Monday, 01 December 2008 |
updated 1 minute ago
21:14 UAE time

Seeking Alpha - GCC stocks to watch

These are the best of times to be an investor in GCC stock markets. With the Tadawul about to open up to foreign investors for the first time, and the increasing internationalisation of bourses across the region, liquidity looks set to buoy the markets as we move into final months of 2008.

But where should investors be headed?

Which stocks are ripe for investment?

The first port of call to assess whether a stock is under or over valued is its price to earnings ratio. In this table we have ranked - from lowest (and therefore potentially better value) to highest the 100 must under valued stocks in the region.

The question you need to work out is why...? Is there a legitimate reason the stocks are valued at that price, or have investors missed a trick?

For those wishing to go further, click on a company name for the full financial profile of that company, interactive stock charts, company profile, the latest news stories, disclosures, press releases... from that company.

The table also includes other key ratios - Earnings Per Share, and Price to Book value, along with the company's Net Profit.

The figures quoted in the chart are kept up to date dynamically pulling from a live markets feed.

All prices are in USD.

#	COMPANY	COUNTRY	INDUSTRY	PE Ratio	NET PROFIT	EPS	PRICE TO BOOK
1	Transgulf Investment Holding Company	Oman	Diversified Manufacturing	0.54	7.91 Million	OMR 0.19	0.58

