GCC Sovereign Equity Risk Premium Q Update
|
|
- Raymond Randall
- 5 years ago
- Views:
Transcription
1 Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg - Type MRKZ <Go> Thomson Research, Reuters Knowledge Nooz Zawya Investor ISI Emerging markets Capital IQ FactSet Research Connect TheMarkets.com M.R. Raghu CFA, FRM Head of Research rmandagolathur@markaz.com N. C. Karthik Ramesh Manager - Research Ext : 4611 kramesh@markaz.com Nivas Lakshminarasimhan Analyst Ext: 4606 nlakshminarasimhan@markaz.c om Kuwait Financial Centre K.P.S.C Markaz P.O. Box 23444, Safat 13095, Kuwait Tel: Fax: markaz.com GCC Sovereign Equity Risk Premium Q Update Subsequent to our note published on July 2014, we now publish an updated calculation for various equity risk premiums. Key findings include: The equity risk premium based on ratings has increased marginally across all markets by 5bps as the underlying US ERP moved up by the same amount (5.43% as on Oct 1, 2014). The Moody s default spreads remained static in the third quarter. Moody s negative outlook on Bahrain continues unchanged, despite statements made by the Bahraini government to reduce its fiscal deficit and contain the rise in debt. Limited scope for additional revenue generation, pressures to increase public spending, and slow pace of subsidy reforms contributed to the status quo. Moody s issued a statement that Oman s recent Royal Decree, which requires national insurers to be listed on the Muscat Securities Market (MSM), is positive for companies, because it will improve their access to funds, strengthen their capital, make them more transparent, and enhance the overall financial strength of the Omani insurance market. The ERP based on CDS spreads have also increased across all GCC countries, primarily due to increase in ERP for United States. While the Bahrain ERP increased by close to 6bps, Oman s ERP rose by over 13bps. The CDS spreads are used to measure the default risk. Higher CDS spread indicate that there is greater default risk of the contract. Adjusted CDS is the difference in CDS spread for a particular country and the CDS spread for United States. Adjusted CDS for GCC countries did not vary much in Q3 2014, when compared with Q For the markets under consideration, the increase in adjusted CDS varied from 8bps (Oman) to less than 1bps (Bahrain and Saudi Arabia). For Oman, adjusted CDS increased by 0.08 per cent, which led to the rise in ERP from 6.3 per cent in Jun-14 to 6.4 per cent in Sep-14. The implied ERP based on stock indices have increased for Oman, and decreased for the rest, barring Saudi Arabia and Bahrain, which stayed level. Abu Dhabi s implied ERP decreased by 33bps, as the 12 per cent rise in index levels was countered by the 10bps increase in long term bond rate. Fall in long term bond rate and rise in index levels, led to 8bps increase of implied ERP for Oman. Implied ERP of Kuwait dropped 13bps, despite a 9 per cent increase in index levels, as long term bond rate rose 12bps during the third quarter. Despite 20 and 28 per cent increase in index levels, implied ERP for Qatar and Dubai declined in the third quarter, due to increases in long term bond rate.
2 Equity Risk Premium for GCC Countries ERP based on Country Implied ERP Rating MARKAZ RESEARCH ERP based on CDS Spread Jun-14 Sep-14 Jun-14 Sep-14 Jun-14 Sep-14 Bahrain 6.7% 6.7% 7.3% 7.3% 6.8% 6.9% Kuwait 6.0% 5.8% 5.9% 5.9% N.A. N.A. Oman 9.8% 9.9% 6.1% 6.1% 6.3% 6.4% Qatar 7.9% 7.6% 5.9% 5.9% 5.7% 5.8% KSA 5.0% 5.0% 6.0% 6.0% 5.7% 5.8% Abu Dhabi 9.6% 9.3% 5.9% 5.9% 5.7% 5.8% Dubai 7.2% 7.0% N.A. N.A. 6.8% 6.9% Source: Markaz Research Kuwait Financial Centre Markaz 2
3 MARKAZ RESEARCH Equity Risk Premium - Findings Estimating ERP using Default Spreads The ERP of GCC countries are arrived at by adding the default spread based on their credit rating. Method 1 - Sovereign Rating: Taking the latest US market equity risk premium of 5.43% 1, the ERP of GCC countries are arrived at by adding the default spread based on their credit rating. ERP for GCC Countries based on Credit Rating Country US Eq. Risk Premium Rating Default Spread Total Equity Risk Premium Bahrain 5.43% Baa2 1.90% 7.3% Kuwait 5.43% Aa2 0.50% 5.9% Oman 5.43% A1 0.70% 6.1% Qatar 5.43% Aa2 0.50% 5.9% KSA 5.43% Aa3 0.60% 6.0% UAE 5.43% Aa2 0.50% 5.9% Abu Dhabi 5.43% Aa2 0.50% 5.9% Source: Moody s, Aswath Damodaran, Markaz Research Method 2 Estimating ERP using CDS spreads: In this method, the CDS spread of a country s bond (adjusted for spread of risk free country) is considered as default spread instead of