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27 November Daily Market Report
 

27 November Daily Market Report

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    27 November Daily Market Report 27 November Daily Market Report Document Transcript

    • QE Intra-Day Movement Market Indicators 27 Nov 13 26 Nov 13 %Chg. 10,400 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 422.5 555,390.4 14.8 6,007 41 21:17 395.2 550,004.0 15.7 6,193 40 13:21 6.9 1.0 (5.7) (3.0) 2.5 – 10,350 10,300 Market Indices 10,250 10,200 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.8% to close at 10,353.2. Gains were led by the Industrials and Banking & Financial Services indices, gaining 1.2% and 1.0% respectively. Top gainers were Al Ahli Bank and Qatar Gas Transport Co., rising 2.8% and 1.9% respectively. Among the top losers, Zad Holding Co. fell 1.8%, while Al Khaleej Takaful Group declined 0.9%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,792.28 2,580.84 2,452.37 3,400.80 1,929.15 1,994.32 2,347.12 1,446.13 5,954.12 3,029.74 0.8 0.9 1.0 1.2 0.9 0.1 0.2 0.7 (0.2) 0.5 1.4 1.3 0.7 1.3 3.6 5.6 (0.5) 0.1 0.8 3.7 30.8 28.1 25.8 29.5 43.9 23.7 19.5 35.8 27.5 21.8 N/A 13.1 13.2 12.3 13.1 13.7 9.6 19.7 22.6 15.7 GCC Commentary GCC Top Gainers## Exchange Saudi Arabia: The TASI index gained marginally to close at 8,300.7. Gains were led by the Industrial Investment and Hotel & Tourism indices, rising 1.4% and 1.0% respectively. MetLife AIG ANB Cooperative Insurance Co. gained 10.0%, while Bank Albilad was up 5.9%. Boubyan Petrochem. Kuwait Bank Albilad Saudi Arabia Nat. Mobile Telecomm. Kuwait Al Mouwasat Med. Ser. Saudi Arabia Abu Dhabi Nat. Hotels Dubai: The DFM index rose 0.5% to close at 2,899.0. The Investment & Financial Services index gained 2.1%, while the Real Estate & Construction index was up 0.8%. Agility Public Warehousing Co. surged 14.9%, while Ekttitab Holding Co. gained 14.1%. ## Close# 1D% Vol. ‘000 0.62 6.9 453.1 6.9 34.00 5.9 4,913.9 59.8 YTD% 1.80 4.7 2.4 (23.1) 88.25 4.4 135.1 64.2 Abu Dhabi 2.60 4.0 169.0 46.9 # 1D% Vol. ‘000 YTD% 7.72 (9.2) 0.0 (22.8) Saudi Arabia 14.64 (7.3) 6,720.7 14.5 MEDGULF Saudi Arabia 30.70 (4.4) 590.5 36.1 Comm. Bank of Kuwait Kuwait 0.73 (2.7) 0.0 2.8 Bahrain Telecomm. . Bahrain 0.30 (2.6) 640.5 (18.3) Abu Dhabi: The ADX benchmark index gained 0.5% to close at 3,837.0. The Banking index rose 1.0%, while the Industrial index was up 0.2%. Abu Dhabi Nat. Co. for B & M gained 8.9%, while Green Crescent Ins. Co. was up 5.9%. GCC Top Losers Exchange Nat. Marine Dredging Abu Dhabi Kuwait: The KSE index rose 0.5% to close at 7,838.2. The Telecommunication index gained 4.4%, while the Basic Material index was up 1.4%. Hits Telecom Holding rose 8.3%, while Ekttitab Holding was up 8.1%. Atheeb United Oman: The MSM index was closed on November 27, 2013. Bahrain: The BHB index declined marginally to close at 1,197.3. The Services index fell 1.3%. Bahrain Telecomm. Co. declined 2.6%, while Ahli United Bank was down 0.7%. Close Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200 Index comprising of the top 200 regional equities based on market capitalization and liquidity) Al Ahli Bank Close* 1D% Vol. ‘000 YTD% Close* 1D% Vol. ‘000 YTD% 56.00 Qatar Exchange Top Gainers 2.8 1.2 14.3 Zad Holding Co. 66.80 (1.8) 0.1 13.6 39.00 (0.9) 57.0 6.4 Qatar Exchange Top Losers 20.50 1.9 1,413.6 34.3 Al Khaleej Takaful Group 173.00 1.8 190.0 32.2 Islamic Holding Group 40.40 (0.9) 1.4 0.1 88.00 1.7 2.5 8.6 Qatar Cinema & Film Dist.Co. 42.00 (0.8) 0.6 (26.2) Qatar Electricity & Water Co. 166.40 1.7 19.3 25.7 Doha Insurance Co. 25.50 (0.8) 22.2 3.9 Qatar Exchange Top Vol. Trades Qatar Gas Transport Co. QNB Group Mannai Corp. Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.01 1.5 4,439.3 31.9 Vodafone Qatar 11.01 1.5 48,703.3 31.9 United Development Co. 23.50 (0.1) 1,782.5 32.0 United Development Co. 23.50 (0.1) 41,748.2 32.0 Qatar Gas Transport Co. 20.50 1.9 1,413.6 34.3 Barwa Real Estate Co. 30.00 0.3 39,226.3 9.3 Barwa Real Estate Co. 30.00 0.3 1,313.6 9.3 Industries Qatar 168.50 1.5 38,250.6 19.5 Mazaya Qatar Real Estate Dev. 11.70 0.0 954.9 6.4 QNB Group 173.00 1.8 32,567.1 32.2 Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 10,353.15 2,898.97 3,837.04 8,300.65 7,838.20 6,726.29 1,197.27 0.8 0.5 0.5 0.0 0.5 N/A (0.0) 0.7 0.3 0.1 (0.4) (0.0) (0.7) (0.4) 5.2 (0.8) (0.2) 3.2 (1.4) 0.8 (0.4) 23.9 78.7 45.8 22.0 32.1 16.8 12.4 Exch. Val. Traded ($ mn) 116.02 297.84 84.80 975.97 109.08 N/A 1.24 Exchange Mkt. Cap. ($ mn) 152,565.8 69,262.1 110,492.4 450,676.8 110,398.5 24,072.2# 49,442.9 P/E** P/B** 13.2 17.1 10.6 17.0 18.1 10.7 8.1 1.8 1.2 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.4 3.1 4.7 3.6 3.6 3.9 4.0 # Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) ( Data as of Nov. 26, 2013) Page 1 of 5
    • Qatar Market Commentary  The QE index rose 0.8% to close at 10,353.2. The Industrials and Banking & Financial Services indices led the gains. The index rose on the back of buying support from Qatari shareholders despite selling pressure from non-Qatari shareholders. Overall Activity Buy %* Sell %* Net (QR) Qatari 71.48% 71.47% 59,268.75 Non-Qatari 28.52% 28.53% (59,268.75) Source: Qatar Exchange (* as a % of traded value)  Al Ahli Bank and Qatar Gas Transport Co. were the top gainers, rising 2.8% and 1.9% respectively. Among the top losers, Zad Holding Co. fell 1.8%, while Al Khaleej Takaful Group declined 0.9%.  Volume of shares traded on Wednesday declined by 5.7% to 14.8mn from 15.7mn on Tuesday. However, as compared to the 30-day moving average of 11.0mn, volume for the day was 34.8% higher. Vodafone Qatar and United Development Co. were the most active stocks, contributing 30.0% and 12.1% to the total volume respectively. Ratings and Global Economic Data Ratings Updates Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change AA-/AA-/AA- AA-/AA-/AA- – Stable – B++/bbb+ B++/bbb+ – Stable – Consensus Previous -2.30% Saudi Electricity Co. (SEC) Fitch Saudi Arabia LT IDR/ Senior unsecured rating/ Outstanding Sukuk issues Trade Union Cooperative Insurance Co. (TUCI) A.M. Best Saudi Arabia FSR/ ICR Source: News reports (* LT – Long Term, ST – Short Term, FSR - Financial Strength Rating, IDR – Issuer Default Rating, ICR – Issuer Credit Rating) Global Economic Data Date Market Source Indicator Period Actual 11/27 US MBA MBA Mortgage Applications 22-November -0.30% – 11/27 US Labor Department Initial Jobless Claims 23-November 316K 330K 326K 11/27 US Labor Department Continuing Claims 16-November 2,776K 2,850K 2,867K 11/27 US The Commerce Deptt. Durable Goods Orders October -2.00% -2.00% 4.10% 11/27 US Bloomberg Bloomberg Consumer Comfort 24-November -33.7 – -34.6 11/27 US Conference Board Leading Index October 0.20% 0.00% 0.90% 11/27 France INSEE Consumer Confidence November 84 85 85 11/27 Germany Destasis GfK Consumer Confidence December 7.4 7.1 7.1 11/27 UK ONS GDP QoQ 3Q2013 0.80% 0.80% 0.80% 11/27 UK ONS GDP YoY 3Q2013 1.50% 1.50% 1.50% 11/27 UK CBI CBI Reported Sales November 1 10 2 11/27 Spain INE Retail Sales YoY October -0.60% – 2.10% Source: Bloomberg (s.a. = seasonally adjusted; n.s.a. = non-seasonally adjusted; w.d.a. = working day adjusted) News Qatar  CBQK to raise QR2bn to enhance CAR – The Commercial Bank