Equity Weekly - Emirates NBD · +7.5% 5d) was the best performing sector, as shares of the DFM gained +28% xpectations that potential IPOs could increase trading volumes and trading

Weekly 2 June 2013

Irfan Ellam

Head of MENA Equity Research

+971 4 230 7807

[email protected]

Aditya Pugalia

Analyst

+971 4 230 7802

[email protected]

Equity Weekly Global Equities The MSCI World index declined -1.2% 5d, as equity investors continued to show concern over the implications of reduced US quantitative easing and European data showed a bleak picture on the employment front. Risk measures increased in the US and Europe, with the VIX SPX +15.8% 5d to 16 and VSTOXX +6.0% 5d to 20. However they decreased in Asia, with the VHSI -5.2% 5d to 17. Emerging markets led the declines for the MSCI regional indices, with the MSCI Emerging markets index -1.7% 5d, followed by the MSCI G7 markets index -1.3% 5d. The MSCI Frontiers markets index, +1.1% 5d, was the exception in what was a mainly negative week for global equities. With the prospect of reduced quantitative easing in the US, global equity markets can be expected to continue to show increased volatility until the quantum of the reduction becomes clearer. In terms of timing the Fed Chairman’s earlier statements imply a potential reduction as soon as the next 3 months.

MENA Markets The S&P Pan Arab Composite index gained +1.3% 5d. Abu Dhabi had the best performing regional market last week, with the ADX index rising +3.0% 5d, with broad gains, led by Aldar (+13.2% 5d) and Sorouh (+11.6% 5d), as the completion of their merger draws closer, with the merger expected to close by the end of June 2013, on volume c.3x the 3 month daily average volume, Aldar is trading on 16.7x BEst PE 2013E, 1.8% BEst ROE 2013E and 1.1x BEst PB 2013E. This equates to a premium of +29% in PE terms, +37% in PB terms and -57% lower ROE compared to our MENA real estate sector universe and Bloomberg consensus estimates. Given the share swap ratio is fixed, Sorouh’s share price will be solely determined by the share price of Aldar. FGB was the other notable mover gaining +7.2% 5d, reversing the previous weeks correction, and is trading on 1.6x BEst PB 2013E and 16.8% BEst ROE 2013E, a +5.8% premium in PB terms and a +12.7% higher ROE relative to our MENA banking sector universe and Bloomberg consensus estimates. The ADX index is currently trading on 9.3x BEst PE 2013E and 14.4% BEst ROE 2013E, a -11% discount in PE terms and 20% higher ROE relative to the S&P Pan Arab Composite index. Jordan the worst performing regional market, with the Amman Stock Exchange General index easing -0.4% 5d. Based on Bloomberg data and our MENA coverage universe, the Financial services sector (+7.5% 5d) was the best performing sector, as shares of the DFM gained +28% 5d on investor expectations that potential IPOs could increase trading volumes and ahead of the 11 June 2013 announcement from the MSCI relating the potential upgrade of UAE markets to emerging markets status. Shares of the DFM are trading on 46.9x BEst PE 2014E.The Petrochemicals and Fertilisers sector was the worst performing sector (on a relative basis), rising +0.2% 5d, with Sahara Petrochemicals declining -2.6% 5d. Our MENA equity coverage universe shows the Banking sector (1.5x BEst PB 2013, BEst ROE 2013 of 15.4%) as having the most upside of +10.4% based on BEst consensus target prices. The Food and Retail sector (15.6x BEst PE 2013 and BEst ROE 2013 of 28.1%) has the least upside of -2.7%.

Developed Markets The S&P 500 index declined -1.2% 5d, driven by the prospect of the US Federal Reserve easing stimulus. Telecoms and utility companies, (which yield 4.5% and 4.1% respectively according to Bloomberg) led the declines, as the prospect of a reduction in quantitative easing (due to an improving US economy) saw US bond yields rise and is also causing investors to shift from defensive to cyclical sectors. Financials and technology shares were the only gainers in the S&P 500s 10 main industry groups , with Financials gaining as Moody’s changed its outlook for the US banking system to stable, having had the outlook as negative since 2008. The Euro Stoxx 600 index eased -0.8% 5d, with the real estate, food and healthcare sectors leading the declines. Fourteen of the 18 western European markets declined during the week. Japan’s Topix (-4.9% 5d) saw some of the largest declines during the week, led by led by car makers, as the yen strengthened over the week.

Emerging and Frontier Markets Frontier markets gains were led by African markets, with the MSCI FM Africa index, +1.4% 5d, followed by Frontier markets, excluding the GCC, advancing +0.4% 5d. Declines in Emerging markets were led by the MSCI EM Latin America index falling -4.0% 5d, followed by the MSCI Eastern Europe -2.6% 5d, and the MSCI EM Asia index easing -0.5% 5d.

