Strategy Payback Time. Increasing asset yields to boost NIMs. Investments sustainable at current levels

Size: px
Start display at page:

Download "Strategy Payback Time. Increasing asset yields to boost NIMs. Investments sustainable at current levels"

Transcription

1 Buy 12-Month Target Price SAR November 26, 2015 Expected Total Return Price as on Nov-25, 2015 SAR Upside to Target Price 35.3% Expected Dividend Yield 3.6% Expected Total Return 38.9% Market Data 52 Week H/L SAR 26.90/40.90 Market Capitalization SAR 33,834 mln Shares Outstanding 1,205 mln Free Float 45.77% 12-Month ADTV (000 s) TASI Weight 2.03% Reuters Code 1050.SE Bloomberg Symbol BSFR AB 1-Year Price Performance N D J F M A M J J A S O BSF TASI TBFSI Source: Bloomberg Fransi TASI TBFSI Nov-25, ,208 15,717 Total Change 6-months (9.82%) (9.82%) (9.89%) 1-Year (628.%) (908.%) (968.%) 2-Year 10.1% (13.6%) (10.9%) F2015E SAR mln Special Comm. Income 4,851 Special Comm. Expense (816) Net Comm. Income 4,035 Total Operating Income 6,072 Total Operating Expense (2,460) Net Income 3,650 Strategy Payback Time Banque Saudi Fransi (BSF) is one of the top six banks in the country, similar in size to SABB. It is one of the few banks with direct foreign ownership (31% owned by Credit Agricole) with an asset base of SAR 185 billion. Although its recent conservative approach has at times been criticized, particularly with regards to loan growth, BSF should benefit from this very strategy in the current environment of tightening liquidity and potential NPL stress. Our preferred P/B valuations point towards an attractive 35% upside to our SAR 38 target price. We recommend a Buy at current levels. Comfortable asset position Double-digit loan growth in 2011 and 2012 subsequently gave way to mid-single digit growth as a consequence of a restructuring effort that resulted in provisions of SAR 957 million in We have modeled average gross advances growth of 3.0% between 2016 and Following a selective loan onboarding strategy, even before oil prices started to slump, emphasis on larger corporates should be advantageous. With only 8% exposure to consumer loans, management has put renewed focus on retail, which can prove lucrative in a rising rate environment. Even after assuming a rise in NPLs to SAR 1.8 billion by 2018, NPL coverage would stand at a comfortable 199%. Increasing asset yields to boost NIMs Post a minor (-0.5%) deposit contraction likely in 2015, we expect a low single-digit growth through 2018 (average 2.8%). 78% of deposits in NIBs as of September coupled with falling cost of funds to 0.50% has resulted in NIMs edging up to 2.2% in 2014 from 2.1% in the preceding year. We expect further expansion to 2.4% in 2016 and beyond but this time due to a rise in average asset yields. Investments sustainable at current levels Investments have fallen from SAR 45.3 billion in 2014 to SAR 36.5 billion by September While this is a snapshot, management believes the current level is more representative. There has been some duration rise in sovereign exposure recently in view of capacity; any further buildup would depend on balance sheet optimization strategy. Target SAR 38 per share We project a 32.5% average payout through 2018 (guidance minimum 30%), implying a yield of 3.6%. Assuming a 11.2% ROE, 9.8% cost of equity and 6.9% long term growth rate, we arrive at our SAR 38 target price, +35% upside from current levels. Time to Buy. Key Financials FY December 31 (SAR mln) 2014A 2015E 2016E 2017E Net Comm. Income 3,817 4,035 4,435 4,581 Provisions for credit losses NIM 2.2% 2.2% 2.4% 2.4% Cost-to-income 32.9% 33.1% 32.5% 33.2% NPL coverage 195% 211% 194% 194% ROAA 2.0% 1.9% 2.0% 1.9% ROAE 14.2% 13.3% 12.8% 12.0% CAR 17.3% 17.6% 17.1% 16.7% EPS (SAR) DPS (SAR) BVPS P/E 9.6x 9.3x 9.0x 8.8x P/B 1.3x 1.2x 1.1x 1.0x Muhammad Faisal Potrik muhammed.faisal@riyadcapital.com Sultan S. Al-Abdulkarim sultan.s.al-abdulkarim@riyadcapital.com Riyad Capital is licensed by the Saudi Arabia Capital Market Authority (No )

2 We reinstate coverage on Banque Saudi Fransi (BSF) with a Buy rating and a SAR 38 target price. Tight liquidity situation as year-end nears Following our last note on SAMBA, money market liquidity has tightened (SIBOR up 12 basis points in the last three months) and the forward USD/SAR rate has risen to multi-year highs. While liquidity is indeed expected to be tight until the remainder of the year, pressure on the forward exchange rate may ease. We now believe there is high probability that the US Fed will raise the Fed Funds rate. Consequently, SAMA would also have to raise the local interest rates which may ease some pressure on the forward exchange rates. The overall banking sector is comfortably placed for the current year. Senior management at leading local banks does not anticipate any undue provisioning requirements or a spike in NPLs during the final quarter of the year. However, there is some uncertainty going into 2016 in terms of liquidity and the resultant impact on bank s balance sheets. We expect the bigger banks to be more comfortably placed, particularly ones with stringent risk management guidelines versus the smaller ones. Both loan and deposit growth is forecasted to slow as compared to the last three years but do not expect significant earnings decline given an environment of rising interest rates. Moody s has maintained its stable outlook on the banking system. In a recent assessment it stated Countercyclical government spending will continue to support the non-oil sectors to which most bank lending is directed. They added that asset quality may weaken but will remain strong overall with NPLs to gross loans expected below 2.5% for Comparative valuation of the 12 local banks in terms of relative multiples (P/B and P/E) and dividend yield reveals that overall banks trade at an average of 1.3x 2015E P/B while BSF trades at a 2015E P/B and P/E of 1.1x and 8.9x respectively based on Bloomberg consensus data. Table 1: Local Banks Comparative Valuations Price P/E P/B Dividend Yield Company (SAR) E E E RB x 8.6x 8.5x 1.1x 1.1x 1.0x 5.8% 5.8% 6.1% BJAZ x 12.2x 6.0x 1.2x 1.1x 0.9x SAIB x 8.1x 9.1x 1.1x 1.0x 0.9x 3.8% 4.1% 4.4% SHB x 8.8x 8.1x 1.7x 1.5x 1.3x 2.9% 3.8% 3.3% BSF x 9.6x 8.9x 1.5x 1.3x 1.1x 1.2% 3.5% 3.6% SABB x 9.8x 9.6x 1.8x 1.6x 1.5x 2.6% 2.5% 2.7% ANB x 8.7x 8.0x 1.3x 1.2x 1.1x 1.7% 4.0% 4.6% SAMBA x 8.9x 8.8x 1.3x 1.1x 1.1x 3.3% 3.6% 4.5% Rajhi x 12.0x 12.1x 2.1x 2.0x 1.9x 4.6% 3.5% 3.3% Bilad x 14.3x 14.4x 2.4x 2.1x 1.9x % Alinma x 17.0x 14.6x 1.3x 1.2x 1.2x - 3.5% 4.0% NCB x 12.4x 12.3x 2.0x 2.4x 2.1x 3.5% 2.7% 3.1% AVERAGE 12.1x 10.9x 10.0x 1.6x 1.5x 1.3x 3.3% 3.7% 3.7% Source: Bloomberg November 26,

