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Omani (MSM) Market Analysis & Valuation

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies100
  • 7D1.0%
  • 3M25.7%
  • 1Y53.1%
  • YTD22.7%

Over the last 7 days, the market has risen 1.0%, driven by gains of 3.8% in the Energy sector. On the other hand, with a decline of 7.0%, the Utilities sector is lagging behind. In the last year, the market has climbed 53%. Earnings are forecast to grow by 5.0% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Omani Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Mar 2026ر.ع19.6bر.ع12.4bر.ع1.4b12.2x14x1.6x
Fri, 30 Jan 2026ر.ع17.1bر.ع12.5bر.ع1.5b10.9x11.8x1.4x
Sun, 28 Dec 2025ر.ع16.1bر.ع12.4bر.ع1.4b10.2x11.6x1.3x
Tue, 25 Nov 2025ر.ع15.4bر.ع12.4bر.ع1.4b10.4x11.2x1.2x
Thu, 23 Oct 2025ر.ع14.9bر.ع12.3bر.ع1.4b10.4x11x1.2x
Sat, 20 Sep 2025ر.ع14.2bر.ع12.1bر.ع1.4b9.9x10.4x1.2x
Mon, 18 Aug 2025ر.ع13.7bر.ع12.1bر.ع1.4b10.2x10.1x1.1x
Wed, 16 Jul 2025ر.ع12.9bر.ع11.7bر.ع1.2b10.6x10.6x1.1x
Fri, 13 Jun 2025ر.ع12.7bر.ع11.6bر.ع1.2b10x10.3x1.1x
Sun, 11 May 2025ر.ع11.8bر.ع11.6bر.ع1.2b9.8x9.7x1x
Tue, 08 Apr 2025ر.ع11.7bر.ع11.5bر.ع1.2b9.8x9.7x1x
Thu, 06 Mar 2025ر.ع11.8bر.ع11.4bر.ع1.4b10.1x8.3x1x
Sat, 01 Feb 2025ر.ع12.0bر.ع10.4bر.ع901.6m10.3x13.3x1.2x
Mon, 30 Dec 2024ر.ع12.0bر.ع10.1bر.ع699.7m10.9x17.2x1.2x
Wed, 27 Nov 2024ر.ع11.8bر.ع10.1bر.ع689.5m10.4x17.1x1.2x
Fri, 25 Oct 2024ر.ع9.2bر.ع10.1bر.ع685.0m10.7x13.5x0.9x
Sun, 22 Sep 2024ر.ع9.1bر.ع10.0bر.ع680.4m11x13.4x0.9x
Tue, 20 Aug 2024ر.ع9.0bر.ع10.0bر.ع681.3m11.4x13.2x0.9x
Thu, 18 Jul 2024ر.ع9.1bر.ع9.9bر.ع698.5m11.4x13x0.9x
Sat, 15 Jun 2024ر.ع9.1bر.ع9.9bر.ع675.8m12.2x13.4x0.9x
Mon, 13 May 2024ر.ع9.2bر.ع9.9bر.ع685.2m11.6x13.4x0.9x
Wed, 10 Apr 2024ر.ع9.1bر.ع9.8bر.ع664.0m11.6x13.7x0.9x
Fri, 08 Mar 2024ر.ع9.1bر.ع9.7bر.ع739.9m11.5x12.2x0.9x
Sun, 04 Feb 2024ر.ع9.3bر.ع9.7bر.ع810.9m11.3x11.4x1x
Tue, 02 Jan 2024ر.ع9.3bر.ع9.6bر.ع794.2m11.6x11.7x1x
Thu, 30 Nov 2023ر.ع9.4bر.ع9.6bر.ع790.0m12.3x11.9x1x
Sat, 28 Oct 2023ر.ع9.0bر.ع9.5bر.ع761.2m12.1x11.8x0.9x
Mon, 25 Sep 2023ر.ع8.7bر.ع9.5bر.ع625.2m11.7x13.8x0.9x
Wed, 23 Aug 2023ر.ع8.8bر.ع9.4bر.ع623.0m12.9x14.1x0.9x
Fri, 21 Jul 2023ر.ع8.8bر.ع9.3bر.ع596.4m13.6x14.8x0.9x
Sun, 18 Jun 2023ر.ع8.6bر.ع9.3bر.ع578.8m12.7x14.8x0.9x
Tue, 16 May 2023ر.ع8.6bر.ع9.1bر.ع618.5m13.2x13.9x0.9x
Thu, 13 Apr 2023ر.ع8.6bر.ع9.0bر.ع594.9m12x14.4x1x
Sat, 11 Mar 2023ر.ع8.5bر.ع8.8bر.ع558.2m12.2x15.2x1x
Price to Earnings Ratio

15.2x


Total Market Cap: ر.ع8.5bTotal Earnings: ر.ع558.2mTotal Revenue: ر.ع8.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Omani Market Price to Earnings3Y Average 12.5x202420252026
Current Market PE
  • Investors are optimistic on the Omani market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 14.0x which is higher than its 3-year average PE of 12.5x.
Past Earnings Growth
  • The earnings for Omani listed companies have grown 36% per year over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Omani Market?

