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	RAK Properties	UAE	Landlord and Developers	3.29	103.31 Million	AED 0.21	0.44

2	Aabar Investments	UAE	Oil and Gas Production	3.69	196.46 Million	AED 0.62	3.12

3	Ras Al Khaimah Ceramic Company	UAE	Ceramic and Sanitary Ware	3.94	50.35 Million	AED 0.39	0.58

4	National Marine Dredging Company	UAE	Excavation and Dredging	4.92	72.29 Million	AED 1.83	1.12

5	Arabtec Holding	UAE	Engineering Services	5.17	260.84 Million	AED 0.59	1.94

6	Dubai National Insurance and Reinsurance	UAE	Insurance Companies	5.20	11.85 Million	AED 0.44	1.49

7	Ras Al Khaimah Cement Company	UAE	Cement	5.44	21.79 Million	AED 0.21	0.70

8	Fujairah Cement Industries Company	UAE	Cement	5.57	53.26 Million	AED 0.43	0.91

9	Emirates Driving Company	UAE	Training Institutes	5.78	18.78 Million	AED 0.78	2.08

10	Dubai Investments Company	UAE	Investment Companies	5.89	431.04 Million	AED 0.20	0.60

11	Al Khazna Insurance Company	UAE	Insurance Companies	5.94	9.15 Million	AED 0.19	0.69

12	Gulf Navigation Holding	UAE	Pipeline and Shipping	6.28	40.36 Million	AED 0.11	0.69

13	National Bank of Ras Al Khaimah	UAE	Commercial Banks	6.30	173.16 Million	AED 0.71	2.08

14	Abu Dhabi Ship Building	UAE	Shipbuilding and Repair	6.70	28.05 Million	AED 0.51	2.57

15	Abu Dhabi National Energy Company	UAE	Electricity Supply	6.82	496.93 Million	AED 0.18	1.30

16	Union Cement Company	UAE	Cement	7.25	42.31 Million	AED 0.24	0.83

17	National Cement Company	UAE	Cement	7.31	52.81 Million	AED 0.46	0.47

18	Sharjah Cement and Industrial Development Company	UAE	Cement	7.33	68.52 Million	AED 0.23	0.60

19	Abu Dhabi Aviation Company	UAE	Specialized Aviation Services	7.38	29.04 Million	AED 0.36	0.88

20	National Corporation for Tourism and Hotels	UAE	Catering Services	7.52	24.78 Million	AED 1.21	1.95

21	Deyaar Development Company	UAE	Landlord and Developers	7.55	298.16 Million	AED 0.10	0.57

22	Union National Bank - UAE	UAE	Asset Management	7.67	382.47 Million	AED 0.48	1.01

23	Abu Dhabi Islamic Bank - UAE	UAE	Asset Management	7.85	231.77 Million	AED 0.41	1.14

24	Dubai Islamic Bank - UAE	UAE	Asset Management	7.85	471.10 Million	AED 0.35	1.10

25	Emirates NBD	UAE	Asset Management	8.05	1.00 Billion	AED 0.57	1.00

26	Bank of Sharjah	UAE	Commercial Banks	8.37	111.63 Million	AED 0.24	1.05

27	ALDAR Properties	UAE	Landlord and Developers	8.54	938.41 Million	AED 0.64	0.88

28	First Gulf Bank	UAE	Asset Management	8.71	818.22 Million	AED 2.13	1.57

29	Air Arabia	UAE	Passenger Airlines	8.92	138.78 Million	AED 0.12	0.90

30	Commercial Bank of Dubai	UAE	Commercial Banks	9.56	210.02 Million	AED 0.40	1.43

31	Emirates Telecommunications Corporation	UAE	Fixed Line Operators	9.80	2.36 Billion	AED 1.16	2.81

32	National Bank of Abu Dhabi	UAE	Asset Management	9.87	821.89 Million	AED 1.36	2.03

33	United Insurance Company - UAE	UAE	Insurance Companies	9.98	3.60 Million	AED 0.38	1.24

34	Agthia Group	UAE	Animal Feed	10.07	19.66 Million	AED 0.19	1.43

35	Mashreq	UAE	Asset Management	10.30	447.28 Million	AED 8.83	1.46

36	Abu Dhabi National Hotels	UAE	Catering Services	10.46	79.70 Million	AED 0.37	0.48

37	Waha Capital	UAE	Investment Companies	10.81	46.49 Million	AED 0.11	1.04

