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2022-05-26
Sahem Weekly Trading Report (22-26)-05-2022
Al-Quds Index traded at its highest levels since August 2006, closing at 651.31 points; up by 2.10% than the previous week. However, total trading value witnessed noticeable increase this week after executing a transaction that is the highest in Palestine Stock Exchange PEX’s history. Whereby, Palestine Telecommunications Company PALTEL has sold its owned stake in Palestine Development and Investment Company PADICO for Rowan International Investments - totally owned by PADICO- in a transaction of 42.18 million shares. On the other hand, with the disclosures’ completion of 41 companies out of 47 listed companies required to disclose their data for Q1 2022, the PEX records an average PE ratio of 11.4x and an average P/BV of 1.32x.
Regarding the data of the PEX’s sectors, the banking and financial services’ sector contributed in 32.73% 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 Q1 2022. According to the disclosed data, the average PE of the sector records 9.9x, and average P/BV reached 1.12x, the lowest among all sectors. This came due to the increase in the sector’s profits attributable to the parent companies by 50.72%. While, Bank of Palestine BOP constitutes the lion’s share of 48.75% from the total achieved profits attributable to parent companies in the sector. In the same context, the insurance sector contributed in 4.22% from total disclosed companies’ profits attributable to the parent companies; the lowest contribution among other sectors. Where 67% 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 4.56% in Q1 2022, while two companies couldn’t disclose their Q1 data within the granted period. According to the disclosed data, the insurance sector records an average PE of 13.5X, the highest among all sectors, and an average P/BV of 1.33x.
In another context, the services sector contributed in a percentage of 31.96% 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 Q1 2022, whereas, 12% of the disclosed companies in the sector realized net losses in Q1 2022, while one company couldn’t disclose its Q1 data within the granted period. Whereby, Palestine Telecommunications Company PALTEL’s profits contributed in 80.11% from the total sector’s profits attributable to the parent companies, in which increased in total by 4.42% compared to the corresponding period of last year. According to the disclosed data, the sector records average PE of 12.8x, and average P/BV of 1.75x; the highest among all sectors.
On the other hand, the investment sector’s profits attributable to the parent companies contributed in 19.58% from the total disclosed companies’ profits attributable to the parent companies. While, the investment sector’s profits attributable to the parent companies increased by 31.23% in Q1 2022. Where the sector records an average PE of 11.6x, and average P/BV of 1.14x. Regarding the Industry sector, it witnessed an increase in the sector’s profits attributable to the parent companies by 71.26% in Q1 2022; constituting 11.50% 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 50.88% from total sector’s profits attributable to the parent companies. However, two companies couldn’t disclose their data within the granted legal period. Accordingly, the Industry sector records an average PE of 10.6x, and average P/BV of 1.24x.
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