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2018-05-03
Sahem Weekly Trading Report (29/04-03/05)-2018
The significant news on listed companies in Palestine Stock Exchange PEX accelerated this week; varied between quarterly financial data disclosures and dividends distribution announcements. With the end of the legal period granted by the PEX to the listed companies to disclose their Q1 2018 financial and operational data, which coincides with the end of April, whereby, 44 out of 48 companies disclosed their Q1 financial data. On the other hand, Al-Quds Index increased this week – with four trading sessions – by 0.01% than its previous weekly closing level, to record 545.95 points.
Regarding the quarterly financial data disclosures of the blue-chips, Palestine Development and Investment Company PADICO- the largest investment company by market capitalization- disclosed posting net income attributable to the shareholders of the parent company of $5.76 million in the first three months of the year 2018 compared to $4.23 million in the corresponding period of 2017; up by 36.22%. This followed an increase in PADICO’s stake from its associates’ profits and a decrease in PADICO’s general and administrative expenses due to the restructuring and expense control policy that PADICO implemented over the last year. However, based on the disclosed figures, PADICO records book value BV of $1.57 and P/BV of 0.86x. In the same context, Palestine Telecommunication Company PALTEL – the largest company in terms of market capitalization - disclosed recording net income of JD21.24 million compared to JD18.03 million in the corresponding period of 2017, this followed the improvement in investments’ results and the decline in some telecommunication services costs. Based on the disclosed figures, PALTEL records BV of JD3.42 and P/BV of 1.27x. As for the largest bank by market capitalization - Bank of Palestine BOP -, it disclosed recording net income of $12.42 million in Q1 2018 compared to $12.35 million in the corresponding period of 2017; slightly up by 0.58%. Based on the disclosure, BOP records BV of $1.92 and P/BV of 1.31x.
Regarding the dividends’ entitlements for the year 2017, The GA of Nablus Surgical Center NSC approved, in its meeting on 26/04/2018, distributing 7% cash dividends for the year 2017, to record 3.87% dividends yield based on the price on the entitlement and 60.34% payout ratio based on the EPS of 2017. Also, the GA of Jerusalem Pharmaceutical Company JPH approved, in its meeting on 26/04/2018, distributing 10% cash dividends for the year 2017, to record 2.94% dividends yield based on the price on the entitlement and 16.86% payout ratio based on the EPS of 2017. However, and in the insurance sector, the GA of Palestine Insurance Company PICO approved, in its meeting on 29/04/2018, raising the paid-up capital from $6.00 million to $7.20 million through distributing 20% stocks dividends for its shareholders. In addition to distributing 40% cash dividends for the year 2017, to record 13.29% dividends yield based on the price on the entitlement and 50% payout ratio based on the EPS of 2017. On the other hand, the GA of the Arab Palestinian Investment Company APIC approved, in its ordinary and extraordinary meetings on 02/05/2018, raising the authorized capital from $70.00 million to $100.00 million, and raising the paid-up capital to $75.00 million through distributing 7.14% stocks dividends for its shareholders. In addition to distributing 7.14% cash dividends for the year 2017, to record 3.17% dividends yield based on the price on the entitlement and 42% payout ratio based on the EPS of 2017.
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