MAC Capital Advisors (MAC) is a leading corporate finance house for Middle East - Asia business flows, with offices in Dubai,
United Arab Emirates.
MAC offers a full range of financial services, securities brokerage and investment banking including mergers and acquisitions,
listings, underwriting and corporate advisory with a focus on cross border transactions.
The MAC Group is the result of a global collaboration of financial institutions and prominent business people. It was established in
early 2006 by Chairman, Robert W. McMillen, to provide best-of-breed international investment banking and brokerage expertise to
and from the Middle East. It has already developed a reputation as a specialist advisor in mid-tier cross border transactions and as
a leader in UAE equity research. Through its local brokerage affiliates, MAC Sharaf Securities (UAE) LLC and MAC Capital Limited,
it provides brokerage services on the Dubai Financial Market, the Abu Dhabi Securities Exchange and NASDAQ Dubai.
UAE
info
UAE
MAC Capital Limited
Address: Office 909, 9/F, Liberty House, DIFC Sheikh Zayed Road
The Institutional Business(IB) division of Quam Securities and Futures produces both in depth and nimble research on listed and unlisted companies in the region. The team takes pride on its ability to look for relatively uncovered stocks and to provide timing for entry to and exit from investments.
For quick and full access to our up-to-date Institutional Research please contact your Quam Securities sales executive at +852 2847 2270 or send an e-mail to
qscs@quamgroup.com
1. MAC Capital Advisors Limited ("MAC") and/or its affiliate(s) hold or own or control 1% or more of the issued share capital of this company.
2. The issuer holds or owns or controls a material amount of the issued share capital of MAC.
3. MAC and/or its affiliate(s) are or may regularly be doing proprietary trading in equity securities of this company.
4. MAC and/or its affiliate(s) have been lead manager or co-lead manager in a public offering of the issuer's financial instruments during the last twelve months.
5. MAC and/or its affiliate(s) are a market maker in the issuer's financial instruments.
6. MAC and/or its affiliate(s) are a liquidity provider for the issuer to provide liquidity in such instruments.
7. MAC and/or its affiliate(s) act as a corporate broker or as a sponsor or a sponsor specialist (in accordance with the local regulations) to this company.
8. MAC and/or its affiliate(s) and the issuer have agreed that MAC will produce and disseminate investment research on the said issuer as a service to the issuer.
9. MAC and/or its affiliate(s) have received compensation from this company for the provision of investment banking or financial advisory services within the previous twelve months.
10. MAC and/or its affiliate(s) may expect to receive or intend to seek compensation for investment banking services from this company in the next three months.
11. The author of or an individual who assisted in the preparation of this report (or a close relative), or a person who although not involved in the preparation of the report had or could reasonably be expected to have access to the substance of the report prior to its dissemination has a direct ownership position in securities issued by this company.
12. An employee of MAC and/or its affiliate(s) serves on the board of directors of this company.
Recommendation Structure
All stock prices are stated as of the market close on the previous day. Our recommendations are based on absolute upside (if positive) or downside (if negative) potential, which we define as being equal to Fair Value minus Current Price. Unless otherwise specified, our recommendations are set with a 12-month horizon. Initial investment research is from January 2008. MAC's rating system consists of three recommendations: OVERWEIGHT, EQUALWEIGHT and UNDERWEIGHT. For an OVERWEIGHT rating, the minimum expected upside is 10% over 12 months. For an EQUALWEIGHT rating the expected upside is less than 10%. An UNDERWEIGHT rating is applied when there is expected downside on the stock.
Analyst Certification
Any opinions, projections, forecasts or estimates in this report are those of the author only, who has acted with a high degree of expertise. They reflect only current views of the author and are subject to change without notice. MAC has no obligation to update, modify or amend this publication or to otherwise notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions, projections, forecasts and estimates expressed in this report were in no way affected or influenced by the issuer. The author of this publication benefits financially from the overall success of MAC and not from the specific recommendations or views that have been expressed in this research report. The analyst has distinguished between opinion and fact where necessary.
Regulatory Status
MAC is an independent research company registered in St. Lucia. It has two affiliates in UAE, MAC Capital Limited which is regulated by the Dubai Financial Services Authority, and MAC Sharaf Securities (UAE) LLC which is regulated by the Securities and Commodities Authority.
For further information relating to research recommendation and conflict of interest management please refer to www.maccapitaladvisors.com
Legal Information
The information contained in this publication was obtained from various sources believed to be reliable, but has not been independently verified by MAC.
The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and MAC accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments mentioned in this publication may not be readily liquid investments. Consequently it may be difficult to sell or realize such investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk.
To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs, prejudices arising from the use of this publication or its contents.
MAC, and its affiliates, acts in various capacities including brokerage, research and investment banking. MAC, and its affiliates have put in place Chinese Wall procedures in order to avoid any conflict of interests or dissemination of confidential and privileged information.
United Arab Emirates: This document is intended to be communicated in UAE. Where distributed in or from the DIFC, it is only intended for professional investors who qualify as Clients within the DIFC.
Other countries: Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly.
