GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,986 1.03
Med Cap4,039 0.84
Small Cap5,159 0.36
Micro Cap8,620 1.73

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Ticker Price Volume
QNBK 165.1 81,246
BKMB 0.47 2,120
SABIC 93.5 1,135,382
EEC 20.65 134,262
ALMARAI 68.75 535,866
MMG 12.55
AUB 0.66 600,000

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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