17 November Daily Market Report


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17 November Daily Market Report

  1. 1. QE Intra-Day Movement Market Indicators 10,350 10,300 10,250 10,200 9:30 17 Nov 13 14 Nov 13 %Chg. Value Traded (QR mn) Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth 500.4 553,518.7 14.3 7,418 40 29:10 378.8 549,780.1 9.8 5,791 40 22:14 32.1 0.7 44.8 28.1 0.0 – Market Indices 10:00 10:30 11:00 11:30 12:00 12:30 13:00 Qatar Commentary The QE index rose 0.7% to close at 10,284.8. Gains were led by the Transportation and Banking & Financial Services indices, gaining 0.9% each. Top gainers were Qatar Cinema & Film Dist. Co. and Qatari Investors Group, rising 5.8% and 2.3% respectively. Among the top losers, Mannai Corp. fell 3.3%, while Qatar Insurance Co. declined 1.4%. Close Total Return All Share Index Banks Industrials Transportation Real Estate Insurance Telecoms Consumer Al Rayan Islamic Index 1D% WTD% YTD% TTM P/E 14,694.63 2,565.14 2,456.08 3,379.02 1,878.90 1,900.27 2,332.27 1,452.80 5,908.64 2,945.27 0.7 0.6 0.9 0.7 0.9 0.6 (1.1) 0.6 0.0 0.8 0.7 0.6 0.9 0.7 0.9 0.6 (1.1) 0.6 0.0 0.8 29.9 27.3 26.0 28.6 40.2 17.9 18.8 36.4 26.5 18.4 N/A 13.0 13.2 12.3 12.7 13.0 9.6 20.0 22.4 15.4 GCC Commentary GCC Top Gainers## Exchange Close# 1D% Saudi Arabia: The TASI index rose 0.8% to close at 8,383.8. The Energy & Utilities index gained 4.4%, while the Cement index was up 3.0%. Southern Province Cement Co. rose 9.2%, while Saudi Electricity Co. gained 4.9%. Southern Prov. Cement Saudi Arabia 130.50 9.2 716.3 30.5 Comm. Bank of Kuwait Kuwait 0.75 7.1 0.5 5.6 Dubai: The DFM index fell 0.4% to close at 2,813.1. The Investment & Financial Services index declined 1.6%, while the Services index was down 1.3%. Gulf Finance House declined 6.2%, while Agility was down 6.1%. Saudi Electricity Co. Saudi Arabia 14.85 4.9 11,317.7 10.8 Yamamah Saudi Cem. Saudi Arabia 63.75 4.9 1,917.8 34.2 Abu Dhabi: The ADX benchmark index fell 0.1% to close at 3,789.4. The Inv. & Fin. Ser. index declined 3.3%, while the Consumer index fell 2.0%. Abu Dhabi Nat. Co. for B & M declined 7.2%, while Abu Dhabi Ship Build. fell 3.9%. Saudi Telecom Co. Saudi Arabia 55.75 3.7 7,137.1 28.8 GCC Top Losers Exchange Kuwait: The KSE index rose 0.1% to close at 7,913.1. The Technology index gained 2.3%, while the Banking index rose 0.6%. National Ranges Co. gained 10.2%, while Kuwait Real Estate Holding Co. was up 9.4%. Mannai Corp. Qatar 85.60 (3.3) 0.1 5.7 Nat. Real Estate Co. Kuwait 0.15 (2.5) 672.1 28.3 Oman: The MSM index gained marginally to close at 6,764.5. The Industrial index rose 0.4%, while the Banking & Investment index was up 0.1%. Voltamp Energy gained 4.4%, while Dhofar Insurance was up 2.8%. Taiba Holding Co. Saudi Arabia 41.00 (2.4) 2,589.9 65.0 Ithmaar Bank Bahrain 0.23 (2.2) 1,432.4 32.4 Saudi Ceramic Saudi Arabia 116.50 (2.1) 551.1 58.0 Bahrain: The BHB index fell 0.5% to close at 1,197.8. The Industrial index declined 1.0%, while the Investment index was down 0.7%. Gulf Finance House declined 6.5%, while Al Salam Bank was down 4.9%. ## # 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 Gainers Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Losers Close* 1D% Vol. ‘000 Qatar Cinema & Film Dist. Co. 45.50 5.8 2.4 (20.0) Mannai Corp. 85.60 (3.3) 0.1 5.7 65.00 (1.4) 50.3 20.5 YTD% Qatari Investors Group 35.95 2.3 1,746.2 56.3 Qatar Insurance Co. Masraf Al Rayan 32.25 1.9 2,063.2 30.1 Qatar General Ins. & Rein. Co. 50.10 (1.2) 17.2 8.9 Ezdan Holding Group 17.41 1.3 194.9 (4.3) Qatar Islamic Insurance 57.60 (0.7) 6.8 (7.1) Aamal Co. 14.63 1.2 65.4 7.5 