​ DSM Index has corrected 1.8% since the inclusion in FTSE and
8.3% since the peak on the 17th of August. We remain
strongly UW on Qatar.
ï‚· We only have 2 Core Buys (QNB, Milaha) whilst as many as 4
Core Sells (MARK, QIB, QIIB, Vodafone) in Qatar.
ï‚· Valuations of the DSM Index are still high, trading at an 11%
premium to its historical average P/E.
 Qatar’s external vulnerability continues to deteriorate, with
commercial banks increasingly depending on foreign flows
(net foreign assets at QAR 149bn), with external financing
now at 270% of the central bank’s international reserves.
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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