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Modest transactions amid acceleration in financial disclosures

2016-10-27

Sahem Weekly Trading Report (23-27)-10-2016

With the approaching end of the legal period granted to the listed companies to disclose their 9M 2016 financial data, Al-Quds Index traded this week in a range that didn’t exceed 3 points. This price trend followed the semi-horizontal performance of the companies with high weights in the Index. On the other hand, the slow movement paralleled with a modest liquidity; mostly were institutional transfer and some new investment positions amid an increase in the financial data disclosure anticipation. The legal period ends with the end of October 2016, while the disclosures haven’t exceeded 50% out of 48 companies with the end of business week, whereby, the next week is expected to witness disclosures’ momentum that include some of the blue-chips and high turnover companies. In all cases, the expected 9M financial data will build more on what has been established by many of the Palestine Stock Exchange PEX’s constituents’ components.  

The banking sector’s disclosures are the most noticeable in this period given the rapid growth and development. This week and with a unique disclosure, the National Bank TNB announced an increase in its net income by 31.75% in 9M 2016, to reach $5.70 million. This increase followed a significant growth of 30.80% in net interests and commissions income in addition to a noticeable increase in the financial assets gains. This income was parallel to the credit facilities portfolio growing to $513.93 million which is a part of the total assets worth of $935.74 million. According to the financial data, TNB records EPS of $0.076 and ROE of 6.27% for 9M 2016. TNB also records BV of $1.21 as of the end of September 2016 and P/BV of 1.29x. In the banking sector, Palestine Investment Bank PIBC posted an increase of 43.36% in its net income to reach $2.35 million in 9M 2016 following the increase in net interests and commissions income. Moreover, the net income of the Arab Islamic Bank AIB also increased by 16.69% to hit $4.73 million as a result of an increase in the bank’s stake from the financing and investment income.

From the disclosures that drag the attention prior to the disclosure of the blue-chip “PADICO Holding”, are its subsidiaries and affiliates’. This week, Palestine Telecommunications PALTEL noted a net income of JD63.07 million in 9M 2016; down by 1.34% than the corresponding period of 2015. This decrease followed a slight decline in the operating income by 0.62%, in addition to an increase in the company’s stake from its affiliates’ net loss which its effect was reduced with the increase of cash dividends of the company’s investments portfolio. Accordingly, PALTEL records BV of JD4.08 and P/BV of 1.25x. Moreover, Palestine Industrial Investment Company PIIC – the investment arm of PADICO Holding in the industry sector- noted recording net income attributable to the shareholders of the parent company of JD3.81 million; up by 27.03% than 9M 2015.  This followed a growth in sales by 27.11% , mostly from the increase in the sales of Palestine Poultry Company AZIZA- a subsidiary of PIIC-  by 13.04%, which in turn contributed in an increase of its net income as well. Regarding the disclosed data, PIIC records BV of JD1.83 and P/BV of 1.20x. On the other hand, Palestine Real Estate Investment Company PRICO- the investment arm of PADICO Holding in the real estate sector- noted posting net loss attributable to the shareholders of the parent company of JD0.92 million in 9M 2016 compared to net income of JD1.94 million in the corresponding period of 2015. The net loss followed recording operating loss that was decreased mostly by non-operating revenues’ figures. Accordingly, PRICO records BV of JD1.13 and P/BV of 0.49x.  Regarding another sector’s distinguished disclosures, Palestine Electric Company PEC noted reporting net income of $14.13 million in 9M 2016; up by 43.22% . This followed an increase in operating income by 30.47% in addition to the other revenues. Accordingly, PEC records $1.66 BV and P/BV of 0.75x.

 


 

2017-05-25
Dividends yield reports 5.8% in the PEX

2017-05-18
PADICO is higher than its equivalent price and the PMA is planning to issue digital currency

2017-05-16
PADICO approves distributing 5% cash dividends for the year 2016

2017-05-11
The PEX records an average PE of 11.1x in Q1 2017

2017-05-10
Manaseer Cement & Mining Company signs a partnership agreement with Sanad Construction Industries Company

2017-05-09
QUDS approves distributing 12% stocks dividends for the year 2016

2017-05-07
RSR approves distributing 7% cash dividends for the year 2016

2017-05-07
AZIZA approves distributing 18% cash dividends for the year 2016

2017-05-07
PIIC approves distributing 6% cash dividends for the year 2016

2017-05-04
Al-Quds Index increases with the end of the quarterly financial data disclosures’ season

2017-05-03
PIBC approves raising its paid-up capital to $61 million

2017-05-02
RSR reports net income of JD0.094 million in Q1 2017

2017-05-02
WASSEL posts net income of $0.14 million in Q1 2017

2017-05-02
PADICO reports net income of $4.71 million in Q1 2017

2017-05-02
AHC realizes net loss of JD0.53 million in Q1 2017

2017-05-02
ISBK posts net income of $3.04 million in Q1 2017

2017-05-02
BOP reports net income of $12.35 million in Q1 2017

2017-05-02
PID realizes net loss of JD0.01 million in Q1 2017

2017-05-02
BPC records net income of $2.92 million in Q1 2017

2017-05-02
PICO reports net income of $1.00 million in Q1 2017

2017-05-02
MIC posts net income of $0.31 million in Q1 2017

2017-05-02
JCC realizes net loss of JD0.06 million in Q1 2017

2017-05-02
JPH records net income of $1.60 million in Q1 2017

2017-05-02
GMC posts net income of JD0.25 million in Q1 2017

2017-05-02
NSC records net income of JD0.05 million in Q1 2017

2017-05-02
NCI records net income of $0.06 million in Q1 2017

2017-05-02
PRICO realizes net loss of JD0.13 million in Q1 2017

2017-05-02
ABRAJ records net income $0.08 million in Q1 2017

2017-05-02
ELECTRODE reports net income of JD0.01 million in Q1 2017

2017-05-02
PIIC records net income of JD1.70 million in Q1 2017

2017-05-02
LADAEN realizes net loss of JD 0.03 million in Q1 2017

2017-05-02
AZIZA posts net income of JD1.33 million in Q1 2017

2017-05-02
PALTEL records net income of JD18.04 million in Q1 2017

2017-05-02
AQARIYA posts net income of JD0.24 million in Q1 2017

2017-05-02
GUI reports income of $0.87 million in Q1 2017

2017-05-02
NIC posts net income of $1.54 million in Q1 2017

2017-05-02
TRUST reports net income of $1.74 million in Q1 2017

2017-05-02
TIC records net income of $0.82 million in Q1 2017

2017-05-02
QUDS posts net income of $3.94 million in Q1 2017

2017-05-02
ARAB records net income of JD0.029 million in Q1 2017

2017-05-02
PIBC posts net income of $0.98 million in Q1 2017

2017-05-02
PALAQAR reports net income of JD0.025 million in Q1 2017

 

 

 
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