q2 2015 earnings season in the united arab emirates (uae...

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MENA Strategy MubasherTrade Beat-Miss Index (BMi)

Equities | UAE

Tuesday, 22 September 2015

53.2 58.6

42.3 50.0 55.9 53.4

Revenues Earnings

Q2 2015 Q1 2015 Q2 2014

60%

50%

35%

20%

0% na

80%

50%

31%

20%

0% na0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Real Estate TelecomServices & IT

Financials Industrials,Energy &Utilities

Consumer &Health Care

Materials

% of companies beating earnings & revenues estimates by sectorRevenues Earnings

Q2 2015 Final BMi: Revenues and earnings beating consensus;

both up QoQ, revenues down YoY while earnings up

• Revenues BMi: 53.2 (-5% YoY, +26% QoQ)

• Earnings BMi: 58.6 (+10% YoY, +17% QoQ)

Q2 2015 earnings season in the United Arab Emirates (UAE) is now complete, with companies’

revenues and earnings generally beating analyst estimates: UAE companies’ revenues and

earnings maintained its outperformance vs. analyst estimates as noted in our interim review

dated 12 August 2015. Consumer & Health Care was the only sector (out of four in total) which

had no company beating either revenues or earnings consensus estimates. In terms of revenues,

60% of Real Estate companies beat estimates, while Industrials, Energy & Utilities had the lowest

percentage of 20%. In terms of earnings, 80% of Real Estate companies beat estimates versus only

20% for Industrials, Energy & Utilities.

Revenues BMi: Revenues came above analyst consensus in Q2 2015 with BMi reading 53.2 (-5%

YoY, +26% QoQ). Materials had no consensus estimates. Financials, Real Estate and Telecom

Services & IT had BMi readings above 50.0 at 58.8 (+1% YoY, +18% QoQ), 60.0 (+20% YoY, +5%

QoQ) and 75.0 (-25% YoY), respectively, while the lowest BMi readings came from Industrials,

Energy & Utilities at 30.0 (-31% YoY, 0% QoQ ) and Consumer & Health Care at 25.0 (-50% YoY, 0%

QoQ).

Earnings BMi: Earnings also beat analyst consensus in Q2 2015 with BMi reading 58.6 (+10% YoY,

+17% QoQ). Materials had no consensus estimates. Industrials, Energy & Utilities was the only

sector that missed estimates with BMi reading 40.0 (-4% YoY, +7% QoQ). Meanwhile, Real Estate

had the highest BMi reading at 80.0 (+220% YoY, -7% QoQ).

For the MubasherTrade BMi Methodology, please read Appendix on Page 6.

Ahmed Abd Elnaby Strategist

[email protected]

Source: Bloomberg, MubasherTrade Research

The colors code is: Green is Beating, Red is Missing , Blue is in line.

Q2 2015 BMi table

YoY QoQ BMi YoY QoQ BMi

UAE Overall ↘ ↗ Beating ↗ ↗ Beating

Consumer & Health Care ↘ ─ Missing ─ ─ In Line

Financials ↗ ↗ Beating ↘ ↗ Beating

Materials na na na na na na

Industrials, Energy & Utilities ↘ ─ Missing ↘ ↗ Missing

Real Estate ↗ ↗ Beating ↗ ↘ Beating

Telecom Services & IT ↘ ─ Beating ↘ ↗ Beating

Revenues Earnings

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MENA Strategy | MubasherTrade Beat-Miss Index (BMi) | UAE


Revenues Historical BMi (Last 12 Quarters)

* Total number of companies that have consensus Source: Decypha, Bloomberg

Earnings Historical BMi (Last 12 Quarters)

In Line %

YoY%

QoQ%

Materials

UAEBeat

Miss

# of companies* 26 29 34 31 31 34 23 34 27 26 26 31

On average … 12CQ3 12CQ4 13CQ1 13CQ2 13CQ3 13CQ4 14CQ1 14CQ2 14CQ3 14CQ4 15CQ1 15CQ2Beating 18% 24% 8% 9% 10% 15% 11% 15% 13% 7% 30% 15%Missing -20% -10% -16% -24% -17% -40% -12% -17% -18% -13% -6% -11%In Line 1% 1% 0% 0% 0% 0% -1% 1% 1% 0% -1% 0%

