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雷达卡
【出版时间及名称】：2010年3月卡塔尔银行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：52
【目录或简介】：
Table of Contents
Investment thesis – top pick CBQ...........................................3
Valuation & risks to our estimates..........................................8
CBQ also stands out on a relative basis .......................................................................8
Absolute valuation support highest for CBQ .............................................................10
Company Profiles...................................................................13
Commercial Bank of Qatar ....................................................14
Highest potential upside; initiate with OW; add to AFL............................................14
Doha Bank...............................................................................15
Banking on retail; initiate with OW...........................................................................15
Qatar National Bank ...............................................................16
Solid balance sheet; initiate with OW........................................................................16
Key banking themes...............................................................17
Fastest growing economy in the world ......................................................................17
State investments remain a key growth driver ...........................................................17
Population dynamics and scope for retail banking growth ........................................18
Gauging loan growth potential - banking penetration lower than GCC average .......20
Lending book corporate driven..................................................................................21
How do we see loans developing for Qatari banks? ..................................................22
Deposits growth sensitivity........................................................................................24
Deposits growth improving driven by private sector .................................................25
Deposit growth expectations for Qatari banks ...........................................................26
Margins expected to narrow on higher funding costs though near term comfortable27
Expect better fee income growth in coming quarters.................................................29
NPLs to peak in FY10E .............................................................................................29
Comfortable capital levels - CBQ best capitalized ....................................................34
First Gulf Bank........................................................................36
National Bank of Abu Dhabi ..................................................37
Valuation Methodology and Risks ........................................38
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