KAMCO Research
Casablanca Stock Exchange Daily Bulletin
Friday, January 03, 2014
(The Bulletin covers the 47 Stocks listed on the Main Market)
MASI Index Return v.s. Volume (Jan-11 - Current)
Sectors' Return & Valuation Multiples
13,400
40000
13,000
37500
Market Cap.
MTD
% Chg
(MAD Mln)
P/E
P/B
(X)
(X)
Yield
(%)
16.00
17.28
19.99
NM
19.48
22.40
50.89
13.37
21.73
20.00
14.39
NM
9.28
16.74
11.96
10.84
14.80
12.72
11.63
9.48
NM
2.39
1.86
4.18
1.04
3.00
2.30
0.58
2.33
1.87
2.69
1.99
1.70
0.78
3.53
1.21
1.57
2.10
5.23
1.01
1.67
0.54
4.26%
2.78%
4.66%
2.32%
4.77%
2.54%
7.87%
4.79%
0.00%
2.34%
5.72%
0.00%
6.85%
5.87%
0.00%
28.25%
3.03%
7.63%
11.24%
6.92%
0.00%
35000
12,600
12,200
30000
11,800
27500
11,400
25000
22500
11,000
20000
10,600
17500
10,200
15000
9,800
12500
10000
9,400
Volume Traded ('ooo shares)
MASI Index
32500
7500
9,000
5000
Market Breadth
17
15
03.01.14
01.11.13
30.08.13
28.06.13
26.04.13
22.02.13
21.12.12
19.10.12
17.08.12
15.06.12
13.04.12
10.02.12
09.12.11
07.10.11
05.08.11
03.06.11
0
01.04.11
2500
8,200
28.01.11
8,600
14
Casablanca Stock Exchange
Banking
Beverages
Chemicals
Construction & Bldg. Material
Distributors
Electrical & Electronic Equipment
Food Producers & Processors
Holding Companies
Insurance
Investment & other Finance
Leisures & Hotel
Materials, Software & Computer
Mining
Oil & Gas
Pharmaceutical Industry
Real Estate
Telecommunications
Transport
Utilities
Forestry & Paper
413,142
154,461
7,907
1,026
45,114
8,590
342
11,172
2,644
18,690
5,556
1,644
567
19,256
8,986
715
38,279
85,272
273
2,600
48
0.39%
(0.11%)
0.00%
(2.01%)
0.82%
(1.54%)
5.97%
1.10%
(5.39%)
(0.39%)
0.94%
4.25%
0.00%
2.16%
(0.07%)
0.00%
0.67%
1.04%
5.95%
(1.52%)
(4.05%)
Sectors' MTD Return is based on the Change in market cap. and it might not conform with the benchmark return for each sector
Top 10 Stocks by Market Capitalization
Market Cap.
(MAD Mln)
1-Itissalat Al-Maghrib
85,272
P/E
(X)
Market Return, Volatility & Trading Indicators
ROE*
(%)
Market Return
13.73
14.6%
39.85
6.5%
4-Banque Centrale Populaire
33,416
17.81
8.8%
5-Douja Prom Addoha
17,798
9.45
16.5%
6-CIE Generale Immobiliere
14,506
45.93
7.1%
7-Ciments Du Maroc
11,693
17.82
11.1%
8-Managem
11,366
41.96
8.6%
9-Wafa Assurances
10,777
14.69
18.7%
9,866
12.28
9.8%
293,265
15.71
15.6%
YTD-14
% Chg
% Chg
0.10%
0.44%
0.44%
7,448.08
7.5
0.10%
0.40%
0.40%
413,142
1.56
0.38%
0.39%
0.39%
Market Cap (MAD Mln)
61,782
MTD
% Chg
9.2
MADEX Index
36,790
DTD
Chg
9,154.17
41.2%
3-Banque Marocaine Du Commerce Exterieur
DTD
Value
MASI Index
12.72
2-Attijariwafa Bank
Closing
