2-Dec Thousands 11:00 11:15 11:30 11:45 12:00 12:15 12:30 12:45 13:00 13:15 13:30 13:45 14:00 14:15 14:30 14:45 15:00 15:15 16 December 2015 TASI Index 6,771.5 1.28% Turnover (SAR mn) 5,068.2-7% TASI Intra Day Movement Global commentary Research Department research@alrajhi-capital.com Tel:+966 11 211 9370 6,820 6,800 6,780 6,760 6,740 6,720 6,700 6,680 6,660 6,640 6,620 Intraday TASI Activity Trend (Last 10 Days) - 8 6 4 2 Turnover (LHS, SAR bn) Previous Close TASI Index (RHS) 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 Regional Indices Close 1D% WTD% YTD% KSA (TASI) 6,772 1.3-2.6-18.7 Qatar (DSM) 9,790 0.5-2.2-20.3 Kuw ait (KSE) 5,616 0.2-1.2-14.1 Abu Dhabi (ADSM) 4,015-0.3-1.7-11.3 Dubai (DFM) 2,920 0.1-0.9-22.6 Oman (MSM30) 5,366-0.7-1.6-15.4 Bahrain (BSE) 1,197-0.8-1.4-16.1 MSCI GCC 441 0.7-1.9-19.0 Major Commodities / Currencies Close 1D % WTD % YTD % Gold Spot $/Oz 1,064 0.3-10.2 Silver Spot $/Oz 13.84 0.4-0.6-11.9 Crude Oil (Brent) 38.31-0.4-4 OPEC Basket 32.60-3.4-3.4-37.3 Euro 9 0.1-0.5-9.6 USD Index 98.15-0.1 0.6 8.7 JPY 121.920-0.1-0.7-1.7 Major Global Indices Close 1D % WTD % YTD % DJ Industrial 17,525 0.9 1.5-1.7 S&P 500 2,043 1.1 1.5-0.8 Nikkei 225 19,047 2.6 9.1 Hang seng 21,749 2.2 1.3-7.9 FTSE 100 6,018 2.4 1.1-8.4 CAC 40 4,614 3.2 1.4 8.0 MSCI World 1,647 0.9 0.5-3.7 MSCI EM 779 1.1 0.8-18.5 US stock markets advanced on Tuesday led by energy sector stocks due to rising oil prices. Moreover, investor sentiment was also boosted by expectations of an interest rate hike by Fed. The S&P 500 gained 1.1%, while the Dow Jones and Nasdaq Composite added 0.9% each. European markets rose yesterday, supported by the gains in energy sector stocks due to increasing oil prices. The CAC 40 gained 3.2%, while the DAX advanced 3.1%, backed by improvement in German economic sentiment. The FTSE 100 added 2.5%, driven by super market stocks. Asian markets are trading higher this morning as markets followed positive cues from western countries along with strong oil prices. Nikkei 225 and Hang Seng index are up 2.3% and 2.2% respectively while KOSPI and Shanghai Composite are trading higher 2.1% and 0.7% respectively. GCC markets remained mixed on Tuesday, backed by gains in oil prices. Qatar and Kuwait rose 0.5% and 0.3% respectively, while Dubai edged up 0.1%, dominated by real estate stocks. On the other hand, Bahrain and Oman declined 0.8% and 0.7% respectively while Abu Dhabi edged down 0.3%, led by Abu Dhabi Commercial Bank and National Bank of Abu Dhabi. Brent crude oil prices rose 1.4% yesterday, backed by expectations of a weekly drop in US crude supplies. Key crude contracts Brent and WTI ended at US$ 38.45 (+1.4%) and US$ 37.35 (+2.9%) respectively. TASI up 1.28 %, to close at 6,771 Major News Tadawul All Share Index (TASI) rose 85.26 points or 1.28% to close at 6,771.53. All of the fifteen