QE Intra-Day Movement                                                                                 Market Indicators   ...
Qatar Market Commentary The QE index rose 0.8% to close at 8,636.4. The Industrials and                                  ...
government must sustain a credible strategy for controlling the                 Saudi Aramco drills two gas exploration w...
 ADNOC unit inks financing deals with ADCB, UNB – ADNOC  Distribution has signed two agreements with Union National  Bank...
Rebased Performance                                                                                      Daily Index Perfo...
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Transcript of "619 635 qnbfs_daily_marketreportjan072013"

  1. 1. QE Intra-Day Movement Market Indicators 6 Jan 13 3 Jan 13 %Chg. 8,640 Value Traded (QR mn) 270.8 223.8 21.0 Exch. Market Cap. (QR mn) 473,979.0 470,253.6 0.8 8,620 Volume (mn) 5.4 5.1 6.9 Number of Transactions 3,545 3,485 1.7 8,600 Companies Traded 39 41 (4.9) Market Breadth 19:12 34:6 – 8,580 Market Indices Close 1D% WTD% YTD% TTM P/E Total Return 11,688.22 0.8 0.8 3.3 N/A 8,560 All Share Index 2,077.41 0.7 0.7 3.1 10.4 9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Banks 2,012.61 0.5 0.5 3.2 11.2 Qatar Commentary Industrials 2,743.97 1.6 1.6 4.4 11.1 The QE index rose 0.8% to close at 8,636.4. Gains were led by the Industrials Transportation 1,371.12 (0.7) (0.7) 2.3 11.0 and Real Estate indices, gaining 1.6% and 0.7% respectively. Top gainers were Real Estate 1,639.84 0.7 0.7 1.7 4.1 Gulf International Services and Industries Qatar, rising 2.8% each. Among the Insurance 1,963.92 (0.8) (0.8) 0.0 11.7 top losers, Qatar Cinema & Film Distribution Co. fell 3.6%, while Al Ahli Bank Telecoms 1,073.89 0.2 0.2 0.8 12.0 declined 1.3%. Consumer 4,799.12 0.3 0.3 2.8 13.2 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Vol.  ‘000 YTD% Saudi Arabia: The TASI index declined 0.1% to close at 7,004.7. The Ithmaar Bank Bahrain 0.18 5.9 369.0 5.9 Insurance index fell 1.1%, while the Transport index declined 0.8%. Amana Cooperative Insurance Co. fell 9.9%, while Wataniya Insurance Co. was down Nat. Bank of Abu Dhabi Abu Dhabi 10.95 5.8 327.7 6.3 3.2%. Atheeb Telecom Saudi Arabia 13.75 4.2 13,024.3 7.4 Dubai: The DFM index gained 0.7% to close at 1,694.1. Gains were led by the Services and Real Estate & Construction indices, rising 2.4% and 1.8% Sorouh Real Estate Co Abu Dhabi 1.39 3.0 26,582.6 11.2 respectively. Al Salam Bank - Bahrain gained 5.7%, while Ekttitab Holding Co. Abu Dhabi Nat. Energy Abu Dhabi 1.39 3.0 329.9 2.2 was up 4.2%. ## # Abu Dhabi: The ADX benchmark index rose 0.9% to close at 2,709.7. The GCC Top Losers Exchange Close 1D% Vol.  ‘000 YTD% Real Estate index gained 2.9%, while the Energy index rose 2.5%. Green Amana Coop. Ins. Co. Saudi Arabia 111.50 (9.9) 2,660.4 (18.6) Crescent Insurance Co. surged 14.0%, while FOODCO Holding gained 12.0%. Kuwait: The KSE index gained 0.2% to close at 6,014.2. Gains were led by Knowledge Eco. City Saudi Arabia 14.00 (2.4) 11,737.4 11.1 the Telecommunication and Financial Services indices, rising 1.5% and 0.8% Deyaar Development Dubai 0.37 (2.4) 29,916.1 4.0 respectively. Al Qurain Holding Co. was up 10.2%, while Kuwait China Investment Co. gained 8.8%. ZAIN KSA Saudi Arabia 8.20 (2.4) 16,307.9 3.8 Oman: The MSM index remains unchanged at 5,781.9. The Industrial index Investbank Abu Dhabi 1.66 (2.4) 242.1 (2.4) fell 0.4%, while the Banking & Investment index was up 0.1%. Al Batinah Dev. Inv. Holding declined 3.8%, while Oman Packaging rose 8.7%. 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) Qatar Exchange Top Gainers Close* 1D% Vol.  ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol.  ‘000 YTD% Gulf International Services 31.30 2.8 770.3 4.3 Qatar Cinema & Film Dist. Co. 54.00 (3.6) 0.1 (5.1) Industries Qatar 165.90 2.8 422.3 7.0 Al Ahli Bank 51.60 (1.3) 7.0 5.3 Qatar Meat & Livestock Co. 61.50 2.0 183.1 4.6 Qatar Insurance Co. 67.10 (1.3) 17.8 0.0 Qatar National Bank 136.00 1.1 285.5 3.9 Vodafone Qatar 8.36 (1.3) 218.8 0.1 Barwa Real Estate Co. 28.25 0.9 356.0 2.9 Zad Holding Co. 58.40 (1.0) 1.8 (0.7) Qatar Exchange Top Vol. Trades Close* 1D% Vol.  ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val.  ‘000 YTD% Gulf International Services 31.30 2.8 770.3 4.3 Industries Qatar 165.90 2.8 69,471.8 7.0 Qatar Gas Transport Co. 15.76 (0.9) 679.2 3.3 Qatar National Bank 136.00 1.1 38,753.8 3.9 Masraf Al Rayan 26.20 0.4 526.4 5.7 Gulf International Services 31.30 2.8 23,899.1 4.3 Industries Qatar 165.90 2.8 422.3 7.0 Doha Bank 51.30 0.2 17,967.2 2.0 Barwa Real Estate Co. 28.25 0.9 356.0 2.9 Masraf Al Rayan 26.20 0.4 13,791.2 5.7 Source: Bloomberg (* in QR) Exch. Val. Traded Exchange Mkt. Dividend Regional Indices Close 1D% WTD% MTD% YTD% P/E** P/B** ($ mn) Cap. ($ mn) Yield Qatar* 8,636.44 0.8 0.8 3.3 3.3 74.38 130,202.0 9.8 1.6 4.2 Dubai 1,694.13 0.7 0.7 4.4 4.4 93.24 50,705.9 12.3 0.7 3.7 Abu Dhabi 2,709.67 0.9 0.9 3.0 3.0 45.45 81,175.0 8.8 1.0 4.8 Saudi Arabia 7,004.71 (0.1) 0.9 3.0 3.0 1,605.19 382,513.1 14.5 1.9 3.5 Kuwait 6,014.16 0.2 0.2 1.3 1.3 77.52 105,605.1 27.1 1.2 3.3 Oman 5,781.85 0.0 0.0 0.4 0.4 11.94 20,382.6 11.0 1.5 4.3 Bahrain 1,064.14 0.2 0.2 (0.1) (0.1) 1.07 19,177.0 11.9 0.8 4.6Source: Bloomberg, Qatar Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any) Page 1 of 5
  2. 2. Qatar Market Commentary The QE index rose 0.8% to close at 8,636.4. The Industrials and Overall Activity Buy %* Sell %* Net (QR) Real Estate indices were the major contributors to the gains. The index rose on the back of buying support from non-Qatari Qatari 40.78% 51.11% (27,961,439.15) shareholders despite selling pressure from Qatari shareholders. Non-Qatari 59.22% 48.89% 27,961,439.15 Gulf International Services and Industries Qatar were the top Source: Qatar Exchange (* as a % of traded value) gainers, both rising 2.8%. Among the top losers, Qatar Cinema & Film Dist. Co. fell 3.6%, while Al Ahli Bank declined 1.3%. Volume of shares traded on Sunday rose 6.9% to 5.4mn from 5.1mn on Thursday. Further, as compared to the 30-day moving average of 2.9mn, volume for the day was 87.7% higher. Gulf International Services and Qatar Gas Transport Co. were the most active stocks, contributing 14.1% and 12.5% to the total volume respectively. EarningsEarnings Releases Revenue % Change Operating Profit % Change Net Profit (mn) % Change Company Market Currency (mn) 4Q2012 YoY (mn) 4Q2012 YoY 4Q2012 YoY Yamamah Saudi Cement Saudi Arabia SR – – 198.0 1.0% 174.0 -8.9% Co. (YSC) United Electronics Co. Saudi Arabia SR – – 60.2 43.3% 58.0 41.5% (extra) Yanbu Cement Co. (YCC) Saudi Arabia SR – – 215.0 51.4% 203.0 32.7%Source: Company data, Tadawul NewsQatar increase expectations in the GCC region range from 5 to 6%, UAE (5%), Bahrain (5%), Oman (5.1%), Qatar (5.2%) and Qatar Exchange will move to new building in Doha – The Kuwait (5.4%), while Saudi Arabia is anticipated to enjoy the Qatar Exchange will reportedly move to a new location in Dafna, highest increase in pay of 6% in 2013. (Peninsula Qatar) Doha’s  upscale  business  district  in  March.  (Bloomberg) International Trading in Islamic Insurance shares suspended on January 6   due   to   company’s   EGM   – The Qatar Exchange (QE)  IMF: US debt ceiling, Eurozone crisis threaten global suspended   the   trading   in   Qatar   Islamic   Insurance   Company’s   growth – According  to  the  International  Monetary  Fund’s  (IMF)   shares on January 6, 2013 due to its EGM. (QE) Managing Director Christine Lagarde, failure to find a solution to Woqod BoD to hold meeting on February 24 to discuss the US debt-ceiling debate and the matters in Europe will result financials – Qatar Fuel Company (Woqod) Board will hold a in a major global economic crisis. Lagarde emphasized that meeting on February 24, 2013 to discuss the financial without a faster resolution, there will be a crisis due to the size of statements for the period ending December 31, 2012. (QE) these two economies and their relationship with other countries in terms of trade and investment. (Bloomberg) Alijarah  Holding’s  Board meeting postponed to January 14 – Alijarah Holding   Company’s   Board meeting, called for  Draghi seeks extended calm in 2013 due to fading Eurozone approving the financial results for the period ending December economy – The European Central Bank President Mario Draghi 31, 2012, has been postponed from January 10 to January 14, plans to turn his attention toward nursing the Eurozone back to 2013. (QE) economic health as the urgency to deploy crisis measures recedes   after   three   years.   Draghi’s   ECB   Governing   Council,   Masraf   Al   Rayan’s   BoD   to   hold   meeting   on   January   27   to   which sits for its first session this year on January 10, will seek discuss financial statements – Masraf Al Rayan BoD will hold to   extend   the   calm   it   instilled   on   the   markets   with   last   year’s   a Board meeting on January 27, 2013 to discuss and approve pledge to take all efforts in its power to end the crisis. the   company’s   financial   statements   for   the   fiscal   year   2012.   (Bloomberg) (QE)  French Budget Minister: France would not raise taxes Meeza signs strategic cloud services deal with Symantec – further – France’s   Budget   Minister   Jerome   Cahuzac   said   Meeza,  Qatar’s  IT  services  and  solutions  provider,  has  signed  a   France would not introduce any more tax increases for the rest strategic cloud services agreement with Symantec – an of   President   Francois   Hollande’s   five-year term, because American software security provider – to offer hosted cloud companies and individuals need predictability on their fiscal solutions  that  will  take  the  country’s  IT  infrastructure  in  Qatar  to   obligations. Cahuzac maintained the 0.8% growth forecast for the next level. (Gulf-Times.com) the French economy this year. (Bloomberg) Qatari employees can expect 5.2% pay rise in 2013 –  UK PM: Need to maintain low interest rates to see through a According to the latest Total Remuneration survey, conducted tough year – UK Prime Minister David Cameron sees a difficult by Mercer that tracked over 50 companies operating in Qatar, year ahead for the UK economy that will require maintaining the Qatari employees can expect an average 5.2% increase in pay current mix of low interest rates and budget-deficit reduction. in 2013. The survey noted that Middle East employees can Cameron said to keep borrowing costs down, the coalition expect an average 5.4% raise in pay for 2013. General salary Page 2 of 5