40.4 48.3 51.5 61.3 56.5 64.750.0 55.9 53.7 48.1 42.3 53.2

0%

50%

100%

0

50

100

12CQ

3

12CQ

4

13CQ

1

13CQ

2

13CQ

3

13CQ

4

14CQ

1

14CQ

2

14CQ

3

14CQ

4

15CQ

1

15CQ

2

Beat % In Line % Miss % Beat/Miss Index*

In Line %

YoY%

QoQ%

Materials

UAEBeat

Miss

# of companies* 23 27 30 29 27 27 20 29 24 24 24 29

On average … 12CQ3 12CQ4 13CQ1 13CQ2 13CQ3 13CQ4 14CQ1 14CQ2 14CQ3 14CQ4 15CQ1 15CQ2Beating 24% 45% 22% 35% 22% 49% 15% 16% 35% 22% 46% 61%Missing -69% -62% -12% -21% -14% -18% -17% -17% -16% -25% -48% -72%In Line 3% -4% -1% 0% 2% 2% 0% 1% -1% 2% -3% -1%

50.0 63.0 63.3 67.250.0 63.0 72.5

53.4 56.339.6 50.0 58.6

0%

50%

100%

0

50

100

12CQ

3

12CQ

4

13CQ

1

13CQ

2

13CQ

3

13CQ

4

14CQ

1

14CQ

2

14CQ

3

14CQ

4

15CQ

1

15CQ

2







2 2 2 2 2 2 2 2 2 2 2 2 9 12 17 17 17 18 9 18 9 14 10 17

# of companies* # of companies*

10 8 8 7 7 7 7 8 7 5 5 5 3 5 5 3 3 5 3 4 7 3 7 5 2 2 2 2 2 2 2 2 2 2 2 2

# of companies* # of companies* # of companies*

35.0

56.3

37.5

50.0 50.0 50.0

21.4

43.850.0

10.0

30.030.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


50.0

50.0 50.0 50.0

0.0

25.0 25.0

50.0

0.00.0

25.025.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Consumer & Health Care

Industrials, Energy & Utilities

50.0

58.361.8

70.6 73.577.8

66.758.3

77.8

64.3

50.058.8

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Financials Materials

33.320.0

30.033.3 33.3

60.0

66.750.0

35.7

50.0 57.1 60.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Real Estate

25.0

25.0

75.0 75.0

25.0

50.0

75.0

100.0

75.0

75.0

0.0

75.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Telecom Services & IT

No available consensus data

Source: Decypha, Bloomberg * Total number of companies that have consensus

Sectors’ Historical Revenues BMi (Last 12 Quarters)






1 1 1 1 1 1 1 1 1 1 1 1 9 13 17 19 16 14 9 16 9 14 10 16

# of companies* # of companies*

8 6 5 4 5 5 5 6 5 4 4 5 3 5 5 3 3 5 3 4 7 3 7 5 2 2 2 2 2 2 2 2 2 2 2 2

# of companies* # of companies* # of companies*

43.8

25.0

60.062.5

40.0 40.0

50.041.7

20.0

12.5

37.5 40.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Consumer & Health Care

Industrials, Energy & Utilities

38.9

84.6

61.8 63.2

50.053.6

66.7

62.577.8

46.4

40.0

56.3

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Financials Materials

66.7

50.0

70.0

100.0 100.0 100.0 100.0

25.0

64.350.0

85.7

80.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Real Estate

75.0

50.0 50.0 50.0

25.0

100.0 100.0 100.0

50.0

50.0

25.0

75.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Telecom Services & IT

No available consensus data

100.0 100.0 100.0 100.0

0.0

50.0

100.0

0.0 0.00.0

0.0

50.0

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

10

20

30

40

50

60

70

80

90

100

12

CQ

3

12

CQ

4

13

CQ

1

13

CQ

2

13

CQ

3

13

CQ

4

14

CQ

1

14

CQ

2

14

CQ

3

14

CQ

4

15

CQ

1

15

CQ

2


Source: Decypha, Bloomberg * Total number of companies that have consensus

Sectors’ Historical Earnings BMi (Last 12 Quarters)






BMi Universe Performance

The colors code is: Green is Beating, Red is Missing , Blue is In Line. Source: Decypha, Bloomberg

YoY QoQ Q2 2015 Q1 2015 Q2 2014 YoY QoQ Q2 2015 Q1 2015 Q2 2014

ADNH.ADX Abu Dhabi National Hotels Consumer & Health Care -6.8% -15.7% -8.4% 2.0% 4.6% 15.7% -46.0% -- -- --

AGTHIA.ADX Agthia Group Consumer & Health Care 10.1% 9.4% 0.0% -2.9% -3.5% 18.4% 11.0% 2.0% -6.0% -6.7%

ADCB.ADX Abu Dhabi Commercial Bank Financials 8.9% -6.9% -1.1% 16.7% 2.7% 21.4% 2.8% 10.4% 22.1% 10.7%

