GulfBase GCC Cap Indices
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
QNBK 135.9 109,396
SABIC 98.06 2,513,945
DSI 0.39 45,711,538
AMLAK 1.09 12,534,009
AIRARABIA 1.12 4,055,524
EEC 18.03 354,774

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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