QE Intra-Day Movement
19 Jan 14
Value Traded (QR mn)
Exch. Market Cap. (QR mn)
Number of Transactions
The QE index declined 0.1% to close at 11,093.0. Losses were led by the
Industrials and Consumer Goods & Services indices, declining 0.7% and 0.6%
respectively. Top losers were Qatar International Islamic Bank and Gulf
International Services, falling 2.5% and 1.8% respectively. Among the top
gainers, Qatar Insurance Co. rose 4.7%, while Al Ahli Bank gained 3.6%.
16 Jan 14
All Share Index
Al Rayan Islamic Index
GCC Top Gainers##
Saudi Arabia: The TASI index fell 0.2% to close at 8,739.7. Losses were led
by the Ins. and Petrochem. Ind. indices, declining 1.6% and 1.2% respectively.
The Co. for Coop. Insurance fell 8.4%, while Petro Rabigh was down 5.9%.
United Arab Bank
IFA Hotels & Resorts
Dubai: The DFM index gained 0.2% to close at 3,617.5. The Services index
rose 1.2%, while the Real Estate & Construction index was up 0.6%. Al
Madina gained 12.3%, while Union Properties was up 9.4%.
United Real Estate Co.
Abu Dhabi: The ADX benchmark index rose 0.9% to close at 4,562.0. The
Investment & Financial Ser. index surged 14.9%, while the Energy index was
up 1.9%. Waha Capital surged 14.9%, while United Arab Bank gained 8.5%.
Saudi Airlines Catering
GCC Top Losers
1D% Vol. ‘000
Kuwait: The KSE index gained 0.4% to close at 7,699.1. The Industrial and
Health Care indices rose 1.2% each. Zima Holding Co. gained 7.9%, while
First Takaful Insurance Co. was up 7.8%.
Co. for Coop. Ins.
Oman: The MSM index declined marginally to close at 7,139.1. The Services
index declined 0.1% while all other sub indices ended in green. National
Detergent fell 9.9%, while Oman Packaging was down 4.2%.
Saudi Chemical Co.
Bahrain: The BHB index gained marginally to close at 1,268.8. The Services
index rose 0.5%, while the Investment index was up 0.4%. Nass Corporation
gained 4.7%, while Gulf Finance House was up 2.5%.
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 Insurance Co.
Qatar Exchange Top Gainers
Qatar International Islamic Bank
Gulf International Services
Qatar Exchange Top Losers
Al Ahli Bank
Zad Holding Co.
Qatar Islamic Insurance
Qatar Industrial Manufacturing Co.
Gulf Warehousing Co.
Qatar Electricity & Water Co.
Qatar Exchange Top Val. Trades
Mazaya Qatar Real Estate Dev.
United Development Co.
United Development Co.
Barwa Real Estate Co.
Qatar Exchange Top Vol. Trades
Qatar Insurance Co.
Source: Bloomberg (* in QR)
Source: Bloomberg (* in QR)
Barwa Real Estate Co.
Exch. Val. Traded
Cap. ($ mn)
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 6
Qatar Market Commentary
The QE index declined 0.1% to close at 11,093.0. The Industrials
and Consumer Goods & Services indices led the losses. The
index declined on the back of selling pressure from Qatari
shareholders despite buying support from non-Qatari
Qatar International Islamic Bank and Gulf International Services
were the top losers, falling 2.5% and 1.8% respectively. Among
the top gainers, Qatar Insurance Co. rose 4.7%, while Al Ahli
Bank gained 3.6%.
Source: Qatar Exchange (* as a % of traded value)
Volume of shares traded on Sunday fell by 23.1% to 12.9mn
from 16.8mn on Thursday. However, as compared to the 30-day
moving average of 11.3mn, volume for the day was 14.1%
higher. Mazaya Qatar Real Estate Dev. and Vodafone Qatar
were the most active stocks, contributing 17.7% and 12.8% to
the total volume respectively.
Net Profit (mn)
City Cement Co. (CCC)
Saudi Airlines Catering Co.
