GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,019 -0.10
Med Cap3,848 -0.05
Small Cap4,895 -0.24
Micro Cap8,498 -0.25

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Ticker Price Volume
GFH 0.5 1,361,733
QNBK 135 62,706
BKSB 0.14 70,617
SABIC 98.09 2,208,800
DANA 0.62 13,288,208
EEC 18.02 328,623
ALINMA 16.47 22,194,374

Quant Analysis

Source: NCB Capital

Investment strategy based on dividend plays in KSA and the GCC

Saudi portfolio rebalancing: on 02-Aug-09
• SABIC and Industrialization appreciated 40.1% and 17.5% during 01-May-09 to 02-Aug-09, lowering their current dividend yields. Rebalancing procedure on 02-Aug-09 suggests selling the two stocks

• These two stocks were top performers in the portfolio during the period, having captured much of their upside potential suggested by the investment strategy

• Red Sea and STC have made it to the portfolio during the rebalancing

GCC – Latest picks; overall portfolio analytics

• Our investment strategy has significantly outperformed the benchmark GCC Index in all the four years since 2005

• The portfolio generated cumulative 82.3% total return* in last 17 quarters, compared with -34.6% by the GCC Index

• The portfolio enjoys a low beta (annual average 0.49); and standard deviation lower than that of GCC Index (17.5% vs. 19.2%)

GCC portfolio rebalancing: on 02-Aug-09

• Top performers Raysut Cement, Qatar Telecom and Doha Bank appreciated 47.6%, 38.1% and 25.8% during 01-May-09 to 02-Aug-09, lowering their current dividend yields. Rebalancing procedure on 02-Aug-09 suggests selling the three stocks

• The above three stocks have exited the portfolio having captured much of their upside potential suggested by the investment strategy, while Emirates Insurance Co. could not make it to our portfolio this time due to its fallen ROE-TTM (presently at 6.6%)

• Oman Telecom, Southern Cement are among the stocks, which made it to the portfolio during the rebalancing

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