looking at the yield differentials of similarly rated bonds. Implied equity risk premium is an alternative approach to estimating risk premiums. ERP for GCC Countries based on CDS Spread US Eq. Risk 5Yr Adjusted Total Equity Risk Country Premium CDS CDS Premium Bahrain 5.43% 1.6% 1.4% 6.9% Oman 5.43% 1.2% 1.0% 6.4% Qatar 5.43% 0.5% 0.4% 5.8% KSA 5.43% 0.5% 0.3% 5.8% Abu Dhabi 5.43% 0.5% 0.3% 5.8% Dubai 5.43% 1.6% 1.4% 6.9% United States 0.2% Source: Aswath Damodaran, Thomson Reuters Eikon, Markaz Research Method 3: Implied Equity Risk Premium Implied equity risk premium is an alternative approach to estimating risk premiums. Assuming that stocks are correctly priced in, if we can estimate the expected cash flows from buying stocks, then we can estimate the expected rate of return on stocks by computing an internal rate of return (IRR). Subtracting out the risk free rate from IRR should yield an implied equity risk premium. The inputs required for calculation of Implied ERP were not readily available for GCC countries. Absence of sovereign bonds for some countries made the estimation of risk free rate and perpetual growth rate difficult. Also, the lack of consensus earnings 1 Aswath Damodaran-1 st Kuwait Financial Centre Markaz 3
4 MARKAZ RESEARCH growth estimate makes it hard to determine the market s view on growth for the next 5 years. The inputs required for calculation of Implied ERP were not readily available for GCC countries. Implied Risk Premium for GCC Countries Country Index Level * Implied Equity Risk Premium KSA 10, % Kuwait 7, % Qatar 13, % Abu Dhabi 5, % Dubai 5, % Oman 7, % Bahrain 1, % Source: Thomson Reuters Eikon, Zawya, Markaz Research * As of 30-September-2014 Kuwait Financial Centre Markaz 4
5 Appendix 1: Historical Risk Premiums - Premium vs Bonds (% p.a.) MARKAZ RESEARCH Country Australia Belgium Canada Denmark Finland France Germany Ireland Italy Japan Netherlands New Zealand Norway South Africa Spain Sweden Switzerland U.K U.S World-ex U.S World Europe Source: Credit Suisse Global Investment Returns Yearbook 2014 Kuwait Financial Centre Markaz 5
6 MARKAZ RESEARCH Disclaimer This report has been prepared and issued by Kuwait Financial Centre K.P.S.C (Markaz), which is regulated by the Capital Markets Authority and 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. The 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 no representation or warranty, expressed or implied, is made that such information and data is accurate or complete, and therefore should not be relied upon as such. Opinions, estimates and projections in this report constitute the current judgment of the author as of the date of this report. They do not necessarily reflect the opinion of Markaz and are subject to change without notice. Markaz has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. This report may not consider the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors are urged to seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and to understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security s price or value may rise or fall. Investors should be able and willing to accept a total or partial loss of their investment. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily indicative of future performance. Kuwait Financial Centre K.P.S.C (Markaz) may seek to do business, including investment banking deals, with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. This report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of Markaz, Markaz has not reviewed the linked site and takes no responsibility for the content contained therein. Such address or hyperlink (including addresses or hyperlinks to Markaz s own website material) is provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through this report or Markaz s website shall be at your own risk. For further information, please contact Markaz at P.O. Box 23444, Safat 13095, Kuwait; research@markaz.com ; Tel: ; Fax: Kuwait Financial Centre Markaz 6
