NCBC Closing Bell_18Jan2011

8/7/2019 NCBC Closing Bell_18Jan2011

1/16

NC BC ON TH E MA RK ET S | January 18, 2011

Closing BellSAUDI ARABIA

UAE ABU DHABI

QATAR

OMAN

3

10

12

14

UAE DUBAI

KUWAIT

EGYPT

BAHRAIN

9

11

13

15

MARKET RECAP ECONOMY AND BUSINESS NEWS

Saudi Arabia: The benchmark TASI declined 0.8% to

close at 6,715.6, dragged by STC, SABIC and SAMBA,

which lost 2.4%, 1.3% and 1.2% respectively. RIBL and

Saudi Fransi gained 0.8% and 0.6% respectively.

Dubai: The DFM benchmark index closed 0.8% higher at

1,622.3, led by Emirates Integrated Telecom, Air Arabia

and Dubai Financial Market, which rose 2.3%, 1.6% and

1.4% respectively.

Abu Dhabi: The Abu Dhabi index declined 0.4% to end at

2,679.6, undermined by First Gulf Bank and Emirates

Telecom, which lost 1.1% and 0.5% respectively. Aldar

Properties gained 3.4% with a turnover of $17.5mn.

Kuwait: The Kuwaiti bourse closed near flat at 6,918.0, up

0.04%, led by Mobile Telecom and Gulf Bank, which added

2.8% and 1.8% respectively. Kuwait Finance House fell

1.6%.

Qatar: The Qatari bourse advanced 0.4% to close at

9,200.0, led by Industries Qatar and Masraf Al Rayan,

which gained 2.0% each. Qatar Telecom rose 1.1%.

Egypt: The EGX30 benchmark index slipped 3.1% to end

at 6,693.6, dragged by Orascom Telecom and Al Ezz Steel

Rebars, which declined 5.6% and 5.1% respectively.

Commercial International Bank and Orascom Construction

shed 4.6% and 3.8% respectively.

Oman: The MSM30 benchmark fell 0.2% to close at

7,006.2, dragged by Raysut Cement and Nawras, which

lost 1.2% each. National Bank of Oman shed 0.9%.

Bahrain: The Bahraini bourse closed 0.4% lower at

1.425.9, undermined by Ahli United Bank, which lost 2.1%.

Aluminium Bahrain gained 1.1%.

SABICs 4Q10 net profit jumps 26.8% YoY: SABIC

posted a net profit of SR5.81bn in 4Q10 compared to net

profit of SR4.58bn in 4Q09. (Tadawul)

Al Hokair posted a net profit of SR33.9mn in 4Q10: Al

Hokair posted a net profit of SR33.9mn in 4Q10 compared to

net profit of SR42.4mn in 4Q09. (Tadawul)

Al Othaim posted a net profit of SR53mn in 4Q10: Al

Othaim posted a net profit of SR53mn in 4Q10 compared to

net profit of SR16.5mn in 4Q09. (Tadawul)

GASCO posts net profit of SR39.4mn in 4Q10: National

Gas and Industrialization Company (GASCO) posted a net

profit of SR39.4mn in 4Q10 compared to net loss ofSR120.5mn in 4Q09. (Tadawul)

Dubai World sees improving profitability: Dubai World,

the emirate's flagship conglomerate that has restructured

$25bn in debt, expects recovery in its critical businesses

such as ports and free trade zones. (Trade Arabia)

Ahli Bank posts net profit of QAR412.3mn in FY10: Ahli

Bank posted a net profit of QAR412.3mn in FY10 compared

to net profit of QAR300.5mn in FY09. (Zawya)

Bank Muscat calls EGM for approval of Bond issue:

Bank Muscat will seek shareholder approval at a meeting

held on February 6 to issue bonds under an $800mn Euro

Medium Term Note (EMTN) program. (Zawya)

OCTAL secures OMR114mn loan to fund expansion:

OmansOCTAL secured an OMR114mn long term loan from

a consortium of banks (Bank Muscat, Bank Dhofar, National

Bank of Oman, Bank Sohar, Ahli Bank and Qatar National

Bank) that will allow it to expand its production to become

the worlds largest PET manufacturer.(Arabian Business)

Market performance S&P GCC vs. MSCI World Last 14 days

Index Close %Last %M TD %QTD %Y TD

KSA (TASI) 6,715.6 (0.8) 1.4 1.4 1.4

UAE (DFM) 1,622.3 0.8 (0.5) (0.5) (0.5)

UAE (ADSM) 2,679.6 (0.4) (1.5) (1.5) (1.5)

Kuwait (KWSE) 6,918.0 0.04 (0.5) (0.5) (0.5)

Qatar (DSM) 9,200.0 0.4 6.0 6.0 6.0

Egypt (EGX) 6,693.6 (3.1) (6.3) (6.3) (6.3)

Oman (MSI) 7,006.2 (0.2) 3.7 3.7 3.7

Bahrain (BAX) 1,425.9 (0.4) (0.4) (0.4) (0.4)

1,260

1,280

1,300

1,320

4-Jan

6-Jan

8-Jan

10-Jan

12-Jan

14-Jan

16-Jan

Indexvalu

e

118

121

124

127

Indexva

lue

MSCI World S&P GCC

Source: Reuters, Bloomberg Source: Bloomberg

NCBC Research Team

[email protected]

A quick list of todays research

Savola 4Q2010 preliminary results Saudi Cement 4Q2010 preliminary results

AlHokair December 2010 results update

Please refer to the last page for important disclaimer These full reports can be accessed by registered users on our website ncbc.com.


2/16

- 2 -

NCBC ON THE MARKETS | 18 January 2011

Regional market valuation and statistics

Regional market valuation

MCap($bn) T/ O($mn) P/ E-TTM PBV DY-09(%) ROE-TTM(%) ROA-TTM(%)

Saudi Arabia 366.8 955.9 18.3 2.1 3.4 11.9 3.3

United Arab Emirates 119.0 77.0 13.3 1.1 3.4 7.3 1.5

Kuwait 116.9 97.3 N/A 1.7 5.6 3.1 0.7

Qatar 108.6 138.3 11.0 2.0 4.0 21.8 5.2

Egypt 70.9 185.0 13.3 1.8 3.8 14.2 4.4

Oman 19.0 15.7 13.4 1.8 4.0 13.9 2.9

Bahrain 16.6 0.8 N/A 1.0 6.1 0.4 0.1

GCC 746.8 1,285.0 18.3 1.7 3.9 10.0 2.4

GCC& Egypt 817.7 1,470.0 18.0 1.7 3.9 10.2 2.4

Source: Reuters, NCBC Research (Based on NCBC universe of companies market depth for all 7 countries exceeds 90% of aggregate market cap)

At a glance other global markets (data as at 12:00GMT)

Global equity indices Interest rates

Index value % Chg % YTD P/ E 1 month 3month 6month

DJIA 11,787.38 0.47 1.81 14.1 KSA (SAIBOR) 0.35 0.75 0.85

NASDAQ 2,755.30 0.73 3.86 35.8 UAE (AEIBOR) 1.61 2.13 2.37

FTSE 6,051.89 1.10 2.58 18.2 LIBOR (US $) 0.26 0.30 0.45

NIKKEI 10,518.98 0.15 2.84 20.6 US T-BILL (Yield) 0.13 0.14 0.17

Singapore 3,249.58 0.34 1.87 13.0 KSA Inter-bank Deposits 0.30 0.64 0.65

HangSeng 24,153.98 (0.01) 4.86 14.9

USA-10yr Govt (Yield) 3.31

Source: Bloomberg Source: Bloomberg

Currencies vs. USD Commodit ies market

Currencies Exchange rate % Chg % YTD Price % Chg % YTD

Saudi Riyal 3.7501 0.00 0.00 Gold ($/OZ) 1,369.85 0.52 (3.58)

Japanese Yen 82.5200 0.17 (1.70) Nat Gas 1M Fut. ($/MMBTU) 4.54 1.23 2.95

Euro 1.3413 0.89 0.35 Brent ($/bbl) 97.32 0.03 3.20

Great British Pound 1.5998 0.69 2.61 OPEC Grade ($/bbl) 93.72 (0.34) 5.32

Swiss Franc 0.9596 0.55 (2.52)

Copper ($/lb) 441.00 0.15 (0.66)

Source: Bloomberg Source: Bloomberg

Company events

Company events

Company Country Event Date Details

Saudi Transport and Investment Co. (Mubarrad) Saudi Arabia AGM 19 January 2011 At 17:00

