ROE (%) 11.5x 1.2x 4.9% 6.87% 14.7x 2.1x 3.8% 12.58% TOP GAINERS & LOSERS AS ON JAN 4, 2015 TICKER UNIKAI ALSALAMKW Takaful-Em DU DUBAIPARKS TOP GAINERS COMPANY UNITED KAIPARA DAIRIES CO. PSC Al Salam Group Holding Takaful-Em Emirate Integrated Telecom. Company Dubai Parks and Resorts TOP LOSERS CLOSE 598.00 0.74 0.85 5.11 0.74 CHG % 15.0% 9.3% 6.3% 1.4% 1.2% TICKER AJMANBANK ENBD MARKA DIC ARTC COMPANY Ajman Bank Emirates NBD Marka PJSC Dubai Investments Arabtec Holding p.j.s.c. CLOSE 2.55 8.38 1.27 2.29 2.82 CHG % -8.9% -5.7% -3.8% -3.8% -3.8% Source: Bloomberg, ASMA Charts, FINCORP Investment Research ABU DHABI SECURITIES EXCHANGE TOP RECOMMENDATIONS TICKER OILC COMPANY Waha Capital PJSC SECTOR Investment RECOMMENDATION INVESTMENT HORIZON TARGET PRICE Buy Fundamental, 6-12M 4.22 BETA 1.49 P/E (TTM) 3.2x P/BV 1.3x DIV YLD (%) 3.5% 3YR AVG ROE (%) 9.71% TOP GAINERS & LOSERS AS ON JAN 4, 2015 TICKER TKFL SCIDC UNION ADSB EIC TOP GAINERS COMPANY Abu Dhabi National Takaful Co. Pjsc Sharjah Cement And Industrial Development Co. Union Insurance Company Abu Dhabi Ship Building Co. Emirates Insurance Co. CLOSE 7.24 1.18 1.19 1.96 7.00 CHG % 14.9% 13.5% 6.3% 3.2% 2.9% TICKER INVESTB WATANIA GCEM RAKCC UCC TOP LOSERS COMPANY Invest Bank National Takaful Company Gulf Cement Co. Ras Al Khaimah Cement Company Union Cement Co. CLOSE 2.55 0.94 1.10 0.93 1.08 CHG % -9.9% -9.6% -8.3% -7.0% -6.9% Source: Bloomberg, ASMA Charts, FINCORP Investment Research FINCORP WEALTH MANAGEMENT Page | 3 MORNING NOTE – JANUARY 5, 2015 KUWAIT STOCK EXCHANGE TOP RECOMMENDATIONS TICKER FOOD COMPANY Kuwait Foods Americana SECTOR Consumer goods RECOMMENDATION Buy INVESTMENT HORIZON TARGET PRICE Trading, 3M 3260.00 BETA 0.56 P/E (TTM) P/BV 17.9x 3.1x DIV YLD (%) 3YR AVG ROE (%) 3.0% 15.39% TOP GAINERS & LOSERS AS ON JAN 4, 2015 TICKER ALIMTIAZ NAPESCO CITYGROUP SANAM GFC TOP GAINERS COMPANY Alimtiaz Investment Group Co. National Petroleum Services Co. City Group Company Sanam Real Estate Company Gulf Franchising Holding Co. CLOSE 73.00 610.00 405.00 65.00 55.00 CHG % 7.4% 7.0% 6.6% 6.6% 5.8% TICKER MARIN CABLETV SGC KFIC GINS TOP LOSERS COMPANY Contracting and Marine Services Co. Kuwait Cable Vision Company Securities Group Company Kuwait Finance and Investment Co. Gulf Insurance Group CLOSE 108.00 34.00 110.00 56.00 560.00 CHG % -8.5% -6.9% -6.8% -6.7% -6.7% Source: Bloomberg, ASMA Charts, FINCORP Investment Research BAHRAIN STOCK EXCHANGE TOP RECOMMENDATIONS TICKER ABC COMPANY Arab Banking Corporation SECTOR Banking RECOMMENDATION Buy INVESTMENT HORIZON TARGET PRICE Trading, 3M 0.850 BETA - P/E (TTM) P/BV 8.5x 0.5x DIV YLD (%) 3YR AVG ROE (%) 7.1% 5.85% TOP GAINERS & LOSERS AS ON DEC 31, 2014 TOP GAINERS TICKER NBB ABC SEEF ALBH AUB COMPANY National Bank of Bahrain Arab Banking Corporation Seef Properties B.S.C. Aluminum Bahrain B.S.C Ahli United Bank TOP LOSERS CLOSE 0.850 0.700 0.193 0.515 0.805 CHG % 3.0% 2.9% 1.6% 1.0% 0.6% TICKER SALAM COMPANY Al Salam Bank CLOSE 0.131 CHG % -2.2% Source: Bloomberg, ASMA Charts, FINCORP Investment Research FINCORP WEALTH MANAGEMENT Page | 4 MORNING NOTE – JANUARY 5, 2015 MSM 30 INDEX STOCKS SUMMARY AS ON JAN 1, 2015 TICKER COMPANY MSM 30 INDEX LAST CLOSE 6,353.50 YTD % 0.16% P/E (TTM) 9.6x P/BV (MRQ) 1.4x DIV YLD (%) 4.5% ONIC GECS SIHC OIFC OUIS RNSS AAIT OEIO HBMO GISI ONIC. HOLDING GALFAR ENGINEERING AL SHARQIYA INV OMAN INV. & FIN. OMAN UNITED INSURANCE RENAISSANCE SERVICES AL ANWAR HOLDING OMAN & EMIRATES INV. HSBC BANK OMAN GULF INVESTMENT SERVICES 0.336 0.170 0.134 0.205 0.289 0.480 0.193 0.124 0.142 0.143 6.33% 5.59% 3.08% 3.02% 2.85% 1.27% 1.05% 0.81% 0.71% 0.70% 7.0x 19.7x 12.7x 3.7x 5.5x 22.7x 4.7x 3.8x 7.9x 4.8x 0.9x 0.6x 0.5x 1.3x 1.0x 0.7x 1.1x 0.6x 0.9x 1.0x 6.0% 5.9% 5.1% 12.2% 12.1% 2.1% 4.8% 2.7% 10.5% NAPI SOMS RCCI OTEL ORDS OMVS OCOI OCAI NBOB MHAS NATIONAL ALUMINUIM SHELL OMAN MARKETING RAYSUT CEMENT OMANTEL OOREDOO (OMAN) OMINVEST