GulfBase Cap Indices
IndexLevelChg%
Large Cap3,885.72 0.15
Med Cap4,397.02 0.05
Small Cap5,331.42 0.09
Micro Cap9,484.94 0.34
At market close 19/06/2013

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Ticker Price Volume
RIBL 24.7 220,469
UCA 36.5 203,884
ALKHODARI 31.2 395,717
EMAAR 5.66 7,755,492
NBAD 12.35 328,558
WATANIYA 99.25 509,246
SAGRINSURANCE 24.2 518,593

Industries Qatar -Equity Report -03-07-2012

Source: Qatar National Bank

We retain our bullish stance on IQCD. Our view is based on the company?s significant capacity expansion in 2012/13 (our recent plant visit confirmed QAFCO5/6 & LDPE3 expansions are on track), strong FCF generation, solid dividend yield (6.3% expected in 2012) and potential for future expansion. Macro headwinds remain the major risk especially given the declines seen in key petrochemical prices.

Valuation remains attractive. IQCD is currently trading at a P/E of 8.3x and 7.3x on our 2012 and 2013 EPS estimates, respectively. The stock continues to trade at a discount to SABIC (9.6x and 8.9x on 2012 and 2013 earnings estimates), which we feel is unjustified given IQCD is yet to feel the full impact of its capacity expansion plans.

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