International Leasing and Investment Company Kuwait AGM 20 January 2011 At 10:30

Nile Company for Pharmaceuticals and Chemical Egypt Bonus Ex-Div Date 20 January 2011 Ratio 2:1

Arab Investments for Urbanization Company Egypt EGM 20 January 2011 At 15:00

Al Gassim Agricultural Company Saudi Arabia AGM 22 January 2011 At 16:00

Cairo Development and Investment Company Egypt Rights Issue Ex-Div Date 24 January 2011 Ratio 1.196 :1 @ EGP 5.00

Egyptian Company for Mobile Services Egypt Cash Dividend Ex- Date 24 January 2011 EGP 9.19 per share

Al Abdullatif Industrial Investment Company Saudi Arabia EGM 29 January 2011 At 18:00

Al Mudon International Real Estate Company Kuwait AGM 30 January 2011 At 11:00

Qatar National Bank Qatar AGM & EGM 30 January 2011 At 18:00

Qatar National Bank Qatar Cash Dividend Ex- Date 31 January 2011 QAR 5 per share

Qatar National Bank Qatar Bonus Ex-Div Date 31 January 2011 Ratio 3.333:1

National Leasing Holding Qatar AGM 06 February 2011 At 16:00

National Leasing Holding Qatar Cash Dividend Ex- Date 07 February 2011 QAR 3 per share

Source: Zawya


3/16

- 3 -


Saudi Arabia

Market recap: The benchmark TASI declined 0.8% to close at 6,715.6, dragged by STC, SABIC and SAMBA, which lost 2.4%,

1.3% and 1.2% respectively. RIBL and Saudi Fransi gained 0.8% and 0.6% respectively.

TASI intraday TASI 1-year movement and turnover

6,680

6,700

6,720

6,740

6,760

6,780

1

0:50

1

1:35

1

2:20

1

3:05

1

3:50

1

4:35

1

5:20

3,000

4,250

5,500

6,750

8,000

Jan-10 Apr-10 Jul-10 Oct-10 Jan-11

0

2

5

7

(SR

bn)

Turnover (RHS) TASI

Source: Reuters, NCBC Research Source: Reuters, NCBC Research

Top gainers Top losers Most active

Company Cl ose %Chg T/O Company Cl ose %Chg T/O Company Clo se %Chg T/O

Sharqiya Dev Co. 40.70 4.4 9.0 Red Sea Housing 54.50 (5.6) 6.5 SABIC 110.75 (1.3) 187.9

Budget Saudi 56.25 1.4 3.0 Savola Group 31.10 (4.6) 18.8 Al Rajhi 82.50 0.3 65.7

GASCO 19.20 0.8 4.8 Saudi Re 9.25 (4.1) 7.3 Saudi Kayan 19.55 (1.5) 63.1

RIBL 26.80 0.8 2.3 Al Babtain 33.30 (3.8) 2.0 Etihad Etisalat 56.00 0.0 42.7

Jazan Development 14.00 0.7 1.2 Alkhaleej Trng 44.90 (3.6) 1.3 Al Inma Bank 10.65 0.0 34.0

Source: Reuters,NCBC Research Source: Reuters, NCBC Research Source: Reuters, NCBC Research

All Close values are in SR unless specified otherwise, T/O in $ million

Performance and valuation of market heavyweights

Close T/ O MCap Price change TTM (% ) Valuation (x) DY-09

Company (SR) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

SABIC 110.75 187.9 88,600 (1.3) 5.7 5.7 18.6 6.7 16.3 2.9 1.4

Al Rajhi 82.50 65.7 33,000 0.3 (0.6) (0.6) 23.4 3.8 18.8 4.3 3.3

STC 40.50 20.7 21,600 (2.4) (4.9) (4.9) 23.7 9.2 8.0 1.8 7.4

Saudi Electricity 13.95 17.7 15,500 (1.1) (0.7) (0.7) 4.1 1.2 27.8 1.1 5.0

SAMBA 59.75 2.6 14,340 (1.2) (2.4) (2.4) 18.5 2.4 12.3 2.1 2.8

SAFCO 179.75 30.1 11,983 0.1 12.5 12.5 35.0 29.0 20.2 7.5 6.7

RIBL 26.80 2.3 10,720 0.8 0.8 0.8 10.7 1.7 13.5 1.4 4.9Etihad Etisalat 56.00 42.7 10,453 0.0 1.4 1.4 30.1 11.7 10.3 2.8 2.2

Saudi Fransi 47.00 1.3 9,064 0.6 5.1 5.1 14.4 2.0 14.1 1.9 2.1

Kingdom Holding 9.15 5.0 9,042 (1.1) 11.6 11.6 2.3 1.2 62.1 1.3 N/A

Source: Reuters, NCBC Research

Top 5 stocks rising for 3 consecutive days Top 5 stocks losing for 3 consecutive days.

Company 15-Jan 16-Jan 17-Jan 18-Jan 1M ago


.


SABB 40.50 40.10 40.00 39.90 40.20

KEC Madinah 8.20 8.15 8.10 8.05 8.10

YANSAB 48.20 47.10 46.90 46.50 47.50

Almarai 113.25 113.00 111.50 110.25 112.00

MA'ADEN 24.00 23.85 23.55 23.35 21.80



4/16

- 4 -


Companies touching a new 52-week high* Companies touching a new 52-week low*

Company CloseIntra day

high %ChgT/ O

($mn)

SAFCO 179.8 187.0 0.1 30.1

Company CloseIntra day

low %ChgT/ O

($mn)

Source: Tadawul, NCBC Research*List includes top 5 companies by market cap who have crossed 52-week high today

Source: Tadawul, NCBC Research*List includes top 5 companies by market cap who have crossed 52-week low today

Sector performance today Market volume and number of trades

(0.6)(0.7)(0.8)(0.9)(0.9)

0.0

(0.4)(0.5)

(0.9)(1.0)(1.0)(1.3)(1.3)

(1.6)

(2.5)(2.5)(3.0)

(2.0)

(1.0)

0.0

1.0

Banking/Financial

Cement

Transport

IndustrialInv

Insurance

TASI

Energy/Utilities

Retail

Telecom/IT

Hotels/Tourism

RealEstate

Petrochemicals

Multi-investment

Construction

Agri/Food

Media/Publishing

%

Chang

e

80

110

140

170

200

9-Jan

10-Jan

11-Jan

12-Jan

13-Jan

14-Jan

15-Jan

16-Jan

17-Jan

18-Jan

(mn)

50

60

70

80

90

('000)

Volume No. of Trades (RHS)

Source: NCBC Research Source: NCBC Research

Saudi indices performance and valuation

Index No. of Turnover Mkt cap Free float Change (% ) TTM (% ) Valuation (% )

Index value companies (SR mn) (SR mn) Wt (% ) Last YTD ROE ROA PBV # P/ E TTM

TASI 6,715.6 145 3,585 1,369,639 100.0 (0.8) 9.7 11.9 3.3 2.1 18.3

Banking/Financial 16,833.9 11 442 355,429 33.0 0.0 7.4 12.0 1.8 2.1 18.2

Petrochemicals 6,708.8 14 1,447 513,475 29.5 (1.3) 24.3 14.7 5.0 2.8 19.7

Telecom/IT 1,905.7 4 274 132,685 7.5 (0.9) 6.4 18.0 6.7 2.0 11.5

Real Estate 2,859.3 8 128 67,858 5.5 (1.0) (12.4) 4.4 3.4 1.0 23.4

Cement 3,968.9 9 76 42,017 5.3 (0.4) 1.4 19.8 14.9 2.3 11.9

Agri/Food 5,539.9 14 236 51,613 5.1 (2.5) 10.6 16.3 7.6 2.9 18.4

Industrial Inv 5,361.6 13 272 40,189 3.4 (0.6) 13.9 6.6 3.8 1.5 23.0

Construction 3,334.8 14 179 19,572 2.5 (1.6) (11.1) 9.1 4.0 1.8 19.5

Retail 5,009.9 9 66 16,265 2.1 (0.9) 14.2 25.0 14.0 3.4 14.5

Energy/Utilities 4,992.7 2 84 59,564 2.0 (0.9) 18.6 4.0 1.2 1.1 29.2

Insurance 914.5 31 183 20,203 1.8 (0.7) (15.3) 11.1 3.7 2.5 24.1

Multi-investment 2,364.4 7 128 38,483 0.9 (1.3) (3.2) 2.3 1.3 1.3 57.6

Transport 3,151.6 4 47 7,574 0.9 (0.5) (7.2) 7.9 4.3 1.1 13.7

Media/Publishing 1,410.5 3 10 2,629 0.3 (2.5) (25.5) 3.3 2.0 1.1 34.9

Hotels/Tourism 4,871.0 2 13 2,083 0.2 (1.0) (17.4) 6.5 5.6 1.2 19.1

Source: Tadawul, NCBC Research

* Aggregate P/E calculation considers companies whose earnings data is negative; # - based on latest available book value


