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	United Real Estate Company - Kuwait	Kuwait	Landlord and Developers	0.04	21.45 Million	KWD 1.87	0.44

2	The Investment Dar Company	Kuwait	Investment Companies	0.44	441.64 Million	KWD 0.17	0.19

3	Mena Holding	Kuwait	Building Contractors	1.25	93.00 Million	KWD 0.26	4.41

4	International Leasing and Investment Company	Kuwait	Asset Management	1.35	73.15 Million	USD 0.26	0.43

5	National Industries Group Holding	Kuwait	Multi-line	2.37	989.34 Million	KWD 0.14	1.27

6	Tamdeen Real Estate Company	Kuwait	Landlord and Developers	2.75	47.69 Million	KWD 0.10	0.92

7	Injazzat Real Estate Development Company	Kuwait	Investment Funds	3.29	53.78 Million	KWD 0.05	0.69

8	Al Arabiya Real Estate Company	Kuwait	Landlord and Developers	3.47	0.25 Million	KWD 0.02	0.42

9	Hits Telecom Holding Company	Kuwait	Telecommunication Services	3.49	17.53 Million	KWD 0.03	2.33

10	Munshaat Real Estate Projects Company	Kuwait	Landlord and Developers	4.58	27.16 Million	KWD 0.02	0.22

11	Agility - Kuwait	Kuwait	Freight Forwarding Services	5.68	496.05 Million	KWD 0.15	1.21

12	Commercial Facilities Company	Kuwait	Diversified Financial Services	6.22	53.50 Million	KWD 0.05	1.05

13	Al Safat Tec Holding Company	Kuwait	Computer and Peripherals	6.50	-28.25 Million	KWD 0.01	0.52

14	Gulf Glass Manufacturing Company	Kuwait	Glass and Mirrors	6.61	6.62 Million	KWD 0.10	2.74

15	Kuwait Portland Cement Company	Kuwait	Cement	6.80	-30.72 Million	KWD 0.11	1.30

16	Safwan Trading and Contracting Company	Kuwait	Beverages and Juices	6.88	6.64 Million	KWD 0.03	1.38

17	National Mobile Telecommunications Company - Kuwait	Kuwait	Internet Service Providers	6.92	289.22 Million	KWD 0.22	2.10

18	IFA Hotels and Resorts - Kuwait	Kuwait	Hotel Management	7.07	108.24 Million	KWD 0.07	2.24

19	Hayat Communications Company	Kuwait	Telecommunication Services	7.17	8.62 Million	KWD 0.04	1.73

20	Kuwait National Cinema Company	Kuwait	Film and Music	7.43	16.52 Million	KWD 0.11	1.79

21	Future Communications Company Global	Kuwait	Telecommunication Services	7.76	11.50 Million	KWD 0.04	2.03

22	Advanced Technology Company	Kuwait	Healthcare Services	8.00	17.26 Million	KWD 0.07	2.25

23	Kuwait Hotels Company	Kuwait	Catering Services	8.42	3.80 Million	KWD 0.03	1.71

24	Alargan International Real Estate Company	Kuwait	Investment Funds	8.77	34.25 Million	KWD 0.02	0.96

25	Kout Food Group	Kuwait	Restaurants and Cafes	9.17	17.92 Million	KWD 0.04	1.10

26	Livestock Transport and Trading Company	Kuwait	Meat and Poultry	9.38	-9.19 Million	KWD 0.03	1.44

27	Boubyan Petrochemical Company	Kuwait	Refining and Petrochemicals	9.50	71.35 Million	KWD 0.04	0.87

28	A'ayan Real Estate Company	Kuwait	Landlord and Developers	9.63	24.12 Million	KWD 0.01	0.59

29	Kuwait Gypsum Manufacturing and Trading Company	Kuwait	Building Materials	10.08	2.03 Million	KWD 0.02	1.28

30	National Petroleum Services Company	Kuwait	Oilfield Services and Equipment	10.22	0.67 Million	KWD 0.02	1.41

31	National Real Estate Company	Kuwait	Multi-line	10.30	64.18 Million	KWD 0.02	0.95

32	Nafaaes Holding	Kuwait	College and Universities	10.47	2.84 Million	KWD 0.01	13.57

33	Combined Group Contracting Company	Kuwait	Building Contractors	11.21	29.81 Million	KWD 0.11	3.56

34	Al Kout Industrial Projects Company	Kuwait	Chemicals	11.71	9.11 Million	KWD 0.03	1.81

35	Kuwait Bahrain International Exchange Company	Kuwait	Foreign Exchange Dealers	12.20	3.25 Million	KWD 0.02	1.69

36	Zain - Kuwait	Kuwait	Internet Service Providers	12.49	1.13 Billion	KWD 0.08	1.93

37	Kuwait Company for Process Plant Construction and Contracting	Kuwait	Electro-Mechanical Contractors	13.58	6.18 Million	KWD 0.02	1.29