Research from Emirates NBD

Major Equity Markets

MENA Sector PE/ROE 2013E

MENA Equity Indices PE/ROE 2013E

Developed Market Indices PE/ROE 2013E

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimates

MENA Sector PB/ROA 2012

MENA Equity Indices PB/ROA 2012

Developed Market Indices PB/ROA 2012

y = 1.541x - 3.3001 R² = 0.2937

0.0

5.0

10.0

15.0

20.0

25.0

30.0

4.0 12.0 20.0

BE

st R

OE

2013

BEst PE 2013

Real Estate

Banks

Industrials

Food & Retail

Telecom

Petchem & Fert

Transport & Logistics

Energy & Utilities

Construction

y = 1.6561x - 1.8508 R² = 0.2261

0.0

8.0

16.0

24.0

32.0

7.0 9.0 11.0 13.0

BE

st R

OE

2013

BEst PE 2013

DSM

DFMGI

ADSMI

MADEX

MSM

Tadawul

ISE 100

EGX 30

y = 0.4952x + 7.7803 R² = 0.0166

10.0

20.0

30.0

40.0

50.0

8.0 10.0 12.0 14.0 16.0 18.0

BE

st R

OE

2013

BEst PE 2013

Nasdaq

AS51 Index

FTSE 100

Dow Jones

SMI

Nikkei

S&P 500

Cac Dax

Stoxx 600

y = 4.7166x - 2.7764R² = 0.84

-4.0

0.0

4.0

8.0

12.0

16.0

0.0 1.0 2.0 3.0 4.0

RO

A 2

012

PB 2012

Real Estate

Banks

Industrials

Food & Retail

Telecom

FinancialServices

Petchem & Fert

Transport & Logistics

Energy & Utilities

Construction

y = 0.7449x + 1.5367 R² = 0.1421

2.00

4.00

0.50 1.00 1.50 2.00

RO

A 2

012

PB 2012

DFMGI

ADSMI

Tadawul

XU100

MSM

DSM

EGX 30

y = -0.7491x + 9.3538 R² = 0.2907

0.00

2.00

4.00

6.00

8.00

10.00

12.00

0.50 2.50 4.50 6.50 8.50 10.50

RO

A 2

012

PB 2012

FTSE 100

S&P 500

Dow Jones

SMI

Nasdaq

Nikkei

Dax

Stoxx 600

Cac

AS51 Index


Major Equity Markets

Emerging Market Indices PE/ROE 2013E


Emerging Market Indices PB/ROA 2012

y = 0.6752x + 10.602 R² = 0.149

15.0

20.0

25.0

30.0

35.0

40.0

4.0 8.0 12.0 16.0

BE

st R

OE

2013

BEst PE 2013

Malaysia

Karachi

Nifty

Jakarta

Sensex

Taiwan

Mexico

Vietnam

Bovespa

HSI Shanghai

Jo'burg

Micex

y = 4.047x - 1.0472 R² = 0.4371

0.00

4.00

8.00

12.00

16.00

0.5 1.5 2.5 3.5

RO

A 2

012

PB 2012

Malaysia

Karachi

Nifty

Jakarta

Sensex

Taiwan

Mexico

Vietnam

Bovespa HSI

Shanghai

Jo'burg

Micex


MENA Markets

MENA Equity Indices (5d% chg)

Benchmark Equity Indices

Index

BEst

P/E

BEst

P/B

Div

Yield

5d

chg

1m

chg Ytd

MSCI World 14.28 1.86 2.69 -1.4% -0.7% 10.0%

MSCI G7 14.28 1.89 2.48 -1.3% 0.1% 11.2%

MSCI Emerging

Markets

10.76 1.42 2.86 -1.7% -3.2% -4.4%

MSCI Frontier

Markets

11.15 1.55 4.00 1.1% 4.0% 14.3%

S&P Pan Arab 11.95 1.54 3.86 1.4% 3.1% 8.4%

MENA Equity Indices

Index Last Price 5d chg

T.Value 5d avg

(USD mn) BEst P/E BEst P/B Div Yield

% above 200d

MA

DFM 2,367 61.2 198.1 13.4 1.1 3.5 67.7

ADX 3,563 102.5 100.8 10.2 1.4 4.9 40.3

Tadawul 7,435 101.4 1,359.0 12.1 1.8 3.7 -

ISE 100 85,990 -5026.3 1,560.7 11.4 1.7 2.1 73.0

EGX 30 5,439 95.6 36.5 9.8 0.8 5.7 30.0

KWSE 8,301 146.3 304.5 - - 3.3 54.5

Bahrain 1,196 26.1 3.2 - - 4.1 22.0

MSM 6,418 53.7 24.5 10.1 1.5 4.3 90.0

Qatar Exchange 9,238 189.4 81.7 10.8 1.6 5.0 90.0

MADEX 7,237 81.1 6.6 12.5 2.8 4.3 44.4

TUSISE 4,570 50.8 1.9 - - 1.7 14.3

DUAE INDEX 2,646 90.4 231.5 - - 3.0 100.0

DKUW INDEX 4,053 55.8 39.7 - - 3.4 86.7

DQAT INDEX 5,748 91.4 53.6 - - 4.6 90.0

DKUS INDEX 3,163 33.6 67.7 - - 3.8 93.3

DQAS INDEX 7,396 50.0 - - - - -

Relative to Benchmark Indices

Index PE PB Dvd Yld Index PE PB Dvd Yld

Relative to S&P Pan Arab

DFM 12.4% -31.6% -8.7% Relative to MSCI Emerging Market Index

ADX -14.6% -9.3% 27.2% EGX 30 -9.3% -44.6% 100.2%

Tadawul 1.1% 14.2% -3.4% MADEX 16.2% 94.9% 50.7%

KWSE - - -13.5% ISE 100 6.1% 17.5% -27.3%

Bahrain - - 5.4%

1.1%

1.1%

-5.5%

1.8%

0.8%

2.2%

1.8%

2.1%

1.4%

3.0%

2.7%

-6% -4% -2% 0% 2% 4%

TUSISE

MADEX

ISE 100

EGX 30

MSM

Bahrain Bourse

KWSE

DSM

Tadawul

ADX

DFM



MSM -15.2% -0.2% 12.5%

Qatar

Exchange

-10.0% 4.0% 29.9%

TUSISE -50.8% - -56.0%



Developed Markets

Developed Market Equity Indices (5d% chg)

Emerging Market Equity Indices (5d% chg)