  3. 3. government must sustain a credible strategy for controlling the  Saudi Aramco drills two gas exploration wells off Duba country’s  budget  deficit.  (Bloomberg) coast – Saudi Arabian Oil Company (Saudi Aramco) is drilling two gas wells in deep and shallow waters in the Red Sea, off the Basel Committee eases key bank rule to spur credit – The coast of the northwestern city of Duba. The first well is located Basel Committee on Banking Supervision has given banks north west of Duba city in the Tabuk province, in shallow waters, across the globe four more years and greater flexibility to build while the other well is in deep waters opposite the city. Further, up their cash buffers so that they can use some of their reserves the company is also drilling more wells to evaluate the size of to help struggling economies grow. The pull-back from earlier the gas field from A-Shoor well, discovered last year in Duba. draft of the new global bank liquidity rule went further than banks (Gulf-Times.com) had expected by allowing them a broader range of eligible assets. Banks had complained they could not meet the January  HSBC UAE PMI advances on demand – The HSBC UAE 2015 deadline to comply with the new rule on minimum holdings Purchasing Managers Index climbed to a seasonally adjusted of easily sellable assets. The committees oversight body agreed 55.6 points in December from 53.7 in November on the back of to loosen the deadline to phase in the new rule from 2015 for increased new orders. A reading above 50 points indicates four more years and widen the range of assets that banks can expansion. (GulfBase.com) put in the buffer by including shares and retail mortgage-backed  DFM to issue guidelines for sukuk trading – Dubai Financial securities as well as lower-rated company bonds. (Reuters) Market   (DFM)   has   published   the   draft   of   its   “Standard   for   Japan to spend 12tn yen to boost economy – The Japanese Issuing,  Acquiring,  Trading  Sukuk”  on  its  website.  The  exchange   government is reportedly set to announce around 12tn yen in has invited various Islamic Finance professionals to counsel and fiscal   stimulus   this   month   to   boost   the   nation’s   shrinking   provide feedback on the first-of-its-kind comprehensive economy. The extra budget for this fiscal year through March standards. The consultation period on the draft will conclude on will include 5-6tn yen spent on public works. The spending February 28 and a hearing session will be held in early March. package   may   help   to   accelerate   the   country’s   recovery   from   The exchange expects to issue the sukuk standard later in recession as the new Prime Minister Shinzo Abe pledged to March this year. (GulfBase.com) boost growth and end deflation. (Bloomberg)  UAE lenders to ask central bank to soften mortgage rules – Banks in the UAE plan to ask the central bank to delay by 30Regional days the implementation of new caps on mortgage lending that Saudi Arabias 2012 GDP growth slows to 6.8% from 8.5% in were announced late last year. In addition they intend to speak 2011 – According   to   data   from   Saudi   Arabia’s   Central   with the central bank on new loan-to-value lending limits Department of Statistics & Information (CDSI), the Kingdom’s   required for both citizens and expatriates. (Bloomberg) economic growth slowed to 6.8% in 2012 from 8.5% in 2011.  Al Habtoor tackles succession issue – Dubai-based Al The statistics department revised the 2011 GDP figure upward Habtoor Group plans to put in place a family trust arrangement to 8.5% from the earlier 7.1%. The Kingdom saw growth in its oil aimed  at  smoothening  succession  at  the  company.  