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

Research Reports

Quick Links

Most Viewed News

Most Viewed Companies

Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.41 24,441,807
DAMAC 3.84 686,475
ALKHODARI 9.95 301,307
DANA 0.6 9,001,191

Dubai Financial Market

Source: Kuwait Financial Center - Markaz

??Dubai Financial Market Company (DFMC) has vastly outperformed the DFM General Index on a YTD basis, gaining 92% versus the index gain of 33%.

??DFMC’s current PE is 82x, up 7 fold from 11.6x in September of last year, as a result of significant price appreciation in 2009 coupled with declining EPS.

??DFMC reported net profit of USD 165 mn in 2008, down 58% from the previous year, whereas we had expected a net profit of USD 421 mn ( a 7.4% YoY growth) in our last note (July 2008). The decline in net profit was due to a 19% decline in Trading Fees and an impairment loss of USD 68 mn in Investments Available for Sale (AFS).

??DFMC reported a net profit of USD 35 mn in Q2 2009, a 48% decline from Q2 2008, but an 88% gain over Q1 2009. For the first half of 2009, DFMC reported net profits of USD 53 mn, a 65% decline over the first half of 2008. Earnings weakness came as a result of a 23% YoY decline in Trading Fees in 2Q09 to USD 34 mn; Trading fees in 1H09 came to USD 51 mn, a 55% decline from the same period in 2008. Brokerage fees grew by just 2% YoY in 2Q09 to USD 1.46 mn.

??Net Investment Income grew 4% in the second quarter, amounting to USD 8 mn. However, on a semi-annual basis, this segment declined by 59% from the first half of 2008.

??The company’s Operating Expenses have declined in the first half of the year; amounting to USD 10 mn, a 7% decrease from 1H08.

??Despite a slight pick-up in the market, the DFM is the best performing GCC market on a YTD basis, lackluster trading in the first half of the year is likely to leave its mark on full year bottom line results. Consequently, we expect DFMC to report a 2% increase in net profit to USD 168 mn.

Click here to download the complete report
GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?