GulfBase GCC Cap Indices
Large Cap4,044 0.09
Med Cap4,120 0.12
Small Cap5,252 -0.35
Micro Cap8,971 0.06

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Ticker Price Volume
SABIC 97.37 2,673,609
OOREDOO 1200 76,670
EEC 21.89 592,684
EMAAR 7.59 3,995,659
BAHRI 36.79 613,161
ZAIN.TASI 9 3,532,437
QIBK 101 123,007

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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