Change. A:D Open High Low Close 8,500 8,000 7,500 7,000 6,500 6,000 5, Apr

Transcription

1 TASI Change No. of Volume Turnover A:D Open High Low Close Advance Decline Unchanged Points Percent Trades (mln) SAR (mln) Ratio 7,082 7,083 7,041 7, % 155, , :1 Commentary 1 Year Performance and Volume (mln) TASI closed yesterday at 7,057 down 24 points or 0.4% below the previous close of 7,082. The index traded in the range of 7,041 to 7,083. The best performing sector was Insurance up 0.2%, while the worst performing sector was Media & Publishing down 1.7%. Top gainer was WAFA Insurance Company with a 9.9% increase, while the top loser was Eastern Province Cement Company down 7.4%. The advancedecline ratio was 0.4:1. 8,500 8,000 7,500 7,000 Top Gainers Top Losers Company Close % Chg Company Close % Chg WAFA Insurance % Eastern Cement % ALLIANZ SF % Sagr Insurance % Al-Ahlia % Care % BCI % SRMG % Wataniya % A.Othaim Market % 6,500 6,000 5,500 5,000 M A M J J A S O N D J F 850 Most Active Distribution by Mkt Cap Company Turnover (SAR mln) SAR (mln) 650 Care 1,491.8 < SABIC WAFA Insurance ,000-1, Dar Al Arkan ,000-10, Alinma > 10, Regional and Global Markets % Change Sectoral Performance Market Index Level Daily 6-mth YTD 1-yr Mkt Cap Weight % Change Bahrain BASI 1, Sector (SAR mln) (%) WTD 3-mth YTD 1-yr Kuwait KSI 6, TASI Banking & Financial Services Petrochemical Industries Cement Retail Energy & Utilities Agriculture & Food Industries Telecoms & Info Tech Insurance Multi-investment 1,446, , ,803 82,589 37,414 59,066 69, ,695 35,288 76, Qatar Oman Dubai Abu Dhabi USA USA USA Japan UK DSI MSM30 DFM ADXI DJI NASDAQ S&P 500 NIKKEI 225 FTSE 8,575 6,153 1,919 3,020 14,452 3,238 1,552 12,221 6, Industrial Investment Building & Construction Real Estate Development Transport Media & Publishing Hotel & Tourism 51,973 19,943 60,032 11,434 5,357 10, Date 26-Mar 4-Apr 5-Apr 5-Apr Economic Calendar Event US Consumer Confidence US Total Vehicle Sales US Trade Balance US Unemployment Rate Key Rates 3M SAIBOR USD 3M LIBOR US T-bill 1-yr US T-bill 10-yr US T-bill 30-yr 0.99% 0.28% 0.14% 1.94% 3.17% Saudi Economic Indicators Commodities (USD) FOREX (USD) KSA Oil Production (000s) Money Supply (SAR bln) Price YTD Currency Rate YTD Month bbl / day Month M1 M2 M3 WTI Oil (bbl / day) % GBP-USD % Nov-12 9,492 Nov ,147 1,330 Brent Crude % EUR-USD % Dec-12 9,025 Dec ,211 1,394 Natural Gas (mbtu) % USD-JPY % Jan-13 9,050 Jan ,220 1,400 Gold (oz) 1, % USD-CHF % Silver (oz) % USD-CAD % Saudi Annual Inflation SAMA's Foreign Assets (SAR bln) Copper (lb) 7, % USD-AUD % Month Rate Month Value Dec % Nov-12 2,411 Jan % Dec-12 2,463 Feb % Jan-13 2,484 Riyad Capital is licensed by the Saudi Arabia Capital Markets Authority (No ) Notes: 1. Trading days for the Saudi market are Saturday to Wednesday. Closing prices are as of Mar Trading days for the GCC markets are Sunday to Thursday. Closing prices are as of Mar Global markets closing prices are as of Mar Commodities prices, forex rates and key rates are as of Mar , 9 am. 5. Sources: Reuters, Bloomberg, Tadawul, SAMA, JODI, CDSI, Zawya, Mubasher, Argaam.