38	Gulf Pharmaceutical Industries	UAE	Pharmaceutical and Biotechnology	11.31	36.46 Million	AED 0.16	0.99

39	Abu Dhabi National Company for Building Materials	UAE	Building Materials	11.37	25.13 Million	AED 0.18	1.64

40	Abu Dhabi National Insurance Company - UAE	UAE	Insurance Companies	11.55	57.25 Million	AED 0.62	1.49

41	Fujairah Building Industries Company	UAE	Precast and Concrete	12.26	10.72 Million	AED 0.38	2.87

42	Aramex	UAE	Freight Forwarding Services	13.42	40.11 Million	AED 0.13	1.65

43	Sharjah Islamic Bank	UAE	Commercial Banks	13.43	63.05 Million	AED 0.07	0.56

44	Emirates Insurance Company	UAE	Insurance Companies	13.45	30.87 Million	AED 0.46	0.93

45	National Bank of Umm Al Qaiwain	UAE	Commercial Banks	13.75	77.23 Million	AED 0.24	1.72

46	Al Dhafra Insurance Company	UAE	Insurance Companies	14.85	11.65 Million	AED 0.30	1.81

47	Ras Al Khaimah Poultry and Feeding Company	UAE	Canned and Frozen Goods	15.24	14.86 Million	AED 0.13	0.49

48	Sorouh Real Estate	UAE	Landlord and Developers	15.32	505.91 Million	AED 0.20	1.30

49	Dana Gas	UAE	Oil and Gas Production	20.32	32.67 Million	AED 0.05	0.91

50	National Central Cooling Company	UAE	District Cooling Services	20.67	19.86 Million	AED 0.04	0.42

51	United Arab Bank	UAE	Commercial Banks	21.57	68.12 Million	AED 0.27	4.38

52	Dubai Refreshments Company	UAE	Beverages and Juices	24.06	3.92 Million	AED 0.39	2.08

53	Al Sagr National Insurance Company	UAE	Insurance Companies	24.41	18.28 Million	AED 0.19	1.84

54	Abu Dhabi Commercial Bank	UAE	Asset Management	26.85	336.68 Million	AED 0.08	0.68

55	Gulf Medical Projects Company	UAE	Hospitals and Clinics	26.97	9.21 Million	AED 0.10	3.24

56	Gulf General Investment Company	UAE	Investment Companies	33.72	121.25 Million	AED 0.04	0.87

57	Jeema Mineral Water Company	UAE	Bottled Water	34.98	0.69 Million	AED 0.14	2.40

58	Ras Al Khaimah National Insurance Company	UAE	Insurance Companies	38.82	3.77 Million	AED 0.13	3.25

59	Oman Insurance Company	UAE	Insurance Companies	45.24	68.13 Million	AED 0.24	2.53

60	Dubai Islamic Insurance and Reinsurance Company	UAE	Insurance Companies	48.84	-9.05 Million	AED 0.02	2.05

61	National General Insurance Company	UAE	Insurance Companies	49.32	5.48 Million	AED 0.19	4.52

62	Gulfa Mineral Water and Processing Industries	UAE	Bottled Water	49.66	0.71 Million	AED 0.11	5.18

63	Methaq Takaful Insurance Company	UAE	Insurance Companies	51.11	3.62 Million	AED 0.08	3.99

64	Invest Bank	UAE	Commercial Banks	51.58	1.28 Million	AED 0.03	1.23

65	Emirates Integrated Telecommunications Company	UAE	Fixed Line Operators	54.52	1.12 Million	AED 0.06	5.16

66	Al Firdous Holding	UAE	Investment Companies	58.54	4.38 Million	AED 0.03	1.61

67	Al Ain Ahlia Insurance Company	UAE	Insurance Companies	85.51	39.17 Million	AED 0.82	0.91

68	Al Buhaira National Insurance Company	UAE	Insurance Companies	91.12	13.67 Million	AED 0.11	4.03

69	Commercial Bank International	UAE	Commercial Banks	158.49	35.21 Million	AED 0.01	1.32

70	Dubai Financial Market	UAE	Securities Market	186.59	164.71 Million	AED 0.01	2.10

71	Union Properties	UAE	Landlord and Developers	483.98	207.76 Million	AED 0.00	0.57

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