ADIB.ADX Abu Dhabi Islamic Bank Financials 14.0% -0.8% -0.4% -3.9% -0.3% 10.6% 11.4% 9.3% -10.7% 13.3%

AJMANBANK.DFM Ajman Bank Financials 40.1% 15.8% 8.2% -- 15.3% 153.5% 5.8% -17.1% -- -1.9%

BOS.ADX Bank of Sharjah Financials 29.9% 15.3% 7.3% -- -20.1% 24.7% 5.8% 8.8% -- 2.4%

CBI.ADX Commercial Bank International Financials 4.4% -8.8% -5.7% -- -3.2% -139.7% -161.9% -137.4% -- -38.2%

CBD.DFM Commercial Bank of Dubai Financials 16.1% 4.1% 2.0% 0.0% -3.3% 6.2% 6.7% -4.6% -11.4% 1.8%

DFM.DFM Dubai Financial Market Financials -42.1% 66.8% 0.6% -19.3% -5.6% -47.6% 95.4% 8.5% -15.1% -2.5%

DIB.DFM Dubai Islamic Bank Financials 17.2% 6.3% 5.2% 3.3% 4.2% 35.1% 10.4% 24.4% 11.7% 5.5%

EMIRATESNBD.DFM Emirates NBD Financials 0.0% -3.5% 2.0% 8.5% 15.2% 25.9% -1.5% -3.9% -2.8% 19.9%

FGB.ADX First Gulf Bank Financials 1.2% -0.4% -2.2% -2.1% 2.2% 7.5% 2.4% 1.5% -4.5% 2.1%

INVESTB.ADX Invest bank Financials 4.3% 13.9% 6.0% -- 13.1% -0.8% 1.8% -1.6% -- 1.2%

MASQ.DFM Mashreqbank Financials 3.5% 2.1% -0.9% -- 11.7% 10.0% -1.2% -8.5% -- 9.9%

NBAD.ADX National Bank of Abu Dhabi Financials 5.4% 1.3% -0.6% -2.0% 7.1% 1.6% 1.6% 0.0% -6.0% 10.5%

RAKBANK.ADX National Bank of Ras Al-Khaima Financials 13.2% 6.1% 2.5% -1.5% 1.5% -3.3% -2.3% -3.7% -7.2% 2.5%

NBS.ADX Sharjah Islamic Bank Financials 4.2% 2.2% 0.3% -- -10.8% na na -- -- --

UNB.ADX Union National Bank Financials 20.6% 4.8% 6.7% 7.3% -1.6% 10.2% -7.0% -3.9% 11.4% 0.8%

UAB.ADX United Arab Bank Financials -1.6% -2.3% -5.6% -- 10.6% 9.5% 13.3% 4.5% -- -6.7%

AIRARABIA.DFM Air Arabia Industrials, Energy & Utilities -6.0% -2.9% -10.5% -1.4% 0.3% -13.6% 87.2% 10.0% -24.5% 32.8%

ARMX.DFM Aramex Industrials, Energy & Utilities 5.3% 3.8% -1.5% -0.2% 1.7% 14.5% 6.8% 2.1% 3.1% -2.2%

DSI.DFM Drake & Scull International Industrials, Energy & Utilities 16.7% 15.7% 8.5% -8.1% -16.1% -72.2% -59.1% -64.4% 19.5% -16.1%

RAKCEC.ADX Ras Al Khaimah Ceramics Industrials, Energy & Utilities -7.4% 8.0% -3.5% -0.5% -6.9% -15.2% 36.6% 0.9% -- --

ALDAR.ADX Aldar Properties Real Estate -59.0% -35.0% -24.3% 12.3% 46.8% 8.7% -11.0% 21.3% 40.1% -13.2%

ARTC.DFM Arabtec Holding Real Estate -25.4% 0.5% -19.7% -17.3% 5.2% -801.2% 156.7% -3880.8% -468.2% -23.9%

DAMAC.DFM DAMAC Properties Real Estate na 65.9% 547.7% 322.2% -- na 134.3% 799.5% 319.5% --

EMAARMALLS.DFM Emaar Malls Group Real Estate na -52.6% -6.1% 137.5% -- na -51.3% -8.0% 147.8% --

EMAAR.DFM Emaar Properties Real Estate 24.1% 15.6% 5.1% 22.9% -5.3% 84.7% 56.3% 45.6% 19.5% -6.9%

UPP.DFM Union Properties Real Estate 75.9% 1403.1% 46.0% -91.0% -- -96.3% -31.2% 142.1% 248.1% --

DU.DFM Emirates Integrated Telecommunications Telecom Services & IT 2.2% 1.3% -1.2% -5.3% 3.9% -8.3% 3.1% 0.0% 3.2% 15.7%

