Net income – OMR2.5mn, -30% Y-o-Y, -48% Q-o-Q, -37% vs. EFGe Revenue – OMR48.9mn, -25% Y-o-Y, -22% Q-o-Q, -18% vs. EFGe   Oman Cables (OC) released its 3Q16 headline figures, with consolidated earnings after minority interest coming in at OMR2.46mn (-30% Y-o-Y, -48%Q-o-Q), well below our estimate of OMR3.9mn (-37%). The company reported consolidated revenue of OMR48.9mn (-25% Y-o-Y, -22% Q-o-Q), 18% below our estimate of OMR59.5mn. The weaker-than-estimated revenue, which also affected margins, led to the earnings miss.   Results by segment will only be available once the full financials are out.   Our view: Even though the results were weaker than our estimates, they do not come as a complete surprise as we were expecting weakness in sales volume and margins growth for 2H16 and 2017. Oman cable operations were resilient previously, despite being challenged by a weak business environment, as it was a beneficiary of the strong investments in the power sector regionally. The weaker-than-expected earnings in 3Q16 would marginally challenge our earnings estimate for 2016; we expect earnings to drop 8% Y-o-Y. We will likely revisit our estimates for 2016 post the release of full financials. The shares are trading at a 2016e P/E of 8.8x with a 5.3% dividend yield. (Earnings release, Sameer Kattiparambil)   Oman Cables: OMR1.680 as of 09 October 2016, Rating: Buy, FV: OMR2.100 per share, MCap: USD397mn, OCAI OM / OCAB.OM