GulfBase GCC Cap Indices
Large Cap3,991 -0.08
Med Cap3,831 -0.01
Small Cap4,863 -0.26
Micro Cap8,466 0.09

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Ticker Price Volume
GFH 0.49 1,642,170
QNBK 133.5 133,285
AMLAK 1.07 4,593,610
DSI 0.37 10,758,890
BKMB 0.37 624,000
SABIC 97.69 2,746,187
AIRARABIA 1.13 3,611,365

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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