ETISALAT.ADX Emirates Telecommunications Telecom Services & IT 5.8% 3.1% 2.0% -3.3% 23.2% 36.5% 1081.4% 63.5% -87.2% 23.8%

Earnings

Performance Versus ConsensusMubasher Ticker Company Name Sector Versus ConsensusPerformance

Revenues






Appendix

The BMi Methodology

The formula we use to calculate the Beat/Miss Index (BMi) is basically a weighted average of the beat, in line, and miss rates:

𝐵𝑒𝑎𝑡 𝑅𝑎𝑡𝑒 ∗ 100 + 𝐼𝑛 𝐿𝑖𝑛𝑒 𝑅𝑎𝑡𝑒 ∗ 50 + 𝑀𝑖𝑠𝑠 𝑅𝑎𝑡𝑒 ∗ 0 = 𝐵𝑀𝑖

where …

• Beat Rate = Number of companies beating estimates as a percentage of companies with consensus. • In Line Rate = Number of companies in line with estimates as a percentage of companies with consensus. • Miss Rate = Number of companies missing estimates as a percentage of companies with consensus. For revenues, we define a “beat/miss” when the actual results come off consensus by ± 2%. For earnings, we define a “beat/miss” when the actual results come off consensus by ± 5%.



Important Disclosures METHODOLOGY: We strive to search for the best businesses that trade at the lowest valuation levels as measured by an issuer’s intrinsic value on a per-share basis. In doing so, we follow both top-down and bottom-up approaches. Under the top-down approach, we attempt to study the most important quantitative and qualitative factors that we believe can affect a security's value, including macroeconomic, sector-specific, and company-specific factors. Under the bottom-up approach, we focus on the analysis of individual stocks by running our proprietary scoring model, including valuation, financial performance, sentiment, trading, risk, and value creation.

COUNTRY MACRO RATINGS: We analyze the four main sectors of a country’s macroeconomics, then we assign , , and star for low risk, moderate risk, and high risk, respectively. We use different weights for each economic sector: (a) Real Sector (35% weight), (b) Monetary Sector (15% weight), (c) Fiscal Sector (25% weight), and (d) External Sector (25% weight).

STOCK MARKET RATINGS: We compare our year-end price targets for the subject market index on a total-return basis versus our calculated required rate of return (RRR). Taking into account our Country Macro Rating, we set the “Neutral” borderline (below which is “Underweight”) as 20% of RRR for Country Macro Rating, 40% of RRR for Country Macro Rating, and 60% of RRR for Country Macro Rating. That said, our index price targets are based on the average of two models. Model (1): Estimated index levels based on consensus price targets of all index constituents. Stocks with no price targets are valued at market price. Model (2): Estimated index levels based on our expected re-pricing (whether re-rating, de-rating, or unchanged rating) of the forward price-earnings ratio (PER) of each index in addition to consensus earnings growth for the forward year.

SECTOR RATINGS: On the sectors level, we focus on six major sectors, namely (1) Consumer and Health Care, (2) Financials, (3) Industrials, Energy, & Utilities, (4) Materials, (5) Real Estate, and (6) Telecom Services & IT. To assess each sector, we use the SWOT analysis to list the strengths, weaknesses, opportunities, and threats in each country. We then translate our qualitative SWOT analysis into a quantitative model to evaluate all six sectors across countries. Each of the measures we used, although mostly subjective, is assigned a score as either +1 (high impact), 0 (medium impact), or -1 (low impact). At a later stage, when assigning the final rating – Overweight, Neutral, or Underweight – for each sector in each country, we realize that sometimes it is unfair to assign equal weights for the sub-sectors in each major sector assessed. Hence, some of the sub-sectors are given different weights for their significant profile in each country. Additionally, the final rating for each sector in each specific country is assigned based on a relative calculation comparing this sector to all other sectors in this country.

Low

(1)

Moderate

(2)

High

(3)

Buy

(B)Higher than RRR Higher than RRR Higher than RRR

Hold

(H)

Between RRR

and 20% of RRR

Between RRR

and 40% of RRR

Between RRR

and 60% of RRR

Sell

(S)

Lower than 20%

of RRR

Lower than 40%

of RRR

Lower than 60%

of RRR

Not Rated

(NR)

Not Covered

(NC)

We do not currently cover this stock or we are

restricted from coverage for regulatory reasons.

Inv

es

tme

nt

Ra

tin

g

Risk Rating

We have decided not to publish a rating on the

stock due to certain circumstances related to the

company (i.e. special situations).

