Equity Weekly Global Equities The MSCI World index gained +3.4% 5d, as central banks from the Federal Reserve, European Central Bank and Bank of Japan reiterated that stimulus measures will be maintained for the foreseeable future, and the US earnings season started on a positive note. Risk measures decreased across the board, with the VIX SPX -7.1% 5d to 14, VSTOXX -15.6% 5d to 19 and the VHSI -7.4% 5d to 21. Developed markets led the gains for the MSCI sub-indices, with the MSCI G7 markets index +3.4% 5d, followed by the MSCI Emerging markets index +3.0% 5d and MSCI Frontier markets index, +1.5% 5d. Weekly 14 July Whilst US markets are benefiting stronger economic and corporate data as well a measured approach to QE reduction, the coming week could see Emerging markets come to the fore. China s Finance Minister commented that he is confident of achieving 7% growth for, which is below the official 7.5% target, and also stated that a 6.5% growth rate would not be a big problem, with a slowdown is necessary for structural reform. Such a slowdown also has implications for China s trading partners, especially those companies in emerging markets providing raw materials and commodities. MENA Markets MSCI released indicative indices for the UAE and Qatar, together with member weights. According to Bloomberg consensus estimates the UAE companies to be included in the index are projected to witness strong income growth both in and 2014 and respectable 2014E dividend yields averaging 3.1%. Strong UAE stock market YTD (DMGI +47%) has resulted in the Qatari stocks trading on lower multiples (QE Index +12% ) and having higher projected 2014E dividend yields of 5.2%, with a majority of companies also projected to have double digit net income growth in 2014. In the global hunt for yield, both the UAE and Qatari markets have companies offering attractive dividend yields, supported by income growth, and unlike a majority of other emerging and frontier markets, the UAE and Qatar do not suffer from currency risk, given their dollar pegs. The UAE listed companies, with provisional weights, for MSCI Emerging market inclusion are Emaar (28.1%), DP World (16%), Aldar (12.9%), NBAD (11.6%), ADCB (9.95%), FGB (9.39%), DFM (6.34%) and Arabtec (5.73%). For Qatar, the companies are QNB (21.7%), Industries Qatar (18.59%), Al Rayan (16.48%), Ooreedoo (15.78%), QEWS (6.44%), CBQ (5.68%), QIB (5.53%), Doha Bank (4.94%) and Vodafone Qatar (4.87%. Based on Bloomberg data and our MENA coverage universe, the Real Estate sector (+4.9% 5d) was the best performing sector, led by Palm Hill Development (+22.4% 5d) and Emaar (+6.4% 5d). The Industrials sector was the worst performer, effectively flat for the week. Our MENA equity coverage universe shows the Financial Services sector (22.3x 2014, 2014 of 3.7%) as having the most upside of +27% based on consensus target prices. The Food and Retail sector (14.2x 2014 and 2014 of 27.9%) has the least upside of +0.8%. Irfan Ellam Head of MENA Equity Research +971 4 230 7807 mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com Developed Markets The S&P 500 index gained +3.0% 5d, to a new record of 1,680 during the week, as initial earnings from Alcoa and Wells Fargo beat estimates, and as the FOMC minutes showed many members want to see improving employment before reducing stimulus. Utility, consumer staples and healthcare companies the led gains, with 9 out of the 10 industry groups rising. UPS was one of the exceptions falling 1.6% as it reduced its earnings forecast. According to Bloomberg consensus Q2 earnings for the S&P 500 are projected to rise by 2%. The Euro Stoxx 600 index rose +2.7% 5d with mining companies showing some of the biggest gains as copper and lead prices increased. Invensys jumped +21% as it received a GBP 3bn bid from Schneider Electric. G4S fell -7.4% after the UK government referred it to the UK s Serious Fraud Office for overcharging for its electronic tagging service, including charging for monitoring dead people. Emerging and Frontier Markets Emerging markets gains were led by Eastern European markets with the MSCI Eastern Europe index +6.0% 5d, followed by the MSCI EM Asia index +2.9% 5d, with the MSCI Latin America index, +1.4% 5d. Frontier markets gains were led by the MSCI FM Africa index +1.9% 5d, followed by the MSCI Frontier Markets ex GCC index +1.5% 5d.
ROA ROA ROA Research from Emirates NBD Major Equity Markets MENA Sector / E 3 2 2 1 1 y = 1.9923x - 9.1626 R² = 0.4805 Banks Telecom Industrials Petchem & Fert Construction Real Estate 4.0 12.0 2 Food & Retail Transport & Logistics Energy & Utilities MENA Sector PB/ROA 16.0 12.0 8.0 4.0-4.0 y = 4.7166x - 2.7764 R² = 0.84 Telecom Petchem & Fert Real Estate Industrials Construction PB Food & Retail Transport & Logistics Banks Energy & Financial Utilities Services 1.0 2.0 3.0 4.0 MENA Equity Indices / E 32.0 24.0 16.0 8.0 y = 1.5929x - 1.4648 R² = 0.2371 MSM ADSMI EGX 30 ISE 100 DSM 7.0 9.0 11.0 13.0 Tadawul MADEX DFMGI MENA Equity Indices PB/ROA 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 EGX 30 y = 1.1469x + 0.9902 R² = 0.3948 DFMGI 0 0 0.50 1.00 1.50 2.00 PB Tadawul ADSMI MSM DSM XU100 Developed Market Indices / E 2 2 1 1 y = 0.8582x + 2.7655 R² = 0.2094 Stoxx 600 Cac FTSE 100 Dax AS51 Index S&P 500 Dow Jones SMI 8.0 1 12.0 14.0 16.0 18.0 Nasdaq Nikkei Developed Market Indices PB/ROA 12.00 10 8.00 6.00 4.00 2.00 y = 3.5632x - 3.9908 R² = 0.5001 Dax Nikkei Stoxx 600 Cac Nasdaq S&P 500 SMI AS51 Index 0 0.50 1.00 1.50 2.00 2.50 3.00 3.50 PB FTSE 100 Dow Jones Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates
