Equity Daily MENA Equities It was a dull day of trading for GCC equities as investors adopt a cautious stance amidst lack of short-term catalysts. The Bloomberg GCC 200 index declined - 0.1%. The Tadawul (-0.2%) closed lower as weakness in market heavyweights weighed on the index. Sabic and Al Rajhi Bank both declined -0.8%. Kingdom Holdings rallied +2.1% to close at the highest level since June 2008 after the company disclosed a gain of USD 33mn on sale of the New York hotel. The EGX 30 index (+3.5%) rallied to recoup its previous session losses after the Supreme Judicial council cleared the way for a vote on a new constitution. It was a broad based rally with all the stocks in the EGX 30 index closing in positive territory. Daily 5 December 2012 UAE bourses closed in positive territory after an extended weekend with the DFM index and the ADX index gaining +0.2% and +0.1% respectively. Aramex closed +1.0% after rallying +14.4% mid-session on what seemed like a technical error. MENA Equity Indices (1d % change) DFM 0.2% ADX Tadawul -0.2% 0.1% Qatar Exchange KWSE -0.8% 0.3% Bahrain Bourse MSM 0.1% EGX 30 ISE 100 1.7% 3.5% MADEX TUSISE -0.5% 0.7% -2% -1% 0% 1% 2% 3% 4% MENA Equity Indices Index Last 1d chg T.Value (USD mn) Best P/E Best P/B Div. Yield Adv/Dec Ratio % above 200d MA DFM 1,611 3.6 35.3 10.4 0.7 3.9 1.3 32.3 ADX 2,677 2.4 21.1 8.5 1.2 4.6 1.1 33.3 Tadawul 6,716-16.0 1,350.7 12.3 1.7 3.7 0.8 37.6 ISE 100 75,523 1223.7 1,967.0 11.6 1.7 2.0 2.4 65.0 Irfan Ellam Head of MENA Equity Research +971 4 230 7807 mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com EGX 30 4,992 167.0 48.3 9.9 0.9 5.5 #DIV/0! 26.7 KWSE 5,907-49.0 118.1 - - 3.4 0.3 36.6 Bahrain 1,047-0.2 0.5 - - 4.7 1.0 17.1 MSM 5,564 6.6 18.4 9.6 1.5 4.5 1.4 53.3 DSM 8,354 24.9 33.3 11.1 1.7 4.4 2.8 35.0 MADEX 7,923 55.5 26.7 14.5 2.3 4.5 0.9 33.3 TUSISE 4,669-22.3 4.0 - - 1.3 0.3 17.9 FTSE Dubai 1,796-11.2 39.6 - - 2.7 1.4 60.0
Global Equities US stocks dropped as little progress was made in talks over the fiscal cliff. Intel rallied +2.2% on plans to sell bonds in a four-part offering to repurchase stock that is trading at its lowest in 16 months. MetroPCS Communications dropped -7.5% after reports that Sprint Nextel Corp is unlikely to make a counteroffer. European equities pared early session gains to close flat as uncertainty continued over outcome of talks over the US fiscal cliff. TUI Travel gained +3.4% after the company reported earnings that beat estimates. Alcatel-Lucent rallied +2.6% after reports that the company is closer to obtaining financing from at least three banks as it attempts a turnaround. Asian equities are trading higher this morning led by the Shanghai Composite Index (+3.0%) on comments from the Communist Party s new leaders that they would actively promote urbanization. The MSCI Asia Pacific index is trading +0.3% at the time of writing. Developed Market Equity Indices (1d % change) DJIA S&P 500 Nasdaq FTSE 100 DAX CAC 40 SMI Stoxx 600 Nikkei S&P / ASX 200-0.6% -0.1% -0.2% -0.2% -0.3% 0.2% 0.4% -1% 0% 1% Emerging Market Equity Indices (1d % change) MEXBOL KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa TWSE KSE 100 Nifty Sensex KOSPI SHCOMP Hang Seng -1.1% -0.8% -0.7% -0.2% -0.3% 0.3% 0.2% 0.2% 0.8% 0.7% 0.8% -2% -1% 0% 1% Page 2