3 Advances growth to plateau After experiencing double-digit gross loan growth in 2011 and 2012 (average 13.9%), growth slowed down in the subsequent two years to an average of 6.6%. As a matter of fact, BSF had to book exceptional provisions in 2013 as a result of aggressive advances onboarding earlier. We expect improved advance growth in 2015 at 6.5% but a slowdown in 2016 followed by a resumption of higher growth. BSF has been following a conservative approach post-2013 restructuring efforts even before the recent slump in oil prices resulting in very selective money lending following strict Credit Agricole guidelines. LDR dropped in 2014 to 75.5% from 80.2% the year earlier but is expected to grow to 82.0% this year. However, going forward we are modeling a more stable LDR at 82.3% through We believe BSF will continue to be selective in loan onboarding but is in a sweet spot as it has the capacity with bigger corporates as its core clients. We continue to expect lower crude price forecast to impact GDP growth and resultantly keep overall banking sector deposit and advance growth in check. There is an emerging trend where key petrochemical and oil industry players are now calling a bottom on oil implying that the worst is behind us. However, this remains to be tested. While government spending may slow, we do not anticipate key infrastructure projects to be affected. Exhibit 1: Net Advances (SAR bln) and Growth (%) Exhibit 2: Loan to Deposit Ratio (%) % 6.5% 10% 9% 8% 7% 6% 84% 82% 80% 80.2% 82.0% 82.3% 82.3% 82.3% % 5% 78% % 3.1% 3.5% 4% 3% 2% 1% 76% 74% 75.5% - 0% 72% Net Advances Advances Growth LDR We estimate gross advances to rise from SAR 119 billion in 2014 to SAR 138 billion by Net provisioning charge is forecasted to rise from a low of SAR 321 million last year to SAR 449 million this year and prudently going up to SAR 651 million through This still compares favorably to SAR 455 million booked in 2012 and an extraordinary SAR 957 million in Despite a relatively stronger loan portfolio, we have modeled higher non-performing loans (NPLs) in the medium term. NPLs dropped from SAR 1.5 billion in 2013 to SAR 1.2 billion in We estimate SAR 1.5 billion in 2016 rising to SAR 1.8 billion by 2018 as lower economic growth may put pressure on corporates, even larger ones. Exhibit 3 below illustrates this. It is pertinent to note that NPL coverage has already reached beyond 200% (forecasted at 211% for 2015) and even higher NPL assumptions bring coverage to 199% through 2018, a very comfortable situation. November 26,

4 Exhibit 3: NPLs and NPL coverage % 200% 150% 100% 50% 0% NPLs (SAR bln) NPL Coverage (5) Slower deposit growth Non-interest bearing (NIB) deposits continue to be the lifeline for most banks in KSA as they prop up margins for the sector. BSF is in a favorable situation as its NIB deposits have been growing, rising from 56% in 2012 to 73% in 2014 with a further increase to 78% by September This is inspite of a decline in total deposits from SAR billion by 2014-end to SAR billion as of 3Q2015. Exhibit 4: Deposits (SAR bln) and Growth (%) % 10.4% 3.0% 3.5% 2.0% (0.5)% 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% Total Deposits Deposits Growth 2013 and 2014 witnessed strong deposits growth at an average of 12.2% but we expect a minor deposit contraction this year (0.5%) largely due to the tight liquidity situation in the country and attributed to bigger clients in our view. Although we do expect oil prices to be subdued, they are expected to witness some Y/Y growth over the next three years. We have modeled a total deposit growth of 2.0% for 2016 going up to 3.5% by In nominal terms, we expect deposits to grow from an expected level of SAR billion by December-end 2015 (SAR billion at September-end) to SAR billion through Larger corporates (one of the bank s core clients) and even smaller November 26,

