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Scarce trading and a momentum in the substantial news


Sahem Weekly Trading Report (10-14)-05-2020

In the second week of May, trading in Palestine Stock Exchange PEX is still scarce and very slow coinciding with the lack of purchasing bids in their prices depth. While Al-Quds Index closed with a slight decrease of 0.11% than the previous week. This came despite the increase in the price of the heaviest stock in Al-Quds Index- Palestine Telecommunications PALTEL- by 1.88% than its previous weekly closing, to trade above its equivalent price by 2.43% after approving the distribution of 40% cash dividends for the year 2019. It is good to note that the leading stocks and others witnessed price declines, lately, after approving the dividends distribution for the year 2019 in order to balance the prices after the dividends’ distribution. While undoubtedly that with the price declines, the anticipation degrees among investors increase in order to capture the best opportunities to build investment positions in the PEX. On the other hand, the substantial news on the listed companies increase varying between quarterly financial data disclosures and dividends distribution approvals.

Regarding Q1 2020 financial data disclosures, Palestine Industrial Investment Company PIIC- the investment arm of PADICO Holding in the agriculture and industrial sectors- disclosed posting net income attributable to the shareholders of the parent company of JD0.33 million in Q1 2020, compared to JD1.02 million in Q1 2019. This mainly resulted from incurring investment loss of JD0.83 million compared to investment profits in the corresponding period of 2019, in addition to a decline in the company’s stake from its affiliates’ profits by 76.43% and an increase in the income tax expenses. Based on the disclosed figures, PIIC records book value BV of JD2.16, and P/BV of 0.90x. In the same context, the Vegetable Oil Industries Company VOIC noted posting net income of JD0.33 million in Q1 2020, compared to JD1.67 million in Q1 2019. This mainly followed not recording any profits from the company’s portfolio and available for sale assets compared to recording JD1.15 million in Q1 2019, in addition to incurring loan interests expense, and recording currency exchange losses. Based on the recorded figures, VOIC records BV of JD9.10, and P/BV of 1.40x. Also, Palestine Electric Company PEC disclosed posting net income of $2.84 million; up by 6.77% than the corresponding period of 2019. This mainly resulted from not recorded any credit losses in Q1 2020 compared to Q1 2019 besides an increase in the company’s direct and other revenues. Based on the disclosed figures, PEC records BV of $1.66 and P/BV of 0.84x.

Regarding the dividends distribution approvals for the year 2019, the general assembly of Jerusalem Pharmaceuticals Company JPH approved, in its meeting on 11/05/2020, distributing 10% cash dividends for the year 2019, to record dividends yield of 3.86% based on the price on the entitlement date. Also, the general assembly of Al-Shark Electrode Company ELECTRODE approved, in its meeting on 12/05/2020, distributing 6% cash dividends for the year 2019, to record dividends yield of 3.00% based on the price on the entitlement date.


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