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Recommendations

Arab National Bank share rated “Accumulate” by Audi Capital
(AUDI Saudi Arabia - 25/10/2009) 
Arab National Bank target price was reported by Audi Capital at SAR 53.87 with a potential upside of 14.6% from its market price of SAR 47.00 at report date, 23 October 2009.
Banque Saudi Fransi share rated “Accumulate” by Audi Capital
(AUDI Saudi Arabia - 25/10/2009) 
Banque Saudi Fransi target price was reported by Audi Capital at SAR 51.48 with a potential upside of 12.4% from its market price of SAR 45.80 at report date, 23 October 2009.
SABB share rated “Accumulate” by Audi Capital
(AUDI Saudi Arabia - 25/10/2009) 
SABB target price was reported by Audi Capital at SAR 61.47 with a potential upside of 23.4% from its market price of SAR 49.80 at report date, 23 October 2009.
Riyad Bank share recommended “Hold” by Audi Capital
(AUDI Saudi Arabia - 25/10/2009) 
Riyad Bank target price was reported by Audi Capital at SAR 31.54 with a potential upside of 6.9% from its market price of SAR 29.50 at report date, 23 October 2009.
Al Rajhi Bank share recommended “Hold” by Audi Capital
(AUDI Saudi Arabia - 25/10/2009) 
Al Rajhi Bank target price was reported by Audi Capital at SAR 80.72 with a potential upside of 3.8% from its market price of SAR 77.75 at report date, 23 October 2009.
SAMBA share rated “Accumulate” by Audi Capital
(AUDI Saudi Arabia - 25/10/2009) 
SAMBA target price was reported by Audi Capital at SAR 69.75 with a potential upside of 21.3% from its market price of SAR 57.50 at report date, 23 October 2009.
Jazeera Airways share recommended “Hold” by NBK Capital
(NBK Capital - 25/10/2009) 
Jazeera Airways fair market value was reported by NBK Capital at KD 0.240, with a potential upside of 3% from its market price of KD 0.232 at report date, 21 October, 2009.
Saudi Electricity share rated “Overweight” by Taib Research
(Taib Bank - 24/10/2009) 
Saudi Electricity target price was reported by Taib Research at SAR 12.07, with a potential upside of 12.8% from its market price of SAR 10.70 at report date, 13 October 2009.
National Bank of Kuwait share rated “Neutral” by EFG Hermes
(EFG Hermes - 24/10/2009) 
National Bank of Kuwait fair market value was reported by EFG Hermes at KWD 1.27, with a potential upside of 1% from its market price of KWD 1.26 at report date, 21 October 2009.
Dar Alarkan Real Estate Development share rated “Accumulate” by EFG Hermes
(EFG Hermes - 22/10/2009) 
Dar Alarkan Real Estate Development fair market value was reported by EFG Hermes at SAR 19.15 with a potential upside of 15% from its market price of SAR 16.60 at report date, 18 October 2009.
Saudi Real Estate share recommended “Buy” by EFG Hermes
(EFG Hermes - 22/10/2009) 
Saudi Real Estate fair market value was reported by EFG Hermes at SAR 33.50, with a potential upside of 27% from its market price of SAR 26.30 at report date, 18 October 2009.
Etisalat share recommended “Buy” by EFG Hermes
(EFG Hermes - 22/10/2009) 
Etisalat fair market value was reported by EFG Hermes at AED 16.70 with a potential upside of 35% from its market price of AED 12.40 at report date, 21 October 2009.
Qatar Electricity & Water share recommended “Buy” by EFG Hermes
(EFG Hermes - 22/10/2009) 
Qatar Electricity & Water fair market value was reported by EFG Hermes at QAR 134.8, with a potential upside of 33% from its market price of QAR 101.2 at report date, 21 October 2009.
Etisalat share recommended “Strong Buy” by CIB Capital
(CI Capital - 21/10/2009) 
Etisalat target price was reported by CIB Capital at AED 20.00 with a potential upside of 61% from its market price of AED 12.45 at report date, 19 October 2009.
Air Arabia share recommended “Buy” by ADCB
(Abu Dhabi Commercial Bank - 21/10/2009) 
Air Arabia target price was reported by Abu Dhabi Commercial Bank at AED 1.41 with a potential upside of 19.6% from its market price of AED 1.18 at report date, 20 October 2009.
Union National Bank share rated “Market Perform” by Al Mal Capital
(Al Mal Capital - 21/10/2009) 
Union National Bank target price was reported by Al Mal Capital at AED 4.00 with a potential upside of 5% from its market price of AED 3.80 at report date, 21 October 2009.
Makkah Constr. & Development share rated “Neutral” by Taib Research
(Taib Bank - 21/10/2009) 
Makkah Constr. & Development target price was reported by Taib Research at SAR 30.30, with a potential upside of 2% from its market price of SAR 29.70 at report date, 13 October 2009.
Bank Al Jazira rated “Neutral” by EFG Hermes
(EFG Hermes - 21/10/2009) 
Bank Al Jazira fair market value was reported by EFG Hermes at SAR 21.80, with a potential upside of 3% from its market price of SAR 21.10 at report date, 20 October 2009.
Bank Al Bilad share recommended “Reduce” by EFG Hermes
(EFG Hermes - 21/10/2009) 
Bank Al Bilad fair market value was reported by EFG Hermes at SAR 17.50, with a potential downside of 15% from its market price of SAR 20.60 at report date, 20 October 2009.
Commercial Bank of Dubai share recommended “Buy” by EFG Hermes
(EFG Hermes - 21/10/2009) 
Commercial Bank of Dubai fair market value was reported by EFG Hermes at AED 6.22 with a potential upside of 57% from its market price of AED 3.95 at report date, 20 October 2009.

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