GulfBase GCC Cap Indices
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
BKSB 0.14 70,617
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
DANA 0.62 13,288,208
EEC 18.02 328,623

Air Arabia Co.

Source: NBK Capital

Analyst Comment

• Air Arabia posted 3Q2010 results that benefited from the favorable seasonality in the quarter; however, results came in below our expectations and below the company’s performance in 3Q2009. We were expecting to see continued pressure on yield, a trend that has been negatively impacting the airline in 2010, and a higher cost base as a result of an increase in fuel prices. A preliminary analysis of Air Arabia’s performance indicates that the impact of these two factors was more than we had anticipated.

• Though Air Arabia’s performance in 3Q2010 was below our expectations, we have not come across new information that warrants us to change our long term outlook on the company. Accordingly, we maintain our fair value target of AED 1.00 per share, which represents an upside potential of 25% from the share’s closing price on November 10, 2010. Our recommendation on the stock is a “Buy.”

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