GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,023 0.80
Med Cap3,850 0.49
Small Cap4,907 0.91
Micro Cap8,519 0.62

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Ticker Price Volume
GFH 0.46 3,578,848
BKSB 0.14 275,822
DSI 0.39 45,711,538
ALINMA 16.41 24,441,807
DAMAC 3.84 686,475
ALKHODARI 9.95 301,307
DANA 0.6 9,001,191

Commercial Bank of Qatar

Source: NBK Capital

Analyst Comment

Overall, we believe this is a good set of results for CBQ that came ahead of our forecasts in terms of operating income and loan growth. Furthermore, non-interest income was strong. The increase in NPLs and provisioning trends in 1Q2011 were in-line with our view for CBQ for FY2011. CBQ trades at a P/B of 1.4x, one of the lowest among the Qatari banks. Our fair value per share for CBQ (QR 97) is 33% above the bank’s latest closing price; hence, our recommendation on the stock is “Buy”.

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