GulfBase GCC Cap Indices
Large Cap3,991 -0.08
Med Cap3,831 -0.01
Small Cap4,863 -0.26
Micro Cap8,466 0.09

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Ticker Price Volume
GFH 0.49 1,642,170
QNBK 133.5 133,285
AMLAK 1.07 4,593,610
DSI 0.37 10,758,890
SABIC 97.69 2,746,187
BKMB 0.37 624,000
AIRARABIA 1.13 3,611,365

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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