WEDNESDAY June 06, 2012
Shurooq Investment Research Daily Market Snap Shot Mohammed Raza Kamdar Financial Analyst
[email protected]
Shurooq Securities Co. LLC PO BOX: 982; PC: 112 Ruwi, Oman Tel: 24726703/704/705 www.shurooqsecurities.com www.shurooqinvest.com
View Reports at: http://www.shurooqsecurities.com/reports.asp
Oman Market & Economy News
Bank Nizwa’s 1.5 billion shares will be listed for trading on the Muscat Securities Market on Sunday, June 10, 2012. (Source: MSM)
Petroleum Development Oman (PDO) is preparing to launch work on a new gas plant project that will help boost output of much-needed natural gas by over 1 million standard cubic metres per day. The green-field project will be built at Zauliyah in central Oman adjacent to PDO’s existing Zauliyah Oil Production Station. The new facility will process non-associated gas and produced fluids from the Zauliyah oil field. (Source: Oman Daily Observer)
Bank Muscat’s GDR which is listed at London Stock Exchange posted a price of USD 6.05 (OMR 0.582) as of June 06, 2012. Bank Muscat closed at OMR 0.561 on the Muscat Securities Market on June 06, 2012. (Source: LSE & MSM)
June 06 2012
Market Snap Shot Market Summary MSM30 index stood out it positive for today as select heavyweight stocks evinced market sentiments amongst regional investors. The General index gained 19 points after a sharp drop of 16 points in the intra-day of trading. MSM index month-to-date performance for June advanced to +0.51%, followed by year-to-date performance which stood at +1.56%. Both Financial and Services sectoral oral indices closed in green by 0.51% and 0.26% respectively due to gains in HSBC Bank Oman, Bank Muscat and Renaissance Services. Industrial sector couldn’t manage to close in positive despite gains in Galfar Engineering. Market breadth remained in support ort of the advancing equities as advance to decline ratio stood at 23:11; whereas 13 stocks ended flat out of 47 traded counters. Market activity remained retreated as total market volumes decreased by 16% to trade over 11.19 million shares and market turnover declined 3% at OMR 2.94 million. Market Capitalization from regular market stood at OMR 5.97 billion v/s. OMR 5.94 billion yesterday. Total Market Capitalization added another 1.60% to reach OMR 11.05 billion.
MSM + 0.33%
________________________________________________________ _______________________________________________________________________________________________________________________________ ___________________________________________________________________ Index Movement
Group Participation
Index
High
Low
Close
Prv. Close
Change
% Change
P/E
Nationality
Buy Turnover
Sell Turnover 81%
MSM30
5784
5768
5784
5765
19
0.33
10.40
OMANIS
79%
Financial Sector
6667
6633
6667
6633
34
0.51
9.14
GCC
7%
5%
Industry Sector
6935
6902
6904
6923
-18
-0.26
9.95
ARABS
3%
2%
Services Sector
2646
2637
2646
2639
7
0.26
9.48
OTHERS
Source: MSM Website
GCC Markets
Close
Prev. Close
% Chg
