GCC Daily Market Update - 14 August

Transcription

1. DAILY MARKET UPDATE August 14 , 2017 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq FTSE 100 DAX 30 CAC 40 BIST 100 Nikkei Hang Seng Shanghai Composite BSE Sensex GCC QE Index Saudi Arabia (TASI) UAE (ADX) UAE (DFM) Kuwait (KSE) Oman (MSM) Bahrain (BAX) S&P GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 2,441.3 21,858.3 5,831.5 7,310.0 12,014.1 5,060.9 106,963.1 19,729.7 26,883.5 3,208.5 31,213.6 3.1 14.3 43.3 (80.0) (0.2) (54.3) (837.3) NA (560.5) (53.2) (317.7) 0.1 0.1 0.7 (1.1) (0.0) (1.1) (0.8) NA (2.0) (1.6) (1.0) (1.2) (0.1) (0.8) (0.8) (0.9) (0.6) (0.5) (1.0) (1.6) (2.0) (4.0) 9.0 10.6 19.9 2.3 4.6 4.1 36.9 3.2 22.2 3.4 17.2 9,205.2 7,148.2 4,500.7 3,613.6 6,846.1 4,969.9 1,322.8 1,681.8 3,313.2 (37.6) (16.4) (50.2) (33.7) 1.1 (21.6) (1.5) 0.1 (1.6) (0.4) (0.2) (1.1) (0.9) 0.0 (0.4) (0.1) 0.0 (0.1) (2.1) 0.8 (1.4) (0.5) (0.1) (1.1) (0.4) 0.4 (0.9) (11.8) (0.9) (1.0) 2.3 19.1 (14.1) 8.4 7.0 14.0 52.1 48.8 3.0 1,287.7 291.2 0.2 0.2 (0.0) 4.0 0.9 0.4 0.5 (0.1) 0.3 0.3 (1.2) (2.7) 7.5 1.7 0.5 (8.4) (9.1) (19.4) 11.8 16.0 Global US stocks rebounded on Friday, following three consecutive loss making sessions, as dismal US inflation data weakened the case for the Federal Reserve to lift its interest rates. Gains in Consumer-Discretionary and Healthcare sectors supported S&P 500 index, while advances in Technology shares supported the Nasdaq index. The Stoxx Europe 600 index eased 1.0%, as geopolitical tensions continued weighing on investor sentiment in European markets. The UK listed Mining shares were among the notable losers, as metal prices declined following a slowdown in Chinese fiscal spending. Japanese markets remained closed on account of a holiday. Chinese markets fell, after the government warned that irrational trading in metals has increased to five-year high levels. GCC Most GCC markets closed lower yesterday, with markets having high exposure to foreign funds, like DFM, underperforming peer gulf indices. Saudi Arabia’s benchmark fell 0.2%, with Middle East Healthcare Company down 9.9%, after the company’s Q2-17 earnings came in far below market expectations. Dubai’s DFM index declined 0.9%, led by losses in indexheavyweight Emaar Properties. Shuaa Capital closed broadly unchanged, after reporting a profit in Q2-17, against a loss in the same period last year. Abu Dhabi’s benchmark index slipped 1.1% yesterday, led by loses in Aldar Properties. Qatar The QE index inched 0.4% lower yesterday, amid increased selling pressure from foreign institutional and retail investors. Trade volumes increased, amid lower trading value with Banking, Industrial and Telecommunication sector accounting for almost 74.0% total trading value. Increased bearish bets in Consumer Goods & Services and Telecommunication sectors weighed on the market. Out of 40 traded companies, 30 stocks declined, 6 advanced and 4 remained unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.2 1.4 4.1 38.4 DSM 20 15.9 1.6 3.7 26.7 GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Qatar DSM Index 11,000 10,500 