GCC Daily Market Update - 28 October

Transcription

1. October 28 , 2021 GLOBAL MARKETS MARKET COMMENTARY Change Performance Value (%) MTD (%) YTD (%) Closing Level Indices Global S&P 500 Dow Jones Ind. Average Nasdaq 100 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) MSCI GCC Dow Jones Islamic Commodity Brent (USD/bbl) WTI (USD/bbl) Natural Gas (USD/mmBTU) Gold Spot (USD/t oz.) Copper (USD/lb) 4,551.7 35,490.7 15,598.4 7,253.3 15,705.8 6,753.5 1,519.3 29,098.2 25,628.7 3,562.3 61,143.3 (23.1) (266.2) 38.9 (24.3) (51.3) (13.0) 10.1 (7.8) (409.5) (35.3) (206.9) (0.5) (0.7) 0.3 (0.3) (0.3) (0.2) 0.7 (0.0) (1.6) (1.0) (0.3) 5.7 4.9 6.2 2.4 2.9 3.6 8.0 (1.2) 6.3 (0.2) 3.4 21.2 16.0 21.0 12.3 14.5 21.7 2.9 6.0 (4.0) 2.6 28.0 11,665.7 11,807.8 7,853.7 2,864.2 7,035.1 4,049.7 1,736.9 751.0 6,252.9 (40.7) (38.9) (49.3) (1.9) 35.9 39.0 1.4 (1.7) (19.3) (0.3) (0.3) (0.6) (0.1) 0.5 1.0 0.1 (0.2) (0.3) 1.6 2.7 2.0 0.7 2.5 2.7 1.8 3.0 5.1 11.8 35.9 55.7 14.9 26.8 10.7 16.6 32.9 14.8 84.6 82.7 6.2 1,797.9 4.4 (1.8) (2.0) 0.3 5.2 (0.1) (2.1) (2.4) 5.4 0.3 (2.2) 7.7 10.2 5.7 2.4 7.3 63.3 70.4 144.3 (5.0) 24.8 Source: Refinitiv Eikon Global US equities had a mixed day Wednesday as Tech giants Microsoft Corp and Google parent Alphabet Inc reported stronger-than-expected earnings. The DJIA fell 0.7%, the S&P 500 declined 0.5%, while the Nasdaq 100 closed higher. European stocks slipped from near-record highs on Wednesday with miners leading losses after concerns over China hit metal prices and an upcoming central bank meeting kept investors on the edge. The pan-European Stoxx 600 ended 0.4% lower as London, Frankfurt and Paris closed on a negative note. Asian stocks slipped on Wednesday with new regulatory worries leading to the steepest sell-off in Chinese Tech shares in seven weeks. Hang Sang tech index declined by 1.6% after China's internet watchdog said it planned stricter registration rules for younger internet users. Japan's Nikkei ended flat as strong earnings supported the market despite overall caution ahead of a parliamentary election on the weekend. GCC Major Gulf markets closed negative on Wednesday as oil prices fell with the Saudi index (-0.3%) extending losses from the previous session. Rabigh Refining & Petrochemical Company fell 10% after it reported a sharp sequential decline in earnings on Tuesday sequentially while SABIC AgriNutrients Co fell 2.3%. The Dubai index fell 0.07% as Aramex slid 4.2%. The Abu Dhabi index declined by 0.6%, hit by a 2% fall First Abu Dhabi Bank ahead of its earnings. Qatar The Qatari benchmark index closed at 0.35% lower as Investment Holding Group advanced 2.8% and Aamal Holding increased by 2.1%. Out of the total 44 traded stocks, 23 declined, 17 advanced and 4 remained unchanged. Total traded volume in the market was higher than the previous trading session. The Transportation index advanced 0.3% while the Telecoms index