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The PEX records average PE of 13.8x and average P/BV of 1.23x

2018-02-22

Sahem Weekly Trading Report (18-22)-02-2018

Palestine Stock Exchange PEX’s liquidity increased this week following executing several transactions on the stocks of some companies in the banking and financial services sector and the investment sector. In addition, the PEX witnessed during this week a  momentum of dividends distribution proposals for the year 2017; the Arab Company for Paint Products APC raised a proposal to distribute 50% cash dividends to its shareholders, and AL-Takaful Palestinian Insurance Company TIC raised a recommendation  to distribute 10% cash dividends to its shareholders, also, Palestine Industrial Investment Company PIIC raised a recommendation to distribute 8% cash dividends to its shareholders for the year 2017. On the other hand and with the completion of the announcements of 46 listed companies out of 48 required to disclose their financial data by the end of 2017, the PEX records an average PE ratio of 13.8x and an average P/BV of 1.23x.

Regarding the data of the PEX’s sectors, all of the companies in the banking and financial services’ sector achieved profits at the end of 2017, whereby, 86% of the banks recorded growth in profits during the period. The sector’s profits contributed for 33.30% from the total disclosed companies’ profits attributable to the parent company. According to the disclosed data, the average PE of the sector records 12.8x, and average P/BV hit 1.35x. This followed an increase of 5.55% in total sector’s profits. On another hand, Bank of Pearlstine BOP constitutes the lion’s share of 52.57% from total achieved profits in the banking and financial services’ sector.

In the services sector, 7 companies out of 9 companies which disclosed their financial data recorded profits in the year 2017 and on the top come Palestine Telecommunications Company PALTEL, which contributes for 96.58% from the total sector’s profits. Moreover, two companies realized net loss for the year 2017 and two companies couldn’t disclose their financial data within the legal granted period. On the other hand, the sector’s profits constitutes 35.43% from the total disclosed companies’ profits attributable to the parent company; the largest contribution. Accordingly, the sector records average PE of 12.7x and average P/BV of 1.27x. Regarding the insurance sector, most of its listed companies that disclosed their financial data recorded significant growth in profits compared to last year’s data, while one company witnessed a slight decline in profits. According to the disclosed data, the sector records average PE of 6.4x; the lowest among the other sectors, and average P/BV of 1.08x.

In the same context, the profits of the listed companies in the industry sector constitute 15.46% from the total disclosed companies’ profits attributable to the parent company. Whereby, Birzeit Pharmaceuticals Company BPC and Jerusalem Pharmaceutical Company JPH achieved the highest profits, where, both contribute for 46.44% from total profits. Accordingly, the sector records average PE of 9.3x and average P/BV of 1.28x. However, the investment sector records the lowest average P/BV of 1.06x among the other sectors, while it records average PE ratio of 48.9x. On another hand, the sector’s profits contributes for 6.04% from total sectors’ profits, while the sector’s profits declined by 44.19% in 2017 compared to the corresponding period of last year.


 

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