GulfBase GCC Cap Indices
Large Cap4,036 -0.08
Med Cap3,814 0.03
Small Cap4,859 0.05
Micro Cap8,126 -0.17

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Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.2 1,101,899
GFH 0.59 99,270
EMIRATESNBD 7.96 235,332
DAMAC 3.06 2,229,322
SABIC 102.33 6,566,984

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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