Qatar: Weekly Market Report

Transcription

1. ` QSE Index and Volume Regional Indices Qatar (QSE)* Dubai Abu Dhabi Saudi Arabia# Kuwait Oman Bahrain Close WTD% MTD% YTD% 8,825.70 3,149.53 4,577.84 7,761.74 6,662.35 4,800.93 1,333.92 (0.2) (1.5) 0.8 0.2 (1.4) (2.0) (1.6) 2.0 (2.9) (0.4) 4.6 (1.6) (4.0) (2.6) 3.5 (6.5) 4.1 7.4 4.0 (5.9) 0.2 8,873.38 8,889.92 13,000,000 8,825.70 8,802.80 8,750 0 18-Mar 19-Mar 20-Mar 21-Mar Volume Market Indicators Value Traded (QR mn) QSE Index Week ended March 22 , 2018 1,653.6 Week ended March 15 , 2018 2,773.8 485,441.6 480,675.5 1.0 76.7 89.8 (14.6) 24,688 29,051 (15.0) 44 44 0.0 24:18 29:15 – Exch. Market Cap. (QR mn) Volume (mn) Number of Transactions Companies Traded Market Breadth Market Indices Total Return ALL Share Index Banks and Financial Services Industrials Transportation Real Estate Insurance Telecoms Consumer Goods & Services Al Rayan Islamic Index Market Indices Weekly Index Performance 1.2% 0.8% 22-Mar Close 15,502.91 2,602.39 2,885.67 2,959.45 1,874.91 1,911.56 3,321.54 1,096.24 5,375.89 3,655.60 WTD% 0.6 2.5 (0.8) 3.0 (1.4) 10.1 13.1 2.8 0.5 1.5 MTD% 4.2 6.3 5.5 9.2 (0.4) 12.5 4.5 (0.3) 3.3 2.0 Chg. % (40.4) YTD% 8.5 6.1 7.6 13.0 6.0 (0.2) (4.5) (0.2) 8.3 6.8 0.2% 0.0% (0.2%) (1.4%) (1.5%) (1.6%) (2.4%) Weekly Exchange Traded Value ($ mn) 473.01 288.53 159.08 5,413.81 180.43 54.48 64.68 Exchange Mkt. Cap. ($ mn) 133,302.3 107,480.5# 127,399.0 486,741.3 93,535.5 20,169.4 20,746.2 TTM P/E** 13.7 11.1 11.8 17.2 15.0 11.8 8.8 (2.0%) Oman (1.2%) Bahrain Foreign institutions remained bullish with net buying of QR110.5mn vs. net buying of QR413.1mn in the prior week. Qatari institutions remained bearish with net selling of QR4.3mn vs. net selling of QR328.1mn in the week before. Foreign retail investors remained bearish with net selling of QR46.6mn vs. net selling of QR32.6mn in the prior week. Qatari retail investors remained bearish with net selling of QR59.5mn vs. net selling of QR52.8mn the week before. Foreign institutions bought (on a net basis) ~$134mn worth of Qatari equities since the beginning of 2018. 8,875 Dubai Trading volume decreased by 14.6% to reach 76.7mn shares versus 89.8mn shares in the prior week. The number of transactions decreased by 15.0% to reach 24,688 transactions versus 29,051 transactions in the prior week. The Banks and Financial Services sector led the trading volume, accounting for 30.0%, followed by the Industrials sector which accounted for 21.6% of the overall trading volume. Vodafone Qatar (VFQS) was the top volume traded stock during the week with 14.5mn shares. 8,977.85 Kuwait Trading value during the week decreased by 40.4% to reach QR1.7bn versus QR2.8bn in the prior week. The Banks and Financial Services sector led the trading value during the week, accounting for 35.6% of the total trading value. The Industrials sector was the second biggest contributor to the overall trading value, accounting for 19.6% of the total trading value. Qatar Insurance Co. (QATI) was the top value traded stock during the week with total traded value of QR240.4mn. 26,000,000 Qatar (QSE)* QNB Group (QNBK), Masraf Al Rayan (MARK) and Barwa Real Estate Company (BRES) were the primary contributors to the weekly index decline. QNBK was the biggest contributor to the index’s weekly decrease, deleting 50.8 points from the index. MARK was the second biggest contributor to the mentioned decline, shaving off 21.4 points from the index. Moreover, BRES deleted 21.0 points from the index. However, Commercial Bank of Qatar (CBQK) added 43.9 points to the index. 9,000 Saudi Arabia The Qatar Stock Exchange (QSE) Index decreased 22.09 points or 0.25% during the trading week to close at 8,825.70. Market capitalization increased by 1.0% to QR485.4 billion (bn) versus QR480.7bn at the end of the previous trading week. Of the 45 listed companies, 24 companies ended the week higher, while 18 declined and 3 company remained unchanged. Ezdan Holding Group (ERES) was the best performing stock for the week with a gain of 20.7% on 4.1 million (mn) shares traded. On the other hand, Qatar Navigation (QNNS) was the worst performing stock for the week with a decline of 10.3% on 419.9k shares traded. Abu Dhabi Market Review and Outlook P/B** Dividend Yield 1.3 1.2 1.3 1.7 1.0 1.0 0.8 4.8 5.6 5.1 3.1 5.6 5.4 6.1 # Source: Bloomberg, country exchanges and Zawya (** Trailing Twelve Months; * Value traded ($ mn) do not include special trades, if any; Data as of March 21, 2018) Page 1 of 7