The  Group’s   sector slowing down to 5.5% in 2012 compared to 10.4% in Chairman and Founder Khalaf Al Habtoor said the trust scheme 2011, when it ramped up production to make up for the was currently being considered on the advice of the international disruption in Libyan output. GDP growth in the Saudi accounting group PwC and the Dubai-based law firm Habib Al government sector was at 6.3% in 2012 compared with 8.7% in Mulla. (GulfBase.com) the previous year, while the private sector grew at 7.5% compared with 7.8% in 2011. (Bloomberg)  Abu   Dhabi’s   public   revenue   up   41%   in   2011   – According to Abu   Dhabi’s   Department   of   Economic   Development,   the   Saudi Health Minister: SR54.4bn budget to improve health Emirate’s   total   public   revenue   in   2011   surged   around   41% services – According   to   Saudi   Arabia’s   Health   Minister   Dr   driven by higher oil prices. Oil contribution amounted to 90.6% Abdullah Al-Rabeeah, funds worth SR54.4bn have been of public revenue, which is closer to the levels that prevailed allocated for the Health Ministry in the 2013 budget. This prior  to  the  global  financial  crisis.  However,  the  capital  revenue’s   allocation is 15.5% more than that for 2011, which will boost contribution fell 2.9% in 2011 from 10% in 2010, while the health services in Saudi Arabia. He said the new budget would contribution of the current revenue of government departments enable the ministry to construct more medical hospitals and dropped from 7.3% in 2010 to 6.5% in 2011. The total public primary health care centers across the country. (GulfBase.com) expenditure increased by 14.2% in 2011. (GulfBase.com) Saudi assets gain SR372.4bn in 11 months – Saudi  Arabia’s    SCAD:  Abu  Dhabi’s  non-oil merchandise trade declines 2% foreign assets gained a whopping SR372.4bn ($100bn) in the MoM in September 2012 – According to the data issued by first 11 months of 2012 due to strong oil prices. From around Statistics Centre–Abu Dhabi (SCAD), the total value of non-oil SR2,057.8bn at the end of 2011, the foreign assets of the Saudi merchandise trade dropped by 2% MoM in September 2012 to Arabian Monetary Agency (SAMA) soared to an all time high of AED11.8bn. Out of the total value of non-oil merchandise trade, nearly SR2,430.2bn at the end of November 2012. The assets imports accounted for 78.4%, non-oil exports for 10.5% and re- swelled  by  nearly  SR38bn  over  their  previous  month’s  level,  one   exports for 11.1%. The value of non-oil exports declined by of the biggest monthly increases over the past two years. 43.3% MoM, imports rose by 5.5%, while re-exports advanced (Bloomberg) by 21%. On a YoY basis, imports fell 11%. However, non-oil Saudi banks profits seen up 11% in 2012 – Saudi Arabias exports advanced 122.5% YoY and the value of re-exports banks are expected to record a decline in their profits in 4Q2012 increased by 29.3%. (AME Info) because of higher provisions; however full-year earnings are  Dana Gas board to discuss various matters on January 9 – projected to be higher by around 11%. A recovery in domestic Dana Gas Board will discuss the progress in its current projects credit along with strong economic performance and higher in   Egypt,   Iraq’s   Kurdistan   region   as   well   as   progress   of   sukuk   public spending will also boost the combined net income of the restructuring on January 9. The board will also review 2013 Gulf Kingdoms 11 listed commercial banks by nearly 15% in budget and the three-year business strategy. (Bloomberg) 2013. (Bloomberg) Page 3 of 5
