9 February Daily market report


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9 February Daily market report

  1. 1. QE Intra-Day Movement Market Indicators 11,350 11,300 11,250 Market Indices 11,200 11,150 9:30 09 Feb 14 480.9 591,349.3 13.1 4,609 41 27:11 Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 1.0% to close at 11,305.9. Gains were led by the Transportation and Banking & Financial Services indices, gaining 1.4% and 1.2% respectively. Top gainers were Masraf Al Rayan and Qatar Cinema & Film Dist. Co., rising 4.3% and 3.6% respectively. Among the top losers, Mannai Corp. fell 2.4%, while Qatar German Co. for Med. Dev. declined 1.1%. 06 Feb 14 595.4 586,934.5 12.0 5,410 39 21:14 %Chg. (19.2) 0.8 8.7 (14.8) 5.1 – Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 16,241.41 2,803.86 2,719.56 3,697.05 1,966.55 1,987.83 2,713.11 1,580.07 6,200.32 3,253.72 1.0 0.9 1.2 0.6 1.4 (0.4) 0.8 0.7 1.2 1.0 1.0 0.9 1.2 0.6 1.4 (0.4) 0.8 0.7 1.2 1.0 9.5 8.4 11.3 5.6 5.8 1.8 16.1 8.7 4.2 7.2 N/A 14.0 13.8 13.6 13.3 13.6 10.8 21.3 23.9 16.6 GCC Commentary GCC Top Gainers## Exchange Close# Saudi Arabia: The TASI index rose 0.5% to close at 8,865.8. Gains were led by the Transport and Industrial Investment indices, rising 2.8% and 2.0% respectively. Al-Ahlia Insurance Co. rose 9.7%, while SAPTCO was up 5.3%. Salhia Real Estate Co. 1D% Kuwait 0.40 6.8 15.0 (1.3) Bahrain Telecomm. Co. Bahrain 0.33 6.5 105.3 10.0 Dubai: The DFM index gained 1.1% to close at 3,974.6. The Investment & Financial Services index rose 4.8%, while the Services index was up 4.6%. Gulf Navigation surged 14.8%, while Dubai Development gained 13.8%. First Gulf Bank Abu Dhabi 22.10 6.3 3,792.8 17.6 ALAFCO Kuwait 0.27 5.9 2,878.9 (5.3) Abu Dhabi: The ADX benchmark index rose 2.2% to close at 4,826.4. The Industrial index gained 3.3%, while the Real Estate index was up 3.2%. Abu Dhabi Nat. Takaful Co. surged 15.0%, while Union Cement Co. gained 14.5%. Saudi Public Transport 32.00 5.3 3,321.3 18.1 GCC Top Losers Exchange Kuwait: The KSE index gained 0.4% to close at 7,863.0. The Technology index rose 2.0%, while the Consumer Services index was up 1.7%. Kuwait Resorts Co. gained 7.2%, while National International Holding was up 7.1%. Nat. Marine Dredging Abu Dhabi 8.60 (9.5) 13.8 0.0 Ithmaar Bank Bahrain 0.23 (4.2) 1,199.4 0.0 Oman: The MSM index rose 0.7% to close at 7,153.3. Gains were led by the Financial and Industrial indices, gaining 0.8% and 0.4% respectively. Sweets of Oman rose 9.8%, while The Financial Corporation was up 8.4%. Aluminium Bahrain Bahrain 0.47 (3.3) 41.8 (10.5) Nat. Mobile Telecomm. Kuwait 1.80 (3.2) 0.8 2.3 Bank Al-Jazira Saudi Arabia 38.00 (2.6) 2,453.1 1.1 Bahrain: The BHB index gained 0.5% to close at 1,311.0. The Services index rose 3.4%, while the Investment index was up 0.6%. Bahrain Telecomm. Co. gained 6.5%, while Khaleeji Commercial Bank was up 5.0%. Masraf Al Rayan Close* 1D% Vol. ‘000 YTD% 37.90 Qatar Exchange Top Gainers 4.3 2,790.7 21.1 ## Saudi Arabia # Close Vol. ‘000 1D% Vol. ‘000 YTD% YTD% 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 Losers Close* 1D% Vol. ‘000 YTD% Mannai Corp. 102.50 (2.4) 1.5 14.0 14.05 (1.1) 10.8 1.4 Qatar Cinema & Film Dist. Co. 42.00 3.6 1.3 4.7 Qatar German Co. for Med. Dev. Qatar Navigation 91.20 2.5 108.7 9.9 Al Ahli Bank 64.90 (0.9) 2.3 18.0 Medicare Group 55.40 2.4 689.0 5.5 Barwa Real Estate Co. 30.40 (0.8) 549.8 2.0 Qatar General Ins. & Rein. Co. 46.00 2.2 2.0 (4.0) Al Khaleej Takaful Group 38.25 (0.6) 3.2 4.8 Close* 1D% Vol. ‘000 YTD% Close* 1D% Val. ‘000 YTD% Vodafone Qatar 11.74 1.8 3,314.2 9.6 Masraf Al Rayan 37.90 4.3 104,296.9 21.1 Masraf Al Rayan 37.90 4.3 2,790.7 21.1 Vodafone Qatar 11.74 1.8 38,975.1 9.6 Salam International Investment Co. 14.19 0.1 1,257.5 9.1 Medicare Group 55.40 2.4 37,894.2 5.5 Mazaya Qatar Real Estate Dev. 12.67 1.4 918.9 13.3 Qatar Insurance Co. 82.00 0.7 35,359.7 23.3 Medicare Group 55.40 2.4 689.0 5.5 174.00 0.6 34,860.4 3.0 Qatar Exchange Top Vol. Trades Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Industries Qatar Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar Exchange Top Val. Trades Close 1D% WTD% MTD% YTD% 11,305.87 3,974.61 4,826.39 8,865.80 7,863.00 7,153.26 1,311.04 1.0 1.1 2.2 0.5 0.4 0.7 0.5 1.0 1.1 2.2 0.5 0.4 0.7 0.5 1.3 5.4 3.3 1.2 1.4 0.9 1.3 8.9 17.9 12.5 3.9 4.2 4.7 5.0 Exch. Val. Traded ($ mn) 159.32 687.20 391.78 1,796.58 113.51 42.05 0.97 Exchange Mkt. Cap. ($ mn) 162,384.5 78,997.3 133,124.6 485,025.9 112,023.1 25,543.0 50,766.1 P/E** P/B** 14.2 17.1 13.2 17.8 16.9 11.1 8.4 1.9 1.5 1.7 2.2 1.2 1.6 0.9 Dividend Yield 4.1 2.2 3.7 3.3 3.6 3.6 3.7 Source: 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 1.0% to close at 11,305.9. The Transportation and Banking & Financial Services indices led the gains.  