sector indices closed higher. The advance decline ratio was 147/18. Trading turnover was around SAR 5.06 bn. Among the heavyweight sectors, Banks advanced 1.19%, Telecom added 0.95%, and Petrochemical Industries ended 0.25% higher. Among other sectors, Media and Publishing jumped 8.88%, surged 3.75%, and Industrial Investment rose 3.03%. GASCO plans 3.5% cash dividend for Q4-15: National Gas & Industrialization Co. s (GASCO) board of directors recommended on Tuesday a 3.5 percent cash dividend to be issued at SAR 0.35 per share for the fourth quarter of 2015. (Argaam) Saudi Export extends talks to acquire medical supplies plant for 3 months: Saudi Industrial Export Co. (SIECO) said on Tuesday that negotiations over its acquisition of a medical supplies plant have been extended for further three months. (Argaam) Interest Rates 1M 3M 12M 3M Chg 1Y LIBOR (USD) 0.34 0.52 6 0.27 SAIBOR 0.98 1.24 1.49 0.38 EIBOR 0.59 0.99 1.36 0.30 Data Sources: Bloomberg Updated as of 16/Dec/2015 7:56 AM Please see penultimate page for additional important disclosures. Al Rajhi Capital (Al Rajhi) is a foreign broker-dealer unregistered in the USA. Al Rajhi research is prepared by research analysts who are not registered in the USA. Al Rajhi research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities, an SEC registered and FINRA-member broker-dealer. 1
Cement Industries Building Retail Energy Transport Multi invt Hotels Media TASI Large Cap (>10% Index weight) Sectors Performance TASI Top Gainers / Losers -7.0-8.0 TASI Petrochem Banks Telecom -1-2 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Saudi Res and Mktg 52.25 1 0.192 11 Saudi Paper Mfg 20.70 9.9 5.264 105.94 Emaar Eco City 13.13 9.8 24.605 317.18 Saudi Printing & Pkg 26.20 9.6 1.634 42.54 Allianz Saudi Fr 39.87 7.7 0.249 9.61 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Herfy Food 85.0-2.8 0.107 9.23 National Gas & Ind 24.6-2.1 0.152 3.81 ANB Ins 5-1.9 0.404 26 Natl Agri Dev 28.8-1.2 0.148 4.34 Savola 46.9-1.1 0.877 41.35 TASI Mid Cap (5-10% index weight) Sectors Performance TASI Top Index Movers / Losers (Heavy weight stocks) 6.0 4.0-8.0-1 -1 Real Estate Agri -1-2 Company Last Price Chg % Index Imp Value Trd (SAR mn) Almarai 85.44 6.6 1 0.68 Al Rajhi Bk 48.21 1.8 10.3 2.66 Jabal Omar 52.58 5.8 0.64 Emaar Eco City 13.13 9.8 4.1 24.60 Bank Al-Jazira 16.54 7.0 3.9 5.23 Company Last Price Chg % Index Imp Value Trd (SAR mn) Savola 46.85-1.1-2.1 41.35 Al Hokair 65.32-0.6-0.4 17.58 Herfy Food 84.99-2.8-0.4 9.23 Safco 84.76-0.2-0.3 14.39 National Gas & Ind 24.58-2.1-0.3 3.81 TASI Small Cap (<5% index weight) Sectors Performance TASI Volume Leaders 25 20 15 10 5 0-5 -10 5 4 3 2 1-1 -2-3 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Alinma Bk 14.08 1.9 56.556 794.31 Dar Al Arkan 5.90 1.9 30.663 180.61 Emaar Eco City 13.13 9.8 24.605 317.18 Know Econ City 