Equity Indices

Index Last Price 5d chg

T.Value 5d avg

(USD mn) BEst P/E BEst P/B Div Yield

% above 200d

MA

Dow Jones 15,116 -178.9 5,414.3 13.6 2.8 2.5 90.0

S&P 500 1,631 -19.8 26,205.4 14.8 2.3 2.1 89.0

Nasdaq 3,456 -3.5 14,260.2 18.5 - 1.5 66.3

FTSE 100 6,583 -113.7 5,268.2 12.2 1.7 3.8 82.2

Dax 8,349 43.5 4,614.7 12.2 1.5 3.3 73.3

Cac 40 3,949 -8.2 3,771.7 12.4 1.2 3.8 87.5

Swiss 7,947 -221.8 2,462.7 14.9 2.4 3.3 100.0

Nikkei 13,775 -837.9 26,468.5 18.9 1.5 1.6 97.8

Australia 4,927 -56.9 4,267.2 15.0 1.9 4.6 61.0

Stoxx 600 301 -2.5 28,866.8 13.2 1.6 3.6 82.0

Emerging Markets & Frontier Markets

Hong Kong 22,392 -226.5 2,612.5 10.6 1.3 3.2 64.0

Shanghai 2,301 12.1 14,157.3 10.0 1.4 2.5 71.5

Korea 2,001 27.6 3,470.4 - - 1.2 65.4

Sensex 19,760 56.0 81.1 14.0 2.2 1.6 43.3

Nifty 5,986 2.4 1,072.2 13.8 2.2 1.5 42.0

Karachi 21,823 539.3 87.1 8.4 1.8 5.6 93.0

Taiwan 8,255 45.0 2,858.7 15.2 1.6 3.2 76.3

Bovespa 53,506 -2843.8 2,697.2 12.4 0.9 4.3 47.9

Micex 1,350 -30.7 919.5 5.1 0.6 4.1 32.0

Jo'burg 1,350 1017.9 1,775.6 14.3 1.8 2.8 63.9

Vietnam 518 18.2 30.8 12.7 2.2 3.5 65.0

Jakarta 5,069 -86.5 519.3 16.5 3.2 2.2 51.8

Malaysia 1,769 -3.8 350.1 16.3 2.2 3.4 76.7

Mexico 41,588 1067.1 531.2 16.6 2.6 1.4 57.1

Source: Bloomberg, Emirates NBD Research, BEst – Bloomberg Estimate

-1.1%

-5.7%

-0.8%

-2.7%

-0.2%

0.5%

-1.7%

-0.1%

-1.2%

-1.2%

-7% -6% -5% -4% -3% -2% -1% 0% 1%

S&P / ASX 200

Nikkei

Stoxx 600

SMI

CAC 40

DAX

FTSE 100

Nasdaq

S&P 500

DJIA

-1.0%

0.5%

1.4%

0.3%

0.0%

2.5%

0.6%

-5.1%

-2.2%

2.5%

3.6%

-1.7%

-0.2%

2.6%

-8% -6% -4% -2% 0% 2% 4% 6%

Hang Seng

SHCOMP

KOSPI

Sensex

Nifty

KSE 100

TWSE

Bovespa

Micex

FTSE / JSE Africa

Ho Chi Minh

JSE

KLCI

MEXBOL


Relative to Benchmark Indices


Relative to MSCI G7 Index Relative to MSCI Emerging Markets Index

Dow Jones -4.8% 46.1% 0.4% Hong Kong -1.2% -7.1% 12.7%

S&P 500 3.7% 21.7% -14.1% Shanghai -7.5% -3.3% -12.5%

Nasdaq 29.7% - -39.1% Korea - - -59.1%

FTSE 100 -14.6% -7.8% 53.7% Sensex 29.6% 57.9% -44.7%

Dax -14.4% -21.7% 31.9% Nifty 28.0% 56.1% -47.1%

Cac 40 -13.4% -34.4% 54.1% Karachi -21.5% 28.0% 94.3%

Swiss 4.1% 26.2% 31.5% Taiwan 41.1% 14.8% 12.6%

Nikkei 32.5% -19.5% -35.1% Bovespa 15.1% -36.5% 51.5%

Australia 4.9% -2.0% 85.1% Micex -52.9% -56.1% 43.1%

Stoxx 600 -7.3% -16.6% 46.0% Jo'burg 32.6% 25.1% -1.1%

Vietnam 18.3% 54.8% 22.2%

Jakarta 52.9% 122.1% -24.0%

Malaysia 51.5% 57.4% 20.4%

Mexico 54.1% 84.7% -51.3%



Telecoms Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

Orascom Telecom 4.98 3740.6 - 6.6 -13.4 15.8 2.1 -2.8 0.0 1.7 69 2.7

Telecom Egypt 13.52 3304.8 9.3 9.2 9.3 9.3 0.9 8.0 9.2 9.9 55 1.2

NMTC 2180.00 3843.7 15.5 9.8 9.3 12.8 1.4 5.2 5.3 3.9 48 0.1

Zain 720.00 10717.7 12.0 10.9 13.7 13.9 1.9 8.1 6.4 7.6 49 4.8

Qtel 121.70 10882.0 10.3 10.6 12.0 12.5 1.2 3.0 4.8 4.8 75 2.1

Etihad Etisalat 79.75 16374.0 8.8 9.5 30.6 28.9 2.5 15.8 5.5 6.0 47 14.4

STC 42.40 22611.5 11.9 8.9 14.8 16.7 1.7 6.3 4.6 5.8 82 8.9

Zain KSA 8.80 2534.4 - - -27.5 -16.7 1.0 -6.4 0.0 0.0 55 34.6

Etisalat 11.90 25830.0 10.6 12.2 16.8 18.7 1.8 8.8 7.7 5.9 66 5.6

Du 5.80 7218.7 8.1 14.1 28.8 25.8 2.1 15.2 8.6 4.8 65 2.9

Average 10.8 10.2 9.5 13.8 1.7 6.1 5.2 5.0


News Flow

According to press reports Etisalat has offered a higher price than Ooreedoo (formerly Qtel) for Vivendi’s 53% stake in Maroc

Telecom. However Etisalat’s offer has more legal conditions than Ooreedoo’s offer. While the exact prices of the offers were not clear,

sources earlier told Reuters that they had come in lower than the Euro 5bn Vivendi had initially hoped for and closer to the market

value of the stake, which is currently worth Euro 4.34bn. (Zawya)

Ooreedoo (formerly Qatar Telecom) has alternative plans in place to grow its business, including improving broadband access in

markets such as Iraq and Indonesia, should its bid for Vivendi’s 53% stake in Morocco's Maroc Telecom fail, according to its CEO.