ROA Research from Emirates NBD Major Equity Markets Emerging Market Indices / E 2 2 1 1 Bovespa Karachi Malaysia Shanghai Vietnam Micex Jakarta Jo'burg Taiwan y = 0.3434x + 12.774 R² = 562 4.0 8.0 12.0 16.0 HSI Mexico Sensex Nifty Emerging Market Indices PB/ROA 12.00 8.00 y = 2.1057x + 0.4499 R² = 0.2522 Jo'burg Karachi Taiwan Jakarta 4.00 Micex Vietnam Malaysia Bovespa HSI Mexico Shanghai 0 0.5 1.5 2.5 3.5 PB Sensex Nifty Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates
Research from Emirates NBD MENA Markets MENA Equity Indices (5d% chg) DFM 5.6% ADX 4.0% Tadawul 0.3% DSM 0.5% KWSE -1.0% Bahrain Bourse -0.1% MSM 0.8% EGX 30-1.1% ISE 100 1.1% MADEX 0.6% TUSISE -0.3% -12% -7% -2% 3% 8% Benchmark Equity Indices Div 5d 1m Index P/E P/B Yield chg chg Ytd MSCI World 14.52 1.88 2.64 3.4% 2.4% 11.9% MSCI G7 14.55 1.92 2.43 3.4% 2.8% 13.7% MSCI Emerging Markets 10.48 1.36 2.96 3.0% -0.9% - 10.4% MSCI Frontier Markets 10.52 1.51 4.11 1.5% -1.1% 10.5% S&P Pan Arab 12.16 1.57 3.75 0.3% 0.4% 9.2% MENA Equity Indices Index Last Price 5d chg T.Value 5d avg P/E P/B Div Yield % above 200d MA DFM 2,392 127.5 80.5 13.5 1.1 3.3 54.8 ADX 3,706 143.0 89.8 10.6 1.5 4.7 36.1 Tadawul 7,690 21.8 1,038.7 12.5 1.8 3.6 64.4 ISE 100 73,922 810.1 1,555.9 9.9 1.4 2.5 38.0 EGX 30 5,277-57.8 48.4 9.4 0.8 5.8 4 KWSE 7,882-80.2 90.7 - - 3.6 46.8 Bahrain 1,190-1.5 1.0 - - 4.1 4.9 MSM 6,491 49.8 9.2 10.2 1.5 4.2 9 Qatar Exchange 9,420 47.8 35.8 11.1 1.6 4.9 9 MADEX 7,084 40.3 3.1 13.1 2.5 4.4 54.7 TUSISE 4,605-11.9 0.9 - - 2.0 14.3 DUAE INDEX 2,704 129.1 143.9 - - 2.8 10 DKUW INDEX 3,821 12.5 18.7 - - 3.7 73.3 DQAT INDEX 5,917 39.5 25.9 - - 4.5 9 DKUS INDEX 2,932 21.4 19.9 - - 4.3 66.7 DQAS INDEX 7,398 118.6 - - - - - Relative to Benchmark Indices Index PB Dvd Yld Index PB Dvd Yld Relative to S&P Pan Arab DFM 10.7% -32.4% -11.2% Relative to MSCI Emerging Market Index ADX -13.2% -6.8% 24.9% EGX 30-10.3% -44.0% 97.4% Tadawul 3.1% 17.0% -3.7% MADEX 24.8% 80.5% 49.8% KWSE - - -3.2% ISE 100-5.6% 4.8% -17.0% Bahrain - - 9.3%
Research from Emirates NBD Index PB Dvd Yld Index PB Dvd Yld MSM -16.5% -5.8% 12.8% Qatar -8.7% 4.3% 30.5% TUSISE -5% - -46.7% Source: Bloomberg, Emirates NBD Research, Bloomberg Estimates
Research from Emirates NBD Developed Markets Developed Market Equity Indices (5d% chg) Emerging Market Equity Indices (5d% chg) DJIA 2.2% S&P 500 3.0% Nasdaq 3.5% FTSE 100 2.7% DAX 5.2% CAC 40 2.7% SMI 2.6% Stoxx 600 2.7% Nikkei 1.4% S&P / ASX 200 2.7% 0% 1% 2% 3% 4% 5% 6% MEXBOL -0.7% KLCI JSE Ho Chi Minh FTSE / JSE Africa Micex Bovespa -0.5% TWSE KSE 100 Nifty Sensex KOSPI SHCOMP Hang Seng 0.8% 0.7% 1.7% 2.7% 2.4% 2.4% 2.0% 1.6% 2.0% 4.0% 4.1% 3.9% -1% 0% 1% 2% 3% 4% 5% Equity Indices Index Last Price 5d chg T.Value 5d avg P/E P/B Div Yield % above 200d MA Dow Jones 15,464 328.5 5,004.0 13.9 2.8 2.5 93.3 S&P 500 1,680 48.3 25,472.2 15.2 2.4 2.1 90.6 Nasdaq 3,600 120.7 13,487.9 18.5 2.9 1.3 70.3 FTSE 100 6,545 169.4 4,512.3 12.2 1.7 3.8 83.2 Dax 8,213 406.8 3,571.0 12.1 1.4 3.3 7 Cac 40 3,855 101.2 2,968.7 12.2 1.2 3.9 77.5 Swiss 7,983 201.2 1,688.9 15.1 2.4 3.2 9 Nikkei 14,506 196.3 15,707.3 18.3 1.6 1.6 96.4 Australia 4,974 132.1 3,235.3 14.1 1.8 4.7 61.7 Stoxx 600 296 7.9 23,264.9 13.2 1.5 3.7 7 Emerging Markets & Frontier Markets Hong Kong 21,277 422.6 2,631.6 10.1 1.3 3.5 3 Shanghai 2,039 32.3 13,897.7 9.0 1.2 3.1 31.5 Korea 1,870 36.7 3,047.0 10.3 1.1 1.2 51.0 Sensex 19,958 462.7 72.7 14.0 2.2 1.6 46.7 Nifty 6,009 141.1 857.9 14.0 2.2 1.6 4 Karachi 23,037 859.0 108.9 8.4 1.8 5.3 9 Taiwan 8,220 218.7 2,797.0 15.2 1.7 3.1 65.8 Bovespa 45,533-229.9 1,869.0 12.5 0.8 4.6 16.9 Micex 1,398 55.5 731.8 5.3 0.7 3.8 46.0 Jo'burg 1,398 1565.1 1,193.4 13.3 1.8 2.9 60.8 Vietnam 494 8.3 28.5 11.9 2.0 3.6 57.4 Jakarta 4,633 30.3 515.9 15.1 2.9 2.1 26.5 Malaysia 1,786 13.4 272.3 16.7 2.2 3.3 83.3 Mexico 40,330-293.3 437.9 16.4 2.5 1.4 4 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate
Research from Emirates NBD Relative to Benchmark Indices Index PB Dvd Yld Index PB Dvd Yld Relative to MSCI G7 Index Relative to MSCI Emerging Markets Index Dow Jones -4.4% 47.0% 0.8% Hong Kong -3.5% -7.3% 19.5% S&P 500 4.6% 22.5% -14.0% Shanghai -14.5% -1% 4.4% Nasdaq 27.3% 50.2% -45.7% Korea -1.9% -20.2% -58.4% FTSE 100-15.9% -10.4% 58.0% Sensex 33.5% 61.9% -45.9% Dax -16.8% -25.5% 36.2% Nifty 33.5% 59.6% -47.0% Cac 40-16.0% -36.8% 61.3% Karachi -2% 29.0% 79.4% Swiss 3.7% 24.7% 32.9% Taiwan 44.7% 22.3% 5.9% Nikkei 25.9% -18.3% -34.6% Bovespa 19.5% -42.5% 55.4% Australia -2.9% -5.4% 94.6% Micex -49.2% -52.2% 29.7% Stoxx 600-9.2% -21.7% 51.0% Jo'burg 26.9% 30.6% -0.9% Vietnam 13.9% 50.1% 20.7% Jakarta 43.8% 111.7% -28.4% Malaysia 59.0% 63.8% 12.9% Mexico 56.7% 86.0% -51.5% Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate
