الوعب
02-06-2009, 01:14 PM
كريديت سويس يُكرّرُ توصيته بشراء سهم "صناعات قطر" ويرفع تقديره للسعر العادل لسهمها إلى 130 ريال
Equity Research analysis
INDUSTRIES OF QATAR
ISIN: QA000A0KD6K3 in QAR (IQCD QD)
Recommendation BUY
Last closing price 115.70
Target price 105.00
Stop/loss 50.00
Dividend 2009E 5.50
Dividend yield 2009E (%) 4.8
EPS 2009E 11.61
EPS 2010E 14.24
P/E 2009E 10.0
P/E 2010E 8.1
Market cap (m) 63635 (QAR)
Stabilization in oil price has directly benefited the
company
Post a good set of Q1 2009 results from IQ, the stock price
has appropriately risen by 20% reflecting not only improved
investor sentiment to equities but on the petro chemical industries
in the Gulf. Oil prices has stabilized benefiting petrochemical
operators in the Middle East. The relative
undervaluation of a company with state sponsorship, cash in
excess of its short- and long-term debt and among the most
efficient cash cost structure among its peers represents an
attractive opportunity. We therefore increase our price target
and maintain our BUY rating on this stock.
Valuations still attractive given recent share price rise
IQ’s valuations are attractive, trading at a P/E 2010E of 7.7,
a discount to the entire Qatar market. This is unjustified in
our view, given the company’s strong growth profile and
market dominance. We have once again decreased the risk
premium on the stock to reflect improved investor sentiment
in the region and on Qatar. Our HOLT-DCF model produces
new price target of QAR 130 per share. Hence we maintain
our BUY rating.
البيع والشراء
INDUSTRIES OF QATAR (IQCD QD) BUY 02/06/2009
BUY 05/05/2009
BUY 01/04/2009
HOLD 16/03/2009
HOLD 05/01/2009
HOLD 04/09/2008
BUY 28/04/2008
فقط تجميع على السهم
Equity rating history as of (02/06/2009)
Equity Research analysis
INDUSTRIES OF QATAR
ISIN: QA000A0KD6K3 in QAR (IQCD QD)
Recommendation BUY
Last closing price 115.70
Target price 105.00
Stop/loss 50.00
Dividend 2009E 5.50
Dividend yield 2009E (%) 4.8
EPS 2009E 11.61
EPS 2010E 14.24
P/E 2009E 10.0
P/E 2010E 8.1
Market cap (m) 63635 (QAR)
Stabilization in oil price has directly benefited the
company
Post a good set of Q1 2009 results from IQ, the stock price
has appropriately risen by 20% reflecting not only improved
investor sentiment to equities but on the petro chemical industries
in the Gulf. Oil prices has stabilized benefiting petrochemical
operators in the Middle East. The relative
undervaluation of a company with state sponsorship, cash in
excess of its short- and long-term debt and among the most
efficient cash cost structure among its peers represents an
attractive opportunity. We therefore increase our price target
and maintain our BUY rating on this stock.
Valuations still attractive given recent share price rise
IQ’s valuations are attractive, trading at a P/E 2010E of 7.7,
a discount to the entire Qatar market. This is unjustified in
our view, given the company’s strong growth profile and
market dominance. We have once again decreased the risk
premium on the stock to reflect improved investor sentiment
in the region and on Qatar. Our HOLT-DCF model produces
new price target of QAR 130 per share. Hence we maintain
our BUY rating.
البيع والشراء
INDUSTRIES OF QATAR (IQCD QD) BUY 02/06/2009
BUY 05/05/2009
BUY 01/04/2009
HOLD 16/03/2009
HOLD 05/01/2009
HOLD 04/09/2008
BUY 28/04/2008
فقط تجميع على السهم
Equity rating history as of (02/06/2009)