Is Kays Jewelry A Good Place To Work?

OCP: The phosphatier embarks on real estate activity in the region Rehamna

Done: Creating a development corporation and green development with a capital of MAD 165 million.

Analysis: The Board Moroccan Phosphates OCP-just create SOCIETY OF PLANNING AND DEVELOPMENT OF GREEN to undertake the project urban GREEN CITY MOHAMMED VI south of the city of Benguerir. With a capital of MAD 165 million, the company will be responsible for planning, development, financing, warranty, leasing and managing real estate projects to mixed use.

For its part, the project MOHAMMED VI Green town should extend over an area of 688 hectares for a total cost of MAD 4.7 billion, including: * MAD

3.61 billion for acquisition and land development;

* MAD 957 million for construction;

M * MAD 125 for the studies.

To be achieved over the period 2012-2020, this project should generate a turnover of MAD MAD 5.15 billion of which 1.08 billion brewed only for the year 2013.

Conclusion: This project, whose main objective is to transform the region in space Rehamna integrated socio-economic, is an important growth driver for the region of Marrakech-Tensift-Al Haouz.

BMCE Capital Bourse

Cruising Places For Gays In Mumbai

ADDOHA / ALEM: Creating a joint venture to build 37,000 homes

Done: Conclusion of a partnership between ADDOHA and ALEM.

Analysis: As part of its strategy to strengthen its social housing activities and to enjoy the incentives contained in the Finance Act 2010, ADDOHA announced the approval by the Ministry of Economy and Finance and Administration of National Defense-DNA of its partnership with the Agency for Housing and Military Equipment ALEM-to-activate the rate of home ownership housing for staff of the Royal Armed Forces. In this regard, a joint venture owned equally by ADDOHA ALEM and has been created for the construction of 37 000 dwellings (including 85% social housing and 15% intermediate) as follows:
;

* 18 500 units in Casablanca;

* 10 600 units in Oujda;

* And 8200 homes in Kenitra.

Conclusion: The signing of this partnership should ADDOHA enable the Group to achieve its ambitious goal of producing 35,000 units per year, thus consolidating its leadership position in the social segment in Morocco. Pending publication of 2010 earnings, we reiterate our recommendation to buy this stock exchange.

BMCE Capital Bourse

Get Parts For Vermont Castings

FISHING: Renewal of the fisheries agreement with the EU for 4 Moulay Yacoub years

Done: Signing of a new fisheries agreement between Morocco and the EU.

Analysis: According to the business press, Morocco has decided to renew the fishing agreement in force since March 2007 with the European Union-EU-and, for a 4 years. Remember that this agreement includes, inter alia, the principles, rules and procedures governing the economic, financial, technical and scientific conditions of access for EU vessels fishing areas Moroccan, terms of fisheries enforcement in areas Moroccan fishing and business partnerships.

Conclusion: The renewal of this agreement demonstrates the Government's desire to consolidate its partnership with the European Union aimed primarily (i) the preservation of national fisheries, (ii) the sustainability of its operations and (iii) its development in accordance with national FISH.

BMCE Capital Bourse

How To Clear History On Direct Tv Dvr

STATION: Withdrawal of Jordanian society Mawared its expansion project

Fact: The Jordanian withdraw from the proposed extension of the MOULAY YAACOUB STATION.

Analysis: According to the business press, the Jordanian society Mawared would have withdrawn the proposed extension of the station Moulay Yacoub, driven by CDG DEVELOPMENT. Involving an investment of USD 129 million (ZAR 1.2 billion), this project included as a reminder, the (i) renovation of village guest houses, (ii) the conversion of existing hotel into 4 STARS SOGATOUR two institutions (One and the other 2 stars 3 stars) (iii) development of two new hotels 4 * and 5 * for an additional capacity of 175 rooms and 25 luxury bungalows.

Conclusion: The removal of this investor should delay the implementation of this major project, which aims to be one of the pillars of the "Vision 2020" tourism.

BMCE Capital Bourse

Why Does The Back Break Out In Spots After Waxing

MEDIACO: Profit warning for its results in 2010

Done: Alert MEDIACO for 2010 earnings.