5 businesses are likely to be frugal in giving incremental deposits to the banks given internal liquidity requirements. Rising interest rates are unlikely to aide in deposit growth given 78% NIB deposits and that most customers are unlikely to be ratesensitive. 90% of income comes from loans Even after taking into account a clean-up in 2013 (largely in terms of extraordinary provisioning) total special commission income has grown at an average of 6.5% over the last three years. We expect 6.3% growth in the current year peaking to 8.3% next year (2016) as rising interest rates take effect. Income from advances has historically constituted the largest share of total income (90% average between 2012 and 2014) and we expect this to continue going forward with a contribution of 89% this year and next year. Total special commission expenses shrunk by -16.3% in 2014 due to (1) NIBs rising from 65% in 2013 to 73% in 2014 and (2) decline in deposit rates with cost of funds coming down from 0.66% in 2013 to 0.50% in We anticipate a +9.1% rise in total special commission expenses this year slowing down to an average of 2.7% over the next three years. We forecast a slowdown in other income in 2015 as compared to the rapid growth in Fee-income inclined at an impressive 12.4% in 2014 but may moderate to 2.6% this year with growth around the 2.0% to 3.0% range through Trading gains would depend on market performance, which has been weak in 2015 but may improve in the next 2-3 years. Exhibit 5: Total Sp. Income Growth to Peak in 2016E 6,000 5,000 4,000 3,000 2,000 1,000 0 Total Sp Comm Income Income from loans Total Sp. Income Growth 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Current investments level sustainable Investments peaked at year-end 2014 to SAR 45.3 billion but have subsequently come down to SAR 36.5 billion by September-end As per management, the 2014 level was an extraordinary one and they estimate the current figure to be more sustainable. Overall, investments are largely a liquidity optimization tool. We believe the bank shall just go for duration change on its sovereign exposure for now moving from T-bills to longer tenor bonds as there is some duration capacity available. Any further rise in duration exposure would depend on the Asset-Liabilities situation. November 26,

6 NIMs likely to expand albeit marginally Banque Saudi Fransi After rising to 0.66% in 2013 from 0.62% in 2012, cost of deposits have fallen to 0.50% last year. We forecast them to remain close to the 0.50% mark through 2018 despite a forecasted rise in interest rates as the majority of deposits are non-interest based. Consequently, an expected increase in average asset yields from 2.67% in 2015 to 2.86% in 2016 and remaining stable around this mark going forward is likely to push Net Interest Margins (NIMs) from 2.19% in 2014 to 2.41% in This is illustrated in exhibit 6 below. Indications from the US Fed point towards a 0.25% hike in rates in their meeting next month, which is likely to prompt SAMA to go for a similar hike in the Kingdom. Exhibit 6: Net Interest Margins & Avg Asset Yield (%) 2.7% 2.6% 2.7% 2.1% 2.2% 2.2% 2.9% 2.8% 2.9% 2.4% 2.4% 2.4% NIMs Avg Asset Yield Expect 30%+ dividend payouts BSF avoided a bonus issue last year although many of its peers raised paid up capital. There does not appear to be a bonus share announcement on the horizon at the end of the current year either. Exhibit 7: Stable Dividend Payouts % % 25% % 15% % 5% 0.0 DPS Dividend Payout Dividend Yield 0% November 26,

7 Management guideline is for a minimum 30% dividend payout for the foreseeable future. BSF has had a volatile payout history fluctuating between 15.0% to 32.6% for the past five years. However, in light of our discussions with management, we are projecting an average payout of 32.5% through This implies a dividend yield of 3.6% for this year and the following two years. While the yield is lower than some of its peers, we believe this is a good bargain for a relatively conservative bank. The bank has already announced a SAR 0.50 DPS for 1H2015 and we forecast a matching dividend for the second half taking the full year payout to SAR We expect the bank to continue to pay dividends every six months rather than annually. November 26,

8 Valuation and Recommendation We have used the justified P/B method as our preferred valuation metric for BSF. Given a stable book value that effectively captures returns; we believe this is an appropriate valuation metric for financial firms. As illustrated in the table below, we have calculated a justified P/B multiple for BSF using a 11.2% ROE, 9.8% cost of equity and 6.9% growth rate. The growth rate stems from a long term ROE of 11.2% and a long term retention rate of 62.0%. Table 2: P/B Valuation Assumptions 2015E 2016E 2017E 2018E Risk-free rate 3.70% Book Value per share (SAR) Equity risk premium 6.75% Beta 0.90 LT ROE 11.2% CoE 9.8% LT growth rate 6.9% LT retention rate 62.0% Cost of Equity 9.8% Justified P/B 1.5x Source: Riyad Capital Per Share Fair Value We arrive at a justified P/B multiple for BSF at 1.5x. We apply this to our 2016E book value per share forecast of SAR to arrive at a fair value of SAR per share. As a cross check we have also carried out a P/E valuation assuming a target P/E multiple of 10.9x, the average 2014 P/E for all banks based on Bloomberg consensus estimates. Applying this multiple to our average EPS forecast between 2016 and 2018 of SAR 3.21 leads to a fair value of SAR close to the P/B estimated fair price. Table 3: P/E Valuation 2015E 2016E 2017E 2018E EPS Target P/E multiple 10.9x Avg EPS (2016E-2018E) 3.21 Fair value per share Source: Riyad Capital We reinstate coverage on Banque Saudi Fransi (BSF) with a 12-month target price of SAR representing 1.2x P/B and 9.3x P/E. With an upside of 35% to our target price and a healthy 3.6% dividend yield for the next three years, we recommend a Buy at current levels. November 26,

