GCC Daily Market Update - 15 August

Transcription

1. DAILY MARKET UPDATE August 15 , 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) 2,465.8 21,993.7 5,908.2 7,353.9 12,165.1 5,121.7 109,537.4 19,537.1 27,250.2 3,237.4 31,449.0 24.5 135.4 76.6 43.9 151.1 60.8 2,574.3 (192.6) 366.7 28.8 235.4 1.0 0.6 1.3 0.6 1.3 1.2 2.4 (1.0) 1.4 0.9 0.8 (0.2) 0.5 0.5 (0.2) 0.4 0.5 1.9 (1.9) (0.3) (1.1) (3.3) 10.1 11.3 21.5 3.0 6.0 5.3 40.2 2.2 23.9 4.3 18.1 9,191.7 7,125.5 4,480.6 3,585.9 6,859.3 4,977.5 1,319.1 1,681.8 3,339.4 (13.5) (22.7) (20.1) (27.7) 13.2 7.7 (3.7) 0.1 26.2 (0.2) (0.3) (0.5) (0.8) 0.2 0.2 (0.3) 0.0 0.8 (2.3) 0.4 (1.9) (1.3) 0.1 (0.9) (0.7) 0.4 (0.1) (11.9) (1.2) (1.4) 1.6 19.3 (13.9) 8.1 6.4 14.9 50.7 47.6 3.0 1,284.2 290.5 (1.4) (1.2) (0.0) (3.5) (0.8) (2.6) (2.5) (0.8) (0.3) (0.3) (3.4) (5.0) 5.9 1.4 0.5 (10.5) (11.3) (20.5) 11.5 16.0 Global Global markets ended in green yesterday, after top US personnel called for a diplomatic solution with North Korea, thereby easing fears of a military strike. Nasdaq outperformed its peer indices, on the back of gains in Technology shares, while Real Estate shares supported S&P 500 index. The Stoxx Europe 600 index climbed 1.1%, partially on account of weakness in the EUR. Utility and Real Estate shares were among the notable gainers. UK listed Mining shares advanced, tracking gains in metal prices, while Energy shares dropped reflecting weaker oil prices. Hong Kong’s Hang Seng index climbed 1.4%, led by gains in Technology shares. Japanese Nikkei index bucked the overall trend and inched lower, mainly impacted due to strength in the yen. GCC GCC markets ended mixed yesterday. Dubai’s DFM index declined 0.8%. Drake & Scull slipped 3.2%, after the net loss for Q2-17 came in wider than expectations. DAMAC Properties retreated 2.1%, after reporting 20.9% YoY decline in its Q2-17 earnings. Abu Dhabi benchmark declined 0.5%. Waha Capital fell 2.2%, on the back of 26.5% YoY decline in Q2-17 net income. Saudi Arabia’s TASI declined 0.3%. Etihad Etisalat inched 0.1% higher, after announcing that it has joined hands with Nokia, Huawei and Ericsson to modernize its network. Oman’s MSM index rose 0.2%, led by gains in the Financial shares. Qatar QE index continued its downward trajectory, ending 0.2% lower. Increased selling pressure on the part of gulf institutional and retail investor weighed on the benchmark. Trading volume and value increased, with Banking, Consumer and Industrial sectors accounting for almost 75.5% of the total value. Investment Holding Group plunged 13.0% in its first trading session. Out of the 45 listed stocks, 39 traded, 22 declined, 10 advanced and 7 remained unchanged. Source: Bloomberg QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 14.2 1.4 4.1 50.6 DSM 20 15.9 1.6 3.7 39.3 GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Qatar DSM Index 11,000 10,500 10,000 9,500 9,000 8,500 18/May 30 20 9,191.7 Saudi Arabia (TASI) 17.2 1.6 3.4 782.2 UAE (ADX) 12.0 1.3 4.6 42.8 UAE (DFM) 16.6 1.3 4.0 47.5 Kuwait (KSE) 18.0 1.2 5.3 57.0 Oman (MSM) 11.5 1.0 5.5 6.2 Source: Bloomberg Bahrain (BAX) 7.7 0.8 5.9 2.0 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 Al Meera Cons. Goods Medicare Group Widam Food Co Qatar Industrial Manu Qatar