GulfBase GCC Cap Indices
Large Cap4,044 0.09
Med Cap4,120 0.12
Small Cap5,252 -0.35
Micro Cap8,971 0.06

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Ticker Price Volume
SABIC 97.37 2,673,609
OOREDOO 1200 76,670
EEC 21.89 592,684
EMAAR 7.59 3,995,659
BAHRI 36.79 613,161
ZAIN.TASI 9 3,532,437
QIBK 101 123,007

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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