abu dhabi securities exchange quarterly report
ABU DHABI SECURITIES EXCHANGE QUARTERLY REPORT 2Q 2011
KMEFIC Research Department .م.ك.م.ﺷﺮآﺔ اﻟﻜﻮﻳﺖ واﻟﺸﺮق اﻷوﺳﻂ ﻟﻺﺳﺘﺜﻤﺎر اﻟﻤﺎﻟﻲ ش Kuwait and Middle East Financial Investment Company K.S.C.C.
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC Market Index & Trade Volume - 2Q- 2011
* GCC’s best performer in 2Q-2011 ++ * Higher volume & turnover + * Declining stocks outnumber gainers -- --
250
2,800
200
2,750 2,700
150
2,650 100
2,600
50
2,550 2,500
0 Apr-11
* Positive economic projections ++
May-11 Volume
Market Overview
Jun-11 10 per. Mov. Avg. (ADX)
ADX
ADX Indices returns in 2Q-2011
ADX Market Indices Previous Quarter (1Q-2011)
General Index
2,607.12
Current Quarter (2Q-2011)
2,704.19
General Index
Change (points)
Q-o-Q Change
End of 2010
YTD Change Telecommunication
97.07
3.72%
▲
2,719.87
-0.58%
Insurance
▼ Banks
Sectors Indices Banks Real Estate Telecommunication Consumer Staples Industrial Insurance Energy Services Invst. & Fin. Srvcs.
ADX
Volume (mil. Shrs)
Kuwait & Middle East Financial Investment Co. The quarter in brief...
4,268.42 2,260.80 2,330.18 1,111.57 2,020.01 2,453.93 1,608.90 2 517 76 2,517.76 1,013.51
4,283.89 1,878.51 2,499.06 996.60 1,796.48 2,561.65 1,362.34 2 394 14 2,394.14 918.93
15.47 (382.29) 168.88 (114.97) (223.53) 107.72 (246.56) (123 62) (123.62) (94.58)
0.36% -16.91% 7.25% -10.34% -11.07% 4.39% -15.32% -4.91% 4 91% -9.33%
▲ ▼ ▲ ▼ ▼ ▲ ▼ ▼ ▼
4,268.42 0.36% ▲ Invst. & Fin. Srvcs. 2,260.80 -16.91% ▼ Consumer Staples 2,330.18 7.25% ▲ 1,111.57 -10.34% Industrial ▼ 2,020.01 -11.07% ▼ Energy 2,453.93 4.39% ▲ Real Estate 1,608.90 -15.32% ▼ 25% 20% 15% ▼ -10% 10% 2-25% 2,517.76 517 76 -20% -4.91% 4 91% -15% Source: KMEFIC Research 1,013.51 -9.33% ▼
Services
-5% 5%
0%
5%
10%
15%
Note: As a result of ADX's new reclassified indices, base prices on the day changes took place were used for Q-o-Q performance calculation.
Abu Dhabi Securities Exchange (ADX) was the best performing market amongst other GCC exchanges in the second quarter of 2011. ADX concluded the 3-month period with an increase of 3.72% compared to 1Q-2011, as its index closed at 2,704.19 points. Furthermore, trading activity improved in 2Q2011, as a total of 5.28 billion shares changed hands during the period, 10.64% higher than total trading volume during the first quarter of 2011, whilst turnover total grew by 11.81% to reach AED 8.35 billion. Domestic companies listed on ADX achieved a growth of 1.78% in their results for 1Q-2011, with an aggregate profit of AED 6.89 billion compared to AED 6.77 billion in the same period last year. The Banks and Real Estate sectors were the only positive performers amongst their peers, adding 8.08% and 303.72% respectively compared to the results for the first quarter of 2010. The Banks sector’s total profits for 1Q-2011 reached AED 3.92 billion, while Real Estate sector’s aggregate profits for the period amounted to AED 288.92 million. Economically, the UAE’s GDP is expected to grow by around 5% in the next five years, according to the Economic Intelligence Unit, driven by the increase in oil prices and the expansion in the non-hydrocarbon sector. On the other hand, the International Monetary fund has projected a 3.5% growth in UAE’s economy for 2011.
2Q 2011 - Market Sectoral Data (Activity, Capitalization, Multiples) SECTORS
Volume (mil. Shrs)
Rank
Banks Real Estate Telecommunication Consumer Staples Industrial Insurance Energy Services Invst. & Fin. Srvcs.
506.64 2,037.38 96.38 28.71 957.72 487.85 991.07 22.68 148.98
4 1 7 8 3 5 2 9 6
Total Market YTD chng in M.Cap
5,277.42
Source: KMEFIC Research
% to market
Value (AED mil.)
9.60% 1,913.45 38.61% 2,546.05 1.83% 1,011.70 0.54% 62.18 18.15% 983.93 9.24% 940.36 18.78% 704.90 0.43% 83.02 2.82% 108.29
Rank
2 1 3 9 4 5 6 8 7
% to market
22.90% 30.48% 12.11% 0.74% 11.78% 11.26% 8.44% 0.99% 1.30%
100.0% 8,353.87
MCap (AED bil.)