10,000 9,500 9,000 8,500 17/May 31/May 30.0 20.0 9,205.2 Saudi Arabia (TASI) 17.1 1.6 3.4 784.5 UAE (ADX) 12.0 1.3 4.6 25.8 UAE (DFM) 16.8 1.3 3.9 30.8 Kuwait (KSE) 17.9 1.2 5.3 54.6 Oman (MSM) 11.4 1.0 5.5 4.2 Source: Bloomberg Bahrain (BAX) 7.9 0.8 5.9 1.3 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Source: Bloomberg Qatar Trading Activity Top Gainers Dlala Holding Doha Insurance Co Al Khaleej Takaful Grp Qatar Elec. & Water Co Gulf Warehousing Co Top Losers Qatar Cinema Doha Bank Qatar Industrial Manu Al Meera Cons. Goods Qatar Fuel Close Price 18.5 14.3 16.8 195.6 47.5 0.5 0.3 0.3 1.8 0.4 2.7 2.1 1.5 0.9 0.8 (13.7) (21.4) (20.6) (13.8) (15.2) (23.3) (33.1) (30.4) (15.9) (18.7) 669.3 1.0 11.3 31.3 1.4 25.0 30.6 42.5 150.2 106.5 (2.0) (0.9) (1.0) (2.7) (1.7) (7.4) (2.9) (2.3) (1.8) (1.6) (8.9) (9.2) (4.5) (14.4) (20.2) (29.6) (18.2) (5.2) (32.6) (24.6) 0.3 59.6 588.1 9.8 15.4 9.6 35.6 15.1 39.0 14.8 Source: Bloomberg; Note: Prices are in local currency. 31.5 8.4 28.8 13.8 13.3 10.0 0.0 14/Jun 28/Jun Index Volume (mn) 12/Jul 26/Jul 9/Aug Index Value Closing Level 2,843.6 5,451.3 2,774.6 4,090.3 2,047.3 1,126.8 1,976.2 1D Change (%) (0.3) (1.2) (0.2) (0.7) (0.3) (0.9) 0.0 Buy (%) 68.0 18.1 86.1 9.4 4.5 13.9 Sell (%) 55.9 17.1 73.0 10.1 16.9 27.0 Source: Qatar Exchange Qatar Trading Summary Qatari Individuals Qatari Institutions Qatari – Total Foreign Individuals Foreign Institutions Foreign – Total Source: Qatar Stock Exchange, Bloomberg 1
2. DAILY MARKET UPDATE August 14 , 2017 GLOBAL NEWS   US consumer price index rose by 0.1% MoM and 1.7% YoY in July-17. Food prices rose by 0.2% MoM while energy prices declined by 0.1% MoM during the month. (Source: Nasdaq)  Germany's consumer price inflation grew at an annualized pace of 1.7% in July-17 as compared to 1.6% in June-17. (Source: Morning Star)  Japan’s Q2-17 GDP grew at an annualized pace of 4.0%, more than the median estimate of 2.5% annualized growth. Economy expanded by 1.0% QoQ in Q2-17 and is expected to grow in coming quarters as tight labor market might boost the consumer spending, which in turn will make Japan easier to generate sustained inflation. (Source: Reuters)  China's fiscal spending increased by 5.4% YoY in July-17 from 19.7% in June-17. The slower pace of increase was due to a larger base in July16. Government spending for first 7 months rose 14.5% while revenue grew by 10.0% during the same period. (Source: Reuters)  Turkey’s current account deficit declined by 32.4% YoY to USD 3.7bn in June-17. Import-export balance of goods stood at USD 4.6bn while the country’s income from services rose by 29.2% YoY to USD 1.7bn. A total of 816 factories and industrial plants, worth around SAR 21.8bn (USD 5.8bn), are currently under construction in Saudi Arabia. The number of factories operating in the kingdom stood at 7,788 at the end of the H1-17, with total capital of SAR 1.1tn (USD 291.7mn). (Source: Zawya)  Bahrain based Eagle Hills has given the construction contract for Marassi Shores Residences, to Dadabhai Construction. On completion the project will be home to 22,000 residents with