EPS figures calculated from Net Profit / 93,750,000 shares outstanding.
OEIHC share price at close on 06 May 2008 was 4.47 dhs, so 2008 estimated PE is about 4.47 / 1.37 = 3.3, based on Q1 earnings, which is much less than the market average PE of about 16, and seems to be unusually low, however I have seen other investment companies with single figure PEs from 08Q1 results so maybe it's correct.
OEIHC financial statements and disclosures are causing me a bit of bother. There's a 25% stock dividend from 05FY (approved in April 2006 AGM) which wasn't applied until February 2008 (due to waiting for approval for increase in Authorised Share Capital).
There's a 10:1 share split applied in February 2008. That, and the 25% bonus shares, result in a shares outstanding figure of 93,750,000 (up from 7,500,000 as of 31 December 2007), and Share Capital of RO 9,375,000 (up from RO 7.5 million on 31 December 2007).
There's a proposed 30% share dividend for 07FY but that doesn't seem to be included in 08Q1 statements (share capital & shares outstanding figures were not supplied). However, I don't even know if the dividend was approved in the AGM on 27 April 2008. The minutes that supposedly appeared on the ADSM website today are not AGM minutes at all (just a notice of an increase from 17.5% to 20% ownership of Horizon Technologies in Fujairah).
Figures above and in the SW summary report are for the Parent Company of OEIHC, which is a subsidiary of OEIHC - The Group, as far as I can tell. I'll have another look now. Both the Parent and the Group state share capital as RO 7.5 million in the 2007 annual report (since increased), so I'm not entirely sure which company shareholders own. Just to add a little more to my confusion, there are two OEIHC listings on the Muscat Securities Market (MSM), but only one listing on the ADSM.
There's little interest in OEIHC shares on the Abu Dhabi stock exchange (ADSM) - maybe because it's too complicated to figure them out? Or am I just being thick ...
If anyone can confirm or deny any of the above conclusions, I'd appreciate it .
ADSM 06 May 2008:
(OEIHC) Result of Oman & Emirates Investment Holding Company AGM
(OEIHC) Oman & Emirates Inv. Holding discloses financial summary for 1st quarter, 2008
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