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.

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#	COMPANY	COUNTRY	INDUSTRY	PE Ratio	NET PROFIT	EPS	PRICE TO BOOK
1	Gulf Stone Company	Oman	Aggregates and Cut Stones	0.63	1.23 Million	OMR 0.18	1.05

2	Oman and Emirates Investment Holding Company	Oman	Investment Companies	1.27	-63.50 Million	OMR 0.12	1.91

3	Oman Foods International	Oman	Mills and Bakeries	1.48	2.36 Million	OMR 0.14	0.98

4	National Pharmaceutical Industries	Oman	Pharmaceutical and Biotechnology	1.62	-2.13 Million	OMR 0.06	1.22

5	Musandam Investment and Marketing Company	Oman	Investment Companies	1.69	-0.06 Million	OMR 0.12	0.41

6	Sweets of Oman	Oman	Candy and Confections	1.73	1.16 Million	OMR 0.96	3.74

7	Gulf Plastic Industries Company	Oman	Plastic and PVC	2.06	0.35 Million	OMR 0.19	0.50

8	Al Fajar Al Alamia Company	Oman	Chemicals	2.88	4.18 Million	OMR 0.69	0.96

9	Computer Stationery Industry	Oman	Computer and Peripherals	3.49	0.99 Million	OMR 0.09	1.65

10	A'Saffa Poultry Farms	Oman	Meat and Poultry	3.71	4.63 Million	OMR 0.27	1.10

11	National Packaging Factory	Oman	Paper and Card Board	3.84	0.40 Million	OMR 0.59	0.84

12	Al Ahlia Converting Industries	Oman	Hygenic Paper Products	4.00	0.01 Million	OMR 0.05	0.00

13	Omani Packaging Company	Oman	Paper and Card Board	4.75	1.18 Million	OMR 0.04	1.46

14	Al Batinah Hotels Company	Oman	Hotel Management	5.16	1.48 Million	OMR 0.58	1.17

15	United Finance Company	Oman	Diversified Financial Services	5.51	11.63 Million	OMR 0.03	1.04

16	Areej Vegetable Oils and Derivatives	Oman	Edible Oil	6.18	3.90 Million	OMR 0.39	1.73

17	AES Barka	Oman	Electricity Supply	6.40	20.02 Million	OMR 0.24	5.02

18	Gulf Mushroom Products Company	Oman	Canned and Frozen Goods	6.50	1.96 Million	OMR 0.06	1.91

19	Oman Fiber Optic Company	Oman	Communication Equipments	6.96	4.97 Million	OMR 0.47	1.72

20	United Power Company	Oman	Electricity Supply	7.27	6.33 Million	OMR 0.13	0.99

21	Oman Hotels and Tourism Company	Oman	Hotel Management	7.28	8.37 Million	OMR 0.51	0.77

22	National Gas Company - Oman	Oman	Distribution and Marketing	7.46	1.63 Million	OMR 0.57	1.01

23	Sahara Hospitality Company	Oman	Landlord and Developers	7.74	3.25 Million	OMR 0.25	1.20

24	Dhofar International Development and Investment Holding Company	Oman	Investment Companies	8.16	17.06 Million	OMR 0.05	1.24

