GulfBase GCC Cap Indices
IndexLevelChg%
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
QNBK 155.5 188,465
SABIC 97.37 2,673,609
OOREDOO 1200 76,670
BAHRI 36.79 613,161
ZAIN 480 2,421,444
MMG 12.55
EEC 21.89 592,684

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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