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2019-05-16
Sahem Weekly Trading Report (12-16)-05-2019
In this week, the trading in Palestine Stock Exchange PEX is still scarce and very slow coinciding with the absence of any significant news in the period that follows the end of Q1 2019 disclosures, and receding in the dividends’ distribution approvals, in addition to the routine trading of the holy month of Ramadan. While Al-Quds Index decreased by 0.46% than its previous weekly closing level, to record 526.67 points. On another hand, with the disclosures’ completion of 45 companies out of 48 listed companies required to disclose their data by the end of the first quarter of 2019, the PEX records an average PE ratio of 9.9x and an average P/BV of 1.20x.
Regarding the data of the PEX’s sectors, the banking and financial services’ sector contributed in 24.87% from total disclosed companies’ profits attributable to the parent companies. Whereby, all companies in the sector recorded profits by the end of Q1 2019. According to the disclosed data, the average PE of the sector records 12.0x, and average P/BV reached 1.24x. This came despite the decrease in the sector’s profits attributable to the parent companies by 1.77%. While, Bank of Palestine BOP constitutes the lion’s share of 46.41% from the total achieved profits attributable to parent companies in the sector. In the insurance sector, 6 out of 7 listed companies among the sector disclosed their Q1 2019 financial results; where 67% of the disclosed companies in the sector recorded increase in their profits attributable to the parent companies. In this context, the sector’s profits attributable to the parent companies increased by 7.22% in Q1 2019. According to the disclosed data, the insurance sector records an average PE of 5.8x; the lowest value among all sectors, and records an average P/BV of 1.16x.
In another context, the profits attributable to the parent companies in the services sector contributed by the highest percentage of 36.60% from the total disclosed companies among all sectors in the PEX. Where 78% of the disclosed companies in the sector achieved profits attributable to the parent companies in Q1 2019, whereas, 22% of the disclosed companies in the sector realized net losses compared to the corresponding period of 2018, while; two companies didn’t disclose their financial results for Q1 2019 within the granted period by the PEX. Whereby, Palestine Telecommunications Company PALTEL’s profits contributed in 95.40% from the total sector’s profits attributable to the parent companies, in which increased in total by 12.35% compared to the corresponding period of last year. According to the disclosed data, the sector records average PE of 8.6x, and average P/BV of 1.31x; the highest value among all sectors.
On the other hand, the investment sector’s profits attributable to the parent companies contributed in 22.36% from the total disclosed companies’ profits attributable to the parent companies, while, the investment sector’s profits attributable to the parent companies increased by 69.50% in Q1 2019, to record an average PE of 9.9x and average P/BV of 1.05x; the lowest among all sector. Regarding the Industry sector, it witnessed a decrease in the sector’s profits attributable to the parent companies by 20.43% in Q1 2019; constituting 7.34% from total sector’s profits attributable to the parent companies, whereby, Birzeit Pharmaceuticals BPC and the Vegetable Oil Industries Company VOIC achieved the highest profits, in which both contributed for 62.40% from total sector’s profits attributable to the parent companies. Accordingly, the Industry sector records an average PE of 14.4x and average P/BV of 1.18x.
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