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ACICO Industries Company
Kuwait Stock Exchange
ACICO Industries Company
Reuters Code:
Fair Value:
ACIC.KW
552 fils
Current Price: (As on December 6,2011)
Recommendation:
234 Fils
Strong Buy
Kuwait Economic Overview:
Kuwait is an oil based economy with the fifth largest proven crude oil
reserves in the world. Consequently, Kuwait’s economy was structured around
the production and refining of hydrocarbons. According to preliminary data
from Kuwait’s Central Statistical Office, nominal GDP grew 16.9% YoY (Year
on Year) in 2010 to reach KWD 35.6 billion, up from KWD 30.5 billion the
previous year. Growth was driven largely by the oil sector, which contributed
KD18.3 billion to GDP, an increase of 22% YoY due to higher oil prices in
2010. During the year 2010, Kuwait reported a budget surplus of KWD 6.3
billion. Oil revenues for the year reached KWD 18.8 billion and accounted
for approximately 94% of total government revenues. The Economist
Intelligence Unit (EIU) expects the non-oil sector to remain relatively small,
despite efforts to diversify the economy. Looking forward, EIU forecasts real
GDP to grow at an average rate of 4.9% over the 2011–2016 periods.1
Subject Descriptor
Units
2007
2008
2009
2010
2011
2012
GDP - Current Prices
KWD Billons
32.58
39.99
30.48
35.63
44.85
45.68
GDP - Constant Prices
KWD Billons
18.15
19.23
18.35
18.92
19.75
20.82
% change
4.40%
6.00%
4.60%
3.10%
4.40%
5.40%
9,583
11,762
8,708
9,898
12,120
11,712
Real GDP growth
GDP per capita, current prices
KWD
Inflation, average consumer
prices
% change
7.50%
9.00%
2.10%
6.00%
5.20%
4.70%
Population growth
% change
6.30%
0.00%
2.90%
2.90%
2.80%
5.40%
Source: Economist Intelligence Unit, International Monetary Fund
1
KMEFIC research on Kuwait Cement Industry Report of October 2011
December 18, 2011
Page | 1
ACICO Industries Company
Kuwait Stock Exchange
Industry Sector:
ACICO is listed in the industry sector. It contains 29 companies. They have 7
competitors and they are:
1.
2.
3.
4.
5.
6.
7.
Kuwait Cement Company (KCC)
National Industries Company (NIC)
Kuwait Portland Cement Company(KPCC)
Hilal Cement Company(HCC)
Salbookh Trading Company(STC)
Gulf Rocks Company
Kuwait Building Materials(KBMMC)
EPS
DPS
Payout
Div
Yld
(%)
ROE
(%)
P/Book
P/Sales
0.02
0.01
0.62
4.31
4.85
0.70
1.42
24.07
0.04
0.02
0.39
2.93
6.06
1.06
2.39
22.89
0.01
0.01
0.42
2.29
4.67
1.02
1.71
KCC
22.89
0.02
0.01
0.46
1.96
8.52
2.07
7.28
NIC
36.66
0.01
0.01
0.68
2.62
5.15
1.33
2.58
KPCC
14.17
0.25
0.09
0.37
9.88
29.23
1.10
1.70
ACICO
-
0.02
0.01
0.62
4.31
4.85
0.70
1.42
11.63
0.01
0.01
0.98
4.63
4.50
0.95
0.83
STC
-
0.01
0.00
0.00
0.00
-8.30
0.43
1.71
Gulf Rocks
-
0.00
0.00
0.00
0.00
0.27
0.46
0.47
35.01
0.01
0.00
0.00
0.00
4.29
1.44
3.13
Name
PE
ACICO
Sector
average
(Mean)
Sector
median
Market Cap.
(KWD)*
55,089,671.17
76,490,744.15
35,107,984.90
Competitors
HCC
KBMMC
325,910,139.52
105,820,743.59
83,813,450.22
55,089,671.17
15,126,298.63
10,464,913.59
9,160,823.17
6,539,913.32
Source : Reuters 3000 Xtra .
*Market Cap. is calculated for 09/12/2011.
ACICO's market cap is about 55 million KD. They are ranked 4th
among the competitors in terms of market cap. And it is less than the sector
average by 28%. Considering the data, it is considered a medium cap stock.
ACICO's EPS is about 20 fils which is less than the sector average by 50%.