9 Summary Financials Table 4: BSF Summary Financials Income Statement (SAR mln) E 2016E 2017E Cash Flows (SAR mln) E 2016E 2017E Special Comm Income 4,565 4,851 5,255 5,425 Cash at Beg. of Year 18,140 20,014 11,358 18,114 Special Comm Income Net Income 3,516 3,620 3,750 3,842 Net Special Comm Income 3,817 4,035 4,435 4,581 Dividends Paid (586) (1,876) (1,205) (1,205) Other Income 1,969 2,038 2,090 2,137 Depreciation & Amortization Operating Income 5,786 6,072 6,525 6,719 Due from Banks (464) (6,026) 3,214 (241) Operating Expense 2,271 2,460 2,782 2,884 Operating Cash Flow 12,464 (17,415) 9,406 3,427 Share of associate income Change in Investments (10,803) 9,069 (2,539) (1,941) Net Income 3,516 3,620 3,750 3,842 Loans and Advances (5,234) (7,492) (2,804) (3,671) Shares Outstanding (mln) 1,205 1,205 1,205 1,205 Debts Inc./Dec. 2,001 (2,418) (35) (40) EPS Capital Expenditure (111) (128) (131) (128) DPS Cash at year end 20,014 11,358 18,114 19,457 Balance Sheet (SAR mln) E 2016E 2017E Ratios E 2016E 2017E Assets Growth (YoY) Cash & Bank Bal. with SAMA 20,014 11,358 18,114 19,457 Net Special Comm. Income 13.5% 5.7% 9.9% 3.3% Due from Banks 2,009 8,035 4,821 5,062 Total Income 14.5% 4.9% 7.5% 3.0% Total Investments 45,102 36,033 38,573 40,513 Net Income 46.2% 2.9% 3.6% 2.4% Net Loans and Advances 116, , , ,507 Gross Loans 4.7% 6.5% 2.5% 3.1% Other Assets 4,407 5,730 5,787 5,845 Total Investments 31.2% -20.0% 7.0% 5.0% Net Fixed Assets Customer Deposits 10.4% -0.5% 2.0% 3.0% Total Assets 188, , , ,099 Earning Assets 11.1% -2.3% 5.0% 3.8% Total Assets 11.0% -1.5% 4.8% 3.7% Liabilities & Equity Total Equity 14.0% 5.9% 9.1% 8.6% Customer Deposits 145, , , ,863 Profitability Due to Banks 3,864 1,159 4,575 4,712 RoAA 2.0% 1.9% 2.0% 1.9% Debt Sec. in Issue 9,131 6,713 6,678 6,638 RoAE 14.2% 13.3% 12.8% 12.0% Other Liabilities 4,036 5,448 5,557 5,668 NIMs 2.2% 2.2% 2.4% 2.4% Total Liabilities 162, , , ,882 Others CAR 17.3% 17.6% 17.1% 16.7% Capital 12,054 12,054 12,054 12,054 NPL Coverage 194.8% 210.9% 194.2% 194.3% Statutory Reserves 9,919 10,824 11,762 12,109 P/E 9.6x 9.3x 9.0x 8.8x Retained Earnings 2,252 3,761 5,368 7,658 P/B 1.3x 1.2x 1.1x 1.0x Total Shareholders Equity 26,471 28,032 30,596 33,218 Dividend Yield 3.4% 3.6% 3.6% 3.6% Total Liab & Equity 188, , , ,099 Dividend Payout 32.6% 33.3% 32.1% 31.4% November 26,

10 Stock Rating Strong Buy Buy Hold Sell Not Rated Expected Total Return 25% Expected Total Return 15% Expected Total Return < 15% Overvalued Under Review/ Restricted For any feedback on our reports, please contact Disclaimer The information in this report was compiled in good faith from various public sources believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts stated in this report are accurate and that the forecasts, opinions and expectations contained herein are fair and reasonable. Riyad Capital makes no representations or warranties whatsoever as to the accuracy of the data and information provided and, in particular, Riyad Capital does not represent that the information in this report is complete or free from any error. This report is not, and is not to be construed as, an offer to sell or solicitation of an offer to buy any financial securities. Accordingly, no reliance should be placed on the accuracy, fairness or completeness of the information contained in this report. Riyad Capital accepts no liability whatsoever for any loss arising from any use of this report or its contents, and neither Riyad Capital nor any of its respective directors, officers or employees, shall be in any way responsible for the contents hereof. Riyad Capital or its employees or any of its affiliates or clients may have a financial interest in securities or other assets referred to in this report. Opinions, forecasts or projections contained in this report represent Riyad Capital's current opinions or judgment as at the date of this report only and are therefore subject to change without notice. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or projections which represent only one possible outcome. Further, such opinions, forecasts or projections are subject to certain risks, uncertainties and assumptions that have not been verified and future actual results or events could differ materially. The value of, or income from, any investments referred to in this report may fluctuate and/or be affected by changes. Past performance is not necessarily an indicative of future performance. Accordingly, investors may receive back less than originally invested amount. This report provides information of a general nature and does not address the circumstances, objectives, and risk tolerance of any particular investor. Therefore, it is not intended to provide personal investment advice and does not take into account the reader s financial situation or any specific investment objectives or particular needs which the reader may have. Before making an investment decision the reader should seek advice from an independent financial, legal, tax and/or other required advisers due to the investment in such kind of securities may not be suitable for all recipients. This research report might not be reproduced, nor distributed in whole or in part, and all information, opinions, forecasts and projections contained in it are protected by the copyright rules and regulations. Riyad Capital is a Saudi limited liability company, with commercial registration number ( ), licensed and organized by the Capital Market Authority under License No. ( ), and having its registered office at Al Takhassusi Street, Prestige Building, Riyadh, Kingdom of Saudi Arabia ( KSA ). Website:

Samba Financial Group

Samba Financial Group Buy 12-Month Target Price SAR 31.00 November 10, 2015 Expected Total Return Price as on Nov-09, 2015 SAR 22.17 Upside to Target Price 39.8% Expected Dividend Yield 5.4% Expected Total Return 45.2% Market

More information

BANK ALBILAD Reinstating Coverage. Growth Ahead

BANK ALBILAD Reinstating Coverage. Growth Ahead August 9, 217 Rating Neutral 12- Month Target Price SAR 19. Expected Total Return Price as on Aug-8, 217 SAR 18.7 Upside to Target Price 1.6% Expected Dividend Yield 3.2% Expected Total Return 4.8% Market

More information

Sahara Petrochemical. Attractive Investment. Buy 12-Month Target Price SAR Update Report- Transfer of Coverage

Sahara Petrochemical. Attractive Investment. Buy 12-Month Target Price SAR Update Report- Transfer of Coverage Update Report- Transfer of Coverage Buy 12-Month Target Price SAR 12.00 March 25, 2016 Expected Total Return Price as on Mar-21, 2016 SAR 8.90 Upside to Target Price 34.2% Expected Dividend Yield 4.5%