ended 1.7% lower. QATAR MARKET OVERVIEW Dividend Value Traded Yield (%) (USD mn) Qatar DSM Index P/E (x) P/B (x) Qatar All share 15.5 1.5 2.6 144.9 11,600 DSM 20 15.1 1.7 2.6 120.4 11,200 Saudi Arabia (TASI) 23.6 2.8 2.2 1,616.7 10,800 UAE (ADX) 21.4 2.3 2.9 342.7 UAE (DFM) 14.2 0.9 2.8 49.4 Kuwait (KSE) 20.6 1.7 1.9 276.0 Oman (MSM) 10.7 0.8 3.5 10.5 Bahrain (BAX) 13.5 1.0 1.9 1.6 GCC Fundamentals Source: Refinitiv Eikon Qatar Trading Activity Close 1D Change Price Value (%) Top Gainers INVESTMENT HLD AAMAL HOLIDING MANNAI CORP SALAM INTL INV MASRAF AL RAYA Top Losers OOREDOO QSC DOHA INS CO QA COMM BK ALKHALEEJ GROU INMA HOLDING 1.4 1.1 4.9 1.0 4.7 7.0 1.9 6.1 4.4 4.9 0.0 0.0 0.1 0.0 0.0 (0.2) (0.0) (0.1) (0.1) (0.1) 2.8 2.1 1.8 1.4 0.9 (2.4) (1.8) (1.8) (1.7) (1.4) Performance YTD YoY (%) (%) 132.6 NA 63.8 48.4 4.2 (6.6) 37.6 38.4 132.9 (4.6) Source: Refinitiv Eikon; Note: Prices are in local currency. 155.6 NA 65.6 61.8 9.0 4.9 67.0 43.3 132.6 25.0 Vol. (‘000) P/E TTM 14,526.8 3,311.5 170.1 21,229.1 8,453.7 58.8 NA 6.7 NA 15.9 1,464.3 516.9 2,238.2 344.6 1,034.0 NA 14.0 12.0 NA 40.0 12,000 300.0 11,665.7 200.0 100.0 10,400 10,000 1-Aug 0.0 15-Aug 29-Aug 12-Sep Index Volume (mn) 26-Sep 10-Oct 24-Oct Index Value Source: Refinitiv Eikon QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 4,872.5 8,230.4 4,159.4 2,631.9 1,828.4 1,048.9 3,561.2 1D Change (%) (0.2) (0.6) (0.4) 0.0 (0.1) (1.7) 0.3 Source: Refinitiv Eikon Qatar Trading Summary Buy (%) Sell (%) Qatari Individuals 37.6 33.1 Qatari Institutions 20.0 32.0 Qatari – Total 57.7 65.1 Foreign Individuals 11.8 11.9 Foreign Institutions 30.5 42.3 23.0 34.9 Foreign – Total Source: Qatar Exchange 1
2. October 28 , 2021 GLOBAL NEWS  Microsoft Corp forecast a strong end to the calendar year, led by its booming cloud business but the company sees supply chain woes to continue to dog key units such as those producing its Surface laptops and Xbox gaming consoles. (Source: Reuters)  Twitter Inc on Tuesday reported a quarterly revenue growth of 37% and avoided any impact of Apple Inc privacy changes on advertising, sending its shares up 3%. (Source: Reuters)  GlaxoSmithKline named a genetics professor to its board as it refocuses on its pharmaceuticals business following a planned separation of the consumer healthcare division next year while looking to appease investors. (Source: Reuters)  Harry Potter publisher Bloomsbury raised its dividend as lockdown reading habits drove its half-year earnings to a record high and said it had put measures in place to weather print supply chain disruptions ahead of the holiday season. (Source: Reuters)  Deutsche Bank's profits rose a stronger-than-expected 7% in Q3-21, the bank's fifth straight quarter in the black as fees for advising on deals partly offset a drop in trading revenues. (Source: Reuters)  Japanese prosecutors asked a Tokyo court on Wednesday to send former Nissan