GCC Daily Market Update - 29 March

Transcription

1. DAILY MARKET UPDATE March 29 , 2018 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) 2,605.0 (7.6) 23,848.4 (9.3) 6,460.8 (69.0) 7,044.7 44.6 11,940.7 (30.1) 5,130.4 14.7 114,129.3 (2,067.2) 21,031.3 (286.0) 30,022.5 (768.3) 3,122.3 (44.4) 32,968.7 (205.7) (0.3) (0.0) (1.1) 0.6 (0.3) 0.3 (1.8) (1.3) (2.5) (1.4) (0.6) (4.0) (4.7) (5.7) (2.6) (4.0) (3.6) (4.1) (4.7) (2.7) (4.2) (3.6) (2.6) (3.5) 1.0 (8.4) (7.6) (3.4) (1.0) (7.6) 0.3 (5.6) (3.2) 8,553.1 7,900.3 4,550.6 3,090.5 6,603.5 4,774.0 1,315.1 1,634.2 3,571.6 (140.8) (42.3) (61.2) (2.3) (15.8) 14.8 (12.2) (9.4) (22.3) (1.6) (0.5) (1.3) (0.1) (0.2) 0.3 (0.9) (0.6) (0.6) (1.2) 6.5 (1.0) (4.7) (2.5) (4.6) (4.0) 0.6 (2.7) 0.3 9.3 3.5 (8.3) 3.1 (6.4) (1.2) 2.6 (1.8) 69.5 64.4 2.7 1,324.2 300.2 (0.6) (0.9) 0.0 (17.8) 1.1 (0.8) (1.3) 0.3 (1.3) 0.4 6.1 4.9 1.6 0.5 (2.9) 4.4 7.0 (8.2) 1.1 (8.6) Source: Bloomberg Global Global equity markets ended mostly lower yesterday, led by weakness in Technology shares. All major US equity benchmarks ended lower for the second consecutive session. The Nasdaq index declined 1.1%, weighed by pullback in Semiconductor stocks and amid reports that the US might ban investments on certain Chinese technologies. The Stoxx Europe 600 inched 0.5% higher, as weakness in Technology stocks were offset by strong gains in Utility stocks. The UK benchmark rose 0.6%, tracking gains in Healthcare stocks, as Shire Plc shares rose amid reports of receiving a takeover bid. In Asia, the Japanese benchmark declined 1.3%, as Mining and Energyoriented stocks declined. The Chinese benchmark edged 1.4% lower, weighed by weakness in Consumer Non-Cyclical and Energy stocks. GCC Most GCC equity markets ended lower yesterday. The Saudi Arabian benchmark reversed its gains, declining 0.5% on account of profit taking ahead of FTSE’s decision. Al Andalus Property declined 7.8%, after the company reported YoY decline in Q4-17 net profit. The Abu Dhabi’s benchmark declined 1.3%, weighed by weakness in Banking, Energy and Real Estate stocks. In Kuwait, telecommunications group Zain gained 2.2% on expectations of approval from Saudi Arabian regulators to sell its mobile towers in the nation. Qatar The QE index declined 1.6% yesterday, weighed by profit booking amongst domestic and gulf institutional investors. QGMD fell 3.7% after reporting wider net loss in FY-17. Trade turnover and volumes rose yesterday, with Banking, Industrials and Real Estate sectors together accounting for more than 79% of the total volume. Out of the 45 listed stocks, 43 exchanged hands of which, 35 declined, 6 advanced and 2 remained unchanged. QATAR MARKET OVERVIEW P/E (x) P/B (x) Qatar All share 13.4 1.3 4.9 53.5 DSM 20 13.2 1.2 5.1 35.5 Saudi Arabia (TASI) 17.4 1.7 3.2 1,146.8 UAE (ADX) 11.7 1.3 5.2 36.7 UAE (DFM) 10.9 1.1 5.8 47.2 Kuwait (KSE) 15.2 1.1 5.7 37.6 Oman (MSM) 12.2 1.0 5.1 12.9 Bahrain (BAX) 8.7 0.8 6.2 1.0 1D Change Performance Value (%) YTD (%) YoY (%) Vol. P/E (‘000) TTM GCC Fundamentals Dividend Value Traded Yield (%) (USD mn) Source: Bloomberg Qatar Trading Activity Top Gainers Qatar Cinema & Film Qatar Islamic Insurance Qatar Elect. & Water Qatar & Oman Invest Qatar Fuel Qsc Top Losers Al Khaleej Takaful Grp Al Meera Cons. Goods Qatar German Co Gulf