GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,931 -0.26
Med Cap3,906 0.04
Small Cap5,103 -0.28
Micro Cap8,532 0.08

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Ticker Price Volume
SABIC 97 1,150,537
QNBK 146 90,102
EEC 20.95 237,538
ALMARAI 72 51,943
QGTS 20.1 920,769
KCBK 14.56 49,218
GFH 0.62

Kuwait Projects Co.

Source: Taib Bank

Outlook

The MENA region’s investment sector witnessed a high growth period until 1H08, supported by growth in credit facilities and investments driven by high oil prices. Recently, the sector has been adversely impacted by the slowdown and weak capital markets, because of which investment losses and impairment charges have been on the higher side. At the same time, the real estate sector has also witnessed a severe slowdown amid weak demand and delays/postponements in major infrastructure projects. In this difficult market condition, KIPCO performed well despite increased impairment losses. The company’s expansion drive aimed at making investments in new geographies is expected to keep its long-term growth drivers intact.

Currently, KIPCO’s stock is trading at a P/E multiple of 1.28x and at a P/B multiple of 0.10x respectively. Meanwhile, the stock has lost 2.0% since the beginning of this year as against a gain of 0.2% by the Kuwait Stock Exchange. Considering the above factors, we continue to remain NEUTRAL on Kuwait Projects Company.

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