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 9 February 2016 TASI Index 5,905.5 0.16% Turnover (SAR mn) 5,266.4 9% TASI Intra Day Movement Global commentary Research Department research@alrajhi-capital.com Tel:+966 11 211 9370 5,980 5,960 5,940 5,920 5,900 5,880 5,860 5,840 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) 5,906 0.2-1.1-14.6 Qatar (DSM) 9,698 0.8 0.2-7.0 Kuw ait (KSE) 5,209 0.2-7.2 Abu Dhabi (ADSM) 4,103-0.9-4.7 Dubai (DFM) 3,095 1.9 1.2-1.8 Oman (MSM30) 5,398 1.9-0.1 Bahrain (BSE) 1,176-0.1-0.1-3.3 MSCI GCC 409 0.2-0.7-9.8 Major Commodities / Currencies Close 1D % WTD % YTD % Gold Spot $/Oz 1,193 0.3 1.6 12.4 Silver Spot $/Oz 15.39 0.5 2.5 1 Crude Oil (Brent) 33 0.5 - -14.3 OPEC Basket 29.30-2.1 0.7-6.3 Euro 1.12 0.4 0.4 3.1 USD Index 96.48-0.1-0.6-2.2 JPY 114.630 0.9 4.9 Major Global Indices Close 1D % WTD % YTD % DJ Industrial 16,027-1.1-1.1 S&P 500 1,853-1.4-1.4-9.3 Nikkei 225 16,168-4.9-3.9-15.1 Hang seng 19,288 0.5-1 FTSE 100 5,689-2.7-2.7-8.9 CAC 40 4,066-3.2-3.2-12.3 MSCI World 1,499-1.7-1.7-9.9 MSCI EM 734-0.7-0.7-7.6 Interest Rates 1M 3M 12M 3M Chg 1Y LIBOR (USD) 0.43 0.62 1.14 0.36 SAIBOR 1.47 1.73 1.97 0.90 EIBOR 0.65 6 1.54 0.37 Data Sources: Bloomberg Updated as of 09/Feb/2016 7:16 AM US stock markets dropped on Monday, weighed down by falling oil prices, along with worries over the sluggish global economy and European banking sector stocks. The Nasdaq Composite declined 1.8%, led by Facebook and Amazon, while the S&P 500 fell 1.4%, dominated by materials and financials sectors stocks. Meanwhile, the Dow Jones lost 1.1%. European markets fell on Monday, dragged down by banking sector shares amid worries about banks profitability in the negative rate scenario. The DAX and the CAC 40 sank 3.3% and 3.2%, respectively. The FTSE 100 lost 2.7%, as investors remained concerned over the global economic slowdown and the persistent drop in oil prices. Most of the GCC markets rose on Monday. Dubai added 1.9%, supported by Emaar Properties, while Oman too advanced 1.9%. Qatar gained 0.8%, backed by Barwa Real Estate, Qatar Islamic Bank, and Qatar Gas Transport. Kuwait edged up 0.1%, led by Kuwait Food Co., whereas Bahrain edged down 0.1%. On the other hand, Abu Dhabi ended the session flat, dominated by banking sector stocks. Asian markets are trading down this morning as they tracked negative cues from western countries. The Nikkei 225 has moved down 5.3%, while markets in China, Hong Kong, and South Korea are closed for the Lunar New Year holiday. Brent crude oil prices declined 3.5% on Monday, driven down by persistent worries over the global oil glut, together with a lack of cooperation among major producers to cut output. Key crude contracts Brent and WTI ended at US$ 32.88 (-3.5%) and US$ 29.69 (-3.9%), respectively. TASI inched up 0.16 %, to close at 5,905 Major News Tadawul All Share Index (TASI) rose 9.71 points or 0.16% to close at 5,905.5. Nine of the fifteen sector indices closed lower. The advance decline ratio was 57/105. Trading turnover was around SAR 5.26 bn. Among the heavyweight sectors, Petrochemical