5/16

- 5 -


Saudi equities fact sheet performance and valuation

Performance and valuation

Exchg Close T/ O Mkt cap FF Price change TTM (% ) Valuation (x) Div yld

code Company name (SR) (SR mn) (SR mn) Wt (%) % last %YTD ROE ROA P/E-TTM PBV# 09 (%)

Banking/ Financial1120 Al Rajhi 82.5 246.4 123,750 12.1 0.3 (0.6) 23.4 3.8 18.8 4.3 3.3

1090 SAMBA 59.8 9.9 53,775 4.9 (1.2) (2.4) 18.5 2.4 12.3 2.1 2.8

1010 RIBL 26.8 8.5 40,200 3.5 0.8 0.8 10.7 1.7 13.5 1.4 4.9

1050 Saudi Fransi 47.0 4.9 33,991 3.4 0.6 5.1 14.4 2.0 14.1 1.9 2.1

1080 Arab National 39.3 4.9 25,545 2.3 0.3 4.2 12.8 1.8 13.4 1.6 2.5

1150 Al Inma Bank 10.7 127.4 15,975 2.0 - 1.4 (0.3) (0.2) nm 1.0 -

1060 SABB 39.9 2.5 29,925 1.8 (0.3) (1.0) 10.8 1.2 19.8 2.0 2.1

1030 Saudi Investment 23.8 1.5 10,710 1.0 (0.4) 8.2 1.1 0.2 - 1.4 -

1140 Al Bilad 19.9 1.4 5,955 0.8 (0.3) 1.5 (6.7) (1.2) nm 1.9 -

1020 BJAZ 17.0 22.2 5,085 0.6 (1.2) 3.0 (4.5) (0.7) nm 1.1 -

1040 Saudi Hollandi 31.8 12.6 10,518 0.6 0.3 8.2 2.1 0.2 83.2 1.7 -

Petrochemicals

2010 SABIC 110.8 704.6 332,250 13.5 (1.3) 5.7 18.6 6.7 16.3 2.9 1.4

2020 SAFCO 179.8 112.9 44,938 2.9 0.1 12.5 35.0 29.0 20.2 7.5 6.7

2060 Industrialization 34.1 95.4 15,709 2.6 (2.6) (3.9) 16.2 3.9 12.0 1.8 2.22350 Saudi Kayan 19.6 236.5 29,325 2.1 (1.5) 1.6 (0.1) (0.0) nm 1.9 -

2290 YANSAB 46.5 63.8 26,156 1.9 (0.9) (2.3) 17.9 5.2 23.4 3.9 -

2250 SIIG 22.1 14.6 9,923 1.6 (2.4) 1.4 6.3 1.6 29.2 1.8 2.3

2310 Sipchem 26.2 20.9 8,733 1.5 (0.4) (5.8) 6.5 2.6 28.1 1.8 3.8

2260 Sahara 22.6 22.9 6,611 1.1 (1.3) (4.6) 11.1 5.2 19.5 2.0 -

2330 APPC 26.7 19.9 3,775 0.7 (0.4) (1.8) 15.9 7.8 14.1 2.2 3.7

2380 Petro Rabigh 22.7 53.9 19,885 0.6 (1.7) 1.1 (2.1) (0.3) nm 2.5 -

2002 Petrochem 23.2 20.0 11,112 0.3 (0.4) 2.9 (2.2) (0.7) nm 2.4 -

2210 Nama Chemicals 11.6 25.3 1,484 0.3 (1.3) 3.6 1.2 0.8 75.9 0.9 -

2170 Alujain 24.8 18.7 1,716 0.3 - 11.2 1.0 0.1 - 3.4 -

2001 Chemanol 15.4 38.0 1,857 0.2 (1.3) (4.6) 2.1 1.0 63.8 1.3 -

Cement

3030 Saudi Cement 48.9 11.3 7,482 1.2 (1.2) (1.8) 21.2 13.6 11.5 2.3 4.8

3020 Yamamah Cement 54.3 3.1 7,324 1.2 (0.5) 5.3 21.8 18.3 11.4 2.5 5.5

3050 Southern Cement 61.5 0.4 8,610 0.7 0.4 0.4 29.3 25.6 12.8 3.7 8.1

3040 Qassim Cement 61.3 4.5 5,513 0.5 (0.4) (1.6) 33.4 27.1 9.7 3.2 9.8

3080 Eastern Cement 45.9 1.3 3,947 0.5 0.2 1.3 15.5 13.7 12.7 2.0 6.5

3060 Yanbu Cement 45.6 3.2 4,788 0.5 - 6.5 17.3 13.0 11.6 2.0 6.6

3010 Arab Cement 33.5 7.2 2,680 0.4 - (2.0) 6.6 3.9 17.0 1.1 3.7

3090 Tabuk Cement 18.6 2.3 1,674 0.3 (0.3) - 11.7 10.1 13.4 1.6 6.7

3091 Al Jouf Cement 12.4 42.8 1,606 0.1 (0.4) 1.2 - - nm 1.3 -

Retail

4190 Jarir 152.0 2.5 6,080 1.0 (1.1) 0.7 54.8 30.8 15.2 7.9 4.9

4240 AlHokair 45.7 9.0 3,199 0.3 0.2 6.3 26.9 14.8 10.8 2.7 4.4

4200 Aldrees 47.0 8.0 1,175 0.2 (1.7) (1.7) 24.0 11.7 13.9 3.1 3.2

4001 Al Othaim 85.5 14.5 1,924 0.2 (0.3) 9.6 34.7 9.0 15.3 4.9 2.9

4002 Mouwasat 71.8 3.5 1,794 0.2 (0.3) (0.3) 22.4 14.6 15.6 3.3 1.4

4050 SASCO 13.2 4.6 594 0.1 - 0.8 8.6 7.7 13.7 1.1 -

4180 Fitaihi Group 12.2 10.2 608 0.1 (2.4) (1.2) 2.3 2.0 40.6 0.9 -4290 Alkhaleej Trng 44.9 5.0 674 0.1 (3.6) 0.2 22.9 12.2 13.2 2.8 1.1

4160 Thim'ar 21.8 8.6 218 0.0 (0.2) (0.7) (13.3) (9.4) nm 3.5 -

Energy & Utilities

5110 Saudi Electricity 14.0 66.2 58,124 1.8 (1.1) (0.7) 4.1 1.2 27.8 1.1 5.0

2080 GASCO 19.2 17.8 1,440 0.2 0.8 1.9 (5.6) (4.0) nm 1.4 2.6

Agriculture/ food

2050 Savola Group 31.1 70.5 15,550 2.1 (4.6) (2.8) 16.6 6.6 13.5 2.1 3.2

2280 Almarai 110.3 24.8 25,358 1.9 (1.1) (1.3) 25.0 11.5 20.3 4.3 1.8

2270 SADAFCO 42.5 10.7 1,381 0.1 (2.3) 0.5 33.9 24.1 6.6 2.1 7.1

6010 NADEC 27.1 9.8 1,626 0.1 (2.2) 3.8 (0.4) (0.2) nm 1.6 -

6070 Jouff Agriculture 36.8 5.5 736 0.1 (1.1) (3.9) 12.4 11.4 11.3 1.4 5.4

6090 Jazan Development 14.0 4.4 700 0.1 0.7 4.5 (4.9) (4.4) nm 1.1 -

6002 Herfy Foods 81.3 2.8 2,194 0.1 (1.5) 2.8 - - 18.2 6.3 0.9

6001 Halwani Bros 38.8 3.1 1,109 0.1 (2.3) (3.2) 15.1 12.0 15.6 2.3 2.6

6020 Qassim Agriculture 9.4 10.9 469 0.1 (0.5) 3.3 (3.5) (2.5) nm 1.2 -4061 Anaam Holding 41.3 14.8 450 0.1 (0.7) 1.2 0.5 0.3 - 3.8 -

6050 Saudi Fisheries 51.5 37.0 1,030 0.1 (0.5) (1.9) (24.3) (16.7) nm 8.9 -


Note: YTD indicates change in price from close at end of 2009 or the issue price during the IPO if listed in this year; # - based on latest available book value


6/16

- 6 -




code Company name (SR) (SR mn) (SR mn) Wt (%) % last %YTD ROE ROA P/ E-TTM PBV# 09 (%)