But its payout ratio is 62% which is more than the sector average (39%). This
gives ACICO a competitive advantage which attracts long term investors.
December 18, 2011
Page | 2
ACICO Industries Company
Kuwait Stock Exchange
Their P/B is 0.7 which is a good indicator that their stock will probably rise.
This is good for speculators because of the high opportunity for the stock
price to increase. ACICO'S ROE is about 4.85% which is higher than the
sector median (4.67%) by a little bit. This indicates that ACICO's ROE is in
the normal range when compared to the sector.
Kuwait has a dynamic construction sector that has seen significant
expansion with the new millennium. Currently, there are over 200 planned
construction projects with a total value exceeding $155 billion. Kuwait is
estimated to spend more than $63 billion over the next three years alone,
with a significant focus on the development of educational facilities,
commercial and residential buildings, infrastructure, as well as power and
water plants.2
In the Cement Sector, Kuwait posted a 51.7% decrease in net profits to
reach KWD49mn during 9M11(9 months of 2011). This is due to the
decrease in capital markets. Kuwaiti cement companies hold large portfolios
in investments which altered profits during the 9M11 as the political and
economic scene of the world reduced sentiments in capital markets in the
region.3
ACICO-Company Background:
ACICO Industries Company is a shareholding Kuwaiti company
established in 1990 and listed in both The Kuwait & Dubai financial markets.
They operate in the industrial, cement, construction, hotels, and real estate
businesses.
ACICO Industries Company is a fast growing company whose products
and services meet essential necessities and requirements of modern life
including building materials. ACICO Industries Company, is known as
Aerated Concrete Industries Company. ACICO is the only certified agent for
Hebel Company in Germany. Their original strategy is to be prepared to
enhance and adapt to the constantly changing nature of their clients.
2
3
KMEFIC research on Kuwait Cement Industry Report, October 2011
Global GCC Cement Sector Quarterly, November 2011
December 18, 2011
Page | 3
ACICO Industries Company
Kuwait Stock Exchange
ACICO Industries Company diversified into the construction sector
through the grade A ACICO Construction as classified by CTC (Central
Tenders Committee) in Kuwait.4
ACICO profit (30/9/2011):
Net profit of the company for the last 9 months of 2011 was 1.5
million KD. That recorded a decrease of 4 million KD for the same period of
2010. 5
Shareholding:
As for shareholding pattern of the company, various members of the
Al-Khalid family have sizeable holdings in the company about 22.24%.
Holder Name
Al-Khalid (Ghassan Ahmad Saoud)
% O/S
12.890 %
Al-Khalid (Ahmad Ghassan Ahmad Saoud)
9.350 %
Kuwait Investment Co SAK
6.330 %
Al Saqer (Hamad Abdulaziz Al Hamad)
5.760 %
Public
Source : Reuters 3000 Xtra .
65.670 %
Board of Directors:
The Board of Directors of the company consists of the Al Khaled
family member, with Abdul Aziz Al Ayoub as the Chairman of the Board.
Name
Abdul Aziz Al Ayoub
Ghassan Al Khalid
Current position
Chairman of the Board
Vice Chairman of th Board
Ahmad Al Khalid
Member of the Board
Walid Al Khalid
Member of the Board
Faisal Al Majed
Member of the Board
Faten Al Naqeeb
Member of the Board
Ahmad Al Rifai
Member of the Board
Source : Reuters 3000 Xtra .
4
5
http://www.acicogroup.com/En_ACICO_Overview.cms
KSE.com.kw (Kuwait Stock Exchange Market)
December 18, 2011
Page | 4
ACICO Industries Company
Kuwait Stock Exchange
Listing & Trading:
ACICO was listed in the Kuwait Stock Exchange in 1997, under the
ticker ‘ACICO’. The company’s shares have enjoyed healthy liquidity in the
past. The average daily volume traded of the stock was 252,000 shares, with a
turnover ratio of 20%. This means that the trading on the share is very low
for the last 52 weeks. The stock closed at KD0.234 on December 6, 2011,
with a 52-week high/low of KD0.357/KD0.196. The company is also listed
on the Dubai Financial Market (DFM).