Masraf Al Rayan and Qatar Cinema & Film Dist. Co. were the top gainers, rising 4.3% and 3.6% respectively. Among the top losers, Mannai Corp. fell 2.4%, while Qatar German Co. for Med. Dev. declined 1.1%. Overall Activity Buy %* Sell %* Net (QR) Qatari 65.59% 73.23% (36,743,671.69) Non-Qatari 34.41% 26.77% 36,743,671.69 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday rose by 8.7% to 13.1mn from 12.0mn on Thursday. Further, as compared to the 30-day moving average of 10.5mn, volume for the day was 24.5% higher. Vodafone Qatar and Masraf Al Rayan were the most active stocks, contributing 25.4% and 21.4% to the total volume respectively. Earnings Earnings Releases Company National Biscuit Industries (NABIL) Dhofar International Development & Investment Holding (DIDIHC) Muscat Finance Revenue (mn) FY2013 % Change YoY Operating Profit (mn) FY2013 % Change YoY Net Profit (mn) FY2013 % Change YoY OMR 11,304.8 -2.2% – – 574.5 10.4% Oman OMR 24.6 60.0% – – 19.0 71.8% Oman OMR 10.8 8.8% – – 3.9 1.2% Market Currency Oman Source: Company data, DFM, ADX, MSM News Qatar  QIGD post net profit of QR220.6mn for 2013 – Qatari Investors Group (QIGD) posted a net profit of QR220.6mn in 2013 versus QR152.2mnn in 2012. Earnings per Share (EPS) amounted to QR1.77 in 2013 compared to QR1.22 in 2012. The Board has recommended distribution of cash dividends of QR0.75 per share (same as last year). This recommendation will be raised to the Ordinary-General Assembly meeting which will take place at Al Mirqab Hall, Four Seasons Hotel on Wednesday, 26th February, 2014 at 4.00 pm. In case a quorum is not met, the Extra-General Assembly meeting will be held on Wednesday, 5th March 2014 at 4:00pm on the same venue. (QE)  Woqod International launches global expansion plan – Woqod’s Chairman HE Abdullah bin Hamad al-Attiyah said Woqod International is planning a foray into other promising markets, including Europe, as part of its expansion strategy for which it has an open budget. Al-Attiyah said when there are good acquisitions, Woqod will go ahead with it. Al-Attiyah further added that the Qatari company, which has just started its operations in the neighboring Saudi Arabia, is carefully evaluating the potential for acquisitions and new projects. (GulfTimes.com)  Kahramaa achieves major drop in power, water consumption in 2013 – Kahramaa announced that “Tarsheed” – the National Program for Conservation & Energy Efficiency – has achieved a significant progress in conserving electricity and water in 2013. Electricity per capita consumption declined by 10% and water per capita consumption came down by 6% compared with 2012 statistics. Kahramaa’s Conservation & Energy Efficiency Manager, Engineer Ali Mohamed al-Ali said this is a remarkable step in the Conservation & Energy Efficiency Department’s endeavor to achieve Tarsheed’s objectives of reducing electricity and water per capita consumption by 35% and 20%, respectively, by 2016. (GulfTimes.com)  QGTS’ BoD to meet on February 24 – Qatar Gas Transport Company’s (QGTS) board of directors will meet on February 24, 2014 to discuss the company’s financial results for the period ending on December 31, 2013. (QE)  UDCD’s BoD to meet on February 25 – United Development Company’s (UDCD) board will meet on February 25, 2014 to discuss the company’s financial results for the period ending on December 31, 2013. (QE)  MRDS’ BoD to meet on February 26 – Mazaya Qatar Real Estate Development Company (MRDS) announced that its board will meet on February 26, 2014 to discuss the company’s financial results for the period ending on December 31, 2013. (QE)  