% YTD
P/E
Turnover
Mkt Cap
(USD mn)
(USD bn)
10%
11%
100.00%
100.00%
Commodities & Currencies
Close
Prev. Close
% Chg
Oman (MSM)
5,784
5,765
0.33
1.56
10.51
7.6
18
Oman Crude (USD/bbl) *
96.9
95.5
1.50
Saudi Arabia (TASI)
6,661
6,737
-1.12
3.79
11.73
1,578.6
350
WTI Crude (USD/bbl) *
85.3
85.0
0.35
UAE (Dubai FM)
1,456
1,450
0.42
7.58
10.37
19.5
48
Brent Crude (USD/bbl) *
100.8
100.6
0.11
UAE (Abu Dhabi SE)
2,435
2,433
0.07
1.31
8.23
16.7
74
Gold 100 OZ (USD/t oz.) *
1622
1634
-0.73
Kuwait (KSE)
6,085
6,130
-0.73
4.66
15.36
61.0
102
Copper (USD/lb) *
337
338
-0.40
Qatar (QSE)
8,343
8,322
0.24
-4.91
11.54
49.7
126
Euro / $1USD *
1.26
1.26
-0.14
Bahrain (BSE)
1,132
1,131
0.06
-1.01
7.88
0.4
20.2
$1USD / Yen *
79.40
79.19
0.27
Egypt (ESE)
4,485
4,503
-0.40
23.82
9.21
28.5
52.7
INR / $1USD *
55.16
55.14
0.04
Source: Zawya & Bloomberg
* Close as of 9:00 am OST
Global Markets – June 06, 2012 US Close Dow Jones 12415 Nasdaq 2845 S&P 500 1315 Source: Bloomberg
2
Prev. Close 12128 2778 1286
% Change 2.37 2.40 2.30
Europe FTSE FTSE-UK Dax--Germany CAC40 CAC40-Euronext
Close 5384 6094 3058
Prev. Close 5260 5969 2986
% Change 2.36 2.09 2.42
Asia Nikkei N225 HSI Hong Kong BSE - India
Close 8534 18521 16454
Prev. Close 8382 18259 16021
% Change 1.81 1.43 2.71
Shurooq Investment Research
Market Snap Shot
June 06 2012
Stock Performance Al Anwar Holding (+3.39% @ OMR 0.122) was the top gainer for today on heavy volumes to trade over 939K shares. Global Financial Investment (+1.15% @ OMR 0.088) remained most active in terms of market volumes to trade over 1.53 million shares and Nawras (-0.39% @ OMR 0.513) topped market turnover at OMR 519K. Index heavyweight gainers for today were: HSBC Bank Oman (+1.64% @ OMR 0.248), Galfar Engineering (+1.24% @ OMR 0.410), Bank Muscat (+1.08% @ OMR 0.561), Renaissance Services (+0.58% @ OMR 0.518), Raysut Cement (+0.38% @ OMR 1.333) and National Bank of Oman (+0.35% @ OMR 0.291). Asaffa Foods (-2.86% @ OMR 0.510) remained as the top decliner on low volumes to trade over 9K shares. Major decliners for today were: Bank Sohar (-1.28% @ OMR 0.154), Oman Cement (-0.59% @ OMR 0.676), Nawras (-0.39% @ OMR 0.513) and Omantel (-0.23% @ OMR 1.332).
GCC / MENA Market & Economy News
Abu Dhabi's Gulf Capital will enter Saudi Arabia's real estate market with a SAR1bn (US$267m) investment plan to tap growing demand for residential property in the kingdom. (Source: Arabian Business)
Qatar's RasGas, one of the world's biggest gas exporters, is currently running its 37m tonne per year liquefied natural gas (LNG) plant at full production capacity, according to a company official. (Source: Arabian Business)
Qatar Telecom (Qtel) said it plans to double its stake in mobile operator Asiacell to 60 percent, a deal worth close to USD1.5bn and one that will give the Doha-based telco more exposure to Iraq's fast growing telecoms industry. Qtel will initially increase its ownership in Asiacell to 53.9 percent, from 30 percent; the further increase in shareholding is subject to Iraqi government and regulatory authority approval. (Source: Zawya)
