GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,944 0.23
Med Cap3,796 -0.14
Small Cap4,859 -0.84
Micro Cap8,285 -0.49

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Ticker Price Volume
QNBK 146 383,603
WAHA 1.72 489,438
DAMAC 2.88 5,023,218
MMG 0
BKIZ 0.08 62,350
BATELCO 0.26 25,000
SABIC 98.2 2,769,289

The Commercial Bank of Qatar

Source: NBK Capital

Lackluster 2010 but Undervalued

• We initiate coverage of the Commercial Bank of Qatar (CBQ) with a “Buy” recommendation and a fair value per share of QR 92.80, representing a 38% upside potential. CBQ is trading at a price-to-book (P/B) ratio of 1.4x versus the peers’ average of 2.3x. CBQ is the second-largest bank in Qatar, with an 11% market share of assets, and is private-sector-focused bank. Following the capital injection in 2009, the Qatari government now holds a 9.1% stake in the bank.

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