ROA Research from Emirates NBD Telecoms Sector / E 4 3 2 1 y = 1.3207x + 3.8322 R² = 0.2943 OT STC 1 1 2 Etihad Etisalat Etisalat NMTC du Telecom Egypt Zain Qtel PB/ROA E 3 2 2 1 1 Telecom Egypt NMTC Qtel STC y = 3.3605x + 0.5032 R² = 0.2211 Vodafone Zain KSA - Qatar 1.0 2.0 3.0 4.0 PB Etihad Etisalat Etisalat Du Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Orascom Telecom 4.36 3268.3-7.5-13.4 15.8 2.1-2.8 1.4 55 2.7 Telecom Egypt 12.78 3117.6 9.3 8.9 9.3 9.0 0.9 8.0 9.2 10.4 58 1.2 NMTC 2080 3669.1 15.5 9.8 9.3 12.3 1.4 5.2 5.3 4.3 37 0.1 Zain 680 10269.5 12.0 11.3 13.7 14.3 1.9 8.1 6.4 7.4 49 4.5 Qtel 126.70 - - 10.9 12.0 12.3-3.0-4.3-2.4 Etihad Etisalat 82.25 16886.6 8.8 9.8 30.6 29.1 2.5 15.8 5.5 5.7 63 17.7 STC 41.00 21864.0 11.9 9.0 14.8 16.6 1.7 6.3 4.6 5.5 60 9.3 Zain KSA 9.90 2851.1 - - -27.5-16.4 1.0-6.4 55 57.2 Etisalat 11.45 24646.5 10.6 11.6 16.8 18.7 1.8 8.8 7.7 6.1 53 5.8 Du 6.18 7679.3 8.1 1 28.8 27.0 2.1 15.2 8.6 4.9 71 2.6 Average 10.9 10.4 9.5 13.9 1.7 6.1 5.3 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Ooredoo plans to invest USD 15bn in Myanmar to expand the nation s mobile-phone network. (Bloomberg)
ROA Research from Emirates NBD Petrochemicals & Fertilisers Sector / E PB/ROA E 5 4 3 2 1 Yansab Sidi Kerir APPC Tasnee SIPCHEM IQ Chemanol SAFCO Sabic Sahara y = -2.0416x + 44.965 R² = 0.3831 1 1 2 2 Maaden 5 4 3 2 1-1 y = 9.4216x - 7.2918 R² = 0.9298 APPC SIPCHEM Sahara Chemanol Maaden Sidi Kerir Sabic Saudi Kayan 1.0 2.0 3.0 4.0 6.0 IQ Yansab Tasnee PB SAFCO Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI IQ 161.40 26815.8 10.1 10.4 29.8 27.0 2.8 21.9 5.5 5.5 53 11.8 Sahara Petchem 15.20 1778.4 29.1 14.8 3.9 7.9 1.1 2.4 3.7 3.8 62 9.2 SABIC 90 75990.9 10.9 10.4 17.3 17.5 1.8 7.4 5.6 5.6 64 102.8 SIPCHEM 23.55 2302.4 11.6 14.7 10.7 10.5 1.2 4.0 6.5 5.3 64 3.7 Saudi Kayan 11.50 4599.4-20.4-5.2 4.4 1.3-1.7 1.8 48 11.8 Sidi Kerir Petchem 13.43 1007.6 8.0 7.4 35.1 36.2 2.8 26.5 10.2 11.7 61 0.4 Yansab 57.00 8549.0 10.9 11.6 20.8 19.4 2.1 10.8-4.7 56 6.9 Chemanol 12.55 403.6 17.6 15.9 6.0 5.9 1.0 3.1-3.8 44 4.0 APPC 30.50 1333.7 13.1 12.3 16.1 20.6 2.1 9.9 7.6 6.6 45 4.7 Safco 153.25 13620.2 13.1 13.2 45.3 46.0 5.7 39.9 7.9 6.9 72 8.0 Ma'aden 29.00 7152.5 27.5 19.1 6.2 7.1 1.7 2.2 - - 38 7.0 Tasnee 26.20 4672.9 10.5 9.8 15.3 13.9 1.5 4.1 7.2 6.7 45 10.5 Average 14.8 13.3 16.8 18.0 2.1 10.9 6.0 5.7 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Saudi Kayan said its unit Saudi Butanol has signed contractual agreement with Daelim to construct a butanol plant for SAR 1.1bn. The construction is scheduled to start in January 2014 and completion is expected in May 2015. (Bloomberg) Advanced Petrochem reported Q2 net profit of SAR 137mn (+16.1% q/q, +153.7% y/y), beating analysts estimates of SAR 121mn by 13.2%. The company attributed the increase to higher sales and lower feedstock prices. (Bloomberg) Safco s board recommended SAR 6 per share as dividend for 1H. (Bloomberg)
Research from Emirates NBD Sabic said it will pay SAR 2 per share as dividend for H1. (Bloomberg) Sabic said its joint venture with Albemarle with start producing 6,000 metric tons of Tri-Ethyl aluminium at its Jubail plant. (Bloomberg) Sabic and Celanese joint venture awarded a USD 386.7mn contract to Dragados Industrial to build a polyacetal production facility in Jubail Industrial City in Saudi Arabia. The project is expected to be completed in Q1 2016. (Bloomberg)
ROA Research from Emirates NBD Banking Sector / E 4 3 2 1 NBAD DIB QIB CIB FGB QNB Samba y = 622x + 14.833 R² = 01 7.0 9.0 11.0 13.0 1 NBK CBQ DB QIB ADCB Riyad Bank Burgan Bank Al Rajhi Bank Aljazira PB/ROA E 4.0 3.0 2.0 1.0 y = 0.4645x + 1.2457 R² = 0.1537 FGB Riyad Bank DIB Bank Aljazira CIB NBAD ADCB Samba CBQ Burgan Bank QNB NBK QIB DB 1.0 2.0 3.0 4.0 PB Al Rajhi Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI CIB 33.88 2891.5 9.3 8.2 22.8 21.3 1.9 2.5 3.6 4.0 56 5.2 Al Rajhi Bank 75.25 30096.4 12.4 13.2 22.8 23.1 2.7 3.2 4.8 65 35.1 Samba 50.25 12058.6 9.3 9.5 14.5 14.2 1.3 2.2 3.7 4.0 52 4.9 Riyad Bank 24.70 9878.8 1 10.1 11.2 11.5 1.1 1.9 5.7 5.7 52 2.9 Bank Aljazira 27.70 2215.7 15.6 13.7 10.3 11.4 1.6 1.1-2.3 55 5.6 NBK 930 14877.9 13.5 13.1 12.8 12.5 1.7 2.0 3.1 3.7 39 6.9 Burgan Bank 600 3406.4 14.0 11.3 11.9 16.0 1.6 1.1 1.9 2.5 44 1.8 DIB 3.39 3659.9 6.6 11.8 12.3 12.1 0.8 1.2 7.5 4.7 62 21.2 NBAD 12.10 14184.0 9.2 11.1 15.1 16.1 1.3 1.6 3.4 2.9 58 2.2 FGB 16.95 13885.3 8.4 11.5 14.8 16.7 1.2 2.5 7.2 4.7 69 9.8 ADCB 5.16 7845.8 6.1 10.3 14.3 13.5 0.8 1.5 8.3 4.8 62 9.6 QNB 161.50 31033.8 11.0 11.9 18.7 19.4 1.9 2.5 4.6 3.3 67 8.9 CBQ 71.40 4851.9 8.7 8.8 13.8 13.5 1.2 2.7 8.5 7.2 62 4.6 DB 48.05 3409.3 8.0 9.3 17.8 16.9 1.4 2.4 8.9 7.5 64 2.6 QIB 68.90 4471.0 14.3 11.3 10.9 12.9 1.5 1.9 6.4 52 1.9 Bank Muscat 0.59 331 8.0 8.4 14.3 13.1 1.1 1.8 4.3 4.6 36 1.8 Average 10.3 10.8 14.9 15.3 1.4 2.0 5.4 4.6 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate
Research from Emirates NBD News Flow Abu Dhabi Islamic Bank closed a AED 1.32bn syndicated Islamic facility for Gulf Marine Services. The funds will be used to meet the company s financing needs, including refinancing existing facilities and providing finance for acquisition of 2 vessels. (Bloomberg) Riyad Bank reported a Q2 net profit of SAR 968mn (+1.8% q/q, +6.0% y/y), beating analysts estimates of SAR 935mn by 3.5%. (Bloomberg) Alinma Bank reported Q2 net profit of SAR 241mn (+9.0% q/q, +34.3% y/y), beating analysts estimates of SAR 230mn by %. (Bloomberg) Bank Albilad reported Q2 net profit of SAR 176mn (+23.9% q/q, +14.7% y/y), beating analysts estimates of SAR 159mn by 10.6%. (Bloomberg) Tamweel shareholders approved delisting of shares from the DFM exchange. (Bloomberg) Banque Saudi Fransi reported Q2 net profit of SAR 763mn (+11.5% q/q, +1.0% y/y), beating analysts estimates of SAR 753mn by 1.3%. (Bloomberg) Saudi Hollandi Bank reported Q2 net profit of SAR 365mn (+8.3% q/q, +13.0% y/y), beating analysts estimates of SAR 340mn by 7.3%. (Bloomberg) National Commercial Bank reported a +24.0% y/y increase in Q2 013 net profit to SAR 1.99bn. (Bloomberg) National Bank of Bahrain reported Q2 net profit of BHD 11.94mn (-19.4% q/q, +8.64% y/y). (Bloomberg) Arab National Bank reported Q2 net profit of SAR 717.9mn (flat y/y), beating analysts estimates of SAR 663mn by 8.2%. (Bloomberg) Saudi British Bank reported Q2 net profit of SAR 1bn (+1% y/y), beating analysts estimates of SAR 933mn by 7.2%. (Bloomberg) Samba reported Q2 net profit of SAR 1.18bn (+1.5% y/y), beating analysts estimates of SAR 1.17bn by 1.0%. The company announced a H1 dividend of SAR 0.80 per share. (Bloomberg) Al Rajhi Bank reported Q2 net profit of SAR 2.12bn (+1.4% y/y), missing analysts estimates of SAR 2.16bn by 1.8%. (Bloomberg) Qatar National Bank reported Q2 net profit of QAR 2.56bn (+21.3% y/y, +19.8% q/q), beating analysts estimates of QAR 2.35bn by 9.0%. (Bloomberg)
ROA Research from Emirates NBD Real Estate Sector / E 8.0 7.0 6.0 Dar Al Arkan 4.0 TMG Holding 3.0 Barwa RE Deyaar 2.0 1.0 y = 0.1108x + 3.949 R² = 635 1 1 2 Aldar Emaar PB/ROA E 16.0 14.0 12.0 y = -2.6158x + 6.2378 R² = 265 1 8.0 Emaar 6.0 Dar Al Arkan Aldar 4.0 TMG Holding 2.0 Deyaar -2.0 Emaar Eco City 0.2 0.4 0.6 0.8 1.0 1.2 1.4 PB Barwa RE Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Aldar 2.35 5094.8 4.2 12.5 17.6 7.4 0.6 3.7 4.7 2.1 61 30.8 Barwa Real Estate 27.35 2922.7 9.3 8.0 9.3 3.0 0.8 2.0 3.6-60 6.5 Dar AL Arkan 10.15 2922.8 9.0 9.9 6.2 6.6 0.5 4.3-52 72.9 Deyaar Development 0.39 616.7 52.5 15.7 1.0 3.7 0.5 0.6 - - 53 3.5 Emaar Economic City 10.25 2323.1 37.2-2.5 0.9 1.4 - - 59 43.4 Emaar Properties 5.66 9502.7 10.7 15.9 6.6 6.6 0.7 3.5 2.7 1.9 59 24.8 TMG Holding 4.60 1356.5 16.8 15.8 2.2 3.1 0.4 1.0-64 1.9 Palm Hill Developments 2.46 368.5-24.6-3.9 7.1 0.8-0.9 77 3.9 Average 2 14.6 5.2 4.7 0.7 1.9 2.8 0.8 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Nakheel said its H1 net profit increased +57.0% y/y to AED 1.2bn while revenues increased +36.0% y/y to AED 4.23bn. In H1 the company handed over 1,400 properties to customers and said it estimates to deliver about 3,000 properties in all of. (Bloomberg) Emaar Properties said it has started hand over of serviced apartments in Makkah Tower, Saudi Arabia. (Bloomberg)
ROA Research from Emirates NBD Food & Retail Sector / E PB/ROA E 7 6 y = 5.2312x - 56.683 R² = 0.428 3 3 y = 2.7644x + 1.3233 R² = 0.9052 5 4 Alhokair Jarir Mktg 2 2 Alhokair Jarir 3 Othaim 2 Agithia 1 Savola Almarai 8.0 1 12.0 14.0 16.0 18.0 2 1 Agithia 1 Othaim Savola Almarai 2.0 4.0 6.0 8.0 1 12.0 PB Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Almarai 72.50 7731.8 17.6 18.5 20.2 19.7 3.4 8.2 2.0 1.9 63 9.3 Othaim 117.50 704.9 10.8 15.4 28.4 24.4 2.7 1 3.6 2.8 65 4.1 Alhokair 173.75 3242.9 11.8 16.5 35.8 34.5 3.8 18.8-2.0 75 4.0 Jarir Marketing 201.75 3227.6 16.3 18.6 59.0 59.4 9.1 30.8 4.8 4.3 74 1.9 Savola 50 6665.9 14.3 15.2 17.5 18.8 2.4 6.5 3.5 3.3 51 4.4 Agthia 3.25 530.9 10.5 13.2 11.5 13.2 1.2 7.9 2.3 2.2 60 0.3 Average 13.6 16.3 28.7 28.3 3.8 13.7 3.2 2.8 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Almarai reported a Q2 net income of SAR 398mn (+56.0% q/q, +% y/y), missing analysts estimates of SAR 404mn by 1.5%. (Bloomberg) Jarir Marketing reported a Q2 net income of SAR 126.2mn (-30.1% q/q, +18% y/y), missing analysts estimates of SAR 130mn by 2.9%. The company attributed the y/y increase in profit to rise in sales of smartphones and opening of one new showroom. (Bloomberg)