7 Advocating Sound MENA Research Our Research Archive Infrastructure Power Egypt(2014) KSA(2013) Kuwait(2014) UAE(2014) Qatar(2014) GCC(2012) MENA (Ex- GCC) (2013) Ports KSA(2014) UAE(2014) Qatar(2014) Oman(2012) Kuwait(2014) GCC(2012) Aviation GCC Full Service Carriers (2014) GCC Low Cost Carriers (2014) Kuwait(2014) KSA(2014) UAE(2014) GCC(2012) Water Qatar(2014) Kuwait(2013) KSA(2013) GCC(2014) ICT KSA(2014) Kuwait(2013) UAE (2013) Qatar (2013) GCC(2014) Roads and Railways KSA(2013) Qatar(2013) GCC(2014) Real Estate GCC Affordable Housing (2014) GCC Office RE (2014) GCC Residential RE (2013) Economic Land Reforms in Kuwait (2014) Accelerating Growth of Free Trade Zones (2014) Kuwait Credit growth (2014) BOT law: What s new? (2014) Internet of Things! Big Data (2014) Disruptive Technology: Bitcoins (2014) Kuwait's PPP Law (2013) Bankruptcy in the GCC (2013) Multiple directorships in KSA (2013) GCC Demographics (2012) Got a CMA: What Next? (2012) How is the GCC preparing for a AA+ World? (2011) Stress Testing Kuwait Banks (2011) MENA Unrest (2011) Kuwait Development Plan (2011) The New Regulations on Kuwait Investment Sector (2010) Kuwait Capital Market Law (2010) Sector GCC Online Retail (2014) GCC Wealth Management (2014) Saudi Insurance (2014) GCC Luxury Retail (2014) Kuwait Petrochemicals (2014) GCC Social Media (2014) KSA Petrochemicals (2014) GCC Metals & Mining (2014) GCC Family Business (2014) GCC Research Knowledge Gap (2014) KSA Education (2014) KSA Asset Management (2014) Egypt Asset Management (2014) UAE Asset Management (2014) GCC Banking (2014) KSA Healthcare (2014) GCC Investment Banking (2013) GCC Petrochemicals (2013) GCC Education (2013) GCC Women Investors (2013) GCC Media (2013) GCC Retail(2013) FIFA World Cup 2022 (2013) Mena Asset Management (2013) GCC Islamic Finance (2013) GCC Insurance (2013) GCC Contracting (2013) GCC Healthcare (2012) Capital Market Mena Asset Management Policy Perspectives (Dec-13) Including GCC in the MSCI EM Index (Oct-12) Alpha Abound (Aug-12) Kuwait Investment Sector (Mar-12) GCC Defensive Bellwether Stocks (Jan-12) KSE 15 Index (Sept-11) Kuwait Investment Sector (Sept-10) The Golden Portfolio (Sept-10) Persistence in Performance (Jun-10) GCC Banks - Done with Provisions? (Jan-10) Missing the Rally (Jun-09) Daily Morning Brief Markaz Kuwait Watch Monthly International Market Update Market Review Quarterly Equity Risk Premium GCC Regulatory Digest Annual Policy Policies Towards Involving Kuwaitis in the Private Labor Market (2013) Powering Kuwait into the 21 st Century - Alternatives for Power Generation (2013) Powering Kuwait into the 21 st Century - Adopting a sustainable power strategy (2012) Tools to Strengthen & Support Kuwait s Private Sector (2012) Periodic Global Outlook Fixed Income Update Half yearly GCC Outlook Corporate Earning Access Our Reports Bloomberg - MRKZ <Go> Thomson Research, Reuters Knowledge Nooz Zawya Investor ISI Emerging markets Capital IQ FactSet Research Connect TheMarkets.com Paid reports ranging from US$ Complimentary reports
8 Advocating Sound MENA Research Our Research Sphere Women Investors Media Education Islamic Finance Contracting Residential RE Investment Banking Retail Family Business Water Aviation Policy Research Real Estate Roads and Railways ICT Power Seaports Banking Asset Management Insurance Healthcare Metals & Mining Hospitality Office RE Annual Subscription Options Selective Download up to 5 paid reports in a year Wide Access Download up to 10 paid reports in a year Unrestricted Access to all our paid reports for a year. US$ 1,000 US$ 2,000 US$ 3,000 Marmore MENA Intelligence A Markaz Subsidiary About Marmore Marmore MENA Intelligence Ltd (Marmore) caters to the growing research and information needs of organizations in the Middle East and North Africa (MENA) region. We offer full-fledged research services covering economies, capital markets, sectors and companies - focused on the MENA region. We also provide research services to assist our clients in investment decision-making, scanning markets to identify investment opportunities, conducting ad-hoc researches to understand niche market segments, and other need-based, bespoke researches. To know more about us, please visit our website at or write to us on info@e-marmore.com or call us at
GCC Sovereign Equity Risk Premium Q4 13 Update
Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg - Type MRKZ Thomson Research, Reuters Knowledge Nooz Zawya Investor ISI Emerging markets Capital IQ FactSet
More informationMarkaz Sector Reports 2014
Markaz Sector Reports 2014 Egypt Asset Management Political upheaval obscures growth potential Research Highlights: Analysing the state of Egypt Asset Management Industry in terms of market segment, participants,
More informationGCC Sovereign Equity Risk Premium Q4 12 Update
Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg - Type MRKZ Thomson Research, Reuters Knowledge Nooz Zawya Investor ISI Emerging markets Capital IQ FactSet
More informationThe Month That Was. MENA, GCC and the World. Kuwait Financial Centre Markaz R E S E A R C H. Global Markets Trends July 2014.