2	Voltamp Energy	Oman	Engineering Services	0.72	6.29 Million	OMR 0.70	5.73

3	Sohar Power Company	Oman	Electricity Supply	0.84	8.12 Million	OMR 1.68	0.00

4	Educational Holding Group	Kuwait	College and Universities	0.88	14.96 Million	KWD 0.16	0.76

5	Omani Packaging Company	Oman	Paper and Card Board	0.88	0.87 Million	OMR 0.21	2.29

6	Sweets of Oman	Oman	Candy and Confections	0.89	0.71 Million	OMR 0.56	0.00

7	Al Anwar Holdings	Oman	Investment Companies	0.90	11.25 Million	OMR 0.24	1.40

8	Damac Kuwaiti Holding Company	Kuwait	Investment Companies	0.91	54.88 Million	KWD 0.07	0.28

9	Dhofar Cattle Feed Company	Oman	Animal Feed	0.98	6.24 Million	OMR 0.51	1.30

10	National Petroleum Services Company	Kuwait	Oilfield Services and Equipment	1.00	5.67 Million	KWD 0.29	1.56

11	Dhofar Insurance Company	Oman	Insurance Companies	1.06	18.88 Million	OMR 0.36	2.57

12	Metal and Recycling Company - Kuwait	Kuwait	Fabricated Metals Products	1.17	5.24 Million	KWD 0.19	0.60

13	National Hotels Company	Bahrain	Hotel Management	1.19	16.06 Million	BHD 0.33	0.71

14	Oman Foods International	Oman	Mills and Bakeries	1.27	0.61 Million	OMR 0.16	3.44

15	Al Batinah International	Oman	Crops and Grains	1.30	-0.21 Million	OMR 0.15	0.73

16	Al Manara Insurance Company	Jordan	Insurance Companies	1.30	-8.01 Million	JOD 0.62	1.14

17	National Mineral Water Company	Oman	Beverages and Juices	1.32	0.39 Million	OMR 0.13	0.06

18	Oman and Emirates Investment Holding Company	Oman	Investment Companies	1.34	45.92 Million	OMR 0.10	0.61

19	Al Amin for Investment	Jordan	Investment Companies	1.39	4.62 Million	JOD 1.33	1.22

20	International Leasing and Investment Company	Kuwait	Asset Management	1.41	73.15 Million	USD 0.25	0.45

21	Oman National Dairy Products Company	Oman	Beverages and Juices	1.57	-10.20 Million	OMR 0.83	0.00

22	Gulf Investment Services Company	Oman	Asset Management	1.61	21.48 Million	OMR 0.07	1.20

23	Al Madina for Finance and Investment Company	Kuwait	Asset Management	1.62	76.91 Million	KWD 0.08	1.16

24	Ekttitab Holding Company	Kuwait	Investment Banks	1.68	33.67 Million	KWD 0.04	0.58

25	First Dubai Real Estate Development Company	Kuwait	Landlord and Developers	1.69	16.60 Million	KWD 0.09	4.88

26	Dubai Investments Company	UAE	Investment Companies	1.72	410.40 Million	AED 0.67	0.77

27	Tamweel - UAE	UAE	Mortgage and Home Finance	1.77	122.87 Million	AED 0.56	0.48

28	Grand Real Estate Projects Company - Kuwait	Kuwait	Commodity Brokers	1.77	76.15 Million	KWD 0.04	0.30

29	Construction Materials Industries and Contracting	Oman	Precast and Concrete	1.80	0.65 Million	OMR 0.05	1.11

30	Al Fajar Al Alamia Company	Oman	Chemicals	1.81	2.97 Million	OMR 1.64	1.08

31	Emmar Investments and Real Estate Development Company	Jordan	Landlord and Developers	1.83	11.59 Million	JOD 0.59	1.02

32	Ithmaar Bank	Bahrain	Asset Management	1.97	102.76 Million	USD 0.17	0.68

33	International Investment Group	Kuwait	Asset Management	1.98	77.65 Million	KWD 0.03	0.31

34	National Company for Consumer Industries	Kuwait	Diversified Manufacturing	1.99	8.77 Million	KWD 0.07	1.83

35	Aabar Investments	UAE	Oil and Gas Production	2.01	61.70 Million	AED 0.88	0.87

36	First National Vegetable Oil Industries	Jordan	Edible Oil	2.10	-1.84 Million	JOD 0.33	1.08

37	Anaam International Holding Group	Saudi Arabia	Animal Feed	2.16	1.67 Million	SAR 11.58	2.36

38	The Islamic Insurance Company	Jordan	Insurance Companies	2.23	14.96 Million	JOD 1.02	1.89