MENA News Flow Petrochemicals & Fertilisers Dana Gas said its joint venture in Iraq s Kurdish region received USD 120mn in payment against outstanding receivables. The company s share in the payment received is USD 48mn. Receivables for the company stood at AED 2.28bn as at 3Q 2012. (Bloomberg) Oman Oil and LG International agreed to setup joint venture for an USD 850mn petrochemical complex. Oman Oil will own 70% while LG International will hold 30% of the venture. (Bloomberg) Banking & Financials Kingdom Holdings said it completed the sale transaction of its New York hotel and booked a gain of USD 33mn. (Bloomberg) KEF Holdings announced investments of AED 1bn in the UAE and India across eight verticals that include infrastructure, healthcare, hospitality, education, investments, agriculture, metals and sports. (Zawya) Banks, financial services companies, exchange houses, the Qatari bourse as well as insurance providers, including banking and financial and insurance entities registered with the Qatar Financial Centre are to be brought under the ambit of a single regulatory agency. (Zawya) Gulf International Bank is said to have raised USD 500mn from a bond sale. The bond was said to have been priced at 165 bps above midswap. (Bloomberg) Industrials Bahra Cables Co signed a SAR 400mn contract with Saudi Electricity Co for the supply of low and medium voltage cables in 2013. (Zawya) Construction & Building Materials Arabtec won a QAR 2.3bn contract from Msheireb Properties to develop phase 2 of Msheireb Downtown Doha. The contract includes construction of 10 buildings. (Bloomberg) Energy & Utilities Taqa is said to plan sale of dollar bonds maturing in January 2018 and January 2013. (Bloomberg) Page 3
Events Calendar Date Company / Country Event 5-Dec Real Estate Trade Centers Co Earnings Release 5-Dec IFA Hotels & Resorts KSCC Earnings Release 5-Dec Suez Bags Earnings Release 5-Dec Cairo Development and Investment Earnings Release 5-Dec Senurita Food Production Earnings Release 5-Dec Al Oroba Trading Mining and Supplying Earnings Release 5-Dec International Co for Fertilizers & Chemicals Earnings Release 5-Dec Ferchem Misr Co For Fertilizer & Chemicals Earnings Release 5-Dec Universal Unipack Earnings Release 5-Dec Wadi Kom Ombo Land Reclamation Earnings Release 5-Dec Giza General Contracting & RE Inv Co Earnings Release 5-Dec B-Tech Earnings Release 5-Dec North Cairo Flour Mills Earnings Release 5-Dec Cairo Inv & Real Estate Development Earnings Release 5-Dec Alexandria Nat Co for Financial Investment Earnings Release 5-Dec Grand Investment Capital Earnings Release 6-Dec Real Estate Asset Management Co KSC Earnings Release 6-Dec Al Safwa Group Co Earnings Release 6-Dec Alshamel International Holding Co KSC Earnings Release 6-Dec Alimtiaz Investment Co KSCC Earnings Release 6-Dec Al Safat Investment Co Earnings Release 6-Dec First Dubai Real Estate Development Co Earnings Release 6-Dec Kuwait Medical Services Co KSCC Earnings Release 6-Dec Industrial & Financial Investments Co Earnings Release 6-Dec National Ranges Co KSCC Earnings Release 6-Dec Arkan Al Kuwait Real Estate Co KSCC Earnings Release 6-Dec Egyptian Gulf Bank Earnings Release 6-Dec Kato Agriculture Development Co Earnings Release 6-Dec Extracted Oils Earnings Release Page 4
