GulfBase GCC Cap Indices
Large Cap3,912 -0.22
Med Cap3,902 0.08
Small Cap5,065 -0.07
Micro Cap8,584 0.50

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Ticker Price Volume
QNBK 143.8 312,074
SABIC 95.98 4,534,377
ALMARAI 73.08 135,963
STC 66.9 212,948
ORDS 103.8 74,035
MMG 12.55
RIBL 10.33 260,208

Dubai Financial Market

Source: Abu Dhabi Commercial Bank

Executive Summary

DFM reported Q2 2009 results in line with our estimates with a robust operating performance including an almost 100% q-o-q increased in total revenue to AED 136.7mn. This was mainly due to a sharp rise in commission fees driven by higher total exchange trading values reflecting improved investor sentiment.

Further, ner profit more than doubled to AED 128.3mn in Q2 2009 as a result of increased total revenue and effective cost controls. We expect further improvements in profitability in coming quarters attributable to a better macroeconomic environment and positive investor confidence.

Valuation: Our weighted average SOTP and peer group multiple valuation yields an estimated fair value of AED 2.17, indicating a potential upside of 16.3% from current levels. With the recent share price correction creating an attractive entry point, we upgrade our rating to BUY.

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