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
DANA 0.62 13,288,208
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
SABIC 98.09 2,208,800

Commercial Bank of Qatar

Source: Rasmala Investment Co. (RASMALA)

Proving its point

CBQ has long said it can grow in the public sector, that it will benefit from growth expanding beyond the public sector, and that profitability can be improved. Not only did it achieve all of this in 2Q11, but management's outlook suggests there is more ahead.

Strong results leave our forecasts looking conservative
Our growth forecast for 2011 in particular now looks overly conservative. However, more important, this goes a long way to establish proof of principle for CBQ being a premium growth story. We believe this more than justifies our price target and recommendation on the stock as a sharply discounted bank with top-tier growth prospects. Nevertheless, the stock remains much more popular with international investors than locals, and until foreign ownership limits are raised, it remains debateable how quickly the valuation discount will clear. Our recommendation remains Buy despite recent modest outperformance

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