MARKETS AT A GLANCE MUSCAT SECURITIES MARKET TOP RECOMMENDATIONS

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1 February 6, 2014 WEALTH MANAGEMENT MARKETS AT A GLANCE MARKETS CLOSE (FEB 5, 2014) CHANGE % YTD % P/E (2014e)* DIV YIELD (%) MSM OMAN 7, % 3.81% 11.6x 3.7% SSE SAUDI ARABIA 8, % 3.01% 13.5x 3.4% QSE DOHA 11, % 7.27% 12.5x 4.2% DFM DUBAI 3, % 15.00% 15.4x 2.3% ADSM ABU DHABI 4, % 9.28% 12.1x 3.9% KSE KUWAIT 7, % 3.36% 16.9x 3.6% BSE BAHRAIN 1, % 4.09% 8.4x 3.7% S&P 500 1, % -5.23% 14.8x 2.0% Oil WTI ($/bbl) % -0.89% - - Source: Bloomberg *Note: Except Kuwait and Bahrain which are P/E (ttm) MUSCAT SECURITIES MARKET GFIC Global Financial Investment Investment Buy Trading, 3M x 1.2x % OEIO Oman & Emirates Investment Investment Buy Trading, 3M x 1.7x % RCCI Raysut Cement Co Industrial Buy Fundamental, 6-12M x 3.4x 3.6% 18.65% ATMI Al Jazeera Steel Industrial Buy Fundamental, 6-12M x 1.4x 4.1% 8.57% OCOI Oman Cement Co Industrial Buy Fundamental, 6-12M x 1.7x 4.2% 12.55% & LOSERS AS ON FEB 5, 2014 TICKER COMPANY CLOSE CHANGE % TICKER COMPANY CLOSE CHANGE % NSCI National Securities % NMWI National Mineral Water % SIHC Al Sharqia Inv. Holding % NGCI National Gas % CMII Construction Materials Ind % DICS Dhofar Insurance % OUIS Oman United Insurance % AAIT Al Anwar Holding % ONIC ONIC Holding % AACT Al Anwar Ceramic Tiles % FINCORP WEALTH MANAGEMENT Page 1

2 SAUDI STOCK EXCHANGE 2290 Yanbu National Petrochemicals Co Petrochemicals Buy Fundamental, 6-12M x 2.7x 1.4% 25.09% 2070 Saudi Pharmaceutical Indust.& Med. Industrial Buy Fundamental, 6-12M x 1.3x 3.2% 7.42% 2330 Advanced Petrochemicals Co Petrochemicals Buy Fundamental, 6-12M x 3.2x 4.5% 22.92% 2250 Saudi Industrial Investment Group Petrochemicals Buy Fundamental, 6-12M x 2.5x 2.8% 9.84% 2230 Saudi Chemical Co Industrial Buy Fundamental, 6-12M x 2.4x 6.2% 20.30% & LOSERS AS ON FEB 5, The Mediterranean & Gulf Insurance & Reinsurance % 8140 Al-Ahlia Insurance Company % 4090 Taiba Holding Co % 4300 Dar Alarkan Real Estate Development Co % 4004 Dallah Healthcare Holding Company % 1030 The Saudi Investment Bank % 2280 Almarai Company % 1010 Riyad Bank % 1212 Astra Industrial Group % 8100 Saudi Arabian Cooperative Insurance Company % QATAR EXCHANGE GWCS Gulf Warehousing Transportation Buy Fundamental, 6-12M x 2.5x 3.6% 12.53% ORDS Ooredoo QSC Telecom Buy Fundamental, 6-12M x 1.9x 3.4% 13.90% UDCD United Development Co Real Estate Buy Fundamental, 6-12M x 0.7x 4.5% 30.46% QATI Qatar Insurance Insurance Buy Fundamental, 6-12M x 2.0x 2.5% 17.45% QIIK Qatar International Islamic Bank Banking & Financial Buy Fundamental, 6-12M x 1.9x 5.2% 14.39% & LOSERS AS ON FEB 5, 2014 QIGD Qatari Investors Group % ABQK Al-Ahli Bank % QATI Qatar Insurance % QCFS Qatar Cinema & Film Distribution % GISS Gulf International Services % QGMD Qatari German For Medical Devices % IHGS Islamic Holding Group % QOIS Qatar Oman Investment Company % MCCS Mannai Corporation % SIIS Salam International % FINCORP WEALTH MANAGEMENT Page 2