39	Al Mazaya Holding Company	Kuwait	Investment Companies	2.35	115.95 Million	KWD 0.16	1.56

40	Danah Al Safat Foodstuff Company	Kuwait	Fishing and Seafood	2.36	53.75 Million	KWD 0.04	0.46

41	Innovative Investments	Bahrain	Landlord and Developers	2.46	45.19 Million	USD 0.53	1.71

42	Rum Tourist Transport Company	Jordan	Passenger Transport	2.46	0.20 Million	JOD 0.59	1.31

43	Securities Group	Kuwait	Investment Banks	2.49	128.04 Million	KWD 0.11	0.70

44	Al Fujairah National Insurance Company	UAE	Insurance Companies	2.50	15.04 Million	AED 119.95	1.11

45	Deyaar Development	UAE	Landlord and Developers	2.51	112.23 Million	AED 0.27	0.65

46	Abu Dhabi National Energy Company	UAE	Electricity Supply	2.56	281.72 Million	AED 0.50	1.19

47	Al Abraj Holding Company	Kuwait	Multi-line	2.57	13.98 Million	KWD 0.05	2.87

48	Emaar Properties - UAE	UAE	Landlord and Developers	2.60	1.79 Billion	AED 1.08	0.47

49	Amlak Finance - UAE	UAE	Mortgage and Home Finance	2.66	82.47 Million	AED 0.38	0.71

50	National Portfolio Securities Company	Jordan	Asset Management	2.68	3.67 Million	JOD 0.55	1.08

51	Global Financial Investments Holding	Oman	Asset Management	2.68	19.55 Million	OMR 0.05	1.02

52	International Resorts Company	Kuwait	Landlord and Developers	2.69	8.20 Million	KWD 0.03	0.60

53	Al Ahlia Holding Company	Kuwait	Asset Management	2.73	133.59 Million	KWD 0.04	0.52

54	Al Safat Investment Company	Kuwait	Asset Management	2.73	90.88 Million	KWD 0.05	1.42

55	Arab East Investment Company	Jordan	Investment Companies	2.74	23.80 Million	JOD 0.74	1.58

56	Arabtec Holding	UAE	Engineering Services	2.79	59.06 Million	AED 1.60	3.40

57	Noor Financial Investment Company	Kuwait	Asset Management	2.79	166.26 Million	KWD 0.05	0.62

58	Al Safat Tec Holding Company	Kuwait	Computer and Peripherals	2.81	11.03 Million	KWD 0.02	0.43

59	Industrial Commercial and Agricultural Company	Jordan	Household Chemicals	2.85	1.48 Million	JOD 0.21	0.42

60	Gulf Finance House - Bahrain	Bahrain	Asset Management	2.86	340.06 Million	USD 0.52	1.34

61	Jordan Expatriates Investment Holdings	Jordan	Investment Companies	2.88	8.21 Million	JOD 0.22	0.44

62	Sharjah Cement and Industrial Development Company	UAE	Cement	2.91	111.15 Million	AED 0.79	0.73

63	RAK Properties	UAE	Landlord and Developers	2.93	135.12 Million	AED 0.22	0.45

64	Al Salam Bank - Bahrain	Bahrain	Asset Management	2.93	61.42 Million	BHD 0.04	0.81

65	Emirates Driving Company	UAE	Training Institutes	2.94	15.86 Million	AED 0.91	1.55

66	Kuwait Commercial Markets Complex Company - Kuwait	Kuwait	Landlord and Developers	2.95	50.28 Million	KWD 0.10	1.29

67	National Marine Dredging Company	UAE	Excavation and Dredging	2.96	58.03 Million	AED 1.83	0.79

68	United Gulf Bank	Bahrain	Asset Management	3.04	220.86 Million	USD 0.46	1.75

69	Global Investment House - Kuwait	Kuwait	Asset Management	3.05	335.21 Million	KWD 0.13	1.60

70	Umm Al Qaiwain Cement Industries Company	UAE	Cement	3.06	29.13 Million	AED 0.32	0.43

71	AREF Investment Group	Kuwait	Asset Management	3.08	224.43 Million	KWD 0.09	2.13

72	Specialized Jordanian Investment Company	Jordan	Investment Companies	3.08	5.55 Million	JOD 0.90	1.14

73	Al Safwa Group Holding Company	Kuwait	Wholesale Distributers	3.08	74.46 Million	KWD 0.02	0.70

74	Ras Al Khaimah Cement Company	UAE	Cement	3.08	14.96 Million	AED 0.33	0.68