Analysis: In a difficult sector context characterized by (i) a decrease the number of sites in the wake of global financial crisis, ((i) the arrival of many competitors lack of activity in their country and (iii) lower rates for rental and transportation locally, just published MEDIACO a profit warning, in which the company expects a net reduction of its 2010 earnings.

carriers press also reported rumors about a withdrawal of the reference shareholder information denied by the CEO of the company would revealed an impending capital increase to allow entry into the capital for an industrial partner Local. Recall that after the first half of 2010, the company posted revenues of MAD 64.5 million in depreciation of 31.9% compared to a year ago, an operating deficit of M MAD -13 , for a net loss of -14.5 million ZAR.

Conclusion: In difficulty MEDIACO confirms the uncertainty concerning the evolution of its activity, comforting our recommendation on suspension of the title.

BMCE Capital Bourse

How To Get Free Mobile Broadband Hack

ATTIJARIWAFA BANK: Development of 4.1% of the earnings power in 2010 to MAD 4.1 billion

Done: Publication of 2010 annual results.

Analysis: At the end of fiscal 2010, consolidated net outstanding loans to customers increased by 11.9% compared to 31/12/2009 to MAD 200.2 Md. The aggregate activity drains alone, 69.3% of claims held by the Group, or MAD 138.8 billion, registering an increase of 13.5% compared to 31/12/2009. This assessment is primarily liable to increase by 25.1% to MAD 43 billion of equipment loans, from 12.1% to MAD 45.1 billion of mortgages and 6.5% to MAD 46.9 billion cash loans and consumption.

For their part, and probably suffering the impact of the drying up of liquidity, resources ATTIJARIWAFA Bank Group clients limit their growth to 3.5% binding to MAD 201.4 billion, 78% from the aggregate activity . This shows a slight increase of 1.8% to MAD 157 billion in customer deposits covering mainly an increase of 7.7% to MAD 91.1 billion in current accounts payable offsetting the withdrawal of 11.9% to MAD 39.7 billion of deposits. In this wake, the resource structure improves with a decrease of 3.4 points to 37.4% of deposits paid.

Moreover, the financial asset measured at fair value through profit remained stable at MAD MAD 23.7 billion of which 10.1 billion shares traded. Financial assets available for sale appreciates, meanwhile, nearly 16% to MAD 29.9 billion, including an increase of 22.3% to MAD 12.7 billion of treasury bills and 20% MAD 9.4 billion of debt securities.

In this wake, the Group posted a consolidated total in appreciation of 10.6% compared to 31/12/2009 to $ 14.7 billion MAD (vs. our forecast of MAD 13 billion). This development includes: * An appreciation of 20.8% to MAD 8.9 billion of the interest margin enjoying a growth in interest income more quickly than loads and, despite an increase of 39.3% to MAD 993 million in interest payments on subordinated debt (or 18.7% of interest expenses incurred by the Group);

* A growth of 30.6% to MAD 2.9 billion of margin on commissions;

* And, a withdrawal of 15.9% to MAD 2.6 billion of operating earnings market given the exceptional gains recorded in 2009.

by business, the Bank Morocco, Europe and Offshore Area alone contributes up to 56.6% in the GNP's consolidated against 22% for retail banks abroad, and 12.9 % for specialized finance companies and the rest from insurance and real estate. In contrast, general operating expenses weighed down by nearly 19% to MAD at 6.4 Ms

The operating ratio increases, thereby binding of 3 points to 43.8% . In terms of accounts, the general operating expenses confined to rise to 8.1% and amounted to MAD 3.1 billion improving the operating ratio by 3.1 points to a competitive level of 37.8%. In these circumstances, and given the significant increase of overhead, gross operating income recorded a consolidated assessment confined to 5% amounting to MAD 8.2 billion (vs. our forecast of 7.8 billion MAD) .

side risk, the cost of risk is increasing by 23.3% to MAD 1.2 Md. The stock of provisions for nonperforming loans widens by 6.8% to MAD 8.1 billion for claims in suffering up 9.7% to MAD 10.9 Ms rate stabilizes Litigation Group, and to 5.3% for a provisioning of 74.4% (vs. 76.4% in 2009). It should be noted that the Group proceeded with the formation of collective reserves after closing following the events in Tunisia and Cote d'Ivoire (+ M MAD 168).

