GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,998 0.35
Med Cap4,043 0.24
Small Cap5,169 0.59
Micro Cap8,646 0.09

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Ticker Price Volume
QNBK 168 343,508
BKMB 0.47 499,506
SABIC 92.86 4,825,956
ALMARAI 68.48 63,678
BATELCO 0.28
RIBL 10.71 540,366
EEC 20.38 2,195,251

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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