Mouwasat Medical Services
Investment co. (Al Abdullatif)
National Gypsum Company
National Medical Care
Saudi Basic Industries Corp
Saudi Kayan Petrochemical
Company (Saudi Kayan)
Development Co. (Nadec)
Saudi Public Transport Co.
Saudi Re for Cooperative
Najran Cement Co.
Saudi Arabia Refineries Co.
Saudi United Cooperative
Insurance Co. (Walaa)
Arabian Shield Cooperative
Insurance Co. (Arabian
Alinma Tokio Marine Co.
(Alinma Tokio M)
Emaar The Economic City
Arabian Pipes Co.
Tabuk Cement Co.
Trade Union Cooperative
Insurance Co. (Trade Union)
Al-Babtain Power &
Telecommunication Co. (AlBabtain)
Ace Arabia Cooperative
Insurance Co. (ACE)
Saudi Enaya Cooperative
Buruj Cooperative Insurance
Saudi Advanced Industries
Page 2 of 6
Al Alamiya for Cooperative
United Int. Transportation
Taiba Holding Co. (Taiba)
Co. (Sharqiya Dev Co)
Northern Region Cement
Co. (Northern Cement)
Herfy Food Services Co.
Saudi Re for Cooperative
Reinsurance Co. (Saudi-Re)
Gulf Int. Chemicals*
The Financial Corporation#
Source: Company data, DFM, ADX, MSM (*FY2013 results) (#9M2013 results)
QIBK 4Q2013 net profit broadly in line with our expectations
– QIBK posted a net profit (to equity) of QR360.3mn in 4Q2013
vs. our estimate of QR365.3mn (BBG consensus, ex-QNBFS:
QR340mn). Net income increased by 4.4% QoQ. Profitability
was driven by net financing income (+6.4% QoQ). However,
income from investing activities (QR180.6mn) declined by
20.3% QoQ. Cash dividend increased to QR4/share. QIBK
upped its DPS to QR4.00 from QR3.75 in 2012. This translates
into a yield of 5.4%. For 2014, we expect a DPS of QR4.25.
2013 analysis: QIBK’s loan book expanded by 9.3% YoY to
QR47.1bn in 2013. Equity of unrestricted investment account
holders (URIA) also increased by 11.2% YoY to QR37.9bn.
Furthermore, customers deposits in current accounts increased
by 37.3% YoY to QR12.5bn. Hence, the loan-to-deposit ratio
declined to 93.6% vs. 100.0% at the end of 2012. In terms of the
investment book, total investments increased by 11.2% YoY.
Growth was driven by fixed income securities while equity
investments declined YoY. We maintain our estimates for 2014;
retain our Market Perform rating and target price of QR73.27.
We expect QIBK to post EPS of QR5.91 and QR6.24 for 2014
and 2015, respectively. Furthermore, we maintain QIBK’s target
price at QR73.27 and Market Perform rating. Valuation appears
fair. QIBK is trading at a P/E and a P/B of 12.3x and 1.4x on our
2014 estimates, respectively. QIBK has underperformed the
sector index. In 2013, the stock was down 3.22% (total return)
vs. the QE All Share Banks & Financial Services Index, which
was up 25.36%. (QNBFS Research, QE)
GWCS’ 4Q2013 bottom-line up by 18.2% QoQ – Gulf
Warehousing reported a net profit of QR26.83mn vs.
QR22.71mn in 3Q2013. The firm booked other income of
QR1mn in 4Q2013 vs. QR0.08mn in 2012, which was the
primary difference vs. our bottom-line estimate of QR25.3mn.
For the full year (2013), profit to equity holders stood at
QR101.6mn vs. QR84.9mn in 2012, up 19.7% YoY. The
company announced a cash DPS of QR1.50 vs. a 20% stock
dividend in 2012. For FY2013, overall revenue increased to
QR527.3mn in 2013 vs. QR479.7mn in 2012, a growth of 9.9%
YoY. In our view, the growth primarily came from LVQ Phase 3
coming online in 2013. Direct costs increased 4.0% YoY.