  4. 4.  ADNOC unit inks financing deals with ADCB, UNB – ADNOC Distribution has signed two agreements with Union National Bank (UNK) and Abu Dhabi Commercial Bank (ADCB), under which the two banks will offer financing facilities to Emirati investors   in   the   company’s   latest   fuel   tanker   leasing   service.   (GulfBase.com) Kuwait reports preliminary surplus of KD14.7bn in first eight months – Kuwait has reported a preliminary budget surplus of KD14.7bn in first eight months of the financial year starting April 1, 2012. (Bloomberg) Kuwait Oil Minister: Oil price reflects market fundamentals – Kuwaiti Oil Minister Hani Hussein said oil price reflects market fundamentals. Kuwait has capacity to produce 3.1m bpd of crude and it is working to expand output capacity as planned. (Bloomberg) Oman’s   Ministry   of   T&C   to   complete   OMR8.5bn   infrastructure projects in 2013 – According  to  Oman’s  Minister   of Transport & Communications (T&C) Ahmed bin Mohammed Al Futaisi, the Ministry is planning to complete several infrastructure development projects in 2013 with a total estimated cost of OMR8.5bn. (GulfBase.com) A’Saffa   Meat   Processing’s   equity   increased   to   OMR1.4mn   to enhance project capacity – A’Saffa  Foods  Company’s  BoD   has   approved   to   increase   the   equity   of   its   subsidiary,   A’Saffa   Meat Processing from OMR1mn to OMR1.4mn in order to enhance the project capacity. (MSM) BMB to distribute $1.46mn to its investors for quarter ending 31 December 2012 – Bahrain Middle East Bank (BMB) announced the distribution of $1.46mn to its investors across various investment holdings for the quarter ending 31 December 2012. (AME Info) Alba gets loans to pay off its $169mn bond maturing in 2013 – Aluminum Bahrain (Alba) has received two loans from a group of banks to refinance a $169mn bond maturing in March 2013. Alba has obtained a five-year $85mn loan from Bahrains Gulf International Bank and three-year $84mn loan from a group of banks including Ahli United Bank, National Bank of Bahrain, Bank of Tokyo-Mitsubishi UFJ Ltd, Bank of Bahrain and Kuwait and Arab Banking Corporation. (MSM) Alba’s   production   rises in 2012 – Aluminum   Bahrain’s   (Alba)   production in 2012 jumped by 8,907 metric tons to reach 890,217 metric tons. (GulfBase.com) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 140.0 1.2% 0.9% 130.0 0.9% 0.8% 0.7% 120.0 124.1 0.6% 110.0 110.7 0.3% 0.2% 0.2% 100.0 103.2 0.0% 106.0 0.0% 90.0 98.2 (0.3%) (0.1%) 80.0 Saudi Arabia Kuwait Bahrain Abu Dhabi Dubai Qatar Oman Jan-10May-10Sep-10Jan-11May-11Sep-11Jan-12May-12Sep-12 4 QE Index S&P Pan Arab S&P GCCSource: Bloomberg Source: Bloomberg Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% Gold 1,655.65 0.0 0.0 (1.2) DJ Industrial 13,435.21 0.0 0.0 2.5 Silver 30.21 0.0 0.0 (0.4) S&P 500 1,466.47 0.0 0.0 2.8 Crude Oil (Brent) 112.71 0.0 0.0 (0.1) NASDAQ 100 3,101.66 0.0 0.0 2.7 Euro 1.31 0.0 0.0 (0.9) DAX 7,776.37 0.0 0.0 2.2 Yen 88.15 0.0 0.0 1.6 FTSE 100 6,089.84 0.0 0.0 3.3 GBP 1.61 0.0 0.0 (1.1) CAC 40 3,730.02 0.0 0.0 2.4 CHF 1.08 0.0 0.0 (1.0) Nikkei 10,688.11 0.0 0.0 2.8 AUD 1.05 0.0 0.0 0.8 Shanghai 2,276.99 0.0 0.0 0.3 USD Index 80.50 0.0 0.0 0.9 BSE Sensex 19,784.08 0.0 0.0 1.8 RUB 30.39 0.0 0.0 (0.4) Bovespa 62,523.06 0.0 0.0 2.6 BRL 0.49 0.0 0.0 0.8 RTS 1,530.41 0.0 0.0 0.0Source: Bloomberg Source: BloombergContacts Ahmed M. Shehada Keith Whitney Saugata Sarkar Sahbi Kasraoui Head of Trading Head of Sales Head of Research Manager - HNWI Tel: (+974) 4476 6535 Tel: (+974) 4476 6533 Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 ahmed.shehada@qnbfs.com.qa keith.whitney@qnbfs.com.qa saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa QNB Financial Services SPC Contact Center: (+974) 4476 6666 PO Box 24025 Doha, QatarDISCLAIMER: 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 anoffer, 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 potentialinvestors 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 bereliable, 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 theright 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, theviews 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

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