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
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

Bank Muscat

Source: NBK Capital

Valuation – Discounted NAV

Deep discount on net asset value - value or trap: Our sample currently trades at an average price-to-net asset value (NAV) multiple of 0.55x. Salhia Real Estate, a high-quality rental player, is currently trading at a third of its NAV, while quite a few other stocks are trading below or in the same range as Salhia. We feel that investor pessimism regarding the office segment in general has negatively affected the sector as a whole. We believe there could be pockets of opportunities within the residential and retail segments; therefore, a bottom-up approach to stock picking is advisable for the sector in general.

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