6-Dec Kafr El-Zayat Pesticides & Chemicals Co Earnings Release 6-Dec Arab Aluminum Co SAE Earnings Release 6-Dec Egyptian Transport & Comm Services Co Earnings Release 6-Dec Misr National Steel Ataqa Earnings Release 6-Dec Nasr Co for Civil Works Earnings Release 6-Dec Sharkia National Food Earnings Release 6-Dec Ismailia Misr Poultry Co Earnings Release 6-Dec Mansoura Poultry Earnings Release 6-Dec International Agricultural Products Earnings Release 6-Dec GMC Group for Ind Comm & Financial Inv Earnings Release 6-Dec Sharm Dreams Co for Tourism Investment Earnings Release 6-Dec Misr Chemical Industries Earnings Release 6-Dec Arab Investment Urbanization Earnings Release 6-Dec Middle & West Delta Flour Mills Earnings Release 6-Dec EL EZZ Ceramics and Porcelain Co Earnings Release 6-Dec Glaxo Smith Kline Earnings Release 6-Dec Samad Misr - EGYFERT Earnings Release 6-Dec MISR Conditioning - MIRACO Earnings Release 6-Dec Direct Transport Co Earnings Release 6-Dec El Kahera El Watania Investment Earnings Release 6-Dec El Arabia for Land Reclamation Earnings Release 6-Dec Development & Engineering Consulting Earnings Release 6-Dec Ismailia National Food Industries Earnings Release 6-Dec Bisco Misr Earnings Release 6-Dec Egyptian Real Estate Group Bearer Shares Earnings Release 6-Dec Guezira Hotels & Tourism Earnings Release 6-Dec General Silos & Storage Earnings Release 6-Dec Pharaoh Tech for Control & Comm Systems Earnings Release 6-Dec Pyramisa Hotels Earnings Release 6-Dec Saudi Egyptian Investment & Finance Co Earnings Release 6-Dec Egyptian for Developing Building Materials Earnings Release 6-Dec Namaa for Dev and Real Estate Inv Co Earnings Release Page 5
Major Market Movers Most Active by Value Dubai Financial Market (1d % change) Dubai Financial Market EMIRATESDB -0.7 DARTAKAFDB -0.7 TABREED DB -0.8 DEYAAR DB -3.7 SHUAA DB -5.6 EMAAR DB 0.5 ARMX DB 1.0 AIRARABIDB 1.7 ARTC DB 1.8 TAKAFULEDB 7.4-10.0-5.0 0.0 5.0 10.0 Emaar Properties Deyaar Development Arabtec Holding Air Arabia Drake & Scull (AED) AED mn 3.78 0.53% 52.08 0.31-3.67% 28.17 2.32 1.75% 10.12 0.73 1.67% 9.96 0.72 0.42% 7.04 Abu Dhabi Market (1d % change) ADNIC DH ADCB DH UCC DH BILDCO DH ADSB DH WAHA DH FGB DH AGTHIA DH SUDATEL DH GCEM DH -1.6-1.7-3.5-5.5-8.2 1.9 1.9 2.9 3.0 9.7-12.0-9.0-6.0-3.0 0.0 3.0 6.0 9.0 12.0 Abu Dhabi Market (AED) AED mn Rak Bank 4.10 0.00% 12.30 Etisalat 9.98 0.20% 10.32 Aldar Properties 1.27 0.79% 9.73 ADCB 2.93-1.68% 8.68 Sorouh RE 1.26 0.00% 7.92 Tadawul (1d % change) ALBABTAIAB -1.7 TAPRCO AB -1.8 ALSORAYAAB -2.3 ENAYA AB -3.4 ALALAMIYAB -4.8 SHIELD AB -7.1 APCO AB 5.4 AMANA AB 5.6 SIO AB 6.7 EAT AB 9.0-10.0-5.0 0.0 5.0 10.0 Tadawul (SAR) SAR mn Sabic 88.75-0.84% 510.40 Solidarity 37.90 3.55% 417.73 Dar Al Arkan 8.10 1.25% 251.98 Etihad Atheeb 14.00 8.95% 224.67 Saudi Integrated Tele 25.60 1.19% 182.41 Page 6