2. News Economic & Corporate News  QNB Group to seek shareholders’ approval to enhance single ownership limit – QNB Group is seeking shareholders’ approval to enhance the single ownership limit, close on the heels of Qatar’s largest lender suggesting a higher up to 49% foreign ownership limit (FOL). QNB Group’s spokesman said, “An Extraordinary General Assembly will be convened to present and approve the proposed amendment to QNB Group’s Articles’ of Association by adding an agenda in this regard, after securing the regulatory approvals.” Last week, QNB Group had announced intention to recommend to the Extraordinary General Assembly to approve increasing the percentage of non-Qatari ownership in the company’s capital to 49%, instead of 25% in accordance with the applicable provisions of Law No 9 of 2014 regulating the investment of non-Qatari capital in the economic activity and subject to approval of the concerned regulators. (Gulf-Times.com)  QNB Group to raise individual ownership limit to 5% – QNB Group’s board of directors approved an amendment that sought to increase individual ownership limit from 2% to 5%. According to the proposed amendment, “Except the Qatar Investment Authority (owner of 50% of the capital of the company) and General Retirement and Social Insurance Authority, no person, natural or juridical, shall own, at any time, more than 5% of the shares of the company other than by way of inheritance or testament.” Current article version, “Except the Qatar Investment Authority (owner of 50% of the capital of the company) and General Retirement & Social Insurance Authority, no person, natural or judicial shall own, at any time, more than 2% of the shares of the company other than by way of inheritance or testament.” The proposed amendment, after having received the appropriate regulatory approvals, will be presented at an Extraordinary General Assembly for the approval of the shareholders. (QSE)  CBQK’s shareholders approves fund raising to support growth plans – The Commercial Bank (CBQK) will support its rapid growth plans with a variety of fund raising options, which were approved by its shareholders at their annual general meeting. The shareholders gave approval for the launch of a Global Medium Term Notes Program (GMTN) in compliance with 144a of the US Securities Act 1933 to allow for issuance into the US markets by the company directly or through a special purpose vehicle (SPV) for up to $2bn or its equivalent in Qatari Riyal with a maximum maturity of 30 years provided that they are issued regularly in the global markets or in the form of a private placement. This will be in the event that the market conditions are favorable as determined by the board of directors. (Gulf-Times.com)  Al Rayan Qatar ETF, world’s largest single country Islamic ETF, debuts strongly on the QSE – Al Rayan Qatar ETF commenced trading on March 21, 2018 with initial assets in excess of $120mn. The ETF traded $15.5mn vs. overall equity value traded of $60.5mn. Al Rayan Investment operates the ETF which tracks the price performance of the QE Al Rayan Islamic Index. The ETF has the lowest management fee of any Shari’ah-compliant fund globally. Qatar Stock Exchange (QSE) admitted Al Rayan Qatar ETF to trade under the ticker ‘QATR’. The Fund tracks the QE Al Rayan Islamic Index (Price) which is comprised of large