Furthermore, G&A expenses increased by 3.7% YoY. On the
Imdad front, GWCS booked a provision of QR6.3mn (51% share
leads to a hit of QR3.2mn). We maintain our estimates with a
price target of QR45.75; however, given the stock’s
appreciation, we change our rating to Market Perform. We
expect better operating performance in 2014 & 2015 on the back
of LVQ Phase 3 & 4. Our overall thesis on the company remains
unchanged; GWCS is the market leader and the only recognized
player in the Qatari logistics market. The company benefits from
the Qatar growth story and has embarked on aggressive debtfinanced expansions that will almost double its bottom-line and
ROE over the next four years. GWCS trades at a premium to its
regional and global peers. In 2013, the stock was up 23.88%
(total return) vs. the QE All Share Transportation Index, which
was also up 38.65%. (QNBFS Research, QE)
IQCD announces shutdown schedule of its production
facilities in 1Q2014 – Industries Qatar (IQCD) has confirmed its
planned shutdown timetable for 1Q2014 for all its Qatar-based
production facilities. The planned shutdown schedule, with prior
year comparatives, is as follows: Ethylene: 35 days (1Q2013: 0
days); LDPE: 34 days (1Q2013: 11 days); LLDPE: 11days
(1Q2013: 0 days); Methanol: 10 days (1Q2013: 0 days); MTBE:
8 days (1Q2013: 0 days); Ammonia: 40 days (1Q2013: 1 day);
Urea: 40 days (1Q2013: 7 days); and Steel ( DR, EF/CC & RM):
22 days (1Q2013: 40 days). This shut-down schedule is
indicative of current plans only, and actual down-time may vary
from the latest plan. The announced shutdowns are somewhat
different from previously detailed maintenance-related
shutdowns stated in IQCD’s 5-year business plan. We do not
expect material changes to our estimates as a result of these
announced shutdowns. (QNBFS Research, QE)
E&Y: Qatar hospitality market posts dip in room yield –
According to a report by E&Y, the hospitality market in Qatar
saw a 4% YoY decrease in room yield during JanuaryNovember 2013, while it maintained a 65% occupancy rate for
the first 11 months of 2013 and 2012. The decline in revenue
per available room (RevPAR) is largely due to a 3.4% dip in the
average room rate from QR951 during January-November 2012
to QR919 for January-November 2013. The report for November
said the hospitality market in Doha saw a dip of 3% YoY in its
occupancy rates. However, the sector saw a 16.1% decrease in
RevPAR to QR916 in November 2013, falling from QR1,052 in
November 2012. (Peninsula Qatar)
Commercial Bank opens two branches – The Commercial
Bank of Qatar has opened two new branches at the St Regis
Hotel and the Al Gassar Resort in Doha. With these two, the
bank has a network of 30 branches and is supported by 151
ATMs, in addition to internet banking and mobile banking
Kahramaa to launch new water plants – Qatar General
Electricity & Water Corporation (Kahramaa) is to launch new
water plants in Duhail, Umm Qarn, Mesaimeer, south Doha and
Muathier, as part of a major project aimed at raising its strategic
reserves. The Duhail plant will be the largest in Qatar with a total
capacity of 142mn gallons, holding one-third of water reserves in
Qatar. This plant will serve areas including Lusail, Al Kheesa
and Rowdath Al Hammam. The Umm Qarn plant costing
Page 3 of 6
QR973mn has five reservoirs with a capacity of 71mn gallons
and will serve Umm Qarn, Semaisma and surrounding areas.
Meanwhile, Kahramaa is preparing to launch another large
water reservoir project to support the newly developed areas in
the country. (Peninsula Qatar)
MMUP to allot 7,782 plots to eligible citizens – The Ministry
of Municipality & Urban Planning (MMUP) has announced that it
will allot 7,782 plots of land all over the country to eligible
citizens this year. Currently, the titles of the plots are being
changed so they could be allotted. Areas where these plots are
located are being provided with basic services, including roads.