Kuwait Financial Centre Markaz R E S E A R C H Research Highlights: Review of global and regional stock markets for July 2014 Markaz Research is available on Bloomberg - Type MRKZ Thomson Research,
More informationGCC WACC H A Toolkit for Corporate Financiers
GCC WACC H1 2017 A Toolkit for Corporate Financiers Calculation of equity risk premiums and weighted average cost of capital for GCC countries, using the ratings, credit default spreads and implied ERP
More informationMARKAZ INFRASTRUCTURE RESEARCH Saudi Ports - September 2012
Disclaimer This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The report is owned by
More informationGCC WACC H A Toolkit for Corporate Financiers. Kuwait Financial Centre Markaz R E S E A R C H. February 2016
Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg - Type MRKZ Thomson Research, Reuters Knowledge Nooz Zawya Investor ISI Emerging markets Capital IQ FactSet
More informationMENA Market Intelligence Week ending 8 th of November
Kuwait Financial Centre Markaz R E S E A R C H MENA Market Intelligence Week ending 8 th of November Research Highlights: Provide readers with weekly updates on analysts recommendations from different
More informationMENA Market Intelligence Week ending 22 nd of November
Kuwait Financial Centre Markaz R E S E A R C H Research Highlights: Provide readers with weekly updates on analysts recommendations from different investment houses, collate views on the state of MENA
More informationMarmore Company Reports. Emaar Properties PJSC. subsidiary
Marmore Company Reports Emaar Properties PJSC Country Sector UE Real Estate MRMORE COMPNY REPORTS Research Team M.R. Raghu CF, FRM Head of Research RMandagolathur@markaz.com N.C. Karthik Ramesh Manager
More informationMarmore Corporate Reports. Saudi Basic Industries Corporation. subsidiary
Marmore Corporate Reports Saudi Basic Industries Corporation Country Sector Saudi rabia Materials MRMORE CORPORTE RESERCH SBIC pril 2015 Research Team M.R. Raghu CF, FRM Head of Research RMandagolathur@markaz.com
More informationMENA Markets Trends - January 2014
Kuwait Financial Centre Markaz R E S E A R C H Research Highlights: Review of global and regional stock markets for January 2014 Markaz Research is available on Bloomberg - Type MRKZ Thomson Research,
More informationMarmore Company Reports. Saudi British Bank
Marmore Company Reports Saudi British Bank Country Sector Saudi rabia Financial Services MRMORE COMPNY REPORTS Research Team M.R. Raghu CF, FRM Head of Research RMandagolathur@markaz.com N.C. Karthik Ramesh
More informationGCC Bonds and Sukuk Market Survey H Highlights
Kuwait Financial Centre Markaz Fixed Income Research Survey H1 214 Highlights Notes Before Reading This Report: * GCC: Gulf Cooperation Council * GCC Aggregate Bonds and Sukuk market includes: * GCC Central
More informationGCC Bonds and Sukuk Market Survey 2013 Highlights
Kuwait Financial Centre Markaz R E S E A R C H Fixed Income Research Survey 213 Highlights Notes Before Reading This Report: * GCC: Gulf Cooperation Council * GCC Aggregate Bonds and Sukuk market includes:
More informationUAE Brokerage. Consolidating Fortunes. Marmore Industry Reports Research highlights:
Marmore Industry Reports 2016 UE Brokerage Consolidating Fortunes highlights: This report analyzes the UE brokerage industry, the challenges faced and growth drivers of the industry. The report also examines
More informationMarmore Company Reports. National Commercial Bank
Marmore Company Reports National Commercial Bank Country Sector Saudi rabia Financial Services MRMORE COMPNY RESERCH National Commercial Bank ugust 2015 Research Team M.R. Raghu CF, FRM Head of Research
More informationMarmore Company Reports. Company for Cooperative Insurance (Tawuniya).