ROA Research from Emirates NBD Construction & Building Materials Sector / E 2 2 1 1 OCIC Depa y = -0.7446x + 19.297 R² = 0.1131 8.0 1 12.0 14.0 16.0 18.0 DSI Arabtec PB/ROA E 9.0 8.0 7.0 6.0 4.0 3.0 2.0 1.0 y = 4.7374x - 1.7773 R² = 0.8554 Depa DSI 0.5 1.0 1.5 2.0 2.5 PB Arabtec OCIC Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Arabtec 2.16 1871.9 25.3 16.5 4.8 7.6 1.2 1.6-1.4 57 14.6 Depa 0.42 258.2-11.9-7.3 1.0 0.5-3.9 63 DSI 0.96 600.4 16.8 14.4 3.5 5.4 0.6 1.5-2.7 51 10.8 OCIC 245.13 7318.9 31.9 11.0-22.7 - - - 4.8 62 2.3 Average 24.7 13.4 0.3 9.2 0.8-0.2 2.2 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Yamamah Cement reported Q2 0213 net profit of SAR 268mn (-2.9% q/q, +28% y/y), beating analysts estimates of SAR 247mn by 8.5%. (Bloomberg) Arabtec completed AED 2.4bn rights share sale with the company issuing 1.56bn new shares at AED 1.5 per share. The company will use proceeds for expansion. (Bloomberg) Yanbu Cement reported Q2 net profit of SAR 274mn (+10.9% q/q, +27.0% y/y), beating analysts estimates of SAR 242mn by 13.2%. (Bloomberg) Saudi BinLadin Group raised SAR 1bn from the sale of one-year Islamic bonds. It was sold below par to provide a 2.5% profit rate. (Bloomberg)
ROA Research from Emirates NBD Energy & Utilities Sector / E 4 3 3 2 2 1 1 QEWC Dana Gas Tabreed y = 0.5648x + 7.4335 R² = 278 4.0 6.0 8.0 1 12.0 14.0 16.0 18.0 Saudi Electricity PB/ROA E 8.0 7.0 6.0 4.0 3.0 2.0 1.0 y = 8.5918x - 5.5003 R² = 0.365 Elsewedy 0.2 0.4 0.6 0.8 1.0 1.2 1.4 PB GB Auto KIPCO Amiantit Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Dana Gas 0.58 1042.5 4.9 5.4 7.1 8.5 0.3 4.9 - - 55 3.1 QEWC 156.00 4284.1 9.2 11.3 41.8 37.0 3.4 6.4 5.5 5.1 51 1.5 Saudi Electricity 12.85 14275.8 21.8 16.3 4.8 5.9 1.0 1.1 5.2 5.4 43 8.6 Tabreed 1.91 340.9 15.2 7.9 5.8 5.3 0.2 2.7 - - 58 9.3 Average 12.8 10.2 14.9 14.2 1.3 3.8 5.4 5.3 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow
ROA Research from Emirates NBD Industrials Sector / E 3 3 2 2 1 1 y = -0.8711x + 15.147 R² = 0.1794 Saudi Cable El swedy Oriental Weavers Amiantit 1.0 2.0 3.0 4.0 6.0 7.0 KIPCO GB Auto PB/ROA E 8.0 7.0 6.0 4.0 3.0 2.0 1.0 y = 8.5918x - 5.5003 R² = 0.365 Elsewedy 0.2 0.4 0.6 0.8 1.0 1.2 1.4 PB GB Auto KIPCO Amiantit Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI El Ezz Steel Rebars 480 937.5 10.5 10.9 19.2-2.1 3.8 12.5 8.6 70 Elswedy ElectriC 20.22 645.6 43.9 11.4 2.3 7.1 1.1 0.8-3.5 58 0.6 GB Auto 28.00 516.2 16.4 14.1 10.6 15.1 1.7 3.6-4.4 60 0.1 Oriental Weavers 19.91 256.1 7.6 6.7 9.3 9.9 0.7 4.4-11.3 43 0.2 Saudi Arabian Amiantit 13.95 429.6 14.7 9.9 7.0 8.8 1.1 2.4-8.0 47 3.0 Saudi Cable 13.30 269.5-8.3-16.3 12.1 1.1-4.0 6.3 48 3.5 KIPCO 550 2701.3 16.1 18.3 5.5 7.2 1.0 0.5 5.1 3.6 68 2.2 Dubai Investments 1.56 1555.3 9.5-3.8-0.4 2.4 8.2-66 15.6 Average 17.0 11.4 5.2 1 1.1 1.8 6.4 6.5 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow Maaden awarded a USD 825mn contract to Daelim Industrial to build ammonia plant in Ras Al Khair. The plant will have production capacity of 1.1m tons and is expected to be completed in late 2016. (Bloomberg) Maaden reported Q2 net profit of SAR 41mn (-68.0% y/y), missing analysts estimates of SAR 167mn by 75.5%. The company attributed the decline to lower ammonia sales after technical maintenance shutdown of plant. (Bloomberg)
ROA Research from Emirates NBD Transport & Logistics Sector / E PB/ROA E 6 5 QGTS y = -1.8001x + 40.68 R² = 0.1092 12.0 1 y = 4.9412x - 742 R² = 0.3011 Aramex 4 3 Aramex 2 N. Shipping DPW 1 Air Arabia Agility 8.0 1 12.0 14.0 16.0 18.0 2 22.0 8.0 Air Arabia 6.0 DPW 4.0 2.0 0.5 1.0 1.5 2.0 PB Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI Air Arabia 1.14 1461.1 9.3 11.7 7.9 8.4 0.7 5.5 8.4 5.7 59 6.9 Aramex 2.63 1048.4 12.0 13.7 12.6 13.0 1.5 9.4 4.5 62 1.2 DPW 15.81 12823.5 13.0 23.0 9.6 6.9 1.2 4.3 1.8 1.6 57 3.1 National Shipping Co 20.30 170 12.0 14.4 9.6 9.7 1.1 4.6 5.2 4.8 61 5.3 Agility 670 2577.4 14.8 12.4 3.8 5.9 0.6 2.4 5.9 6.0 49 4.7 QGTS 18.48 2842.0 11.0 12.5 47.6 56.5 4.8 2.5 6.6 6.0 56 3.5 Average 12.0 14.6 15.2 16.7 1.6 4.8 5.5 4.8 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow DP World s rating was affirmed at BBB- with stable outlook at Fitch. (Bloomberg) Etihad reported Q2 total revenue of USD 1.33bn (+6.4% y/y). The seat factor for the airline came in at 77.3%. Passenger revenues for the company increased to USD 921mn (+7.7% y/y) and cargo revenues to USD 216mn (+2% y/y) (Bloomberg)
Research from Emirates NBD Financial Services Sector Dvd Avg Value Market Cap PB ROA Yld DvdYld Traded 3m Company Price LLC RSI DFM 1.86 4138.4 231.8 73.1 0.5 2.1 1.1 0.5 1.1 59 19.3 EFG-Hermes 8.73 596.7 102.1 13.0 0.7 4.5 0.6 0.1-19.1 60 4.5 Tamweel 1.09 296.8 15.7 12.8 3.2-0.5 0.7 4.4 4.6 25 0.4 Average 116.5 33.0 1.4 3.3 0.7 0.4 2.2 8.2 Source: Bloomberg, Emirates NBD Research, Bloomberg Estimate News Flow