and medium sized, Shari’ah-compliant, listed Qatari companies. Al Rayan Qatar ETF becomes the largest single-country Islamic ETF in the world and is the latest addition to QSE’s burgeoning exchange-traded fund lineup. The Group Securities acts as Liquidity Provider for the ETF units, providing continuous quotations in line with the value of the fund’s assets. HSBC Qatar acts as custodian and fund administrator. The Fund will distribute dividends at least once a year, net of expenses and purification. The total expense ratio (TER) is 0.5%. (QSE)  Qatar sold bonds, Sukuk valued at QR2bn – Qatar Central Bank (QCB) auctioned QR1.1bn of five-year conventional bonds at a yield of 3.95%. QCB also auctioned QR900mn of five-year Sukuk. (Bloomberg)  Qatar’s economy seen to gain traction this year on stronger fixed investment – Qatar’s economy may gain traction this year on the back of stronger fixed investment, aided by ongoing preparations for the 2022 World Cup, and healthy global growth, according to FocusEconomics. In its ‘Qatar Economic Outlook’, FocusEconomics panelists forecast growth of 2.9% in 2018, unchanged from last month’s projection, and 2.7% in 2019. The economy is showing resilience this year despite the blockade. Non-residential central bank deposits were fairly stable in January after rising in December for the first time since last April, while recent bond and loan placements by QNB Group demonstrated foreign investors’ appetite for Qatari assets, FocusEconomics stated. Exports increased in January due to the hydrocarbon sector, with the trade surplus up over 50% YoY, while industrial production improved in December after two consecutive monthly contractions. (Gulf-Times.com)  Qatar asks US to investigate UAE’s bank for financial warfare – Qatar asked US regulators to investigate the US subsidiary of the largest bank in the UAE, accusing it of bogus foreign exchange deals designed to harm its economy as part of a blockade. Qatar Central Bank’s law firm has written a letter to the US Treasury asking it to investigate NBAD Americas, the US subsidiary of First Abu Dhabi Bank, which is majority stateowned. In a second letter, the lawyers asked the US Commodity Futures Trading Commission (CFTC) to investigate possible manipulation of Qatari Riyal. The letter stated, “We believe NBAD has participated in an extraordinary and unlawful scheme to wage financial warfare against Qatar, including through the manipulation of Qatari currency and securities markets. These actions should be halted immediately, and we ask that you investigate whether NBAD has directly or indirectly supported the manipulation of Qatar’s markets, including through NBAD America’s Dollar-clearing or correspondent banking services in the US.” (Peninsula Qatar)  Ashghal to spend QR22bn on roads, infrastructure in 2018 – Roads and infrastructure projects worth QR21.8bn will be implemented across the country this year, according to the Public Works Authority (Ashghal). This year’s projects include the works already being carried out and other upcoming projects in existing and new sub-divisions. Out of this, the main spending is on the Expressway works totaling QR11.08bn Page 2 of 7
3. and infrastructure and local road projects worth QR8 .88bn. The remaining QR1.84bn is earmarked for sewage treatment plans and assets projects, according to Ashghal’s official News Magazine. It was also informed that Ashghal completed more works in 2017 than what was achieved during the previous four years (2013-2016) and more than 60% of what was completed last year was carried out after last June. Quoting Ashghal’s President and Senior Engineer Saad Bin Ahmed Al Muhannadi, the magazine has also reported that 90% of the projects related to the 2022 FIFA World Cup would be completed this year. (Gulf-Times.com)  Gulf Warehousing Company announces establishment of new subsidiaries in Qatar – Gulf Warehousing Company