More information

Quarter Ending Open High Low Close % Change Avg Daily Volume. Sep 30, ,087 9,412 6,921 7, % 178,411,525

Quarter Ending Open High Low Close % Change Avg Daily Volume. Sep 30, ,087 9,412 6,921 7, % 178,411,525 Tadawul All Share Index (TASI) Quarter Ending Open High Low Close % Change Avg Daily Volume Sep 30, 2015 9,087 9,412 6,921 7,404-18.5% 178,411,525 Above mentioned numbers are for the quarter Analysis and

More information

SAUDI ARABIAN CEMENT. Revival in December 29, 2016

SAUDI ARABIAN CEMENT. Revival in December 29, 2016 December 29, 2016 SAUDI ARABIAN CEMENT Revival in 2017 Cement sector in Saudi Arabia ends the year with a dismay, as overall construction slowdown has affected the sector largely. However, sector price

More information

Saudi Arabian Petrochemicals 1Q2016 Preview

Saudi Arabian Petrochemicals 1Q2016 Preview April 4, 2016 New Low for Oil in 1Q Oil markets witnessed a depressing start to 2016 with Brent prices hitting a 12-year low of under USD 28/bbl which shook Saudi equities to the core. TASI hit a decade

More information

Southern Province Cement Company

Southern Province Cement Company Southern Province Cement Company Update Report- Transfer of Coverage Buy Year End Target Price SAR 115 120 110 100 June er 19, 03, 2014 2015 Expected Total Return Price as on Jun-02, 2015 100.14 90 80

More information

Yamama Cement Company

Yamama Cement Company Update Report- Transfer of Coverage Buy Year End Target Price SAR 62 120 110 100 90 80 70 May er 19, 27, 2014 2015 Expected Total Return Price as on May-26, 2015 49.07 Upside to Target Price 26.8% Expected

More information

SAUDI TELECOM SECTOR 2Q2016 Preview

SAUDI TELECOM SECTOR 2Q2016 Preview June 30, 2016 SAUDI TELECOM SECTOR Hazy Future There are 54 million registered mobile subscribers making up KSA s telecom market as of 2015-end, having grown at a CAGR of 15% in the last 10 years. Current

More information

The Company for Cooperative Insurance Insurance TAWUNIYA AB 8010.SE

The Company for Cooperative Insurance Insurance TAWUNIYA AB 8010.SE Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Recommendation Overweight Current Price (SAR) 82.60 Target Price (SAR) 101.13 Upside/Downside (%) 22.4% As of

More information

Saudi Economic Chartbook

Saudi Economic Chartbook Saudi Economic Chartbook Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. Olaya Riyadh 12331-3712 rcciooffice@riyadcapital.com Subdued Economic Activity but Fiscal Consolidation

More information

saudi banking sector Highlights Valuation

saudi banking sector Highlights Valuation saudi banking sector A Slow Recovery Valuation Price * Fair Value Upside / Market Cap. Recommendation (SAR) (SAR) Downside Million SAR Samba 59.00 60.60 3% Hold 53,100 Riyad 30.50 34.10 12% Accumulate

More information

KSA Banks and Macro Chartbook

KSA Banks and Macro Chartbook KSA Banks and Macro Chartbook August 2016 Aqib Elahi Mehboob amehboob@fransicapital.com.sa +966 (11) 2826840 Issued: 30th August 2016 Dashboard Macro data over last few months indicates an uptick in caution

More information

Saudi Banks Sector Banks Finance Saudi Arabia 19 November 2017 January 18, 2010

Saudi Banks Sector Banks Finance Saudi Arabia 19 November 2017 January 18, 2010 Saudi Arabia January 18, 2010 Implications earnings growth was subdued by higher provisioning charges. Liquidity tightened modestly along with rise in SAIBOR. The financial health of the smallest 60 companies

More information

Executive Summary. Total Operation Income & Net Income (SAR million) with growth rates (%) Revenues Net Income 5, % 2% 10% 19%

Executive Summary. Total Operation Income & Net Income (SAR million) with growth rates (%) Revenues Net Income 5, % 2% 10% 19% Year 217 The report depicts the performance of banks sector in Saudi Arabia in 217. The report shows the main banking indicators as loans, deposits, capital adequacy and profitability for the sector and

More information

Saudi Banking Sector Q2 2014

Saudi Banking Sector Q2 2014 Overview Summary The report reviews the performance of all Saudi banks in the second quarter of 214 including non-listed NCB. Bank Loans to Deposits Ratio Coverage Ratio Total Assets million SAR Net Income

More information

Yanbu Cement Company. Limited Growth due to Pricing Pressure. Buy 12-Month Target Price SAR 65. Transfer of Coverage

Yanbu Cement Company. Limited Growth due to Pricing Pressure. Buy 12-Month Target Price SAR 65. Transfer of Coverage Buy 12-Month Target Price SAR 65 130 120 110 100 December 14, 2015 90 80 70 60 Expected Total Return Price as on Dec-13, 2015 SAR 43.40 Upside to Target Price 49.8% Expected Dividend Yield 10,% Expected

More information

Saudi Arabian Banks Update. Weaker Economic Outlook to Limit Growth. December 11, 2014

Saudi Arabian Banks Update. Weaker Economic Outlook to Limit Growth. December 11, 2014 December 11, 2014 Weaker Economic Outlook to Limit Growth Asim Bukhtiar, CFA asim.bukhtiar@riyadcapital.com +966-11-203-6816 Ibrahim Al-Harbi ibrahim.a.al-harbi@riyadcapital.com +966-11-203-6841 Executive

More information

Saudi Economic Chartbook

Saudi Economic Chartbook Saudi Economic Chartbook Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. Olaya Riyadh 12331-3712 rccioof ice@riyadcapital.com *This report is Issued by Riyad Capital Saudi

More information

Saudi Banking Sector - Third Quarter 2013

Saudi Banking Sector - Third Quarter 2013 Overview Summary The report reviews the Saudi banks (including the non-listed NCB) detailed results of the third quarter of 2013 compared to the same period of last year (YoY). It also shows the most important