Motor executive Greg Kelly to prison for two years for his alleged part in helping Carlos Ghosn, the carmaker's ousted CEO, hide earnings. (Source: Reuters)  Zhong Shanshan is at the top spot on the Hurun China Rich List 2021 published Wednesday, with a personal wealth of US 60.6bn. ByteDance founder Zhang Yiming, battery maker CATL Chairman Zeng Yuqun, Tencent Holdings’ Pony Ma, and Jack Ma, the founder of Alibaba Group and Ant Group completed the top five. (Source: Reuters)  Some Chinese property developers have voiced their intention to the regulators to extend their offshore bond maturities or undertake a debt restructuring, as a growing number of defaults hits the sector. (Source: Reuters)  President Tayyip Erdogan affirmed that Turkey had signed a MoU under which it will receive loans worth USD 3.2bn to help it meet clean energy goals set out in the Paris climate accord. (Source: Reuters) GCC NEWS  Debt capital markets in the MENA region totaled USD 90.9bn during 9M-21, down 8% YoY, according to Refinitiv. The UAE was the top nation in the region with USD 25.8bn in related proceeds. Qatar came in second with USD 20.1bn followed by Saudi Arabia, Egypt and Oman.  The Saudi Fund for Development is set to deposit USD 3bn in Pakistan’s central bank to help support its foreign reserves, the kingdom’s state news agency reported. (Source: Reuters)  The value of point-of-sale transactions in Saudi Arabia fell 7.6% in the week ending 23 October, the third week in a row of decline, according to the kingdom's Central Bank. (Source: Arab News)  Saudi Arabia said on Wednesday it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom's push to become a regional commercial hub and vie for foreign capital and talent. (Source: Reuters)  Private equity firm Global Infrastructure Partners will not bid for Saudi Aramco's gas pipeline assets but is looking at other assets in the region, GIP founding partner Matthew Harris said on Wednesday. (Source: Reuters)  Saudi Arabia’s Advanced Petrochemical Company reported close to 40% rise in Q3-21 net profit, following a significant jump in polypropylene sales. Net profit for Q3-21 stood at SAR 218mn (USD 58mn), up by 39.7% from SAR 156mn in Q3-20. (Source: Zawya)  The Saudi Investment Bank reported a net profit of SAR 775.6mn (USD 206.7mn) in 9M-21, a 9% increase from SAR 714.4mn in 9M-20. (Source: Arab News)  Business)  As part of the business diversification, Oman Investment and Finance Company has acquired 6.4% in Dhofar Insurance Company with a value totaling OMR 970. (Source: Oman Observer)  The Commercial Bank of Kuwait Group Company announced that it achieved KWD 40.7mn (USD 130.2mn) in net profits in 9M-21, an increase of 138.6% YoY. (Source: Bahrain News Agency) QATAR NEWS  Qatar Navigation (Milaha) announced its financial results for 9M-2021. The company reported a net profit of QAR 654mn for 9M-21, an increase of 70.3% compared