of Qatar’s (CBQK) board has received the nod from shareholders to raise QR2bn in additional Tier 1 capital to enhance the bank’s capital adequacy ratios (CAR) and to support the future growth across the group. (Gulf-Times.com, Peninsula Qatar)  ABQK signs $20mn LoC with ATFP – Ahli Bank (ABQK) has signed a line of credit (LoC) agreement worth $20mn with Arab Trade Financing Program (ATFP) to finance foreign trade of Qatar. ABQK is the designated national agency for this program in Qatar. (QE)  ORDS prices its $1.25bn sukuk – Ooredoo (ORDS) has successfully priced the $1.25bn sukuk under its $2bn Trust Certificate Program, which was oversubscribed four times. Ooredoo Tamweel Ltd – a special purpose vehicle established by Ooredoo – will issue this sukuk, which will mature on December 3, 2018 and will have a profit rate of 3.04%. The sukuk will be listed on the official list of the Irish Stock Exchange and will be admitted to trading on its main securities market. The net proceeds from this issue will be used for general corporate purposes such as refinancing of existing debt. (QE)  Doha Metro project on fast track – Qatar Rail’s Deputy CEO and Chief Program Officer Hamad Al Bishri said work on the first phase of Doha Metro Project is progressing rapidly as drilling for tunnels and work on 80% of stations have begun. He added that the works to set up metro stations in 20 out of 25 locations have started. (Peninsula Qatar)  Qatar, Indonesia sign aviation pact – Qatar and Indonesia have signed a MoU in aviation to increase Qatar Airways’ flights to Indonesia. According to the MoU, Qatar Airways will increase Page 2 of 5
    • its weekly passenger flights to 45 and cargo flights to 10, spreading over the five major cities of Jakarta, Denpasar, Medan, Batam and Manado. (Gulf-Times.com)  Qatari Diar to resume tower construction – Qatari Diar has decided to resume the construction of the Doha Convention Centre Tower. (Gulf-Times.com) International  ECB: Stress in Eurozone’s financial system reduces to precrisis levels – The European Central Bank (ECB) said stress in the Eurozone’s financial sector has fallen to levels unseen since the global financial crisis began in 2007, but the sector remains fragile. In its semi-annual review, the ECB said the key risks to Eurozone’s financial stability are: economic & financial shocks, tensions in government debt markets, global financial market turbulence, and bank funding challenges in the Eurozone periphery. The ECB said stress indicators and fundamentals suggest easing of financial market tensions, especially on banks’ funding. (Gulf-Times.com)  Former Fed Chairman: US economy probably will grow more slowly next year – Former Federal Reserve Chairman Alan Greenspan said the US economy probably will grow more slowly next year than some forecasters predict and indicated that a record US stock market is not in a bubble. Greenspan said that even with the rise in equities, the US economy is restrained by a degree of uncertainty that is reducing investment. He added that economists who forecast 2.5-3% growth next year may be too optimistic. Greenspan said his 2014 growth forecast is closer to 2%. Greenspan said the economy is being held back in part by the banking system, as some of the largest banks are not operating efficiently. (Bloomberg)  IMF: Canada can wait until 2015 to raise rates – The International Monetary Fund (IMF) said slower growth in consumer debt and a cooler housing market will allow the Bank of Canada to wait until early 2015 to raise interest rates as it waits for a pick-up in exports. The IMF said inflation should accelerate to reach the