IFA Hotels and Resorts Company said that its board has proposed increasing the company's capital 40 percent by issuing nearly 181.6mn new shares at KWD0.23 (USD0.82) each. The share price will consist of a par value of KWD0.1 and an issue premium of KWD0.13. (Source: Zawya)
Kuwait and Middle East Financial Investment Company (KMEFIC) said it has signed a contract for the sale of the brokerage license of its unit Middle East Financial Brokerage Co.-Oman to Oman's Ahli Bank. Kmefic said that the license was sold at its book value of OMR347,800 (USD903,600) and that it didn't realize any profit or loss on the transaction. The bank has officially taken charge of the brokerage's operations. (Source: Zawya)
Gulf Finance House said that shareholders have approved using its reserves to write off KWD8.77mn (USD31.26mn) of accumulated losses. The shareholders have also decided that no dividends be distributed for 2011. (Source: Zawya)
Tatweer Petroleum Company plans to invest between USD3bn and USD4bn in the next four years mainly to drill wells. The Gulf state's oil production is expected to grow to more than 50,000 barrels a day by the end of 2012 compared with 40,000 barrels a day at present, Andrew Kershaw, the company's general manager for the development of the Bahrain Field, said. (Source: Zawya)
3
Shurooq Investment Research
June 06 2012
Market Snap Shot
Market Movers & Shakers – June 06, 2012 Top Movers
Price
Change %
Change
AL ANWAR HOLDING (AAIT )
0.122
3.39%
0.004
MSM Summary MSM30
5,783.910 2,944,702.984
Change%
FINANCIAL SERV. (FSCI )
0.080
2.56%
0.002
Turnover
ACWA POWER BARKA (APBS )
0.379
2.16%
0.008
Volume
11,191,878
GULF INT.CHEMI. (GICI )
0.162
1.89%
0.003
Trades
1,012
ONIC. HOLDING (ONIC )
0.269
1.89%
0.005
Sec Traded
47
HSBC BANK OMAN (HBMO )
0.248
1.64%
0.004
Up
23 11
AL KAMEL POWER (KPCS )
1.820
1.39%
0.025
Down
GALFAR ENGINEER. (GECS )
0.410
1.24%
0.005
Financial Sector
0.330%
TRANSGULF IND. (TGII )
0.085
1.19%
0.001
Index
6,666.910
Change%
0.510%
GULF INVESTMENT (GISI )
0.086
1.18%
0.001
Turnover
1,242,794.194
Sec Traded
15
Volume
6,636,685
Up
9
Top Shakers
Price
Change %
Change
Trades
543
Down
2
ASAFFA FOODS (SPFI )
0.510
-2.86%
-0.015
Industrial Sector
AL JAZEERA SER (AJSS )
0.281
-2.09%
-0.006
Index
6,904.480
Change%
-0.260%
VOLTAMP ENERGY (VOES )
0.320
-1.84%
-0.006
Turnover
765,697.690
Sec Traded
14
BANK SOHAR (BKSB )
0.154
-1.28%
-0.002
Volume
2,557,524
Up
4
OMAN CEMENT (OCOI )
0.676
-0.59%
-0.004
Trades
233
Down
6
SALALAH MILLS (SFMI )
0.870
-0.57%
-0.005
Services Sector
ALUMINIUM PROD. (NAPI )
0.225
-0.44%
-0.001
Index
2,645.690
Change%
0.260%
NAWRAS (NWRS )
0.513
-0.39%
-0.002
Turnover
867,407.467
Sec Traded
8
JAZEERA STEEL.P (ATMI )
0.277
-0.36%
-0.001
Volume
1,591,769
Up
5
DHOFAR INT. (DIDI )
0.423
-0.24%
-0.001
Trades
140
Down
3
Company
Price
Change %
Volume
Company
Price
Change%
GLOBAL FINC. IN. (GFIC )
