GulfBase GCC Cap Indices
Large Cap4,058 -0.11
Med Cap3,905 -0.26
Small Cap4,992 0.11
Micro Cap8,448 -0.22

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Ticker Price Volume
QNBK 141.9 88,465
GFH 0.58
AMLAK 1.11 5,867,712
DU 5.67 2,648,775
STC 74.4 31,867
SABIC 100 251,403
BKMB 0.36 2,845,456

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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