GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,019 -0.10
Med Cap3,848 -0.05
Small Cap4,895 -0.24
Micro Cap8,498 -0.25

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Ticker Price Volume
GFH 0.5 1,361,733
BKSB 0.14 70,617
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
DANA 0.62 13,288,208
EEC 18.02 328,623

Doha Bank

Source: HC Securities & Investment

Doha Bank: Most affected by regulation

• Regulation to impact Doha Bank most, through retail caps and phasing out of Islamic windows
• Retail tilt translates into weakest quality, though pre-provisioning supports loss absorption capacity
• Reasonable valuation, but not best vehicle for growth

Medium returns: Like its peers CBQ and QIB, Doha Bank, the third largest bank in Qatar on assets, is generating average RORWA (in a Qatari banking context) of 2.4% and attractive net interest margins of c3.4%. However, it is also the least cost efficient bank, driven by its focus on retail, in our view, and it, along with QIB, should be the most affected by the retail cap.

Cheap, but less growth than QIB and QNB: Doha Bank is trading at below average multiples versus Qatari peers (2012e P/E of 10.0x and 2011e P/tNAV of 1.4x), justified by its lower growth. Our TP of QAR65 offers 28% upside.

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