0.088
1.15%
1,533,208
NAWRAS (NWRS )
0.513
-0.39%
519,466
GULF INVESTMENT (GISI )
0.086
1.18%
1,065,223
BANK MUSCAT (BKMB )
0.561
1.08%
278,923
OMAN FISHERIES (OFCI )
0.114
0.89%
1,047,000
HSBC BANK OMAN (HBMO )
0.248
1.64%
220,688
NAWRAS (NWRS )
0.513
-0.39%
1,011,901
GALFAR ENGINEER. (GECS )
0.410
1.24%
200,482
AL ANWAR HOLDING (AAIT )
0.122
3.39%
939,650
OMAN TELECOM (OTEL )
1.332
-0.23%
181,814
HSBC BANK OMAN (HBMO )
0.248
1.64%
889,110
OMINVEST (OMVS )
0.415
0.00%
160,471
BANK MUSCAT (BKMB )
0.561
1.08%
496,773
GLOBAL FINC. IN. (GFIC )
0.088
1.15%
134,478
GALFAR ENGINEER. (GECS )
0.410
1.24%
488,517
OMAN FISHERIES (OFCI )
0.114
0.89%
119,708
ONIC. HOLDING (ONIC )
0.269
1.89%
392,981
SALALAH MILLS (SFMI )
0.870
-0.57%
118,807
BANK SOHAR (BKSB )
0.154
-1.28%
388,769
OMAN CEMENT (OCOI )
0.676
-0.59%
117,234
Most Active By Volume
4
Most Active By Turnover Turnover
Shurooq Investment Research
June 06 2012
Market Snap Shot MSM Market Snap Shot Q1’2012 unless otherwise stated Share Price
Company
Financial Sector
Share Capital
Net Profit FY' 11
Net Profit Q1' 12
Net Profit Q1' 11
(mn)
(mn)
(mn)
(mn)
18.2
5.9
4.0
47
% Chg
BV
P/BV
EPS Q1'2012
P/E
CMP as of Dec 29, 2011
YTD Perf. (Div. Adj.) %
Cash Div. FY'11
Stock Div. FY'11
Div. Yield %
Mkt Cap
Recommendation
(mn)
Banking 1
Ahli Bank
0.199
95.4
0.126
1.58
2
Bank Dhofar
0.440
110.0
14.0
9.4
9.4
0.2
0.208
3
Bank Muscat
0.561
181.2
117.5
33.4
27.8
20
0.481
4
Bank Sohar
0.154
100.0
14.5
5.3
3.1
74
0.129
1.20
5
National Bank of Oman
0.291
110.8
34.2
9.6
7.7
24
0.246
1.18
0.009
8.4
6
HSBC Bank Oman
0.248
98.0
16.5
2.4
4.4
-45
0.168
1.47
0.002
25.1
0.265
19%
0.006
8.0
-10.64
190
Hold
2.11
0.009
12.9
0.547
-2.03
0.007
20%
1.17
0.018
7.6
0.766
-12.51
0.025
15%
1.59
484
Unrated
4.46
1016
0.005
7.2
0.158
2.53
0.008
Hold
5.2
154
Buy
0.320
-1.32
0.018
0.280
-6.30
0.011
2.5%
6.0
322
Add, Hold
1.3%
4.5
243
Unrated
0.020
5%
6.9
47
Reduce
20%
0.0
34
11.4
18
8.1
27
Add, Hold
7.7
33
Reduce
Leasing 1
Al Omaniya Financial
0.290
16.3
4.8
1.1
1.0
10
0.215
1.35
0.007
11.0
0.310
4.68
2
Muscat Finance
0.170
20.2
3.6
1.0
0.9
6
0.124
1.38
0.005
8.9
0.200
2.00
3
Oman Orix Leasing
0.110
16.8
2.6
0.8
0.6
33
0.123
0.89
0.004
6.1
0.110
11.36
0.013
4
Taageer Finance
0.124
21.7
3.2
1.0
0.6
49
0.125
0.99
0.004
7.0
0.155
10.45
0.010
5
United Finance
0.130
25.0
2.8
0.6
0.4
49
0.132
0.98
0.002
13.5
0.121
15.70
0.010
0.108
12.96
30%
Investment & Holding 1
Al Anwar Holding FY'11
0.122
12.0
0.4
0.7
-1.7
144
0.174
0.70
0.006
19.7
2
DIDIC
0.423
20.0
0.9
2.0
2.8
-28
0.367
1.15
0.010
10.4
0.435
-2.76
3
Ominvest
0.415
27.8
4.9
6.8
8.1
-17
0.177
2.34
0.024
4.3
0.418
11.60
0.010
4
ONIC Holding
0.269
17.3
-1.2
0.4
0.6
-27
0.279
0.97
0.002
27.7
0.170
61.18
0.005
5
Al Sharqiya Investment
0.104
8.0
0.4
0.5
0.3
81
0.174
0.60
0.006
4.0
0.096
8.33
6
Financial Services
0.080
6.5
-2.0
0.1
-0.7
117
0.082
0.98
0.002
11.4
0.055
45.45
5
7
Gulf Inv. Services
0.086
15.0
-0.3
1.0
0.0
4471
0.130
0.66
0.007
3.2
0.052
65.38
13
8
Global Financial Inv.
