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2018-04-19
Sahem Weekly Trading Report (15-19)-04-2018
Palestine Stock Exchange PEX witnessed, in this week also, relatively weak trading and slow price movements, while Al-Quds Index declined in a slower pace than what the PEX has witnessed since the beginning of April. This followed the increase in sales offers in their depth on the leading stocks with heavy weights in Al-Quds Index that distributed dividends for the year 2017 this week, to result in decreasing their prices below their equivalent prices. On the other hand, the significant news on the listed companies in the PEX accelerated this week; varied between quarterly financial data disclosures, dividends distribution announcements and dividends distribution approval.
Regarding the dividends’ entitlements for the year 2017, the general assembly GA of Palestine Islamic Bank ISBK approved, in its meeting on 16/04/2018, raising the paid up capital from $69.00 million to $74.00 million through distributing 7.25% stocks dividends to its shareholders, and 8.50% cash dividends for the year 2017, to record 3.81% dividends yield based on the price on the entitlement and 40.28% payout ratio based on the EPS of 2017. Moreover, the GA of Palestine Securities Exchange Company PSE approved, in its meeting on 17/04/2018, distributing 6.00% cash dividends to its shareholders, to record 1.21% dividends yield based on the price on the entitlement and 88.24% payout ratio based on the EPS of 2017. Also, the GA of the National Aluminum & Profile Company NAPCO approved, in its meeting on 19/04/2018, distributing 5.00% cash dividends for the year 2017, to record 6.02% dividends yield based on the price on the entitlement and 74.63% payout ratio based on the EPS of 2017. On the other hand and regarding the significant news, the board of directors BOD of Al-Aqariya Trading Investment Company AQARIYA held a meeting on 17/04/2018 and decided to change the currency of the company from the Jordanian Dinars to US Dollars and therefore, their paid-up capital will be changed from JD5.50 million to $7.76 million. On the other hand, the BOD of Jerusalem Pharmaceuticals Company JPH raised a recommendation to the GA to distribute 10.00% cash dividends for the year 2017, to record dividends yield of 3.03% based on the current market price.
On another hand, the listed companies started to disclose their quarterly financial data for the first three months of 2018, whereby, the PEX maximum grants the listed companies a period month from the end of March to disclose their financial and operating quarterly data. In this context, the Arab Company for Paints Products APC and Palestine Electric Company PEC were the first to disclose their Q1 2018 financial data. Whereby, APC noted posting net income of JD0.17 million in Q1 2018; down by 48.81% than the corresponding period of 2017. This decline followed a decrease of 1.03% in the company’s net sales and a decline in the exchange rate of the Jordanian Dinar. Based on the disclosure, APC records book value BV of JD2.61 and P/BV of 2.53x, while, it records earnings per share EPS of JD0.11 and P/E ratio of 15.02x. In the same context, PEC disclosed its financial results for Q1 2018, noting posting net income of $4.05 million in the first three months of the year 2018, compared to net income of $3.61 million in the corresponding period of 2017. This followed an increase in the company’s revenue and other revenues compared to incurring other expenses in the same period of 2017. However, based on the disclosed data, PEC reports BV of 1.43 and P/BV of 0.88x. It also records EPS of $0.07 and PE ratio of 4.50x.
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