25	Al Kamil Power Company	Oman	Electricity Supply	8.25	5.31 Million	OMR 0.22	1.48

26	Oman Telecommunications Company	Oman	Fixed Line Operators	8.48	308.13 Million	OMR 0.16	2.66

27	Oman Chlorine	Oman	Chemicals	8.56	7.43 Million	OMR 0.04	2.00

28	Oman National Dairy Products Company	Oman	Beverages and Juices	8.80	8.72 Million	OMR 0.14	0.00

29	Salalah Beach Resort	Oman	Hotel Management	9.44	1.98 Million	OMR 0.15	1.87

30	Renaissance Services	Oman	Multi-line	9.62	62.07 Million	OMR 0.07	1.58

31	Muscat Gases Company	Oman	Distribution and Marketing	9.93	3.23 Million	OMR 0.05	2.41

32	Gulf International Chemicals	Oman	Chemicals	10.11	1.14 Million	OMR 0.03	3.02

33	Port Services Corporation	Oman	Marine and Seaport Services	10.14	20.07 Million	OMR 0.06	1.87

34	Al Anwar Ceramic Tiles Company	Oman	Ceramic and Sanitary Ware	10.32	9.27 Million	OMR 0.04	3.57

35	Taageer Finance Company	Oman	Diversified Financial Services	10.50	6.24 Million	OMR 0.02	1.17

36	Oman Oil Marketing Company	Oman	Distribution and Marketing	10.57	16.43 Million	OMR 0.08	2.76

37	Al Omaniya Financial Services	Oman	Diversified Financial Services	10.59	8.58 Million	OMR 0.24	1.56

38	Majan Glass Company	Oman	Glass and Mirrors	10.77	5.21 Million	OMR 0.07	2.79

39	Oman Holdings International Company	Oman	Investment Companies	10.79	3.23 Million	OMR 0.03	1.07

40	Galfar Engineering and Contracting - Oman	Oman	Building Materials	10.80	59.52 Million	OMR 0.06	2.19

41	Gulf Hotels Company	Oman	Hotel Management	10.87	8.84 Million	OMR 0.95	1.17

42	The National Detergent Company	Oman	Household Chemicals	11.09	1.22 Million	OMR 0.05	0.93

43	BankMuscat	Oman	Asset Management	11.15	243.48 Million	OMR 0.08	1.35

44	Oman International Bank	Oman	Commercial Banks	11.34	76.56 Million	OMR 0.03	1.56

45	Dhofar Beverages and Foodstuff Company	Oman	Beverages and Juices	11.57	-1.29 Million	OMR 0.02	2.01

46	Muscat Finance Company	Oman	Diversified Financial Services	11.58	6.65 Million	OMR 0.03	1.99

47	Raysut Cement Company	Oman	Cement	11.75	70.41 Million	OMR 0.13	3.01

48	Al Maha Petroleum Products Marketing Company	Oman	Distribution and Marketing	11.78	19.09 Million	OMR 0.85	2.50

49	Al Hassan Engineering Company - Oman	Oman	Building Contractors	11.86	5.25 Million	OMR 0.03	2.44

50	Dhofar Power Company	Oman	Electricity Supply	12.15	7.66 Million	OMR 0.15	5.11

51	Oman Refreshment Company	Oman	Beverages and Juices	12.71	6.65 Million	OMR 0.71	2.31

52	Oman Investment and Finance Company	Oman	Credit Rating and Debt Collectors	13.00	5.28 Million	OMR 0.03	2.69

53	Oman National Engineering and Investment Company	Oman	Electricity Supply	13.06	4.02 Million	OMR 0.06	1.96

54	Oman Flour Mills Company	Oman	Mills and Bakeries	13.16	12.67 Million	OMR 0.05	2.29

55	Salalah Mills Company	Oman	Mills and Bakeries	13.17	4.07 Million	OMR 0.05	2.68

56	Oman ORIX Leasing Company	Oman	Diversified Financial Services	13.45	6.33 Million	OMR 0.02	1.59

57	Oman Cement Company	Oman	Cement	13.50	32.57 Million	OMR 0.06	2.13

58	Oman Education and Training Investment Company	Oman	College and Universities	13.73	7.48 Million	OMR 0.04	2.95

59	Sohar Power Company	Oman	Electricity Supply	13.78	11.14 Million	OMR 0.10	4.36

60	Majan College	Oman	College and Universities	14.26	1.68 Million	OMR 0.02	1.55

61	Shell Oman Marketing Company	Oman	Distribution and Marketing	15.89	32.48 Million	OMR 0.13	15.31

62	Oman Chromite Company	Oman	Metal Mining	16.03	0.88 Million	OMR 0.12	1.55

63	Flexible Industrial Packages Company	Oman	Containers and Packaging	16.27	0.19 Million	OMR 0.01	2.25

64	Voltamp Energy	Oman	Engineering Services	16.30	5.83 Million	OMR 0.04	2.13

65	Gulf Investment Services Company	Oman	Asset Management	18.58	-10.12 Million	OMR 0.02	6.32

66	Oman International Development and Investment Company	Oman	Investment Companies	19.47	21.67 Million	OMR 0.03	1.43

67	Al Anwar Holdings	Oman	Investment Companies	19.53	6.79 Million	OMR 0.01	1.90

68	Bank Dhofar	Oman	Commercial Banks	20.33	61.53 Million	OMR 0.03	2.54

69	Ahli Bank - Oman	Oman	Commercial Banks	20.77	15.41 Million	OMR 0.01	1.64

70	National Bank of Oman	Oman	Asset Management	21.08	117.88 Million	OMR 0.02	1.41

71	National Finance Company	Oman	Diversified Financial Services	22.43	5.18 Million	OMR 0.01	1.07

72	Muscat Thread Mills	Oman	Textiles and Apparel	22.72	0.52 Million	OMR 0.01	1.17

73	National Hospitality Institute	Oman	Training Institutes	29.17	0.38 Million	OMR 0.07	1.63

74	Salalah Port Services Company	Oman	Seaports	30.19	11.76 Million	OMR 0.02	3.36

75	National Biscuit Industries	Oman	Candy and Confections	33.60	0.40 Million	OMR 0.13	2.31

76	Dhofar Insurance Company	Oman	Insurance Companies	34.97	8.69 Million	OMR 0.01	2.15

77	Oman Ceramics Company	Oman	Ceramic and Sanitary Ware	38.31	0.37 Million	OMR 0.02	2.12

78	Taghleef Industries Company	Oman	Plastic and PVC	49.21	1.37 Million	OMR 0.05	0.78

79	Bank Sohar	Oman	Commercial Banks	79.51	-5.88 Million	OMR 0.00	2.33

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