% to Market
Rank
119.91 7.15 114.69 2.65 9.95 10.69 11.50 8.19 1.27
41.93% 2.50% 40.10% 0.93% 3.48% 3.74% 4.02% 2.86% 0.44%
1 7 2 8 5 4 3 6 9
285.98 100.0% 4.92%
N. of Co.
P/E
P/BV
ROE
14 3 3 5 13 16 2 7 2
11.05 4.00 16.19 12.89 10.68 16.91 13.30 6.18 4.86
1.31 0.48 1.30 1.00 0.77 1.88 0.59 0.79 0.60
13.94% 5.35% 12.12% 7.26% 8.12% 8.54% 5.67% 13.98% 11.50%
65
13.08
1.24
12.19%
Note: Market Valuation Multiples & ROE are weighted as per sectors capitalization.
Page 1 Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel :(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw www kmefic com kw [email protected] Research@kmefic com kw Tel.:(+965) (Kindly refer to the Disclaimer on the last page)
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC
Kuwait & Middle East Financial Investment Co.
Technical Review
ADX 1rst Support 1rst Resistance 2nd Support 2nd Resistance
ADX vs. Two Support & Resistance Levels
ADX Index Volatility 30 Days 2.85%
General Index
60 Days 3.67%
90 Days 5.57%
52-weeks 9.34%
R1 2,787
R2 2,870
ADX Index Support & Resistance S2 2,515
General Index
S1 2,610
Market Activity Month/ Quarter January-11 F b 11 February-11 March-11 Total 1Q-2011 April-11 May-11 June-11 Total 2Q-2011 Q-o-Q chng %
Volume (mil. Shrs)
2,900 2,800 2,700 2 700 2,600 2,500 2,400 Apr-11
May-11
Jun-11
Volume Allocation by Sector Rank
1,535.77 1 252 78 1,252.78 1,981.29 4,769.84
3 6 2
2,448.18
1 4
1,515.09 1,314.15 5,277.42 10.64%
5
Value (AED mil.)
Rank
2,484.99 2 146 91 2,146.91 2,839.72 7,471.62
3 6 2
3,588.21
1 4
2,465.86 2,299.80 8,353.87 11.81%
Real Estate 38.6%
Others 24.5%
5
Energy 18.8%
Industrial 18.1%
Market Breadth
Volume Allocation By Category
Top Gainers Abu Dhabi National Takaful Al Dhafra Insurance
7.00 5.33
177.78% 39.16%
0.69 0.21
Share Turnover 0.76% 0.24%
Union National Bank Abu Dhabi Commercial Bank Ras Al Khaimah for White Cement & C
3.62 3.00 1.60
23.97% 20.48% 16.79%
42.84 146.26 4.92
1.89% 2.61% 1.05%
Stock
p Losers Top
Stock International Fish Farming Holding C Methaq Takaful Insurance Fujairah Building Industries Foodco Holding Company Finance House
Close (AED)
Close (AED)
5.10 1.33 2.21 1.76 3.60
Change
Change -48.74% -44.12% -40.91% -34.57% -33.94%
Volume (mil. Shrs)
Volume (mil. Shrs)
Share Turnover
No-Change 0.00%
Gainers 24.89%
Losers 75.11%
Breadth & Market Share Volume (mil.Shars)
Value AED
% to Market
1,150.64 918.22 876.36 494.70 392.04
% to market 21.80% 17.40% 16.61% 9.37% 7.43%
Main index’s volatilityy decreased during g the 2Q-2011,, where byy the end of the period, 30 and 60 days volatility declined to 2.85% and 3.67% from 5.01% and 6.93% respectively in 1Q-2011, while the 52-weeks volatility reached 9.34%, down from 10.44% in the previous quarter.
Value (AED mil.) 1,704.25 993.59 861.29 819.37 687.43
% to market 20.40% 11.89% 10.31% 9.81% 8.23%
1.46 375.84 0.53 1.25 1.27
Active Stocks Gainers Losers No-Change
Count
% to Market
1.72% 250.56% 0.42% 1.25% 0.42%
Category
58 19 38 1
5,277.42 1,313.60 3,963.81 0.02
100.0% 24.89% 75.11% 0.00%
8,353.87 3,523.99 4,829.82 0.06
100.0% 42.18% 57.82% 0.00%
Most Active by Volume Stock AL DAR Properties Dana Gas PJSC Ras Al Khaimah Cement Sorouh Real Estate Ras Al Khaimah Properties
Close (AED)
1.24 0.61 0.82 1.23 0.36
Change -18.42% -6.15% 5.13% -6.82% -7.69%
Volume (mil. Shrs)
Most Active by Turnover Stock AL DAR Properties Etisalat Ras Al Khaimah Cement Methaq Takaful Insurance Sorouh Real Estate
Close (AED)
1.24 11.10 0.82 1.33 1.23
Change -18.42% 5.71% 5.13% -44.12% -6.82%
Out of 65 listed issues on ADX, 58 stocks participated in trades during the second quarter of 2011; out of which, 19 stocks recorded gains, while 38 issues closed lower and 1 stock closed with no change. Losing stocks stood for around 75% of the overall market volume and 58% of the total turnover during 2Q-2011. The Real Estate sector was the busiest during the quarter, dominating 38.61% of the market's total volume and 30.48% of total trading value.