Marmore Company Reports Company for Cooperative Insurance (Tawuniya). Country Sector Saudi rabia Financial Services MRMORE COMPNY REPORTS Company for Cooperative Insurance (Tawuniya) ugust 2015 Research
More informationMarmore Company Reports. Ooredoo. subsidiary
Marmore Company Reports Ooredoo Country Sector Telecom Research Team MRMORE COMPNY REPORTS Ooredoo ( Telecommunications Company) July 2015 M.R. Raghu CF, FRM Head of Research RMandagolathur@markaz.com
More informationSaudi. Country. Arabia. Sector. subsidiary
Marmore Company Reports Samba Financial Group Country Saudi rabia Sector Financial Services (Banks) MRMORE CORPORTE PROFILES Research Team M.R. Raghu CF, FRM Head of Research RMandagolathur@markaz.com
More informationQatar Shipping DSM Code: QSHS Reuters Code: QSHS.QA Bloomberg: QSHS QD Current Market Price: QAR 35 (As of 2 Dec 08)
Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg Type MRKZ Thomson Financial Reuters Knowledge Zawya Investor Noozz M.R. Raghu CFA, FRM Head of Research +965
More informationMENA Market Intelligence Week ending 29 th of March
Kuwait Financial Centre Markaz R E S E A R C H Research Highlights: Provide readers with weekly updates on analyst recommendations from different investment houses collate views on the state of MENA economy,
More informationAl Marai Company SSE Code: 2280 Reuters Code: 2280.SE Bloomberg: ALMARAI AB Current Market Price: SAR 138 (As of 4 Nov 08)
Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg Type MRKZ Thomson Financial Reuters Knowledge Zawya Investor Noozz M.R. Raghu CFA, FRM Head of Research +965
More informationGlobal Markets Update QNB Economics 12 November 2017
Global Markets Update QNB Economics 12 November 2017 Executive Summary Key Takeaways Advanced economy 10-year yields rose on expectations of reduced quantitative easing; Saudi Arabia s corruption probe
More informationGlobal Markets Update QNB Economics 01 October 2017
Global Markets Update QNB Economics 01 October 2017 Executive Summary Key Takeaways US yields continued to rise on prospects of a third rate hike this year as well renewed optimism around potential tax
More informationGlobal Markets Update QNB Economics 12 March 2017
Global Markets Update QNB Economics 12 March 2017 Executive Summary Key Takeaways US yields rose on a highly likely Fed rate hike this week; Eurozone yields rose after the ECB president lowered expectations
More informationInvest in the World s Leading Energy Region FMG MENA FUND
Invest in the World s Leading Energy Region 2019 The Opportunity The value of proven oil reserves in the Middle East & North Africa (MENA) region exceeds the market capitalization of the world s publicly
More informationGlobal Markets Update QNB Economics 29 October 2017
Global Markets Update QNB Economics 29 October 2017 Executive Summary Key Takeaways US yields rose due to strong Q3 GDP and durable goods data The Euro slid after the ECB announced that it would reduce
More informationISSUE 007 DECEMBER REAL ESTATE INVESTMENT TRUSTS - REITs. A Liquid Alternative to an Illiquid Asset Class
ISSUE 007 DECEMBER 2 0 1 7 REAL ESTATE INVESTMENT TRUSTS - REITs A Liquid Alternative to an Illiquid Asset Class HIGHLIGHTS The benefits of a REIT are straight forward when compared to owning a property
More informationGCC Fixed Income Market : The Year That Was
GCC Fixed Income Market : 2015 - The Year That Was The MENA fixed income market is expected to continue to grow during 2016 after a marginal growth of 4% in 2015. Sukuk issuance in MENA is expected to
More informationGalfar Engineering and Contracting MSM Code: GECS Bloomberg Code: GECS OM Reuters Code: GECS.OM
Kuwait Financial Centre Markaz R E S E A R C H Markaz Research is available on Bloomberg Type MRKZ Thomson Financial Reuters Knowledge Zawya Investor Noozz M.R. Raghu CFA, FRM Head of Research +965
More informationGlobal Markets Weekly Report 17 th December Ehsan Khoman Head of MENA Research and Strategy
Global Markets Weekly Report 17 th December 218 Ehsan Khoman Head of MENA Research and Strategy ehsan.khoman@ae.mufg.jp 1 8 6 4 2-2 -6-8 -1 Global Bond Yields Global bond yields were mixed as first a risk-on
More informationGlobal Markets Update QNB Economics 15 October 2017
Global Markets Update QNB Economics 15 October 2017 Executive Summary Key Takeaways US yields fell after inflation came in lower-than-expected; Turkish rates rose after a diplomatic dispute with the US
More informationRe-assessing the Arab-European Financial Relationship: Continuity in the Middle East, Change in Europe
Re-assessing the Arab-European Financial Relationship: Continuity in the Middle East, Change in Europe Andrew Cunningham Founder Darien Middle East www.darienmiddleeast.com French-Arab Banking Dialogue
More informationEmerging Markets Outlook
Mark Mobius, Ph.D. Executive Chairman Templeton Emerging Markets Group Emerging Markets Outlook Dealer Use Only / Not for Distribution to the Public Agenda Performance Emerging Markets Equities: Demand
More informationWeekly Economic Update