(Zawya)

Ooredoo retired a USD 1.25bn revolving credit facility through a new USD1bn facility and USD 250m from existing cash balances.

(Bloomberg)

y = 1.0902x + 6.1546R² = 0.2057

0.0

10.0

20.0

30.0

40.0

0.0 5.0 10.0 15.0

BE

st R

OE

2013

BEst PE 2013

Zain

Etisalat

OT

Telecom Egypt

Etihad Etisalat

STC

Qteldu

NMTC

y = 5.7007x - 3.8542R² = 0.2374

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

0.0 0.5 1.0 1.5 2.0 2.5 3.0

RO

A 2

012

PB 2012

NMTC

Zain

Mobinil

STC

Etisalat

OT

Telecom Egypt

Etihad Etisalat

Zain KSA

Du

Qtel

http://www.zawya.com/middle-east/company/profile/5327/Qatar_Telecom/


Qatar Telecom said it has raised USD 12bn to finance its bid for a majority stake in Maroc Telecom. (Bloomberg)

Altimo’s buyout bid for Orascom Telecom failed as only 16% shareholders accepted the offer falling short of 26.26% minimum Altimo

set as condition for implementation of deal. (Bloomberg)


Petrochemicals & Fertilisers Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

IQ 166.70 27581.6 10.1 10.7 29.8 27.6 2.8 21.9 5.5 5.3 53 11.1

Sahara Petchem 14.90 1743.3 29.1 14.9 3.9 7.6 1.1 2.4 3.7 4.1 50 6.7

SABIC 93.75 74994.0 10.9 10.2 17.3 17.8 1.8 7.4 5.6 5.7 59 109.6

SIPCHEM 21.75 2126.5 11.6 13.0 10.7 11.1 1.2 4.0 6.5 5.5 79 2.9

Saudi Kayan 11.50 4599.6 - 17.4 -5.2 5.0 1.3 -1.7 0.0 2.2 53 10.1

Sidi Kerir Petchem 13.08 983.3 8.0 7.4 35.1 34.8 2.8 26.5 10.2 12.1 53 0.4

Yansab 55.75 8361.8 10.9 11.5 20.8 19.7 2.1 10.8 - 4.8 61 6.2

Chemanol 13.15 422.9 17.6 15.5 6.0 6.4 1.0 3.1 - 3.6 45 5.4

APPC 29.30 1281.2 13.1 12.1 16.1 19.8 2.1 9.9 7.6 7.0 62 3.1

Safco 148.75 13220.8 13.1 12.8 45.3 46.7 5.7 39.9 7.9 7.1 46 6.9

Ma'aden 30.70 7572.1 27.5 19.9 6.2 7.7 1.7 2.2 - - 39 6.2

Tasnee 26.80 4780.1 10.5 9.9 15.3 13.8 1.5 4.1 7.2 6.2 46 10.7

Average 14.8 12.9 16.8 18.1 2.1 10.9 6.0 5.8


News Flow OPEC kept its target output unchanged at 30mnbd for a third consecutive month even as US inventories climbed to the highest level for 85 years. (Bloomberg)