0.088
30.0
-0.3
0.8
0.1
544
0.112
0.79
0.003
8.5
0.056
57.14
26
Unrated
34
Reduce
15
10%
85
Unrated
2.4
115
Add, Hold
1.9
47
Reduce
8
Insurance 1
Dhofar Insurance
0.171
20.0
-2.2
1.5
1.3
10
0.152
1.13
0.007
5.9
0.198
-13.64
2
Oman United Insurance
0.160
10.0
1.1
1.7
0.4
380
0.208
0.77
0.017
2.3
0.115
45.65
0.008
4.7
16
Add, Hold
Industry Sector Cement 1
Oman Cement
0.676
33.1
12.8
5.1
4.2
24
0.434
1.56
0.016
10.9
0.432
63.43
0.030
4.4
224
Hold
2
Raysut Cement
1.333
20.0
14.9
6.8
5.0
37
0.496
2.69
0.034
9.7
0.760
81.97
0.050
3.8
267
Hold
Engineering 1
Al Hassan Engineering
0.209
7.5
2.5
0.3
0.6
-52
0.218
0.96
0.004
13.8
0.253
-11.46
0.015
7.2
16
Unrated
2
Galfar Engineering
0.410
33.0
5.3
1.7
1.4
25
0.266
1.54
0.005
19.6
0.337
25.22
0.012
2.9
135
Unrated
0.510
11.0
3.9
1.1
0.8
30
0.153
3.33
0.010
13.2
0.489
11.96
0.012
2.4
56
Hold
FMCG 1
Asaffa Foods
5
5%
Shurooq Investment Research
June 06 2012
Market Snap Shot
Share Capital
Net Profit FY' 11
Net Profit Q1' 12
Net Profit Q1' 11
% Chg
YTD Perf. (Div. Adj.) %
Cash Div. FY'11
Stock Div. FY'11
Company
2
Dhofar Cattlefeed
0.140
7.7
0.1
0.4
-0.3
235
0.526
0.27
0.005
7.6
0.135
7.41
3
Oman Flour Mills Q3'11
0.467
15.8
5.2
2.4
4.7
-48
0.289
1.62
0.015
22.8
0.478
-2.30
4
Salalah Mills
0.870
4.8
3.7
1.3
1.2
12
0.365
2.39
0.028
7.9
0.982
-7.33
1
Al Anwar Ceramic
0.370
20.4
5.7
1.6
1.5
5
0.141
2.63
0.008
11.8
0.325
24.15
0.015
2
Jazeera Steel Product
0.277
12.5
3.0
1.1
1.0
13
0.260
1.06
0.009
7.6
0.252
15.87
0.015
3
National Aluminum
0.225
3.4
1.4
0.03
0.3
-90
0.218
1.03
0.001
57.2
0.404
-39.36
0.020
8.9
8
Unrated
4
Oman Cable Industry
0.832
9.0
7.2
1.7
1.0
63
0.558
1.49
0.019
10.9
0.740
17.84
0.040
4.8
75
Add, Hold
5
Majan Glass
0.498
3.8
1.1
0.3
0.5
-31
0.325
1.53
0.009
13.8
0.645
-7.33
0.025
5.0
19
Hold
6
National Detergent
0.899
1.7
1.0
0.3
0.5
-38
0.745
1.21
0.017
13.5
0.899
4.45
0.040
4.4
15
Unrated
7
Oman Chlorine
0.494
6.2
2.7
0.7
0.5
33
0.259
1.91
0.012
10.4
0.440
17.95
0.025
5.1
31
Reduce
8
Voltamp Energy
0.320
6.1
1.4
0.2
0.5
-56
0.252
1.27
0.004
21.2
0.414
-10.14
0.020
6.3
19
Buy
0.056
8.5
-0.8
0.14
-0.04
424
0.096
0.58
0.002
8.4
0.044
27.27
BV
P/BV
EPS Q1'2012
CMP as of Dec 29, 2011
Share Price
P/E
Div. Yield %
Mkt Cap
0.005
3.6
11 74
Buy
0.040
4.6
42
Add, Hold
Recommendation
Manufacturing 5%
15%
10%
4.1
76
Hold
5.4
35
Add, Hold
Construction 1
Cons Mat. Industry
5
Services Sector Power & Utilities 1
ACWA Power Barka
0.379
16.0
9.4
1.0
1.4
-30
0.203
1.87
0.006
15.2
0.297
35.94
0.025
6.6
61
2
SMN Power
3.600
20.0
3.8
2.9
3.3
-12
1.678
2.15
0.147
6.1
3.663
2.21
0.144
4.0
