GulfBase GCC Cap Indices
Large Cap3,958 0.85
Med Cap3,943 0.35
Small Cap5,129 0.41
Micro Cap8,650 0.61

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Ticker Price Volume
QNBK 147 119,837
SABIC 95.89 2,447,604
MMG 12.55
WARBABANK 265 805,745
GFH 0.72
EMAAR 7.25 3,887,625
AGLTY 650 2,407,748

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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