Major Market Movers Most Active by Value Qatar Exchange (1d % change) Qatar Exchange QTEL VFQS QMLS UDCD KHCD KCBK DHBK MRDS QNNS NLCS -0.1-0.1-0.4-0.9-2.6 0.8 0.8 0.9 1.3 1.4-3.0-2.0-1.0 0.0 1.0 2.0 (QAR) QAR mn Industries Qatar 151.90 0.60% 41.09 QNB 130.00 0.23% 15.35 Masraf Al Rayan 26.15 0.19% 12.20 Qatar Meat & Livestock 57.00-0.35% 9.99 Qatar Telecom 102.50-0.10% 7.01 Kuwait Exchange (1d % change) EXCH KK -5.7 SOKOUK KK -5.8 MUNSHAATKK -7.3 ALDEERA KK -7.3 NIH KK -16.3 GNAHC KK 4.7 WETHAQ KK 5.6 MTCC KK 6.5 MUNTAZAHKK 7.2 SH KK 8.2-20.0-15.0-10.0-5.0 0.0 5.0 10.0 Kuwait Exchange (KWd fil) KWd bn Mabanee Co 1200.00-1.64% 3.86 Gulf Investment House 49.50-2.94% 2.25 NBK 980.00 0.00% 1.86 Mobile Telecom 820.00-1.20% 1.70 National Ranges Co 20.50-2.38% 1.46 Egypt Exchange (1d % change) Egypt Exchange AMOC NRPD PIOH ACGC EGTS COMI PHDC RAYA NSGB OCDI 4.0 4.3 4.4 4.5 4.5 4.6 4.7 5.2 5.6 6.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 (EGP) EGP mn CIB 34.14 4.63% 37.07 Palm Hills 1.99 4.74% 36.31 Orascom Construction 230.27 3.86% 36.19 TMG Holding 3.99 2.57% 33.39 Orascom Tele Media 0.52 1.96% 24.05 Page 7
Foreign Ownership Limits Allowed Owned Allowed Owned Allowed Owned Dubai Al Buhairah Ins. Co. 25.00 2.99 SCIDC 15.00 1.78 Air Arabia 49.00 21.91 Al Khazna Ins. Co. 25.00 2.26 Sorouh Real Estate 15.00 13.38 Ajman Bank 49.00 1.98 Aldar Properties 40.00 11.30 Sudan Telecom 100.00 80.19 Arabtec Holdings 49.00 7.80 Bank of Sharjah 30.00 18.99 UAQ Cement 49.00 16.36 Aramex 49.00 35.75 Comm. Bank Intl 49.00 43.08 Union Cement 49.00 3.06 Drake & Scull Intl 49.00 13.65 Dana Gas 49.00 63.97 UNB 40.00 6.69 DFM 49.00 4.30 Eshraq Properties 49.00 28.50 United Arab Bank 49.00 45.06 Dubai Investments 20.00 3.58 Finance House 20.00 9.38 United Insurance Co. 25.00 0.00 Dubai Islamic Bank 15.00 2.36 First Gulf Bank 25.00 14.53 Waha Capital 49.00 5.31 DNIR 25.00 0.06 Foodco Holding 0.00 1.41 Qatar Emaar 49.00 12.91 Green Crescent Ins. 25.00 9.84 Al Khaliji 24.97 11.82 Du 100.00 0.25 Gulf Cement Co. 49.00 18.66 Al Khalij Holding 24.86 3.20 Emirates NBD 5.00 1.82 Gulf Livestock Co. 49.00 66.92 Barwa Real Estate 24.97 4.14 GGICO 49.00 0.74 Gulf Medical Projects 49.00 8.59 CBQ 19.15 15.19 Gulf Navigation 20.00 3.42 JULPHAR 49.00 34.62 Doha Bank 18.83 6.16 National Cement Co. 25.00 1.03 Insurance House 25.00 0.68 Gulf Intl Services 17.50 8.16 TABREED 49.00 6.30 ASMAK 49.00 0.03 Industries Qatar 12.25 6.57 Shuaa Capital 49.00 18.51 Investbank 20.00 0.55 Masraf Al Rayan 49.00 14.53 TAKAFUL 25.00 17.21 METHAQ 25.00 18.75 National Leasing 25.00 11.41 Takaful House 25.00 3.40 NBAD 25.00 2.42 QEWS 25.00 7.26 Tamweel 40.00 4.31 RAK Bank 20.00 15.95 Qatar Gas Transport 24.47 10.18 Union Properties 15.00 3.36 NMDC 5.00 1.79 Qatar Insurance Co. 22.28 8.42 Abu Dhabi Qatar Telecom 100.00 87.25 QIIB 19.71 2.72 ADCB 49.00 7.19 RAK Properties 49.00 26.64 Qatar Islamic Bank 20.59 3.94 BILDCO 25.00 7.45 RAK Poultry & Feeding 49.00 14.96 Qatar National Bank 12.49 3.96 AD National Hotel 25.00 1.29 RAK Cement Co. 49.00 24.49 Qatar Navigation 25.00 5.71 ADNIC 25.00 0.08 RAK Ceramics 49.00 10.97 Qatar Telecom 100.00 21.20 AD Ship Building 25.00 4.40 RAK Co for White Cement 49.00 14.50 United Development 25.00 12.87 Agthia Group 25.00 9.10 RAK National Ins. 25.00 0.02 Vodafone Qatar 100.00 3.79 Page 8