2100 Wafra Food 16.3 5.0 326 0.1 (0.9) 0.3 9.1 8.5 19.3 1.7 -6060 Sharqiya Dev Co. 40.7 33.7 305 0.1 4.4 2.0 (5.9) (4.4) nm 3.7 -

6040 Tabuk Agriculture 19.0 3.3 379 0.0 (0.5) - 0.8 0.7 - 1.1 2.6Telecom/I T

7020 Etihad Etisalat 56.0 160.3 39,200 4.2 - 1.4 30.1 11.7 10.3 2.8 2.27010 STC 40.5 77.8 81,000 2.4 (2.4) (4.9) 23.7 9.2 8.0 1.8 7.4

7030 Zain KSA 7.9 34.8 10,990 0.9 (1.3) 1.3 (31.5) (9.1) nm 1.7 -7040 Atheeb Telecom 15.0 1.3 1,495 0.1 (0.3) (2.0) - - - 4.8 -

Insurance

8010 Tawuniya 109.5 15.7 5,475 0.5 (0.2) 2.3 33.8 7.7 11.0 3.3 3.78030 MEDGULF 26.9 2.7 2,152 0.2 (0.7) (3.6) 21.6 5.8 10.7 2.2 2.88020 Malath Insurance 17.6 7.8 527 0.1 (1.7) 7.3 6.7 2.0 30.8 2.0 -8200 Saudi Re 9.3 27.4 925 0.1 (4.1) 4.5 (0.6) (0.5) nm 0.9 -8290 Solidarity 17.4 12.4 966 0.1 (0.3) 6.7 - - - - -8260 Gulf General 46.6 10.0 932 0.1 0.2 (9.5) - - - - -8210 BUPA Arabia 22.1 3.9 882 0.1 (1.3) 3.3 15.4 4.4 12.8 1.9 -

8190 U C A 27.9 7.6 558 0.0 (1.1) 0.7 0.2 0.2 - 3.1 -8080 SABB Takaful 17.7 3.2 602 0.0 (0.6) 0.9 (3.6) (1.6) nm 1.9 -8170 Trade Union 19.3 3.3 483 0.0 (2.8) 8.1 (0.5) (0.5) nm 2.0 -8230 ARCCI 33.6 3.8 672 0.0 - (3.4) - - - 4.1 -8310 AMANA Insurance 14.8 6.5 474 0.0 (0.7) (6.9) - - - - -

8130 ATC 71.0 4.7 710 0.0 (0.7) (1.4) (13.6) (5.0) nm 10.4 -8070 Arabian Shield 20.5 4.6 410 0.0 0.5 2.8 4.4 2.0 44.7 1.9 -8180 Sagr Insurance 19.5 3.2 390 0.0 (0.8) (1.8) - - - 1.9 -8250 AXA-Cooperative 20.0 4.3 400 0.0 (0.5) 1.8 - - - 2.2 -8160 AICC 19.6 0.4 391 0.0 (1.3) 2.9 (8.0) (6.4) nm 2.7 -8120 Gulf Union 17.7 4.9 389 0.0 (1.1) (0.8) 7.2 2.9 26.6 1.8 -8220 Weqaya Takaful 19.4 2.7 387 0.0 (1.3) (8.1) - - - 2.3 -8280 Al Alamiya 25.4 5.2 508 0.0 (1.6) (4.9) - - - - -

8060 Walaa Insurance 17.3 2.5 346 0.0 (0.3) 0.9 (5.4) (2.5) nm 2.3 -8270 Buruj Insurance 27.4 6.4 356 0.0 (1.4) (4.2) - - - - -

8040 ALLIANZ SF 21.5 2.0 429 0.0 (0.2) (0.5) (15.1) (3.1) nm 2.7 -8090 SANAD 17.6 7.0 351 0.0 (0.3) 1.4 (11.0) (4.4) nm 2.5 -8300 Wataniya Insurance 46.4 2.4 464 0.0 (0.4) (1.7) - - - - -

8100 SAICO 33.8 1.0 338 0.0 - 1.2 9.7 2.5 40.4 3.7 -8140 Al-Ahlia 33.5 10.4 335 0.0 - (9.2) (31.8) (8.0) nm 7.6 -8240 ACE Arabia 33.5 5.8 335 0.0 (0.3) (3.2) - - - 3.8 -8150 ACIG 32.7 8.3 327 0.0 0.3 (4.7) (42.8) (24.2) nm 8.8 -8050 Saudi Salama 30.0 1.5 300 0.0 (0.7) 0.3 6.5 1.8 60.2 3.8 -8110 Saudi Indian 29.4 1.5 294 0.0 (0.7) (1.0) (30.1) (9.2) nm 7.2 -

Multi Investment

4280 Kingdom Holding 9.2 18.7 33,909 0.3 (1.1) 11.6 2.3 1.2 62.1 1.3 -2190 SISCO 15.2 16.7 1,030 0.2 0.3 0.7 0.8 0.3 - 1.4 -4080 Assir 13.3 23.1 1,681 0.2 (2.2) (1.8) 3.9 2.6 18.4 0.7 5.62140 Al Ahsa for Dev. 11.4 49.6 559 0.1 (3.0) 3.2 0.8 0.6 - 1.3 -2030 SARCO 36.0 4.7 540 0.1 (0.6) - 3.3 3.2 44.8 1.6 1.42120 Saudi Advanced 13.5 11.1 581 0.1 (2.2) (1.1) 2.2 2.2 33.5 0.7 -4130 Al Baha 12.3 4.2 184 0.0 (1.6) (0.8) (8.3) (6.7) nm 1.9 -

Industrial Inv

1211 MA'ADEN 23.4 47.5 21,599 1.4 (0.8) 7.1 2.4 1.3 54.8 1.3 -2230 Saudi Chemical 45.5 20.9 2,877 0.5 0.7 9.4 20.8 12.6 10.3 2.1 8.82070 SPIMACO 39.0 35.7 3,059 0.4 0.5 9.6 7.3 6.0 18.2 1.2 3.71212 Astra Ind 39.8 10.8 2,950 0.2 (1.2) 2.1 15.8 10.8 11.8 1.8 3.12300 SPM 51.3 3.8 1,538 0.1 (0.5) (1.4) 22.8 8.6 12.9 2.7 2.41213 AlSorayai Group 23.8 16.6 713 0.1 (2.9) 4.2 - - 10.2 1.7 -2340 AlAbdullatif 28.7 5.4 2,332 0.1 (0.7) (0.7) 12.5 10.4 14.6 1.9 12.21214 Shaker Group 59.5 4.3 2,083 0.1 (0.8) (2.1) 30.9 16.1 15.3 4.1 -2150 ZOUJAJ 28.0 3.3 840 0.1 (1.4) 0.7 13.0 11.6 13.7 1.7 1.51210 BCI 28.4 2.4 781 0.1 (0.7) 1.4 18.3 11.2 11.9 2.1 4.92220 Maadaniyah 32.1 111.8 820 0.1 (2.1) 12.2 7.3 5.1 32.5 2.3 1.6

2180 FIPCO 28.7 4.0 330 0.1 (1.4) (0.7) 15.0 11.8 16.7 2.3 -4140 Saudi Export 24.9 5.8 268 0.0 - 0.2 (2.7) (2.4) nm 2.6 -




7/16

- 7 -




code Company name (SR) (SR mn) (SR mn) Wt (%) % last %YTD ROE ROA P/ E-TTM PBV# 09 (%)

Construction

2040 Saudi Ceramics 147.0 3.6 3,675 0.4 (1.2) (0.3) 24.4 11.8 17.2 3.9 2.0

2160 Amiantit 20.6 10.8 2,374 0.4 (1.2) - 11.0 4.3 13.2 1.4 4.92240 Zamil Ind 35.6 23.3 2,136 0.3 (0.6) 1.7 18.1 4.4 10.0 1.7 3.22320 Al Babtain 33.3 7.6 1,349 0.2 (3.8) 0.9 17.2 8.2 13.7 2.3 4.51310 MMG 18.4 8.9 2,300 0.2 (1.1) (2.6) 2.5 1.4 50.9 1.3 4.12110 Saudi Cables 13.6 10.7 1,034 0.2 (0.4) (2.9) (8.7) (3.1) nm 0.9 5.52200 Arabian Pipes 29.7 6.5 936 0.1 (2.9) 8.8 0.7 0.4 - 1.3 -1330 Abdullah A M Al 55.0 9.0 2,200 0.1 - 2.3 - - 11.3 - -1320 SSP 23.6 6.3 1,203 0.1 (3.1) (2.1) 8.5 7.7 16.6 1.5 8.52090 National Gypsum 30.4 1.4 963 0.1 (1.3) (0.3) 10.7 9.5 16.9 1.9 8.24230 Red Sea Housing 54.5 24.3 1,635 0.1 (5.6) 0.5 8.8 6.4 27.6 2.4 3.72360 SVCP 57.0 17.1 855 0.1 (2.6) (3.4) 35.8 16.7 10.8 3.6 3.92130 SIDC 10.1 43.2 404 0.1 0.5 9.2 33.5 20.7 3.9 1.3 -2370 MESC 17.8 5.8 710 0.1 (1.1) (3.3) (2.8) (0.9) nm 1.5 5.6