2 Major Changes in Ownership Company Name Comments Up from 8.1% Taiba ing Company Shareholder Name Mohammad Saleh Hamzah Sayrafi % Ownership 8.2% Saudi Corporate and Economic News The Kingdom, which is spending more than $500bn on its infrastructure, is earmarking a large portion of the funds for housing to meet the growing demand for its growing population. The International Monetary Fund estimates the kingdom's gross domestic product will expand 4.2% this year down from about 6% in Current oil prices will have no impact on growth in Asia, even as the region's biggest economies struggle with rising energy costs in their efforts to boost growth, Ali al-naimi told an Asian investment conference in Hong Kong. Fitch Ratings has affirmed Saudi Electricity Company's (SEC) Long-term Issuer Default Rating (IDR) and senior unsecured rating at 'AA-'. The Outlook on the Long-term IDR is Stable. Fitch has also affirmed SEC's Sukuk issues at 'AA-'. Regional Corporate and Economic News Commercial Bank of Qatar (CBQ) has agreed to buy a 70.84% stake in Alternatifbank, the Turkish lender said on Monday, as lenders in the Gulf state look to grow overseas. Emaar Properties generated a revenue of AED2.5 bn from sales of condominiums last year, compared with AED1.1 bn in 2011, a detailed earnings statement released on Monday showed. Air Seychelles reported a net profit of US$1 mn for the 2012 financial year, its first following three consecutive annual losses, after Abu Dhabi s Etihad Airways acquired a 40% stake in the airline. International Corporate and Economic News Asian stocks rose, led by banks, with the MSCI Asia Pacific Index (MXAP) adding 0.5% to as of 2:19 p.m. in Tokyo, after more than $500 bn was wiped from global equity markets yesterday amid concern that Europe will plunge back into crisis. Futures on the S&P 500 Index rose 0.1%. The Dow Jones Industrial Average dropped 0.4% yesterday, after reaching a record last week. Brent for May settlement slid 12 cents to $ a barrel on the London-based ICE Futures Europe exchange. WTI crude futures were little changed in New York. Prices rebounded yesterday from an intraday drop of as much as 1.8%. Gold held above $1,600 an ounce, trading near the highest level this month, before the U.S. Federal Reserve begins a two-day policy meeting. The metal jumped to $1, yesterday, the most expensive since Feb. 27, as a levy on bank deposits in Cyprus boosted haven buying. Sources: Reuters, Bloomberg, Tadawul, Zawya, Argaam.

3 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B Riyad Bank ,500 34, % 10.8% x Bank Al-Jazira , % 2.6% x Saudi Investment Bank , % 3.2% x Saudi Hollandi Bank , % 3.6% x Banque Saudi Fransi , % 8.8% x SABB ,000 33, % 10.6% x 1.7x Arab National Bank , % 7.6% x 1.3x SAMBA , % 12.8% x 1.3x Al-Rajhi Bank ,500 96, % 30.6% x 2.7x Bank Al-Bilad , % 3.2% x 2.3x Alinma Bank ,500 19, % 6.3% x Banks & Financial Services 315, % 10% 1x CHEMANOL , % 0.4% x x Petrochem , % 2.1% M 2.3x SABIC , , % 61.4% x SAFCO , % 11.7% x 6.0x Industrialization , % 4.4% x Alujain % 0.2% x Nama Chemicals , % 0.4% M SIIG , % 2.2% x 1.7x Sahara Petrochemical , % 1.3% x YANSAB , % 6.4% Sipchem , % 1.5% x Advanced , % % x 2.3x Saudi Kayan ,500 17, % 3.8% M Petro Rabigh ,023 % 3.3% x 1.8x Petrochemical Industries 456, % 10% 1 2.0x Hail Cement , % 2.3% M 2.1x Najran Cement , % 4.8% x City Cement Co , % 4.0% x 1.7x Northern Region Cement , % 4.3% x Arab Cement , % 5.3% x 1.5x Yamamah Cement Saudi Cement Qassim Cement Southern Cement ,335 14,956 7,200 14, % % 0.5% % 11.3% 18.1% 8.7% 17.8% x 12.8x 14.7x 2.6x 4.7x 3.6x 5.4x Yanbu Cement , % 11.9% x 3.0x Eastern Cement , % 6.2% x Tabuk Cement , % 2.7% x Jouf Cement , % 2.6% x 1.5x Cement 82, % 10% 13.9x 2.9x Abdullah Al-Othaim Market , % 5.1% x 2.8x Mouwasat , % 8.6% x 4.2x Extra , % 8.1% x 6.5x Dallah Health National Medical Care SASCO ,926 4, % 0.3% 0.1% 7.8% 11.2% 2.7% x 40.1x 22.1x 2.6x 8.6x Thim'ar % 0.9% x 9.1x Fitaihi Group % 2.2% x 1.3x Jarir , % 25.0% x 9.1x Al-Drees , % 2.7% x 2.1x Al-Hokair , % 23.0% x 4.6x Al-Khaleej Training % 2.6% x 2.7x Retail 37, % 10% 17.6x 4.3x Gas & Industrialization , % 2.7% Saudi Electric ,167 57, % 97.3% Energy & Utilities 59, % 10% 2