Page 2 Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel.:(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw [email protected]
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC
Kuwait & Middle East Financial Investment Co. ADX Stocks - The Quarter Activity Sheet Name
Sector
31-Mar-2011
29-Jun-2011
Change
Volume (Shares)
Value (AED)
Shr Turnover Ratio
Abu Dhabi Commercial Bank
Banks
2.49
3.00
20.48%
146,261,276
422,375,562
2.61%
Abu Dhabi Islamic Bank
Banks
3.22
3.29
2.17%
49,806,327
160,425,401
2.11%
Bank Of Sharjah
Banks
1.90
1.88
-1.05%
172,519,425
289,536,785
8.22%
Commercial Bank International
Banks
0.86
1.00
16.28%
40,646
38,517
0.00%
First Gulf Bank
Banks
16.00
17.80
11.25%
31,238,632
554,882,800
2.08%
Finance House
Banks
5.45
3.60
-33.94%
1,274,573
4,987,019
0.42%
Invest Bank
Banks
1.81
1.70
-6.08%
11,111,020
18,586,823
0.96%
National Bank Of Abu Dhabi
Banks
9.74
11.00
12.94%
23,537,475
263,404,040
0.82%
National Bank of Fujairah
Banks
4.14
3.99
-3.62%
3,722,483
14,035,786
0.34%
National Bank of Umm Al-Qaiwain
Banks
2.00
1.99
-0.50%
1,592,674
3,086,953
0.10%
National Bank of Ras Al Khaima
Banks
4.15
4.55
9.64%
2,144,957
9,620,116
0.15%
Sharjah Islamic Bank
Banks
0.87
0.89
2.30%
20,292,988
18,403,172
0.84%
United Arab Bank
Banks
5.65
4.50
-20.35%
260,000
1,201,350
0.03%
Union National Bank
Banks
2.92
3.62
23.97%
42,839,581
152,864,562
1.89%
AL DAR Properties
Real Estate
1.52
1.24
-18.42%
1,150,640,390
1,704,249,342
44.63%
Ras Al Khaimah Properties
Real Estate
0.39
0.36
-7.69%
392,042,689
154,363,974
19.60%
Sorouh Real Estate
Real Estate
1.32
1.23
-6.82%
494,700,530
687,431,686
18.85%
Etisalat
Telecommunication
10.50
11.10
5.71%
94,103,420
993,587,861
1.19% 0.05%
Qatar Telecom (Qtel)
Telecommunication
171.50
142.00
-17.20%
91,366
13,661,637
Sudan Telecom.
Telecommunication
1.87
1.79
-4.28%
2,185,316
4,449,099
0.20%
AGTHIA Group
Consumer Staples
2.04
2.00
-1.96%
25,849,949
52,293,050
4.31%
International Fish Farming Holding Company
Consumer Staples
9.95
5.10
-48.74%
1,461,300
7,533,720
1.72%
1,251,733
2,131,664
1.25%
Foodco Holding Company
Consumer Staples
2.69
1.76
-34.57%
Gulf Livestock Co
Consumer Staples
6.98
6.98
0.00%
Ras Al Khaimah Poultry & Feeding
Consumer Staples
1.54
1.62
5.19%
145,421
225,859
0.17%
Abu Dhabi Ship Building
Industrial
2.20
1.95
-11.36%
591,363
1,266,148
0.28%
-
-
0.00%
Arkan Building Materials
Industrial
1.65
1.28
-22.42%
47,595,847
77,819,393
2.72%
Abu Dhabi National for Building Materials
Industrial
1.53
1.19
-22.22%
1,113,522
1,492,463
0.37%
F j i hB Fujairah Building ildi IIndustries d i
I d Industrial i l
3 74 3.74
2 21 2.21
-40.91% 40 91%
530 503 530,503
1 793 443 1,793,443
0 42% 0.42%
Fujairah Cement Industries
Industrial
1.03
1.09
5.83%
90,000
98,011
0.03%
Gulf Cement Company
Industrial
1.29
1.14
-11.63%
2,195,788
2,899,767
0.27% 0.43%
Gulf Pharmaceutical
Industrial
1.95
2.08
6.67%
3,090,186
6,340,180
Umm Al-Qaiwain Cement Industries
Industrial
0.69
0.70
1.45%
1,036,961
744,904
0.29%
Ras Al Khaimah Cement
Industrial
0.78
0.82
5.13%
876,361,934
861,292,251
181.07%
Ras Al Khaimah Ceramic
Industrial
2.28
1.83
-19.74%
5,725,653
11,683,111
0.77%
Ras Al Khaimah for White Cement & Const Const. Mate Industrial
1.37 1 37
1.60 1 60
16.79% 16 79%
4,916,748 4 916 748
7,673,305 7 673 305
1.05% 1 05%
Sharjah Cement & Industrial Dev.