The ministry also has plans to allot 1,800 more plots for
residential purposes in the near future. (Peninsula Qatar)
QATI’s AGM, EGM to be held on February 16 – Qatar
Insurance Company (QATI) has announced that its AGM and
EGM will be held on February 16, 2014. The agenda of the AGM
covers the board’s proposal for distribution of profits such as
cash dividends of 25% from the par value of the share, i.e.
QR2.5 for each share, and a bonus share issued 25% of the
capital, i.e. one share for each four shares. The EGM’s agenda
includes approving the increase in the company's capital from
QR1,284,323,040 to QR1,605,403,800 by distributing bonus
Total looks to expand activities in Qatar – French oil
company Total’s President Yves-Louis Darricarrère said the
company is committed to further developing its activities in Qatar
over the long-term. He added that the company’s oil & gas
production in Qatar averaged at 140,000 barrels of oil equivalent
per day in 2013. (Gulf-Times.com)
QISI’s AGM scheduled on March 12 – Qatar Islamic Insurance
Company (QISI) has announced that its AGM will be held on
March 12, 2014 or on March 17, 2014 in case the desired
quorum for the meeting is not achieved. (QE)
QEWS’ BoD to meet on February 5 – Qatar Electricity & Water
Company’s (QEWS) board of directors will meet on February 5,
2014 to discuss the company’s financial results ending on
December 31, 2013. (QE)
AKHI’s BoD to meet on February 19; AGM on March 23 – Al
Khaleej Takaful Group’s (AKHI) board will meet on February 19,
2014 to discuss the company’s financial results ending on
December 31, 2013 as well as to discuss the proposal of profit
distribution for FY2013. Further, the AGM will be held on March
23, 2014 and an alternate meeting will be on March 26, 2014.
IATA-accredited agencies grow to 143 in Qatar – According
to the data by the International Air Transport Association (IATA),
the total number of IATA-accredited travel agencies in the
country jumped to 143 in 2013, from merely 17 in 2007. The
figures show that the number of IATA-accredited travel agencies
in Qatar has witnessed a consistent double-digit growth over the
last six years, with 126 companies being accredited by IATA
between 2008 and 2013. This growth is powered by Qatar’s
emergence as a new aviation hub in the region backed by a
booming tourism industry. (Peninsula Qatar)
Weidmann: No reason for irrational inflationary fears –
Germany's Bundesbank President Jens Weidmann said there
was no reason for "irrational inflationary fears" and dismissed
suggestions of a danger of the Eurozone falling into deflation,
echoing the European Central Bank's outlook. Jens Weidmann
also urged France to live up to its function as a role model and
show its peers how to restore economic competitiveness, saying
it was decisive for the recovery of the whole the Eurozone.
China's economic growth eases to 7.7% in 4Q2013 – China's
annual growth eased to 7.7% in 4Q2013 as investment and
demand flagged late in the year. That leaves growth in the
Chinese economy at 7.7% for all of 2013, unchanged from
revised levels in 2012. The fourth-quarter growth rate compared
with 7.6% forecast by analysts in a Reuters poll but eased from
7.8% in the previous three months. On a quarterly basis, GDP
rose 1.8% from July-September, slower than expectations for
2.0% and a reading of 2.2% in April-June. (Reuters)
China’s 2013 new home sales to exceed $1tn – China’s new
home sales last year likely exceeded $1tn for the first time as
property prices in cities the government considers first tier
surged in the absence of more nationwide property curbs. China
Real Estate Information Corp. (CRIC) has forecasted that
National Bureau of Statistics numbers to be released will show
2013 sales topped $1tn. The value was $975bn in the first 11
months. Earlier, the Bureau said new-home prices in December
climbed 20% in Guangzhou and Shenzhen from a year earlier,
and jumped 18% in Shanghai and 16% in Beijing. (Bloomberg)
Thomson Reuters: Mideast M&A activities reach $43.4bn in
2013 – According to the Thomson Reuters’ investment banking
analysis for 2013, investment banking fees in the Middle East
reached $722.2mn during 2013. The value of announced M&A
transactions involving any Middle Eastern company reached
$43.4bn during 2013, 7% higher than the $40.7bn witnessed
during 2012, and marking the best full year’s total since 2010.
al Naimi: US shale helps keep oil markets stable – Saudi Oil
Minister Ali al Naimi said the Kingdom welcomes the surge in
US shale oil production for its stabilizing effect on crude prices.