level of aggregate activity, the stock of outstanding claims increased by 9.4% binding to MAD 4.1 billion, a rate of contentialité 3.6% (vs. 3.7% at 31 / 12/2009). Meanwhile, all related provisions reinforce the same proportion (9.2%) to MAD 4.1 billion establishing the provisioning rate to 80.1% (against 80.2% in 2009). In the end, the Group's net income is getting better by 4.1% to MAD 4.1 billion (vs. our forecast of 4 billion MAD).

by business, the Bank in Morocco and Europe has a stake of 68.4% in the NPGS, against 12.7% for the banks international retail, 9.0% for companies specialized finance and 9.9% for the Insurance business and real estate. Regarding the distribution of income, the Board of Directors of the Bank will propose at the next General Assembly the distribution of a dividend per share MAD 8 (cons MAD 6 in 2009), corresponding to a D / Y 2% based on market price of MAD 407 dated 24/02/2011.

Conclusion: Although economic conditions have been very favorable in 2010, the first private banking group of the Kingdom has succeeded in creating a positive leveraging a significant improvement in operational and capitalizing on strengthening the contribution its subsidiaries in the

BMCE Capital Bourse

Cruising Spots Calgary

PORT TRAFFIC: Up to 30% of the activity to 92.2 million tonnes at end-2010 to a

Done: figures on port traffic in late 2010.

Analysis: According to Agence National Ports-ANP-port traffic national jurisdiction, at the end of 2010 to MAD 92.2 million tons, up 30% from a year earlier. In this wake, domestic traffic is about 72 million tons, up 17.9% compared to 2009 increased primarily by the rise of 6.4 million tonnes and exports 4.6 million tons of imports.

For its part, the container business recorded an increase of 41.2% to 2.9 million Twenty Foot Equivalent-EVP-. Finally, transshipments reach 2 million TEUs, up 70.4%, while domestic traffic spring 964,000 TEUs in improvement of 4.2%.

Conclusion: Taking ample advantage of the upturn recorded by international trade in 2010, the national port traffic shows a marked improvement over the previous year.

BMCE Capital Bourse

Orbit Car Starter Instructions

Values of 25/02/2011

CENTRAL DAIRY continues to rise, gaining 5.66% to MAD 1,400, increasing his earnings in 2011 to 11.55%. In the wake MAGHREBAIL takes 5.30% to MAD 795, exchanged for a single title. The leasing subsidiary of BMCE Bank presents the following key: 2011P and 2010E PER of 10.1 x and 9.4 x respectively and an estimated dividend yield of 6.4% in 2010. Despite the publication of a profit warning on its 2010 earnings, MEDIACO MOROCCO rises from 4.82% to MAD 110.95, reducing its losses since the beginning of the year, -8.31%, benefiting from rumors an imminent injection of capital.

In contrast, SOTHEMA was down 3.85% to MAD 1250, dealing with 32.6 x 27.8 x and its result forecast 2010 and 2011 and offering a dividend yield of 1.6% in 2010. Finally, and for 330 stocks traded, CMT takes off 2.51% to MAD 1745, reducing its profits in 2011 9.06%.

BMCE Capital Bourse

Incet Movies Mediafire

Market Analysis 25/02/2011

The Casablanca Stock Exchange closed the last session of the week in positive territory with an appreciation of 1.56% to 12 709.84 points in the Moroccan All Shares Index and 1.57% at 10 392.26 points barometer values most active. Their performance year-to-date straighten green at 0.43% for MASI and +0.55% for MADEX. For its part, CBIE 20 rises from 1.43% to 1321 points, reducing its losses since the beginning of the year to -0.32%.

Market capitalization is increasing, meanwhile, MAD 8.6 billion to settle to MAD 580.8 Ms Fully brewed on the Central Market, the transaction flow recorded during this session amounted to MAD 185.6 million. This fund was mainly boosted by trade on the values ADDOHA, ATTIJARIWAFA BANK ITISSALAT Al-Maghrib, focusing jointly 73.6% of trading on 99.1 million MAD, MAD M 24.6 and M MAD 12.7 respectively.

BMCE Capital Bourse

What Happened To The Mysore

AIGUEBELLE: A five-year investment plan of 240 million MAD

Done: Announced a plan to invest MAD 240 million in 2015.

Analysis: To finance its plan development AIGUEBELLE just put up a five-year investment plan for an amount of MAD 240 million. This investment should enable the company to triple its production capacity in late 2011 and construction of a new factory in 2013 for an amount of MAD 75 million. Note that with a workforce of 300 people in 2010 Aiguebelle generates a turnover of MAD 160 million and expects to achieve a turnover of MAD 220 million in 2011 to reach MAD 630 million from 2016.