y = -2.1599x + 45.92R² = 0.3532

5.0

15.0

25.0

35.0

45.0

55.0

5.0 10.0 15.0 20.0 25.0

BE

st R

OE

20

13

BEst PE 2013

Yansab

Sahara

Sidi Kerir

IQ

Maaden

SAFCO

ChemanolSIPCHEM

Tasnee

APPC

Sabic

y = 9.045x - 8.0841R² = 0.8971

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0

RO

A 2

012

PB 2012

Saudi Kayan

YansabSahara

Sidi KerirIQ

Maaden

SAFCO

Chemanol

SIPCHEM

Tasnee

APPC

Sabic


Banking Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

CIB 36.67 3135.9 9.3 8.8 22.8 21.1 1.9 2.5 3.6 3.7 81 5.3

Al Rajhi Bank 68.50 27397.8 12.4 11.9 22.8 23.1 2.7 3.2 5.0 5.5 67 29.9

Samba 48.50 11639.1 9.3 9.3 14.5 14.3 1.3 2.2 3.7 4.1 85 3.8

Riyad Bank 24.25 9699.2 10.0 10.0 11.2 11.4 1.1 1.9 5.7 5.9 71 2.5

Bank Aljazira 26.70 2135.8 15.6 13.1 10.3 11.3 1.6 1.1 - 1.9 51 5.2

NBK 970.00 15510.7 13.5 14.3 12.8 12.5 1.7 2.0 3.1 3.5 55 7.2

Burgan Bank 640.00 3575.1 14.0 11.9 11.9 16.0 1.6 1.1 1.9 1.7 77 1.5

DIB 3.29 3541.5 6.6 11.0 12.3 11.6 0.8 1.2 7.5 5.0 67 15.7

NBAD 12.00 14008.0 9.2 11.2 15.1 15.6 1.3 1.6 3.4 2.9 52 2.3

FGB 15.00 12210.7 8.4 10.1 14.8 16.8 1.2 2.5 7.2 5.3 56 5.4

ADCB 5.09 7617.2 6.1 10.1 14.3 13.4 0.8 1.5 8.3 4.9 66 8.5

QNB 149.40 28114.5 11.0 10.6 18.7 19.5 1.9 2.5 4.6 3.7 77 6.0

CBQ 69.90 4729.8 8.7 8.3 13.8 14.7 1.2 2.7 8.5 7.6 70 4.3

DB 47.50 3363.4 8.0 8.9 17.8 17.8 1.4 2.4 8.9 8.0 62 2.4

QIB 68.90 4451.8 14.3 11.1 10.9 13.4 1.5 1.9 5.0 6.4 52 1.1

Bank Muscat 0.64 3561.0 8.0 8.8 14.3 13.4 1.1 1.8 4.3 4.2 53 1.8

Average 10.3 10.6 14.9 15.4 1.4 2.0 5.4 4.6


y = -0.3986x + 19.816R² = 0.0375

0.0

10.0

20.0

30.0

40.0

5.0 7.0 9.0 11.0 13.0 15.0

BE

st R

OE

20

13

BEst PE 2013

NBK

QNB

Al Rajhi

Bank Aljazira

QIB

Riyad Bank

CBQ

Burgan BankADCBDIB

QIB

FGB

CIB

NBADSamba

DB

y = 0.7033x + 0.9941R² = 0.2919

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

0.0 0.5 1.0 1.5 2.0 2.5 3.0

RO

A 2

012

PB 2012

NBK

QNB

Al Rajhi

Bank Aljazira

QIB

Riyad Bank

CBQ

Burgan Bank

ADCB

DIB

FGBCIB

NBAD Samba

DB


News Flow

Commercial Bank of Dubai has made an early repayment of an AED 1.5bn loan to the Ministry of Finance. The loan was originally due

for repayment on 31 December 2016. (Bloomberg)

The International Finance Corporation is launching (with several partners) an investment facility worth up to USD 400mn for the Middle

East and North Africa as it tries to spur lending to the region's large pool of small-and-medium-sized businesses, according to its chief

executive. IFC will provide USD 150mn and the European Investment Bank is providing a similar amount, while Agence Française de

Developpement and the European Commission are also contributing. (Zawya)


Real Estate Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

Aldar 2.13 2672.1 4.2 16.6 17.6 1.8 0.6 3.7 4.7 2.5 87 15.2

Barwa Real Estate 26.50 2810.6 9.3 7.7 9.3 3.0 0.8 2.0 3.6 - 72 5.3

Dar AL Arkan 9.50 2735.8 9.0 9.3 6.2 6.6 0.5 4.3 - 0.9 69 50.9

Deyaar Development 0.42 665.4 52.5 16.9 1.0 3.7 0.5 0.6 - - 65 3.1

Emaar Economic City 9.60 2175.8 37.2 - 2.5 -2.3 0.9 1.4 - - 54 26.2

Emaar Properties 5.97 9933.7 10.7 16.0 6.6 6.6 0.7 3.5 2.7 1.8 67 23.0

Sorouh Real Estate 2.55 1879.6 7.4 10.9 6.8 8.0 0.5 3.1 4.8 2.7 80 8.4

TMG Holding 4.28 1264.7 16.8 13.0 2.2 3.3 0.4 1.0 - 0.0 63 1.7

Palm Hill Developments 2.22 333.2 - - -3.9 7.1 0.8 -0.9 0.0 0.0 49 3.6

Average 18.4 12.9 5.4 4.2 0.6 2.1 3.2 1.3


News Flow

Deyaar has appointed Hawary Marshad as its new chief financial officer, replacing Yawar Pasha. Before joining Deyaar, Marshad was

employed as chief financial officer at Zabeel Investments. (Zawya)

Barwa Real Estate will develop 260 apartments in Lusail Qatar. The value of development is QAR 1.4bn to QAR 1.6bn. (Bloomberg)

Mall of Qatar said it has secured QAR 3bn funding from Qatar National Bank. The mall is scheduled to open in Q3 2015. (Bloomberg)

Deyaar Development said it secured deals worth AED 170mn at a 3-day sales event in Dubai. (Bloomberg)

y = -0.0907x + 5.9722R² = 0.0372

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0 5.0 10.0 15.0 20.0

BE

st R

OE

2013

BEst PE 2013

Sorouh

Dar Al Arkan

TMG Holding

Deyaar

Emaar

Barwa RE

Aldar

y = -0.9559x + 2.5726R² = 0.0098

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

0.0 0.2 0.4 0.6 0.8 1.0

RO

A 2

012

PB 2012

Emaar Eco City

Barwa RE

Palm Hills

TMG Holding

Deyaar

Dar Al Arkan

EmaarAldar


Food & Retail Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

Almarai 70.50 7518.8 17.6 17.8 20.2 19.7 3.4 8.2 2.0 2.0 79 7.1

Othaim 110.50 662.9 10.8 14.9 28.4 23.6 2.7 10.0 3.6 2.8 80 3.5

Alhokair 157.25 2935.1 11.8 15.5 35.8 36.4 3.8 18.8 - 2.6 77 3.2

Jarir Marketing 189.50 3031.8 16.3 18.0 59.0 57.0 9.1 30.8 4.8 4.6 73 1.8

Savola 50.00 6666.1 14.3 15.4 17.5 18.5 2.4 6.5 3.5 3.1 71 3.6

Agthia 2.87 468.8 10.5 11.9 11.5 13.2 1.2 7.9 2.3 2.5 54 0.3

Average 13.6 15.6 28.7 28.1 3.8 13.7 3.2 2.9


News Flow

Majid Al Futtaim Holding may buy part of the Spinneys supermarket chain from Abraaj Capital, after acquiring Carrefour’s 25% stake

in its Middle East joint venture as it builds its retail business across the region. The company last week bought Carrefour’s minority

stake in Majid Al Futtaim Hypermarkets LLC for Euro 530mn (USD 681mn). It also expects to complete talks with Egypt’s Mansour

Group for the acquisition of its Metro supermarket chain in a “few weeks,” according to the MAF CEO. (Bloomberg)

Almarai board recommended 1 bonus share for every two held. (Bloomberg)

y = 4.4308x - 40.957R² = 0.3784

0.0

10.0

20.0

30.0

40.0

50.0

60.0

8.0 10.0 12.0 14.0 16.0 18.0 20.0

BE

st R

OE

2013

BEst PE 2013

Savola

Othaim

Alhokair

Almarai

Jarir Mktg

Agithia

y = 3.1968x + 1.7025R² = 0.8686

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0.0 2.0 4.0 6.0 8.0 10.0

RO

A 2

012

PB 2012

Jarir Mktg

Othaim

Savola

Alhokair

Agithia

Almarai


The CMA Board has issued

Construction & Building Materials Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

Arabtec 2.11 1812.1 25.3 15.9 4.8 8.3 1.2 1.6 - 1.3 68 12.2

Depa 0.40 245.9 - 13.6 -7.3 3.0 0.5 -3.9 0.0 2.5 45 0.1

DSI 1.02 659.4 16.8 16.1 3.5 5.2 0.6 1.5 - 2.9 67 8.7

OCIC 233.16 6975.6 31.9 10.1 - 21.5 - - - 5.2 43 2.5

Average 24.7 13.9 0.3 9.5 0.8 -0.2 0.0 3.0


News Flow

A JV between Arabtec and Greece’s Terna has been awarded a SAR 404mn contract to build the Aldara Hospital and Medical Center

in Riyadh, with completion due in early 2015. (Zawya)

Al Maabar International awarded Arabtec the USD 197mn contract for the construction of the first St. Regis hotel property in Jordan.