75	Union Properties	UAE	Landlord and Developers	3.08	186.37 Million	AED 0.34	0.61

76	ALDAR Properties	UAE	Healthcare Services	3.10	528.60 Million	AED 1.67	1.74

77	Amad Investment and Real Estate Development	Jordan	Landlord and Developers	3.12	2.33 Million	JOD 0.34	0.74

78	Abyaar Real Estate Development Company	Kuwait	Landlord and Developers	3.20	61.78 Million	KWD 0.06	1.60

79	Dubai Insurance Company	UAE	Insurance Companies	3.22	12.00 Million	AED 8.98	0.64

80	A'ayan Real Estate Company	Kuwait	Landlord and Developers	3.30	22.63 Million	KWD 0.03	1.25

81	International Financial Advisors - Kuwait	Kuwait	Asset Management	3.32	296.46 Million	KWD 0.06	0.59

82	Tamdeen Real Estate Company	Kuwait	Landlord and Developers	3.32	42.42 Million	KWD 0.10	0.67

83	Emirates NBD	UAE	Asset Management	3.33	754.40 Million	AED 1.11	0.74

84	Al Khazna Insurance Company	UAE	Insurance Companies	3.36	37.84 Million	AED 0.37	0.71

85	Kuwait and Gulf Link Transport Company	Kuwait	Multi-line	3.40	38.71 Million	KWD 0.04	0.50

86	Bayan Investment Company	Kuwait	Asset Management	3.41	27.65 Million	KWD 0.06	0.91

87	National Ranges and Real Estate Company	Kuwait	Landlord and Developers	3.41	33.03 Million	KWD 0.03	0.81

88	Gulf Pharmaceutical Industries	UAE	Pharmaceutical and Biotechnology	3.49	56.49 Million	AED 0.37	0.68

89	Union National Bank - UAE	UAE	Asset Management	3.49	318.15 Million	AED 0.90	0.90

90	Sorouh Real Estate	UAE	Landlord and Developers	3.50	342.38 Million	AED 0.92	1.79

91	Jordan Steel	Jordan	Primary Mining	3.51	8.00 Million	JOD 0.43	1.13

92	First Jordan Investment Company	Jordan	Investment Companies	3.54	8.66 Million	JOD 0.18	0.62

93	Galfar Engineering and Contracting - Oman	Oman	Building Materials	3.57	57.56 Million	OMR 0.19	3.81

94	A'ayan Leasing and Investment Company	Kuwait	Investment Companies	3.57	90.30 Million	KWD 0.06	1.25

95	Kuwait Resorts Company	Kuwait	Investment Companies	3.62	17.96 Million	KWD 0.03	0.67

96	Interior Hotels Company	Oman	Hotel Management	3.62	1.34 Million	OMR 0.61	1.06

97	Dubai Islamic Bank - UAE	UAE	Asset Management	3.66	680.85 Million	AED 0.68	0.82

98	Arabian Steel Pipes Manufacturing Company	Jordan	Fabricated Metals Products	3.70	3.49 Million	JOD 0.50	1.09

99	Bank of Beirut - Lebanon	Lebanon	Asset Management	3.71	44.33 Million	USD 3.26	1.21

100	Finance House	UAE	Diversified Financial Services	3.73	55.22 Million	AED 2.21	1.91

101	Al Khaleej Insurance and Reinsurance Company	Qatar	Insurance Companies	3.76	22.92 Million	QAR 9.57	0.90

102	Ras Al Khaimah Poultry and Feeding Company	UAE	Canned and Frozen Goods	3.77	13.87 Million	AED 0.53	0.38

103	Gulf Stone Company	Oman	Aggregates and Cut Stones	3.80	2.04 Million	OMR 0.41	1.45

104	Industries Qatar	Qatar	Primary Mining	3.80	1.37 Billion	QAR 19.43	2.97

105	Al Ahlia Converting Industries	Oman	Hygenic Paper Products	3.83	0.09 Million	OMR 0.08	0.00

106	Palms Agro Production Company	Kuwait	Landscaping and Irrigation	3.84	4.04 Million	KWD 0.03	0.89

107	Industrial and Financial Investments Company	Kuwait	Asset Management	3.91	40.83 Million	KWD 0.02	0.62

108	Qatar Fuel Company	Qatar	Distribution and Marketing	3.96	169.30 Million	QAR 29.83	2.36

109	Arab Financial Investment Company	Jordan	Asset Management	3.96	4.90 Million	JOD 0.75	3.12

110	Jordan International Insurance Company	Jordan	Insurance Companies	3.97	3.62 Million	JOD 0.23	0.70

111	Mena Holding	Kuwait	Building Contractors	3.97	0.21 Million	KWD 0.11	10.61

