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2017-08-24
Sahem weekly Trading Report (20-24)-08-2017
Al-Quds Index witnessed a balanced performance this week, to close at the level of 566.15 points after trading in a relatively narrow range and record a slight increase by 0.15% than its previous weekly closing level. However, Palestine Stock Exchange PEX witnessed medium liquidity during this week following executing a transaction of 2.00 million shares on the stocks of Palestine Investment Bank PIBC. Nevertheless and regarding the approved dividends distribution, the general assembly of Dar Al-Shifa'a for the Manufacturing of Pharmaceuticals PHARMACARE approved distributing 8% cash dividends for the year 2016, to record dividends yield of 2.22%. On the other hand and with the disclosures’ completion of 45 companies out of 48 listed companies required to disclose their data by the end of the first half of 2017, the PEX records an average PE ratio of 12.7 and an average P/BV of 1.23x.
Regarding the data of the PEX’s sectors, the total profits of the banking and financial services’ sector contributed in 31.08% from the total disclosed companies’ profits attributable to the parent companies. Whereby, 6 companies out of 7 companies in the sector recorded profits by the end of H1 2017. However, the sector recorded an increase of 6.70% in total sector’s profits attributable to the parent companies compared to H1 2016. While, Bank of Palestine BOP constitutes the lion’s share of 48.97% from the total achieved profits attributable to the parent companies in the sector. According the disclosed data, the average PE of the sector records 12.4x, and average P/BV hit 1.35x. In the insurance sector, 83% of the disclosed companies in the sector recorded an increase in profits attributable to the parent companies in H1 2017, while, the sector’s profits attributable to the parent companies grew by 45.98% in H1 2017. According to the disclosed data, the insurance sector records an average PE of 6.7x; the lowest value among all sectors, and records an average P/BV of 1.20x.
On the other hand, the profits attributable to the parent companies of the services sector contributed by the highest percentage of 33.50% from the total disclosed companies in the PEX, where 78% of the disclosed companies in the sector achieved profits attributable to the parent company in H1 2017; 33% of them posted growth in profits, while, 44% of the disclosed companies recorded a decline in profits, whereas, all other companies realized net loss in the period, while two companies didn’t disclose their financial results for H1 2017 during the legal period granted by the PEX. In the same context, Palestine Telecommunications Company PALTEL’s profits contributed in 93.03% from the total sector’s profits attributable to the parent companies, in which decreased in total by 25.25% compared to the corresponding period of last year. According to the disclosed data, the sector records average PE of 12.6x, and average P/BV of 1.30x.
In the same context, the investment sector’s profits attributable to the parent company increased by 5.32% in H1 2017; to contribute in 14.24% from the total disclosed companies’ profits attributable to the parent company. Whereby, the investment sector recorded the lowest average P/BV of 1.05x among the sectors, and an average PE of 20.2x. Regarding the Industry sector, its profits attributable to the parent companies constituted 14.07% from the total disclosed profit attributable to the parent companies in the PEX, to record an increase of 28.88% in H1 2017. Whereby, Birzeit Pharmaceuticals BPC and the Vegetable Oil Industries Company VOIC achieved the highest profits among the sector’s companies, in which both contributed for 51.22% from total sector’s profits attributable to the parent companies. Accordingly, the industry sector records an average PE of 8.6x and average P/BV of 1.18x.
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