central bank’s 2% target by the end of 2015 and growth will quicken to 2.25% in 2014 from 1.6% this year, in line with the bank’s forecast. (Bloomberg)  ECB VP: would consider negative rates in extreme situation – The European Central Bank (ECB) Vice President Vitor Constancio said the central bank would only take its key deposit rate - currently at zero percent - into negative territory in an extreme situation. Earlier, the ECB pared back its central “refi” refinancing rate by a quarter of a percentage point to a new alltime low of 0.25%. And although ECB Chief Mario Draghi said the central bank was technically ready to introduce negative interest rates on its deposit facility, it left that rate unchanged at zero percent. (ET)  OECD: Greece to remain in recession next year – The Organization for Economic Cooperation & Development (OECD) said Greece will remain mired in recession in 2014 for the seventh straight year. In contrast to forecasts by Athens, the OECD said Greece is likely to need more financial assistance. The OECD said the Greek economy would contract by 0.4%. (Peninsula Qatar) Regional  S&P: GCC Sukuk issuance grows to $14.8bn – According to a report by S&P, sukuk issuance by various corporate and infrastructure companies in the GCC region grew robustly at 11% in the year till date September 24, 2013, to reach $14.8bn. In contrast, volumes decreased by about 25% in Malaysia during this period, which affected the overall global performance. The report noted that demand for sukuk by corporate and infrastructure issuers in the Gulf is likely to grow steadily at a double-digit pace over the next two years, despite weakness across the globe in the past year. (Peninsula Qatar)  GCC TC to set up integrated logistics firm – The GCC Transport Committee’s (GCC TC) Vice President Ali bin Abdulatif Al Misnad said the region will soon establish an integrated logistics company for speedier and hassle-free transportation of goods across the six Gulf states. This new company is expected to start operating from 3Q2014. Al Misnad said that once in operation, the logistics company is expected to facilitate trade among the GCC states as it aims to make logistics services more cost effective and efficient. (Peninsula Qatar)  CSC: SEC to invest SR101bn in new projects – According to a study by the Council of Saudi Chambers (CSC), the Saudi Electricity Company (SEC) is planning to invest nearly SR101bn in new electricity projects to address the growing demand for power. The CSC study showed that SEC’s plans include 174 projects worth SR67bn for power generation, 290 projects worth around SR24bn for power transportation and 170 power distribution ventures at a cost of SR10bn within the Kingdom. The report said SEC is also executing 634 projects in the Saudi energy sector at a cost of around SR100bn. (Zawya)  HSBC, Jafza sign MoU to attract businesses – HSBC and Jebel Ali Free Zone (Jafza) have entered into a MoU to attract regional and global businesses to the free zone. (GulfBase.com)  Tadawul, BHB sign MoU to enhance cooperation – The Saudi Stock Exchange (Tadawul) and the Bahrain Bourse (BHB) have signed a MoU to deepen the existing cooperation between the two stock exchanges. This MoU will enable Tadawul and BHB to share knowledge and expertise, open the door for skills development and explore future opportunities related to capital market development and policy alignment initiatives. (Tadawul)  MEED: $10bn projects awarded in UAE construction sector in 2013 YTD – According to the data released by MEED Projects, projects worth $10bn have been awarded in the UAE construction sector so far in 