38	Heavy Engineering Industries and Shipbuilding Company	Kuwait	Heavy Construction	13.62	2.40 Million	KWD 0.04	4.07

39	Aviation Lease and Finance Company	Kuwait	Specialized Aviation Services	13.78	35.28 Million	KWD 0.01	1.73

40	Independent Petroleum Group	Kuwait	Distribution and Marketing	13.87	19.65 Million	KWD 0.03	1.15

41	Palms Agro Production Company	Kuwait	Landscaping and Irrigation	14.32	1.08 Million	KWD 0.01	0.59

42	The Transport and Warehousing Group Company	Kuwait	Marine and Seaport Services	14.44	10.27 Million	KWD 0.05	2.71

43	National Bank of Kuwait - Kuwait	Kuwait	Asset Management	14.88	895.96 Million	KWD 0.07	2.10

44	Burgan Company for Well Drilling Trading and Maintenance	Kuwait	Oilfield Services and Equipment	15.98	24.07 Million	KWD 0.04	2.47

45	Warba Insurance Company	Kuwait	Insurance Companies	16.92	8.51 Million	KWD 0.02	1.07

46	Villa Moda Lifestyle	Kuwait	Landlord and Developers	17.22	2.54 Million	KWD 0.01	1.02

47	Kuwait Building Materials Manufacturing Company	Kuwait	Building Materials	17.92	1.93 Million	KWD 0.02	2.25

48	Jazeera Airways	Kuwait	Passenger Airlines	18.07	15.60 Million	KWD 0.01	1.54

49	Kuwait Packing Materials Manufacturing Company	Kuwait	Plastic and PVC	18.24	5.07 Million	KWD 0.03	2.76

50	Kuwait United Poultry Company	Kuwait	Meat and Poultry	18.55	-6.03 Million	KWD 0.01	1.08

51	Kuwait Insurance Company	Kuwait	Insurance Companies	19.59	10.34 Million	KWD 0.02	1.41

52	United Projects Group	Kuwait	Specialized Aviation Services	20.20	6.14 Million	KWD 0.01	0.75

53	Future Kid Entertainment and Real Estate Company	Kuwait	Schools and Nursery	20.80	2.68 Million	KWD 0.01	0.78

54	Al Soor Fuel Marketing Company	Kuwait	Distribution and Marketing	21.49	11.79 Million	KWD 0.01	2.45

55	Aerated Concrete Industries Company	Kuwait	Building Materials	21.52	22.92 Million	KWD 0.02	1.21

56	HumanSoft Holding Company - Kuwait	Kuwait	Training Institutes	23.66	1.20 Million	KWD 0.01	1.42

57	Bank of Kuwait and Middle East	Kuwait	Commercial Banks	27.05	180.23 Million	KWD 0.02	1.99

58	YIACO Medical Company	Kuwait	Medical Equipments	27.68	2.74 Million	KWD 0.01	1.17

59	Gulf Rocks Company - Kuwait	Kuwait	Cement	28.96	10.64 Million	KWD 0.01	0.91

60	United Foodstuff Industries Group Company	Kuwait	Dairy Products	30.55	1.71 Million	KWD 0.01	2.14

61	Kuwait Food Company - Kuwait	Kuwait	Canned and Frozen Goods	38.58	123.59 Million	KWD 0.04	2.28

62	Vending Network Company	Kuwait	Restaurants and Cafes	41.99	4.40 Million	KWD 0.01	10.43

63	Contracting and Marine Services Company	Kuwait	Marine and Seaport Services	44.68	3.02 Million	KWD 0.01	2.28

64	Shuaiba Industrial Company	Kuwait	Paper and Card Board	51.58	0.71 Million	KWD 0.00	0.81

65	Kuwait Finance House - Kuwait	Kuwait	Asset Management	56.76	550.74 Million	KWD 0.02	2.15

66	Kuwait Slaughterhouse Company	Kuwait	Meat and Poultry	59.52	0.51 Million	KWD 0.01	3.23

67	Oula Fuel Marketing Company	Kuwait	Distribution and Marketing	75.93	11.21 Million	KWD 0.01	3.62

68	Automated Systems Company	Kuwait	Software and Services	108.27	-1.79 Million	KWD 0.00	1.22

69	Arkan Al Kuwait Real Estate Company	Kuwait	Landlord and Developers	108.93	10.30 Million	KWD 0.00	0.48

70	Burgan Bank	Kuwait	Asset Management	110.59	132.56 Million	KWD 0.00	1.19

71	Al Ahli Bank of Kuwait	Kuwait	Asset Management	173.98	161.53 Million	KWD 0.00	1.73

72	Tamdeen Investment Company	Kuwait	Asset Management	225.00	6.38 Million	KWD 0.00	0.47

73	Mabanee Company	Kuwait	Building Contractors	373.33	21.85 Million	KWD 0.00	3.34

74	Al Themar International Holding Company	Kuwait	Landlord and Developers	413.79	1.01 Million	KWD 0.00	1.34

75	Al Mowasat Holding Company	Kuwait	Investment Companies	3,600.00	-0.96 Million	KWD 0.00	1.20

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