GulfBase GCC Cap Indices
Large Cap3,991 -0.08
Med Cap3,831 -0.01
Small Cap4,863 -0.26
Micro Cap8,466 0.09

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Ticker Price Volume
GFH 0.49 1,642,170
QNBK 133.5 133,285
AMLAK 1.07 4,593,610
DSI 0.37 10,758,890
BKMB 0.37 624,000
SABIC 97.69 2,746,187
AIRARABIA 1.13 3,611,365

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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