NLCS announces resale of Lusail land plots – NLCS announces resale of Lusail land plots – National Leasing Holding (NLCS) declared opening the resale for Lusail land plots given increasing demand of landlords. The deliberations between Alijarah & Qatari Diar, the main developer of the project, resulted in allowing the landlords to trade in the land plots. NLCS’ executive management has developed procedures and guidelines mandated to support the project. (QE) International  Japan logs record current account deficit in December – According to the data released by the Japanese Ministry of Finance, the country's current account logged a record deficit for December, as a weak yen inflated the cost of energy imports. The deficit stood at 638.6bn yen, as against a median forecast for 707.7bn yen. (ET)  HSBC: Emerging markets output growth slows to 4-month low – Business activity across emerging markets expanded in January at the slowest pace in four months, dragged down by Page 2 of 5
  3. 3. sluggish services sectors among BRIC countries. HSBC's Composite Emerging Markets Index of manufacturing and services purchasing managers' surveys slipped for the second month running to 51.4 in January. It stayed under the 2013 average of 51.7 and well below the score of 64.1 posted last January. (ET)  IATA: Weak cargo markets remain biggest worry for airlines – The International Air Transport Association’s (IATA) Director General Tony Tyler said weakness in air cargo markets remains the biggest worry for airlines, despite some evidence of recovery in 2013. Tyler added that the latest numbers in cargo show that although globally cargo improved a bit, it did not really improve in the Asian region, which is usually been very strong. According to IATA, air freight traffic grew 1.8% globally in December led by gains in the Middle East, compared with December 2013, but it fell 1.1% in Asia. (ET) Regional  UAE-Oman trade records quantum leap – The bilateral trade between the UAE and Oman has seen a quantum leap, reflecting strengthening of economic and commercial relations, which is driven by their leaderships’ vision to enhance mutual trade among Gulf countries. Official statistics show that Dubai’s non-oil foreign trade with Oman reached about AED14.4bn in 9M2013, while it jumped from AED7.5bn in 2011 to AED18.7bn in 2012. (GulfBase.com)  RP Group plans to invest QR4bn in Gulf projects – Indiabased RP Group of Companies, which has operations in GCC countries, is considering investments worth QR4bn in the region’s economies. According to a statement issued by the Group Chairman Ravi Pillai, the company’s new investments would generate about 25,000 new jobs in the GCC region, including in Qatar. To build on its existing operations in Saudi Arabia, Qatar and Bahrain, the group plans to set up new offices in Kuwait and Oman. (Gulf-Times.com)  FDI in Kingdom ranks first in Mideast in 5 years – Saudi Arabia has topped among the Middle Eastern countries by attracting foreign direct investment (FDI) worth $141bn over the past five years. Saudi Commerce & Industry Minister Tawfiq AlRabiah said that both FDI and the government’s spending of $718bn were instrumental in spurring the nation's economic growth. Al-Rabiah highlighted that rising oil revenues has been successfully used to support growth among non-oil sectors. The Kingdom has been strengthening its private sector to satisfy growing demand for jobs from young citizens and reduce its dependence on oil exports. Recent data from the Saudi Arabian Monetary Agency revealed that its net foreign assets climbed to a record high of $716.7bn in December 2013, up 10.7% from the previous year. (GulfBase.com)  Saudi Aramco asks firms to bid again for the Jizan power plant – According to sources, Saudi Aramco has asked interested companies to submit lower offers to build parts of a complex for supplying energy to an oil refinery at Jizan. In October 2013, around 14 companies bid for four packages to build elements of a 2,400MW integrated gasification combined cycle plant at the refinery. The bids were higher than the staterun oil giant had hoped for, so it is now inviting lower-cost bids for three of the four