Industrial
0.70
0.61
-12.86%
12,040,402
7,971,828
2.18%
2,433,408
2,850,429
0.36%
Union Cement Company
Industrial
1.30
1.13
-13.08%
Al Buhaira National Insurance
Insurance
9.00
9.00
0.00%
Abu Dhabi National Insurance
Insurance
6.10
6.00
-1.64%
Fujairah National Insurance
Insurance
300.00
300.00
0.00%
Al Khazna Insurance
Insurance
0.68
0.59
-13.24%
3,899,651 1,277,039
Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel.:(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw [email protected]
23,437,414 806,529
0.00% 1.04% 0.00% 0.32% Page 3
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC
Kuwait & Middle East Financial Investment Co. ADX Stocks - The Quarter Activity Sheet Name
Sector
31-Mar-2011
29-Jun-2011
Change
Volume (Shares)
Value (AED)
25,000
Shr Turnover Ratio
Al Ain Ahlia Insurance
Insurance
47.00
40.00
-14.89%
Al Wathba National Insurance
Insurance
5.60
5.60
0.00%
Al Dhafra Insurance
Insurance
3.83
5.33
39.16%
213,000
888,766
0.24%
Emirates Insurance
Insurance
6.20
6.15
-0.81%
1,004,864
5,902,414
0.74%
-
1,060,000 -
0.17% 0.00%
Green Crescent Insurance
Insurance
0.73
0.62
-15.07%
102,166,263
80,468,188
40.87%
Methaq Takaful Insurance
Insurance
2.38
1.33
-44.12%
375,839,308
819,372,384
250.56%
16,489
63,483
0.02%
Ras Al Khaimah National Insurance
Insurance
3.85
3.85
0.00%
Sharjah Insurance
Insurance
5.25
5.25
0.00%
Abu Dhabi National Takaful
Insurance
2.52
7.00 177.78%
689,444 -
3,352,733
United Insurance
Insurance
4.00
4.00
0.00%
Union Insurance
Insurance
2.21
2.18
-1.36%
Insurance House
Insurance
1.15
1.05
-8.70%
920,000
1,100,876
0.77%
Dana Gas PJSC
Energy
0.65
0.61
-6.15%
918,220,637
607,018,410
13.91%
Abu Dhabi National Energy
Energy
1.48
1.20
-18.92%
72,854,287
97,880,571
1.17%
Abu Dhabi Aviation
Services
3.07
3.27
6.51%
15,450,176
51,415,188
3.82%
Abu Dhabi National Hotels
Services
2.72
2.51
-7.72%
4,540,293
11,972,788
0.45%
Emirates Driving Company
Services
3.88
3.60
-7.22%
38,940
140,784
0.04%
FUJAIRAH Trade Center
Services
0.00
0.00
0.00%
1,799,607
-
-
0.00% 0.76%
3,903,953
-
0.00% 0.54%
0.00%
Gulf Medical Projects
Services
1.76
1.31
-25.57%
1,076,556
1,525,321
National Corp. for Tourism & Hotels
Services
5.00
4.54
-9.20%
230,768
1,611,614
0.18% 0.14%
National Marine Dredging
Services
10.00
11.50
15.00%
1,339,519
16,354,878
0.62%
Oman & Emirates Invest. Holding
Investment & Financial S
0.90
0.77
-14.44%
368,349
329,523
0.30%
Waha Capital
Investment & Financial S
0.82
0.68
-17.07%
148,614,793
107,960,825
8.58% Page 4
Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel.:(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw [email protected]
Legal DISCLAIMER: This report is being provided for informational purposes only and on the condition that it will not form a primary basis for any investment decision. This report is not an offer to buy or sell any of the securities that may be referred to herein. In no event will KMEFIC be liable for any loss occurring from investment decisions made based on the recommendation here-enclosed. Past performance is not necessarily a guide to future performance. Investors should make their own decision on whether or not to buy or sell the securities covered herein based upon their specific investment goals and in consultation with their financial advisor. KMEFIC has no obligation to update, modify or amend this report or to otherwise make any notification or announcement thereof in the event that any matter stated h i or any opinion, herein, i i projection, j ti forecast f t or estimate ti t sett forth f th herein, h i changes h or subsequently b tl becomes b i inaccurate. t The Th inclusion i l i off any opinions/estimates i i / ti t does d nott necessarily il imply i l a recommendation d ti or endorse the views expressed within them. Many areas of the report contain opinions and/or analysis that represent the involved analysts' views; neither the analysts nor KMEFIC shall be in any way liable for their opinions expressed in the report. This report has been prepared and issued by the Research Department @ Kuwait & Middle East Financial Investment Co. K.S.C.C. (KMEFIC), a licensed Kuwaiti investment company regulated by the Central Bank of Kuwait. KMEFIC prepared this report using publicly available information, internal data, and other sources considered reliable; however, KMEFIC makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability with respect to the report or the information, analysis, opinions, or related graphics contained on the report for any purpose. While great care has been taken to ensure that the facts stated are accurate, neither KMEFIC nor any of its employees shall be in any way responsible for the contents. Neither this document nor any of its contents may be distributed in any jurisdiction where its distribution is restricted by law. Neither this document nor its content may be copied, transmitted or distributed without the prior written consent of KMEFIC. Additional information on the contents of this report is available on request.