2013. MEED Projects expects the value of projects awarded in the Emirates to exceed the $13bn awarded in 2012. Further, MEED’s data showed that contracts worth $76bn have been awarded for construction and transport projects in the GCC region in 2013 YTD. Around 42% of this amount was awarded by Qatar Rail and ATA for five packages of the Doha Metro project, and three of the Riyadh Metro projects. (GulfBase.com)  Al Suwaidi: UAE banks are safe – The UAE Central Bank’s Governor Sultan Nasser Al Suwaidi said the banking industry in the UAE is safe and secure. Al Suwaidi said that the presence of numerous foreign banks as well as 23 local banks was an indication of global confidence in the UAE’s banking system. He added that overall confidence in the UAE banks is justifiably strong, thanks to the effective supervision and precautionary mechanisms put in place to safeguard the system. (Zawya)  Dubai issues mandatory health insurance law with 3-year rollout – Dubai's ruler Mohammed bin Rashid Al Maktoum has approved a law that requires all employers in the Emirate to purchase health insurance for their expatriate staff. This move is expected to boost healthcare spending by its 2.2mn residents considerably. This law will be rolled out in phases by 2016. In order to issue policies, insurance companies will have to secure a special permit from the health authority. (Reuters)  Dubai wins vote to host 2020 World Expo – Dubai has obtained the right to host the 2020 World Expo, beating off Page 3 of 5
    • competition from Sao Paulo in Brazil, Yekaterinburg in Russia and Izmir in Turkey. With this win, Dubai becomes the first Middle Eastern city to host the world trade fair, which the UAE hopes will attract in billions of dollars of investment. Held once in five years, these World Expos are used to showcase the technological prowess, culture and architecture of the participating countries. Milan will host the next World Expo in 2015. (Gulf-Times.com)  ADAC in talks with UAE banks for financing – The Abu Dhabi Aviation Company’s (ADAC) CFO Ashraf Fahmy said the company is in talks with some UAE banks for financing. Fahmy said the company is exploring business opportunities in Africa with a focus on Nigeria and South Sudan for supplying helicopters to oil & gas exploration companies. (Bloomberg)  Dubai property brokers earn AED1.4bn commission during Jan-Oct 2013 – According to the Dubai Land Department (DLD), the Emirate’s real estate brokers have earned commissions worth AED1.4bn during January-October 2013. The total transactions during this period stood at AED73.87bn, while sales accounted for the largest share worth AED59.5bn, resulting in AED1.19bn as brokers’ share. These transactions included sales operations, selling usufruct, registering deferred sale, request for rent to owner (transfer), and registration of land addition by sale. (GulfBase.com)  DME opens new interest record for OCOF contract – The Dubai Mercantile Exchange (DME) has opened a new interest record for its Oman Crude Oil Futures contract (OCOF) of 24,391 lots, which is equivalent to 24.4mn barrels of crude oil. (GulfBase.com)  Gulf investors’ consortium in talks to buy NPS Energy for $700mn – A consortium of Gulf investors are in talks to buy Dubai-based NPS Energy for $700mn. This consortium comprises Fajr Capital, Saudi Arabia’s Arab Petroleum Investments Corporation, a development bank established by the Organization of Arab Petroleum Exporting Countries and Zamil Group. HSBC Holdings is managing this sale process for NPS Energy, which is up for sale once again after a deal with Norway's Aker Solutions fell apart in 