Price Performance
Closing Price* (Fils)
52 wk High (Fils)
52 wk Low (Fils)
Average volume Traded**
Turnover
Markt Cap. (KD)
234.00
357.00
196.00
252,000
20%
55,443,960.00
Source : Reuters, http://www.reuters.com/finance/stocks/overview?symbol=ACIC.KW
* Closing price for 6/12/2011
** Average Volume Traded is calculated for the last 12 month
December 18, 2011
Page | 5
ACICO Industries Company
Kuwait Stock Exchange
Business Overview:
The core business of ACICO Company is involved in: Industrial,
Cement, Construction, Hotels and Real Estate and we will talk about each
one briefly. ACICO are involved in all these sectors for one clear reason, selfdependency. They use the materials from the industrial part to create
construction sites which they use for their own real estate and hotel sectors.
This value chain assures the timely supply of raw materials for ACICO
manufacturing operations and projects which decreases the risk factors
associated with manufacturing. This gives them a strong competitive
advantage because they are in full control of all their projects.
ACICO
ACICO
Industrial
ACICO
Construction
ACICO
Real Estate
ACICO
Hotels
ACICO Industrial Co.:
ACICO Industrial is the largest manufacturer of Autoclaved Aerated
Concrete (AAC) in the Middle East.6 AAC is a light weight, insulating and
fire resistance building material that is formed into blocks, reinforced wall,
roof, floor panels and lintels. It is used for a wide range of both load and nonload bearing and framed construction applications. It is manufactured from
fine ground silica sand, Portland cement, lime, water and aluminum paste as
aerating agent. It produces blocks, lintels, slabs, and reinforced structural
components. ACICO AAC plants are located in the State of Kuwait, United
Arab Emirates, Kingdom of Saudi Arabia and Qatar.
6
http://www.acicogroup.com/En_core_industrial_overview.cms
December 18, 2011
Page | 6
ACICO Industries Company
Kuwait Stock Exchange
ACICO Industrial is a manufacturer of AAC blocks with tongue and
groove feature. This feature interlocks blocks, providing more stability and
decreases the amount of glue needed between the blocks. ACICO Industrial
manufactures blocks, lintels and slabs with different characteristics to meet
the needs of its customers.7
ACICO Cement:
ACICO Cement plant is located in Shuaibah Industrial Area with a
large production capacity and underway to exceed one million tons per year.
Through their high-tech quality control laboratories, highly qualified technical
engineers, technicians, and skilled labors, we are able to maintain and assure
the quality of ACICO's Cement. Operating and manufacturing in compliance
with local and international standards, ACICO Cement is approved by the
Ministry of Public Works, Public Authority for Housing Welfare and other
governmental bodies.8
Ready Mix Concrete:
ACICO Cement was urged by its high quality cement production to set
up two production lines of dry & wet Ready Mix Concrete. The plant is
designed and equipped with the most advanced technology, operated by
experienced skilled engineers and managed through a professional
management team to maintain quality in compliance with local and
international standards. ACICO Ready Mix Concrete proves its capability to
meet projects specifications, delivery schedules, proper technical services,
customer expectation and satisfaction.
7
8
http://www.acicogroup.com/En_core_industrial_overview.cms
http://www.acicogroup.com/En_core_cement_overview.cms
December 18, 2011
Page | 7
ACICO Industries Company
Kuwait Stock Exchange
ACICO Construction:
ACICO Construction Co. is classified as grade "1" Construction
Company by Central Tenders Committee (CTC) in Kuwait and UAE. Since
its inception in 1990, ACICO has experienced sustained and steady growth
and became a leading company in engineering, procurement and construction
(EPC) contracting in multi-discipline projects. ACICO's sphere of activities
covers presently Kuwait and UAE markets and expanding into rest of GCC.
ACICO Construction Co. has successfully demonstrated its maturity
by developing a 55 level hotel and 60 level multi-use tower on prime area on
Sheikh Zayed Road in Dubai and building of residential township- in Kuwait443 Row Houses with supporting Infrastructure to name a few.
Over years of ACICO Construction Co. growth, it was fundamental to
our business to obtain and maintain client satisfaction by delivering quality
construction services on time, often ahead of time, and within budget. With
almost two decades of experience, a string of several governmental approvals
and variety of successful projects were achieved such as villas, chalets,
commercial and residential buildings, hospitals, schools, and multi-use high
rise towers in Kuwait and the UAE.
