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2018-11-01
Sahem Weekly Trading Report (28-10)-(01-11)-2018
Al-Quds Index rebounded upwards this week after three weeks of declining, to close in the green zone at the level of 527.19 points; up by 0.10% than its previous weekly closing level. Moreover, with the end of the legal period granted by Palestine Stock Exchange PEX to the listed companies to disclose their 9M 2018 financial and operational data, which coincides with the end of October, the market witnessed a momentum of quarterly disclosures where 44 companies out of 48 companies disclosed their financial results.
Regarding the Blue-Chips disclosures, Palestine Telecommunication PALTEL – the largest company in the market by market capitalization – noted posting net income attributable to the shareholders of the parent company of JD 52.20 million in the first nine months of 2018; down by 4.10% than the corresponding period of 2017. This mainly followed a 6.57% decrease in revenues. Moreover, based on the disclosed figures PALTEL recorded Book Value BV of JD3.58 and P/BV of 1.21x. However, in the investment sector, Palestine Development and Investment Company PADICO – the largest investment company by market capitalization – noted posting net income attributable to the shareholders of the parent company of $14.32 million; up by 21.77% than the corresponding period of 2017, following a decrease of operating and general and administrative expenses by 23.31% and 23.45% respectively. This happened as a result of the restructuring policy that the company implemented in 2017. Moreover, based on the disclosed figures, PADICO records BV of $1.57 and P/BV of 0.80x. and in the same context of PADICO’s disclosure, the restructuring policy that the company implemented on its subsidiaries in 2017 reflected their 2018 results, especially Palestine Real Estate Investment Company PRICO – a subsidiary of PADICO, which owns 75.71% of its shares – announced a 93.05% decrease in its net losses in the first nine months of 2018, after covering all the company’s accumulated losses by PADICO in 2017. In the same sector, Arab Palestinian Investment Company APIC noted posting net income attributable to the shareholders of the parent company of $9.67; up by 14.41 % than the corresponding period of 2017. Following the increase in net sales and services revenue. Based on the disclosed figures, APIC records BV of $1.37 and P/BV of 1.67x.
In the Banking and financial services sector, Bank of Palestine BOP – the largest bank in terms of market capitalization – noted posting net income attributable to the shareholders of the bank of $38.81 million; up by 0.69% than the corresponding of 2017. Following an increase in net sales and commissions to $140.76 million compared to $135.90 million in the corresponding period of 2017. Based on the disclosure, BOP records BV of $1.75 and P/BV of 1.35x. In the insurance sector, Trust International Insurance Company TRUST noted posting net income attributable to the shareholders of the parent company of $2.92 million; up by 6.71% than the corresponding period of 2017. Based on the disclosure, BV of $3.56 and P/BV of 0.99x.
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