Benchmark Volatility**
YTD-14
Since: Jan-13
Jan-12
11-Jan-14
Jan-10
MASI Index
10.2%
8.9%
9.4%
10.6%
10.5%
9.2%
9.7%
10.7%
10.7%
11.5%
Today's
DTD
DTD
Value
Chg
% Chg
MADEX Index
**: Annualized Standard Deviation of Daily Returns
Average Daily
Trading Indicators
10-Banque Morocaine Due Commerce Et De
L'Idustries
Volume ('000 Shares)
Subtotal
YTD-14
YTD-13
211.09
183.42
662.9%
119
516
22.91
20.62
898.8%
13
70
Value Traded (MAD Mln)
*: ROE is based on FY-12 Net Profit and Shareholders' equity as of 31-Dec-12
Today's Top Movers and Most Active Stocks
Best Return Performers
Managem
YTD-2014 Top Movers and Most Active Stocks
Price
Daily
(MAD)
Return
YTD Best Return Performers
1,241.00
7.45%
Managem
Nexans Maroc
152.55
5.97%
Compagnie de Transport au Maroc
222.50
Risma
Societe Nationale d'Electrolyse et de Petrochimie
Worst Return Performers
Compagnie d'Assurances et de Reassurances ATLANTA
Societe Metallurgique D'Imiter
Banque Morocaine Due Commerce Et De L'Industries
Colorado
Maghreb Oxygene
Most Active Stocks By Volume
Price
Volume
YTD-14
(MAD)
(Shrs)
Return
1,241.00
720
7.4%
Nexans Maroc
152.55
500
6.0%
5.95%
Compagnie de Transport au Maroc
222.50
100
6.0%
208.50
4.25%
Risma
208.50
40
4.3%
172.95
4.19%
Societe Nationale d'Electrolyse et de Petrochimie
172.95
94
4.2%
Price
Daily
(MAD)
Return
YTD Worst Return Performers
63.10
(8.42%)
Compagnie d'Assurances et de Reassurances ATLANTA
3,442.00
(5.96%)
Societe Metallurgique D'Imiter
743.00
(5.95%)
Banque Morocaine Due Commerce Et De L'Industries
56.50
(5.83%)
Colorado
126.50
(5.70%)
Maghreb Oxygene
Price
Volume
(MAD)
(Shrs)
YTD Most Active Stocks by Volume
Price
Volume
(MAD)
(Shrs)
63.10
YTD-14
Return
241
(8.4%)
3,442.00
27
(6.0%)
743.00
198
(5.9%)
56.50
3,416
(5.8%)
126.50
2
(5.7%)
Price
Volume
YTD-14
(MAD)
('000 Shrs)
Return
Itissalat Al-Maghrib
97.00
178,217
Itissalat Al-Maghrib
97.00
180
1.04%
Douja Prom Addoha
56.50
12,396
Douja Prom Addoha
56.50
21
1.07%
Attijariwafa Bank
307.00
7,730
Attijariwafa Bank
307.00
11
0.66%
Banque Centrale Populaire
193.00
5,072
Banque Centrale Populaire
193.00
11
(0.26%)
18.70
2,460
18.70
6
(4.05%)
Med Paper
Source: KAMCO Research
Med Paper
YTD-14 Return: accounts in addition to the chg in price the cash & share dividends announced during the year.
Casablanca Stock Exchange Daily Bulletin
KAMCO Research
(The Bulletin covers the 47 Stocks listed on the Main Market)
MASI Index
Company Name
▲
Reuters
Ticker
Index Value
DTD Point
Change
DTD %
Change
MTD %
Change
YTD-14
%Change
9,154.17
9.23
0.10%
0.44%
0.44%
YTD Volume
(Shrs)
YTD Avg.
Daily Vol.