Gulf Warehousing Co. 40.00 (0.6) 16.1 19.4 Close* 1D% Vol. ‘000 YTD% Qatar Exchange Top Val. Trades Close* 1D% Val. ‘000 YTD% United Development Co. 23.37 0.0 2,611.8 31.3 Industries Qatar 168.40 0.6 69,857.3 19.4 Masraf Al Rayan 32.25 1.9 2,063.2 30.1 Masraf Al Rayan 32.25 1.9 66,235.7 30.1 Qatari Investors Group 35.95 2.3 1,746.2 56.3 Qatari Investors Group 35.95 2.3 62,661.6 56.3 9.88 0.8 1,461.7 18.3 United Development Co. 23.37 0.0 61,403.4 31.3 27.70 1.1 1,363.2 0.9 Barwa Real Estate Co. 27.70 1.1 37,760.0 0.9 Qatar Exchange Top Vol. Trades Vodafone Qatar Barwa Real Estate Co. Source: Bloomberg (* in QR) Source: Bloomberg (* in QR) Regional Indices Qatar* Dubai Abu Dhabi Saudi Arabia Kuwait Oman Bahrain Close 1D% WTD% MTD% YTD% 10,284.80 2,813.08 3,789.39 8,383.77 7,913.09 6,764.45 1,197.81 0.7 (0.4) (0.1) 0.8 0.1 0.0 (0.5) 0.7 (0.4) (0.1) 0.8 0.1 0.0 (0.5) 4.5 (3.7) (1.5) 4.2 (0.4) 1.4 (0.3) 23.0 73.4 44.0 23.3 33.3 17.4 12.4 Exch. Val. Traded ($ mn) 137.44 139.55 78.24 1,600.57 92.10 25.69 1.69 Exchange Mkt. Cap. ($ mn) 152,051.6 67,931.5 109,156.6 456,916.0 109,418.8 24,073.7 16,773.3 P/E** P/B** 13.1 16.6 10.5 17.1 18.3 10.8 8.1 1.8 1.1 1.3 2.1 1.3 1.6 0.8 Dividend Yield 4.5 3.2 4.8 3.5 3.5 3.8 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) Page 1 of 5
  2. 2. Qatar Market Commentary  The QE index rose 0.7% to close at 10,284.8. The Transportation and Banking & Financial Services indices led the gains. The index rose on the back of buying support from nonQatari shareholders despite selling pressure from Qatari shareholders.  Qatar Cinema & Film Dist. Co. and Qatari Investors Group were the top gainers, rising 5.8% and 2.3% respectively. Among the top losers, Mannai Corp. fell 3.3%, while Qatar Insurance Co. declined 1.4%. Overall Activity Buy %* Sell %* Net (QR) Qatari 70.76% 79.99% (46,163,600.26) Non-Qatari 29.24% 20.01% 46,163,600.26 Source: Qatar Exchange (* as a % of traded value)  Volume of shares traded on Sunday rose by 44.8% to 14.3mn from 9.8mn on Thursday. Further, as compared to the 30-day moving average of 7.6mn, volume for the day was 88.7% higher. United Development Co. and Masraf Al Rayan were the most active stocks, contributing 18.3% and 14.5% to the total volume respectively. Earnings Earnings Releases Company Revenue (mn) 3Q2013 % Change YoY Operating Profit (mn) 3Q2013 % Change YoY Net Profit (mn) 3Q2013 % Change YoY AED 224.3 -17.0% – – 22.1 147.7% AED 25.5 22.4% – – -2.8 N/A Abu Dhabi AED 61.6 10.1% – – 74.4 187.9% Bahrain BHD 48.4 -22.8% – – 7.5 30.1% Bahrain BHD 6.6 -4.0% – – 1.5 -15.0% Market Currency Abu Dhabi Ship Building Abu Dhabi United Insurance Co. (UIC) Al Wathba National Insurance Co. Arab Insurance Group (ARIG) Bahrain Duty Free Shop Complex (DUTYF) Abu Dhabi Source: Company data, DFM, ADX, MSM News Qatar  Qatar to spend more than $156bn on construction by 2030 – According to a report by EC Harris, Qatar is due to spend $156.8bn on implementing major construction programs by 2030. These construction programs in Qatar – costing $1bn or more – are due to peak in 2016 with $34bn worth of projects due to be delivered. Further, the report showed that some 117 major programs are planned across the Middle East to be completed by 2030, costing more than $1tn. These programs include major infrastructure, energy, property and transportation projects. Of the six countries covered in the EC Harris report, the UAE is due to spend the most on major programs at $329.4bn, followed by Saudi Arabia ($255bn), Qatar ($156.8bn), Kuwait ($130.3bn), Iraq ($123.3bn) and Oman ($21.8bn). (Gulf-Times.com)  Barwa Real Estate inks MoA with