National Bank Top Losers Ezdan Holding Group Islamic Holding Group Al Khalij Com Bank Qatar National Cement Mazaya Qatar Close Price 153.8 81.6 68.0 43.0 137.7 3.6 1.1 0.8 0.5 1.2 2.4 1.4 1.2 1.2 0.9 (12.4) 29.7 0.0 (3.4) (7.0) (30.7) (13.0) 3.8 (4.2) (4.1) 81.6 15.4 14.7 34.2 55.4 NA 3.0 9.7 375.4 10.1 12.2 49.2 12.7 68.8 10.6 (0.6) (1.1) (0.3) (1.2) (0.2) (4.5) (2.2) (1.9) (1.7) (1.7) (19.2) (19.3) (25.2) (12.0) (22.5) (38.6) (27.8) (29.8) (14.4) (23.6) 124.1 15.2 10.9 5.3 419.1 Source: Bloomberg; Note: Prices are in local currency. 15.7 72.1 10.7 11.5 44.1 10 0 1/Jun 15/Jun 29/Jun Index Volume (mn) 13/Jul 27/Jul 10/Aug Index Value Closing Level 2,846.6 5,485.2 2,758.3 4,101.3 1,987.3 1,120.8 1,961.9 1D Change (%) 0.1 0.6 (0.6) 0.3 (2.9) (0.5) (0.7) Buy (%) 54.3 25.5 79.8 9.0 11.2 20.2 Sell (%) 54.3 23.8 78.2 8.2 13.6 21.8 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 15 , 2017 GLOBAL NEWS    Dubai based Gulf Navigation Holding’s net profit grew 33.0% YoY in H1-17 to AED 19.0mn (USD 5.2mn). The company expects to increase profits by 300.0% up to 2021 as plans to increase its fleet size to add an additional 20 ships of multiple tasks by the H2-2020. (Source: Trade Eurozone industrial production fell by 0.6% MoM in June-17 as production of capital and durable goods fell by 1.9% and 1.2% respectively following sharp increases in the May-17. However, production increased by 2.6% YoY. (Source: Reuters)  Australia’s total number of new motor vehicle sales dropped by a seasonally adjusted 2.0% MoM in July-17 and surged 1.8% YoY. Sales for passenger vehicles added 0.5%, while sales of sports utility vehicles gained 1.0% and other vehicle sales advanced 0.5% MoM in July-17. Abu Dhabi based Waha Capital PJSC’s net profit stood at 183.1mn (USD 49.8mn). Waha Capital produced a return on average equity of 5.1%, while total assets increased 8.0% over six months to AED 10.8bn as at the end of June-17. (Source: Trade Arabia)  Saudi Arabia's state budget deficit dropped to SAR 46.5bn (USD 12.4bn) in the Q2-17 as revenues rose moderately on the back of higher oil prices. Oil revenues jumped 28.0% YoY to SAR 101.0bn while non-oil revenues shrank 17.0% to SAR 62.9bn. Deficit decreased 51.0% YoY to SAR 72.7bn in H1-17. (Source: Reuters) Arabia) (Source: Market Insider)  China's steel output rose up 10.3% MoM in July-17 to 74.0mn tonnes as mills continued to ramp up production even as Beijing intensified its war on smog. In the first seven months of the year, steel output totaled 491.6mn tonnes, up 5.1% YoY. (Source: Reuters)   China's Commerce Ministry issued a ban effective from 15th August-17 on several imports from North Korea, including coal, iron ore, lead concentrates and ore, lead and seafood, a move that is in line with UN sanctions announced this month. (Source: Reuters) Emirates NBD Saudi Arabia’s Purchasing Managers’ Index (PMI), an indicator of growth in the nation’s non-oil private sector, rose from 54.3 in June-17 to 55.7 in July-17 due to increase in output and new orders. (Source: Zawya)  Petroleum Development Oman and Oman Liquefied National Gas have signed a three-year partnership agreement to enhance technical and commercial co-operation. The collaboration is a consolidation of efforts in relation to