Al Rajhi declares SR1,500mn dividends for 2H2013; to raise
its capital by bonus shares – Al Rajhi Bank’s board of
directors has recommended the distribution of dividends worth
SR1,500mn (SR1 per share) for 2H2013, representing 10% of
the face value. Those shareholders who are registered in the
Securities Depository Center on the day of the AGM will be
eligible for these dividends. Meanwhile, Al Rajhi’s board has
also recommended for an increase in the bank’s capital through
bonus shares. The bank’s capital is to be raised by 8% from
SR15,000mn to SR16,250mn. With this, the number of shares
would go up from 1,500mn to 1,625mn shares. The increase will
be done through capitalization of SR1,250mn from account.
Budget Saudi to increase its capital through bonus shares –
The United International Transportation Company’s (Budget
Saudi) board has recommended for an increase in company’s
capital through bonus shares issued to its shareholders. The
company’s capital is to be raised by 33.3% from SR305mn to
SR406.7mn. With this, the number of shares would go up from
30.5mn to 40.7mn shares. The increase will be done through
capitalization of SR101.7mn from retained earnings account.
ACE gets SAMA’s temporary approval for its insurance
products – Ace Arabia Cooperative Insurance Company (ACE)
has obtained the Saudi Arabian Monetary Agency’s (SAMA)
temporary approval to use its insurance products for six months.
Page 4 of 6
Nakheel's profit up 27.2% in 2013 – Dubai-based Nakheel has
reported a rise of 27.2% in its net profit to AED2.57bn in 2013.
Revenues grew 20.5% to AED9.4bn in 2013. Meanwhile,
Nakheel’s Chairman Ali Rashid Lootah said the company plans
to launch new projects worth between AED6bn and AED8bn in
2014. Lootah said Nakheel would consider an IPO of shares
after the company settled its debts. (Qatar Tribune)
DLD expects major property growth in Dubai in 2014 –
Property buying activity in Dubai is expected to witness
significant growth in 2014 after registering around 50% jump in
the number of transactions and values in 2013. According to the
data released by the Dubai Land Department (DLD), Dubai’s
ideal environment and safe haven status attracted a large
number of property investors in 2013 as transactions rose by
more than 52% to 63,652 in contrast to 41,767 transactions in
2012. The transaction value also surged by 53% to AED236bn
last year, compared with AED154bn in 2012. Values of property
transactions increased to AED128bn in 2H2013, as against
AED108bn recorded in 1H2013. (GulfBase.com)
Nakheel to build 9 hotels by 2016; plans giant mall off Deira
coast – Nakheel has nine hotel projects under development by
2016 to benefit from the country’s growth as a regional tourist
destination. Nakheel’s Chairman Ali Rashed Lootah said that the
company may unveil plans to build four new hotels on Deira
Island along with its existing one, adding to four other
developments across the rest of Dubai. He said that these
hotels will be part of new projects that Nakheel will unveil in
2014 with a sales value of AED6-8bn, which include homes,
retail and leisure destinations. In addition, Nakheel plans to take
on mega projects, including a 1.5 to 2mn square foot shopping
mall off the Deira coastline and close to the earlier announced
night market. The mall’s dimensions place it among the top
three malls in terms of gross leasable area, just behind the
Dubai Mall and the Mall of the Emirates. (Bloomberg)
DEWA makes progress on AED360mn water pipeline
projects – The Dubai Electricity & Water Authority (DEWA) is
moving forward with its developmental projects to enhance the
power & water infrastructure capacity in Dubai. DEWA has
announced that its AED360mn water pipeline project is
progressing as per schedule. The project envisages supplying,
implementing and extending a water transmission network by 67
kilometers in several areas of Dubai including the Dubai-Al Ain
road, Dubai Bypass Road, Camel Racetrack, and Al Doha
Empower acquires Palm Utilities at AED1.8bn – Empower
has acquired Palm Utilities, another district cooling service
provider in the UAE, at a value of AED1.8bn. This deal
increases Empower’s market share from 35% to 70%. The
acquisition will be funded through a combination of internal
accruals, equity and debt financing. (Bloomberg)
ACWA Power Barka to expand water desalination capacity –
ACWA Power Barka has concluded the commissioning activities
for its SWRO Desalination Expansion Project and expects to
launch its commercial operations in February 2014. This
expansion will see a further 10 million imperial gallons a day of
water added to its capacity. (MSM)
SMN Power appoints new CEO – SMN Power Holding has
appointed Gillian-Alexandre Huart as the company’s new Chief
Executive Officer effective from January 16, 2014.