Research from Emirates NBD Foreign Ownership Limits Stock Allowed (%) Owned (%) 1 wk chg (%) 1 m chg (%) Stock Allowed (%) Owned (%) 1 wk chg (%) 1 m chg (%) Dubai Insurance House 20 0.50 0-1 Air Arabia 49.00 21.72 5-0.88 ASMAK 49.00 1 0 0 Ajman Bank 49.00 2.80-2 5 Investbank 20 3.28 1.83 2.46 Arabtec Holdings 49.00 8.92-0.22-0.38 METHAQ 20 17.82 0.52-3.11 Aramex 49.00 36.01 1 3 NBAD 20 3.07-2 0 Drake & Scull Intl 49.00 14.95-2 0.20 RAK Bank 20 18.78 0.23 0.21 DFM 49.00 5.15 7-8 NMDC 0 1.78 0 0 Dubai Investments 20 6.24-9 -0.12 Qatar Telecom 100 87.22 0 0 Dubai Islamic Bank 10 4.16 0.10 0.30 RAK Properties 49.00 29.73-0.25 0.11 DNIR 20 6 0 0 RAK Poultry & Feeding 49.00 15.87 0 1.20 Emaar 49.00 15.51 7-0.44 RAK Cement Co. 49.00 23.85-7 -1.00 Du 100 0.21 0-1 RAK Ceramics 49.00 12.88-4 -1 Emirates NBD 0 2.01 0-1 RAK Co for White Cement 49.00 16.59 0 0 GGICO 49.00 0.85 0 1 RAK National Ins. 20 5 0 0 Gulf Navigation 20 4.82-2 0.18 SCIDC 10 1.78 0 0 National Cement Co. 20 1.03 0 0 Sudan Telecom 100 79.82-1 0.27 TABREED 49.00 5.30 7-0.52 UAQ Cement 49.00 12.68-1.01-1.47 Shuaa Capital 49.00 17.43-6 0.22 Union Cement 49.00 3.05 0 2 TAKAFUL 20 16.22-7 8 UNB 40 8.18 0 9 Takaful House 20 2.17 4-0.22 United Arab Bank 49.00 46.06 0 0.35 Tamweel 40 3.04-6 -8 United Insurance Co. 20 0 0 0 Union Properties 10 4.19-7 7 Waha Capital 49.00 7.63 9 9 Abu Dhabi Qatar ADCB 49.00 7.18 1 0.15 Al Khaliji 24.97 15.89-1 -4 BILDCO 20 7.61 0 8 Al Khalij Holding 24.86 2.69-2 -0.15 AD National Hotel 20 1.96-1 0.36 Barwa Real Estate 24.97 6-2 -0.13 ADNIC 20 5 0 0 CBQ 20.27 13.04 1 0.34 AD Ship Building 20 2.36 3-0.48 Doha Bank 20 6.70 2-1 Agthia Group 20 11.18 9 0.24 Gulf Intl Services 22.50 16 6-4 Al Buhairah Ins. Co. 20 6.71 2.00 2.00 Industries Qatar 12.25 6.61 1-0.19 Al Khazna Ins. Co. 20 2.36 0 1 Masraf Al Rayan 49.00 13.99-4 -0.21 Aldar Properties 40 12.66 0.32 1.63 National Leasing 20 11.41 7 0.41 Bank of Sharjah 30 19.11-1 6 QEWS 20 7.06-2 3 Comm. Bank Intl 49.00 43.09 0 1 Qatar Gas Transport 24.47 9.76-1 -4 Dana Gas 49.00 64.83 0.27-0.20 Qatar Insurance Co. 24.69 6.81 0-0.29 Eshraq Properties 49.00 36.51-0.10-1.67 QIIB 19.39 2.63-1 1 Finance House 20 10.77 0-7 Qatar Islamic Bank 20.59 3.71-3 -0.11 First Gulf Bank 20 14-4 0.16 Qatar National Bank 12.49 6 2 0.30 Foodco Holding 0 1.15 0-1 Qatar Navigation 20 6.65 3-0.21 Green Crescent Ins. 20 8.81 0 5 Qatar Telecom 100 22.08-1 -4 Gulf Cement Co. 49.00 18.05 0 1 United Development 20 12.90 1 0.14 Gulf Livestock Co. 49.00 66.92 0 0 Vodafone Qatar 100 3.96-1 -4 Gulf Medical Projects 49.00 8.28 0-2 Source: Bloomberg, Emirates NBD Research
Research from Emirates NBD Other Asset Classes Currencies Close %5d chg 1 year fwd Close %5d chg Close %5d chg EURUSD 1.3067 +1.86 1.3099 USDTRY 1.9542 +0.68 EURAED 4.7994-1.81 GBPUSD 1.5107 +1.46 1.5078 USDEGP 6.9973 +0.44 GBPAED 5.5488-1.48 USDJPY 99.2200 +2.00 98.8300 USDSAR 3.7505 -- JPYAED 370-1.96 USDCAD 1.0395 +1.80 1.0484 USDQAR 3.6412 +1 CADAED 3.5332-1.71 AUDUSD 0.9049-0.20 0.8840 USDKWD 0.2859 +0.23 AUDAED 3.3242 +0.16 USDCHF 0.9465 +1.85 0.9419 USDBHD 0.3770-0 CHFAED 3.8817-1.79 EURGBP 0.8649-0.36 0.8687 USDOMR 0.3850-0 TRYAED 1.8800-0.53 USDCNY 6.1382-9 6.1391 USDMAD 8.5301 +1.47 INRAED 613-1.36 Rates Interbank 1 month 3 month 6 month 1 year Swaps Close 5d chg (bps) EIBOR 0.5686 0.8943 1.1300 1.3086 USD 2 yr 0.5258-5.9 USD LIBOR 0.1919 0.2676 0.4020 0.6859 USD 5 yr 1.6081-21.2 GBP LIBOR 0.4938 0.5094 0.5943 0.8831 USD 10 yr 2.8054-18.9 EURIBOR 736 0.1421 0.2464 0.4500 EUR 2 yr 0.5380 1.6 JPY LIBOR 0.1171 0.1564 0.2279 0.4164 EUR 5 yr 1.0850-8.1 CHF LIBOR -040 190 804 0.2454 EUR 10 yr 1.8770-14.7 Commodities & Fixed Income Commodities Close %5d chg Bonds / Sukuk YTM 5d chg (bps) CDS Close 5d chg (bps) CRB CMDT Index 469.67 4 ADGB 5.5 14 0.6520-62.5 Abu Dhabi 69.0-5.2 Gold 1285.70 +5.11 DUGB 6.396 14 2.0650-37.5 Dubai 22 + Silver 19.94 +5.41 QATAR 5.15 14 0.3300-5 Qatar 71.3-7.3 Oil (WTI) 105.95 +2.64 BHRAIN 6.273 18 3.9190-12 Saudi Arabia 65.5-5.6 Oil (Brent) 108.81 +1.01 EGYPT 5.75 20 8.1950 +398.6 Bahrain 22-6.0 Aluminium 1802.50 +4.57 TURKEY 7.25 15 2.4600-29.5 Egypt 655.4-118.4 Copper 6939.75 +2.32 MOROC 5.375 17 2.8960 +48.8 Turkey 221.0 +21.0 Tin (LME) 19451.50 +3.53 BTUN 4.5 20 5.2120 +10 Morocco 22-1 Zinc (LME) 1868.75 +3.33 US Tsy 2 yr 0.3390-5.6 US Tsy 10 yr 2.5821-15.7 Source: Bloomberg, Emirates NBD Research
Research from Emirates NBD Disclaimer PLEASE READ THE FOLLOWING TERMS AND CONDITIONS OF ACCESS FOR THE PUBLICATION BEFORE THE USE THEREOF. By continuing to access and use the publication, you signify you accept these terms and conditions. Emirates NBD reserves the right to amend, remove, or add to the publication and Disclaimer at any time. Such modifications shall be effective immediately. Accordingly, please continue to review this Disclaimer whenever accessing, or using the publication. Your access of, and use of the publication, after modifications to the Disclaimer will constitute your acceptance of the terms and conditions of use of the publication, as modified. If, at any time, you do not wish to accept the content of this Disclaimer, you may not access, or use the publication. Any terms and conditions proposed by you which are in addition to or which conflict with this Disclaimer are expressly rejected by Emirates NBD and shall be of no force or effect. Information contained herein is believed by Emirates NBD to be accurate and true but Emirates NBD expresses no representation or warranty of such accuracy and accepts no responsibility whatsoever for any loss or damage caused by any act or omission taken as a result of the information contained