EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Company Research

Qatar National Bank (QNBK QD) Qatar

Financials

AlphaMena

QNB delivered a strong FY23 with an 8% increase in net profit despite a QAR 3.5bn loss on hyperinflation in Turkey. AlphaMena remains bullish because of QNB's strong government support (35% of loans), resulting in high asset quality and sound profitably. By maintaining a dominant market share in Qatar and a growing international contribution, its diversifying business mix can sustain its top-line positive momentum amid a rather unfavourable interest rate environment. The sharp plunge in the share price since 2022 offers a great opportunity to buy shares in one of the world's strongest banks. TP QAR 21.0 (30% upside).

Edition: 178

- 26 January, 2024