Construction on the 33 month project is due to start in July 2013 (Bloomberg)

Drake & Scull won a AED 158mn contract from Arabtec for the MEP work at the St Regis Hotel Amman project. (Bloomberg)

y = -1.136x + 24.406R² = 0.3261

0.0

5.0

10.0

15.0

20.0

25.0

8.0 10.0 12.0 14.0 16.0 18.0

BE

st R

OE

20

13

BEst PE 2013

OCIC

Depa

DSI

Arabtec

y = 7.7337x - 7.654R² = 1

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

RO

A 2

01

2

PB 2012

Arabtec

Depa


Energy & Utilities Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

Dana Gas 0.60 1078.5 4.9 5.6 7.1 8.9 0.3 4.8 - - 64 2.2

QEWC 145.00 3982.2 9.2 9.7 41.8 37.0 3.4 6.4 5.5 5.7 59 1.4

Saudi Electricity 12.95 14387.5 21.8 16.5 4.8 5.9 1.0 1.1 5.2 5.4 40 7.1

Tabreed 1.84 340.9 15.2 7.9 5.8 5.3 0.2 2.7 - - 70 7.7

Average 12.8 9.9 14.9 14.3 1.3 3.8 5.4 5.5


News Flow

Saudi Electricity plans to spend USD 32bn over the next two years to ensure it can meet all customer needs and have 8% surplus

capacity by 2015 (Bloomberg)

y = -0.2165x + 16.194R² = 0.0043

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0

BE

st R

OE

20

13

BEst PE 2013

QEWC

Dana Gas

Saudi Electricity

Tabreed y = 0.9512x + 2.5937R² = 0.3833

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

0.0 1.0 2.0 3.0 4.0

RO

A 2

012

PB 2012

QEWC

Dana Gas

Saudi Electricity

Tabreed


Industrials Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

El Ezz Steel Rebars 461.14 902.5 10.5 10.4 19.2 - 2.1 3.8 12.5 8.9 38 0.0

Elswedy ElectriC 20.04 641.1 43.9 10.1 2.3 11.2 1.1 0.8 - 5.0 51 0.4

GB Auto 27.99 517.0 16.4 14.4 10.6 12.6 1.7 3.6 - 4.3 64 0.3

Oriental weavers 22.68 292.3 7.6 6.5 9.3 9.9 0.7 4.4 - 9.9 63 0.1

Saudi Arabian Amiantit 14.10 434.2 14.7 9.3 7.0 8.8 1.1 2.4 - 7.9 48 3.1

Saudi Cable 13.45 272.6 - 8.4 -16.3 10.8 1.1 -4.0 0.0 5.9 44 3.6

KIPCO 550.00 2651.0 16.1 15.4 5.4 7.2 0.9 0.5 5.1 3.7 92 2.5

Dubai Investments 1.38 1390.1 9.5 - 3.8 - 0.4 2.4 8.2 - 68 8.8

Average 17.0 10.7 5.2 10.1 1.1 1.8 6.4 6.5


News Flow

y = 0.0353x + 11.34R² = 0.0015

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0

BE

st R

OE

20

13

BEst PE 2013

Amiantit

El swedy

GB Auto

Oriental Weavers

Saudi Cable

KIPCO

y = 0.5554x + 0.9536R² = 0.005

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

0.0 0.5 1.0 1.5 2.0RO

A 2

012

PB 2012

Amiantit

GB AutoOriental Weavers

Saudi Cable

KIPCO


Transport & Logistics Sector

PE/ROE 2013E

PB/ROA 2012

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

Air Arabia 1.11 1423.0 9.3 11.7 7.9 8.1 0.7 5.5 8.4 5.5 65 5.3

Aramex 2.41 952.7 12.0 12.5 12.6 12.8 1.5 9.4 5.0 4.9 71 1.0

DPW 15.80 12956.3 13.0 23.2 9.6 6.9 1.2 4.3 1.8 1.6 60 2.6

National Shipping Co 19.50 1637.9 12.0 10.8 9.6 9.7 1.1 4.6 5.2 6.2 50 5.1

Agility 750.00 2730.0 14.8 14.5 3.8 5.9 0.6 2.4 5.9 4.2 79 5.6

QGTS 17.95 2860.6 11.0 12.2 47.6 56.5 4.8 2.5 6.6 6.0 80 3.8

Average 12.0 14.2 15.2 16.6 1.6 4.8 5.5 4.7


News Flow

Jet Airways shareholders approved an agreed sale of a 24% stake in the airline to Etihad Airways for USD 370mn. (Zawya)

King Khalid airport plans to expand passenger capacity to 35mn from 12mn over the next 5 years. (Bloomberg)

Jazeera Airways said it will earn USD 1.6mn from Saudi Nas lease deal. The numbers will reflect in Q2 and Q3 2013 results.