Int’l Services Industries Qatar Close Price 25.2 51.5 188.0 7.6 107.7 2.3 1.3 3.0 0.1 0.7 10.0 2.6 1.6 1.3 0.7 0.7 (6.3) 5.6 (3.8) 5.6 (16.1) (24.6) (14.4) (22.4) (21.4) 0.1 0.8 14.9 33.9 116.0 20.2 12.5 12.8 25.6 11.1 10.3 141.4 5.8 18.4 105.9 (0.6) (6.6) (0.2) (0.6) (3.4) (5.6) (4.4) (3.7) (3.2) (3.1) (22.1) (2.4) (10.5) 4.0 9.1 (51.1) (15.8) (40.6) (34.3) (4.3) 58.7 23.1 104.4 286.2 136.5 18.0 14.6 NA 40.2 19.3 Source: Bloomberg; Note: Prices are in local currency. Qatar DSM Index 9,500 20.0 8,553.1 9,000 8,500 10.0 8,000 7,500 31/Dec 0.0 14/Jan 28/Jan 11/Feb Index Volume (mn) 25/Feb 11/Mar 25/Mar Index Value Source: Bloomberg QE Sector Indices Banks & Financial Services Consumer Goods & Services Industrials Insurance Real Estate Telecoms Transportation Closing Level 2,794.8 5,346.5 2,890.3 3,046.6 1,838.1 1,079.6 1,799.5 1D Change (%) (1.9) 0.3 (1.8) (0.8) (1.8) (1.4) (0.9) Buy (%) 45.0 11.5 56.5 10.6 32.9 43.5 Sell (%) 31.7 23.9 55.6 9.1 35.3 44.4 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 March 29 , 2018 GLOBAL NEWS   US real gross domestic product grew by 2.9% YoY during Q4-17, which is higher than the previously estimated 2.7%. The upward revision came amidst, higher personal consumption expenditure, residential and nonresidential fixed investment, exports, and government spending. (Source: Bureau of Economic Analysis). The US international trade deficit stood at USD 75.4bn in February-18, up by USD 0.1bn over the previous month. Exports rose by USD 2.9bn, while the imports were higher by USD 3.0bn over the month. (Source:  Business)     Business) Finance companies operating in Britain will get more time to meet the Brexit deadline, according to the announcement made by Bank of England. (Source: Reuter) Saudi Arabia has signed a memorandum of understanding with Softbank Group to build a USD 200.0bn solar power project which will create as many up to 100,000 jobs along with USD 40.0bn of reduction in power costs. (Source: Arabian Business)  Japan’s commercial sales increased by 0.8% MoM and 3.3% YoY to JPY 36.5tn in February-18, driven by increase in retail sales by 1.6% YoY to JPY 11.0tn and wholesale by 4.0% YoY to JPY 25.5tn. (Source: METI) Saudi Aramco has entered into commercial cooperation deals valued over USD 10.0bn with 14 US based companies at the Saudi-US CEOs Forum in New York. (Source: Trade Arabia)  China will lower the value-added tax rate by 100 bps in the manufacturing sector (to 16.0%) and transportation, construction, telecommunication and agricultural sectors (to 10%) from 01st May 2018. (Source: Reuter) Oman national carrier Oman Air took the delivery of its second of the total 30 Boeing 737 Max 8s that it has placed order for and expects to receive a total of five 737 MAX by September-18. (Source: Arabian Business)  Turkey’s Central Bank official reserve assets declined by 0.6% MoM to USD 114.6bn in February-18 while the foreign currency reserves also declined by 0.6% MoM to USD 87.9bn. (Source: Anadolu Agency) Bahrain is likely to see 70.0% growth in freehold apartment units due to the expected supply of almost 7,000 units planned for delivery between 2018-21. (Source: Arabian Business)  Kuwait is in the process of launching several road and related infrastructure development projects with an investment of KWD 