2012. (Reuters)  UPP to pay first dividend in 5 years in 2014, expects AED300mn profit in 4Q2013 – Union Properties’ (UPP) Chairman Khalid bin Kalban said the company may pay its first dividend in five years in 2014. After the company reduced borrowing costs and started new projects, UPP is expecting its 4Q2013 profit to reach AED300mn, the highest since 2Q2008. Bin Kalban said that UPP may report a full year profit of around AED600mn in 2013, which is triple the profit of 2012. Meanwhile, UPP is in talks with investors including Emirates NBD to develop two residential projects in Dubai. The company will charge a fee for project management, land sales and design, while its investors will finance the project construction. Further, Bin Kalban said that UPP is set to start work on four residential developments and two retail projects valued at around AED1.5bn. All these projects will be extensions of existing communities. (Bloomberg)  Pay-TV operator OSN scraps IPO plans – Dubai based payTV operator OSN has abandoned its plan to sell shares in an initial public offering. OSN's Chief Financial Officer Olivier Sage said there are no plans for an IPO now, and the company wants to focus on growing its business and subscriber base. Earlier in June, Kuwait Projects Company, which owns a 60.5% stake in OSN, had hired a private investment bank Rothschild to advice on the IPO. (Bloomberg)  Aldar Properties prices its $750mn sukuk – Aldar Properties has successfully priced its $750mn, five-year non-convertible sukuk, which will be issued at par with a profit rate of 4.348%. The sukuk was priced at a spread of 290 basis points over dollar mid-swap rates. The proceeds from this issue will be used to refinance maturing debts. (ADX) Page 4 of 5
    • Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.2% 0.5% 0.5% Dubai 0.5% 0.7% Abu Dhabi 0.8% 148.8 130.4 0.0% 0.0% (0.0%) Oct-11 QE Index May-12 Dec-12 S&P Pan Arab Jul-13 S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg (*Market closed on November 27, 2013) Close ($) 1D% WTD% YTD% Global Indices Performance 1,238.08 (0.4) (0.5) (26.2) DJ Industrial 19.67 (1.0) (1.0) (35.3) 111.43 0.5 0.4 0.3 3.79 (2.1) 0.5 10.7 STOXX 600 117.00 1.7 (2.3) 30.7 137.25 0.6 (4.0) (20.6) 1.36 (0.1) (0.2) 2.6 102.17 0.9 0.9 17.8 GBP 1.63 0.5 0.3 0.1 CHF 1.10 0.2 0.2 1.2 AUD 0.91 (0.2) (1.5) (12.9) USD Index 80.72 0.1 0.0 RUB 33.20 0.7 1.4 BRL 0.43 (2.4) (3.9) (13.4) Yen Kuwait Jan-10 Aug-10 Mar-11 Qatar (0.8%) Saudi Arabia (0.3%) Oman* 0.2% Bahrain 118.4 Close 1D% WTD% YTD% 16,097.30 0.2 0.2 22.9 S&P 500 1,811.02 0.2 0.2 26.9 NASDAQ 100 4,044.75 0.7 1.4 34.0 324.04 0.6 0.4 15.9 DAX 9,351.13 0.7 1.5 22.9 FTSE 100 6,649.47 0.2 (0.4) 12.7 4,293.06 0.4 0.3 17.8 15,449.63 (0.4) 0.4 48.7 MSCI EM 1,008.81 0.3 (0.1) (4.5) SHANGHAI SE Composite 2,201.07 0.8 0.2 (3.0) HANG SENG 23,806.30 0.5 0.4 5.1 1.2 BSE SENSEX 20,420.30 (0.0) 1.0 5.2 8.8 Bovespa 51,861.20 0.8 (1.7) (14.9) 1,404.31 (0.9) (2.8) (8.0) Source: Bloomberg CAC 40 Nikkei RTS Source: Bloomberg Contacts Saugata Sarkar Ahmed M. Shehada Keith Whitney Sahbi Kasraoui Head of Research Head of Trading Head of Sales Manager - HNWI Tel: (+974) 4476 6534 Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6544 saugata.sarkar@qnbfs.com.qa ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, Qatar DISCLAIMER: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (“QNB”). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange; QNB is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. While this publication has been prepared with the utmost degree of care by our analysts, QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 5 of 5