staff development and capacity building. (Source: GCC NEWS    In terms of IPO performance in the GCC, the number of offerings has slightly increased, with three IPOs in Q2-17 compared to two IPOs in Q2-16; however the total proceeds raised in Q2-17 was 38.0% lower compared to Q2-16, according to PwC. (Source: Trade Arabia)  The total value of short-term deposits in UAE banks reached AED 439.7bn (USD 119.0bn) by the end of June-17, rising by AED 27.9bn during the H1-17, according to UAE Central Bank. Short-term deposits accounted for 30.0% of total bank deposits in UAE banks, which surged to AED 1.5tn by the end of H1-17. (Source: Trade Arabia) Kuwait has started injecting chemicals into complex oil reservoirs to extract heavier grade oil, in the first operation of its kind in the Middle East, to enhance and develop Kuwait's oil reserves, state owned Kuwait Oil Co said. (Source: Zawya)  The Central Bank of Bahrain announced that this week’s BHD 70.0mn issue of Government Treasury Bills has been oversubscribed by 128.0%. The bills, carrying a maturity of 91 days will be issued on 16th August-17 with maturity of 15th November-17. (Source: BNA)  Bahrain based GFH Financial Group’s net profit attributable to shareholders increased 440.0% to USD 62.1mn in H1-17. Revenues grew 36.0% to USD 113.4mn primarily due revenues generated from investment banking business. (Source: BNA) UAE’s consumer spending is forecast to rise at a CAGR of 7.5% over the next five years to exceed USD 261.0bn in 2021, according to a report by the Dubai Chamber of Commerce and Industry. A fastgrowing population with relatively high incomes will support a robust long-term outlook for spending growth in the country. (Source: Trade Arabia)  UAE based Islamic banks are expected to report better profits due to lower financing impairment charges, according to Fitch. However financing growth is expected to slow to high single digit in 2017. (Source: Trade Arabia) QATAR NEWS  Qatar Fuel (Woqod) net profit decreased 31.0% YoY in H1-17 to QAR 373.0mn due to the change in the new terms for fuel supplies to Woqod and its customers, increase in the National Pension Funds contributions as per the current legislation and decline in the value of investment in shares. (Source: Trade Arabia)  Qatar’s exports of liquefied natural gas to Pakistan are expected to reach USD 1.0bn per year, said the president of Federation of Pakistan Chambers of Commerce & Industry. (Source: Gulf Times)  Qatari firms, in association with Pakistani pharmaceuticals companies will form two manufacturing facilities in Qatar which will manufacture pharmaceutical products by 2018. With this Qatar is expected to export pharmaceutical products to Europe, Africa, and other parts of the GCC by 2018. (Source: Gulf Times)  The total value of real estate traded during the month of July-17 reached QAR 1.8bn. The financial value of transactions in Doha stood at QAR 720.6mn, while the financial value of Al Wakra amounted to QAR 547.7mn. The volume of mortgage transactions during July-17 amounted to 140 transactions. (Source: Qatar Tribune)  Qatar stock exchange CEO said that family companies in Qatar have expressed their interest to get listed on the Exchange. (Source: Gulf Times)  Hamad