Industries dropped 0.48%, Telecom declined 0.24%, whereas Banks added 0.64%. Among other sectors, Real Estate Development advanced 1.12 %, was up 2%, whereas Transport closed 1.44% lower. Sipchem acquires stakes from Kuwait s Ikarus: Saudi International Petrochemical Co. (Sipchem), which produces methanol and derivatives, has acquired stakes in two of its affiliates which were owned by Kuwait s Ikarus Petroleum Industries Co., the petrochemical producer said in a statement to Tadawul. (Argaam) Majid Al Futtaim plans to build Saudi Arabia s largest mall: Dubai-based shopping mall developer Majid Al Futtaim will invest SAR 14 billion to build two malls in Saudi Arabia s capital city, the company said in a statement Monday. (Argaam) 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 - TASI Petrochem Banks Telecom -1-1 -1-1 -18.0 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Tihama 34.50 9.9 0.259 8.95 Saudi Indus Expo 32.70 9.8 2.246 70.13 Solidarity Saudi 8.00 9.4 3.234 24 Al Sagr Coop Ins 29.44 8.4 2.821 82.61 Thimar 35.90 5.8 62 106.83 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Takw een Advanced 19.1 2.729 53.46 Saudi Chem Co 48.0-3.8 0.450 21.79 National Medical 46.1-3.7 0.210 9.84 Petro Rabigh 9.0-3.3 1.739 16.10 Trade Union Coop 13.1-3.3 1.395 18.87 TASI Mid Cap (5-10% index weight) Sectors Performance TASI Top Index Movers / Losers (Heavy weight stocks) - -1 Real Estate Agri -1-1 -1-18.0-2 Company Last Price Chg % Index Imp Value Trd (SAR mn) Al Rajhi Bk 51.49 1.7 10.6 2.94 Jabal Omar 45.70 2.7 6.9 0.75 Banq Saudi Fr 24.80 1.2 8 Al Hokair 46.94 2.6 1.3 0.26 Savola 38.79 0.8 1.3 0.22 Company Last Price Chg % Index Imp Value Trd (SAR mn) National Shipp 35.39-2.4-1.8 63.86 Mobily 23.13-1.6-1.7 21.30 Saudi Cem 57.90-2.1-1.7 4.79 Emaar Eco City 13.63-2.9-1.4 180.86 Yansab 28.48-1.2 7.25 TASI Small Cap (<5% index weight) Sectors Performance TASI Volume Leaders 4 2 0-2 -4-6 -8-10 -1-1 -2-2 -3-3 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Alinma Bk 13.12 0.1 41.215 543.55 Dar Al Arkan 4.80-0.4 17.086 82.98 Know Econ City 11.45-0.5 14.374 166.80 Emaar Eco City 13.63-2.9 13.187 180.86 Saudi Kayan 4.93-0.2 9.872 48.90 Bank Al-Jazira 12.74-2.1 9.367 120.90 Sabic 66.49-0.1 9.105 610.31 Wafa 7.21-1.8 6.387 47.30 Alinma Tokio Mar 19.56-2.6 4.131 83.45 Al-Ahlia Coop Ins 6-1.3 3.427 21.10-12 -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 63.46 73.25 15.4% 9.161 Bupa Arabia 116.83 140 19.8% 44.278 Sadafco 122.10 150 25.3% 8.247 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 Nat Petrochem 12.95 12.70 % 15.442 Saudi Inv Bk 15.10 14.75 2.4% 1.169 Al Tayyar 41.58 40.60 2.4% 108.610 Disclosures Please refer to the important disclosures at the back of this report. 2