Weekly Economic Update Sunday, 18 March 2012 1 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 14, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure
More informationGlobal Markets Update QNB Economics 19 February 2017
Global Markets Update QNB Economics 19 February 2017 Executive Summary Key Takeaways Yields in advanced economies were stable while local factors dominated emerging market performance The Egyptian pound
More informationGlobal Markets Update QNB Economics 30 October 2016
Global Markets Update QNB Economics 30 October 2016 Executive Summary Key Takeaways Global bond yields jumped on stronger than expected global activity data No major movements in global currencies Japanese
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing April 3, 212 Dr. Edward Yardeni 516-972-7683 eyardeni@ Please visit our sites at www. blog. thinking outside the box Figure 1. SPANISH CREDIT INSTITUTIONS * EXPOSURE
More informationGlobal Markets Update QNB Economics 03 July 2016
Global Markets Update QNB Economics 03 July 2016 Executive Summary Key Takeaways Sovereign bond yields fell globally as the continued fallout from Brexit raised expectations for widespread monetary easing
More informationAl Rajhi Banking & Investment Corp. (RJHI)
Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 Global Research Result Update Equity - Saudi Arabia Banking Sector 30 March, 2011 Market Data Bloomberg Code: RJHI AB Reuters Code: 1120.SE CMP (29 March
More informationWeekly Economic Update
Weekly Economic Update Sunday, 29 January 2012 1 Weekly Economic Update % 2008-Q1 2008-Q2 2008-Q3 2008-Q4 2009-Q1 2009-Q2 2009-Q3 2009-Q4 2010-Q1 2010-Q2 2010-Q3 2010-Q4 2011-Q1 2011-Q2 2011-Q3 2011-Q4
More informationGlobal Markets Update QNB Economics 01 May 2016
Global Markets Update QNB Economics 1 May 16 Executive Summary Key Takeaways Weaker than expected US GDP led to lower US sovereign bond yields while better than expected Eurozone GDP led to higher European
More informationWeekly Economic Update
Weekly Economic Update Sunday, 04 March 2012 1 Weekly Economic Update Sunday, 04 March 2012 Recent Macroeconomic Developments Global EU Leaders sign fiscal discipline treaty to rein in debt All European
More informationGlobal Markets Update QNB Economics 7 August 2016
Global Markets Update QNB Economics 7 August 2016 Executive Summary Key Takeaways US yields rose on strong jobs data, raising expectations of possible Federal Reserve action; Saudi rates increased on concerns
More informationGCC Equity Funds Strong Results Drive Fund Performance
Kuwait Financial Centre Markaz R E S E A R C H GCC Equity s Strong Results Drive Performance April 2008 has been a rocking month for the GCC (9.2%) especially Qatar (23.4%) and Saudi Arabia (12.3%). Among
More informationMarket Update. 14 May 2015 BANK MUSCAT ASSET MANAGEMENT
Market Update 14 May 2015 BANK MUSCAT ASSET MANAGEMENT GCC Equity Markets Most of the regional markets have witnessed negative performance so far this month, except Qatar, Oman, and Bahrain up 2.9%, 0.6%,
More informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationGlobal Economic Briefing: Global Liquidity
Global Economic Briefing: Global Liquidity December 21, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 48-664-1333 djohnson@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at
More informationGlobal Markets Update QNB Economics 28 August 2016
Global Markets Update QNB Economics 28 August 2016 Executive Summary Key Takeaways Yields rose in Brazil and South Africa on political concerns; Indonesian rates jumped on worries about the cost of cleaning
More informationGCC Economics: Kuwait s Economic & Fiscal position October 2017
SICO Research October 31, 2017 : Kuwait s Economic & Fiscal position October 2017 Kuwait s economic growth may take another downturn in 2017, likely registering at the best case flat growth over last year,
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More informationThere are 0 STOXX 600 companies with quarterly estimates expected to report Q earnings during the week of January 5. 12/4 11/20 11/27 11/13
PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison January 2, 2015 Media Questions/Earnings Hotline: 617-856-2459 Gregory.Harrison@thomsonreuters.com PR team: 646-223-5985 EUROPEAN
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationGCC Bond Market Survey 2009 Highlights
Kuwait Centre Markaz R E S E A R C H Fixed Income Research GCC Bond Market Survey 2009 Highlights Before reading this report - Aggregate bonds market includes sovereign and corporate issuances, conventional
More informationGCC/ MENA macro outlook. Khatija Haque, Head of MENA Research March 2018
GCC/ MENA macro outlook Khatija Haque, Head of MENA Research March 18 1 % y/y GCC: Is the worst behind us? Average GCC GDP growth 1 and 17 have been challenging on a number of fronts for the GCC. Lower
More informationForeign Investment Statistics
2012-2013 Released Date: May 2015 Table of Contents Introduction....4 Key Points......5 Total Stock of Foreign Investment (FI) by Economic Activity....6 Foreign Direct Investment (FDI) by Economic Activity.......8