(Bloomberg)

y = -1.6293x + 36.992R² = 0.1006

0.0

10.0

20.0

30.0

40.0

50.0

60.0

8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0

BE

st R

OE

2013

BEst PE 2013

QGTS

Aramex

N. ShippingDPW

AgilityAir Arabia

y = -0.8184x + 6.7712R² = 0.2836

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

0.0 1.0 2.0 3.0 4.0 5.0 6.0

RO

A 2

012

PB 2012

QGTS

Aramex

N. Shipping

DPW

Air Arabia


Air

Financial Services Sector

Company Price LLC

Market Cap

(USD mn)

PE

2012

BEst

PE

2013

ROE

2012

BEst

ROE

2013

PB

2012

ROA

2012

Dvd

Yld

2012

BEst

DvdYld

2013 RSI

Avg Value

Traded 3m

(USD mn)

DFM 1.63 3876.9 231.8 77.4 0.5 2.2 1.1 0.5 0.0 1.1 83 8.3

EFG-Hermes 8.75 599.3 102.1 13.1 0.7 4.5 0.6 0.1 - 28.6 27 3.8

Tamweel 1.42 386.6 15.7 16.7 3.2 4.0 0.5 0.7 4.4 3.5 81 0.6

Average 116.5 35.7 1.4 3.5 0.7 0.4 2.2 11.1


News Flow

Egypt will refund taxes collected from Qatar National Bank’s acquisition of National Societe Generale Bank to shareholders. The

clearing company will return EGP 10.2mn Egyptian pounds (USD1.5mn) total in taxes it collected from NSGB shareholders, said Tariq

Abdel Bari, managing director of Misr for Central Clearing, Depository and Registry. The announcement of the refund came after

Egypt cancelled a tax on stock market dividends and share gains in takeover bids. (Zawya)

http://www.zawya.com/middle-east/company/profile/5322/Qatar_National_Bank/


Foreign Ownership Limits

Stock Allowed

(%)

Owned

(%)

1 wk

chg (%)

1 m

chg

(%)

Stock Allowed

(%)

Owned

(%)

1 wk

chg

(%)

1 m

chg

(%)

Dubai Insurance House 25.00 0.51 0.00 0.04

Air Arabia 49.00 21.96 0.05 0.28 ASMAK 49.00 0.01 0.00 0.00

Ajman Bank 49.00 2.73 0.11 0.14 Investbank 20.00 1.18 0.19 0.68

Arabtec Holdings 49.00 8.80 0.08 0.88 METHAQ 25.00 20.88 -1.61 -0.37

Aramex 49.00 35.92 0.00 0.05 NBAD 25.00 3.06 0.02 -0.05

Drake & Scull Intl 49.00 15.18 -0.86 -0.40 RAK Bank 20.00 18.65 0.10 0.34

DFM 49.00 5.52 -0.02 -0.06 NMDC 5.00 1.78 0.00 0.00

Dubai Investments 20.00 6.58 -0.06 0.94 Qatar Telecom 100.00 87.22 0.00 0.00

Dubai Islamic Bank 15.00 3.87 0.08 1.16 RAK Properties 49.00 29.32 0.51 -0.66

DNIR 25.00 0.06 0.00 0.00 RAK Poultry & Feeding 49.00 14.64 -0.05 -0.18

Emaar 49.00 16.26 0.03 0.99 RAK Cement Co. 49.00 23.95 0.55 -2.09

Du 100.00 0.22 0.00 -0.01 RAK Ceramics 49.00 12.70 0.01 0.73

Emirates NBD 5.00 2.01 0.00 0.06 RAK Co for White Cement 49.00 16.58 0.00 2.12

GGICO 49.00 0.84 0.00 0.04 RAK National Ins. 25.00 0.05 0.00 0.03

Gulf Navigation 20.00 4.32 -0.15 -0.06 SCIDC 15.00 1.78 0.00 0.00

National Cement Co. 25.00 1.03 0.00 0.00 Sorouh Real Estate 15.00 14.19 0.21 0.59

TABREED 49.00 6.29 0.64 1.13 Sudan Telecom 100.00 79.58 -0.01 -0.05

Shuaa Capital 49.00 16.81 0.18 0.04 UAQ Cement 49.00 14.20 -2.90 -2.21

TAKAFUL 25.00 16.41 0.03 -0.50 Union Cement 49.00 3.02 -0.01 -0.04

Takaful House 25.00 2.74 -0.16 0.61 UNB 40.00 8.08 0.03 0.10

Tamweel 40.00 3.00 0.14 -3.88 United Arab Bank 49.00 45.71 0.00 0.47

Union Properties 15.00 4.48 0.25 1.18 United Insurance Co. 25.00 0.00 0.00 0.00

Abu Dhabi Waha Capital 49.00 6.47 0.10 0.27

ADCB 49.00 7.04 -0.01 -0.05 Qatar

BILDCO 25.00 7.54 -0.60 -1.26 Al Khaliji 24.97 16.08 -0.08 -0.50

AD National Hotel 25.00 1.57 0.07 0.11 Al Khalij Holding 24.86 3.17 -0.01 -0.01

ADNIC 25.00 0.05 0.00 0.00 Barwa Real Estate 24.97 5.41 0.07 0.02

AD Ship Building 25.00 2.11 -1.07 -2.33 CBQ 20.27 12.90 -0.11 -0.49

Agthia Group 25.00 10.91 0.07 0.43 Doha Bank 25.00 6.79 -0.09 0.12

Al Buhairah Ins. Co. 25.00 4.71 0.00 0.00 Gulf Intl Services 22.50 10.12 0.53 0.90

Al Khazna Ins. Co. 25.00 2.34 0.00 0.01 Industries Qatar 12.25 6.85 -0.01 -0.05

Aldar Properties 40.00 11.14 -0.09 0.64 Masraf Al Rayan 49.00 14.17 -0.04 -0.04

Bank of Sharjah 30.00 19.08 0.00 -0.10 National Leasing 25.00 11.83 -0.19 -0.02

Comm. Bank Intl 49.00 43.08 0.00 0.00 QEWS 25.00 7.08 -0.02 -0.15

Dana Gas 49.00 64.40 -0.15 -0.47 Qatar Gas Transport 24.47 9.91 -0.17 -0.29

Eshraq Properties 49.00 36.87 1.30 4.35 Qatar Insurance Co. 24.69 7.15 -0.21 -0.68