Real Estate

4310 KEC Madinah 8.1 9.9 27,314 1.5 (0.6) 0.6 - - - - -4300 Dar Al Arkan 10.1 27.8 10,854 1.2 (1.5) 11.7 11.6 7.0 6.8 0.8 10.04250 Jabal Omar 17.1 10.7 11,481 1.0 (0.3) (1.7) (0.4) (0.4) nm 1.7 -4100 Makkah 30.7 7.4 5,060 0.8 (0.6) 2.0 6.8 6.4 19.3 1.4 4.94220 Emaar E .C 7.2 34.0 6,120 0.3 (1.4) 1.4 (4.4) (3.7) nm 0.8 -4090 Taiba 15.9 3.5 2,378 0.3 (0.6) 2.6 2.6 2.1 32.8 0.9 7.64150 Arriyadh Dev 15.8 6.7 1,580 0.3 (2.2) 5.3 6.6 5.9 16.8 1.1 4.74020 Al Akaria 25.6 27.7 3,072 0.2 (2.3) (2.3) 2.8 2.7 35.7 1.0 2.9

Transport

4030 NSCSA 16.9 20.4 5,308 0.6 (0.6) (3.7) 8.3 4.1 12.8 1.1 5.9

4040 SAPTCO 7.8 10.8 975 0.1 (1.3) 6.1 3.4 2.6 20.9 0.7 -4260 Budget Saudi 56.3 11.3 1,029 0.1 1.4 1.8 23.2 12.0 10.8 2.3 3.64110 Mubarrad 14.6 3.9 262 0.0 - 2.1 (3.3) (2.6) nm 1.6 -

Media & Publishing

4210 SRMG 18.5 2.2 1,480 0.2 (3.4) (1.3) 5.1 2.9 22.8 1.2 2.74270 SPPC 12.7 1.2 759 0.1 (1.2) (1.6) 0.5 0.3 - 1.0 -4070 Tihama 26.0 6.2 390 0.1 (1.5) (10.3) 2.8 2.0 59.7 1.6 4.6

Hotel & Tourism

4010 SHARCO 26.8 0.9 1,849 0.2 (0.74) - 6.8 5.8 16.9 1.1 5.64170 Shams 23.0 12 233 0.0 (1.92) (1.1) (0.5) (0.4) nm 3.3 -




8/16

- 8 -


Appendix

Results monitor 4Q-10 (All figures SR mn)

Mkt cap 4Q10 FY-10

Date Code Company (SR mn) Net Inc % YoY % QoQ Net Inc % YoY

18-Jan 2010 SABIC 332,250.0 5,810.0 26.8 9.1 21,584.5 138.2

18-Jan 1080 Arab National 25,545.0 301.5 1.9 (13.0) 1,911.1 (19.4)

18-Jan 4220 Emaar E .C 6,120.0 (206.4) nm nm (583.8) nm

18-Jan 4240 AlHokair 3,199.0 33.9 (20.0) (80.5) 287.9 31.1

18-Jan 3010 Arab Cement 2,680.0 10.0 nm (87.8) 254.6 48.1

18-Jan 6002 Herfy Foods 2,193.8 33.1 11.8 8.8 124.3 8.3

18-Jan 4001 Al Othaim 1,923.8 53.0 222.0 15.5 161.9 108.9

18-Jan 2170 Alujain 1,716.2 38.2 1,412.3 132.3 40.7 nm

18-Jan 2300 SPM 1,537.5 30.6 11.1 1.5 122.6 30.4

18-Jan 4210 SRMG 1,480.0 26.3 141.9 143.6 87.2 92.2

18-Jan 2080 GASCO 1,440.0 39.4 nm 46.1 104.0 nm

18-Jan 2190 SISCO 1,030.2 (3.8) nm nm 0.8 (11.2)

18-Jan 2360 SVCP 855.0 16.4 (13.2) (13.9) 76.4 79.3

18-Jan 2220 Maadaniyah 820.4 (3.0) nm nm 16.7 7.6

18-Jan 4270 SPPC 759.0 8.2 (73.1) 19.4 39.1 (48.0)

18-Jan 1213 AlSorayai Group 712.5 28.0 26.4 187.1 76.0 (5.3)

18-Jan 2120 Saudi Advanced 581.0 (1.3) nm nm 9.4 (73.2)

18-Jan 2140 Al Ahsa for Dev. 558.6 40.6 nm 1,537.1 46.6 1,286.0

18-Jan 4070 Tihama 390.0 8.4 nm 89.9 29.6 440.6

18-Jan 8140 Al-Ahlia 335.0 0.6 nm nm (5.5) nm

18-Jan 8240 ACE Arabia 335.0 (1.7) nm nm (2.5) nm

18-Jan 2180 FIPCO 330.1 6.4 41.9 7.0 21.6 9.2

18-Jan 4130 Al Baha 183.8 0.3 nm nm (6.0) nm

17-Jan 5110 Saudi Electricity 58,124.0 (295.0) nm nm 2,307.9 98.2

17-Jan 4280 Kingdom Holding 33,908.8 234.6 50.8 46.6 605.3 50.3

17-Jan 2350 Saudi Kayan 29,325.0 (4.1) nm nm (14.7) nm

17-Jan 2280 Almarai 25,357.5 283.8 (15.3) (33.1) 1,285.4 8.7

17-Jan 2050 Savola Group 15,550.0 2.0 (99.3) (99.3) 886.7 (6.8)

17-Jan 3050 Southern Cement 8,610.0 165.0 (8.7) 38.8 658.7 (10.2)

17-Jan 3030 Saudi Cement 7,481.7 152.0 4.4 8.4 659.5 12.1

17-Jan 1020 BJAZ 5,085.0 (27.0) nm nm 29.1 5.6

17-Jan 4020 Al Akaria 3,072.0 114.0 477.5 245.0 180.3 96.5

17-Jan 2070 SPIMACO 3,059.1 70.0 19.7 287.0 176.5 14.0

17-Jan 4230 Red Sea Housing 1,635.0 22.4 (2.4) nm 58.8 (52.6)

17-Jan 3091 Al Jouf Cement 1,605.5 16.7 nm 233.5 14.8 nm

17-Jan 1320 SSP 1,202.5 21.2 2.7 223.8 72.9 (35.6)

17-Jan 4200 Aldrees 1,175.0 18.5 6.2 (11.9) 86.0 24.9

17-Jan 2150 ZOUJAJ 840.0 14.5 214.2 (28.2) 71.1 56.1

17-Jan 4290 Alkhaleej Trng 673.5 19.8 (21.5) 175.1 45.7 8.2

17-Jan 4180 Fitaihi Group 607.5 4.8 nm 91.7 22.0 107.3

17-Jan 4050 SASCO 594.0 6.8 (55.9) (53.1) 34.7 2.5

17-Jan 2030 SARCO 540.0 1.2 (43.5) 130.1 11.1 257.2

17-Jan 6060 Sharqiya Dev Co. 305.3 (1.0) nm nm (4.0) nm

17-Jan 4170 Shams 233.5 0.2 nm (83.4) 1.9 nm

16-Jan 1090 SAMBA 53,775.0 901.0 7.9 (18.3) 4,435.1 (2.7)

Source: Tadawul, Zawya, Reuters, NCBC Research


9/16

- 9 -


UAE Dubai

Market recap: The DFM benchmark index closed 0.8% higher at 1,622.3, led by Emirates Integrated Telecom, Air Arabia and

Dubai Financial Market, which rose 2.3%, 1.6% and 1.4% respectively.