Qatari Diar – Barwa Real Estate has signed a memorandum of agreement (MoA) with its strategic partner, Qatari Diar (45% owner of Barwa). The agreement covers selling assets worth QR20bn that needs to be implemented latest by June 30, 2014. This agreement is a part of Barwa’s plans to restructure its finances in order to reduce debt, which would reflect positively on its financial statements. (QE)  QA orders 50 Boeing 777-9X planes, 5 Airbus A330 freighters – Qatar Airways (QA) placed orders worth $19bn for 50 Boeing 777-9X long-haul jet, which will make the national carrier one of the launch customers for the new jet. QA has signed a letter of intent to this effect at the 2013 Dubai Airshow. The 777-9 edition, carrying 406 people, will be delivered starting 2020. Further, QA has also placed an order for five Airbus A330 freighters as it expands its cargo business. The carrier said it has taken out options for another 8 aircraft, making the deal potentially worth $2.8bn at list prices. QA’s Chief Executive Akbar Al Baker said cargo is a strategic part of the airline’s business. Al Baker said QA was considering upgrading some of its orders placed for A350-900 models to the larger A350-1000. He said it would consider a stretched version of the A350-1000 if Airbus decided to build one. (Gulf-Times.com, Reuters)  Al Meera opens first rehabilitated shopping mall in Muscat – Al Meera Consumer Goods Company has opened its first rehabilitated shopping mall in Al Athaiba Area in Muscat, Oman. With the opening of the new outlet, Al Meera now has five branches in Oman. (Qatar Tribune)  Mowasalat boosts cars fleet – Mowasalat has added 50 seven-seater cars to its fleet of taxis serving the Doha International Airport. (Peninsula Qatar)  Qatar Foundation announces two new key appointments – Qatar Foundation has made two new key appointments – the organization named Engineer Jassim Telefat as Group Executive Director of Qatar Foundation Capital Projects and Facilities Management, and Fahad Saad Al Qahtani as Group Executive Director of Qatar Foundation Administration. (Peninsula Qatar)  HIA airport to be opened in May – The Hamad International Airport (HIA) will open in May next year, local Arabic daily Al Sharq has said quoting an informed source. Work on the passenger halls will be completed next April. (Gulf-Times.com)  Woqod opens new service station in Abu Samra – Qatar Fuel (Woqod) has opened a new service station in Abu Samra. The service station is located near the Qatar-Saudi border, approximately 85 kilometers west of Doha. (Gulf-Times.com)  Oman seeks to augment exports to Qatar – Oman’s Public Authority for Investment Promotion & Export Development’s (Paiped) Director General of export development Nasima Yahya Page 2 of 5
  3. 3. Zirook al Balushi said Omani exporters are keen about further enhancing partnerships with their Qatari counterparts across various industries. She added that exports from Oman to Qatar mainly consisting of construction materials and food increased by 33.7% in 2012 as compared to 2011, while the volume of Oman's exports to Qatar was valued at OMR61.5mn. (Qatar Tribune)  Accor to operate two branded hotels in Doha – Accor Middle East, a hospitality group in the region, has signed a management agreement to operate two new hotels, a 3-star ibis hotel (150 guest rooms) and a midscale aparthotel Adagio(150 apartments) in Doha. Ibis Doha will complement a regional Ibis network of 12 hotels already in operation and seven currently under development, while Adagio Doha will the 5th branded hotel in the region. (Bloomberg) International  Bundesbank sees no