麦加投资咨询

MAKKAH INVESTMENT 

 麦加投资  مكه للاستثمار    


Saudi and Egyptian equities offer great upside potential 沙特和埃及地区资产表现巨大升值潜力

关注:350发表时间:2018-07-09 10:55:26


Structural and economic reforms happening in the Middle East and North Africa (MENA) region, particularly in Saudi Arabia and Egypt, are expected to give a boost to the corporate earnings and equity valuations in the short to medium term, according to recent report from Emirates NBD Asset Management and Jupiter Asset Management.

根据阿联酋NBD资产管理和木星资产管理最近的报告,在中东和北非(MENA)地区,特别是沙特阿拉伯和埃及地区发生的结构和经济改革,预计将在短期至中期内推动该区域内企业盈利和股票估值。 

 

The recent MSCI upgrade of Saudi Arabia is also expected to bring in additional foreign capital, boosting equity valuations. MSCI recently promoted Saudi Arabia to its emerging market index (in a two-step inclusion process will occur in May and August next year), representing a fillip to the country’s Vision 2030 plans to make its stocks more internationally tradable.

沙特阿拉伯最近的MSCI升级预计也将带来额外的外国资本,从而提升股票估值。摩根士丹利资本国际(MSCI)最近将沙特阿拉伯收录进其新兴市场指数(将在明年5月和8月分两步进行包容性进程),这代表了该国2030年愿景计划使其股票在国际上更具交易性。

 

In 2018, anticipation of the now-confirmed MSCI upgrade for Saudi Arabia has driven the Tadawul All Shares Index (Tasi) up 15 per cent year to date, in stark contrast to the MSCI EM Index itself, which is down 2 per cent for the year. At a weighting of approximately 2.6 per cent and with 32 securities selected, the importance of the upgrade is likely to serve as a catalyst for the Saudi capital market.

在2018年,对沙特阿拉伯现已确认的MSCI升级的预期推动Tadawul All Shares Index(Tasi)今年迄今上涨15%,与MSCI新兴市场指数本身形成鲜明对比,该指数下跌2%。年。权重约为2.6%,选择了32种证券,升级的重要性可能成为沙特资本市场的催化剂。

 

“With a raft of socioeconomic changes taking place in Saudi Arabia — from women driving to the opening of the first cinemas — we are seeing huge opportunity for EM investors in 2018-19. While the country has been able to plug forex leakage with issuance of US dollar-denominated debt, a great deal more can be achieved through its stock market, especially after inclusion on the FTSE Russell and MSCI EM indices.

“随着沙特阿拉伯发生一系列社会经济变化 - 从女性开车到第一家电影院开幕 - 我们看到新兴市场投资者在2018 - 19年间有巨大的机会。虽然该国已经能够通过发行以美元计价的债务来弥补外汇泄漏,但通过其股票市场可以实现更多目标,特别是在纳入富时罗素和MSCI新兴市场指数之后。

 

Asset managers said Saudi market has been delivering strong returns last year, even amid political and economic uncertainties. “The Tadawul All Share Index is up by double digits year-to-date, and our own Saudi Arabia Equity Fund has exceeded 18 per cent returns, as investors have become increasingly bullish on the Kingdom,” said Bajwa.

资产管理公司表示,即使在政治和经济不确定的情况下,沙特市场去年也取得了强劲的回报。 “今年迄今为止,Tadawul所有股票指数均上涨了两位数,而我们自己的沙特阿拉伯股票基金的回报率已超过18%,因为投资者越来越看好该王国,”Bajwa说。

 

According to estimates by Emirates NBD Asset management, even ahead of the MSCI upgrade, smart fund managers from the US, UK and Asia have already dipped into the Saudi market, with foreign inflows surpassing $3 billion by May 2018, which is equivalent to all inflows to the UAE and Qatar for the whole of 2014, when they were upgraded.

根据阿联酋NBD资产管理公司的预测,即使在MSCI升级之前,来自美国,英国和亚洲的智能基金经理已经进入沙特市场,到2018年5月外国资金流入超过30亿美元,相当于所有资金流入到2014年整个阿联酋和卡塔尔升级时。

 

The Kingdom received total capital inflows of only $25 billion in 2017. Following the announcement, MSCI stated that the Aramco IPO can push Saudi’s weight to 4.4 per cent from 2.6 per cent, effectively leading to $70-79 billion (9.4 per cent to 10.6 per cent of GDP) of foreign inflows into the Kingdom.

2017年,王国收到的资本总流入量仅为250亿美元。在宣布之后,摩根士丹利资本国际公司表示,阿美公司首次公开募股可将沙特的权重从2.6%提升至4.4%,并有效推动约700-790亿美元(9.4%至10.6%的GDP占比)外资流入沙特国内。



Copyright ©麦加咨询(北京)有限责任公司 All Rights Reserved | 京ICP备18032264号