Other Asset Classes Currencies Close %1d chg 1 year fwd Close %1d chg Close %1d chg EURUSD 1.3094 +0.31 1.3148 USDTRY 1.7840-0.14 EURAED 4.8097 +0.32 GBPUSD 1.6101 +0.06 1.6081 USDEGP 6.1154 +0.07 GBPAED 5.9134 +0.05 USDJPY 81.9000-0.43 81.5385 USDSAR 3.7503 -- JPYAED 0.0448 +0.22 USDCAD 0.9927-0.24 1.0010 USDQAR 3.6407 -- CADAED 3.7000 +0.24 AUDUSD 1.0472 +0.49 1.0195 USDKWD 0.2814-0.05 AUDAED 3.8447 +0.47 USDCHF 0.9264 +0.09 0.9186 USDBHD 0.3770 +0.00 CHFAED 3.9639-0.11 EURGBP 0.8133 +0.26 0.8176 USDOMR 0.3850 +0.10 TRYAED 2.0589 +0.14 USDCNY 6.2256-0.05 6.2265 USDMAD 8.5014-0.31 INRAED 0.0672-0.15 USDINR 54.6850-0.15 57.7750 USDTND 1.5662-0.13 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 1d chg (bps) EIBOR 0.7950 1.3000 1.4713 1.6250 USD 2 yr 0.3640-0.8 USD LIBOR 0.2130 0.3105 0.5250 0.8590 USD 5 yr 0.7575-1.1 GBP LIBOR 0.4963 0.5219 0.6788 1.0319 USD 10 yr 1.6537-1.2 EURIBOR 0.1130 0.1910 0.3410 0.5740 EUR 2 yr 0.4045-1.9 JPY LIBOR 0.1337 0.1843 0.2986 0.5083 EUR 5 yr 0.8705-1.4 CHF LIBOR -0.0100 0.0200 0.0880 0.2804 EUR 10 yr 1.6790-1.6 Commodities & Fixed Income Commodities Close %1d chg Bonds / Sukuk YTM 1d chg (bps) CDS Close 1d chg (bps) CRB CMDT Index 484.53 0.28 ADGB 5.5 14 0.3380-1.0 Abu Dhabi 85.0-0.5 Gold 1697.55-1.08 DUGB 6.396 14 2.1540-7.0 Dubai 226.3-1.7 Silver 32.93-2.16 QATAR 5.15 14 0.7320-0.8 Qatar 86.8 +0.7 Oil (WTI) 88.50-0.66 BHRAIN 6.273 18 3.8130-0.1 Saudi Arabia 75.3-0.5 Oil (Brent) 109.84-0.97 EGYPT 5.75 20 5.0640-0.6 Bahrain 196.2-0.8 Aluminium 2092.50-1.20 TURKEY 7.25 15 1.7230 +1.7 Egypt 417.1 +15.3 Copper 8011.00 +0.30 MOROC 5.375 17 3.2720-4.4 Turkey 128.4-0.8 Tin (LME) 21833.00-0.12 BTUN 4.5 20 5.0750 +2.3 Morocco 248.5 +4.3 Zinc (LME) 2002.25-0.94 US Tsy 2 yr 0.2421-0.8 US Tsy 10 yr 1.6028-1.8 Page 9
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Emirates NBD Research & Treasury Contact List Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai Tim Fox Head of Research & Chief Economist +971 4 230 7800 timothyf@emiratesnbd.com Research Khatija Haque Senior Economist +971 4 230 7801 khatijah@emiratesndb.com Irfan Ellam Head of MENA Equity Research +971 4 230 7807 Mohammedie@emiratesnbd.com Nick Stadtmiller Head of Fixed Income Research +971 4 230 7804 nicholass@emiratesndb.com Aditya Pugalia Research Analyst +971 4 230 7802 adityap@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq +971 4 230 7777 sayeds@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 1 282 5625 attiyahn@emiratesnbd.com Singapore Sales Supriyakumar Sakhalkar +65 657 5627 sakhalkars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan +971 4 609 4113 ibrahims@emiratesnbd.com Claire Andrea +971 4 609 4143 clairea@emiratesnbd.com Page 11