announced the establishment of new subsidiaries in Qatar. LEDD Technology is a limited liability company, completely owned by Gulf Warehousing Company, with a capital of QR200,000. GWC Sea Freight Company is a limited liability company, completely owned by Gulf Warehousing Company, with a capital of QR1mn. It is a transporting company headquartered in Doha, Qatar. (QSE)  QGTS does not miss shipments despite economic blockade – Qatar Gas Transport Company Limited (QGTS), which has seen $11bn investments in its liquefied natural gas (LNG) carriers, has not missed any shipment worldwide despite the economic blockade on Qatar. The company also finds immense potential to sell LNG into new markets as floating storage and regasification units are one of the fastest growing global LNG business segments in recent years. It has already signed agreement with Hoegh LNG in this regard. “The company is taking calculated measures to ensure no interruptions or impact to its worldwide operations, and has not missed a single shipment worldwide even under the unjust blockade imposed on Qatar by neighboring countries and the challenges of the global energy industry,” QGTS’ Vice Chairman, Ahmed Saif Al Sulaiti told shareholders at the annual General Assembly which approved 10% cash dividend. QGTS prudently charted its course and pursued a long-term business consolidation and diversification strategy, which included the expansion of its ship management activities, he said, adding it proved its resilience by successfully deploying strategic steps to maintain its global leadership in LNG transportation, and the integral role it plays in Qatar’s LNG supply chain. (Gulf-Times.com) international expansion and cost optimization with a plan to strengthen the domestic operations this year as part of strategies to generate higher returns for shareholders according to Qatar Navigation’s Chairman, Sheikh Ali Bin Jassim Bin Mohamad Al Thani. Sheikh Ali said, “We will intensify our efforts in 2018 and beyond based on our strategic plan.” Qatar Navigation remains strong financially, and it will continue to invest for the future, and further increase its capabilities to meet customer requirements. Sheikh Ali said, “With the implementation of our multi-year growth strategy underway, we will continue to unlock new efficiencies within our business units and tap into new markets to invest in the future of the company. We started seeing some signs of recovery in the global shipping industry, a trend which we expect to continue in 2018.” (Gulf-Times.com)  UDCD to launch island project in QR5.5bn expansion plan – United Development Company (UDCD) will be launching a new state-of-the-art island project as part of UDCD’s QR5.5bn estimated investment for the next five years. UDCD’s Chairman, Turki Bin Mohamed Al Khater said as part of UDCD’s efforts to diversify its offerings, the 300,000 square meter island will be an extension of The Pearl-Qatar. Al Khater said the project’s design will feature an aquarium-style water park, an air-conditioned outdoor boardwalk, a green park, and a waterfront retail esplanade that will attract brands to Qatar. (Gulf-Times.com)  QGTS’ fleet transition proves cost-effective – Qatar Gas Transport Company Limited’s (QGTS) strategic ‘fleet transition program’ has helped improve the company’s fleet operational efficiency in a significant way in 2017. The consolidation of QGTS’ fleet to in-house management has led to increase in operational efficiency to 99.7% and reduced operational costs by about 6%. QGTS achieved a remarkable milestone with the completion of its first phase of the fleet transition program, which saw ten of QGTS wholly-owned vessels being consolidated under its in-house ship management. The transition was carried out in two stages, with four vessels transitioned in 2016 and another six vessels transitioned in 2017, bringing the fleet size managed by Nakilat Shipping Qatar Limited (NSQL) to 18 vessels, comprising 14 LNG and four LPG carriers. (Peninsula Qatar)  Qatar Navigation plans global expansion, cost optimization for higher returns – Qatar Navigation will undertake selective Page 3 of 7
