GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,912 -0.22
Med Cap3,902 0.08
Small Cap5,065 -0.07
Micro Cap8,584 0.50

Research Reports

Quick Links

Most Viewed News

Most Viewed Companies

Ticker Price Volume
QNBK 143.8 312,074
SABIC 97.75 1,713,132
STC 67.25 110,859
ALMARAI 73 11,920
BCI 25.2 276,336
RIBL 10.35 460,608
ORDS 103.8 74,035

Doha Bank

Source: Taib Bank

Quarterly Result Update

Doha Bank reported a total operating income of QAR 1.58 billion for 9M10, up 2.3% YoY.

Net profit was up 5.2% to QAR 895.31 million from QAR 850.81 million in 9M10.

We have maintained our FY2010 total operating income. However, we have increased our net profit estimate by 10.1%, led by higher net interest income and lower expenses.

We are maintaining our earlier OVERWEIGHT recommendation on Doha Bank with a revised target price of QAR 70.07, implying an upside of 32.0%.

Net Profit
Net profit was up 5.2% to QAR 895.3 million from QAR 850.8 million due to higher net interest income and lower expenses. Accordingly, adjusted EPS increased to QAR 6.30 from QAR 5.99 in the year-ago period.

We had updated Doha Bank on July 26, 2010 with an OVERWEIGHT recommendation (target price of QAR 68.31 on a 53.9% upside). Currently, the bank’s stock is trading at a P/E multiple of 8.99x and 7.72x on 2010E and 2011E earnings, and at a P/BV multiple of 1.65x and 1.54x on 2010E and 2011E BVPS, respectively. Meanwhile, the stock has risen 12.7% since the beginning of this year as opposed to a rise of 12.0% by the QE Index. In view of these aforementioned factors, we have arrived at a target price of QAR 70.07, representing an upside of 32.0% over the current price of QAR 53.10 (as of October 27, 2010). Accordingly, we are reiterating our earlier OVERWEIGHT recommendation on Doha Bank.

Click here to download the complete report
GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?