International Airport’s sponsorship of FC Bayern Munich proves that the unjust blockade imposed on Qatar has had no impact and it has failed to affect the plans of Qatar Airways and HIA, Qatar Airways Group Chief Executive said. (Source: Qatar Tribune) Zawya)  Dubai based Nakheel is assessing five proposals, with bids starting at under AED 900.0mn (USD 245.0mn), for the construction of Dragon Towers, its twin-building residential complex. Nakheel expects to give the contract by the end of 2017, with construction scheduled for completion in 2020. (Source: Trade Arabia)  Dubai based Yellow Door Energy, that invests in and operates distributed solar and energy efficiency assets, has signed an agreement to install a 205 kWp solar photovoltaic plant at Middle East Insulation's newest facility in Dubai Investment Park. It will manage the construction, operation and maintenance of the solar PV plant for the next 15 years. (Source: Trade Arabia)  Dubai based Drake & Scull International’s net loss declined 12.0% YoY to AED 199.0mn (USD 54.2mn) in Q2-17. The net loss included the AED 68.0mn (USD 18.5mn) additional one-off provisions and impairments charges. The company terminated the services of its CEO Wael Allan. (Source: Trade Arabia)  Dubai based Damac Properties’ total revenue reached to AED 3.5bn (USD 953.0mn) and net profit stood at AED 1.6bn (USD 435.6mn) for the H1-17. Its sales performance was attributed to continued demand for a number of projects including Aykon City, Damac Hills and Akoya Oxygen. (Source: Trade Arabia) 2
3. DAILY MARKET UPDATE August 15 , 2017 FX RATES Currencies Value Currencies Value EUR/USD 1.1810 USD/QAR 3.6415 109.6300 EUR/QAR 4.3006 USD/JPY GBP/USD 1.2994 JPY/QAR 0.0332 USD/CHF 0.9720 GBP/QAR 4.7318 USD/CAD 1.2722 CHF/QAR 3.7464 AUD/USD 0.7852 CAD/QAR 2.8624 NZD/USD 0.7287 AUD/QAR 2.8593 USD/INR 63.6225 INR/QAR 0.0572 USD/TRY 3.5257 TRY/QAR 1.0328 USD/ZAR 13.3243 ZAR/QAR 0.2733 USD/BRL 3.1901 BRL/QAR 1.1415 FX Commentary The USD rebounded against its key counterparts yesterday, as fears of a military strike between US and North Korea eased after top US leaders called for a diplomatic solution for the issue. The USD got additional support after New York Fed President showed his support for an additional rate hike if the economy remains on its growth path. The dollar index ended 0.3% higher at 93.41. The EUR traded lower against the USD, after industrial production data in the common currency area came in below market expectations in June-17. The JPY weakened, despite the Japanese Q2-17 GDP data topped market expectations. The CAD declined, as weakness in oil prices weighed on the currency. The AUD weakened against the USD, after retail sales data of its major trading partner, China, came in market expectations. 