15.93 7.1 13.901 217.16 Sabic 84.05 0.4 9.321 788.90 Saudi Kayan 7.53 1.4 7.893 59.52 Petro Rabigh 12.48-0.5 6.746 85.11 Etihad Atheeb 5.87 3.2 5.266 30.17 Saudi Paper Mfg 20.70 9.9 5.264 105.94 Bank Al-Jazira 16.54 7.0 5.228 84.92-15 -4 TASI Stocks Closer to 52 Week High TASI - Stocks Closer to 52 Week Low Company Last Price 52Wk High % Diff Value Trd (SAR mn) Sanad Coop Ins 15.23 15.23 % 00 Weqaya For Takaf 19.39 19.39 % 00 STC 65.95 73.25 11.1% 39.588 Saudi Transport 69.14 78.00 12.8% 42.985 Almarai 85.44 98.00 14.7% 57.235 Company Last Price 52Wk Low % Diff Value Trd (SAR mn) Sanad Coop Ins 15.23 15.23 % 00 Weqaya For Takaf 19.39 19.39 % 00 Riyad Bank 11.64 11.60 0.3% 15.494 Sabb 22.50 22.40 0.4% 12.768 Petro Rabigh 12.48 12.40 0.6% 85.112 Disclosures Please refer to the important disclosures at the back of this report. 2
2-Dec DSM Bank Telecom Consumer Transport Real Estate 29-Nov 30-Nov ADSM Real Estate Energy Telecome Banks Fin. Industrial Consumer 29-Nov 30-Nov DFM Bank Reality Investment Transport Telcom Performance of Regional markets Country Last Index Change (%) MCap Volume Turnover P/E (x) P/E (x) P/E (x) P/B (x) Div Yld Close 1D 1M YTD US$ bn mn shr US$ mn 2014 Current 2015E Current 12M (%) Saudi Arabia 6,772 1.3-6.5-18.7 418 244 1,348 13.2 15.3 11.1 1.6 3.8 Qatar 9,790 0.5-20.3 119 4.8 50 11.7 10.1 10.5 1.5 5.2 Dubai 2,920 0.1-8.9-22.6 70 187 72 11.9 11.5 9.3 1.1 4.0 Abu Dhabi 4,015-0.3-5.2-11.3 105 60 45 8.7 10.5 8.1 1.2 6.1 Kuw ait 5,616 0.2-3.2-14.1 86 100 50 NA 15.2 NA 4.6 Oman 5,366-0.7-3.3-15.4 16 8 7 9.7 9.7 9.5 1.1 4.9 Bahrain 1,197-0.8-2.9-16.1 19 3.1 1.4 NA 7.8 NA 0.8 5.7 Dubai Activity Trend (Last 10 Days) Dubai Sector Performances Dubai Top Gainers / Losers 0.4 Turnover (LHS, AED bn) DFMGI Index (RHS) 3,300 3,200 3,100 3,000 2,900 2,800 2,700 5.0-1 Gulf Navigation 0.57 9.0 55.24 Damac Properties 2.19 3.3 6.17-1 Amlak Finance 1.17 2.6 16.25 Emaar Prop 5.33 2.1 14.89-2 Amanat Holdings 0.77 1.9 0.73-3 -35.0 Dubai Islamic Ins 0.48 9 ENBD 6.70-3.9 1.53 Mashreq Bk 100-3.9 1 Takaful Emarat Ins 1.60-2.4 0.98 DFM 8-1.8 4.26 Abu Dhabi Activity Trend (Last 10 Days) Abu Dhabi Sector Performances Abu Dhabi Top Gainers / Losers 2.5 1.5 0.5 Turnover (LHS, AED bn) ADSMI Index (RHS) 4,500 4,000 3,500-7.0 7 Abu Dhabi Nat Co 0.42 2.4 0.112 6 Eshraq Propertie 0.47 2.2 11.562 5 Sharjah Islamic Bk 1.48 2.1 14 4 Methaq Takaful 0.57 1.8 0.880 3 FGB 11.40 0.4 1.292 2 1-1 -2-3 Al Khazna Ins 0.33-5.7 0.100 Abu Dhabi Ship 2.42-5.5 00 Rak Properties 0.46-4.2 1.318 ADCB 5.50-3.5 9.033 RAK Ceramics 3.30-2.7 13 Qatar Activity Trend (Last 10 Days) Qatar Sector Performances Qatar Top Gainers / Losers 2.4 2.1 1.8 1.5 1.2 0.9 0.6 0.3 Turnover (LHS, QAR bn) DSM Index (RHS) 10,800 10,400 10,000 9,600 9,200 8,800-8.0-1 -1 Qatar Navigation 90 1.6 42 Al Meera Consumer 202.80 1.4 22 CBQ 45.40 1.1 0.119 Ind Qatar 99.00 0.128 Qatar Intl Is Bk 61.30 14 5.0-1 -2-3 -35.0-4 -45.0 Vodafone Qatar 10.90-0.9 0.449 Ezdan Hold 14.95-0.3 0.142 Qatar 81.50-0.1 30 Disclosures Please refer to the important disclosures at the back of this report. 3