More information

Alinma Bank Young and Dynamic

Alinma Bank Young and Dynamic May-15 Jun-15 Jul-15 Aug-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Company Initiation Report SICO Research GCC Equities Banks Price Data (SAR) Current Price 12.96 Target Price 15.00

More information

Saudi Economic Chartbook

Saudi Economic Chartbook Saudi Economic Chartbook Third Quarter 218 Hans-Peter Huber, PhD Chief Investment Officer Riyad Capital 6775 Takhassusi St. Olaya Riyadh 12331-3712 rcciooffice@riyadcapital.com Third Quarter 218 Oil and

More information

Saudi Banks Sector Banks Finance Saudi Arabia 19 June 2017 January 18, 2010

Saudi Banks Sector Banks Finance Saudi Arabia 19 June 2017 January 18, 2010 Saudi Arabia January 18, 2010 Key themes The banking sector s net income is expected to be under pressure in Q2 2017. Net financing income is expected to slip as loan growth has been flat and loans are

More information

Banque Saudi Fransi (BSFR)

Banque Saudi Fransi (BSFR) Banque Saudi Fransi (BSFR) Recommendation ACCUMULATE Risk Rating R-3 Share Price SAR27.90 Target Price SAR33.00 Implied Upside 18. Initiating Coverage With a Price Target of SAR33.00 Banque Saudi Fransi

More information

Saudi Arabian Petrochemicals 4Q2014 Preview

Saudi Arabian Petrochemicals 4Q2014 Preview January 4, 2015 Expanding Margins Declining petrochemical prices in tandem with oil has been the highlight of the quarter. However, petchem margins have improved in 4Q substantially worldwide as feed prices

More information

Saudi Banking Sector Q Overview. 2 June Summary

Saudi Banking Sector Q Overview. 2 June Summary Overview Summary The report reviews the Saudi banks (including the non-listed NCB) detailed results of the first quarter of 2013 compared to the same period of last year (YoY). It also shows the most important

More information

Executive Summary. Total Operation Income & Net Income (SAR million) with growth rates (%) Q ,000 13% 5% 11% 2,000

Executive Summary. Total Operation Income & Net Income (SAR million) with growth rates (%) Q ,000 13% 5% 11% 2,000 Saudi Banking Sector Q3 217 The report depicts the performance of Saudi Banking Sector for the third-quarter of 217. The report shows the main banking indicators as loans, deposits, capital adequacy and

More information

Saudi Arabian Petrochemicals 2015 Sector Update

Saudi Arabian Petrochemicals 2015 Sector Update Saudi Arabian Petrochemicals December 18, 2014 Look Beyond 2015 Our core premise for the petrochemical sector is that investors should look beyond 2015. Next year will be bad as the full impact of lower

More information

Samba Financial Group (SAMBA)

Samba Financial Group (SAMBA) Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Global Research Investment Update Equity Saudi Arabia Banking Sector 24 August, 2016 Samba Financial Group (SAMBA)

More information

Bupa Arabia for Cooperative Insurance Co. Insurance BUPA ARABIA 8210.SE

Bupa Arabia for Cooperative Insurance Co. Insurance BUPA ARABIA 8210.SE Jan-17 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Bupa Arabia for Cooperative Insurance Co. Recommendation Overweight Current Price (SAR) 91.95 Target Price (SAR)

More information

GCC Banking. GCC Banking Sector Quarterly 2Q13. Global Research Sector-Banking September 2013

GCC Banking. GCC Banking Sector Quarterly 2Q13. Global Research Sector-Banking September 2013 213e ROE 3-yr Earnings CAGR GCC Banking Global Research Sector-Banking September 213 GCC Banking Sector Quarterly GCC banks report double-digit YoY growth in profitability, with leading Growth in net interest

More information

National Petrochemical Company

National Petrochemical Company Hold 12-month Target Price SAR 20 December 31, 2015 Expected Total Return Price as on Dec-30, 2015 17.05 Upside to Target Price 2.9% Expected Dividend Yield 17.3% Expected Total Return 20.2% Market Data

More information

Saudi Building Materials 1Q2015 Preview

Saudi Building Materials 1Q2015 Preview Santhosh Balakrishnan Santhosh.balakrishnan@riyadcapital.com +966-11-203-6809 Ahmed Al Fozan ahmed.al-fozan@riyadcapital.com +966-11-203-6814 April 1, 2015 Infrastructure Spending to Moderate; Neutral

More information

Saudi Banking Sector H1 2015

Saudi Banking Sector H1 2015 SAR billion SAR million Saudi Banking Sector The report reviews all listed Saudi Banks performance in Sector Performance Summary Closing Price (SAR) Market Cap. (SAR Million) As of closing prices of September

More information

Saudi Arabia. Buy. Banque Saudi Fransi Performance sustenance demands more. Result Update. CMP: SR49.0 (as on March 18, 2009)

Saudi Arabia. Buy. Banque Saudi Fransi Performance sustenance demands more. Result Update. CMP: SR49.0 (as on March 18, 2009) Result Update Saudi Arabia Tickers: BSFR AB (Bloomberg) 1050.SE (Reuters) Listing: Saudi Stock Exchange Performance sustenance demands more CMP: SR49.0 (as on March 18, 2009) March, 2009 Buy Key Data CMP#(SR)

More information

Loan growth to remain strong; mortgage and SME lending will be key drivers. Mortgage lending to drive loan growth in the next two years

Loan growth to remain strong; mortgage and SME lending will be key drivers. Mortgage lending to drive loan growth in the next two years Saudi Banking Global Research Sector - Banking June 17, 2013 Saudi Arabia Loan book to grow 13.2%YoY in 2013, led by mortgage and SME lending Interest spread to remain under pressure in 2013; likely to

More information

Doha Bank (DHBK) Catalysts

Doha Bank (DHBK) Catalysts Doha Bank (DHBK) Recommendation ACCUMULATE Risk Rating R-3 Share Price QR47.10 Current Target Price QR53.00 Implied Upside 12.5% Old Target Price QR62.00 Revising Estimates and Price Target On Tepid Outlook

More information

Saudi Arabia. Saudi Hollandi Bank. Investment Update. Investment Summary. Performance inertia needs sustenance. CMP: SR58.0 (as on Sep.