a total of 6,000 residences and a total retail space of 250,000 sq.m. (Source: Trade Arabia)  Kuwait’s budget balance is expected to return to a surplus of 2.2% of GDP in 2017 due to a recovery in hydrocarbon revenues. The surplus would then average 1.2% in 2018-19 as the government continues its investment spending program, according to QNB Group. Inflation is projected to decline modestly to 2.9% in 2017 on falling rents, however there will be a spike in 2018 with the expected introduction of VAT. (Source: The Peninsula)  Kuwait’s real GDP rose 2.5% in 2016 buoyed by 3.2% growth in non-oil sector and 1.9% growth in the oil sector, according to central bank of Kuwait. Indicators reflects that annual inflation reached 3.2% in 2016. (Source: Mubasher) (Source: AA) GCC NEWS  UAE’s Prime Minister has approved the new strategy for building permit procedures. The strategy will ensure speeding up the process of acquiring building permits from concerned government entities to assist investors in the real estate sector. (Source: WAM)  UAE’s total 19 listed banks net profit grew 3.8% YoY to around AED 19.0bn (USD 5.2bn) during the H1-17. Abu Dhabi’s 12 listed bank’s net profit rose 2.3% YoY to AED 11.2bn while Dubai’s 7 banks net profit increased 7.8% YoY to AED 7.9bn. (Source: Trade Arabia)  A total of 68 real estate projects representing a value of AED 21.0bn (USD 5.7bn) were registered with the Dubai Land Department during H1-17. The period witnessed the completion of 24 projects that had been initiated in earlier years. (Source: Trade Arabia)     QATAR NEWS  Qatari and Turkish companies have inked 15 cooperation agreements during a visit of a Qatari trade delegation to the cities of Izmir and Istanbul. The deals focused on sectors like pharmaceuticals, foodstuff, construction, building materials, shipping, logistics, plastic, aluminum, glass, technology, furniture and air conditioning. (Source: Gulf Times)  Qatar recorded registration of 1,590 new firms including 1,241 main commercial records and 349 branch commercial records in July-17. Among the new firms, limited liabilities firm accounted for 61.0%, according to The Ministry of Economy and Commerce of Qatar data. (Source: Gulf Times)  Dubai Land Department (DLD) has received two ISO certificates for its Quality Management System (9001: 2015) and Environmental Management System (14001: 2015). (Source: Trade Arabia) The Ministry of Administrative Development, Labor and Social Affairs (MADLSA) will launch a new electronic system for work permits in the coming weeks. The fully-electronic system will facilitate recruitment procedures of business owners and investors in Qatar. (Source: Gulf Times)  Dubai Electricity and Water Authority (Dewa) has completed over 70.0% of the M-Station expansion project (which is an electricity generation and water desalination plant). (Source: Trade Arabia) Oman Qatar Insurance Company, a subsidiary of Qatar Insurance Group is planning for an IPO for 25.0mn shares on Muscat Securities Market by the end of September-17. (Source: The Peninsula)  Dubai based Shuaa Capital’s net profit