8.0bn (USD 26.6bn) as a part of its long-term plans of executing up to 80 ventures aimed at easing traffic in coming years. (Source: Trade Arabia) GCC NEWS  Dubai's hospitality market recorded the highest revenue per available room (RevPAR) of USD 189.0 and the highest occupancy rate of 77.7% in the Middle East region in 2017 as per a report by Ernst and Young. QATAR NEWS  Hamad International Airport has been awarded with the ISO 55001:2014 certification, which makes it the first airport to achieve the certification from the British Standards Institution in the Middle East. (Source: Gulf Times)  Qatar exchange announced that effective from 1st April-17, Investment Holding Group will replace Mazaya Qatar in the QE Index and would get listed on both, QE All Share Index and QE Industrials Index. Qatar Electricity & Water Company would get listed on QE Al Rayan Islamic Index. (Source: QE)  Qatar Financial Markets Authority has signed a MoU with Qatar Financial Centre Regulatory Authority for managing investment funds which are established in the nation or in Qatar Financial Centre. (Source: (Source: Arabian Business)  Dubai International Airport's airspace (management of flights over Dubai’s airspace) capacity has increased by 25.0% while the capacity has doubled at Al Maktoum International Airport subsequent to airspace restructuring project. The statement further added that (Source: Arabian Business)  Dubai based engineering and construction services company Drake & Scull International is planning to issue a convertible sukuk in Q2-18 with a minimum indicative value of AED 450.0mn (USD 122.4mn). The issuance by approved by the board on 27th March-18. (Source: Trade Arabia)   Dubai based private developer Azizi Developments has given a contract for the development of the third phase of Azizi Riviera to Prestige Constructions. The contract is worth AED 952.0mn (USD 259.0mn). (Source: Trade Arabia) Dubai based Enoc Group which plans to construct 54 service station by 2020, has opened its first service station at the new highway “Al Marmoum First” on Dubai-Al Ain Road. Out of the 54 stations planned, 16 are scheduled to open in the current calender year. (Source: Trade Hukoomi)  Dubai based mall Al Ghurair Centre has signed an agreement with Emaar Entertainment to run a new 18-screen Reel cinema megaplex, which is expected to commence operations in Q4-18. (Source: Trade Gulf Times) Qatar Electricity & Water Co and Qatar Holding’s joint venture, Nebras Power, has reported an increase of 1.8 times in its revenue amounting to QAR 476.0mn in FY-17. The company’s operating profit increased by 2.2 times to QAR 382.0mn during the same period. (Source: Gulf Times)  Al Meera Consumer Goods Company has received an approval to distribute cash dividend of 85.0% of the nominal share value for FY17. (Source: QE)  Qatar First Bank reported a slightly wider loss of QAR 269.2mn for FY17. The lender’s total revenue stood at QAR 334.2mn during the same period. (Source: QFB)  Commercial Bank of Qatar has announced that the bank would issue 200,000 contact less credit cards during this year. The bank will also install more than 5,000 terminals accepting contact-less cards at the retail chains in the country. (Source: Gulf Times) Arabia)   Abu Dhabi based Mubadala Investment Company