(Shrs)
Closing
Price (MAD)
Beta
DTD %
Change
Today's Vol
(Shrs)
Current Mkt
Cap (Mln. MAD)
Current Mkt
Cap (Mln. USD)
P/E (X)
P/B (X)
Dividend
Yield
3-Jan-14
52 Weeks
High (MAD)
52 Weeks
Low (MAD)
ATW.CS
11,053
5,527
307.00
1.35
0.66%
7,730
61,782
7,324
13.73
2.01
2.93%
375.00
300.00
BCP.CS
10,535
5,268
193.00
0.72
(0.26%)
5,072
33,416
3,961
17.81
1.56
2.46%
204.00
173.55
▲ Banque Marocaine Du Commerce Exterieur
BMCE.CS
660
330
205.00
0.97
0.24%
210
36,790
4,361
39.85
2.58
1.61%
211.00
134.40
▼ Banque Morocaine Du Commerce Et De L'Industries
BMCI.CS
198
99
743.00
0.62
(5.95%)
148
9,866
1,170
12.28
1.21
4.04%
905.00
700.00
═ Credit Du Maroc
CDM.CS
-
611.00
0.32
0.00%
-
5,636
668
16.16
1.57
5.24%
724.00
468.10
262.00
0.72
0.77%
37
6,971
826
14.30
1.53
5.34%
295.00
180.20
(0.11%)
13,197
154,461
18,310
17.28
1.86
2.78%
▲ Attijariwafa Bank
▼ Banque Centrale Populaire
▲ Credit Immobilier Et Hotelier
▼
Banking Sector
═ Brasseries Du Maroc
═ Les Eaux Minerales D Oulmes
═
▼ Maghreb Oxygene
▲ Societe Nationale D'Electrolse Et De Petrochimie
41
21
22,487
11,244
SBM.CS
-
-
2,210.00
OULM.CS
-
-
840.00
-
-
Beverages Sector
▼ Colorado
▼
CIH.CS
-
0.10
0.00%
-
6,244
740
18.89
4.44
5.11%
2,550.00
1,566.00
NA
0.00%
-
1,663
197
25.59
3.41
2.98%
860.00
380.00
0.00%
-
7,907
937
19.99
4.18
4.66%
COL.CS
3,416
1,708
56.50
0.33
(5.83%)
1,250
509
60
12.83
1.67
3.89%
65.72
41.40
OXYG.CS
2
1
126.50
0.15
(5.70%)
-
103
12
12.35
0.58
3.95%
240.00
123.50
94
47
172.95
0.53
49
NM
0.83
0.00%
319.05
145.00
3,512
1,756
1.04
2.32%
SNP.CS
Chemicals Sector
4.19%
55
415
(2.01%)
1,305
1,026
122 NM
▼ Ciments Du Maroc
SCM.CS
122
61
810.00
0.86
(4.71%)
122
11,693
1,386
17.82
1.97
4.94%
948.00
550.00
▼ Holcim (Maroc)
HOL.CS
418
209
1,456.00
0.84
(0.27%)
57
6,130
727
12.50
2.91
6.87%
1,976.00
1,310.00
▲ Lafarge Ciments
▲ Societe Nationale De Siderurgie
▲
▲ Fenie Brossette
═ Label Vie
▼ ENNAKL Automobiles
19
1,368.00
1.11
4.03%
29
23,898
2,833
18.92
4.92
4.82%
1,537.15
910.40
103
870.00
0.83
1.05%
155
3,393
402
NM
1.57
0.00%
1,588.00
486.85
782
391
0.82%
363
45,114
5,348
19.48
3.00
4.77%
AUTO.CS
739
370
76.32
0.54
(3.51%)
738
3,673
435
18.31
2.22
4.59%
84.00
52.00
FBR.CS
9
5
130.10
0.40
0.08%
9
187
22
25.13
0.51
0.00%
280.00
108.35
1,450.00
0.30
0.00%
3,691
437
31.33
2.72
0.00%
1,570.00
1,100.00
1,101
551
34.67
NA
(0.06%)
80
1,040
123
18.03
2.88
4.82%
67.40
33.10
1,849
925
(1.54%)
827
8,590
1,018
22.40
2.30
2.54%
288.95
116.55
LBV.CS
NAKL.CS
Distributors Sector
▲ Nexans Maroc
▲
37
205
Construction & Building Materials Sector
▼ Auto Hall
▼
LAC.CS
SOND.CS
NEX.CS
Electircal & Electronic Equipment Sector
▲ Comp Suc Maroc Et De Raff
CSMR.CS
═ Lesieur Cristal SA
LESU.CS
▲
Food producers & Processors Sector
▼ Delta Holding
▼
═ CNIA SAADA Assurance
▲ Wafa Assurances
═ Diac Salaf
500
250
500
250
30
15
-
-
30
15
152.55
0.12
-
342
41
50.89
0.58
7.87%
5.97%
-
342
41
50.89
0.58
7.87%
1,980.00
0.40
1.49%
-
8,298
984
11.37
2.48
5.05%
1,999.00
1,476.00
104.00
0.28
0.00%
-
2,874
341
27.11
2.00
4.04%
114.45
97.76
1.10%
-
11,172
1,324
13.37
2.33