surged 124.0% YoY to AED 12.1mn in Q2-17 driven by proprietary investments, advisory transactions and management fees of real estate funds. Total revenues in Q2-17 were AED 30.4mn, while total revenues for the H117 stood at AED 62.2mn. (Source: Trade Arabia) Mwani Qatar announced the launch of a new route between Hamad Port and the Port of Karachi in Pakistan. The new service is under PGS (Pakistan Gulf service) provided by Wan Hai line in partnership with Simatech Shipping. (Source: The Peninsula)  Dubai based Amanat Holdings net profit grew 4.8% YoY to AED 25.0mn (USD 6.8mn) in H1-17. Total Income grew to AED 48.3mn, registering a 20.1% YoY rise, majorly supported by a 137.5% increase in the share of income from associates, which stood at AED 18.4mn. Interest income also reached AED 28.7mn, driven by higher yield.(Source: Trade The Atbara Abu Hamad power transmission line project worth USD 218.0mn in Sudan, funded by Qatar Fund for Development is on its verge of completion. It includes the supply and installation of electric power stations, civil works and designs for the construction of a number of 220kV double circuit transmission lines. (Source: Gulf Times)  Fira Qatar, a joint venture between Elan Group and Fira de Barcelona, is establishing “Spaces”, a new business unit which will specialize in providing exhibition services of shows and events in Qatar. (Source: Gulf Arabia) Times)  Abu Dhabi’s inflation rate went up 1.5% YoY and 0.1% MoM in July-17. For the first 7 months, consumer prices rose by 2.0% YoY. The housing, water, electricity, gas and other fuels group contributed 84.0% to the rise in the index during the first seven months of 2017. (Source: Mubasher)  Qatargas has delivered the first Q-Max cargo of liquefied natural gas to Thailand’s Map Ta Phut LNG receiving terminal, under the longterm Sale and Purchase Agreement between Qatargas and PTT Public Company Limited. (Source: Gulf Times)  Abu Dhabi based National Takaful Company’s net profit increased 272.0% YoY to AED 1.5mn in Q2-17. The company stopped some of its operations that caused it to incur loss in some sectors, and developed a clear strategy to identify and develop the profitable sectors. (Source:  Qatar District Cooling Company has completely switched from potable water to treated sewage effluent (TSE) for district cooling applications through its two operational plants in West Bay, the company said. (Source: Qatar Tribune) Trade Arabia) 2
3. DAILY MARKET UPDATE August 14 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.1851 USD/QAR 3.6415 109.1900 EUR/QAR 4.3155 USD/JPY GBP/USD 1.3044 JPY/QAR 0.0334 USD/CHF 0.9618 GBP/QAR 4.7500 USD/CAD 1.2677 CHF/QAR 3.7861 AUD/USD 0.7894 CAD/QAR 2.8725 NZD/USD 0.7311 AUD/QAR 2.8746 USD/INR 63.6387 INR/QAR 0.0572 USD/TRY 3.5367 TRY/QAR 1.0296 USD/ZAR 13.4682 ZAR/QAR 0.2704 USD/BRL 3.1937 BRL/QAR 1.1402 FX Commentary The USD weakened against a basket of currencies on Friday, with the dollar index ending 0.4% lower. US inflation remained muted, growing at a meager 0.1% rate last month after being unchanged in June-17. Marginal gains in