has signed a memorandum of understanding with New Economy Development Fund of Greece to create a EUR 400.0mn (USD 350.4mn) coinvestment platform for tapping investment opportunities in key sectors of Greece's economy. (Source: Arabian Business) Saudi Arabia is planning to organize a forum in the US to attract investors looking to propel the growth of the Saudi entertainment industry by new investments and entertainment ventures. (Source: Trade A cabinet meeting, chaired by HE the Prime Minister approved the draft law stating that transportation of hazardous materials by road is not permissible without obtaining a license from the respective department and co-ordination with other government bodies. (Source:  Arabia)  Saudi Arabia’s Crown Prince is plannign to meet with top entrepreuners in the US technology sector which includes Microsoft co-founder Bill Gates, Amazon.com CEO Jeff Bezos and Microsoft CEO Satya Nadella as part of economic diversification plans. (Source: Arabian  U.S. Census Bureau)  Saudi Arabia has announced that it will reimburse contractors for the increased expatriate worker fees that they incurred on government projects which were approved before December-16. (Source: Arabian Arabia) 2
3. DAILY MARKET UPDATE March 29 , 2018 FX RATES Currencies Value Currencies Value EUR/USD 1.2338 USD/QAR 3.6415 106.8500 EUR/QAR 4.4929 USD/JPY GBP/USD 1.4107 JPY/QAR 0.0341 USD/CHF 0.9567 GBP/QAR 5.1371 USD/CAD 1.2923 CHF/QAR 3.8063 AUD/USD 0.7662 CAD/QAR 2.8178 NZD/USD 0.7212 AUD/QAR 2.7901 USD/INR 64.6775 INR/QAR 0.0563 USD/TRY 4.0101 TRY/QAR 0.9081 USD/ZAR 11.7771 ZAR/QAR 0.3092 USD/BRL 3.3216 BRL/QAR 1.0963 FX Commentary The USD ended higher against a basket of major currencies yesterday with dollar index ending 0.8% higher to settle at 90.093. The strength in USD was supported by an upward revision seen in the Q4-17 US GDP data. The GBP weakened against the greenback on account of data showing a decline in the UK retail sales for March-18. The currency however got some support after reports suggested that UK is likely to propose a new resolution for the Northern Irish border issue. The EUR fell against the USD. However, upbeat German consumer confidence data kept the losses under check. The CAD weakened against its US counterpart as investors awaited for domestic GDP data. The JPY declined against the dollar as demand for safe haven currencies dampened after a meeting between North Korean and Chinese leaders, which indicated easing geopolitical tensions. Source: Bloomberg INTERBANK OFFERING & US SWAP RATES Duration SOVEREIGN YIELD CURVES & CDS SPREAD Overnight 1 Week 1.70 1.73 1.88 2.30 2.67 (0.44) (0.38) (0.37) (0.33) (0.19) LIBOR EURIBOR 1 Month 3 Month 1 Year Qatar vs US Treasuries Yields 6.0% QAIBOR 2.27 2.33 2.45 2.65 3.03 4.0% SAIBOR NA 1.89 2.02 2.26 2.66 2.0% EIBOR 1.49 1.67 1.87 2.27 2.78 BMIBOR 1.63 1.90 2.43 2.78 3.28 NA NA 1.75 2.00 2.50 KIBOR 2.70% 2.28% 2 Yrs Source: Bloomberg US Swap Rates 5 Years CDS 2.57% 2.72% 2.75% 2.80% 2.0% 1.0% 2.35% 2.19% 2.03% 2.85% 2.60% 1.60% 0.0% 2 Yrs 5 Yrs 7 Yrs Current 10 Yrs Last Year 30 Yrs 3.47% 3.54% 2.59% 2.72% 2.77% 3.01% 7 Yrs 10 Yrs US 30 Yrs 0.0% Source: Bloomberg 3.0% 4.76% 3.41% 5 Yrs Qatar Spreads 6M Change 5 Years CDS Spread 6M Change US 27.2 (1.1) Turkey 201.9 12.9 UK 18.9 (7.6) Brazil 