DFM intraday DFM 1-year movement and turnover

1,600

1,608

1,615

1,623

1,630

9:50

10:20

10:50

11:20

11:55

12:25

12:55

13:25

13:55

1,200

1,550

1,900

2,250

2,600


0.0

0.5

1.0

1.5

2.0

(AEDbn)

Turnover (RHS) DFM



Company Clo se %Chg T/O Company Cl ose %Chg T/OCompany Close %Chg T/O

Dubai Islm Ins&Reins 0.78 5.4 0.1 Emirates Int Telecom 3.07 2.3 9.8

Drake and Scull 1.08 2.9 6.0 Emaar Properties 3.42 0.3 8.9

Islamic Arab Ins 0.91 2.8 0.2 Drake and Scull 1.08 2.9 6.0

Emirates Int Telecom 3.07 2.3 9.8 DP World(USD) 0.66 1.2 4.8

Al Madina Fin 0.58 2.1 0.3 Arabtec Hldg 1.85 0.0 4.0

Source: Reuters, NCBC Research Source: Reuters, NCBC Research Source: Reuters,NCBC Research

All Close values are in AED unless specified otherwise, T/O in $ million



Company (AED) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

DP World(USD) 0.66 4.8 11,006 1.2 5.2 5.2 N/A N/A 34.2 1.6 N/A

Emaar Properties 3.42 8.9 5,677 0.3 (3.7) (3.7) 9.9 4.6 7.2 0.7 N/A

Emirates NBD 2.95 0.3 4,464 0.0 6.9 6.9 6.5 0.7 7.8 0.5 6.8

Hikma Pharma(USD) 21.23 0.0 3,580 0.0 0.0 0.0 N/A N/A N/A 5.2 N/A

Mashreqbank 74.70 0.0 3,439 0.0 (10.0) (10.0) 4.6 0.6 23.9 1.1 1.9

Emirates Int Telecom 3.07 9.8 3,344 2.3 7.3 7.3 14.6 4.9 24.5 2.9 N/A

DFM 1.49 1.3 3,246 1.4 (1.3) (1.3) 2.1 2.0 71.7 1.6 3.4

Dubai Islamic Bank 2.16 1.6 2,234 0.5 (0.9) (0.9) 9.2 1.0 9.6 0.9 8.8

Comm Bk of Dubai 3.46 0.0 1,835 0.0 0.0 0.0 14.6 2.2 8.2 1.1 3.9

Air Arabia 0.83 2.2 1,060 1.6 1.8 1.8 6.6 5.9 11.1 0.7 12.0





.




10/16

- 10 -


UAE Abu Dhabi

Market recap: The Abu Dhabi index declined 0.4% to end at 2,679.6, undermined by First Gulf Bank and Emirates Telecom,

which lost 1.1% and 0.5% respectively. Aldar Properties gained 3.4% with a turnover of $17.5mn.

ADX intraday ADX 1-year movement and turnover

2,672

2,677

2,682

2,687

2,692

9:50

10:30

11:45

13:15

14:10

2,000

2,375

2,750

3,125

3,500


0.0

0.2

0.4

0.6

0.8

(AEDbn)

Turnover (RHS) ADI



Company Close %Chg T/O Company Close %Chg T/OCompany Close%Chg T/O

Arkan Bldg Mat 1.64 4.5 0.24 Nat Bank of Fujairah 4.05 (10.0) 0.00 Aldar Properties 2.10 3.4 17.5

Emirates Driving Co 4.25 3.7 0.00 Fujairah Cement 2.43 (10.0) 0.00 Sorouh Real Estate 1.56 2.6 4.3

Methaq Takaful Ins 2.30 3.6 1.06 Al Wathba Natl Ins 5.60 (10.0) 0.00 First Gulf Bank 17.25 (1.1) 3.6

Aldar Properties 2.10 3.4 17.46 Nat Marine Dredging 10.65 (9.0) 0.07 Dana Gas 0.75 1.4 2.1

Sorouh Real Estate 1.56 2.6 4.34 Abu Dhabi Aviation 2.60 (8.8) 0.00 Nat Bank of AD 11.75 0.4 1.7

Source: Reuters, NCBC Research Source: Reuters, NCBC Research Source: Reuters, NCBC Research

All Close values are in AED unless specified otherwise, T/O in $ million



Company (AED) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

Emirates Telecom 10.55 1.2 22,711 (0.5) (2.3) (2.3) 21.3 10.6 11.0 2.3 2.2

Nat Bank of AD 11.75 1.7 7,652 0.4 0.0 0.0 15.4 1.7 8.3 1.2 0.8

First Gulf Bank 17.25 3.6 6,458 (1.1) (5.5) (5.5) 15.0 2.6 7.0 1.0 2.9

Abu Dhabi Comm Bk 2.10 1.0 2,750 1.4 1.4 1.4 (6.3) (0.7) N/A 0.5 N/A

AbuDhabi Nat Energy 1.49 0.1 2,525 0.0 0.7 0.7 7.4 0.6 15.7 1.2 6.7

Union Nat Bank 3.19 1.4 1,971 0.0 1.6 1.6 15.7 1.8 5.2 0.8 N/A

Abu Dhabi Islamic Bk 2.99 0.3 1,925 0.3 1.0 1.0 4.1 0.4 24.7 1.2 N/ANat Bank of RAK 5.30 0.0 1,666 0.0 5.6 5.6 30.6 4.9 6.6 1.8 1.6

United Arab Bank 6.02 0.0 1,633 0.0 10.9 10.9 17.5 4.3 20.5 3.4 2.5

Aldar Properties 2.10 17.5 1,474 3.4 (7.9) (7.9) (13.0) (3.3) N/A 0.4 2.4





.


Emirates Telecom 10.75 10.65 10.60 10.55 10.85



11/16

- 11 -


Kuwait

Market recap:The Kuwaiti bourse closed near flat at 6,918.0, up 0.04%, led by Mobile Telecom and Gulf Bank, which added

2.8% and 1.8% respectively. Kuwait Finance House fell 1.6%.

KSE intraday KSE 1-year movement and turnover

6,900

6,908

6,915

6,923

6,930

8:45

9:15

9:45

10:15

10:45

11:15

11:45

12:15

12:45

5,500

6,500

7,500

8,500

9,500


0

125

250

375

500

(KWDmn)

Turnover (RHS) KWSE



Company Close% Chg T/OCompany Cl ose %Chg T/OCompany Close %Chg T/O

Gulf Inv House 0.05 8.0 0.01 First Takaful Ins Co 0.08 (11.1) 0.02 Kuwait Fin House 1.22 (1.6) 27.6

Livestock Transport 0.31 7.0 0.10 Warba Insurance Co 0.16 (6.0) 0.02 Aviation Lease 0.39 (1.3) 18.7

Injazzat RE Dev 0.12 5.5 3.06 First Dubai RE Dev 0.04 (5.3) 0.08 Kuwait Int Bank 0.37 1.4 6.2

Kuwait Fin Center 0.16 5.3 5.43 Independent Petro 0.46 (5.2) 0.21 Kuwait Fin Center 0.16 5.3 5.4

Oula Fuel Marketing 0.36 4.3 0.18

KGL TransportCompany 0.16 (3.6) 0.41 Nat Mobile Telco 1.86 0.0 3.2


All Close values are in KWD unless specified otherwise, T/O in $ million



Company (KWD) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

Mobile Telecom 1.48 2.5 22,548 2.8 (2.6) (2.6) 9.2 4.6 27.1 2.4 11.5

Nat Bank of Kuwait 1.44 1.7 16,796 0.0 0.0 0.0 15.5 2.3 16.3 2.4 2.5

Kuwait Fin House 1.22 27.6 10,832 (1.6) 5.2 5.2 8.9 0.9 27.7 2.5 1.9

Gulf Bank 0.56 1.4 5,008 1.8 (1.8) (1.8) (2.6) (0.2) N/A 3.5 N/A

Comm Bk of Kuwait 0.95 0.0 4,309 0.0 3.3 3.3 4.9 0.6 54.1 2.6 N/A

Boubyan Bank 0.63 0.2 3,928 0.0 0.0 0.0 (16.7) (2.8) N/A 4.7 N/A

Al Ahli Bank of Kuwait 0.70 0.0 3,597 0.0 0.0 0.0 14.5 1.9 17.9 2.2 1.7

Nat Mobile Telco 1.86 3.2 3,343 0.0 (2.1) (2.1) 14.1 7.2 14.5 2.0 2.7

Bank ofKuwait & ME 0.75 0.5 2,870 (1.3) 13.6 13.6 8.2 0.8 43.0 3.4 N/A

Burqan Bank 0.54 0.4 2,698 0.0 1.9 1.9 (2.7) (0.3) N/A 1.8 N/A




Kuwait Fin Center 0.14 0.15 0.15 0.16 0.15


.