SHC declares 15% dividend for FY2013 – Sahara Hospitality
Company’s (SHC) board of directors has recommended a
dividend of 15% (OMR0.15 per equity share) for FY2013.
BAC to attract Asian airlines after upgrade – Bahrain Airports
Company (BAC) is in talks with Asian airlines as it seeks to
attract more flight services to its hub that is undergoing an
upgrade worth $980mn. After the upgrade, BAC’s capacity
would double to 13.5mn passengers over five years. BAC’s
CEO Mohamed Yousif Al-Binfalahs said that company is
targeting many carriers from China, India, Indonesia, the
Philippines, Malaysia and Singapore with attractive incentives.
The state-owned company expects to boost passenger numbers
6% in 2014 from 7.4mn in 2013. (Bloomberg)
Saudi-Bahrain rail link faces further delay – Bahrain’s
delayed causeway link with Saudi Arabia, a part of the $15.5bn
GCC Railway Project, may not be completed on time. The
ministries of transport and finance in both Bahrain and Saudi
Arabia are studying the best way to finance and technically
develop the causeway that is part of the 2,177-kilometer (1,353
mile) GCC Railway Project due for completion in 2018. The rail
link between Bahrain and Saudi Arabia will be built parallel to
the existing King Fahd Causeway, which currently brings in five
million visitors to Bahrain annually. (Bloomberg)
IIB acquires $250mn US property – Bahrain-based Islamic
bank, the International Investment Bank (IIB) has acquired a
$250mn, 2,400-unit multi-family residential portfolio primarily
located in Dallas (Texas, US), along with Atlas Residential
Management. The Class A portfolio was acquired from Dallasbased Pillar Income Asset Management. Existing senior debt for
the portfolio, which is insured by the US Department of Housing
& Urban Development, was assumed during the transaction,
with Macquarie Bank providing $71mn in mezzanine financing.
Etihad Airways launches Etihad Regional – Etihad Airways
has launched a new brand, “Etihad Regional”, for travelers in
Europe, in Zurich, Switzerland. Earlier, Etihad had announced
that it was acquiring 33.3% equity in Swiss-based Darwin
Airlines, which will operate Etihad Regional. Their code share
with Etihad Airways started on January 17. Etihad Regional will
offer year-round flights to 15 destinations in Europe using a fleet
of 10 Saab 2000 turboprop aircraft. (Bloomberg)
CBO issues CDs worth OMR377mn – The Central Bank of
Oman (CBO) has issued certificates of deposit (CDs) worth
OMR377mn. The average interest rate of these certificates was
0.13%, while the maximum accepted interest rate was 0.13%.
The tenor of these certificates is 28 days, which will mature on
February 12, 2013. (GulfBase.com)
Page 5 of 6
Daily Index Performance
S&P Pan Arab
Crude Oil (Brent)/Barrel (FM
Natural Gas (Henry
North American Spot LPG
North American Spot LPG
Normal Butane Price
Global Indices Performance
SHANGHAI SE Composite
Ahmed M. Shehada
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
QNB Financial Services SPC
Contact Center: (+974) 4476 6666
PO Box 24025
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.
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