asset price bubble for now – The German central bank, Bundesbank’s board member Joachim Nagel said no asset price bubble is seen building for the time being, and investors are aware that current low interest rates are an exceptional situation that will not last. He said the record low interest rates currently – the European Central Bank cut its main refinancing rate to 0.25% this month – are a big challenge for market participants, driving many to seek alternative investments. Nagel said he does not see a bubble forming, but every investor must be aware of the possibility for a correction, especially when volatility returns to the markets. (Reuters)  Rightmove: Little sign of UK housing bubble – According UK-based property website Rightmove, fears of Britain's housing stimulus schemes inflating a price bubble look overblown. The government has introduced two schemes to help revive a property market, but as an economic recovery takes hold, some worry that the stimulus could overheat the market and pose a new threat to Britain's financial stability. Rightmove’s director Miles Shipside said efforts by the Financial Conduct Authority were working after it introduced new rules to stop a repeat of the previous decade's housing bubble. Visitors to the website had risen 30% in September as compared to the same period in 2012, indicating a possible release of pent-up demand to move. (Reuters)  IMF: SWFs should rope in independent experts for risk, assets allocation – According to a working paper by the International Monetary Fund (IMF), sovereign wealth funds (SWFs), should provide for real delegation of an independent operational manager within overall limits on risks and asset allocation set by the owner. IMF said this is particularly important since SWFs have assumed key roles in their domestic economies and global financial markets. The SWFs' assets under management have grown rapidly over the last few years, driven by balance of payment surpluses and high commodity prices. Upper-end estimates indicate the total SWF assets to be worth around $5tn. This figure may have double counted some sovereign assets, by including central bank assets that are already captured in official reserves. (Gulf-Times.com) Regional  Gulf airlines splurge $150bn as Boeing launches new 777 jet; Etihad orders 87 aircraft from Airbus – Airlines in the Gulf have placed orders worth over $150bn on the first day of the Dubai Airshow, underscoring a power shift in the aviation industry. This also gave a boost to the formal launch of Boeing's newest jet, as well as to Airbus's A380 superjumbo. Dubaibased Emirates Airlines led the buying spree with an order for 150 of Boeing's revamped 777 mini-jumbo plane, in a deal worth $76bn at list prices. Emirates also ordered 50 Airbus A380s, the world's biggest passenger plane, worth a total $23bn. With more demand coming from Etihad Airways and Qatar Airways as well, Boeing announced commitments totaling 259 planes for its new 777 jet, worth about $100bn at list prices, making it the largest combined order in its history. Meanwhile, Etihad Airways has placed an order for 87 aircraft with Airbus, which includes options for 30 more and could be worth $26.9bn. (Reuters)  Saudi cement sales rise 2% to 4.19mn tons in October – According to a report by Yamamah Cement Company (YCC), cement sales in the Saudi market rose by 2% to 4.19mn tons in October 2013 as compared to 4.13mn tons in October 2012. The volume of cement produced by Saudi cement companies reached 4.23mn tons against 4.22mn tons in the comparable period. According to the report, production of clinker – the major raw material for cement – soared by 19% in October 2013 to reach 4.74mn tons as compared to 3.98mn tons in October 2012. Meanwhile, the volume of imported clinker reached 780,000 tons in October 2013, while exported clinker volume rose by 9% to reach 36,000 tons. (GulfBase.com)  Saudi Arabian crude oil exports reach eight-year high – According to data released by the Joint Organization Data Initiative’s (JODI), Saudi Arabia ranked as the world’s largest crude producer in September, ahead of Russia for the second consecutive month, and exported more oil than in any month since November 2005. The Kingdom produced 10.12mn barrels a day, 70,000 less than in August, and shipped 7.84mn barrels in September, up from 7.8mn. The figures exclude natural gas liquids. (Bloomberg)  Dar Al Arkan picks banks for sukuk sale – Saudi-based property developer Dar Al Arkan has picked five banks to help in arranging the possible sale of a three-year, dollar-denominated sukuk. The developer appointed Goldman Sachs, Deutsche Bank, Bank of America Merrill Lynch, Bank Alkhair and Emirates NBD Capital to arrange investor meetings on November 17 and 18. (Reuters)  CBUAE issues credit exposure limit rules – The Central Bank of the UAE (CBUAE) has set out rules to govern ratio requirements to which all banks must adhere to ensure their liquidity and solvency. These rules govern exposure limits of banks to governments, local governments and governmentrelated entities. A profitable government-related enterprise (GRE) that does not need explicit or implicit government support, with a credit rating of at least BBB, can be treated by as an entity separate from the government. Credit facilities by banks operating outside the UAE cannot exceed 30% of a bank’s capital base. Banks with higher exposure than new limits must reduce exposure by 20% a year over a period of maximum 5 years. The credit limit of 30% also applies to facilities given by branches of foreign banks to headquarters and facilities to subsidiary companies. (Bloomberg)  Amlak to resume trading before July 2014 – The UAE’s Economy Minister Sultan Bin Saeed Al Mansoori said Amlak will resume trading before July 2014. Amlak is said to seek extension on its $2bn debt. (Bloomberg)  Flydubai sees burgeoning demand for budget travel – Flydubai’s CEO Ghaith Al Ghaith said there is plenty of untapped demand for mid-range travel from Dubai's tourism hub, despite the massive capacity at the airport filling up. He said there are not enough flights in the region as compared to places in Europe, but there is rising demand. Al Ghaith said demand is increasing as cities in the Gulf region continue to develop, while more can be created as new connections are launched. (Reuters) Page 3 of 5
  4. 4.  DSI’s unit JV wins AED545mn contract in Egypt – A consortium of Passavant-Roediger - a wholly owned German subsidiary of Drake & Scull International (DSI), Acciona Spain’s private developer and manager of infrastructure, renewable energy, water and services, and Hassan Allam Sons - Egypt’s construction and property group, has obtained an AED545mn contract to expand the Gabal Al Asfar Waste Water Treatment Plant (GAAWWTP) on the outskirts of Cairo, Egypt. (DFM)  Cipriani to open restaurant in Dubai– Italy-based Cipriani, a global brand in the restaurant business, has re-entered the UAE market with its Yas Island branch. The company plans to open its Dubai property in the first quarter of 2014. (GulfBase.com)  Dana Gas awards $17mn contract for Zora Offshore Field – Dana Gas has awarded a contract worth $17mn for the fabrication of an offshore platform