KMEFIC Research Department .م.ك.م.ﺷﺮآﺔ اﻟﻜﻮﻳﺖ واﻟﺸﺮق اﻷوﺳﻂ ﻟﻺﺳﺘﺜﻤﺎر اﻟﻤﺎﻟﻲ ش Kuwait and Middle East Financial Investment Company K.S.C.C.
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC Market Index & Trade Volume - 2Q- 2011
* GCC’s best performer in 2Q-2011 ++ * Higher volume & turnover + * Declining stocks outnumber gainers -- --
250
2,800
200
2,750 2,700
150
2,650 100
2,600
50
2,550 2,500
0 Apr-11
* Positive economic projections ++
May-11 Volume
Market Overview
Jun-11 10 per. Mov. Avg. (ADX)
ADX
ADX Indices returns in 2Q-2011
ADX Market Indices Previous Quarter (1Q-2011)
General Index
2,607.12
Current Quarter (2Q-2011)
2,704.19
General Index
Change (points)
Q-o-Q Change
End of 2010
YTD Change Telecommunication
97.07
3.72%
▲
2,719.87
-0.58%
Insurance
▼ Banks
Sectors Indices Banks Real Estate Telecommunication Consumer Staples Industrial Insurance Energy Services Invst. & Fin. Srvcs.
ADX
Volume (mil. Shrs)
Kuwait & Middle East Financial Investment Co. The quarter in brief...
4,268.42 2,260.80 2,330.18 1,111.57 2,020.01 2,453.93 1,608.90 2 517 76 2,517.76 1,013.51
4,283.89 1,878.51 2,499.06 996.60 1,796.48 2,561.65 1,362.34 2 394 14 2,394.14 918.93
15.47 (382.29) 168.88 (114.97) (223.53) 107.72 (246.56) (123 62) (123.62) (94.58)
0.36% -16.91% 7.25% -10.34% -11.07% 4.39% -15.32% -4.91% 4 91% -9.33%
▲ ▼ ▲ ▼ ▼ ▲ ▼ ▼ ▼
4,268.42 0.36% ▲ Invst. & Fin. Srvcs. 2,260.80 -16.91% ▼ Consumer Staples 2,330.18 7.25% ▲ 1,111.57 -10.34% Industrial ▼ 2,020.01 -11.07% ▼ Energy 2,453.93 4.39% ▲ Real Estate 1,608.90 -15.32% ▼ 25% 20% 15% ▼ -10% 10% 2-25% 2,517.76 517 76 -20% -4.91% 4 91% -15% Source: KMEFIC Research 1,013.51 -9.33% ▼
Services
-5% 5%
0%
5%
10%
15%
Note: As a result of ADX's new reclassified indices, base prices on the day changes took place were used for Q-o-Q performance calculation.
Abu Dhabi Securities Exchange (ADX) was the best performing market amongst other GCC exchanges in the second quarter of 2011. ADX concluded the 3-month period with an increase of 3.72% compared to 1Q-2011, as its index closed at 2,704.19 points. Furthermore, trading activity improved in 2Q2011, as a total of 5.28 billion shares changed hands during the period, 10.64% higher than total trading volume during the first quarter of 2011, whilst turnover total grew by 11.81% to reach AED 8.35 billion. Domestic companies listed on ADX achieved a growth of 1.78% in their results for 1Q-2011, with an aggregate profit of AED 6.89 billion compared to AED 6.77 billion in the same period last year. The Banks and Real Estate sectors were the only positive performers amongst their peers, adding 8.08% and 303.72% respectively compared to the results for the first quarter of 2010. The Banks sector’s total profits for 1Q-2011 reached AED 3.92 billion, while Real Estate sector’s aggregate profits for the period amounted to AED 288.92 million. Economically, the UAE’s GDP is expected to grow by around 5% in the next five years, according to the Economic Intelligence Unit, driven by the increase in oil prices and the expansion in the non-hydrocarbon sector. On the other hand, the International Monetary fund has projected a 3.5% growth in UAE’s economy for 2011.
2Q 2011 - Market Sectoral Data (Activity, Capitalization, Multiples) SECTORS
Volume (mil. Shrs)
Rank
Banks Real Estate Telecommunication Consumer Staples Industrial Insurance Energy Services Invst. & Fin. Srvcs.
506.64 2,037.38 96.38 28.71 957.72 487.85 991.07 22.68 148.98
4 1 7 8 3 5 2 9 6
Total Market YTD chng in M.Cap
5,277.42
Source: KMEFIC Research
% to market
Value (AED mil.)
9.60% 1,913.45 38.61% 2,546.05 1.83% 1,011.70 0.54% 62.18 18.15% 983.93 9.24% 940.36 18.78% 704.90 0.43% 83.02 2.82% 108.29
Rank
2 1 3 9 4 5 6 8 7
% to market
22.90% 30.48% 12.11% 0.74% 11.78% 11.26% 8.44% 0.99% 1.30%
100.0% 8,353.87
MCap (AED bil.)
