GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
QNBK 135.9 109,396
SABIC 98.06 2,513,945
DSI 0.39 45,711,538
AMLAK 1.09 12,534,009
AIRARABIA 1.12 4,055,524
EEC 18.03 354,774

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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