2-Dec BSE Banks Hotel & Tourism Industries 30-Nov 1-Dec 2-Dec Thousands KSE Technology Investment Industrial Real estate Bank Fin. Parallel Telecom Consumer Basic material Oil&Gas Healthcare Kuwait Activity Trend (Last 10 Days) Kuwait Sector Performances Kuwait Top Gainers / Losers 25 20 15 10 5 0 Turnover (LHS, KWD mn) KWSEIDX Index (RHS) 5,850 5,800 5,750 5,700 5,650 5,600 5,550 5,500-7.0 1 #N/A 36 7.5 #VALUE! 5.0 Abyaar Real East 30 7.1 1.254 ACICO Industries 300 7.1 03 Bayan Investment 34 6.3 0.743 Investors Holding 25.5 6.3 16.147-1 -2-3 Kuw ait Cable Vision 22.5-1 00 Gulf Franchising 42.5-5.6 0.149 Alrai Media Grp 142-5.3 01 Kuw ait Cement Co 390-4.9 04 Natl Petroleum 590-4.8 00 Oman Activity Trend (Last 10 Days) Oman Sector Performances Oman Top Gainers / Losers 8 4 0 Turnover (LHS, OMR mn) MSM30 Index (RHS) 5,600 5,550 5,500 5,450 5,400 5,350 5,300 5,250-0.5-1.5-2.5-3.5 MSM 30 Bank Industry Oman Invest &Fin 0.159 1.9 0.761 Gulf Intl Chem 0.244 1.7 54 Al Anw ar Holding 0.157 0.6 0.568-1 -2 HSBC Bank Oman 0.101-3.8 0.278 Bank Sohar 0.155-3.7 47 Batinah Dev & In 86-2.3 25 Raysut Cement 00 18 NBO 0.268-1.5 81 Bahrain Activity Trend (Last 10 Days) Bahrain Sector Performances Bahrain Top Gainers / Losers 2.5 1.5 0.5 - Turnover (LHS, BHD mn) BHSEASI Index (RHS) 1,230 1,220 1,210 1,200 1,190 1,180-0.5-1.5-2.5-3.5 5.0-1 -2-3 Bahrain Comm Fac 0.660 1.5 04 Bahrain Tourism 0.224-9.7 23 Arab Banking Corp 0.430-7.5 0.100 Bahrain Cinema 1.260-6.7 05 Seef Properties 0.202-1.9 0.136 NBB 0.690-0.7 0.102 Disclosures Please refer to the important disclosures at the back of this report. 4
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"Neutral": We expect the share price to settle at a level between 10% below the current share price and 10% above the current share price on a 12 month time horizon. "Underweight": Our target price is more than 10% below the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Target price": We estimate target value per share for every stock we cover. This is normally based on widely accepted methods appropriate to the stock or sector under consideration, e.g. DCF (discounted cash flow) or SoTP (sum of the parts) analysis. Please note that the achievement of any price target may be impeded by general market and economic trends and other external factors, or if a company s profits or operating performance exceed or fall short of our expectations. Contact us Pritish Devassy, CFA Senior Research Analyst Tel : +966 1 211 9370 Email: devassyp@alrajhi-capital.com Al Rajhi Capital Research Department Head Office, King Fahad Road P.O. 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