12/16

- 12 -


Qatar

Market recap: The Qatari bourse advanced 0.4% to close at 9,200.0, driven by Industries Qatar and Masraf Al Rayan, which

gained 2.0% each. Qatar Telecom rose 1.1%.

DSM20 intraday DSM20 1-year movement and turnover

9,130

9,153

9,175

9,198

9,220

9:50

10:15

10:40

11:05

11:30

11:55

12:20

12:45

6,000

7,000

8,000

9,000

10,000


0.0

0.3

0.5

0.8

1.0

(QARbn)

Turnover (RHS) DSM 20



Company Clo se %Chg T/OCompany Close % Chg T/ OCompany Cl ose %Chg T/O

Industries Qatar 153.00 2.0 30.17 Qatar Cinemas 31.90 (7.0) 0.00 Industries Qatar 153.00 2.0 30.2

Masraf Al Rayan 20.80 2.0 17.15 Qatar Islamic Bank 85.20 (3.8) 17.17 Barwa Real Estate 38.10 0.0 20.6

Ahli Bank 60.00 1.7 1.09 Qatar Livestock Co 15.70 (1.9) 1.83 Qatar Islamic Bank 85.20 (3.8) 17.2

Al Khalij Comm Bk 18.20 1.7 2.66 Qatar Elec & Water 133.10 (1.4) 1.14 Masraf Al Rayan 20.80 2.0 17.2

Qatar Islamic Ins 50.20 1.4 0.00 Ezdan Real Estate 27.90 (1.1) 0.03 Qatar Nat Bank 202.00 0.9 13.8


All Close values are in QAR unless specified otherwise, T/O in $ million



Company (QAR) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

Industries Qatar 153.00 30.2 23,112 2.0 10.9 10.9 26.9 18.3 16.5 4.2 3.3

Qatar Nat Bank 202.00 13.8 21,718 0.9 9.2 9.2 25.2 3.0 15.1 3.5 1.5

Qatar Telecom 180.00 1.9 7,251 1.1 0.7 0.7 17.6 3.3 9.2 1.5 3.9

Comm Bk of Qatar 92.80 4.1 5,519 (0.2) 0.9 0.9 13.1 2.6 13.3 1.7 6.8

Qatar Islamic Bank 85.20 17.2 4,838 (3.8) 5.8 5.8 14.9 3.0 14.4 2.0 7.4

Masraf Al Rayan 20.80 17.2 4,284 2.0 8.9 8.9 19.0 4.4 13.1 2.3 N/A

Qatar Elec &Water 133.10 1.1 3,656 (1.4) 4.3 4.3 39.0 5.7 12.8 5.3 3.8

Ezdan Real Estate 27.90 0.0 3,501 (1.1) (8.5) (8.5) 49.9 43.8 1.5 0.5 N/A

Doha Bank 66.00 6.5 3,279 0.3 1.5 1.5 18.2 2.3 11.7 2.0 7.9

Qatar Gas Trans 20.30 3.6 3,089 1.0 1.5 1.5 37.2 2.4 15.1 7.5 2.5




Qatar Nat Bank 199.10 200.00 200.10 202.00 186.70

Doha Bank 65.50 65.60 65.80 66.00 65.80

Qatar Oman Inv Co 8.40 8.50 8.55 8.60 8.75


.


Qatar Islamic Bank 91.10 90.00 88.60 85.20 82.90

Ezdan Real Estate 28.40 28.30 28.20 27.90 33.90

Gulf Warehousing 26.00 25.90 25.40 25.30 23.10



13/16

- 13 -


Egypt

Market recap:The EGX30 benchmark index slipped 3.1% to end at 6,693.6, dragged by Orascom Telecom and Al Ezz Steel

Rebars, which declined 5.6% and 5.1% respectively. Commercial International Bank and Orascom Construction shed 4.6% and

3.8% respectively.

EGX30 intraday EGX30 1-year movement and turnover

6,680

6,740

6,800

6,860

6,920

10:20

10:55

11:30

12:05

12:40

13:15

13:50

14:25

2,500

4,000

5,500

7,000

8,500


0.0

1.2

2.4

3.6

(EGPbn)

Turnover (RHS) EGX 30



Co mpany Close % Chg T/O Company Close % Chg T/OCompany Close % Chg T/ O

Portland Tourah Cem 30.33 2.1 0.04 National Cement 25.50 (12.9) 0.34 Comm Int Bank 39.90 (4.6) 37.2

EFG Hermes Hldg 32.50 2.1 11.04 Egyptian Chem 365.00 (11.0) 1.05 Orascom Const 274.00 (3.8) 26.7

Oriental Weavers 34.50 1.5 0.53 Egyptian Iron & Steel 9.03 (10.5) 0.47 Orascom Telecom 4.20 (5.6) 19.6

Abu Qir Fertilizers 197.00 0.4 1.05 Nat Bank for Dev 5.24 (10.4) 1.84 EFG Hermes Hldg 32.50 2.1 11.0

Arab Cotton Ginning 4.00 (9.9) 1.30 Talaat Moustafa Hldg 7.99 (2.1) 10.9


All Close values are in EGP unless specified otherwise, T/O in $ million



Company (EGP) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

Orascom Const 274.00 26.7 10,108 (3.8) (4.8) (4.8) 17.1 5.4 21.0 3.5 0.6

Telecom Egypt 17.80 7.6 5,219 (2.6) (1.9) (1.9) 12.5 10.4 9.0 1.1 4.2

Comm Int Bank 39.90 37.2 4,044 (4.6) (15.7) (15.7) 24.6 2.7 13.0 3.0 1.9

Orascom Telecom 4.20 19.6 3,792 (5.6) (2.6) (2.6) (3.6) (0.7) N/A 1.7 N/A

Egyptian Mob Serv 164.50 2.3 2,825 (2.7) 0.2 0.2 45.0 10.9 10.3 4.4 4.6

Talaat Moustafa Hldg 7.99 10.9 2,763 (2.1) (7.1) (7.1) 4.4 1.9 15.6 0.7 N/A

Nat Societe Generale 47.00 7.5 2,690 (2.4) (4.7) (4.7) 22.6 2.5 11.3 2.2 2.7

EFG Hermes Hldg 32.50 11.0 2,136 2.1 (3.3) (3.3) 9.1 2.6 16.5 1.6 3.1

Al Ezz Dekheila Steel 786.50 0.1 1,805 (2.6) 0.2 0.2 26.0 8.3 12.4 3.1 4.7

Al Ezz Steel Rebars 19.34 10.4 1,805 (5.1) (1.8) (1.8) N/A N/A 29.3 2.2 N/A





.


Orascom Const 291.01 291.00 283.49 274.00 263.35

Comm Int Bank 44.00 43.50 41.30 39.90 46.62

Egyptian Mob Serv 171.95 169.71 168.61 164.50 161.70

Talaat Moustafa Hldg 8.50 8.43 8.17 7.99 8.10

Nat Societe Generale 52.50 51.09 48.00 47.00 49.00



14/16

- 14 -


Oman

Market recap: The MSM30 benchmark fell 0.2% to close at 7,006.2, dragged by Raysut Cement and Nawras, which lost 1.2%

each. National Bank of Oman shed 0.9%.

MSM30 intraday MSM30 1-year movement and turnover

7,000

7,010

7,020

7,030

7,040

9:50

10:30

11:10

11:50

12:30

13:10

3,500

4,500

5,500

6,500

7,500


0

10

20

30

40

(OMRmn)

Turnover (RHS) MSM 30



Company Close % Chg T/ OCompany Close % Chg T/OCompany Cl ose %Chg T/O

Al Jazeera Steel 0.34 0.6 1.59 Financial Corp 1.26 (10.0) 0.03 Renaissance Serv 1.19 (0.5) 2.4

Al Anwar Ceramic 0.36 0.6 0.49 Majan Glass 0.68 (5.5) 0.01 Bank Muscat 1.03 (0.4) 1.7

Dhofar Insurance 0.24 0.4 0.03 United Finance 0.08 (3.7) 0.03 Al Jazeera Steel 0.34 0.6 1.6

Oman Hldgs Int 0.30 0.3 0.02 Global Financial 0.07 (2.6) 0.01 Oman United Ins 0.17 (0.6) 1.3

Shell Oman Mktg 2.55 0.3 0.0 Dhofar CattleFeed 0.19 (2.6) 0.06 Nawras 0.82 (1.2) 1.0