packages. (Gulf-Times.com)  Saudia, Boeing sign collaborative deal – Boeing and the Saudi Arabian Airlines Company (Saudia) have signed a broad collaboration agreement, which will allow them to pursue partnership opportunities in the areas of defense and commercial aviation in Saudi Arabia. Boeing and Saudia will explore areas of cooperation in pilot and aircraft maintenance training, rotorcraft support, leadership training and manufacturing focused on the expansion of local presence, as well as aerospace skill development in the country. (GulfBase.com)  SCC declares SR535.5mn dividend for 2H2013 – The Saudi Cement Company’s (SCC) board of directors has recommended distributing dividends worth SR535.5mn to its shareholders for 2H2013. Dividend per share will be SR3.5, representing 35% of the face value. SCC’s shareholders registered with the Securities Depository Center on the day of the AGM are eligible for this dividend. SCC’s AGM is expected to be held during March 2014. (Tadawul)  Nakheel awards 3 contracts worth AED41mn – Dubai-based developer Nakheel has awarded three new contracts, together worth AED41mn, for its Al Furjan and Warsan Village master communities. Two of the contracts handed to consultants Arif & Bintoak and Dar Al Handasah cover infrastructure design and supervision for third-party villas and mixed-use plots at a new phase of Al Furjan, and are worth AED13.6mn and AED2.9mn respectively. Al Furjan’s new phase covers around 1.2mn square meters, and includes over 500 third-party villa plots and 30 mixed-use plots already sold by Nakheel. (GulfBase.com)  DFM accredits 3 new brokerage firms for DMA – The Dubai Financial Market (DFM) announced that NBAD Securities, Argaam Securities and Emirates NBD Securities have been accredited to provide direct market access (DMA) for global brokers, lifting the number of DMA service providers to 9 firms. The exchange is currently processing similar applications from other brokerage firms in collaboration with the Securities & Commodities Authority. DMA permits brokerage companies to mandate a global broker to use its DMA access point to place orders as electronic trading via the internet, allowing global brokers to directly trade on the market. (DFM)  Arabtec to set up 5 new subsidiaries – Dubai-based builder Arabtec Holding would set up five new subsidiaries as it expands into new markets and infrastructure projects. Two of the units will focus on infrastructure projects inside and outside the UAE, one will focus on water & energy projects, and another one will concentrate on the Egyptian market. Arabtec will also set up an investment firm, Arabtec Capital, to provide financial services both to Arabtec’s units as well as other companies. (GulfBase.com)  DEWA awards IPP advisory contract for Hassyan Coal Plant – The Dubai Electricity & Water Authority (DEWA) has awarded the contract for Independent Power Producer (IPP) advisory services of the first phase of the Hassyan Clean Coal Power Plant to an international consultancy firm. DEWA had received eight bids for IPP advisory services for the project, which is being developed to complement the Dubai Integrated Energy Strategy 2030. The Dubai Integrated Energy 2030 aims to diversify energy sources such as natural gas (71%), nuclear energy (12%), clean coal (12%), and solar power (5%), in addition to reducing energy demand by 30% by 2030. The first phase of the Hassyan project will have a capacity of 1,200MW using clean coal as feedstock, which is expected to be operational by 2020. (GulfBase.com)  Andalusia Collection’s Phase 1 delivered in 18 days – National Properties, a subsidiary of the National Bonds Corporation, announced that the entire first phase of its Andalusia Collection has been sold and delivered in just 18 days. The collection – a part of “The Villa” project in Dubai – consists of 69 premium villas to be released in three phases, with the first phase of 31 villas already sold out and keys handed Page 3 of 5