ACICO has strong clientele base and strong relationship with GCC
banks, which has been instrumental in creating more than two decades of
successful growth. ACICO prides itself on conducting business based on
highest ethical practices and international standard.9
ACICO Hotels:
Another success to our portfolio was the diversification into the
hospitality sector. Due to the lucrative nature of the industry and the expertise
of our team, ACICO Industries Company erected two hotels in the UAE.
Our first hotel was built with the load bearing walls construction on an area
of 29,605m2 in the emirate of Fujairah spreading on more than 500 meters of
private beach. The second hotel was erected 60 stories high on Sheikh Zayed
Road in the heart of Dubai. ACICO has commissioned the Rezidor Hotel
9
http://www.acicogroup.com/En_core_construction_overview.cms
December 18, 2011
Page | 8
ACICO Industries Company
Kuwait Stock Exchange
Group, mother company of the prominent brand "Radisson", the operations
of its hotels and resorts. The Rezidor Hotel Group have an extensive track
record of hotel management in over 70 countries.10
ACICO Real Estate:
ACICO Real Estate is a diversified real estate management company.
Our services include property and asset management services for high rise,
office, commercial, medical and residential buildings. ACICO Real Estate was
essentially established for letting, selling, and maintaining all properties
owned by the group. This step came as part of the integration strategy of the
group.
ACICO Real Estate has succeeded in bringing an outstanding
performance and integrity to real estate investment in the most active cities in
the region.11
10
11
http://www.acicogroup.com/En_core_hotels_overview.cms
http://www.acicogroup.com/En_core_realestate_overview.cms
December 18, 2011
Page | 9
ACICO Industries Company
Kuwait Stock Exchange
Company Projects:
The most successful, well-known projects ACICO built were in The
Emirates. They entered the hospitality sector by building the Radisson Royal
Hotel Dubai and Radisson Blu Resort Fujairah.
Radisson Royal Hotel Dubai
Radisson Royal Hotel Dubai is a five-star hotel that defines the
magnitude of business and pleasure in one place. It is located in the most
distinctive location which is the Sheikh Zayed Road, Dubai. Add to that, they
have The Dubai Trade center, Dubai International Exhibition and
Convention Center, Dubai International Financial Center, and Dubai Metro
in the proximity of the hotel. Leisure destinations like Burj Khalifa, Dubai
Mall, and Golf clubs are a few minutes' drive from the hotel.
Radisson Blu Resort Fujairah
Radisson Blu Resort Fujairah is located 90 minutes away from Dubai
and lies between Hajjar Mountains and approximately 500 meters away
from the private oceanic beach. The project covers an area of 29,605m2
with all 257 rooms having an uninterrupted panoramic view of sea.
Also there are a lot of successful projects like:










Nassima Tower - UAE
ACICO Business Park - UAE
Nakheel Town Houses - Dubai
American University in Dubai
ACICO Medical Plaza – Dubai
Chevron - Kuwait
Dasman School - Kuwait
The Palms Beach Hotel - Kuwait
Wataniya Resort - Khairan - Kuwait
Etc ….
December 18, 2011
Page | 10
ACICO Industries Company
Kuwait Stock Exchange
Technical Overview:
Company Name
Sector
R1
R2
S1
S2
Target Price
ACICO
Indusrty
234 Fils
248 Fils
220 Fils
208 Fils
245 Fils*
Target price from Bollinger analysis.
Recommendation:
Our recommendation is to buy the share because multiple indicators
like RSI, Momentum, and Bollinger show that. The trend of the share in
general, appears to be bullish which indicates buy decision.
MACD on the 7th of September closed at price 198 fils. On the 13th
of September, there was a bullish signal which led to the increase of the price
of the share to 270 fils on the 24th of October with high traded volume at
that period. However, on the 28th of November, MACD gave us a bearish
signal which led to the decrease of the price to 230 fils on the 15th of
December and till today it gives us a sell signal.
The Momentum Indicator was -57 points which is less than -50. This
indicated a bullish signal which led to an increase in the price from 196 to
265 fils on the 29th of September. On that day, momentum was 69 which is
more than 50. This indicated a bearish signal which led to the decrease of the
price from 265 to 230 fils. On the 15th of December, the momentum was 25.This indicated a neutral to buy signal.
The RSI was 24 points on the 6th of September which is less than 30.
This gave a bullish signal which led to the increase of the price to 250 fils on
the 21st of September. And the RSI was 60 points which gave a bearish signal
which led to the decrease of the price to 230 on the 15th of December. And it
was 48.5 points which indicated a neutral to buy signal.
