Depa, Drake & Scull, Emirates NBD, Tabreed: Gulf Equity Preview
The following companies may rise or fall in Gulf Arab markets. Stock symbols are in parentheses and prices are from the last close.
Commercial Bank of Qatar (CBQK) : The Persian Gulf country’s second-biggest bank by assets was initiated with a “buy” recommendation at Arqaam Capital and a price estimate of 93 riyals. The shares retreated 0.5 percent to 77 riyals.
Depa Ltd. (DEPA) : The United Arab Emirates-based provider of furnishing for hotels and yachts reported a loss of 198.2 million dirhams ($54 million) last year after a profit in 2009. The shares were unchanged at 64.8 cents.
Doha Bank QSC (DHBK) : Qatar’s third-largest bank by assets was initiated with a “hold” recommendation at Arqaam and a price estimate of 62 riyals. The shares increased 1 percent to 58.7 riyals.
Drake & Scull International (DSI) PJSC: The Dubai-based construction and engineering company was initiated with “hold” and a price estimate of 1.2 dirhams at Arqaam. The shares rose 0.9 percent to 1.08 dirhams.
Emirates NBD PJSC (EMIRATES) : The United Arab Emirates’ biggest bank by assets said it received all regulatory approvals for the sale of a 49 percent stake in its credit-card processing unit Network International LLC. The shares closed at 3.31 dirhams.
First Gulf Bank PJSC (FGB) : The lender controlled by Abu Dhabi’s ruling family halted operations in Libya to comply with United Nations sanctions months after it opened its second branch, the National newspaper reported today, citing Chief Executive Officer Andre Sayegh. The shares were unchanged at 16 dirhams.
Qatar Islamic Bank (QIBK) SAQ: The Persian Gulf country’s biggest Islamic lender was initiated with a “buy” recommendation at Arqaam and a price estimate of 96 riyals. The shares were unchanged at 81 riyals.
Qatar National Bank (QNBK QD): The country’s biggest lender was initiated with a "buy’’ recommendation and a price estimate of 158 riyals at Arqaam. The shares rose 1.6 percent to 137.2 riyals.
Masraf Al Rayan (MARK) : Qatar’s second-largest Shariah- compliant lender was initiated with a “buy” recommendation at Arqaam and a price estimate of 28 riyals. The shares gained 1 percent to 22.3 riyals.
National Industries Group (NIND KK): The largest industrial investment company in Kuwait reported a full-year loss of 19.2 million ($69 million) dinars after a loss of 23.2 million dinars a year earlier. The shares were unchanged at 255 fils.
National Central Cooling Co. (TABREED UH): The United Arab Emirates company known as Tabreed completed a recapitalization program by refinancing 2.63 billion dirhams of bank debt and obtaining as much as 3.1 billion dirhams of long-term capital from Mubadala Development Co. The shares retreated 0.9 percent to 1.14 dirhams.
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