Conclusion: These new capabilities should allow AIGUEBELLE to face competition from imports but also to conquer new markets including Europe, North Africa and the Middle East. However, in the medium term, the company could face difficulties in the supply of cocoa because of the Ivorian crisis.

BMCE Capital Bourse

How To Paint A Bmx Bike Frame - White

WAFA ASSURANCE: Growth of 4.7% of turnover to M MAD 4499 to end 2010 net profit in enlargement of 6.9% to MAD 724 million

Done: Publication of 2010 annual results.

Analysis: WAFA ASSURANCE displays at the end of fiscal 2010, satisfactory achievements. Indeed, the overall turnover of the company appreciates by 4.7% from a year earlier to bind to M MAD 4499. This growth is putting in the assets of the branch with non-life premiums amounted to MAD 2,238 million, an increase of 30.3% over the same period a year earlier, benefiting in particular the trade performance recorded on the Company's market and the good behavior of the Automobile.

For their part, the proceeds of the Life bind to MAD 2,261 million, down 12.4% compared to 2009. This decline reflects the will of the company to focus on the collection of long-term savings for a better match with its investments. As regards the technical results, that of non-life amounted to MAD 768 million, down 17.8%. This decline is consequent to exceptional gains recorded in 2009 following the sale of securities CREDIT OF MOROCCO. Adjusted for this gain, the technical result would be non-life increased by 17.5%.

Life technical result is clear, meanwhile, a sharp appreciation from M MAD 55 to MAD 167 million benefiting from the improvement in activity and Death of rising losses on financial products business life. In the end, earning capacity of the company fits in up 6.9% to MAD 724 million (vs. our forecast of M MAD 640.9). Excluding special items recorded in 2009, it rose 44.8%. The equity of the company become stronger, thus, from 19.8% to MAD 2,895 million.

Furthermore, the Board of Directors decided to propose at the next General Assembly the distribution for the year 2010 a dividend of MAD 70, a dividend yield of 2.5% based on the share price of MAD 2850 dated 23/02/2011.

Conclusion: Annual positive for the company's insurance Attijariwafa Bank. WAFA ASSURANCE seems benefit from efforts to the development of non-life remains more profitable than the activity

BMCE Capital Bourse

Where To Buy Katydids Chocolate Candy

AFRIQUIA GAS: Operating income improved by 13% to MAD 429.7 million at end-2010 MOTOR EQUIPMENT

Done: Publication of 2010 annual results.

Analysis: The subsidiary gas AKWA Group completes the year 2010 auspicious, consolidating its position as market leader of the filling and distribution of LPG in Morocco with a market share of 44% (against 42% at end 2009) and this followed an increase of 4% to 831,408 MT of its flows. Operationally and drawing plenty of profit optimization link in its supply chain, AFRIQUIA GAS displays an operating profit of ZAR 429.7 million (vs. our forecast of 410.4 million MAD), in appreciation of 13% from a year earlier.

In a proportion almost identical, the earning power of the society improves from 12% to MAD 329.3 M (vs. our forecast of 306.2 million MAD). Balance sheet side, equity is hoisted from 5.2% to MAD 1,800 million, for a total balance of MAD 5,734 million, an increase of 21.9% compared to end 2009. In addition, the Board should propose at the next Ordinary General Assembly the distribution a dividend of MAD 73 (vs. MAD 70 to end 2009), a D / Y 4.3% observed during the 23 February 2011 from MAD 1685.

In terms of outlook, the company intends to continue its investment program relating primarily to the expansion of its storage capacity. With this in mind, the gas subsidiary of the Group in 2011 AKWA should inaugurate the second phase of the new terminal JORF LASFAR, with 4 air spheres with a capacity of 7000 m3 each, for a total amount of MAD 240 million .

Conclusion: At the end of 2010, GAS AFRIQUIA displays financial indicators sharply higher, capitalizing mainly on strengthening its flow as well as continuing its policy of optimizing all the links of its gas chain. Recommendation is being updated in anticipation of the publication of detailed statements of the company.

BMCE Capital Bourse

Hot Women In Coconut Bra

: Increase of 56% of exports in late 2010 to

Done: Provisional figures in the industry.