Bollinger indicator on the 15th of December gave us a bullish signal
because the price approached the bottom line of the Bollinger. This caused
December 18, 2011
Page | 11
ACICO Industries Company
Kuwait Stock Exchange
the price to push up from 220 to 230 fils. And the target price from the
Bollinger analysis is 245 fils (middle line).
Overview
RSI
December 18, 2011
Page | 12
ACICO Industries Company
Kuwait Stock Exchange
MACD , RSI, Momentum
Bollinger
December 18, 2011
Page | 13
ACICO Industries Company
Kuwait Stock Exchange
Fundamental Overview:
-Ratios Overview
Period End Date
31-Dec10
31-Dec09
31-Dec08
31-Dec07
31-Dec06
Liquidity and Asset Ratios
Current Ratio
0.64
0.57
0.35
0.70
1.28
Total Assets / Equity
3.09
2.82
2.85
2.46
2.04
Sales / Assets
0.16
0.24
0.33
0.23
0.50
Sales / Inventory
6.48
9.66
10.01
12.18
21.74
Sales / Receivables
6.09
9.18
4.36
4.33
5.66
Total Debt/Total Assets (%)
0.65
0.61
0.62
0.58
0.48
Total Debt/Equity (%)
Times Interest Earned
(TIE)
Return on Cash & Equiv.
(%)
2.02
1.73
1.76
1.43
0.98
1.12
0.79
0.95
0.63
4.02
2.70
1.50
11.01
0.17
2.73
60.17
45.34
86.72
83.00
63.45
Inventory Turnover
0.16
0.11
0.10
0.09
0.05
Quick ratio
0.46
0.43
0.28
0.66
1.17
Cash Ratio
0.11
0.17
0.02
0.56
0.11
Assets Growth (%)
0.12
0.06
0.08
0.72
0.36
Book Value Growth (%)
1.77
7.65
-6.43
42.46
26.54
Earnings Growth (%)
0.69
-42.45
-70.42
65.45
59.32
Revenues Growth (%)
-0.25
-0.24
0.58
-0.22
60.14
6.21
4.17
3.00
4.39
2.00
Return on Assets (%)
Return on Average Assets
(%)
2%
2%
3%
12%
12%
2%
2%
3%
15%
12%
Return on Equity (%)
Return on Average Equity
(%)
5%
5%
9%
29%
25%
5%
5%
9%
34%
25%
Operating Margin (%)
6%
3%
5%
2%
13%
60%
57%
16%
49%
70%
Leverage
Liquidity
A/R turnover
Growth Potential
Profitability
Asset Turnover
Payout Ratio (%)
December 18, 2011
Page | 14
ACICO Industries Company
Kuwait Stock Exchange
Liquidity and Asset Ratios:
The current ratio is less than 1 which is a good sign. This
indicates that ACICO would be unable to pay off its debt obligation if
they came due at that point. The sales to asset ratio has declined in the
last 2 years which isn’t a good sign. It indicates that ACICO needs
more investment to generate sales revenue which means less
profitability of the firm. The cash ratio of ACICO is 0.11 in 2010
which is low. This means that creditors would be reluctant in how
much debt they should give to ACICO.
Leverage Ratios
The total debt to total assets ratio in 2010 was 65%. This means
that 65% of the company’s assets are financed by debt. This means that
the majority of the company’s assets are financed by debt. The debt to
equity ratio of 2.02 is high which means that ACICO has been
aggressive in financing its growth by debt.
Growth Potential Ratios
The assets growth potential in 2010 is 12%. The growth was
pretty high before the 2008 crisis with 72% growth. The revenue
growth in the last 2 years has been negative. This indicates that the
revenue has been decreasing for the last 2 years.
Profitability Ratios
The Return on Equity (ROE) ratio measures the amount of net
income earned as a percentage of equity. ACICO’s ROE is pretty
consistent with its competitors and is higher than the sector median so
they are in the normal range. The Return on Average Equity (ROAE)
has been consistent in the last 2 3 years due to the consistency and
predictability of the company’s ROE. The Return on Assets (ROA) and
Return on Average Assets (ROAA) for the last 3 years has been
consistent within a certain range (between 2 and 3%).