4. Qatar Stock Exchange Top Gainers Top Decliners 0 .0% 24.0% 20.7% 18.1% -4.0% 16.0% 13.5% 11.7% -4.5% -5.1% -5.4% 9.2% 8.0% -8.0% -8.0% -10.3% 0.0% Ezdan Real Estate Qatar Insurance Gulf International Services Vodafone Qatar National Leasing -12.0% Qatar Navigation Source: Qatar Stock Exchange (QSE) United Development Qatar Gas Transport (Nakilat) Al Ahli Bank Qatar & Oman Investment Source: Qatar Stock Exchange (QSE) Most Active Shares by Value (QR Million) Most Active Shares by Volume (Million) 270.0 18.0 240.4 14.5 190.5 11.1 12.0 180.0 123.3 90.0 6.4 6.0 95.6 5.0 4.1 78.5 0.0 Vodafone Qatar Qatar First Bank Qatar Insurance Mesaieed Petrochemical Holding Company 0.0 Qatar Insurance QNB Group Vodafone Qatar Masraf Al Rayan Qatar First Bank Source: Qatar Stock Exchange (QSE) Source: Qatar Stock Exchange (QSE) Investor Trading Percentage to Total Value Traded 100% 80% 60% 28.92% 11.86% 25.80% 33.43% Net Traded Value by Nationality (QR Million) 64 22.23% Non-Qatari 610 14.68% 674 26.06% 40% 20% Ezdan Real Estate 37.03% (64) Qatari 1,043 979 0% Buy Sell Qatari Individuals Qatari Institutions Non-Qatari Individuals Non-Qatari Institutions Source: Qatar Stock Exchange (QSE) (200) - 200 400 Net Investment 600 Total Sold 800 1,000 1,200 Total Bought Source: Qatar Stock Exchange (QSE) Page 4 of 7
5. TECHNICAL ANALYSIS OF THE QSE INDEX Source : Bloomberg The Index closed flat vs the previous week’s, down a marginal 0.25%, showing uncertainty among traders on the expected direction of the Index. We need to see the Index move above the 9,000 weekly resistance level to continue its expected rally in the shorter term. Our weekly support level remains at the 8,000 mark. DEFINITIONS OF KEY TERMS USED IN TECHNICAL ANALYSIS RSI (Relative Strength Index) indicator – RSI is a momentum oscillator that measures the speed and change of price movements. The RSI oscillates between 0 to 100. The index is deemed to be overbought once the RSI approaches the 70 level, indicating that a correction is likely. On the other hand, if the RSI approaches 30, it is an indication that the index may be getting oversold and therefore likely to bounce back. MACD (Moving Average Convergence Divergence) indicator – The indicator consists of the MACD line and a signal line. The divergence or the convergence of the MACD line with the signal line indicates the strength in the momentum during the uptrend or downtrend, as the case may be. When the MACD crosses the signal line from below and trades above it, it gives a positive indication. The reverse is the situation for a bearish trend. Candlestick chart – A candlestick chart is a price chart that displays the high, low, open, and close for a security. The ‘body’ of the chart is portion between the open and close price, while the high and low intraday movements form the ‘shadow’. The candlestick may represent any time frame. We use a one-day candlestick chart (every candlestick represents one trading day) in our analysis. Doji candlestick pattern – A Doji candlestick is formed when a security's open and close are practically equal. The pattern indicates indecisiveness, and based on preceding price actions and future confirmation, may indicate a bullish or bearish trend reversal. Shooting Star/Inverted Hammer candlestick patterns – These candlestick patterns have a small real body (open price and close price are near to each other), and a long upper shadow (large intraday movement on the upside). The Shooting Star is a bearish reversal pattern that forms after a rally. The Inverted Hammer looks exactly like a Shooting Star, but forms after a downtrend. Inverted Hammers represent a potential bullish trend reversal. Page 5 of 7