% to Market
Rank
119.91 7.15 114.69 2.65 9.95 10.69 11.50 8.19 1.27
41.93% 2.50% 40.10% 0.93% 3.48% 3.74% 4.02% 2.86% 0.44%
1 7 2 8 5 4 3 6 9
285.98 100.0% 4.92%
N. of Co.
P/E
P/BV
ROE
14 3 3 5 13 16 2 7 2
11.05 4.00 16.19 12.89 10.68 16.91 13.30 6.18 4.86
1.31 0.48 1.30 1.00 0.77 1.88 0.59 0.79 0.60
13.94% 5.35% 12.12% 7.26% 8.12% 8.54% 5.67% 13.98% 11.50%
65
13.08
1.24
12.19%
Note: Market Valuation Multiples & ROE are weighted as per sectors capitalization.
Page 1 Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel :(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw www kmefic com kw [email protected] Research@kmefic com kw Tel.:(+965) (Kindly refer to the Disclaimer on the last page)
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC
Kuwait & Middle East Financial Investment Co.
Technical Review
ADX 1rst Support 1rst Resistance 2nd Support 2nd Resistance
ADX vs. Two Support & Resistance Levels
ADX Index Volatility 30 Days 2.85%
General Index
60 Days 3.67%
90 Days 5.57%
52-weeks 9.34%
R1 2,787
R2 2,870
ADX Index Support & Resistance S2 2,515
General Index
S1 2,610
Market Activity Month/ Quarter January-11 F b 11 February-11 March-11 Total 1Q-2011 April-11 May-11 June-11 Total 2Q-2011 Q-o-Q chng %
Volume (mil. Shrs)
2,900 2,800 2,700 2 700 2,600 2,500 2,400 Apr-11
May-11
Jun-11
Volume Allocation by Sector Rank
1,535.77 1 252 78 1,252.78 1,981.29 4,769.84
3 6 2
2,448.18
1 4
1,515.09 1,314.15 5,277.42 10.64%
5
Value (AED mil.)
Rank
2,484.99 2 146 91 2,146.91 2,839.72 7,471.62
3 6 2
3,588.21
1 4
2,465.86 2,299.80 8,353.87 11.81%
Real Estate 38.6%
Others 24.5%
5
Energy 18.8%
Industrial 18.1%
Market Breadth
Volume Allocation By Category
Top Gainers Abu Dhabi National Takaful Al Dhafra Insurance
7.00 5.33
177.78% 39.16%
0.69 0.21
Share Turnover 0.76% 0.24%
Union National Bank Abu Dhabi Commercial Bank Ras Al Khaimah for White Cement & C
3.62 3.00 1.60
23.97% 20.48% 16.79%
42.84 146.26 4.92
1.89% 2.61% 1.05%
Stock
p Losers Top
Stock International Fish Farming Holding C Methaq Takaful Insurance Fujairah Building Industries Foodco Holding Company Finance House
Close (AED)
Close (AED)
5.10 1.33 2.21 1.76 3.60
Change
Change -48.74% -44.12% -40.91% -34.57% -33.94%
Volume (mil. Shrs)
Volume (mil. Shrs)
Share Turnover
No-Change 0.00%
Gainers 24.89%
Losers 75.11%
Breadth & Market Share Volume (mil.Shars)
Value AED
% to Market
1,150.64 918.22 876.36 494.70 392.04
% to market 21.80% 17.40% 16.61% 9.37% 7.43%
Main index’s volatilityy decreased during g the 2Q-2011,, where byy the end of the period, 30 and 60 days volatility declined to 2.85% and 3.67% from 5.01% and 6.93% respectively in 1Q-2011, while the 52-weeks volatility reached 9.34%, down from 10.44% in the previous quarter.
Value (AED mil.) 1,704.25 993.59 861.29 819.37 687.43
% to market 20.40% 11.89% 10.31% 9.81% 8.23%
1.46 375.84 0.53 1.25 1.27
Active Stocks Gainers Losers No-Change
Count
% to Market
1.72% 250.56% 0.42% 1.25% 0.42%
Category
58 19 38 1
5,277.42 1,313.60 3,963.81 0.02
100.0% 24.89% 75.11% 0.00%
8,353.87 3,523.99 4,829.82 0.06
100.0% 42.18% 57.82% 0.00%
Most Active by Volume Stock AL DAR Properties Dana Gas PJSC Ras Al Khaimah Cement Sorouh Real Estate Ras Al Khaimah Properties
Close (AED)
1.24 0.61 0.82 1.23 0.36
Change -18.42% -6.15% 5.13% -6.82% -7.69%
Volume (mil. Shrs)
Most Active by Turnover Stock AL DAR Properties Etisalat Ras Al Khaimah Cement Methaq Takaful Insurance Sorouh Real Estate
Close (AED)
1.24 11.10 0.82 1.33 1.23
Change -18.42% 5.71% 5.13% -44.12% -6.82%
Out of 65 listed issues on ADX, 58 stocks participated in trades during the second quarter of 2011; out of which, 19 stocks recorded gains, while 38 issues closed lower and 1 stock closed with no change. Losing stocks stood for around 75% of the overall market volume and 58% of the total turnover during 2Q-2011. The Real Estate sector was the busiest during the quarter, dominating 38.61% of the market's total volume and 30.48% of total trading value.