4 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B SAVOLA Group , % 28.9% x 2.4x Food Products % 0.9% x 3.0x SADAFCO , % 3.2% x 2.7x Al-Marai , % 38.0% x 3.5x Anaam ing % 1.1% x Halwani Bros , % 2.0% x Herfy Foods , % 5.0% x 6.6x Saudi Airlines Catering , % 10.6% x 6.9x NADEC , % 2.1% x Qassim Agriculture % % M Tabuk Agriculture % % x Saudi Fisheries , % 2.4% M 4.6x Sharqiya Dev Co % 0.6% M 6.3x Jouff Agriculture , % 1.5% x Bishah Agriculture % 0.5% Jazan Development % 1.2% M Agriculture & Food Industries 69, % 10% 16.4x 3.1x STC ,000 78, % 51.3% x 1.3x Etihad Etisalat , % 4% x 2.9x ZAIN KSA ,080 9, % 5.9% M Atheeb Telecom , % 1.3% M 2.1x Saudi Integrated Telecom , % 1.6% Telecoms & Info Tech 153, % 10% 10.5x 1.7x Tawuniya , % 9.2% x 1.5x Malath Insurance % 1.8% x 2.0x MEDGULF , % 6.3% x ALLIANZ Saudi Fransi , % 3.2% x 6.8x SALAMA % 1.8% M 9.4x Walaa Insurance % 1.8% x 3.7x Arabian Shield % 1.9% x 2.8x SABB Takaful , % 3.5% x 3.7x SANAD % 1.5% M 5.1x SAICO % 1.8% x 8.2x WAFA Insurance , % 3.5% M 34.5x Gulf Union % 1.6% x Al-Ahli Takaful , % 3.0% x 7.8x Al-Ahlia Insurance % 1.7% x 13.5x ACIG % 2.8% M 10.8x AICC % 1.6% M 3.5x Trade Union % 1.9% x 2.1x Sagr Insurance % 1.9% x 2.4x U C A % 1.9% x Saudi Re , % 3.1% x Bupa Arabia , % 3.6% x 2.0x Weqaya Takaful % 2.4% x 6.4x Al Rajhi Takaful , % 3.1% M 10.2x ACE % 1.9% x 4.1x AXA-Cooperative % 2.3% x 4.6x Gulf General , % 3.3% x 6.4x Buruj % 2.1% M 1 Al Alamiya , % 4.0% x 10.3x Solidarity , % 5.3% M 4.3x Wataniya , % 2.9% x 11.3x AMANA Insurance , % 3.8% M 6.2x Saudi Enaya Cooperative , % 4.7% M 4.7x Alinma Tokio Marine , % 4.6% x Insurance 35, % 10% 24.2x 3.5x

