GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,044 0.09
Med Cap4,120 0.12
Small Cap5,252 -0.35
Micro Cap8,971 0.06

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Ticker Price Volume
SABIC 97.37 2,673,609
OOREDOO 1200 76,670
MMG 12.55
BAHRI 36.79 613,161
EMAAR 7.59 3,995,659
EEC 21.89 592,684
ZAIN.TASI 9 3,532,437

Commercial Bank of Qatar

Source: HC Securities & Investment

Off To a Good Start, Maintain Buy

• Credit costs show improvement supporting earnings in 1Q
• Cut our loan loss provisioning 50% in FY10f and 20% in FY11f
• Reiterate Buy and increase TP 13% to QAR90.8/share

Valuation and catalyst: We still find the stock attractive, trading at a FY10f PB of 1.3x – a 5% discount to its implied PB. Robust loan growth and fee income would act as catalysts to the stock.

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