Analysis: According to the President of the Moroccan Association for Industry and Commerce of the Automobile-AMICA-exports of the sector components and equipment motor would be up 56% in 2010 to a turnover of MAD 12.0 Md. This performance, recorded before the start of production of the Renault factory in Tangiers in 2012, would be liable to the opportunities offered by the international crisis.

Indeed, during this period, industry professionals have benefited from government support to enhance their competitiveness in favor of foreign manufacturers through optimization of their supply sources.

Conclusion: the eve of the start of City Automotive Tangier, Morocco seems position itself in the global automotive suppliers as evidenced by the favorable orientation of its exports in 2010.

BMCE Capital Bourse

Masterbate Toothbrish

Values the one from 24/02/2011

In trading on 10 868 shares, CENTRAL DAIRY assessed the maximum allowed to MAD 1325 before booking on the rise late in the session. The dairy subsidiary of SNI has the following fundamentals: 2011P and 2010E PER of 17.9 x and 16.6 x respectively and a dividend yield estimated at 4.7% in 2010. In a proportion quasisimilaire, MAGHREB OXYGEN NEXANS MOROCCO RISMA and reinforce each at 5.99% MAD 269 to MAD MAD 325.4 and 283, establishing their annual performance in 2011 to 3.46% to 15.47% and 4.74%.

In contrast, MOROCCO MEDIACO was down 5.99% to MAD 105.85, widening its losses to -12.52%. Similarly, MOROCCO BERLIET has been downloading of 5.82% to MAD 192.5, affecting his disappointing performance in 2011 to -9.20%. Finally, MAGHREBAIL disposes of 5.51% to MAD 755, dealing with 9.6 x and 8.9 x its 2010 and 2011 earnings guidance and offering a dividend yield of 2010 estimated at 6.9%.

BMCE Capital Bourse

Can You Use Coconut Oil Instead Of Butter

Market Analysis 24/02/2011

Continued of the upward trend in the Casablanca Stock Exchange, as evidenced by the variation of its two main indicators. Indeed, the Moroccan All Shares Index appreciated by 1.27% to 12 514.98 points, reducing its losses in 2011 to -1.11%. In this same vein, the barometer of the most active values improved from 1.29% to 10 231.19 points, reducing its performance-cons in 2011 to -1.01%. CBIE 20 increases, meanwhile, from 1.24% to 1 302.31 points, establishing performance yearto-date -1.73%.

For its part, the market capitalization improved to 7.1 billion MAD MAD 572.2 Ms Traded in its entirety on the Central Market, the overall trade volume totaled 204.4 million MAD. Leading the pack, WAFA ASSURANCE consumes 24.8% to MAD 50.6 million, while trading in qu'ADDOHA concentrated 18.6% to MAD 30.0 million ITISSALAT Al-Maghrib in polarized M MAD 16.5% 33.7.

BMCE Capital Bourse

Flight Simulator X ürün Anahtarı

MAGHREB OXYGEN: Increase of 3.9% of earning capacity, 2010 at 18 million MAD

Done: Publication of 2010 annual results.

Analysis: likely impacted by lower demand from industrial customers, including ON SITE subsidiary fluid AKWA Group displays at the end of 2010 a turnover of M 208.2 MAD, (vs. our forecast of 212.8 million MAD) quasi stagnation compared to a year ago.

In a higher proportion and following good control of operating expenses, operating income of MAGHREB OXYGEN appreciated by 4.5% to MAD 30.5 million (vs. our forecast of M MAD 31.1), improving operating margin by 0.5 points to 14.6%. For its part, the net result of the company climbed 3.9% to MAD 18 million (vs. our forecast of M MAD 19.5), establishing the net margin to 8.6% against 8.4% a year before. Balance sheet side, OXYGEN MAGHREB this capital of MAD 180.8 million, up 2.9% from a year earlier, for a total balance of MAD 399.1 million (+1.8%) and net cash M MAD 5.9 (M MAD vs. -1.4 to end 2009).

Furthermore, the Board of Directors of MAGHREB OXYGEN decided to propose at the next Ordinary General Meeting to distribute a dividend of MAD 18 (cons MAD 16 to end 2009) under the year 2010, corresponding a pay-out of 81.25% (against 76% a year earlier) and a dividend yield of 7.1% on the basis of a price of MAD 253.8 dated 22/02/11.