5 Close Price Issued Market Market Sector EPS Trailing Company (SAR) Shares (mln) Cap (mln) Weight Weight (SAR) BVPS P / E P / B SARCO % 1.2% x Saudi Advanced % 0.9% M 0.9x Al-Ahsa for Dev % 0.9% x SISCO % 1.3% x 1.3x Assir , % 2.7% x 0.9x Al-Baha % 0.3% M Kingdom ,706 71, % 92.8% x Multi-Investment Takween ,908 1, % 0.1% 10% 2.5% x 17.4x 2.3x 3.1x BCI , % 2.0% x MA ADEN , % 58.7% x 1.7x Astra Indust , % 5.6% x AlSorayai Group % 1.5% x SHAKER , % 4.5% x 3.7x Pharmaceutical , % 6.3% x Glass % 1.5% x FIPCO % 1.1% x Maadaniyah % 1.9% x 2.7x Saudi Chemical , % 5.1% x Saudi Paper Manufacturing , % 2.1% x Al-Abdullatif , % 5.0% x 2.1x Saudi Export , % 2.2% x 9.8x Industrial Investment 51, % 10% 19.4x 1.8x United Wire Factories Company , % 6.4% x 3.1x Mohammad Al-Mojil Group , % 7.9% Saudi Steel Pipe , % 6.5% x Abdullah Al-Khodari Sons Co , % 6.8% x 1.8x Ceramic , % 15.7% x 2.4x Gypsum % 4.2% x Cables , % 5.1% M Saudi Industrial % 3.5% x Amiantit , % 8.1% x x Pipes , % 5.2% M 1.5x Zamil Industrial , % 10.2% x AL-Babtain , % 5.1% x 1.8x Saudi Vitrified Clay Pipes , % 5.2% 5.66 MESC % 3.4% x 2.4x Red Sea , % 6.8% x 1.7x Building & Construction 19, % 10% Real Estate , % 6.6% Taiba , % 6.0% x Makkah , % 11.3% x Arriyadh Development , % 3.5% x Emaar E.C , % 13.5% x Jabal Omar , % 36.9% M Dar Al Arkan ,080 8, % 14.8% x 0.5x Knowledge Economic City , % 7.4% Real Estate Development 60, % 10% 14.2x Shipping , % 57.0% x SAPTCO , % 17.9% Mubarrad , % 12.8% x 9.4x Budget Saudi , % 12.2% x Transport 11, % 10% 16.2x 1.5x Tihama , % 24.4% x 5.5x SRMG , % 31.7% x 1.3x Saudi Printing & Packaging , % 43.9% x 2.8x Media and Publishing AlTayyar Hotel & Tourism Market x 4.6x 13.3x x M x 5, % 10% 20.8x 7, % 66.7% x 4.1x Hotels , % 26.4% x Shams % 6.8% x 9.2x 10, % 10% 1x 2.9x 1,446, x 1.8x M= Minus

6 Riyad Capital Coverage Universe TASI Last RC Target RC Upside to Company Symbol Price Price Recommendation Target Price Bank Al-Jazira % The Saudi Investment Bank % Saudi Hollandi Bank % Banque Saudi Fransi % SABB % Arab National Bank % SAMBA % Al-Rajhi Bank % Bank Albilad % Alinma Bank % SABIC % SAFCO % Industrialization % Petrochem % SIIG % Sahara Petrochemical % YANSAB % Sipchem % Advanced % Saudi Kayan % Petro Rabigh % Yamamah Cement % Saudi Cement % Qassim Cement % Southern Cement % Yanbu Cement % Almarai Sell -6.1% Jarir Marketing Company % Dar Al-Arkan Not Rated N/A STC % Etihad Etisalat (Mobily) % Zain KSA % Note: Prices in SAR RC Equity Research Announcements Riyad Capital initiated coverage on Yamama Cement with a recommendation and a target price of SAR 53. Riyad Capital initiated coverage on Southern Province Cement with a recommendation and a target price of SAR 113. Riyad Capital initiated coverage on Yanbu Cement with a recommendation and a target price of SAR 91. Riyad Capital initiated coverage on Saudi Cement with a recommendation and a target price of SAR 106. Riyad Capital initiated coverage on Qassim Cement with a recommendation and a target price of SAR 76.

7 Disclaimer This document and its contents are prepared for information purposes only and do not constitute an offer or the solicitation of an offer, to buy or sell a security or enter into any other agreement in any jurisdiction where such an offer or solicitation would be illegal. Technical analysis centers on studying charts of a stock s price movement and trading volume, as opposed to focusing on a company s actual historical or potential future operating or financial results and as such may not correlate with reports based on a company s fundamentals. We make no representations about the accuracy of technical analysis or its validity as a technique. Past performance is not a guide to future performance. The information and any views expressed are given as at the date of writing and are subject to change. While the information has been obtained from sources believed to be reliable we do not represent that it is accurate or complete and it should not be relied upon as such. Riyad Capital, its affiliates and subsidiaries can accept no liability for any direct or consequential loss arising from use of its documents or their contents. At any time, Riyad Capital or its employees may have a position, subject to change in any securities or instruments referred to, or provide services to the issuer of those securities or instruments. Riyad Capital is licensed by the Saudi Arabia Capital Markets Authority (No )