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Doha Bank’s number of outstanding shares increased by 17.2 million shares to stand at 206.7 million shares, due to the final issuance of shares for the Quarterly Investment Authority (QIA). We estimates the new capital injected to be close to QR 737 million. Hence, we are adjusting our fair value for Doha Bank from QR 63.7 per share to QR 62 per share. The new fair value per share (QR 62) is 35% above Doha Bank’s last closing price; hence, our recommendation on the stock is “Buy”.