to QAR 384mn during 9M-20. EPS grew to QAR 0.58 from QAR 0.34. (Source: The Peninsula)  Aamal Company yesterday reported a net profit of QAR 210.9mn during 9M-2021, an increase of 132.7% compared to QAR 90.6mn in 9M-20. EPS rose by 120% to QAR 0.033 from QAR 0.015. (Source: The Peninsula)  GWC, Qatar’s leading logistics and supply chain solutions provider, has achieved a net profit of QAR 165mn during 9M-21. During the same period, the company generated QAR 948mn in revenues. EPS amounted to QAR 0.28 in 9M-21. (Source: The Peninsula)  Dar Al Eloum for Real Estate Development Company, a fully owned subsidiary of Barwa Real Estate Group, has announced the signing of a financing agreement with a local bank for QAR 641.4mn for the development of the Qatar Schools, Package 1 project. The term of the new financing is up to 22 years. (Source: The Peninsula)  Nakilat has taken delivery of a newbuild LNG carrier, ‘Global Sea Spirit’, which will be commercially and technically managed in-house by Nakilat Shipping Qatar Limited (NSQL). (Source: The Peninsula)  Qatar Islamic Bank announced yesterday the expansion of its Direct Remit Service to Jordan as part of its continuous efforts to further enhance its remittance transfer service, offering customers fast, convenient and secure money transfer experience using the QIB Mobile App. (Source: The Peninsula) (Source: Zawya)  UAE-based Network International has seen its revenue rise based on the spending-recovery in the UAE and increasing values of payments processed in both the Emirates and Jordan. According to the company’s Q3-21 trading update, its revenue growth was 19% YoY while value of payments processed in the UAE and Jordan rose 22% YoY. (Source: Zawya)  Fertiglobe, an ADGM registered public company, completed its IPO on the ADX. Fertiglobe is the first free zone and ADGM company to be listed and traded on an onshore stock exchange in the UAE. Raising over USD 795mn, the Fertiglobe IPO is the third largest ever listing on the ADX. (Source: Zawya)  The National Bank of Ras Al Khaimah reported a jump in its net profit in 9M-21 on the back of higher net fee and commission income. Consolidated net profit for the period reached AED 534.7mn (USD 145.5mn), up by 21.9% from 438.6mn in the 9M-20. (Source: Zawya) NEOM Tech & Digital Holding Company, the first holding company to be established as a subsidiary of Saudi Arabia’s NEOM, has announced Oracle as the first tenant of its hyperscale data center. (Source: Gulf 2