in the publication. The publication is provided for informational uses only and is not intended for trading purposes. Charts, graphs and related data/information provided herein are intended to serve for illustrative purposes. The data/information contained in the publication is not designed to initiate or conclude any transaction. In addition, the data/information contained in the publication is prepared as of a particular date and time and will not reflect subsequent changes in the market or changes in any other factors relevant to their determination. The publication may include data/information taken from stock exchanges and other sources from around the world and Emirates NBD does not guarantee the sequence, accuracy, completeness, or timeliness of information contained in the publication provided thereto by or obtained from unaffiliated third parties. Moreover, the provision of certain data/information in the publication may be subject to the terms and conditions of other agreements to which Emirates NBD is a party. None of the content in the publication constitutes a solicitation, offer or recommendation by Emirates NBD to buy or sell any security, or represents the provision by Emirates NBD of investment advice or services regarding the profitability or suitability of any security or investment. Moreover, the content of the publication should not be considered legal, tax, accounting advice. The publication is not intended for use by, or distribution to, any person or entity in any jurisdiction or country where such use or distribution would be contrary to law or regulation. Accordingly, anything to the contrary herein set forth notwithstanding, Emirates NBD, its suppliers, agents, directors, officers, employees, representatives, successors, assigns, affiliates or subsidiaries shall not, directly or indirectly, be liable, in any way, to you or any other person for any: (a) inaccuracies or errors in or omissions from the publication including, but not limited to, quotes and financial data; (b) loss or damage arising from the use of the publication, including, but not limited to any investment decision occasioned thereby. (c) UNDER NO CIRCUMSTANCES, INCLUDING BUT NOT LIMITED TO NEGLIGENCE, SHALL EMIRATES NBD, ITS SUPPLIERS, AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, SUCCESSORS, ASSIGNS, AFFILIATES OR SUBSIDIARIES BE LIABLE TO YOU FOR DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SCIAL, PUNITIVE, OR EXEMPLARY DAMAGES EVEN IF EMIRATES NBD HAS BEEN ADVISED SCIFICALLY OF THE POSSIBILITY OF SUCH DAMAGES, ARISING FROM THE USE OF THE PUBLICATION, INCLUDING BUT NOT LIMITED TO, LOSS OF REVENUE, OPPORTUNITY, OR ANTICIPATED PROFITS OR LOST BUSINESS. The information contained in the publication does not purport to contain all matters relevant to any particular investment or financial instrument and all statements as to future matters are not guaranteed to be accurate. Anyone proposing to rely on or use the information contained in the publication should independently verify and check the accuracy, completeness, reliability and suitability of the information and should obtain independent and specific advice from appropriate professionals or experts regarding information contained in the publication. Further, references to any financial instrument or investment product is not intended to imply that an actual trading market exists for such instrument or product. In publishing this document Emirates NBD is not acting in the capacity of a fiduciary or financial advisor. Emirates NBD and its group entities (together and separately, "Emirates NBD") does and may at any time solicit or provide commercial banking, investment banking, credit, advisory or other services to the companies covered in its reports. As a result, recipients of this report should be aware that any or all of the foregoing services may at times give rise to a conflict of interest that could affect the objectivity of this report. The securities covered by this report may not be suitable for all types of investors. The report does not take into account the investment objectives, financial situations and specific needs of recipients. Data included in the publication may rely on models that do not reflect or take into account all potentially significant factors such as market risk, liquidity risk and credit risk. Emirates NBD may use different models, make valuation adjustments, or use different methodologies when determining prices at which Emirates NBD is willing to trade financial instruments and/or when valuing its own inventory positions for its books and records. In receiving the publication, you acknowledge and agree that there are risks associated with investment activities. Moreover, you acknowledge in receiving the publication that the responsibility to obtain and carefully read and understand the content of documents relating to any investment activity described in the publication and to seek separate, independent financial advice if required to assess whether a particular investment activity