Page 2 Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel.:(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw [email protected]
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC
Kuwait & Middle East Financial Investment Co. ADX Stocks - The Quarter Activity Sheet Name
Sector
31-Mar-2011
29-Jun-2011
Change
Volume (Shares)
Value (AED)
Shr Turnover Ratio
Abu Dhabi Commercial Bank
Banks
2.49
3.00
20.48%
146,261,276
422,375,562
2.61%
Abu Dhabi Islamic Bank
Banks
3.22
3.29
2.17%
49,806,327
160,425,401
2.11%
Bank Of Sharjah
Banks
1.90
1.88
-1.05%
172,519,425
289,536,785
8.22%
Commercial Bank International
Banks
0.86
1.00
16.28%
40,646
38,517
0.00%
First Gulf Bank
Banks
16.00
17.80
11.25%
31,238,632
554,882,800
2.08%
Finance House
Banks
5.45
3.60
-33.94%
1,274,573
4,987,019
0.42%
Invest Bank
Banks
1.81
1.70
-6.08%
11,111,020
18,586,823
0.96%
National Bank Of Abu Dhabi
Banks
9.74
11.00
12.94%
23,537,475
263,404,040
0.82%
National Bank of Fujairah
Banks
4.14
3.99
-3.62%
3,722,483
14,035,786
0.34%
National Bank of Umm Al-Qaiwain
Banks
2.00
1.99
-0.50%
1,592,674
3,086,953
0.10%
National Bank of Ras Al Khaima
Banks
4.15
4.55
9.64%
2,144,957
9,620,116
0.15%
Sharjah Islamic Bank
Banks
0.87
0.89
2.30%
20,292,988
18,403,172
0.84%
United Arab Bank
Banks
5.65
4.50
-20.35%
260,000
1,201,350
0.03%
Union National Bank
Banks
2.92
3.62
23.97%
42,839,581
152,864,562
1.89%
AL DAR Properties
Real Estate
1.52
1.24
-18.42%
1,150,640,390
1,704,249,342
44.63%
Ras Al Khaimah Properties
Real Estate
0.39
0.36
-7.69%
392,042,689
154,363,974
19.60%
Sorouh Real Estate
Real Estate
1.32
1.23
-6.82%
494,700,530
687,431,686
18.85%
Etisalat
Telecommunication
10.50
11.10
5.71%
94,103,420
993,587,861
1.19% 0.05%
Qatar Telecom (Qtel)
Telecommunication
171.50
142.00
-17.20%
91,366
13,661,637
Sudan Telecom.
Telecommunication
1.87
1.79
-4.28%
2,185,316
4,449,099
0.20%
AGTHIA Group
Consumer Staples
2.04
2.00
-1.96%
25,849,949
52,293,050
4.31%
International Fish Farming Holding Company
Consumer Staples
9.95
5.10
-48.74%
1,461,300
7,533,720
1.72%
1,251,733
2,131,664
1.25%
Foodco Holding Company
Consumer Staples
2.69
1.76
-34.57%
Gulf Livestock Co
Consumer Staples
6.98
6.98
0.00%
Ras Al Khaimah Poultry & Feeding
Consumer Staples
1.54
1.62
5.19%
145,421
225,859
0.17%
Abu Dhabi Ship Building
Industrial
2.20
1.95
-11.36%
591,363
1,266,148
0.28%
-
-
0.00%
Arkan Building Materials
Industrial
1.65
1.28
-22.42%
47,595,847
77,819,393
2.72%
Abu Dhabi National for Building Materials
Industrial
1.53
1.19
-22.22%
1,113,522
1,492,463
0.37%
F j i hB Fujairah Building ildi IIndustries d i
I d Industrial i l
3 74 3.74
2 21 2.21
-40.91% 40 91%
530 503 530,503
1 793 443 1,793,443
0 42% 0.42%
Fujairah Cement Industries
Industrial
1.03
1.09
5.83%
90,000
98,011
0.03%
Gulf Cement Company
Industrial
1.29
1.14
-11.63%
2,195,788
2,899,767
0.27% 0.43%
Gulf Pharmaceutical
Industrial
1.95
2.08
6.67%
3,090,186
6,340,180
Umm Al-Qaiwain Cement Industries
Industrial
0.69
0.70
1.45%
1,036,961
744,904
0.29%
Ras Al Khaimah Cement
Industrial
0.78
0.82
5.13%
876,361,934
861,292,251
181.07%
Ras Al Khaimah Ceramic
Industrial
2.28
1.83
-19.74%
5,725,653
11,683,111
0.77%
Ras Al Khaimah for White Cement & Const Const. Mate Industrial
1.37 1 37
1.60 1 60
16.79% 16 79%
4,916,748 4 916 748
7,673,305 7 673 305
1.05% 1 05%
Sharjah Cement & Industrial Dev.