inflation has countered Fed’s belief that the muted inflation numbers are transitory. This has reduced the probability of a faster policy tightening process from the US central bank. Investors also shunned the greenback, as mounting geopolitical worries between the US and North Korea supported the safe haven currencies. Consequently, JPY and CHF continued their upward trajectory. The EUR strengthened against the USD, as broadly in line consumer price inflation data from Germany supported the common currency. The CAD advanced against its US counterpart, tracking gains in oil prices. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1.18 1.20 1.23 1.32 1.72 (0.43) (0.38) (0.37) (0.33) (0.16) 1.89 2.03 2.20 2.41 2.91 4.0% SAIBOR NA 1.35 1.45 1.80 2.24 2.0% EIBOR 0.96 1.13 1.32 1.53 2.14 BMIBOR 1.00 1.25 1.75 1.98 2.73 NA NA 1.56 1.75 2.31 LIBOR EURIBOR QAIBOR KIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 6.0% 2.25% 1.30% 0.0% 2 Yrs 2.94% 3.14% 3.35% 1.76% 2.02% 2.21% 7 Yrs 10 Yrs US 5 Yrs Qatar 4.41% 2.81% 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 29.9 (0.5) Turkey 182.1 (67.1) UK 18.9 (14.2) Brazil 207.0 (23.0) Germany 15.5 (8.6) Egypt 367.5 (32.3) France 20.9 (34.4) Abu Dhabi Italy 143.5 (40.9) Greece 601.5 Russia 158.0 Japan 28.5 1.0 2.0% 1.56% 2.17% 1.99% 1.84% 1.0% 1.40% 1.24% 0.96% 1.12% 2 Yrs 5 Yrs 7 Yrs Current 2.48% 1.74% 0.0% 10 Yrs Last Year 30 Yrs Spreads 6M Change 5 Years CDS Spread 6M Change 61.5 4.4 Bahrain 236.7 (18.9) (495.4) Dubai 124.2 (10.5) (17.6) Qatar 98.8 (19.0) Saudi Arabia 95.9 7.5 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 12:00 Eurozone Industrial Production SA MoM Period Survey Prior Jun (0.50%) 1.30% 12:00 Eurozone Industrial Production WDA YoY 07:30 Japan Industrial Production MoM Jun 2.80% 4.00% Jun F - 1.60% 07:30 Japan Industrial Production YoY Jun F - 4.90% 07:30 Japan Capacity Utilization MoM Jun - (4.10%) Source: Bloomberg GCC COMPANY RESULTS Company Name Qatar Fuel Qsc Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) 4,146.0 31.6 9.1 196.6 (34.0) 11.4 NA NA NA 76.4 (19.2) (15.2) 782.1 10.3 21.4 61.8 16.8 52.6 Mannai Corporation Qsc Al Meera Consumer Goods Co Qatar Cinema QoQ (%) 2.1 (2.0) (8.5) 2.8 (30.4) (6.5) 4,211.0 4.4 1.7 35.0 NA (54.5) 287.4 (2.4) (18.8) 40.0 22.4 (53.3) Salhia Real Estate Co NA NA NA 3.3 26.8 (28.7) Ithmaar Holding NA NA NA (9.8) NA NA 229.3 (1.2) 23.1 24.7 (11.9) 41.9 Abu Dhabi National Energy Co Abu Dhabi National Hotels Dubai Refreshments Company Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE August 14 , 2017 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing First Bank (QFC) Qatar Islamic Bank Intl. Islamic Bank QNB Qatar Oman Banks & Financial Services Mannai Corp. Medicare Al Meera Cinema Qatar Fuel Qatar German Co. Med Salam International Widam Zad Holding Company Consumer Goods & Services Aamal Gulf International Investment Holding Industries Qatar Mesaieed Qatar Electricity & Water The Investors Ind. Manf. Co. National Cement Co. Industrials Al Kaleej Takaful Doha Insurance Qatar Insurance General Insurance Islamic Insurance Insurance Barwa