169.7 (28.1) Germany 11.5 (1.2) Egypt 272.0 (91.4) France 18.7 (2.9) Abu Dhabi Italy 105.4 (34.2) Greece 370.2 Russia 123.5 Japan 25.2 65.2 3.3 Bahrain 298.4 52.5 (181.2) Dubai 108.6 (25.7) (20.0) Qatar 90.5 (8.6) (15.5) Saudi Arabia 87.1 0.0 Source: Bloomberg Source: Bloomberg ECONOMIC CALENDAR Time Country Event 11:30 UK GDP QoQ 11:30 UK GDP YoY 15:30 US Initial Jobless Claims 16:00 Russia Gold and Forex Reserve 02:30 Japan Jobless Rate 02:50 Japan Industrial Production MoM Period Survey Prior Q4 F 0.40% 0.40% Q4 F 1.40% 1.40% Mar-24th 230k 229k Mar-23rd - 455.4b Feb 2.60% 2.40% Feb P 5.00% (6.80%) Source: Bloomberg GCC COMPANY RESULTS Company Name Revenues (mn) YoY (%) QoQ (%) Net Profit (mn) YoY (%) QoQ (%) 4.3 23.9 119.0 (15.4) NA NA Emaar Economic City 628.1 41.2 133.9 177.4 37.9 NA Saudi Ground Services Co 585.2 (3.6) (16.1) 64.1 (36.4) (60.0) Saudi Airlines Catering Co 535.8 0.2 (11.0) 98.9 (5.7) (24.2) National Gas & Industrialization 505.4 (0.3) 9.8 (14.2) NA NA NA NA NA 58.7 64.3 62.6 Qatar German Co For Medical Alujain Corporation (Alco) Astra Industrial Group Saudi Ceramic Co NA NA NA 28.9 NA NA 325.8 (7.0) 45.4 (64.9) NA 65.4 Source: Bloomberg; Note: All figures are in local currency 3
4. DAILY MARKET UPDATE March 29 , 2018 QSE MAIN FINANCIAL INDICATORS Company Ahli Bank Comm. Bank of Qatar Dlala Doha Bank Islamic Holding Al khalij Commercial Bank Rayan National Leasing Qatar 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 Alkhaleej 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 (%) 2.9 3.4 0.0 11.2 0.0 6.8 5.7 4.9 N/A (‫)غ‬ 0.4 7.8 4.6 6.6 4.6 7.1 5.9 6.0 N/A (‫)غ‬ 7.4 N/A (‫)غ‬ 0.0 7.1 N/A (‫)غ‬ 6.3 6.2 0.0 N/A (‫)غ‬ 4.7 4.8 4.1 2.4 7.5 7.8 4.6 0.0 5.6 3.6 5.0 6.8 4.0 7.6 0.0 N/A (‫)غ‬ 8.5 3.0 N/A (‫)غ‬ 0.0 0.0 4.3 6.6 6.1 6.1 4.2 P/B Ratio (x) 1.3 0.7 1.4 0.8 1.3 0.6 2.0 0.5 N/A (‫)غ‬ 1.5 1.1 1.8 0.9 1.5 0.9 1.9 2.1 N/A (‫)غ‬ 1.5 N/A (‫)غ‬ 0.5 3.2 N/A (‫)غ‬ 1.5 0.8 0.9 N/A (‫)غ‬ 1.9 1.3 2.3 1.5 1.2 1.2 1.6 0.5 0.7 1.5 0.6 2.2 1.1 0.7 0.9 N/A (‫)غ‬ 0.5 0.8 N/A (‫)غ‬ 1.6 7.5 1.4 1.0 0.5 0.7 1.4 P/E Ratio (x) 10.7 19.9 19.8 7.5 (M) (‫)س‬ 7.2 13.1 (H) (‫) م‬ N/A (‫)غ‬ 9.5 9.3 9.2 25.7 9.9 5.1 26.8 14.6 N/A (‫)غ‬ 11.1 N/A (‫)غ‬ (M) (‫)س‬ 99.9 N/A (‫)غ‬ 12.9 12.2 40.2 N/A (‫)غ‬ 19.3 16.8 12.8 15.6 10.2 11.6 16.6 17.9 16.0 27.6 12.7 12.5 20.3 7.5 16.6 N/A (‫)غ‬ 9.7 11.9 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 10.8 9.9 13.9 11.3 12.9 EPS (QR) 3.0 1.5 0.6 3.6 (M) (‫)س‬ 1.5 2.7 0.1 N/A (‫)غ‬ 10.2 5.5 14.2 0.3 5.8 11.1 2.5 9.7 N/A (‫)غ‬ 9.7 N/A (‫)غ‬ (M) (‫)س‬ 0.6 N/A (‫)غ‬ 4.6 0.8 0.5 N/A (‫)غ‬ 5.5 0.9 14.7 2.0 3.9 5.0 2.4 0.6 0.8 1.3 3.5 4.1 1.7 4.4 0.6 N/A (‫)غ‬ 1.5 1.1 N/A (‫)غ‬ (M) (‫)س‬ (M) (‫)س‬ 3.7 1.5 4.1 2.1 2.8 BV/Share (QR) 25.2 42.1 8.2 34.9 24.0 17.5 17.6 20.1 N/A (‫)غ‬ 64.7 45.0 73.4 8.8 39.4 64.5 35.6 69.0 N/A (‫)غ‬ 71.1 N/A (‫)غ‬ 12.9 19.0 N/A (‫)غ‬ 39.9 12.7 19.8 N/A (‫)غ‬ 56.6 11.6 81.7 21.4 34.4 48.0 24.8 19.3 20.8 25.1 70.8 23.4 32.4 48.6 11.4 N/A (‫)غ‬ 31.3 17.1 N/A (‫)غ‬ 5.3 3.9 27.9 15.7 118.3 32.8 26.1 Stock Price (QR) 32.6 29.7 11.6 26.9 30.5 11.0 35.4 10.2 6.7 96.5 51.1 130.0 7.6 56.2 68.0 141.4 25.2 107.7 5.8 5.8 60.0 95.7 -9.7 18.4 6.0 105.9 14.6 188.0 31.8 40.0 58.0 10.3 13.5 36.6 44.5 51.5 33.1 10.6 7.8 14.8 82.6 8.4 39.6 15.2 57.0 - 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