72
Hold
3
Sohar Power
1.371
27.8
2.5
-1.4
0.5
-364
1.013
1.35
-0.052
-6.6
1.685
-18.64
38
Neutral
4
United Power
1.128
12.2
1.9
0.2
0.7
-67
1.616
0.70
0.018
15.9
1.002
12.57
14
Unrated
6.9
8.6
2.5
2.0
23
5.280
3.14
0.362
11.4
13.500
28.96
0.850
5.1
114
Buy
Reduce
Oil Marketing 1
Al Maha Petroleum
16.559
2
Oman Oil Marketing
1.785
6.5
8.1
1.9
1.9
0.5
0.529
3.37
0.029
15.3
1.710
8.01
0.062
3.5
115
Reduce
3
Shell Oman Marketing
2.510
10.0
12.6
3.4
4.0
-16
0.299
8.39
0.034
18.6
2.393
9.78
0.117
4.7
251
Reduce
Telecommunication 1
Nawras
0.513
65.1
47.5
9.8
12.1
-19
0.257
1.99
0.015
8.5
0.650
-15.23
0.038
7.4
334
Hold
2
Omantel
1.332
75.0
112.9
29.1
25.8
12.8
0.641
2.08
0.039
8.6
1.309
9.40
0.100
7.5
999
Hold Reduce
Port 1
Port Services
0.388
9.5
4.3
1.3
1.5
-13
0.350
1.11
0.014
6.8
0.428
2.34
0.050
12.9
37
2
Salalah Port Services
0.470
18.0
2.4
1.6
1.0
58
0.221
2.13
0.009
13.6
0.479
1.25
0.015
3.2
85
1
OIFC FY'11
0.218
12.0
2.1
3.5
2.8
26
0.156
1.40
0.029
7.4
0.185
17.84
Billing & Debt Collection 26
Hold
146
Unrated
Others 1
Renaissance Services
0.518
28.2
2.3
0.8
0.9
-16
0.695
0.75
0.003
46.7
0.545
-4.95
2
Al Jazeira Services
0.281
11.2
1.4
1.4
0.7
89
0.166
1.69
0.013
5.6
0.177
62.71
0.007
2.5
31
Hold
3
Muscat Gases
0.780
3.0
1.4
0.5
0.5
0.2
0.262
2.97
0.016
12.3
0.741
13.36
0.060
7.7
23
Reduce
4
Oman Holding FY'11
0.240
11.0
2.9
7.5
9.9
-25
0.471
0.51
0.068
3.5
0.251
-4.38
6
26
Shurooq Investment Research
Market Snap Shot
June 06 2012
.
Disclaimer This report is not directed to, or intended to or use by any person or entity who is a citizen of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which subject Shurooq Securities Co LLC to any registration or licensing requirements within such jurisdiction. This report is provided for information purpose only. This report is based on information generally available and is deemed reliable but no assurance is given as to its accuracy or completeness. Shurooq Securities Co LLC is not accountable for any decision based on the content of this report. The investor will not indemnify Shurooq Securities Co LLC and its officers, employees and staff against any loss or damage or other liabilities (including Cost), which may suffer as a result of reliance on such reports. Neither the information nor the opinions contained are to be construed as an offer to buy and sell securities mentioned above. This report is not to be relied upon in substitution for the exercise of independent judgment. Investor should judge the suitability of the securities to their need.
7
Shurooq Investment Research