More information4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar
4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar PERIOD Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. 1990-91 21.7944 21.8083 21.7944 21.8440 21.9107 21.9099 22.1296 22.2054 1991-92 24.6281 24.7185
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More information31 May 2014 NAV: SAR AUM: Million SAR Bloomberg: JADSEQT Reuters: LP Zawya: JADSAUD.MF
Jun-07 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Feb-12 Jun-12 Oct-12 Feb-13 Oct-13 Feb-14 Jadwa Saudi Equity 31 May 2014 NAV: 320.1035 SAR AUM: 291.01 Million
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationFALCOM RESEARCH FALCOM Financial Services P. O. Box 884 Riyadh Kingdom of Saudi Arabia
FALCOM RESEARCH Gaurav Kumar Analyst Snehdeep Fulzele Head of Research +966 1 2118455 snehdeep.fulzele@falcom.com.sa FALCOM Financial Services P. O. Box 884 Riyadh 11421 Kingdom of Saudi Arabia GCC Stock
More informationGlobal Markets Update QNB Economics 19 June 2016
Global Markets Update QNB Economics 19 June 16 Executive Summary Key Takeaways Most advanced economy sovereign bond yields fell on heightened risk aversion due to a worse US outlook and data and rising
More informationMarmore Industry Reports 2015
Marmore Industry Reports 2015 Hospitality In the Growth Stage Highlights nalyzing the Hospitality Sector focusing on the supply-demand dynamics and investment trends. The report also discusses the various
More information11/20 11/6 11/13 10/30
PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison October 2, 2014 Media Questions/Earnings Hotline: 617-856-2459 Gregory.Harrison@thomsonreuters.com PR team: 646-223-5985 EUROPEAN
More informationSPECIAL REPORT: U.S. ALUMINUM IMPORT MONITOR. March Issued: May 2018
SPECIAL REPORT: U.S. ALUMINUM IMPORT MONITOR March 218 Issued: May 218 OVERVIEW OF SECTION 232 Section 232 of the Trade Expansion Act of 1962, as amended, authorizes the President to adjust the imports
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationNational Bank of Oman
Global Research Oman Investment Update Market Data Bloomberg Code: NBOB OM Reuters Code: NBO.OM CMP (6 November 2010): RO0.361 O/S (mn): 1,081 Mkt Cap (ROmn): 390.241 Mkt Cap (US$mn): 1,014.667 P/E 2011e
More informationSPECIAL REPORT: U.S. ALUMINUM IMPORT MONITOR. Data through May Issued: July 2018
SPECIAL REPORT: U.S. ALUMINUM IMPORT MONITOR Data through May 218 Issued: July 218 OVERVIEW OF SECTION 232 Section 232 of the Trade Expansion Act of 1962, as amended, authorizes the President to adjust
More informationQatar National Bank (QNB)
Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Global Research Investment Update Equity Qatar Banking Sector 15 February, 2016 (QNB) Market Data Bloomberg Code:
More informationOUTLOOK FOR THE NEW ZEALAND GOVERNMENT DEBT MARKET. 1 The Treasury
OUTLOOK FOR THE NEW ZEALAND GOVERNMENT DEBT MARKET 1 The Treasury TODAY Economic outlook New Zealand Government: risk/reward Fiscal priorities NZDMO s strategy What to watch for 2 1. ECONOMIC OUTLOOK 3
More informationStock Price Indexes: MSCI Europe Sectors & Industries
Stock Price Indexes: MSCI Europe Sectors & Industries February 2, 18 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside
More informationIFC / CWDI 2010 Report: Accelerating Board Diversity
IFC / CWDI 2010 Report: Accelerating Board Diversity Comparative Percentages of Women Directors -- Europe Country # of in Survey Percentage of with Women Directors Percent of Women Directors Norway 517
More informationSwitzerland Economic Update QNB Group. September 2014
Switzerland Economic Update QNB Group September 14 Switzerland Overview Switzerland s efficient capital markets, highly skilled human capital and low corporate tax rates make it the world's most competitive
More informationKAMCO Research. GCC IPOs : The Year That Was. GCC number of IPOs to 2017 GCC IPOs in USD Mn to 2017.
200 2008 2009 2010 2011 2012 201 201 201 201 201 200 2008 2009 2010 2011 2012 201 201 201 201 201 9 1,0 02 82 2,01 1,8 1,81,208,22 10,909 10,892 GCC IPOs : 201- The Year That Was GCC IPO market in 201
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationWeekly Economic Update
Weekly Economic Update Sunday, 13 May 2012 1 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 % US$ Bn Weekly Economic Update Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 Sunday, 13 May
More informationWeekly Economic Update Sunday, 13 January 2013
Weekly Economic Update Sunday, 13 January 2013 1 2010-Q4 2011-Q1 2011-Q2 2011-Q3 2011-Q4 2012-Q1 2012-Q2 2012-Q3 % Weekly Economic Update Sunday, 13 January 2013 Recent Macroeconomic Developments GLOBAL
More informationGCC Economic Overview
GCC Economic Overview CIO-OFFICE I Q2 2016 WHAT S HAPPENING IN THE GCC? Table 1: The GCC economy real GDP growth (%) 2012 2013 2014 2015 2016f 2017F Saudi Arabia 5.4 2.7 5.4 3.4 1.5 2.1 UAE 7.2 4.3 4.6
More informationMarket Correlations: Trade-Weighted Dollar
Market Correlations: Trade-Weighted Dollar March 11, 218 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-536 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog.