4.79%
41.40
23.10
30.18
0.85
(5.39%)
1,239
2,644
313
21.73
1.87
0.00%
(5.39%)
1,239
2,644
313
21.73
1.87
0.00%
92
3,798
450
37.55
3.20
4.12%
69.94
50.00
4,116
488
41.14
2.23
0.00%
1,195.00
1,044.00
3,490.00
2,664.00
707
707
ATL.CS
241
121
63.10
0.65
(8.42%)
CNIA.CS
5
3
999.70
NA
0.00%
43
22
3,079.00
0.67
289
145
WASS.CS
-
5.97%
1,414
Insurance Sector
═ Credit Eqdom (Soc D'equip Dom Et MN)
-
1,414
Holding Companies Sector
▼ Compagnie D'Assurances Et De Reassurances Atlanta
▼
DHO.CS
-
-
2.63%
32
10,777
1,277
14.69
2.75
2.60%
(0.39%)
124
18,690
2,216
20.00
2.69
2.34%
DIAC.CS
-
-
26.25
0.24
0.00%
-
28
3
NM
NM
0.00%
63.98
26.25
EQDM.CS
-
-
1,849.00
0.19
0.00%
-
3,088
366
12.40
1.99
5.95%
2,100.00
1,460.00
Casablanca Stock Exchange Daily Bulletin
KAMCO Research
(The Bulletin covers the 47 Stocks listed on the Main Market)
MASI Index
Company Name
▲
Reuters
Ticker
Index Value
DTD Point
Change
DTD %
Change
MTD %
Change
YTD-14
%Change
9,154.17
9.23
0.10%
0.44%
0.44%
YTD Volume
(Shrs)
YTD Avg.
Daily Vol.
(Shrs)
Closing
Price (MAD)
Beta
DTD %
Change
Today's Vol
(Shrs)
Current Mkt
Cap (Mln. MAD)
Current Mkt
Cap (Mln. USD)
P/E (X)
P/B (X)
Dividend
Yield
3-Jan-14
52 Weeks
High (MAD)
52 Weeks
Low (MAD)
═ Maroc Leasing
MLE.CS
-
-
400.00
0.05
0.00%
-
1,111
132
18.50
1.41
3.75%
450.00
330.55
▲ Salafin
SLF.CS
632
316
555.00
0.13
1.83%
325
1,329
158
14.43
2.19
6.94%
605.00
470.00
632
316
0.43%
325
5,556
659
14.39
1.99
5.72%
4.25%
37
1,644
195
NM
260.00
105.00
4.25%
37
1,644
195 NM
▲
Investment & Financial Institutions Sector
▲ Risma
▲
RIS.CS
Leisure and Hotels Sector
═ Disway
MAT.CS
═ Hightech Payment Systems SA (HPS)
HPS.CS
═
40
20
40
20
-
1
1
Materials, Software & Computer Services Sector
-
1
1
208.50
0.41
1.70
0.00%
1.70
0.00%
170.00
0.40
0.00%
-
321
38
8.00
0.56
8.82%
249.00
146.00
350.00
0.26
0.00%
-
246
29
11.74
1.63
4.29%
417.00
207.05
0.00%
-
567
67
9.28
0.78
6.85%
▲ Managem
MNG.CS
720
360
1,241.00
0.95
7.45%
247
11,366
1,347
41.96
3.61
1.61%
1,750.00
1,113.00
▼ Miniere Touissit
CMT.CS
24
12
1,500.00
0.68
(0.99%)
23
2,228
264
5.46
2.25
33.67%
2,269.00
1,290.00
▼ Societe Metallurgique D'imiter
SMI.CS
3,442.00
0.47
(5.96%)
27
5,662
671
12.01
4.32
3.49%
4,150.00
2,830.00
2.16%
297
19,256
2,283
16.74
3.53
5.87%
▲
Mining Sector
═ Afriquia Gaz
▼ Marocaine De L Industrie Du Raffinage (SAMIR)
▼
SAMI.CS
Oil & Gas Sector
═ Societe De Promotion Pharmaceutique Du Maghreb
═
AGAZ1.CS
PRO.CS
Pharmaceutical Industry Sector
27
14
771
386
-
-
161
81
161
81
-
-
-
-
1,695.00
0.36
0.00%
-
5,827
691
14.51
2.98
0.00%
1,730.00
1,453.00
265.50
0.82
(0.19%)
161
3,159
375
9.02
0.57
0.00%
550.00
233.00
(0.07%)
161
8,986
1,065
11.96
1.21
0.00%
884.00
603.00
715.00
0.14
0.00%
-
715
85
10.84
1.57
0.00%
-
715
85
10.84
1.57
18.18%
28.25%
▲ Alliances Developpement Immobilier
ADI.CS
160
80
493.90
0.69
0.80%
120
5,976
708
15.42
2.49
4.05%
723.00
379.00
▲ CIE Generale Immobiliere
CGI.CS
6
3
788.00
0.95
0.13%
-
14,506
1,719
45.93
3.26
2.41%
885.00
497.00
ADH.CS
20,582
10,291
56.50
1.71
1.07%
12,396
17,798
2,110
9.45
1.56
3.19%
73.00