Ezdan Holding Mazaya Qatar United Dev. Company Real Estate Ooredoo Vodafone Qatar Telecoms Gulf warehousing Co Nakilat Qatar Navigation Transportation Market Dividend Yield (%) 3.0 0.0 0.0 8.2 2.0 5.8 4.9 3.7 0.0 5.1 7.1 2.3 5.9 3.3 5.2 3.7 6.0 4.0 6.0 N/A (‫)غ‬ 9.0 5.2 N/A (‫)غ‬ 5.5 5.5 4.9 N/A (‫)غ‬ 4.3 4.6 3.8 2.1 7.2 5.2 4.3 3.6 4.2 1.9 4.4 6.1 2.5 7.4 3.9 N/A (‫)غ‬ 7.6 5.1 3.8 0.0 3.0 3.4 5.7 5.4 5.2 3.9 P/B Ratio (x) 1.3 0.7 2.1 0.9 2.1 0.8 2.5 0.7 0.9 1.6 1.5 2.0 0.9 1.6 1.3 2.4 2.3 1.2 1.6 N/A (‫)غ‬ 0.6 4.1 N/A (‫)غ‬ 1.7 0.9 1.1 N/A (‫)غ‬ 1.7 1.2 2.7 2.3 1.4 1.5 1.6 0.8 0.7 2.3 0.5 2.6 1.5 0.7 1.1 N/A (‫)غ‬ 0.6 0.9 1.3 1.6 1.4 1.8 1.2 0.6 0.9 1.4 P/E Ratio (x) 9.8 68.6 31.9 8.9 72.7 11.0 15.1 (M) (‫)س‬ (M) (‫)س‬ 9.8 10.5 9.9 24.2 11.3 7.3 33.8 15.1 59.8 14.8 N/A (‫)غ‬ 12.1 12.0 N/A (‫)غ‬ 13.8 15.5 (M) (‫)س‬ N/A (‫)غ‬ 21.6 16.9 13.8 21.7 9.6 11.7 18.6 28.7 8.4 20.4 17.1 13.6 18.9 9.9 16.6 N/A (‫)غ‬ 10.2 13.8 16.1 (M) (‫)س‬ 23.7 13.3 11.4 17.5 13.4 13.8 EPS (QR) 3.2 0.4 0.6 3.4 0.7 1.2 2.7 (M) (‫)س‬ (M) (‫)س‬ 9.6 5.3 13.8 0.4 5.4 10.6 2.4 10.0 0.4 7.2 N/A (‫)غ‬ 0.7 5.6 N/A (‫)غ‬ 4.6 0.7 (M) (‫)س‬ N/A (‫)غ‬ 4.3 0.8 14.2 2.2 4.4 6.0 2.1 0.6 1.7 3.4 2.0 4.3 2.8 3.4 0.8 N/A (‫)غ‬ 1.6 1.1 5.7 (M) (‫)س‬ 1.3 3.6 1.6 3.7 2.1 2.8 BV/Share (QR) 25.0 42.3 8.7 34.2 24.3 16.9 16.3 19.9 8.7 60.6 36.7 68.1 9.2 37.6 59.5 34.1 65.5 20.7 68.4 N/A (‫)غ‬ 14.0 16.2 N/A (‫)غ‬ 38.7 12.3 19.5 N/A (‫)غ‬ 53.9 11.1 73.6 20.6 31.6 45.7 23.5 20.2 20.8 29.4 70.7 21.9 35.6 46.7 11.2 N/A (‫)غ‬ 30.3 16.7 69.7 5.5 23.2 26.1 15.0 118.6 32.2 26.9 Stock Price (QR) 31.5 30.5 18.5 30.6 50.3 13.0 41.2 13.7 7.5 94.0 56.2 136.5 8.5 76.8 80.5 150.2 25.0 106.5 8.2 8.9 67.2 75.0 11.0 20.6 10.0 93.0 13.1 195.6 47.2 42.5 70.0 16.8 14.3 69.0 33.9 57.7 33.6 12.8 10.8 16.6 91.7 8.9 47.5 17.7 65.0 - Company ‫االهلي‬ ‫التجاري‬ ‫داللة‬ ‫بنك الدوحة‬ ‫اإلسالمية القابضة‬ ‫الخليجي‬ ‫الريان‬ ‫االجارة‬ ‫ األو ل‬QFC ‫المصرف‬ ‫الدولي‬ ‫الوطني قطر بنك‬ ‫قطروعمان‬ ‫البنوك والخدمات المالية‬ ‫مجمع المناعي‬ ‫الرعاية‬ ‫الميرة‬ ‫السينما‬ ‫قطر للوقود‬ ‫الطبية‬ ‫السالم‬ ‫ودام‬ ‫زاد‬ ‫البضائع والخدمات االستهالكية‬ ‫أعمال‬ ‫الخليج الدولية‬ ‫ا س ت ثمار ال قاب ضة‬ ‫صناعات قطر‬ ‫مسيعيد‬ ‫كهرباء وماء‬ ‫المستثمرين‬ ‫التحويلية‬ ‫االسمنت‬ ‫الصناعات‬ ‫الخليج‬ ‫الدوحة‬ ‫قطر‬ ‫العامة‬ ‫االسالمية‬ ‫التأمين‬ ‫بروة‬ ‫إزدان القابضة‬ ‫مزايا قطر‬ ‫المتحدة للتنمية‬ ‫العقارات‬ ‫كيوتل‬ ‫فودافون قطر‬ ‫االتصاالت‬ ‫مخازن‬ ‫ناقالت‬ ‫المالحة‬ ‫النقل‬ Source: Qatar Exchange; Note: The above mentioned indicators were calculated according to the latest reliable financial data. DISCLAIMER It is understood that any opinions expressed by Commercial Bank or its affiliates as to the commentary, market information, and future direction of prices of specific securities reflects the views of the individual analyst who issued them, and not necessarily represent the views of Commercial Bank or its affiliates in any way. In no event shall CBQ or its affiliates have any liability for any direct or indirect losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this materials or for any delays, inaccuracies, errors in, or omissions of the said information. 4