3. October 28 , 2021 FX RATES Currencies Value Currencies Value EUR/USD 1.1634 USD/QAR 3.6400 113.8100 EUR/QAR 4.2348 USD/JPY GBP/USD 1.3776 JPY/QAR 0.0320 USD/CHF 0.9180 GBP/QAR 5.0145 USD/CAD 1.2356 CHF/QAR 3.9651 AUD/USD 0.7514 CAD/QAR 2.9459 NZD/USD 0.7165 AUD/QAR 2.7351 USD/INR 74.5640 INR/QAR 0.0488 USD/TRY 9.4789 TRY/QAR 0.3840 USD/ZAR 15.0775 ZAR/QAR 0.2414 USD/BRL 5.5380 BRL/QAR 0.6573 FX Commentary The USD lost value against major currencies on Wednesday as the Bank of Canada started off a series of awaited central bank policy comments with a hawkish tone, breaking a calm that had settled over the currency markets this week. The US Dollar index was down 0.06% to 93.90. The EUR/USD was up 0.08% at 1.1604 as the GBP/USD traded down 0.2% at 1.3746. The USD/JPY traded down 0.3% at 113.81. The USD/CNY traded up 0.2% at 6.3915. The USD/CAD was last trading 0.26% lower at 1.2356. The Reserve Bank of Australia meets on Tuesday next week as the market pricing is at odds with RBA policymakers’ insistence that there will be no rate hikes before 2024. The risk sensitive AUS/USD was 0.2% higher at 0.7514 while the NZD/USD traded down 0.11% at 0.7165. Source: Refinitiv Eikon INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 0.07 0.07 0.09 0.14 0.32 (0.58) (0.57) (0.56) (0.55) (0.47) QAIBOR 0.95 0.97 1.01 1.16 1.35 SAIBOR 0.55 0.59 0.66 0.82 0.95 EIBOR 0.14 0.16 0.21 0.33 0.56 BMIBOR 0.82 1.03 1.51 1.50 1.77 KIBOR 0.56 0.88 1.25 1.50 2.00 LIBOR EURIBOR 1 Month 3 Month 1 Year Source: Refinitiv Eikon 2.21% 2.0% 0.52% 0.0% 1.30% 0.96% 0.62% 0.79% 2 Yrs 5 Years CDS 2.0% 1.56% 1.40% 1.22% 0.65% 3.25% 4.0% 3 Yrs Qatar 1.18% 1.55% 5 Yrs 10 Yrs US 1.95% 30 Yrs Source: Refinitiv Eikon, Investing.com US Swap Rates 1.0% Qatar vs US Treasuries Yields 0.41% 4.3 Turkey 440.6 19.6 1.24% UK 11.0 (1.6) Brazil 224.1 32.6 9.6 (0.7) Egypt 358.6 16.8 20.9 (1.4) Abu Dhabi 44.6 (3.0) Italy 71.9 (11.6) 234.7 18.2 Greece 74.1 (6.2) Dubai 96.6 (13.3) Russia 81.3 (17.7) Qatar 45.1 (0.5) Japan 19.6 2.6 Saudi Arabia 53.6 (11.9) Germany France 0.0% 5 Yrs Current 7 Yrs 10 Yrs Last Year Spread 6M Change 13.2 0.23% 2 Yrs 5 Years CDS US 0.82% 0.59% Spreads 6M Change 1.75% 30 Yrs Source: Refinitiv Eikon Bahrain Source: Refinitiv Eikon, worldgovernmentbonds.com ECONOMIC CALENDAR Time Country Event Period Survey 10:55 Germany Unemployment Rate SA Oct 5.4% Prior 5.5% 14:45 Euro Zone ECB Refinancing Rate Oct 0.00% 0.00% 15:30 US GDP Advance 15:30 US Initial Jobless Claim 02:30 Japan Unemployment Rate Q3 2.8% 6.7% 18 Oct, w/e 292k 290k Sep 2.8% 2.8% Source: Refinitiv Eikon GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) NA NA NA 277.5 2.5 18.5 2,394.3 8.5 -4.0 156.1 NA 10.3 NA NA NA 56.2 -8.5 4.0 661.4 35.8 -5.3 216.5 NA 54.1 Aamal Company 389.8 15.3 -2.1 77.7 9.0 26.1 Savola Group Co 6,048.5 31.9 2.5 NA NA NA SABIC Agri-Nutrients Co 2,206.8 NA 20.0 NA NA NA Dubai Islamic Bank NA NA NA 1,205.2 19.9 19.6 Commercial Bank of Dubai NA NA NA 375.0 31.4 6.8 Doha Bank Qatar Insurance Company Gulf Warehousing Company Qatar Navigation Source: Refinitiv Eikon; Note: All figures are in local currency 3