3 DUBAI FINANCIAL MARKET SALAM_BAH Al Salam Bank -Bahrain Banking Buy Trading, 3M x 1.2x 3.0% 2.96% DIC Dubai Investments PJSC Inv. & Financial Serv. Buy Fundamental, 6-12M x 1.2x 2.5% 5.35% DIB Dubai Islamic Bank PJSC Banking Buy Fundamental, 6-12M x 1.7x 2.6% 9.76% EMIRATES Emirates NBD PJSC Banking Buy Fundamental, 6-12M x 1.0x 3.4% 7.62% SALAMA Islamic Arab Insurance Co Insurance Buy Fundamental, 6-12M x % & LOSERS AS ON FEB 5, 2014 DRC Dubai Refreshments Company % NIND National Industries Group Holdings % UPP Union Properties % ARIG Arab Insurance Group % MASQ Mashreq Bank % AGLTY Agility % DSI Drake & Scull Int % ALSALAMSUDAN AL Salam Bank Sudan % SHUAA SHUAA Capital % ALSALAMKW Al Salam Group Holding % ABU DHABI SECURITIES EXCHANGE OILC Waha Capital PJSC Investment Buy Trading, 3M x 2.1x 2.2% 9.57% ADCB Abu Dhabi Commercial Bank PJSC Banking Buy Fundamental, 6-12M x 1.4x 3.8% 15.80% ALDAR Aldar Properties PJSC Real Estate Buy Fundamental, 6-12M x 1.7x 1.8% % RAKCC Ras Al Khaimah Cement Co Industrial Buy Fundamental, 6-12M x 1.1x 3.1% -0.84% RAKPROP RAK Properties PJSC Real Estate Buy Fundamental, 6-12M x 0.7x 4.1% 4.39% & LOSERS AS ON FEB 5, 2014 ARKAN Arkan Building Materials Co % NMDC National Marine Dredging Co % NBQ National Bank Of Umm Al-Qaiwain % ADAVIATION Abu Dhabi Aviation Co % ADIB Abu Dhabi Islamic Bank % WATANIA National Takaful Company % RAKPROP Rak Properties % UNB Union National Bank % RAKWCT Ras Al Khaimah White Cement % ADCB AbuDhabi Commercial Bank % FINCORP WEALTH MANAGEMENT Page 3

4 KUWAIT STOCK EXCHANGE KRE Kuwait Real Estate Co Real Estate Buy Trading, 3M x 0.7x % & LOSERS AS ON FEB 5, 2014 ZIMAH Zima Holding Co % GFC Gulf Franchising Holding Co % AJWAN Ajwan Gulf Real Estate Co % KCPC Kuwait Co for Process Plant Const and Contr % NAFAIS Nafais Holding Company % EXCH Kuwait Bahrain International Exchange Co % STRATEGIA Strategia Investment Co % AINS Al-Ahleia Insurance Company % AFAQ AFAQ Educational Services Co % MAYADEEN National Ranges Company % BAHRAIN STOCK EXCHANGE & LOSERS AS ON FEB 5, 2014 BISB Bahrain Islamic Bank % DUTYF Bahrain Duty Free Shop Complex Co % SALAM Al Salam Bank % GFH Gulf Finance House % BATELCO Bahrain Telecommunication Co % ALBH Aluminum Bahrain B.S.C % BHOTEL Gulf Hotel Group % AUB Ahli United Bank % FINCORP WEALTH MANAGEMENT Page 4