Saudi Arabia. Saudi Hollandi Bank. Investment Update. Investment Summary. Performance inertia needs sustenance. CMP: SR58.0 (as on Sep. Investment Update Saudi Arabia Tickers: AAAL AB (Bloomberg) 1040.SE (Reuters) Listing: Saudi Stock Exchange CMP: SR58.0 (as on Sep. 06, 2008) Saudi Hollandi Bank Performance inertia needs sustenance September

More information

Recommendation, Valuation and Risks

Recommendation, Valuation and Risks Arab National Bank (ANB) Recommendation ACCUMULATE Risk Rating R-3 Share Price SAR19.65 Target Price SAR23.00 Implied Upside +17. Trading at a Discount to Book; Initiating w/ Accumulate Arab National Bank

More information

Saudi Banking Sector Q1 2015

Saudi Banking Sector Q1 2015 SAR billion SAR million Saudi Banking Sector June 2, 2015 The report reviews all listed Saudi Banks performance in 2014 Sector Performance Summary Closing Price (SAR) Market Cap. (SAR Million) EPS (SAR)

More information

Saudi Arabian Cement 1Q2015 Preview

Saudi Arabian Cement 1Q2015 Preview March 25, 2015 Momentum Maybe Faltering After depicting signs of improvement at the tail end of 2014, sales have started to soften in 2015. Overall, demand was weak throughout 2014. +2% Y/Y rise in local

More information

Profitability remained weak

Profitability remained weak 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 NATIONAL BANK OF ABU DHABI Profitability remained weak Results update 4Q2015 Banks UAE 28 January 2016 National Bank of Abu Dhabi s (NBAD) reported profit at AED1.0bn

More information

Arbah Market Synopsis

Arbah Market Synopsis Arbah Market Synopsis Report on Saudi Market December 2018 Please see last page for important disclaimer Arbah Capital The First Islamic Investment Firm in the Eastern Region, KSA Budget Commentary Exhibit:

More information

Saudi Arabia HOLD. Result Update. SAMBA Financial Group Capital markets affect growth... CMP: SR73.3 (as on Jul 26, 2008)

Saudi Arabia HOLD. Result Update. SAMBA Financial Group Capital markets affect growth... CMP: SR73.3 (as on Jul 26, 2008) Result Update Saudi Arabia Tickers: SAMBA AB (Bloomberg) 1090.SE (Reuters) Listing: Saudi Stock Exchange CMP: SR73.3 (as on Jul 26, 2008) Capital markets affect growth... July, 2008 HOLD Key Data CMP#(SR)

More information

SACC Stronger growth expected

SACC Stronger growth expected 9-Jul 9-Aug 9-Sep 9-Oct 9-Nov 9-Dec 9-Jan 9-Feb 9-Mar ` Saudi Airlines Catering Company SACC Stronger growth expected We re-iterate our BUY rating and raise our target price to SAR 101.4 per share on Saudi

More information

Commercial Bank of Qatar (CBQK)

Commercial Bank of Qatar (CBQK) Commercial Bank of Qatar (CBQK) Recommendation MARKET PERFORM Risk Rating R-3 Share Price QR50.10 Current Target Price QR55.00 Implied Upside 9.8% Old Target Price QR72.00 Revising Estimates and Price

More information

Fee income offsets margin pressure

Fee income offsets margin pressure Apr 15 Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 DUBAI ISLAMIC BANK Fee income offsets margin pressure Results update 1Q2016 Banks UAE Dubai Islamic Bank (DIB) reported profit at AED875mn was in-line with our

More information

Al-Inma Bank. Summary. Investment Update May Key Financials. Key Ratios. Neutral. Recommendation

Al-Inma Bank. Summary. Investment Update May Key Financials. Key Ratios. Neutral. Recommendation Summary The fastest growing Sharia compliant bank in the kingdom. The deposit book has been growing at a steady pace, improving the banks market share. High ADR 1,along with deposit growth has resulted

More information

Almarai Steady performance

Almarai Steady performance RSI10 ALMARAI AB: Saudi Arabia Rating Target price Current price NEUTRAL SAR55.05 (-4.59% upside) SAR57.66 Key themes & implications Almarai reported a positive top-line in Q1 2016, showing resilience

More information

Qatar National Bank (QNB)

Qatar National Bank (QNB) Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Global Research Investment Update Equity Qatar Banking Sector 15 February, 2016 (QNB) Market Data Bloomberg Code:

More information

Q3 Results Presentation

Q3 Results Presentation Q3 Results Presentation 2 Disclaimer This presentation is being provided to you for general information purposes. The information contained in the presentation has been obtained from sources believed by

More information

FALCOM SECTOR REPORT SAUDI ARABIAN BANKING. September 1, Gaurav Kumar Analyst

FALCOM SECTOR REPORT SAUDI ARABIAN BANKING. September 1, Gaurav Kumar Analyst FALCOM SECTOR REPORT SAUDI ARABIAN BANKING SECTOR REPORT First Half 2009 September 1, 2009 Gaurav Kumar Analyst Snehdeep Fulzele Head of Research +966 1 211 8455 snehdeep.fulzele@falcom.com.sa FALCOM Financial

More information

Saudi Banks SECTOR REVIEW

Saudi Banks SECTOR REVIEW EMEA/Saudi Arabia Equity Research Regional Banks (Emerging Markets) Research Analysts Mohamad Hawa 44 20 7883 7265 mohamad.hawa@credit-suisse.com Saudi Banks SECTOR REVIEW Saudi Banks: Growth delayed but

