GulfBase GCC Cap Indices
Large Cap4,036 -0.08
Med Cap3,814 0.03
Small Cap4,859 0.05
Micro Cap8,126 -0.17

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Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.2 1,101,899
GFH 0.59 99,270
DAMAC 3.06 2,229,322
EMIRATESNBD 7.96 235,332
SABIC 102.33 6,566,984

Bank Muscat

Source: The Financial Corporation Co

Relative Valuation

Despite a sharp runup in price in recent weeks, Bank Muscat still trades significantly below the average P/BV multiple of 2.09x for the Omani banking sector at 1.67x its book value at the end of Q1 2010. We conservatively estimate the bank to report a book value of RO 0.591 and RO 0655 at end of 2010 and 2011 which implies forward multiples of 1.5x and 1.4x respectively.

Applying the average P/BV multiple of 2.09x to its 2010E estimated book value of RO 0.591, we arrive at a target price of RO 1.236 for BKMB.

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