In terms of outlook, the company intends to continue its policy of consolidating its fundamentals and also plans to expand its efforts in terms of optimization of operating expenses. In parallel, its subsidiary "SODEGIM (company created a joint venture with Air Liquide to achieve a unity mainly in MAGHREB SITE ON STEEL) should be operational during the current year.

Conclusion: The subsidiary fluid AKWA Group displays at the end of 2010 performance and a slight increase this in the context of a likely slowdown in customer demand industry. We maintain our recommendation to keep.

BMCE Capital Bourse

Best Blu Ray Player Upconversion

SUGAR: New measures adopted to limit exports to a

Done: Decision of the Ministry of Foreign Trade.

Analysis: Aiming to secure supplies of the local market and limit exports, the Moroccan government has adopted new measures concerning the submission, first time, exports of sugar to a prior authorization for imposed subsequently, exporters surrendering the subsidy for sugar in favor of the compensation fund. Both

decisions designed to regulate the export transaction in sugar after the Government has satisfied itself as part of its ongoing monitoring of the supply situation of the domestic market for food, that significant quantities of refined sugar in Morocco exported abroad.

Conclusion: Both measures aim to regulate the operation of export sugar to avoid subsidizing sugar sales are not for Moroccan consumers.

BMCE Capital Bourse

All State Drivers License Template

Values of 23/02/2011

For 9673 shares traded, LESIEUR CRYSTAL sponge losses of yesterday, rising 5.96% to MAD 131.5. Ditto for AFRIQUIA GAS is improving from 5.58% to MAD 1,685. AKWA Group subsidiary has the following fundamental of 2011P and 2010E PER of 18.9 x and 17.9 x, respectively, and an estimated dividend yield of 4.4% in 2010. In trading on 20 stocks, CMT is 5.23% to MAD 1790, increasing its profits since the beginning of the year to 11.88%.

Conversely, NEXANS MOROCCO disposes of 4.66% to MAD 307. At this price level, the manufacturer of electrical cables and batteries trafficking to 6.9 x and 11.6 x its 2010 and 2011 earnings guidance and offers a dividend yield of 8.1% in 2010. For 668 shares traded, DIAC SALAF shrinks by 4.20% to MAD 78.02, widening its losses in 2011 to -28.78%. Finally, HPS lost 3.75% to MAD 770, in trading on 48 tracks.

BMCE Capital Bourse

Mom And Son Free Vıdeos

Market Analysis 23/02/2011

The Casablanca Stock Exchange closed the session on a new increase, registering the change to green its two main indicators. Indeed, the index of all listed securities and the barometer of the most active values appreciate by 0.44% each to 12 357.49 points and 100.91 points respectively to 10, reducing their losses since the beginning of 2011 to -2.35% for MASI and -2.27% for MADEX.

For its part, CBIE 20 wins 0.42% to 1 286.37 points, reducing its annual performance-cons to -2.94%. The overall recovery of the market rises, in turn, to MAD 565.1 billion, up 1.9 MAD Ms Côté volume, the transaction flow amounted to MAD 115.6 million, traded in its entirety on the Central Market. The turnover registered during this session is captured in the amount of (i) 28.6% by ADDOHA M MAD 33.0, (ii) 22.7% ATTIJARIWAFA BANK M MAD 26.2 and (iii) 17.1% ITISSALAT AL MAGHRIB M MAD 19.8.

BMCE Capital Bourse

South Park Watch Iphone

SHELL: Withdrawal from distribution in Africa

Done: Transfer of its activities in Africa in the Swiss Vitol Group and HELIOS investment funds amounting to USD 1 Ms

Analysis: The giant Anglo-Dutch oil has just announced the sale of most of its downstream activities (distribution of petroleum products) in Africa including Morocco, Switzerland Vitol Group and the investment funds and HELIOS, for a total amount of around the USD 1 Ms SHELL should nevertheless continue to have interests in these activities, which should be grouped in two joint ventures.

Before collecting the assets of Shell in 14 African countries, the first joint venture would be owned 80% by Vitol and HELIOS and 20% by Shell. Increased to 50% by Shell and 50% by Vitol and HELIOS, the second joint venture would in turn consolidate the manufacturing of automotive lubricants SHELL in 7 countries. Note that fuel and other petroleum products concerned by this transaction should continue to be distributed under the Shell brand. In Morocco, SHELL employs over 5,000 people and has 355 stations services.