in the Zora Field Development Project to Adyard Abu Dhabi. The platform is an important element in the Zora project’s overall scope, which aims to extract the reserves from the gas field through an offshore facility and to transport the reserves via a 35-kilometer subsea pipeline to an onshore gas processing facility. The facility will be located in Sharjah onshore area. The company expects to start delivering 40mn cubic feet per day of gas by 1H2015. (ADX)  Etihad acquires 33.3% stake in Darwin – Abu Dhabi-based Etihad Airways has bought a 33.3% stake in Swiss carrier, Darwin Airline. Following the deal completion, Darwin will be rebranded as Etihad Regional. The deal will allow Etihad to connect to secondary markets in Europe where it does not reach currently. (Reuters)  Galfar bags Muscat Airport’s catering building contract – Galfar Engineering & Contracting Company has won the flight catering facilities project, which is estimated to cost OMR67.37mn. The catering facility, part of the expansion of Muscat International Airport, is aimed at creating facilities for 30,000 meals a day. The scope of work includes construction of a building to accommodate kitchen that would serve several carriers flying to Muscat. (GulfBase.com)  UGB reports $2.2mn net profit in 9M2013 – The United Gulf Bank (UGB) has reported a net profit of $2.2mn attributable to its parent’s shareholders for the nine months ended September 2013 as compared to $4.9mn in 9M2012. Net loss in 3Q2013 stood at $7.4mn as compared to a loss of $11.5mn in 3Q2012. UGB’s total assets stood at $1.26bn as on September 30, 2013, growing from $1.23bn as on December 31, 2012. (GulfBase.com)  KHCB reports BHD0.5mn net loss in 3Q2013 – Khaleeji Commercial Bank (KHCB) has reported a net loss of BHD0.5mn in 3Q2013 as compared to a net profit of BHD0.25mn in 3Q2012. Loss per share stood at BHD0.43 in 3Q2013 as compared to EPS of BHD0.22 in 3Q2012. Total assets at the end of September 2013 stood at BHD572.5mn, reflecting a YTD increase of 21%. Financing assets rose by 7% YTD to BHD262.9mn, while customers’ current accounts were up 168.2% YTD to BHD30.6mn. (Bahrain Bourse) Page 4 of 5
  5. 5. Rebased Performance Daily Index Performance 160.0 150.0 140.0 130.0 120.0 110.0 100.0 90.0 80.0 1.2% 0.8% 0.8% 0.4% 118.9 0.0% 0.1% 0.0% (0.1%) (0.4%) QE Index S&P Pan Arab S&P GCC Source: Bloomberg Asset/Currency Performance Gold/Ounce Silver/Ounce Crude Oil (Brent)/Barrel (FM Future) Natural Gas (Henry Hub)/MMBtu North American Spot LPG Propane Price North American Spot LPG Normal Butane Price Euro Source: Bloomberg Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D% WTD% YTD% 1,290.20 0.0 0.0 (23.0) DJ Industrial 15,961.70 0.0 0.0 21.8 20.81 0.0 0.0 (31.4) S&P 500 1,798.18 0.0 0.0 26.1 108.50 0.0 0.0 (2.3) NASDAQ 100 3,985.97 0.0 0.0 32.0 3.56 0.0 0.0 3.9 323.00 0.0 0.0 15.5 118.63 0.0 0.0 31.8 DAX 9,168.69 0.0 0.0 20.4 142.87 0.0 0.0 (19.1) FTSE 100 6,693.44 0.0 0.0 13.5 STOXX 600 1.35 0.0 0.0 2.3 100.19 0.0 0.0 15.5 Nikkei GBP 1.61 0.0 0.0 (0.8) CHF 1.09 0.0 0.0 0.1 AUD 0.94 0.0 0.0 (9.9) USD Index 80.85 0.0 0.0 RUB 32.59 0.0 0.0 BRL 0.43 0.0 0.0 (11.5) Yen Oman Jul-13 Bahrain May-12 Dec-12 Kuwait Oct-11 Qatar Jan-10 Aug-10 Mar-11 (0.4%) (0.5%) Saudi Arabia (0.8%) Dubai 131.0 0.7% Abu Dhabi 147.8 4,292.23 0.0 0.0 17.9 15,165.92 0.0 0.0 45.9 MSCI EM 1,005.17 0.0 0.0 (4.7) SHANGHAI SE Composite 2,135.83 0.0 0.0 (5.9) HANG SENG 23,032.15 0.0 0.0 1.7 1.4 BSE SENSEX 20,399.42 0.0 0.0 5.0 6.8 Bovespa 53,451.60 0.0 0.0 (12.3) 1,444.24 0.0 0.0 (5.4) Source: Bloomberg CAC 40 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