Finance House 20.00 10.85 0.00 1.47 QIIB 19.39 2.64 0.01 0.06

First Gulf Bank 25.00 14.79 -0.02 -0.12 Qatar Islamic Bank 20.59 3.81 -0.01 0.05

Foodco Holding 0.00 1.17 0.00 -0.13 Qatar National Bank 12.49 4.72 0.04 0.21

Green Crescent Ins. 25.00 8.92 0.25 0.18 Qatar Navigation 25.00 6.84 -0.17 0.46

Gulf Cement Co. 49.00 18.04 0.02 0.02 Qatar Telecom 100.00 22.09 -0.01 0.05

Gulf Livestock Co. 49.00 66.92 0.00 0.00 United Development 25.00 12.71 0.04 0.09

Gulf Medical Projects 49.00 8.31 0.00 -0.22 Vodafone Qatar 100.00 3.88 0.03 0.12

Source: Bloomberg, Emirates NBD Research


Other Asset Classes

Currencies

Close %5d chg 1 year fwd Close %5d chg Close %5d chg

EURUSD 1.2999 +0.52 1.3039 USDTRY 1.8757 -1.54 EURAED 4.7738 -0.49

GBPUSD 1.5198 +0.47 1.5173 USDEGP 6.9850 -0.05 GBPAED 5.5826 -0.48

USDJPY 100.4500 +0.86 100.1145 USDSAR 3.7506 -0.01 JPYAED 0.0366 -0.82

USDCAD 1.0375 -0.55 1.0466 USDQAR 3.6414 -0.01 CADAED 3.5404 +0.53

AUDUSD 0.9571 -0.84 0.9344 USDKWD 0.2859 +0.06 AUDAED 3.5162 +0.78

USDCHF 0.9551 +0.67 0.9504 USDBHD 0.3770 -- CHFAED 3.8451 -0.65

EURGBP 0.8552 -0.00 0.8592 USDOMR 0.3850 -0.00 TRYAED 1.9600 +1.53

USDCNY 6.1345 -0.03 6.1350 USDMAD 8.5625 +0.40 INRAED 0.0649 +1.54

Rates

Interbank 1 month 3 month 6 month 1 year Swaps Close 5d chg (bps)

EIBOR 0.5725 0.9263 1.1688 1.3513 USD 2 yr 0.4585 5.4

USD LIBOR 0.1943 0.2753 0.4143 0.6892 USD 5 yr 1.2057 13.6

GBP LIBOR 0.4925 0.5056 0.5888 0.8831 USD 10 yr 2.3042 14.2

EURIBOR 0.0579 0.1150 0.1971 0.3907 EUR 2 yr 0.4378 4.7

JPY LIBOR 0.1201 0.1543 0.2421 0.4364 EUR 5 yr 0.9553 8.0

CHF LIBOR -0.0010 0.0160 0.0804 0.2455 EUR 10 yr 1.7428 7.7

Commodities & Fixed Income

Commodities Close %5d chg Bonds / Sukuk YTM 5d chg (bps) CDS Close 5d chg (bps)

CRB CMDT Index - -0.20 ADGB 5.5 14 0.5790 -50.0 Abu Dhabi 70.1 +1.6

Gold 1387.92 +0.09 DUGB 6.396 14 2.2320 -37.5 Dubai 210.0 +7.5

Silver 22.26 -0.63 QATAR 5.15 14 0.6880 -62.5 Qatar 72.5 +2.7

Oil (WTI) 91.97 -2.42 BHRAIN 6.273 18 3.1150 -75.0 Saudi Arabia 69.8 +3.8

Oil (Brent) 100.39 -2.19 EGYPT 5.75 20 7.8810 -156.3 Bahrain 205.0 +5.0

Aluminium 1877.75 +3.37 TURKEY 7.25 15 1.4300 +6.8 Egypt 620.4 -34.6

Copper 7280.75 +0.14 MOROC 5.375 17 3.0890 -40.2 Turkey 130.3 +6.3

Tin (LME) 20850.00 -0.47 BTUN 4.5 20 5.1030 - Morocco 212.5 +15.0

Zinc (LME) 1893.75 +3.78 US Tsy 2 yr 0.2933 +4.6

US Tsy 10 yr 2.1282 +12.0

Source: Bloomberg, Emirates NBD Research


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, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES EVEN IF EMIRATES NBD HAS BEEN ADVISED SPECIFICALLY 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 PERSON OR ENTITY. YOU AGREE NOT TO USE, TRANSFER, DISTRIBUTE, OR DISPOSE OF ANY DATA/INFORMATION CONTAINED IN THE PUBLICATION IN ANY MANNER THAT COULD COMPETE 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.

Page 23


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 [email protected]

Tim Fox Head of Research & Chief Economist +971 4 230 7800 [email protected]

Research

Khatija Haque

Senior Economist +971 4 509 3065 [email protected]

Irfan Ellam

Head of MENA Equity Research +971 4 509 3064 [email protected]

Aditya Pugalia

Analyst +971 4 230 7802 [email protected]

Jean-Paul Pigat MENA Economist +971 4 230 7807 [email protected]

Sales & Structuring

Head of Sales & Structuring Sayed Sajjid Sadiq +971 4 230 7777 [email protected]

Saudi Arabia Sales Numair Attiyah +966 1 282 5625 [email protected]

Singapore Sales Supriyakumar Sakhalkar +65 65785 627 [email protected]

London Sales Lee Sims +44 (0) 20 7838 2240 [email protected]

Group Corporate Communications

Ibrahim Sowaidan

+971 4 609 4113 [email protected]

Claire Andrea

+971 4 609 4143 [email protected]

Documents

Equity Weekly - Emirates NBD · +7.5% 5d) was the best performing sector, as shares of the DFM gained +28% xpectations that potential IPOs could increase trading volumes and trading