DSM Bank Telecom Consumer Transport Real Estate ADSM Real Estate Energy Telecome Banks Fin. Industrial Consumer 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 2015 Current 2016E Current 12M (%) Saudi Arabia 5,906 0.2-1.5-14.6 360 238 1,241 10.9 13.5 9.2 1.4 4.3 Qatar 9,698 0.8 2.3-7.0 120 6.2 64 10.8 10.6 9.9 1.5 4.9 Dubai 3,095 1.9 3.2-1.8 74 347 157 8.6 10.4 7.5 1.1 3.8 Abu Dhabi 4,103 1.2-4.7 108 180 61 9.1 11.8 8.7 1.3 5.6 Kuw ait 5,209 1.9-7.2 82 215 56 NA 1 NA 4.8 Oman 5,398 1.9 4.2-0.1 16 32 17 8.9 9.3 9.9 1.1 4.7 Bahrain 1,176-0.1-3.3 18 0.9 0.2 NA 7.7 NA 0.8 5.8 Dubai Activity Trend (Last 10 Days) Dubai Sector Performances Dubai Top Gainers / Losers 1.2 0.8 0.4 Turnover (LHS, AED bn) DFMGI Index (RHS) 3,200 3,100 3,000 2,900 2,800 2,700 2,600 2,500 1 1 2 Shuaa Capital 0.37 4.3 1.19 1 Damac Properties 2.49 3.8 33.14 1 Ajman Bank 2.25 3.7 0.29 Union Properties 0.70 3.6 40.98 Takaful House 0.44 3.5 0.56-1 -1-2 Mashreq Bk 80-3.5 0 Marka 1.25-2.3 0.12 Dubai Islamic Ins 0.49-1.4 0.12 Dubai Invest 1.70-0.6 17.46 Du 5.95-0.5 1.75 Abu Dhabi Activity Trend (Last 10 Days) Abu Dhabi Sector Performances Abu Dhabi Top Gainers / Losers 0.5 Turnover (LHS, AED bn) ADSMI Index (RHS) 4,500 4,000 3,500 1 8.0 Intl Fish Farming 5.86 14.9 04 Abu Dhabi Natl Taka 5.25 14.1 01 Methaq Takaful 0.56 5.7 4.509 Agthia Group 7.25 4.8 52 Dana Gas 0.48 4.4 75.381 - -7.0 Abu Dhabi Natl Ins 2.35-1 0.360 UNB 3.43-3.7 0.320 Finance House 1.95-2.5 12 ADIsB 3.49-1.4 0.732 NBAD 8.09-1.1 0.264 Qatar Activity Trend (Last 10 Days) Qatar Sector Performances Qatar Top Gainers / Losers 0.6 0.3 Turnover (LHS, QAR bn) DSM Index (RHS) 10,000 9,600 9,200 8,800 8,400 8,000 1 8.0 Barw a Real Est 35.20 9.3 1.960 CBQ 42.70 2.6 57 Qatar Intl Is Bk 67.30 2.3 0.133 Qatar Navigation 90.40 1.9 07 Nakilat 22.65 1.7 0.158 1 8.0-1 Gulf Intl Servcs 30-4.6 1.594 Al Meera Consumer 191.50-1.1 05 Qatar 82.40-0.7 28 Doha Bank 37.40-0.3 0.123 Disclosures Please refer to the important disclosures at the back of this report. 3
BSE Banks Hotel & Tourism Industries KSE Technology Investment Industrial Real estate Bank Fin. Parallel Telecom Consumer Basic material Oil&Gas Healthcare Thousands Kuwait Activity Trend (Last 10 Days) Kuwait Sector Performances Kuwait Top Gainers / Losers 30 25 20 15 10 5 0 Turnover (LHS, KWD mn) KWSEIDX Index (RHS) 5,250 5,200 5,150 5,100 5,050 5,000 4,950 4,900 4,850 4,800 - Eyas For Edu 385 14.9 00 Kuw ait Foods 2200 1 06 Tameer Real Estate 22 1 0.535 Burgan Co For We 116 9.4 00 #N/A 29.5 9.3 #VALUE! -1-1 Amw al Intl Invest 20-11.1 1.407 Al Safat Energy 9.5-9.5 2.391 Ras Al Khaimah 100-9.1 01 Kuw ait Cable Vision 27.5-8.3 0.119 Taiba Kuw aiti Holdg 70-6.7 60 Oman Activity Trend (Last 10 Days) Oman Sector Performances Oman Top Gainers / Losers 12 8 4 0 Turnover (LHS, OMR mn) MSM30 Index (RHS) 5,500 5,400 5,300 5,200 5,100 5,000 4,900 4,800 4,700 7.0 Oman & Emir (O) 50 0.101 7.5 0.873 Renaissance Serv 0.155 6.9 51 Batinah Dev & In 80 6.7 0.222 Al Sharqiya Inv 0.101 6.3 1.333 Gulf Invest Svcs 0.100 5.3 25 MSM 30 Bank Industry - Bahrain Activity Trend (Last 10 Days) Bahrain Sector Performances Bahrain Top Gainers / Losers 3.5 2.5 1.5 0.5 - Turnover (LHS, BHD mn) BHSEASI Index (RHS) 1,200 1,190 1,180 1,170 1,160 1,150 1,140 1,130 1.5 0.5-0.5-1.5-2.5 - -7.0 Esterad Invest 0.178-9.2 38 Bahrain Telecom 0.310-0.6 14 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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