OMAN CEMENT OMAN CABLE INDUSTRY NAT. BK. OF OMAN AL MAHA PETROLEUM 0.324 2.000 1.670 1.695 0.628 0.416 0.518 1.915 0.316 2.205 0.62% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 11.0x 18.1x 12.4x 10.3x 10.2x 9.2x 7.4x 10.0x 8.1x 14.3x 1.4x 6.5x 2.5x 2.3x 2.1x 1.1x 1.1x 2.4x 0.9x 3.3x 3.7% 5.3% 4.5% 6.8% 6.1% 3.3% 6.8% 4.6% 4.3% 4.5% 0.122 0.530 0.080 0.582 0.354 0.075 0.245 0.502 0.218 2.195 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.91% -1.35% 11.4x 7.2x N.A. 7.0x 4.7x 12.5x 13.4x 15.4x 7.7x 15.8x 0.8x 1.1x 0.9x 1.0x 1.5x 0.6x 1.6x 3.1x 1.3x 2.4x 4.1% 3.4% 4.3% 3.6% 3.0% 3.8% 1.8% 7.7% GFIC GLOBAL INVESTMENT DIDI DHOFAR INT. DEV. BKNZ BANK NIZWA BKMB BANK MUSCAT BKDB BANK DHOFAR AMII AL MADINA INVEST ABOB AHLI BANK AACT AL ANWAR CERAMIC BKSB BANK SOHAR SSPW SEMBCORP SALALAH Source: Bloomberg FINCORP WEALTH MANAGEMENT Page | 5 MORNING NOTE – JANUARY 5, 2015 INVESTMENT RESEARCH CONTACT DETAILS Nandakumar Chenicheri Gaurav Ramaiya Mable C Pereira (+968) 24822300 Ext: 353 (+968) 24822300 Ext: 348 (+968) 24822300 Ext: 342 [email protected] [email protected] [email protected] BROKERAGE CONTACT DETAILS Mohammad Al Ghalayini (+968) 24822300 Ext: 333 [email protected] Deena Omeir (+968) 24822300 Ext: 335 [email protected] The Financial Corporation Co SAOG (FINCORP) PO Box 782, PC 131, Sultanate of Oman Tel: +968 24822300 | Fax: +968 24812925 Disclaimer The research team of The Financial Corporation, SAOG (hereto referred as FINCORP) has prepared the information, analysis and expressed its opinion on the subject matter of this report. The information contained has been obtained from sources believed to be reliable and in good faith, but which may not be verified independently. While utmost care has been taken in preparing the above report, FINCORP makes no guarantee, representation or warranty, whether express or implied, and accepts no responsibility or liability as to its accuracy or completeness of the data, being provided. All investment information and opinions are subject to change without notice. The investor will indemnify FINCORP and its directors, officers, and employees against any loss or damage or other liabilities (including costs), which they may suffer as a result of reliance on this report. This report is not to be relied upon in substitution for the exercise of independent judgment. Also, not all customers may receive the material at the same time. This document is for private circulation and information purposes only. It does not and should not be construed as an offer to buy or sell securities mentioned herein. FINCORP will no t be liable for any direct or indirect losses arising from the use thereof, and the investors are expected to use the information contained herein at their own risk. FINCORP and its affiliates or their officers, directors and employees may own or have positions in any investment mentioned herein or any investment related thereto and from time to time add to or dispose of any such investment. FINCORP and its affiliates may act as market makers or underwrite securities of companies discussed herein (or investments related thereto), and may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. Authors or contributors of this report could have direct interest in the capital market or in the securities mentioned herein. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position, and using such independent advisors, as they believe necessary. Income from investments may fluctuate. The price or value of the investments, to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. This document is strictly for the use of recipients only. None of the material provided herein may be reproduced, rewritten, rehashed, published, resold or distributed in any manner whatsoever without the prior and explicit written permission of FINCORP. FINCORP WEALTH MANAGEMENT Page | 6
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