GulfBase GCC Cap Indices
Large Cap3,935 -0.02
Med Cap3,964 0.60
Small Cap5,142 0.23
Micro Cap8,645 0.25

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Ticker Price Volume
QNBK 146.8 84,219
BKMB 0.38 1,980,276
SIPCHEM 17.19 1,768,707
SABIC 96.61 3,459,123
NBAD 10.45 1,302,886
JULPHAR 2.27 43,877
RIBL 10.45 552,886

Bank Muscat

Source: NBK Capital

Analyst Comment

• The shareholders of Bank Muscat approved the distribution of a cash dividend of RO 0.02 per share (20% of the par value, 29% dividend payout for 2009) on March 21, 2010, translating into a dividend yield of 2%. The shareholders also approved the stock dividend of 25% of the existing shares, which increased the number of outstanding shares from 1.077 billion to 1.346 billion. Accordingly, we adjust Bank Muscat’s fair value per share from RO 1.160 to RO 0.928.
• The new fair value (RO 0.928) is 14% above the bank’s latest closing price (RO 0.817), hence, our recommendation on the stock is “Accumulate”.

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