All Close values are in OMR unless specified otherwise, T/O in $ million



Company (OMR) ($mn) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

Bank Muscat 1.03 1.7 2,871 (0.4) 6.9 6.9 8.9 1.1 16.9 1.4 1.9

Oman Telecom 1.27 0.9 2,474 (0.2) (0.4) (0.4) 24.8 15.5 9.2 2.2 7.9

Bank Dhofar 0.74 0.2 1,568 (0.4) 0.1 0.1 14.0 1.9 20.6 2.8 1.8

Nawras 0.82 1.0 1,385 (1.2) 3.0 3.0 N/A N/A 12.8 4.1 N/A

Nat Bank of Oman 0.34 0.3 941 (0.9) (5.1) (5.1) 11.1 1.5 12.8 1.4 3.6

Renaissance Serv 1.19 2.4 871 (0.5) 7.1 7.1 N/A 5.9 12.2 2.1 1.0

Shell Oman Mktg 2.55 0.0 662 0.3 13.8 13.8 53.4 22.7 18.0 9.2 4.5

Oman Int Bank 0.28 0.0 662 (0.4) 0.4 0.4 11.5 1.9 13.5 1.6 7.9

Raysut Cement 1.20 0.2 623 (1.2) (2.1) (2.1) 22.6 20.0 10.2 2.3 8.3

Ahli Bank 0.33 0.2 601 (0.6) 12.5 12.5 13.6 2.2 18.0 2.4 2.1




Oman United Ins 0.16 0.17 0.17 0.17 0.15


.


Al Jazeira Services 0.22 0.22 0.22 0.21 0.21

Al Jazeira Services 0.22 0.22 0.22 0.21 0.21

Oman Chlorine 0.49 0.49 0.48 0.47 0.45

National Aluminium Co 0.58 0.58 0.57 0.56 0.55

Gulf Inv Serv 0.10 0.09 0.09 0.09 0.08



15/16

- 15 -


Bahrain

Market recap:The Bahraini bourse closed 0.4% lower at 1.425.9, undermined by Ahli United Bank, which lost 2.1%. Aluminium

Bahrain gained 1.1%.

BAX intraday BAX 1-year movement and turnover

1,420

1,424

1,428

1,432

1,436

8:1

0

10:5

0

11:2

5

12:3

0

1,200

1,350

1,500

1,650

1,800


0

1

2

3

4

5

(BHDmn)

Turnover (RHS) BAX



Co mpany Close % Chg T/O Company Close % Chg T/OCompany Close % Chg T/ O

United Gulf Inv Corp 0.12 4.4 0.6 Ahli United Bank(USD) 0.72 (2.1) 0.0 United Gulf Inv Corp 0.12 4.4 0.6

Al Salam Bank 0.07 1.5 0.0 Bahrain Comm Fac 0.45 (0.4) 0.0 Bahrain Telecom 0.50 0.0 0.0

Aluminium Bahrain 0.92 1.1 0.0 Al Salam Bank 0.07 1.5 0.0

Bahrain Islamic Bk 0.11 0.0 0.0

Bahrain Comm Fac 0.45 (0.4) 0.0


All Close values are in BHD unless specified otherwise, T/O in $ million



Company (BHD) ($'000) ($mn) %Last %M TD %Y TD ROE ROA P/ E-TTM PBV (%)

Ahli United Bank(USD) 0.72 4.8 3,741 (2.1) 0.7 0.7 9.7 0.9 17.1 1.6 2.6

Aluminium Bahrain 0.92 7.4 3,448 1.1 1.1 1.1 N/A N/A 23.3 1.7 N/A

Bahrain Telecom 0.50 35.7 1,903 0.0 (2.4) (2.4) 19.2 13.9 7.8 1.5 10.0

Nat Bank of Bahrain 0.61 0.0 1,259 0.0 (1.6) (1.6) 16.1 1.9 11.9 1.8 5.7

Arab Banking(USD) 0.55 0.0 1,100 0.0 7.8 7.8 5.6 0.6 7.1 0.3 N/A

Al Baraka Bk(USD) 1.39 0.0 1,099 0.0 (7.3) (7.3) 8.2 0.7 11.0 0.9 4.1BBK 0.45 8.5 1,017 0.0 4.7 4.7 18.2 1.9 9.3 1.6 5.6

Investcorp Bank(USD) 1,265.00 0.0 1,012 0.0 0.0 0.0 N/A N/A N/A 1.0 N/A

United GulfBank 0.44 3.0 963 0.0 (6.0) (6.0) N/A N/A 25.6 1.8 1.1

Ithmaar Bank(USD) 0.13 16.3 399 0.0 0.0 0.0 (20.1) (3.0) N/A 0.5 N/A





.




16/16


Glossary Abbreviations used

%Chg % change MCap Market capitalization TTM Trailing 12 month*

bn Billion mn Million VAR Variance

DY Dividend yield Nm Not meaningful Vol Volume (No of stocks traded)

O/N Overnight P/E Price to earnings* YoY Year on Year

Fut. Futures prices (commodities) PBV Price to book value* YTD Year to date

%Last % change in last trading day QoQ Quarter on Quarter MTD Month to date

Close Adjusted Closing Price ROA Return on assets* QTD Quarter to date

T/O Turnover (Value of stocks traded) ROE Return on equity* 1M, 2M 1 Month, 2 Month etc

*P/E, ROE and ROA are based on normalized net income

*Aggregate P/E calculation consider companies whose earnings data is negative

*PBV: Price to latest available book value up to Q3-10

*TTM: Up to Q3-10 figures for all companies

Contact details

Kindly send a ll mailing list requests to [email protected]

Head of Research Eiji Aono [email protected] +966 2 690 7786

Brokerage website www.alahlitadawul.com / www.alahlibrokerage.com

Corporate website www.ncbc.com

IMPORTANT I NFORMATION AND DISCLAIMERS

The authors of this document hereby certify that the views expressed in this document accurately reflect their personal views regarding the securitiesand companies that are the subject of this document. The authors also certify that neither they nor their respective spouses or dependants (ifrelevant) hold a beneficial interest in the securities that are the subject of this document. Funds managed by NCB Capital and its subsidiaries for thirdparties may own the securities that are the subject of this document. NCB Capital or its subsidiaries may own securities in one or more of theaforementioned companies, or funds or in funds managed by third parties The authors of this document may own securities in funds open to thepublic that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. The InvestmentBanking division of NCB Capital may be in the process of soliciting or executing fee earning mandates for companies that are either the subject of thisdocument or are mentioned in this document.

This document is issued to the person to whom NCB Capital has issued it. This document is intended for general information purposes only, and maynot be reproduced or redistributed to any other person. This document is not intended as an offer or solicitation with respect to the purchase or sale ofany security. This document is not intended to take into account any investment suitability needs of the recipient. In particular, this document is notcustomized to the specific investment objectives, financial situation, risk appetite or other needs of any person who may receive this document. NCBCapital strongly advises every potential investor to seek professional legal, accounting and financial guidance when determining whether aninvestment in a security is appropriate to his or her needs. Any investment recommendations contained in this document take into account both riskand expected return. Information and opinions contained in this document have been compiled or arrived at by NCB Capital from sources believed tobe reliable, but NCB Capital has not independently verified the contents of this document and such information may be condensed or incomplete.Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy,completeness or correctness of the information and opinions contained in this document. To the maximum extent permitted by applicable law andregulation, NCB Capital shall not be liable for any loss that may arise from the use of this document or its contents or otherwise arising in connectiontherewith. Any financial projections, fair value estimates and statements regarding future prospects contained in this document may not be realized.All opinions and estimates included in this document constitute NCB Capitals judgment as of the date of production of this document, and are subjectto change without notice. Past performance of any investment is not indicative of future results. The value of securities, the income from them, theprices and currencies of securities, can go down as well as up. An investor may get back less than he or she originally invested. Additionally, fees mayapply on investments in securities. Changes in currency rates may have an adverse effect on the value, price or income of a security. No part of thisdocument may be reproduced without the written permission of NCB Capital. Neither this document nor any copy hereof may be distributed in any

jurisdiction outside the Kingdom of Saudi Arabia where its distribution may be restricted by law. Persons who receive this document should makethemselves aware, of and adhere to, any such restrictions. By accepting this document, the recipient agrees to be bound by the foregoing limitations.

NCB Capital is authorised by the Capital Market Authority of the Kingdom of Saudi Arabia to carry out dealing, as principal and agent, andunderwriting, managing, arranging, advising and custody, with respect to securities under license number 37-06046. The registered office of which is

at Al Mather street in Riyadh, P.O. Box 22216, Riyadh 11495, Kingdom of Saudi Arabia.

NCBC Closing Bell_18Jan2011

Documents

Transcript of NCBC Closing Bell_18Jan2011