GulfBase GCC Cap Indices
Large Cap4,040 1.47
Med Cap3,813 1.12
Small Cap4,857 0.75
Micro Cap8,140 0.78

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Ticker Price Volume
QNBK 127 470,450
ETISALAT 17.15 1,265,926
GFH 0.6
DAMAC 3.04 4,480,836
SABIC 102.33 6,566,984

Doha Bank

Source: NBK Capital

Appealing Dividend Yield

• Doha Bank (Doha) is Qatar’s fourth-largest bank with a 9% market share of assets. Doha has been a private-sector-focused bank with high exposure to the retail market. Following the capital injections in 2009, the Qatari government now holds a 9.1% stake in the bank.

• We initiate coverage of Doha with an “Accumulate” recommendation and a fair value per share of QR 63.70, representing an upside potential of 19%. Doha is trading at a P/B of 1.7x and a P/E of 10x, lower than its peers’ multiples of 2.3x and 12x, reprehensively. We expect Doha to continue paying high dividends, with the 2010 dividend yield standing at a very generous 9%. On the downside, the bank has a small balance sheet with limited capitalization and high exposure to the slow-growth retail sector, along with increasing NPLs. We have assigned Doha a risk rating of 4 (on a scale of 1 to 5). We believe the main risks facing Doha are an additional sizable loss of market share and a further weakening in asset quality.

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