5 MSM 30 INDEX STOCKS SUMMARY AS ON FEB 5, 2014 TICKER COMPANY LAST CLOSE YTD % P/E (TTM) P/BV (MRQ) DIV YLD (%) MSM 30 INDEX 7, % 11.6x 1.6x 3.7% OEIO OMAN & EMIRATES INV % 11.4x 1.7x - GISI GULF INVESTMENT SERVICES % 10.3x 2.3x 2.1% OUIS OMAN UNITED INSURANCE % 9.4x 1.9x 3.1% GFIC GLOBAL INVESTMENT % 49.0x 1.2x - ONIC ONIC. HOLDING % 10.8x 1.6x 2.7% OCAI OMAN CABLE INDUSTRY % 12.7x 3.1x 3.7% RNSS RENAISSANCE SERVICES % 11.3x 1.2x - BKSB BANK SOHAR % 9.0x 1.4x 1.8% OIFC OMAN INV. & FIN % 5.0x 1.9x 2.9% AACT AL ANWAR CERAMIC % 18.1x 4.0x 3.3% OTEL OMANTEL % 10.2x 2.3x 5.1% ABOB AHLI BANK % 10.6x 1.3x 59.3% BKMB BANK MUSCAT % 9.3x 1.2x 3.8% NBOB NAT. BK. OF OMAN % 8.9x 1.1x 4.5% RCCI RAYSUT CEMENT % 15.5x 3.4x 3.6% GECS GALFAR ENGINEERING % 8.0x 1.0x 6.1% AMII AL MADINA INVEST % 20.2x 1.0x - OMVS OMINVEST % 9.9x 1.1x 2.5% AJSS AL JAZEIRA SERVICES % 13.5x 3.1x 8.6% BKDB BANK DHOFAR % 7.6x 1.5x 3.8% AAIT AL ANWAR HOLDING % 27.7x 2.3x 1.5% OCOI OMAN CEMENT % 17.4x 1.7x 4.2% MHAS AL MAHA PETROLEUM % 15.0x 3.6x 4.0% NWRS NAWRAS % 12.0x 2.2x 6.3% NAPI NATIONAL ALUMINUIM % 31.6x 1.8x 1.7% HECI AL HASSAN ENG % 39.6x 1.6x - DIDI DHOFAR INT. DEV % 6.2x 1.3x 4.9% SOMS SHELL OMAN MARKETING % 19.3x 7.3x 4.5% BKNZ BANK NIZWA % N.A. 1.1x - HBMO HSBC BANK OMAN % 30.4x 1.1x 2.3% Source: Bloomberg FINCORP WEALTH MANAGEMENT Page 5

6 INVESTMENT RESEARCH CONTACT DETAILS Nandakumar Chenicheri (+968) Ext: 353 Gaurav Ramaiya (+968) Ext: 348 Mable C Pereira (+968) Ext: 342 mable@fincorp.org BROKERAGE CONTACT DETAILS Mohammad Al Ghalayini (+968) Ext: 333 mohammad@fincorp.org Aiman Al Balushi (+968) Ext: 329 aiman@fincorp.org Deena Omeir (+968) Ext: 335 deena@fincorp.org The Financial Corporation Co SAOG (FINCORP) PO Box 782, PC 131, Sultanate of Oman Tel: Fax: Disclaimer The research team of The Financial Corporation, SAOG (hereto referred as FINCORP) has prepared the information, analysis and expressed its opinion on the subject matter of this report. The information contained has been obtained from sources believed to be reliable and in good faith, but which may not be verified independently. While utmost care has been taken in preparing the above report, FINCORP makes no guarantee, representation or warranty, whether express or implied, and accepts no responsibility or liability as to its accuracy or completeness of the data, being provided. All investment information and opinions are subject to change without notice. The investor will indemnify FINCORP and its directors, officers, and employees against any loss or damage or other liabilities (including costs), which they may suffer as a result of reliance on this report. This report is not to be relied upon in substitution for the exercise of independent judgment. Also, not all customers may receive the material at the same time. This document is for private circulation and information purposes only. It does not and should not be construed as an offer to buy or sell securities mentioned herein. FINCORP will not be liable for any direct or indirect losses arising from the use thereof, and the investors are expected to use the information contained herein at their own risk. FINCORP and its affiliates or their officers, directors and employees may own or have positions in any investment mentioned herein or any investment related thereto and from time to time add to or dispose of any such investment. FINCORP and its affiliates may act as market makers or underwrite securities of companies discussed herein (or investments related thereto), and may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. Authors or contributors of this report could have direct interest in the capital market or in the securities mentioned herein. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position, and using such independent advisors, as they believe necessary. Income from investments may fluctuate. The price or value of the investments, to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. This document is strictly for the use of recipients only. None of the material provided herein may be reproduced, rewritten, rehashed, published, resold or distributed in any manner whatsoever without the prior and explicit written permission of FINCORP. FINCORP WEALTH MANAGEMENT Page 6