GulfBase GCC Cap Indices
IndexLevelChg%
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
BKMB 0.37 624,000
SABIC 97.69 2,746,187
AIRARABIA 1.13 3,611,365

Yanbu Cement

Source: NCB Capital

Strategic location remains key driver

Yanbu’s 3Q09 results were dented by reduced domestic sales. We believe a slowdown in the progress of construction projects in the Western region is the key factor limiting cement sales. Nevertheless, we remain positive about YCC’s long term performance driven by its strategic location in the western region and future expansion plans. We maintain our Overweight rating, with an upside of 20%.

PT reduced by 9%- maintain Overweight: We have revised our sales estimates downwards over the near term to reflect the slower pace of project development in the region. However, we remain optimistic about Yanbu’s fundamentals backed by its location advantage and expansion plans. Despite our reduction in PT, with 20% upside from current levels, we maintain our Overweight rating. The stock trades at 10.4x P/E for 2009 vs. 10.8x for the Saudi cement sector. The current dividend yield is 8%.

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