If

Total Return

is …

Disclosure Appendix

SECURITY INVESTMENT RATINGS: We combine intrinsic value, relative valuation, and market sentiment into a single rating. Our three-pronged methodology involves (1) discounted cash flows “DCF” valuation model(s), (2) relative valuation metrics, and (3) overall sentiment. Whenever possible we attempt to apply all three aspects on the issuers or securities under review. In certain cases where we do not have our own financial and valuation models, we attempt to scan the market for other analysts’ value estimates and ratings (i.e. consensus view) on average. We compliment this with relative valuation and sentiment drivers, such as positive/neutral/negative news flows. For all issuers/securities covered, we have three investment ratings (Buy, Hold, or Sell), comparing the security’s expected total return (including both price performance and expected cash dividend) over a 12-month period versus its Required Rate of Return “RRR” as calculated using the Capital Asset Pricing Model “CAPM” and adjusted for the Risk Rating we attach to each security. Our price targets are subjective and are estimates of the analysts where the securities covered will trade within the next 12 months. Price targets can be derived from earnings-based valuation models (e.g. Discounted Cash Flow “DCF”), asset-based valuation models (e.g. Net Asset Value “NAV”), relative valuation multiples (e.g. PER, PBV, EV/EBITDA, etc.), or a combination of them. In case we do not have our own valuation model, we use a weighted average of market consensus price targets and ratings. We review the investment ratings periodically or as the situation necessitates.

SECURITY RISK RATINGS: We assess the risk profile of each issuer/security covered and assign one of three risk ratings (High, Moderate, or Low). The risk rating is weighted to reflect different aspects specific to (1) the sector, (2) the issuer, (3) the security under review, and (4) volatility versus the market (as measure by beta) and versus the security’s average annualized standard deviation. We review the risk ratings at least annually or as the situation necessitates.

Other Disclosures MFS does not have any proprietary holding in any securities. Only as a nominee, MFS holds shares on behalf of its clients through Omnibus accounts. MFS is not currently a market maker for any listed securities.

Analyst Certification I (we), Ahmed Abd Elnaby, Strategist, employed with Mubasher International, a company under the National Technology Group of Saudi Arabia being a shareholder of Mubasher Financial Services BSC (c) and author(s) to this report, hereby certify that all the views expressed in this research report accurately reflect my (our) views about the subject issuer(s) or security(ies). I (we) also certify that no part of my (our) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or view(s) expressed in this report.

Head of Research Certification I, Amr Hussein Elalfy, Global Head of Research of Mubasher Financial Services BSC (c) confirm that I have vetted the information, and all the views expressed by the Analyst in this research report about the subject issuer(s) or security(ies). I also certify that the author of this report, has not received any compensation directly related to the contents of the Report.

Disclaimer This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Mubasher Financial Services BSC (c) (‘MFS’) has based this document on information obtained from sources it believes to be reliable but which it has not independently verified; MFS makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. The opinions contained within the document are based upon publicly available information at the time of publication and are subject to change without notice. This document is not intended for all recipients and may not be suitable for all investors. Securities described in this document are not available for sale in all jurisdictions or to certain category of investors. The document is not substitution for independent judgment by any recipient who should evaluate investment risks. Additionally, investors must regard this document as providing stand-alone analysis and should not expect continuing analysis or additional documents relating to the issuers and/or securities mentioned herein. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. The value of any investment or income may go down as well as up and you may not get back the full amount invested. Where an investment is denominated in a currency other than the local currency of the recipient of the research report, changes in the exchange rates may have an adverse effect on the value, price or income of that investment. In case of investments for which there is no recognized market, it may be difficult for investors to sell their investments or to obtain reliable information about its value or the extent of the risk to which it is exposed. References to ratings/recommendations are for informational purposes only and do not imply that MFS adopts, supports or confirms in any way the ratings/recommendations, opinions or conclusions of the analysts. This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MFS or its affiliates to any registration or licensing requirements within such jurisdiction. MFS accepts no liability for any direct, indirect, or consequential damages or losses incurred by third parties including its clients from any use of this document or its contents.

Copyright © Copyright 2015, Mubasher Financial Services BSC (MFS), ALL RIGHTS RESERVED. No part or excerpt of this document may be redistributed, reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of MFS. MubasherTrade is a trademark of Mubasher Financial Services BSC. Mubasher Financial Services BSC (c) is an Investment Business Firm Category 1, licensed and regulated by the Central Bank of Bahrain.

Issuer of Report Mubasher Financial Services BSC (c) is an Investment Business Firm Category 1, licensed and regulated by the Central Bank of Bahrain. Website: www.MubasherTrade.com E-mail: [email protected]









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