described herein is suitable, lies exclusively with you. You acknowledge and agree that past investment performance is not indicative of the future performance results of any investment and that the information contained herein is not to be used as an indication for the future performance of any investment activity. You acknowledge that the publication has been developed, compiled, prepared, revised, selected, and arranged by Emirates NBD and others (including certain other information sources) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort, and money and constitutes valuable intellectual property of Emirates NBD and such others. All present and future rights in and to trade secrets, patents, copyrights, trademarks, service marks, know-how, and other proprietary rights of any type under the laws of any governmental authority, domestic or foreign, shall, as between you and Emirates NBD, at all times be and remain the sole and exclusive property of Emirates NBD and/or other lawful parties. Except as specifically permitted in writing, you acknowledge and agree that you may not copy or make any use of the content of the publication or any portion thereof. Except as specifically permitted in writing, you shall not use the intellectual property rights connected with the publication, or the names of any individual participant in, or contributor to, the content of the publication, or any variations or derivatives thereof, for any purpose. YOU AGREE TO USE THE PUBLICATION SOLELY FOR YOUR OWN NONCOMMERCIAL USE AND BENEFIT, AND NOT FOR RESALE OR OTHER TRANSFER OR DISPOSITION TO, OR USE BY OR FOR THE BENEFIT OF, ANY OTHER RSON OR ENTITY. YOU AGREE NOT TO USE, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION IN ANY MANNER THAT COULD COMTE WITH THE BUSINESS INTERESTS OF EMIRATES NBD. YOU MAY NOT COPY, REPRODUCE, PUBLISH, DISPLAY, MODIFY, OR CREATE DERIVATIVE WORKS FROM ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION. YOU MAY NOT OFFER ANY PART OF THE PUBLICATION FOR SALE OR DISTRIBUTE IT OVER ANY MEDIUM WITHOUT THE PRIOR WRITTEN CONSENT OF EMIRATES NBD. THE DATA/INFORMATION CONTAINED IN THE PUBLICATION MAY NOT BE USED TO CONSTRUCT A DATABASE OF ANY KIND. YOU MAY NOT USE THE DATA/INFORMATION IN THE PUBLICATION IN ANY WAY TO IMPROVE THE QUALITY OF ANY DATA SOLD OR CONTRIBUTED TO BY YOU TO ANY THIRD PARTY. FURTHERMORE, YOU MAY NOT USE ANY OF THE TRADEMARKS, TRADE NAMES, SERVICE MARKS, COPYRIGHTS, OR LOGOS OF EMIRATES NBD OR ITS SUBSIDIARIES IN ANY MANNER WHICH CREATES THE IMPRESSION THAT SUCH ITEMS BELONG TO OR ARE ASSOCIATED WITH YOU OR, EXCEPT AS OTHERWISE PROVIDED WITH EMIRATES NBD S PRIOR WRITTEN CONSENT, AND YOU ACKNOWLEDGE THAT YOU HAVE NO OWNERSHIP RIGHTS IN AND TO ANY OF SUCH ITEMS. MOREOVER YOU AGREE THAT YOUR USE OF THE PUBLICATION IS AT YOUR SOLE RISK AND ACKNOWLEDGE THAT THE PUBLICATION AND ANYTHING CONTAINED HEREIN, IS PROVIDED "AS IS" AND "AS AVAILABLE," AND THAT EMIRATES NBD MAKES NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE PUBLICATION, INCLUDING, BUT NOT LIMITED TO, MERCHANTABILITY, NON-INFRINGEMENT, TITLE, OR FITNESS FOR A PARTICULAR PURPOSE OR USE. You agree, at your own expense, to indemnify, defend and hold harmless Emirates NBD, its Suppliers, agents, directors, officers, employees, representatives, successors, and assigns from and against any and all claims, damages, liabilities, costs, and expenses, including reasonable attorneys and experts fees, arising out of or in connection with the publication, including, but not limited to: (i) your use of the data contained in the publication or someone using such data on your behalf; (ii) any deletions, additions, insertions or alterations to, or any unauthorized use of, the data contained in the publication or (iii) any misrepresentation or breach of an acknowledgement or agreement made as a result of your receiving the publication.
Research from Emirates NBD Emirates NBD Research & Treasury Contact List Emirates NBD Head Office 12th Floor Baniyas Road, Deira P.O Box 777 Dubai Aazar Ali Khwaja Group Treasurer & EVP Global Markets & Treasury +971 4 609 3000 aazark@emiratesnbd.com Tim Fox Head of Research & Chief Economist +971 4 230 7800 timothyf@emiratesnbd.com Research Khatija Haque Senior Economist +971 4 509 3065 khatijah@emiratesndb.com Irfan Ellam Head of MENA Equity Research +971 4 509 3064 Mohammedie@emiratesnbd.com Aditya Pugalia Analyst +971 4 230 7802 adityap@emiratesnbd.com Jean-Paul Pigat MENA Economist +971 4 230 7807 jeanp@emiratesnbd.com Sales & Structuring Head of Sales & Structuring Sayed Sajjid Sadiq +971 4 230 7777 sayeds@emiratesnbd.com London Sales Lee Sims +44 (0) 20 7838 2240 simsl@emiratesnbd.com Saudi Arabia Sales Numair Attiyah +966 1 282 5625 numaira@emiratesnbd.com Egypt Shahinaz Foda +20 22 726 5050 shahinaz.foda@bnpparibas.com Singapore Sales Supriyakumar Sakhalkar +65 65785 627 supriyakumars@emiratesnbd.com Group Corporate Communications Ibrahim Sowaidan +971 4 609 4113 ibrahims@emiratesnbd.com Claire Andrea +971 4 609 4143 clairea@emiratesnbd.com Page 23