OM Market1.00%
Telecom4.08%
Energy3.79%
Materials1.82%
Healthcare0%0
Consumer Staples-0.079%
Financials-0.33%
Consumer Discretionary-0.36%
Industrials-3.24%
Real Estate-3.31%
Utilities-6.95%
Sector PE
  • Investors favour the Materials sector the most for future growth even though it's trading below its 3-year average PE ratio of 91.3x.
    • Analysts are expecting annual earnings decline of 6.6%, which is less than its past year's earnings decline of 23.0% per year.
  • The Utilities sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 6.1x.
Forecasted Growth
  • Analysts are most optimistic on the Telecom sector, expecting annual earnings growth of 13% over the next 5 years.
  • This is better than its past earnings decline of 28% per year.
  • In contrast, the Materials sector is expected to see its earnings decline by 6.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
OQEP OQ Exploration and Production SAOGر.ع0.471.7%
+ر.ع63.8m		46.3%PE13.4xEnergy
ASCO Asyad Shipping Company SAOGر.ع0.243.0%
+ر.ع36.5m		n/aPE21.6xEnergy
OQBI OQ Base Industries (SFZ) SAOGر.ع0.233.2%
+ر.ع24.2m		122.5%PE16.5xMaterials
LIVA Liva Group SAOGر.ع0.379.8%
+ر.ع13.1m		15.6%PE10.4xFinancials
OTEL Oman Telecommunications Company SAOGر.ع1.281.0%
+ر.ع9.7m		60.4%PE11.4xTelecom
See more

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Latest News

BKMB
ر.ع0.42
Bank Muscat SAOG
7D
-1.2%
1Y
62.4%
OTEL
ر.ع1.28
Oman Telecommunications Company SAOG
7D
1.0%
1Y
60.4%
ASCO
ر.ع0.24
Asyad Shipping Company SAOG
7D
3.0%
1Y
n/a
OQEP
ر.ع0.47
OQ Exploration and Production SAOG
7D
1.7%
1Y
46.3%
PHPC
ر.ع0.15
Phoenix Power Company SAOG
7D
-7.3%
1Y
155.0%
OCOI
ر.ع0.53
Oman Cement Company SAOG
7D
5.0%
1Y
7.1%
ATMI
ر.ع0.81
Al Jazeera Steel Products Company SAOG
7D
-13.3%
1Y
103.8%

Medium Section Mill Expansion And Higher Specification Approvals Will Reshape Long Term Prospects

Catalysts About Al Jazeera Steel Products Company SAOG Al Jazeera Steel Products Company SAOG is an Oman based producer of steel tubes, merchant bars and related products serving construction, oil and gas, and industrial customers across Oman, the wider GCC and export markets. What are the underlying business or industry changes driving this perspective?
OQGN
ر.ع0.23
OQ Gas Networks SAOG
7D
-1.3%
1Y
79.2%

OQGN: Unchanged Fair Value And P/E Assumptions Will Sustain Overvaluation

Analysts have kept their OQ Gas Networks SAOG fair value estimate broadly unchanged at around OMR0.20. This reflects only very small tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions, rather than any shift in their overall view of the stock.
LIVA
ر.ع0.37
Liva Group SAOG
7D
9.8%
1Y
15.6%
BKSB
ر.ع0.21
Sohar International Bank SAOG
7D
-3.6%
1Y
64.1%

BKSB: Steady Dividend Proposal Will Keep Shares Looking Overvalued

Analysts have kept their OMR price target for Sohar International Bank SAOG broadly steady, making only marginal tweaks to inputs such as discount rate, profit margin, and forward P/E that do not change the overall fair value estimate of OMR 0.17. What's in the News The board has proposed a cash dividend of 4 baisa per share for the financial year ended 31 December 2025, totaling OMR 26.469 million, subject to shareholder approval (Key Developments).
NBOB
ر.ع0.39
National Bank of Oman SAOG
7D
1.3%
1Y
39.3%

Execution Risk In New Plan And ESG Costs Will Pressure Long Term Bank Earnings

Catalysts About National Bank of Oman SAOG National Bank of Oman SAOG is a listed Omani bank that provides conventional and Islamic banking services, primarily in Oman with a smaller presence in the UAE. What are the underlying business or industry changes driving this perspective?
OQBI
ر.ع0.23
OQ Base Industries (SFZ) SAOG
7D
3.2%
1Y
122.5%
SOMS
ر.ع0.71
Shell Oman Marketing Company SAOG
7D
-12.3%
1Y
20.3%
ORDS
ر.ع0.35
Omani Qatari Telecommunications Company SAOG
7D
4.1%
1Y
79.7%

ORDS: Rich P/E And Weaker Revenue Outlook Will Constrain Future Upside

The analyst price target for Omani Qatari Telecommunications Company SAOG has been raised from OMR0.280 to OMR0.315. Analysts point to updates in their fair value estimate, discount rate, revenue growth assumptions, profit margin outlook and expected future P/E as the key drivers of the change.
BKNZ
ر.ع0.15
Bank Nizwa SAOG
7D
-3.2%
1Y
49.0%
OCAI
ر.ع2.75
Oman Cables Industry SAOG
7D
-6.1%
1Y
12.9%