6. Com pany Nam e Price March 22 % Change WTD % Change YTD Market Cap. QR Million TTM P/E P/B Qatar National Bank 135.00 (3.56) 7.13 124,692 10.0 1.8 Qatar Islamic Bank Div. Yield 4.4 100.00 1.52 3.09 23,629 11.3 1.5 5.0 Commercial Bank of Qatar 29.80 8.36 3.11 12,061 32.8 0.7 N/A Doha Bank 27.57 2.30 (3.26) 8,548 8.4 0.8 10.9 Al Ahli Bank 30.10 (5.05) (18.94) 6,332 9.8 1.2 3.2 Qatar International Islamic Bank 57.55 2.77 5.40 8,711 10.5 1.5 7.0 Masraf Al Rayan 36.22 (2.11) (4.05) 27,165 13.4 2.1 5.5 Al Khalij Commercial Bank 11.20 (4.03) (21.13) 4,032 8.1 0.6 6.7 12.10 1,464 N/A 0.9 N/A 0.65 Qatar First Bank 7.32 4.87 National Leasing 10.78 9.22 Dlala Holding 12.00 3.36 Qatar & Oman Investment Islamic Holding Group Banking and Financial Services Zad Holding Qatar German Co. for Medical Devices Salam International Investment 7.45 30.50 (4.49) 6.46 533 180.2 0.5 4.6 (18.37) 341 18.8 1.5 N/A (5.70) 235 25.1 0.8 6.7 (18.67) 173 N/A 1.3 3.3 1,308 10.9 1.4 4.5 69 N/A 1.0 N/A 217,916 100.00 6.00 5.87 (0.98) 23.46 1.35 (7.12) 8.50 (14.80) Medicare Group 72.57 (2.06) 3.89 Qatar Cinema & Film Distribution 22.66 0.00 (9.36) (0.79) 12.51 Qatar Fuel 114.83 671 N/A 0.5 N/A 2,042 25.5 2.0 2.5 142 18.2 1.1 4.4 11,417 11.8 1.6 5.6 Widam Food Co. 62.28 3.28 (0.35) 1,121 10.4 3.3 6.8 Mannai Corp. 57.50 (4.18) (3.36) 2,623 5.2 1.0 7.0 147.50 (1.99) 1.79 2,950 15.2 2.1 6.1 Al Meera Consumer Goods Consum er Goods and Services 22,344 Qatar Industrial Manufacturing 41.00 0.00 (6.18) 1,948 9.5 1.2 7.4 Qatar National Cement 58.55 (0.41) (6.92) 3,826 11.7 1.2 7.7 108.38 3.32 11.73 65,570 19.8 1.9 4.6 33.55 7.98 (8.33) 4,171 16.5 1.6 2.2 (2.11) 7.24 20,998 13.0 2.3 4.1 Industries Qatar Qatari Investors Group Qatar Electricity and Water 190.89 Aamal 10.00 5.26 15.21 6,300 12.6 0.8 6.0 Gulf International Services 19.31 13.52 9.10 3,589 42.2 1.0 N/A Mesaieed Petrochemical Holding 14.60 5.11 15.97 18,342 16.8 1.3 4.8 0.00 506 N/A 0.6 4.9 12,916 35.5 1.3 3.2 700 16.6 0.7 5.4 Invesment Holding Group Industrials 6.10 (3.33) 125,251 Qatar Insurance Doha Insurance 40.50 18.08 14.00 0.00 0.00 Qatar General Insurance & Reinsurance 47.00 3.41 (4.08) 4,113 13.4 0.7 4.7 Al Khaleej Takaful Insurance 10.99 3.10 (16.99) 281 19.2 0.6 4.5 Qatar Islamic Insurance Insurance 57.98 1.01 870 14.1 2.5 6.1 United Development 15.17 (8.00) 5.49 5,371 10.0 0.5 8.2 Barw a Real Estate 34.20 (3.66) 6.88 13,308 7.8 0.7 7.3 Ezdan Real Estate 11.10 20.65 (8.11) 29,443 17.1 1.0 4.5 7.78 1.04 (13.56) 901 32.4 0.6 N/A 26,779 13.6 1.2 4.2 7,270 N/A 1.6 N/A Mazaya Qatar Real Estate Development Real Estate Ooredoo Vodafone Qatar Telecom s (10.45) 5.48 18,879 49,023 83.60 8.60 (1.61) (7.88) 11.69 7.23 (10.29) 9.24 34,049 Qatar Navigation (Milaha) 61.11 6,999 14.8 0.5 5.7 Gulf Warehousing Qatar Gas Transport (Nakilat) 41.13 2.31 (6.50) 2,410 11.2 1.5 4.1 15.47 (5.38) (3.91) 8,571 10.2 1.4 6.5 Transportation Qatar Exchange 17,980 485,442 Source: Bloomberg Page 6 of 7
7. Contacts Saugata Sarkar , CFA, CAIA Shahan Keushgerian Zaid al-Nafoosi , CMT, CFTe Head of Research Senior Research Analyst Senior Research Analyst Tel: (+974) 4476 6534 Tel: (+974) 4476 6509 Tel: (+974) 4476 6535 saugata.sarkar@qnbfs.com.qa shahan.keushgerian@qnbfs.com.qa zaid.alnafoosi@qnbfs.com.qa Mohamed Abo Daff QNB Financial Services Co. W.L.L. Senior Research Analyst Contact Center: (+974) 4476 6666 Tel: (+974) 4476 6589 PO Box 24025 mohd.abodaff@qnbfs.com.qa Doha, Qatar Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services Co. W.L.L. (“QNBFS”) a wholly-owned subsidiary of Qatar National Bank (Q.P.S.C.). QNBFS is regulated by the Qatar Financial Markets Authority and the Qatar Exchange. Qatar National Bank (Q.P.S.C.) is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions included in this report. This report may not be reproduced in whole or in part without permission from QNBFS COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS. Page 7 of 7