GulfBase GCC Cap Indices
Large Cap3,935 -0.02
Med Cap3,964 0.60
Small Cap5,142 0.23
Micro Cap8,645 0.25

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Ticker Price Volume
QNBK 146.8 84,219
SIPCHEM 17.19 1,768,707
BKMB 0.38 1,980,276
SABIC 96.61 3,459,123
DIB 5.5 4,143,030
CHEMANOL 6.85 1,427,299
JULPHAR 2.27 43,877

Air Arabia Co

Source: HC Securities & Investment

Multi-Hub Model Adds Value

• Air Arabia announced that it will take Egypt as a third base in a joint venture with Travco Group, which is favorable given Egypt’s attractive demographics and the absence of LCCs in the country.

• We considered three possible scenarios to assess the valuation impact of a multiple hub operation. Our favored scenario, involving adopting a sale-and-leaseback model, implies an upside of 36%.

• We maintain our price target of AED 1.26/share until further disclosure on Morocco and Egypt are made. Despite a more limited upside, we reiterate our “BUY” recommendation given potential added value from the other bubs.

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