December 18, 2011
Page | 15
ACICO Industries Company
Kuwait Stock Exchange
Fundamental Analysis
Assumptions:
1) We assumed the growth rate for the FCFE for the next 5 years as (19.8%)
2) We assumed the terminal growth in the FCFE model 4.9% (Real GDP economic
growth of Kuwait for the next 5 years)
3) We assumed the Risk Free Rate (RF) as 4.5 %( 2.5% discount rate from CBK+2%)
4) We took the Risk Premium (RP) from Aswath Damodaran's website as 5.75%
5) We took the beta of the company from Reuters 3000 xtra
6) We assumed the growth rate in the DDM model as about 30%
Discounted Cash Flow
Two Stage FCFE
Variable
Growth
Phase
Length
5 years
Risk Free Rate
4.500%
RP is
5.8%
Terminal Growth
4.90%
Expected Growth
19.82%
Beta
1.17
Cost of Equity Ke
Year
FCFE
2011
6,066
2
2012
7,269
3
2013
8,710
4
2014
10,436
5
2015
12,505
Terminal FCFE Year 5
PV of Terminal Price
Value per share
December 18, 2011
(Reuters)
11.23%
1
No. of shares*1000
(Discount Rate from CBK + 2%)
Damodaran
Economy Growth From KMIFIC Research
PV of FCFE
5,454
5,875
6,329
6,819
7,346
236,940
207,314
121,778
0.648
Page | 16
ACICO Industries Company
Kuwait Stock Exchange
Discounted Cash Flow
Two Stage
DDM
Variable
High Growth Phase
Stable Growth
Phase
Forever after
5 years
Length
5 years
Risk Free Rate
RP is
Expected Growth
4.50%
5.75%
30.06%
1.17
11.23%
1.17
11.23%
Year
DPS
PV of DPS
2011
1
0.013
0.012
2012
2
0.017
0.014
2013
3
0.022
0.016
2014
4
0.029
0.019
5
Expected: Year 6
0.037
0.022
Terminal Price: Year 5
PV of Terminal Price
0.617
Beta
Cost of Equity Ke
2015
Value per share
4.9%
0.362
0.444
Multiples Overview
Relative Valuation Method:
The peer group valuation is performed to compare the intrinsic value
of ACICO arrived at using the DCF calculation. In order to value ACICO
using this method, we have used the weighted average price-to-earnings (P/E)
multiple and Price-to-book-value (P/BV) for ACICO's competitors, which
makes up the peer set for ACICO. The price-earnings multiple of a stock is a
reflection of various factors, such as the expected profitability of the company,
December 18, 2011
Page | 17
ACICO Industries Company
Kuwait Stock Exchange
its growth potential as perceived by the market, predictability and
sustainability of its revenues, the quality of its earnings and the quality of its
management, among others.
The value of ACICO’s shares derived from the weighted average of the
DCF and relative valuation methods is KD0.552 per share. The stock closed
at KD0.234 on the KSE at the end of trading on the 12th of December, 2011,
which implies that the weighted average value of ACICO’s shares is at a
premium of 58% to the share’s current market price. And the weights to each
method are shown in the table below:
Weighted Valuation
Method
Value
Weight
Valuation
DDM
0.444
0.3 0.133
FCFE
0.648
0.5 0.324
P/E
0.578
0.1 0.058
P/BV
0.369
0.1 0.037
Weighted Value/share
1.00
0.552
Recommendation:
The company's involvement in multiple sectors gives it a strong
competitive advantage and growth prospect. Therefore, looking at the
fundamental analysis, the fair value is 0.552KD; we recommend a strong buy
of the company's stocks for long-term investors.
Looking at the technical analysis, the low trading volume of the stock
indicates that the stock price will take time to rise to its intrinsic value.
The final recommendation is a strong buy of ACICO’s stock.
December 18, 2011
Page | 18
ACICO Industries Company
Kuwait Stock Exchange
Equity Rating and Definition:
Rating
Strong
Buy
Buy
Definition
Hold
Fair value of the stock is between +10% and -10% from the current market Price
Reduce
Fair value of the stock is between -10% and -20% from the currebt market Price
Sell
Fair value of the stock is < -20% from the currebt market Price
Fair value of the stock is > 50% from the currebt market Price
Fair value of the stock is > 10% from the currebt market Price
Done by :
 Anas Mamoon Kouki , 209118313
 Hady Mohammed Makki , 209218877
 Mohammed Fahad Al-Ahmad, 209114510
December 18, 2011
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