Industrial
0.70
0.61
-12.86%
12,040,402
7,971,828
2.18%
2,433,408
2,850,429
0.36%
Union Cement Company
Industrial
1.30
1.13
-13.08%
Al Buhaira National Insurance
Insurance
9.00
9.00
0.00%
Abu Dhabi National Insurance
Insurance
6.10
6.00
-1.64%
Fujairah National Insurance
Insurance
300.00
300.00
0.00%
Al Khazna Insurance
Insurance
0.68
0.59
-13.24%
3,899,651 1,277,039
Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel.:(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw [email protected]
23,437,414 806,529
0.00% 1.04% 0.00% 0.32% Page 3
ABU DHABI SECURITIES EXCHANGE Quarterly Report l Second Quarter 2011 KMEFIC
Kuwait & Middle East Financial Investment Co. ADX Stocks - The Quarter Activity Sheet Name
Sector
31-Mar-2011
29-Jun-2011
Change
Volume (Shares)
Value (AED)
25,000
Shr Turnover Ratio
Al Ain Ahlia Insurance
Insurance
47.00
40.00
-14.89%
Al Wathba National Insurance
Insurance
5.60
5.60
0.00%
Al Dhafra Insurance
Insurance
3.83
5.33
39.16%
213,000
888,766
0.24%
Emirates Insurance
Insurance
6.20
6.15
-0.81%
1,004,864
5,902,414
0.74%
-
1,060,000 -
0.17% 0.00%
Green Crescent Insurance
Insurance
0.73
0.62
-15.07%
102,166,263
80,468,188
40.87%
Methaq Takaful Insurance
Insurance
2.38
1.33
-44.12%
375,839,308
819,372,384
250.56%
16,489
63,483
0.02%
Ras Al Khaimah National Insurance
Insurance
3.85
3.85
0.00%
Sharjah Insurance
Insurance
5.25
5.25
0.00%
Abu Dhabi National Takaful
Insurance
2.52
7.00 177.78%
689,444 -
3,352,733
United Insurance
Insurance
4.00
4.00
0.00%
Union Insurance
Insurance
2.21
2.18
-1.36%
Insurance House
Insurance
1.15
1.05
-8.70%
920,000
1,100,876
0.77%
Dana Gas PJSC
Energy
0.65
0.61
-6.15%
918,220,637
607,018,410
13.91%
Abu Dhabi National Energy
Energy
1.48
1.20
-18.92%
72,854,287
97,880,571
1.17%
Abu Dhabi Aviation
Services
3.07
3.27
6.51%
15,450,176
51,415,188
3.82%
Abu Dhabi National Hotels
Services
2.72
2.51
-7.72%
4,540,293
11,972,788
0.45%
Emirates Driving Company
Services
3.88
3.60
-7.22%
38,940
140,784
0.04%
FUJAIRAH Trade Center
Services
0.00
0.00
0.00%
1,799,607
-
-
0.00% 0.76%
3,903,953
-
0.00% 0.54%
0.00%
Gulf Medical Projects
Services
1.76
1.31
-25.57%
1,076,556
1,525,321
National Corp. for Tourism & Hotels
Services
5.00
4.54
-9.20%
230,768
1,611,614
0.18% 0.14%
National Marine Dredging
Services
10.00
11.50
15.00%
1,339,519
16,354,878
0.62%
Oman & Emirates Invest. Holding
Investment & Financial S
0.90
0.77
-14.44%
368,349
329,523
0.30%
Waha Capital
Investment & Financial S
0.82
0.68
-17.07%
148,614,793
107,960,825
8.58% Page 4
Kuwait & Middle East Financial Investment Company (K.S.C.C.) KMEFIC- P.O.Box 819 Safat 13009 Kuwait Tel.:(+965) 2225 5000 Fax:(+965) 2225 2563 www.kmefic.com.kw [email protected]
Legal DISCLAIMER: This report is being provided for informational purposes only and on the condition that it will not form a primary basis for any investment decision. This report is not an offer to buy or sell any of the securities that may be referred to herein. In no event will KMEFIC be liable for any loss occurring from investment decisions made based on the recommendation here-enclosed. Past performance is not necessarily a guide to future performance. Investors should make their own decision on whether or not to buy or sell the securities covered herein based upon their specific investment goals and in consultation with their financial advisor. KMEFIC has no obligation to update, modify or amend this report or to otherwise make any notification or announcement thereof in the event that any matter stated h i or any opinion, herein, i i projection, j ti forecast f t or estimate ti t sett forth f th herein, h i changes h or subsequently b tl becomes b i inaccurate. t The Th inclusion i l i off any opinions/estimates i i / ti t does d nott necessarily il imply i l a recommendation d ti or endorse the views expressed within them. Many areas of the report contain opinions and/or analysis that represent the involved analysts' views; neither the analysts nor KMEFIC shall be in any way liable for their opinions expressed in the report. This report has been prepared and issued by the Research Department @ Kuwait & Middle East Financial Investment Co. K.S.C.C. (KMEFIC), a licensed Kuwaiti investment company regulated by the Central Bank of Kuwait. KMEFIC prepared this report using publicly available information, internal data, and other sources considered reliable; however, KMEFIC makes no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability with respect to the report or the information, analysis, opinions, or related graphics contained on the report for any purpose. While great care has been taken to ensure that the facts stated are accurate, neither KMEFIC nor any of its employees shall be in any way responsible for the contents. Neither this document nor any of its contents may be distributed in any jurisdiction where its distribution is restricted by law. Neither this document nor its content may be copied, transmitted or distributed without the prior written consent of KMEFIC. Additional information on the contents of this report is available on request.