More informationKSA Stock Market Outlook, 2016
Kuwait Financial Centre Markaz R E S E A R C H KSA Stock Market Outlook, 2016 January 2016 Research Highlights: Analysis of KSA s stock market performance in 2015 and providing outlook for 2016 based on
More informationRisks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager
Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager June 2017 For professional investors only. Not suitable for retail clients 05/06/2017
More informationINVESTING PROFESSIONALLY IN THE MIDDLE EAST
INVESTING PROFESSIONALLY IN THE MIDDLE EAST Monthly Outlook April 2018 Page: 1 1 1. Global and Regional Asset Allocation 1. Global and Regional Asset Allocation Page: 2 2 Global Asset Allocation Asset
More informationWhy Invest In Emerging Markets? Why Now?
Why Invest In Emerging Markets? Why Now? 2017 Over the long term, Emerging Markets (EM) have been a winning alternative compared to traditional Developed Markets (DM)... 350 300 250 200 150 100 50 1997
More informationJuly 2012 Chartbook The Halftime Report
Average Daily $VA LUE Traded ($Billions ) $Billions (212 ( US China Japan CHI-X London Hong Kong Germany France Canada Korea Australia Brazil Taiwan Spain India Italy $billions Switzerland Sweden Amsterdam
More informationOUTLOOK FOR THE NEW ZEALAND GOVERNMENT DEBT MARKET
OUTLOOK FOR THE NEW ZEALAND GOVERNMENT DEBT MARKET All photography sourced from: http://www.nzstory.govt.nz 1 The Treasury OVERVIEW 1 New Zealand Economic Outlook 2 New Zealand Government Bonds: Risk/Reward
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing February 7, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 3 3 Figure 1. S&P
More informationTHE AFRICA OPPORTUNITY
PETER WELBORN THE AFRICA OPPORTUNITY API CONFERENCE 2016 Africa: the growth 1continent AFRICA S POPULATION GROWTH Africa has the fastest population growth of any global region. Africa s population has
More informationTravel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is the research?
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationThere are 8 STOXX 600 companies with quarterly estimates expected to report Q earnings during the week of October /3 11/12 11/19 11/5
PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison October 8, 2015 EUROPEAN AGGREGATE ESTIMATES AND REVISIONS Third quarter earnings are expected to decline 4.1% from Q3 2014. Third
More information31 January 2011 NAV: SAR AUM: Million SAR
Jadwa Saudi Equity 31 January 2011 NAV: 140.2618 SAR AUM: 131.33 Million SAR Bloomberg: JADSEQT Reuters: LP65077653 Zawya: JADSAUD.MF Saudi market started the month with a strong rally followed by a sharp
More informationPalestine Securities Exchange 2009 Newsletter January 2010
Palestine Securities Exchange 29 Newsletter January 21 Research Division Al-Arabi Investment Group P.O.Box 143156 Amman, 11814 Jordan T: 962 6 5522239 F: 962 6 551964 research@ab-invest.net www.ab-invest.net
More information30 June 2014 NAV: SAR AUM: Million SAR Bloomberg: JADSEQT Reuters: LP Zawya: JADSAUD.MF
Jun-07 Oct-07 Feb-08 Jun-08 Oct-08 Feb-09 Jun-09 Oct-09 Feb-10 Jun-10 Oct-10 Feb-11 Jun-11 Feb-12 Jun-12 Oct-12 Feb-13 Oct-13 Feb-14 Jun-14 Jadwa Saudi Equity 30 June 2014 NAV: 310.1983 SAR AUM: 279.08
More informationTravel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord Ltd., 2016 Web: www.finaccord.com. E-mail: info@finaccord.com 1 Prospectus contents Page What is
More informationFrance Economic Update QNB Group. September 2014
France Economic Update QNB Group September 2014 France Overview France is the ninth largest economy in the world on a purchasing power parity basis and service-oriented; high indebtedness and lack of reforms
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationQatar Diplomatic Cut and its Impact
Qatar Diplomatic Cut and its Impact Date: 6 th June, 2017 Diplomatic Ties Cut with Qatar Saudi Arabia, the United Arab Emirates, Egypt and Bahrain have cut diplomatic ties with Qatar, in the region s most
More informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More information