GulfBase GCC Cap Indices
Large Cap3,925 -0.83
Med Cap3,929 -1.00
Small Cap5,108 -1.14
Micro Cap8,598 -1.08

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Ticker Price Volume
QNBK 145 71,382
SABIC 95.35 2,705,663
WARBABANK 265 686,527
EEC 21.57 423,469
GFH 0.72
RIBL 10.49 949,257
ETISALAT 18.05 923,419

Air Arabia

Source: Naeem Investment

Air Arabia’s (AIRA) 3Q09 net earnings declined 33% YoY to AED144m, 4% lower than our estimate, but 12% above consensus. 3Q09 revenue fell 12.3% YoY (-2% vs. estimate). 9M09 revenue was down 1.8% YoY to AED1,469m, while net profit declined 10% to AED337m. Passenger numbers were up 14% YoY for 9M09, but fell 42% YoY in 3Q09, 2% lower than forecast. Load factor YTD dropped to 77.3% in 3Q09 from 80% in 1H09, in line with expectations. 9M09 rev/pax fell 13.6% YoY to AED496 (2.3% better than forecast) as competitors sold excess capacity. Cost/pax fell 15% YoY. 9M09 EBITDAR margin stood at 36% – flat vs. 2008. We maintain our BUY call with a target price of AED1.5/share.

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