Conclusion: As part of its strategy to restructure its downstream activities, the partial assignment in Africa attests to the will of the Shell Group to focus on the extraction and to a lesser extent refining.

BMCE Capital Bourse

Cocaineplaced On The Gums Can Get You High

MOROCCO TELECOM: 2010 annual results in line with our forecasts

Done: Publication of 2010 annual results.

Analysis: MOROCCO TELECOM has evolved during the year 2010 in an environment marked by a further intensification of competition, particularly in the Mobile segment after the entry commissioning of the third GSM license in WANA. Despite this situation, the Moroccan subsidiary of VIVENDI manages to reach a consolidated turnover of 31 million MAD 655.0 (+4.3% compared to 2009), essentially capitalizing on the continued growing market National Telecom (18.5% enlargement of the park's total subscribers to 32 million users at the end of 2010, representing a penetration rate of 101.5%) and the rise of African subsidiaries (including the contribution Group revenues amounted to 17.7% in 2010 against 15.5% a year earlier and 12.8% in 2008) Activity Morocco generates 82.7% of consolidated turnover of the Group with revenues of MAD 26 million 191.0 (+1.7% compared to 2009).

By segment, the Mobile recorded an increase of 4.3% of its business to 19 million MAD 670.0, taking advantage of (i) an increase of 10.6% of the total subscriber base to 16.9 million customers, (ii) declining 4.5 points to 29.0% Churn and (iii) maintaining ARPU and MOU at ever higher, respectively MAD 93 and 52 minutes. Note also that this segment was boosted by the increase of 25% of non-voice revenue, now representing 10.5% average bill against 8.7% at end 2009.

For their part, the Fixed-line and Internet are down by 8.6% to MAD 8,507 million, following the strong competition from mobile and reduction of leased line tariff fixed by the mobile MOROCCO TELECOM. On the Set, the park displays a virtual standstill to 1.231 million customers while on the Internet, ridership increased by 5.4% to 497,000 lines. African subsidiaries show, meanwhile, contrasting trends: +7.1% for MAURITEL MAD 1 M 184.0, +6.5% for ONATEL M MAD 1802 and +25.1% for SOTELMA M MAD 1575.

However, GABON TELECOM shows a decline of 14.0% of its revenues to MAD 1,044 million, following entry of a new operator (AIRTEL) on the Gabonese market telecoms. Under these conditions and face a cost structure burdened by promotional efforts, EBITDA contains its evolution to +2.5% to MAD 18,612 million (including M MAD 4916 in Morocco for a gross margin of 62.2% ), reducing the gross margin to 58.8% against 59.8% in 2009. On the operational side and to higher depreciation related to the magnitude of the investment program undertaken by the Group (M MAD 6 535.0 (up 12% from 2009), M MAD 2193 in Morocco for the Mobile (-24%), M MAD 2060 for Fixed & Internet (+10%) and M MAD 2281 for African subsidiaries (+110%)), The operating result rose by 2.3% limited to 14 million MAD 335.0 fixing the operating margin to 45.3% against 46.2% a year earlier.

Finally, the NPGS is 1.2% to MAD 9,536 million, thus highlighting a net margin of 30.1%, down 1 percentage point compared to 2009. After payment of nearly 9.1 billion MAD to shareholders for the dividend 2009 and MAD 7.1 billion in network investments, the Group's consolidated net debt stood at MAD 4.3 billion (Cons MAD 3.6 billion in 2009), representing only 0.2 x EBITDA annually. In parallel, despite the 12% increase in CAPEX, net cash provided by operating activities amounted to MAD 12,836 million, down slightly from 2.7%.

Given the foregoing, the Supervisory Board MOROCCO TELECOM intends to propose at the AGM of shareholders on April 18, 2011 to distribute a dividend of MAD 10.58, up 2.6% to 2009 and reflecting a payout of 100%. On the basis of an observed during MAD 152.15 dated February 21, 2011, the dividend yield stands to 7.0%.

In terms of outlook, the Senior Management MOROCCO TELECOM expects a slight growth in business and maintain high profitability. Note, also, MOROCCO TELECOM has been declared successful tenderer would BENIN TELECOM and also in advanced talks to acquire BELL TELECOM.

