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The PEX records average PE of 12.1x and average P/BV of 1.25x in H1 2021

2021-08-26

 Sahem Weekly Trading Report (22-26)-08-2021

Relative quietness dominated Palestine Stock Exchange PEX in this week amid a decline in the prices of most blue-chips- with heaviest weights and effects on Al-Quds Index-. This led the Index to close with a decline of 0.67% than the previous weekly closing level after recording 570.88 points. On the other hand, with the disclosures’ completion of 44 companies out of 47 listed companies required to disclose their data for H1 2021, the PEX records an average PE ratio of 12.1x and an average P/BV of 1.25x.

Regarding the data of the PEX’s sectors, the banking and financial services’ sector contributed in 29.81% from total disclosed companies’ profits attributable to the parent companies. Whereby, all of the companies that disclosed their data in the sector recorded profits in H1 2021. According to the disclosed data, the average PE of the sector records 11.8, and average P/BV reached 1.17x. This came due to the increase in the sector’s profits attributable to the parent companies by 141.52%. While, Bank of Palestine BOP constitutes the lion’s share of 51.42% from the total achieved profits attributable to parent companies in the sector. In the same context, the insurance sector contributed in 4.08% from total disclosed companies’ profits attributable to the parent companies; the lowest contribution among other sectors. Where 14% of the disclosed companies in the sector recorded an increase in their profits attributable to the parent companies. However, the sector’s profits attributable to the parent companies declined by 29.92% in H1 2021. According to the disclosed data, the insurance sector records an average PE of 18.0x, the highest among all sectors, and an average P/BV of 1.44x.

In the services sector, 8 out of 9 listed companies among the sector disclosed their H1 2021 financial results; where the services sector contributed by the highest percentage of 32.97% from the total disclosed companies among all sectors in the PEX. Where 88% of the disclosed companies in the sector achieved profits attributable to the parent companies in H1 2021, whereas, 12% of the disclosed companies in the sector realized net losses in H1 2021, while, one company didn’t disclose its financial results for H1 2021 within the granted period by the PEX. Whereby, Palestine Telecommunications Company PALTEL’s profits contributed in 78.08% from the total sector’s profits attributable to the parent companies, in which increased in total by 106.11% compared to the corresponding period of last year. According to the disclosed data, the sector records average PE of 12.0x, and average P/BV of 1.46x; the highest among all sectors.

On the other hand, the investment sector’s profits attributable to the parent companies contributed in 21.45% from the total disclosed companies’ profits attributable to the parent companies. While, the investment sector’s profits attributable to the parent companies increased by 1840.18% in H1 2021. Where the sector records an average PE of 12.2x, and average P/BV of 1.11x; the lowest among all sectors. Regarding the Industry sector, it witnessed an increase in the sector’s profits attributable to the parent companies by 88.32% in H1 2021; constituting 11.69% from total sector’s profits attributable to the parent companies, whereby, Birzeit Pharmaceuticals Company BPC and the Vegetable Oil Industries Company VOIC achieved the highest profits, in which both contributed for 62.95% from total sector’s profits attributable to the parent companies. However, one company couldn’t disclose its data within the granted legal period. Accordingly, the Industry sector records an average PE of 10.9x, the lowest among all sectors, and average P/BV of 1.20x.


 

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