112	Khaleeji Commercial Bank	Bahrain	Asset Management	3.97	55.28 Million	BHD 0.05	1.48

113	National Packaging Factory	Oman	Paper and Card Board	3.97	0.46 Million	OMR 0.63	1.08

114	Al Ahleia Insurance Company	Kuwait	Insurance Companies	3.98	59.89 Million	KWD 0.13	0.92

115	Oman Flour Mills Company	Oman	Mills and Bakeries	4.11	20.94 Million	OMR 0.06	0.96

116	Al Jazeira Services Company	Oman	Catering Services	4.13	31.38 Million	OMR 0.02	0.68

117	Foodco Holdings	UAE	Wholesale Distributers	4.17	6.79 Million	AED 0.72	0.86

118	First Gulf Bank	UAE	Asset Management	4.25	546.82 Million	AED 2.11	1.22

119	Ras Al Khaimah Ceramic Company	UAE	Ceramic and Sanitary Ware	4.28	40.90 Million	AED 0.36	0.60

120	Aerated Concrete Industries Company	Kuwait	Building Materials	4.31	81.01 Million	KWD 0.12	1.37

121	Investment House for Financial Services	Jordan	Commodity Brokers	4.32	1.62 Million	JOD 0.31	1.22

122	Kuwait Reinsurance Company - Kuwait	Kuwait	Insurance Companies	4.38	28.13 Million	KWD 0.07	0.81

123	Jordanian Real Estate Company for Development	Jordan	Landlord and Developers	4.38	11.24 Million	JOD 0.21	0.71

124	Oman Hotels and Tourism Company	Oman	Hotel Management	4.38	9.56 Million	OMR 0.91	0.83

125	Muscat Finance Company	Oman	Diversified Financial Services	4.38	5.82 Million	OMR 0.08	2.32

126	Investors Holding Group Company - Kuwait	Kuwait	Landlord and Developers	4.39	49.55 Million	KWD 0.01	0.40

127	Combined Group Contracting Company	Kuwait	Building Contractors	4.42	31.77 Million	KWD 0.14	1.84

128	Travertine Company	Jordan	Nonmetallic Minerals	4.43	0.43 Million	JOD 0.28	1.10

129	Saudi Telecom Company	Saudi Arabia	Fixed Line Operators	4.49	3.20 Billion	SAR 10.95	2.74

130	A'Saffa Poultry Farms	Oman	Meat and Poultry	4.49	1.63 Million	OMR 0.23	4.12

131	Boubyan Petrochemical Company	Kuwait	Refining and Petrochemicals	4.49	193.10 Million	KWD 0.11	0.84

132	Kuwait Projects Company - Kuwait	Kuwait	Investment Companies	4.50	1.91 Billion	KWD 0.14	1.10

133	Bahrain Family Leisure Company	Bahrain	Amusement Parks	4.55	1.74 Million	BHD 0.03	1.23

134	Oman National Investment Corporation Holding	Oman	Investment Companies	4.57	69.63 Million	OMR 0.07	0.62

135	Gulfinvest International	Kuwait	Asset Management	4.58	55.49 Million	KWD 0.02	0.58

136	Kuwait Investment Company	Kuwait	Investment Companies	4.63	164.65 Million	KWD 0.05	0.66

137	Al Ahlia Insurance - Bahrain	Bahrain	Insurance Companies	4.66	8.76 Million	BHD 0.13	1.05

138	Universal Modern Industries Company	Jordan	Edible Oil	4.68	0.94 Million	JOD 0.24	0.78

139	Equipment Holding Company	Kuwait	Multi-line	4.68	0.78 Million	KWD 0.03	0.68

140	Al Ain Ahlia Insurance Company	UAE	Insurance Companies	4.71	56.66 Million	AED 20.24	1.26

141	Saudi Basic Industries Corporation	Saudi Arabia	Plastic and PVC	4.72	7.20 Billion	SAR 9.53	1.48

142	United Finance Company	Oman	Diversified Financial Services	4.72	9.99 Million	OMR 0.03	1.35

143	Kuwait Real Estate Company	Kuwait	Landlord and Developers	4.74	110.99 Million	KWD 0.02	0.44

144	Al Ammal Financial Investment	Jordan	Commodity Brokers	4.78	1.73 Million	JOD 0.28	2.22

145	South Electronics Company	Jordan	Consumer Electronics	4.82	1.22 Million	JOD 0.11	0.54

146	Bahrain Cinema Company	Bahrain	Film and Music	4.83	13.95 Million	BHD 0.20	1.23

147	United Projects Group	Kuwait	Specialized Aviation Services	4.86	30.18 Million	KWD 0.05	0.70

148