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The PEX records average PE of 20.9x in H1 2020

2020-09-10

 Sahem Weekly Trading Report (06-10)-09-2020

Unlike the previous week, Al-Quds Index declined by 0.73% than its previous weekly level, to close at 444.25 points. While Palestine Stock Exchange PEX witnessed weak trading and very slow price movements.  Whereby, the performance of one stock- especially the blue-chips- didn’t shine than any other. On the other hand, with the disclosures’ completion of 42 companies out of 48 listed companies required to disclose their data by the end of the first half of 2020, the PEX records an average PE ratio of 20.9x and an average P/BV of 1.07x.

Regarding the data of the PEX’s sectors, the banking and financial services’ sector contributed in 29.55% from total disclosed companies’ profits attributable to the parent companies. Whereby, 71% of the companies in the sector recorded profits by the end of H1 2020. According to the disclosed data, the average PE of the sector records 23.1x, and average P/BV reached 1.11x. This came despite the decrease in the sector’s profits attributable to the parent companies by 49.60%. While, Bank of Palestine BOP constitutes the lion’s share of 37.16% from the total achieved profits attributable to parent companies in the sector. In the same context, the insurance sector contributed in 11.22% from total disclosed companies’ profits attributable to the parent companies. Where 40% of the disclosed companies in the sector recorded an increase in their profits attributable to the parent companies, while two companies didn’t succeed to disclose their data within the legal granted period. However, the sector’s profits attributable to the parent companies decreased by 5.77% in H1 2020. According to the disclosed data, the insurance sector records an average PE of 10.5x, and an average P/BV of 1.28x.

In the services sector, 8 out of 11 listed companies among the sector disclosed their H1 2020 financial results; where the services sector contributed by the highest percentage of 36.42% from the total disclosed companies among all sectors in the PEX. Where 75% of the disclosed companies in the sector achieved profits attributable to the parent companies in H1 2020, whereas, 25% of the disclosed companies in the sector realized net losses compared to the corresponding period of 2019, while, 3 companies didn’t disclose their financial results for H1 2020 within the granted period by the PEX. Whereby, Palestine Telecommunications Company PALTEL’s profits contributed in 71.99% from the total sector’s profits attributable to the parent companies, in which declined in total by 49.37% compared to the corresponding period of last year. According to the disclosed data, the sector records average PE of 18.6x, and average P/BV of 1.21x.

On the other hand, the investment sector’s profits attributable to the parent companies contributed in 7.09% from the total disclosed companies’ profits attributable to the parent companies; the lowest among all sectors, while one company couldn’t disclose its data within the legal period. While, the investment sector’s profits attributable to the parent companies declined by 82.40% in H1 2020, to record an average PE of 51.77x; the largest among all sectors, and average P/BV of 0.81x; the lowest among all sectors. Regarding the Industry sector, it witnessed a decrease in the sector’s profits attributable to the parent companies by 26.97% in H1 2020; constituting 15.72% 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 51.34% from total sector’s profits attributable to the parent companies. Accordingly, the Industry sector records an average PE of 15.6x and average P/BV of 1.07x.


 


 

 

 
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