Conclusion: Given the evolution of financial aggregates in 2010 and pending the publication of the detailed summary, we maintain our forecasts and our target price to MAD 171 and our recommendation to accumulate Title in portfolios.

BMCE Capital Bourse

Chevrolet Silverado Rockstar

ELECTRONIC TRANSACTIONS : 158 million bank card transactions in 2010 for an amount of MAD 139 billion

Fact: Statistics electronic transactions in late 2010.

Analysis: According to the Center-CMI-Interbank Electronic Banking, the number of bank card transactions local and foreign amounts to 158 million for an amount of MAD 139 million, increasing by 17% from a year earlier. Meanwhile, the number of cards issued by Moroccan banks increased 13.3% to nearly 7 million, including 6 million cards for payment and withdrawal. For its part, the online payment commercial sites affiliated to the CMI expands 182% from $ 104.5 million MAD MAD M 295. In this wake, the number of e-commerce transactions grew from 3.7 to 295 x 000.

Conclusion: The evolution of electronic transactions at the end of 2010 reflects the democratization of credit card payments, direct consequence of an improved rate of banking services.

BMCE Capital Bourse

Great Science Textbooks 2010

values to 22/02/2011

Leading the pack, FENIE BROSSETTE rose 5.97% to MAD 495.2. The Group's subsidiary SOMED present the following fundamentals: 2011P and 2010E PER of 13.6 x and 12.3 x respectively and a dividend yield estimated at 4.4% in 2010. In trading on 321 stocks, gaining 4.99% MAGHREBAIL to MAD 799, increasing its profits since the beginning of the year at 9.45%. For its part, HPS is increasing from 4.71% to MAD 800, straightening his performance in the green 2011 to 2.30%.

In contrast, LESIEUR CRISTAL was down 5.98% to MAD 124.1. At this price level, the subsidiary oils and fats Group NIS trafficking to 14.4 x 13.3 x and its expected results, 2010 and 2011 and offers a dividend yield of 6.8% in 2010. For 27 shares traded, OULMES rises of 5.93% to MAD 635, reducing its losses in 2011 to -41.96%. Finally, AFRIQUIA GAS lost 5.79% to MAD 1596, in trading on 5 tracks only.

BMCE Capital Bourse

Putting Cocaine On Gums

of a Market Analysis 22/02/2011

Adjustment of the two indices to the Casablanca Stock Exchange where the Moroccan All Share Index appreciated by 0.42% to 12 303.10 points, reducing its losses since the beginning of year -2.78%. The barometer of Blue Ships improves, meanwhile, from 0.43% to 10 056.51 points, reducing its losses year-to-date -2.78%. For its part, CBIE 20 takes 0.44% to 1 280.94 point, fixing its cons-performance from 2011 to -3.35%.

In this wake, the overall valuation of the market expands MAD 2 billion to stand at 563.2 MAD Ms Brewed in its entirety to the central compartment, the transaction flow recorded during this session amounted to M MAD 267.0. This compartment was facilitated by the exchange on the values ITISSALAT Al-Maghrib, ATTIJARIWAFA BANK ADDOHA, focusing jointly 63.9% of daily turnover to M MAD 75.4, 56.0 and M MAD MAD M 39.4 respectively.

BMCE Capital Bourse

What Is The Ratio When Diluting Green Soap

ATTIJARIBANK TUNISIA: Commitments MAD 1, 8 billion (or 9.9% of total commitments) to businesses and people close to Ben Ali

Done: Details of commitments from the bank to the clan Ben Ali in Tunisia.

Analysis: According to press economic commitments of the Tunisian subsidiary of Attijariwafa bank toward the relatives of BEN ALI amounted to TND 319 million (ZAR 1.8 billion) of which 200 million TND (MAD 1.2 billion) to finance the acquisition of 25% of telecom operator by Mr TUNISIANA Sakher Materi.

As such, the Tunisian bank said that this operation was mounted by the standards governing project finance and has pledges of shares Tunisiana. Moreover, the bank added that during periodic reviews of its risks, she proceeded to decommission old business-related credits belonging to these groups. These credits are for a total of 4807 million TND (MAD 27.8 billion), including 4284 million TND (MAD 24.8 billion) were funded.

Conclusion: With this announcement, the Tunisian subsidiary of Attijariwafa bank intends to reassure its shareholders as its customers on the limited impact of the revolution of jasmine on the level of its exposure.

BMCE Capital Bourse