4. QSE MAIN FINANCIAL INDICATORS (as on 21st October 2021) Company QNB Qatar Islamic Bank Comm. Bank of Qatar Doha Bank Ahli Bank Intl. Islamic Bank Rayan Al khalij Commercial Bank Qatar First Bank (QFC) National Leasing Dlala Qatar Oman Inma Banks & Financial Services Zad Holding Company Qatar German Co. Med Salam International Medicare Cinema Qatar Fuel Widam Mannai Corp. Al Meera Baladna Consumer Goods & Services Ind. Manf. Co. National Cement Co. Industries Qatar The Investors Electricity & Water Aamal Gulf International Mesaieed Investment Holding QAMCO Industrials Qatar Insurance Doha Insurance General Insurance Alkhaleej Takaful Islamic Insurance QLM Insurance United Dev. Company Barwa Ezdan Holding Mazaya Real Estate Ooredoo Vodafone Qatar Telecoms Qatar Navigation Gulf Warehousing Co Nakilat Transportation Market Dividend Yield (%) 2.2 2.2 1.6 2.5 3.9 3.3 3.5 2.5 0.0 2.4 0.0 0.0 1.0 2.4 4.4 0.0 0.0 3.2 2.8 2.5 2.4 0.2 4.6 3.3 2.8 3.2 4.0 2.0 2.4 3.7 3.8 0.0 1.7 0.0 1.8 2.2 0.0 5.2 0.0 1.1 4.1 0.0 0.7 3.1 3.9 0.0 2.9 1.2 3.5 3.0 3.4 4.0 2.0 3.3 3.4 2.3 P/B Ratio (x) 2.3 2.2 1.4 0.9 1.4 2.4 2.4 1.2 2.5 0.8 2.0 1.0 2.0 2.0 2.6 12.2 0.7 2.4 1.7 2.2 2.3 1.1 2.7 1.4 1.9 0.9 1.1 2.8 1.1 1.8 0.9 1.1 1.9 1.4 1.9 2.0 1.0 0.9 0.4 2.4 3.1 3.2 0.9 0.5 0.6 1.3 1.0 0.9 1.1 1.6 1.2 0.6 1.5 1.8 1.1 1.7 P/E Ratio (x) 14.6 12.8 14.4 11.3 12.8 15.2 16.3 11.5 (M) (‫)س‬ (M) (‫)س‬ 29.8 30.7 40.7 14.5 19.1 47.9 (M) (‫)س‬ 27.5 61.5 20.1 (M) (‫)س‬ 49.7 19.5 19.9 23.2 13.9 14.1 19.4 23.1 14.5 56.9 (M) (‫)س‬ 23.1 58.1 101.5 22.1 12.5 14.0 10.7 (M) (‫)س‬ 16.1 17.8 18.4 20.6 10.1 (H) (‫)م‬ 40.2 32.3 (M) (‫)س‬ 27.1 -77.3 44.1 12.6 14.5 17.7 18.6 October 28, 2021 EPS (QR) 1.4 1.4 0.4 0.3 0.3 0.6 0.3 0.2 (M) (‫)س‬ (M) (‫)س‬ 0.1 0.0 0.1 0.7 0.8 0.1 (M) (‫)س‬ 0.3 0.1 0.9 (M) (‫)س‬ 0.1 1.0 0.1 0.3 0.2 0.4 0.8 0.1 1.2 0.0 (M) (‫)س‬ 0.1 0.0 0.0 0.2 0.2 0.1 0.2 (M) (‫)س‬ 0.5 0.3 0.2 0.1 0.3 0.0 0.0 0.1 (M) (‫)س‬ 0.1 -0.1 0.2 0.4 0.2 0.2 0.3 BV/Share (QR) 8.7 8.4 4.5 3.3 2.8 4.1 2.0 1.9 0.8 1.4 0.8 0.9 2.5 4.6 6.2 0.3 1.4 3.6 2.2 8.5 1.8 4.7 7.3 1.2 3.4 3.4 4.7 5.8 2.3 9.5 1.2 1.7 1.3 1.0 1.1 2.4 2.6 2.3 5.8 1.9 2.6 1.6 3.0 3.1 5.3 1.2 1.1 1.9 6.3 1.1 3.3 12.2 3.3 1.9 3.6 3.0 Stock Price (QR) 20.2 18.3 6.2 3.0 3.9 9.7 4.8 2.2 1.8 1.1 1.6 1.0 5.0 16.0 3.5 1.0 8.7 3.6 18.2 4.1 5.0 19.8 1.6 3.2 5.1 16.2 2.6 16.9 1.1 1.9 2.4 1.5 2.0 2.5 1.9 2.1 4.6 8.0 5.2 1.6 3.2 1.6 1.1 53.7 7.2 1.7 7.6 5.1 3.3 Company QNB ‫الم ف‬ ‫التجاري‬ ‫بنك الدوحة‬ ‫اﻻه‬ ‫الدو‬ ‫ال ان‬ ‫الخل‬ ‫ اﻷول‬QFC ‫اﻻجارة‬ ‫دﻻلة‬ ‫قطروعمان‬ ‫إنماء‬ ‫البنوك والخدمات المال ة‬ ‫زاد‬ ‫الطب ة‬ ‫السﻼم‬ ‫الرعا ة‬ ‫الس نما‬ ‫قطر للوقود‬ ‫ودام‬ ‫مجمع المنا‬ ‫الم ة‬ ‫لدنا‬ ‫الخدمات والسلع اﻻستهﻼ ة‬ ‫التح ل ة‬ ‫اﻻسمنت‬ ‫صناعات قطر‬ ‫المس ثم ن‬ ‫كه اء وماء‬ ‫أعمال‬ ‫الخليج الدول ة‬ ‫مس ع د‬ ‫اس ثمار القا ضة‬ ‫قامكو‬ ‫الصناعات‬ ‫قطر‬ ‫الدوحة‬ ‫العامة‬ ‫الخليج الت اف‬ ‫اﻻسﻼم ة‬ ‫كيو إل إم‬ ‫التأم‬ ‫المتحدة للتنم ة‬ ‫بروة‬ ‫إزدان القا ضة‬ ‫مزا ا‬ ‫العقارات‬ Ooredoo ‫فودافون قطر‬ ‫اﻻتصاﻻت‬ ‫المﻼحة‬ ‫مخازن‬ ‫ناقﻼت‬ ‫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 material or for any delays, inaccuracies, errors in, or omissions of the said information. 4