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Equity Reports
Rasmala and Royal Bank of Scotland produce joint research under the Rasmala-RBS brand. Valued clients will have access to initiation of coverage reports and updates on companies and sectors in the MENA region. These are produced on a regular basis
Sectors
Banking
2010
-
Initiations
January 12
Egyptian Banks
July 07
UAE Banks
(including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD, First Gulf Bank and National Bank of Abu Dhabi)
July 07
UAE Banking Sector Report
-
Updates
September 23
UAE Banks - Rebalancing Recommendations
October 20
Abu Dhabi Islamic Bank
October 28
ADCB - Looks fully valued
November 01
First Gulf Bank – Still delivering
November 18
Emirates NBD - Price recovery prompts downgrade
-
Flash Notes
February 22
NSGB Earnings
February 22
CIB Earnings
July 19
Abu Dhabi Islamic Bank 2Q10 Financial Results
July 27
Emirates NBD Financial Results
July 28
NBAD Financial Results
July 29
FGB 2Q10 Results
August 16
Dubai Islamic Bank 2Q10 Results
August 2
ADCB 2Q10 Results
October 1
Dubai Islamic Bank - Bank buys out Tamweel's main shareholders
October 26
Emirates NBD - Cost control offsets NPL development
October 27
NBAD – All good, bar NPLs
2011
-
Initiations
January 28
Qatari banks (including CBQ, QIB, QNB, Doha Bank)
October 10
Banks - Balancing risk and upside
-
Updates
April 11
Qatar National Bank - No sign of weakness (Buy)
April 19
Qatar Islamic Bank - Defying explanation (Hold)
April 20
Doha Bank - Profitable, but no growth yet (Hold)
April 22
Comm Bank of Qatar - Growth and value (Buy)
April 26
Ntl Bank of Abu Dhabi - Provisioning still a factor (Hold)
April 26
Qatar National Bank - 25% rights issue (Buy)
May 04
Emirates NBD - Up with events (Hold)
May 05
First Gulf Bank - Regulatory hit (Hold)
May 06
Dubai Islamic Bank - Improving visibility (Hold)
May 09
Abu Dhabi Islamic Bank - Progress, despite obstacles (Buy)
July 07
Qatar National Bank - No cracks (Buy)
July 14
First Gulf Bank - Well Flagged(Hold)
July 20
Doha Bank - Some Positives (Hold)
August 04
Comm Bank of Qatar - Proving its point (Buy)
August 10
Abu Dhabi Islamic Bank - Strong revenues, weak growth (Buy)
August 19
ADCB - ROE recovery proving slow (Hold)
August 19
First Gulf Bank- A derating too far (Buy)
October 31
Banks - 3Q11 flattered by falling rates
2012
-
Initiations
-
Updates
January 18
Banks - Qatar preview (Still prefer CBQ)
February 14
Emirates NBD - Cash generation intact (Buy)
Real Estate
2010
-
Updates
March 03
Arabtec Holding Results
2011
-
Initiations
March 10
Real Estate - Navigating the downturn
October 07
Saudi Real Estate - Cautiously optimistic
-
Updates
March 17
Arabtec Holding - 4Q Review
March 29
Emaar Properties - Dividend surprise
April 25
Emaar Properties - Handovers remain soft (Buy)
April 29
Sorouh Real Estate - Soft results; outlook stabilising (Hold)
May 03
Emaar Properties - Downgrading to Hold
May 09
Aldar Properties - Swing to profitability not surprising (Hold)
May 12
Drake & Scull - Solid qtr, healthy backlog aggregation (Buy)
July 27
Emaar Properties - 2Q11 results update (Buy)
July 28
Sorouh - Mixed-bag results (Hold)
August 04
Aldar Properties - Earnings miss, despite revenue beat (Hold)
August 08
Arabtec Holding - Margin pressure yet to alleviate (Hold)
August 12
Drake and Scull- Strong growth momentum continues (Buy)
October 04
Emaar Properties - Cut TP to Dh3.00; maintain Buy
October 19
Real Estate - 3Q11 results preview
October 21
Saudi Real Estate Co - 3Q11 results update (Buy)
October 21
Dar Al Arkan Real Estate - 3Q11 results update (Hold)
October 27
Emaar Properties - Results roughly in-line (Buy)
November 03
Sorouh Real Estate - Reduce TP to Dh1.00; maintain Hold
November 17
Drake & Scull - Continue to remain constructive (Buy)
November 25
Aldar Properties - Debt overhang to remain (Hold)
2012
-
Initiations