39.80
20,748
10,374
0.67%
12,516
38,279
4,538
14.80
2.10
3.03%
1.04%
178,217
85,272
10,108
12.72
5.23
7.63%
131.00
86.90
1.04%
178,217
85,272
10,108
12.72
5.23
7.63%
257.90
170.00
374.00
250.00
35.80
18.60
▲ Douja Prom Addoha
▲
Real Estate Sector
▲ Itissalat Al-Maghrib
▲
▲ Compagnie De Transport Au Maroc
▲
CTM.CS
Transport Sector
▼ Lyonnaise Des Eaux De Casablanca
▼
IAM.CS
Telecommunications Sector
LYD.CS
Utilities Sector
▼ Med Paper
▼
Forestry & Paper Sector
▲
Subtotal: Casablanca Stock Exchange
PAP.CS
179,751
89,876
179,751
89,876
100
50
100
50
24
12
24
12
97.00
222.50
325.00
18.70
1.04
0.38
0.44
5.95%
-
273
32
11.63
1.01
5.95%
-
273
32
11.63
1.01
11.24%
11.24%
(1.52%)
24
2,600
308
9.48
1.67
6.92%
(1.52%)
24
2,600
308
9.48
1.67
6.92%
5,670
2,835
(4.05%)
2,460
48
6
NM
0.54
0.00%
5,670
2,835
(4.05%)
2,460
48
6
NM
0.54
0.00%
238,761
119,381
0.38%
413,142
48,974
16.00
2.39
4.26%
0.32
211,092
Source: Casablanca Stock Exchange Website & Reuters.
Notes: NM: Not Meaningful. NA: Not Applicable. Trailing P/E is calculated based on FY-2012 Net Profit and current market capitalization. Trailing P/BV is based on Shareholders’ Equity as of 31-Dec -12 and current market capitalization. Dividend Yield for individual stocks, sectors and market is
based on Cash Dividend distributed for Full Year 2012 and current market capitalization. DTD % change for individual stocks is based on the change in closing prices as being provided by the Casablanca Stock Exchange. DTD % change in sectors and total market is based on the daily change in
market capitalization (market capitalization is calculated based on the Closing price of listed stocks).
Beta is the tendency of a security's returns to respond to swings in the market. A beta of 1 indicates that the security's price will move with the market. A beta of < 1 means that the security will be less volatile than the market. A beta of > 1 indicates that the security's price will be more
volatile than the market. For example, if a stock's beta is 1.1, it's theoretically 10% more volatile than the market. Beta is calculated based on the daily share price returns versus MASI Index for the companies which have a minimum trading history of 1 year.
This document has been compiled and issued by KIPCO Asset Management Co. KSCC (KAMCO), which has obtained the information from sources it believes to be reliable, but KAMCO makes no guarantee as to either its accuracy or completeness and has not
carried out an independent verification. KAMCO accepts no responsibility or liability for losses or damages incurred as a result of opinions formed and decisions made based on information presented in this report. This document is not an offer to sell or
solicitation to buy any securities. The opinions and estimates expressed herein are those of the issuer.
Investment Research Dept., Email: KAMCO_Research@kamconline.com, P.O.Box 28873,Safat 13149 Kuwait, Tel: (965) 1852626 or (965) 22336600, Fax: (965) 22492395, http://www.kamconline.com
© KIPCO Asset Management Co. KSCC 2014