GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,958 0.85
Med Cap3,943 0.35
Small Cap5,129 0.41
Micro Cap8,650 0.61

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Ticker Price Volume
QNBK 147 119,837
SABIC 95.89 2,447,604
MMG 12.55
WARBABANK 265 805,745
GFH 0.72
EMAAR 7.25 3,887,625
AGLTY 650 2,407,748

Yamamah Cement

Source: NCB Capital

Strong project pipeline to lift sales volume

YSCC’s margins deteriorated in 3Q09 as growth in expenses outpaced significant growth in its top-line. Nevertheless, given its wide capacity base (largest in the Central region), YSCC is set to benefit from strong construction activities in the Central region particularly Riyadh. We have revised our estimates and target price upwards to SR49.1. However, with limited upside to our PT and our concerns on high competition levels in the region, we maintain our Neutral rating for YSCC.

PT increased to SR49.1 from SR34.4, remain Neutral: We believe YSCC will continue to benefit from its strong position in the Central region. However, with high competition levels in the region, and only 5% upside in the shares to our PT, we maintain our Neutral rating on the stock.

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