ï‚· The new CEO who took the helm promises a 5-year turnaround
plan after hefty provisioning charges domestically and abroad.
ï‚· CBQ targets further de-risking (lower share of real estate, higher
share of public sector), focus on cost management (bringing C/I
back to 31% from 41% via cuts in housing allowances, BPR and
automation) and growing the share of non-NII.
ï‚· We increase our TP from QAR 29.8 to QAR 35.1 (QAR 33.6 post
right), as we pencil in better RoRWA/RAROC post the transition
phase.
ï‚· We upgrade from Sell to (a low conviction) Hold, though risks
remain on the downside (DPS cut, high CoR in FY 16/17e).​
Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa.
Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research.
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