-
Updates
February 15
Emaar Properties - Solid 4Q11 results
February 16
Sorouh Real Estate - 4Q11 results review (Hold)
Telecommunications
2010
-
Initiations
May 12
MENA Telecommunications
May 12
MENA Telecommunication Sector Report
November 25
MENA Telecommunications (Oman)
-
Updates
August 2
UAE to Suspend BlackBerry Services
October 28
Mobinil 9M10 results update
November 9
Du 9M10 results remain strong
-
Flash Notes
February 25
DU Results and Conference Call Highlights
February 16
Zain in talks with Bharti to sell African assets
February 14
Mobinil Results
February 07
Zain Group
May 13
Telecom Egypt Results
May 24
Telecom Egypt may buy out Vodafone in Egypt
July 14
Mobily Releases 2Q10 Results
July 19
Etisalat 1H10 and 2Q10 Financial Results
July 28
Mobinil 2Q10 Results
August 12
Du 2Q10 Results
August 15
Telecom Egypt 1H10 Results
August 18
Qtel 1H10 Results
October 05
Etisalat offers to buy 46% of Zain
October 18
Mobily reports 3Q10 results
October 19
Wataniya 9M10 results update
October 20
Etisalat reports 9M10 results
November 23
Wataniya - Acquisition of Tunisiana stake
2011
2012
-
Initiations
January 4
Jordan Telecom
September 19
STC - Expanding Saudi Coverage (Buy)
-
Updates
April 04
Telecommunications - Politics vs fundamentals
May 05
Mobinil 1Q results (Buy)
July 28
Jordan Telecom - 1H FY11 key indicators in line (Sell)
July 28
Nawras Telecom - Key 1H11 result indicators (Buy)
July 28
Mobinil - 2Q11 results (Buy)
September 26
Mobily - 3Q11 pre-earnings review (Buy)
October 19
Etisalat - 9MFY11 results on track (Buy)
October 19
DU - 9MFY11 results on track (Buy)
October 20
STC releases 3Q11 results (Buy)
December 19
STC - Potential acquisitions in 2012 (Buy)
-
Initiations
-
Updates
January 11
Mobinil - Concerns remain (Hold)
January 16
Telecom Egypt - Persevering through (Buy)
January 17
Vodafone Qatar - Pre-earnings 3Q12 review (Hold)
January 19
Mobily releases preliminary 4Q11 (Buy)
January 19
STC releases preliminary 4Q11 (Buy)
January 30
Vodafone Qatar - Key takeaways from Analyst Day (Hold)
January 30
Q-Tel - Qatar Telecom's capital day (Buy)
February 29
Q-Tel - Qatar Telecom earnings preview
Transportation & Logistics
2011
-
Initiations
March 11
NSCSA - Fair Seas navigator
February 16
Nakilat – Where's the growth?
October 06
Agility - Freight forwarding ahead (Buy) (Hold)
December 07
Agility - Healthcare bid announcement
December 08
NSCSA Expansion plans sink dividend (Hold)
2012
-
Initiations
January 3
Agility - G&A expense adjustment (Buy)
-
Updates
-
Oil & Gas
2011
-
Initiations
January 20
Dana Gas
-
Updates
June 13
Dana Gas - Receivables up, capex down (Buy)
November 17
Dana Gas - Bond takes gas out of Dana (Buy)
Petrochemicals/Fertilizers
2011
-
Initiation
October 13
MENA Fertilisers - Fertile growth opportunities
October 31
SABIC - How about the super cycle? (Buy)
November 16
Orascom Construction Ind - 3Q11 results due 21 November (Buy)
December 08
MENA Fertilisers - Yara confirms our positive view (Buy)
December 22
MENA Fertilisers - We remain positive for 2012
December 22
Orascom Construction Ind - Demerger should be the catalyst (Buy)
2012
-
Initiations
January 25
SABIC - Look beyond 1H12 (Buy)
-
Updates
-
Utilities
2011
-
Initiation
October 05
Qatar Electric & Water Co. - Where to now? (Hold)
MENA Strategy
2011
February 01
Egypt – implications of the turmoil
February 21
Egypt – the challenge
April 18
Time to revisit the Mena region?
October 14
MENA Strategy - Natural gas in the Mena region
December 01
MENA Strategy - What next for the Egyptian pound
December 15
MENA Strategy - What next for the Egyptian pound
December 15
MENA Strategy - No upgrade, not a big surprise, but bad for sentiment
2012
February 13
MENA Strategy - Cross currents of opportunity
February 23
MENA Strategy - MENA consumer markets
Other
2010
-
Updates
February 14
Salama Earnings
Petrochemicals/Fertilizers