  4. 4. over to customers. The Phase 2, consisting of 16 villas, went on sale February 1. (GulfBase.com)  Kuwait’s inflation edges up to 2.7% in December – The Consumer Price Index (CPI) in Kuwait rose slightly to 2.7% YoY in December 2013, from 2.6% in November. Inflation was expected to fall sharply in December as a result of a base effect. While inflation should remain at moderate levels through 2014, December’s higher than expected figure is likely to justify an upward revision to the annual average forecast of 3.0% over coming months. On average, inflation stood at 2.7% in 2013, the lowest in nine years. The surprising December figure was driven by the housing services component – mostly rents. It rose by a larger than expected 2.0% MoM. Although the YoY rate fell to 3.6% from 4.7% in November, this decline was smaller than anticipated. Meanwhile, food prices rose for the first time in seven months, to 2.8% YoY from 2.4% in November, which is still much lower than its recent peak of 6.3% reached last May. (GulfBase.com)  Higher spending narrows Kuwait nine-month budget surplus by 11% – According to the provisional figures released by the Kuwaiti Finance Ministry, Kuwait’s budget surplus narrowed down by 11% in the first nine months of its fiscal year as spending rose and oil revenues dipped slightly. The trend in spending and revenue numbers are in line with a warning from the IMF that Kuwait’s expenditure could exceed oil revenues as early as 2017-18, if the government does not control its spending growth. The budget surplus for April to December 2013 stood at KD14.34bn as compared to KD16.10bn for the same period a year earlier. (Gulf-Times.com)  UPC recommends final dividends for 2013 – The United Power Company’s (UPC) board of directors has recommended the distribution of final dividends for the year ended December 31, 2013. The ordinary shareholders will get 20% dividends (200 baisa per share), while the preference shareholders will get 21.57% dividends (215.7 baisa per share). The shareholders who are registered with the Muscat Clearing & Depository Company on the AGM date will be eligible for these dividends. (MSM)  MF’s BoD recommends 16% dividend – Muscat Finance’s (MF) board of directors has recommended distributing 16% dividend for 2013. The dividend consists of 8% stock dividend and 8% cash dividend. (MSM)  Bapco exports 85.5mn barrels in 2013 – The Bahrain Petroleum Company (BAPCO) announced that its total petroleum exports amounted to 85.5mn barrels in 2013 as compared to 83.6mn barrels in 2012, with an increase of 1%. Bapco’s Director General of Marketing, Engineer Khalid Ibrahim Bu Hazza’a highlighted that that the company has achieved favorable results in marketing its products in 2013. Khalid Ibrahim added that 57% of intermediate products and 19% of the fuel oil were exported mainly to the Middle East markets, in addition to 19% of naphtha to Asian companies that produce petrochemical materials. He further stated that crude oil exports from the Abu Safa oilfield reached 52.1mn barrels in 2013 as compared to 48.2mn barrels in 2012. (GulfBase.com) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 170.0 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 2.2% 2.0% 141.4 1.5% 1.1% 1.0% 128.7 1.0% 1D% WTD% YTD% 15,794.08 0.0 0.0 (4.7) S&P 500 1,797.02 0.0 0.0 (2.8) (1.1) NASDAQ 100 4,125.86 0.0 0.0 (1.2) 0.0 35.3 STOXX 600 325.09 0.0 0.0 (1.0) 0.0 0.0 30.2 DAX 9,301.92 0.0 0.0 (2.6) 149.25 0.0 0.0 9.3 FTSE 100 6,571.68 0.0 0.0 (2.6) May-13 S&P Pan Arab Dec-13 S&P GCC 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 Close ($) 1D% WTD% YTD% Global Indices Performance 1,267.27 0.0 0.0 5.1 DJ Industrial 20.03 0.0 0.0 2.9 109.57 0.0 0.0 5.88 0.0 164.38 1.36 0.0 0.0 (0.8) CAC 40 102.30 0.0 0.0 (2.9) Nikkei GBP 1.64 0.0 0.0 (0.9) MSCI EM CHF 1.11 0.0 0.0 (0.6) SHANGHAI SE Composite AUD 0.90 0.0 0.0 0.5 USD Index 80.69 0.0 0.0 RUB 34.76 0.0 0.0 BRL 0.42 0.0 0.0 (0.7) Yen Dubai Close Oct-12 Source: Bloomberg Asset/Currency Performance 0.7% Abu Dhabi QE Index Mar-12 Qatar Aug-11 0.5% Oman 0.0% Jan-11 Kuwait 0.4% Bahrain 0.5% 0.5% Saudi Arabia Jun-10 2.5% 162.5 4,228.18 0.0 0.0 (1.6) 14,462.41 0.0 0.0 (11.2) 937.30 0.0 0.0 (6.5) 2,044.50 0.0 0.0 (3.4) HANG SENG 21,636.85 0.0 0.0 (7.2) 0.8 BSE SENSEX 20,376.56 0.0 0.0 (3.8) 5.7 Bovespa 48,073.60 0.0 0.0 (6.7) 1,341.49 0.0 0.0 (7.0) Source: Bloomberg 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