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) QAIBOR 1.86 2.06 2.18 2.38 2.88 SAIBOR NA 1.35 1.46 1.80 2.24 EIBOR 0.93 1.12 1.32 1.53 2.15 BMIBOR 1.00 1.25 1.75 1.98 2.73 NA NA 1.56 1.75 2.31 LIBOR EURIBOR KIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 4.0% 2.27% 2.90% 3.11% 3.32% 1.80% 2.06% 2.24% 7 Yrs 10 Yrs US 4.38% 2.0% 1.33% 2.83% 0.0% 2 Yrs 5 Yrs Qatar 30 Yrs Source: Bloomberg Source: Bloomberg US Swap Rates 5 Years CDS 3.0% US 29.9 1.4 Turkey 177.9 (60.9) UK 18.8 (14.3) Brazil 206.4 (17.1) Germany 14.6 (10.0) Egypt 369.0 (47.7) France 21.3 (36.8) Abu Dhabi Italy 141.2 (43.7) Greece 622.7 Russia 153.1 Japan 29.5 2.1 2.0% 1.59% 2.20% 2.03% 1.87% 1.0% 1.44% 1.27% 0.96% 1.15% 2 Yrs 5 Yrs 7 Yrs Current 2.49% 1.78% 0.0% 10 Yrs Last Year 30 Yrs Spreads 6M Change 5 Years CDS Spread 6M Change 57.8 4.2 Bahrain 236.2 (6.7) (478.0) Dubai 122.1 (2.2) (22.2) Qatar 95.7 (22.1) Saudi Arabia 93.1 2.1 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 07:30 Japan Industrial Production MoM Period Survey Prior Jun F - 1.60% 11:30 UK 11:30 UK CPI MoM Jul 0.00% 0.00% CPI YoY Jul 2.70% 2.60% 11:30 15:30 UK CPI Core YoY Jul 2.50% 2.40% US Retail Sales Advance MoM Jul 0.30% (0.20%) Net Profit (mn) YoY (%) QoQ (%) 67.9 Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Mazaya Qatar Real Estate Dev NA NA NA 8.4 (75.2) Zad Holding Co NA NA NA 65.4 5.5 32.9 Qatar German Co For Medical 2.6 (33.2) (11.0) (2.1) 7.2 (4.3) (21.3) Jabal Omar Development Co 271.1 168.9 (13.7) 62.4 NA Emaar Properties Pjsc 3,889.9 2.2 (6.1) 1,452.7 14.4 4.9 Damac Properties Dubai Co 1,570.1 (10.5) (19.3) 704.8 (20.5) (19.9) Gfh Financial Group Bsc Waha Capital Pjsc Ifa Hotels & Resorts Co. K.S 69.3 18.0 106.1 30.2 453.5 (5.3) 188.5 20.4 (6.8) 95.6 (26.5) 9.1 NA NA NA (3.6) NA NA Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE August 15 , 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 (%) 3.02 0 0 8.17 2.03 5.9 4.88 3.72 0 5.05 7.12 2.31 5.9 3.32 5.21 3.68 5.85 4 6.01 0 9.04 5.15 N/A (‫)غ‬ 5.42 5.5 4.92 N/A (‫)غ‬ 4.34 4.56 3.83 2.12 7.12 5.29 4.31 3.64 4.19 1.88 4.43 6.16 2.44 7.46 4.1 N/A (‫)غ‬ 7.53 5.22 3.85 0 3.06 3.41 5.71 5.38 5.27 3.87 P/B Ratio (x) 1.26 0.71 2.12 0.9 2.03 0.75 2.52 0.68 0.86 1.55 1.53 2.02 0.92 1.64 1.29 2.39 2.35 1.21 1.56 1.31 0.63 4.19 N/A (‫)غ‬ 1.66 0.89 1.04 N/A (‫)غ‬ 1.71 1.18 2.66 2.29 1.36 1.51 1.61 0.82 0.69 2.35 0.48 2.6 1.49 0.72 1.09 N/A (‫)غ‬ 0.55 0.9 1.31 1.62 1.36 1.8 1.16 0.55 0.85 1.43 P/E Ratio (x) 9.84 67.69 31.66 8.94 71.07 10.74 15.04 (M) (‫)س‬ (M) (‫)س‬ 9.81 10.54 9.96 24.15 11.3 7.27 34.25 15.44 59.79 14.85 (M) (‫)س‬ 11.99 12.09 N/A (‫)غ‬ 13.99 15.38 (M) (‫)س‬ N/A (‫)غ‬ 21.43 16.97 13.78 21.69 9.71 11.48 18.43 28.25 8.39 20.51 17.09 13.35 18.97 9.9 15.88 N/A (‫)غ‬ 10.22 13.36 15.95 (M) (‫)س‬ 23.53 13.11 11.25 17.47 13.28 13.79 EPS (QR) 3.2 0.44 0.58 3.42 0.69 1.18 2.73 (M) (‫)س‬ (M) (‫)س‬ 9.59 5.33 13.83 0.35 5.44 10.56 2.38 9.96 0.42 7.2 (M) (‫)س‬ 0.74 5.62 N/A (‫)غ‬ 4.61 0.71 (M) (‫)س‬ N/A (‫)غ‬ 4.3 0.77 14.19 2.18 4.43 5.99 2.05 0.58 1.7 3.38 1.98 4.26 2.8 3.38 0.77 N/A (‫)غ‬ 1.62 1.12 5.71 (M) (‫)س‬ 1.34 3.58 1.56 3.72 2.06 2.79 BV/Share (QR) 24.98 42.33 8.67 34.16 24.26 16.87 16.29 19.85 8.7 60.61 36.69 68.05 9.19 37.56 59.49 34.08 65.51 20.67 68.38 6.17 13.99 16.23 N/A (‫)غ‬ 38.93 12.31 19.46 N/A (‫)غ‬ 53.93 11.14 73.56 20.61 31.55 45.66 23.54 20.16 20.77 29.43 70.69 21.88 35.64 46.65 11.17 N/A (‫)غ‬ 30.32 16.67 69.71 5.5 23.15 26.12 15.04 118.58 32.24 26.92 Stock Price (QR) 31.5 30.1 18.4 30.6 49.2 12.71 41 13.45 7.48 94 56.2 137.7 8.47 76.8 81.6 153.8 25 106.9 8.1 8.85 68 75 10.91 20.31 8.7 92.1 13.15 195.6 47.2 43 68.8 16.5 14.31 69.3 33.85 56.8 33.5 12.21 10.62 16.6 91 8.9 46.9 17.51 65 - 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