GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,019 -0.10
Med Cap3,848 -0.05
Small Cap4,895 -0.24
Micro Cap8,498 -0.25

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Ticker Price Volume
GFH 0.5 1,361,733
QNBK 135 62,706
BKSB 0.14 70,617
SABIC 98.09 2,208,800
DANA 0.62 13,288,208
EEC 18.02 328,623
ALINMA 16.47 22,194,374

Bank Muscat

Source: NBK Capital

Slow but Steady

Bank Muscat recorded a net profit of RO 22.6 million in 2Q2010, up 88% year-on-year (Y-o-Y), but down 8% quarter-on-quarter (Q-o-Q). Bank Muscat’s 2Q2010 operating income suffered (down 2% Y-o-Y and 10% Q-o-Q) primarily due to losses incurred at the bank’s subsidiary in Bahrain- BMI Bank. The Bahraini operation recorded a net loss of USD 23 million (BD 8.8 million) in 2Q2010, on the back of high provisioning charges in that quarter.

Valuation

Our new estimate of Bank Muscat’s fair value per share stands at RO 0.860, which is 2% above the share’s closing price as of September 01, 2010. Hence, our recommendation on the stock is “Hold”. This value is 7% below our prior fair value of RO 0.928 driven primarily by lower estimates for operating income and net profit over our forecast horizon.

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