More information

Yanbu National Petrochemical Co (Yansab)

Yanbu National Petrochemical Co (Yansab) Yanbu National Petrochemical Co (Yansab) Hold 12-Month Target Price SAR 41.00 110 100 Expected Total Return Price as on, 2016 SAR 39.76 Upside to Target Price 3.1% Expected Dividend Yield 3.8% Expected

More information

Al Rajhi Banking & Investment Corp. (RJHI)

Al Rajhi Banking & Investment Corp. (RJHI) Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 Global Research Result Update Equity - Saudi Arabia Banking Sector 30 March, 2011 Market Data Bloomberg Code: RJHI AB Reuters Code: 1120.SE CMP (29 March

More information

Saudi Company for Hardware (SACO) CMP: SAR 72, Target Price: SAR 62

Saudi Company for Hardware (SACO) CMP: SAR 72, Target Price: SAR 62 Saudi Company for Hardware (SACO) CMP: SAR 72, Target Price: SAR 62 Raneem Seroor +973-17515000 (extn - 5096) rseroor@sicobank.com GCC Equities Consumer Goods Company Update 20 December 2018 Time to book

More information

HSBC Bank Oman SAOG. TP : OMR / share Upside/ (Downside): 19.7% HSBC Bank Oman SAOG. Page 1 of 7

HSBC Bank Oman SAOG. TP : OMR / share Upside/ (Downside): 19.7% HSBC Bank Oman SAOG. Page 1 of 7 Recommendation Accumulate Bloomberg Ticker HBMO OM Current Market Price (OMR).117 52wk High / Low (OMR).13/. 12m Average Vol. () 386.2 Mkt. Cap. (USD/OMR Mn) 68/234 Shares Outstanding (mn) 2,.3 Free Float

More information

Petro Rabigh Shutdown marred Q2 results

Petro Rabigh Shutdown marred Q2 results PETROR AB: Saudi Arabia US$5.07bn 17.4% US$11.19mn Market cap Free float Avg. daily volume RSI10 Vol th Target price n/a n/a Consensus price 32.18 48.3% over current Current price 21.70 as at 17/8/2011

More information

Saudi Ground Services 3Q preview and Rating upgrade

Saudi Ground Services 3Q preview and Rating upgrade SICO Research Company Update Jan-16 Feb-16 Mar-16 Mar-16 Apr-16 Apr-16 May-16 May-16 Jun-16 Jun-16 Jul-16 Jul-16 Aug-16 Aug-16 GCC Equities Transportation Price Data (SAR) Current Price 42.65 Target Price

More information

Oman. Hold. National Bank of Oman S.A.O.G. Investment Update. Investment Summary. Fair Value: RO CMP: RO0.334 (As at 6 th Sep, 2009)

Oman. Hold. National Bank of Oman S.A.O.G. Investment Update. Investment Summary. Fair Value: RO CMP: RO0.334 (As at 6 th Sep, 2009) Investment Update Oman Tickers: NBO.OM (Reuters) NBOB OM (Bloomberg) Listing: Muscat Stock Market Fair Value: RO0.360 CMP: RO0.334 (As at 6 th Sep, 2009) September, 2009 Hold Investment Summary National

More information

National Bank of Oman

National Bank of Oman Global Research Oman Investment Update Market Data Bloomberg Code: NBOB OM Reuters Code: NBO.OM CMP (6 November 2010): RO0.361 O/S (mn): 1,081 Mkt Cap (ROmn): 390.241 Mkt Cap (US$mn): 1,014.667 P/E 2011e

More information

The Hopes and Fears of the Egyptian Banking Sector

The Hopes and Fears of the Egyptian Banking Sector The Hopes and Fears of the Egyptian Banking Sector January 15, 2017 Overweight Banks Despite challenges, the best proxy for Egypt s macro transformation story The Hopes Improved USD liquidity, lending

More information

SABIC Overall strong performance

SABIC Overall strong performance SABIC AB: Saudi Arabia US$80.80bn 22.6% US$124.7mn Market cap Free float Avg. daily volume RSI10 Vol th Target price 126.0 24.75% over current Consensus price 125.6 24.4% over current Current price 101.0

More information

Zain KSA bogged down by high debt

Zain KSA bogged down by high debt Vol th RSI10 Zain KSA ZAINKSA AB: Saudi Arabia US$2.464bn 48.3% US$16.50mn Market cap Free float Avg. daily volume Target price 7.30 12.31% over current Consensus price 7.62 17.2% over current Current

More information

Saudi Banks. Pricing in tougher times. Equity Research

Saudi Banks. Pricing in tougher times. Equity Research Pricing in tougher times Equity Research General Update March 22nd, 2009 SABB (1060.SE) Current price SAR 42.9 Country Saudi Arabia Fair value target SAR 41.2 Sector Commercial banking Recommendation NEUTRAL

More information

Profitability expected to grow at 10% in 2011 Interest rates expected to climb up by the end of 2011 New chapter in Omani Banking

Profitability expected to grow at 10% in 2011 Interest rates expected to climb up by the end of 2011 New chapter in Omani Banking Oman Banking Global Research Sector - Banking June 22, 2011 Oman Profitability expected to grow at 1 in 2011 Interest rates expected to climb up by the end of 2011 New chapter in Omani Banking Neutral

More information

Saudi Arabian economy

Saudi Arabian economy Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The IMF executive board maintained the Kingdom s real GDP growth outlook

More information

Sipchem Petrochemicals Industrial SIPCHEM AB: Saudi Arabia 07 August 2014

Sipchem Petrochemicals Industrial SIPCHEM AB: Saudi Arabia 07 August 2014 RSI10 Sipchem SIPCHEM AB: Saudi Arabia Rating Target price Current price NEUTRAL SAR40.98 (7.6% upside) SAR38.10 Sector rating Company risk rating Key themes & implications Outperform Low Sipchem recently

More information

Habib Bank Limited. HBL: Giant Getting Ginormous. 1 WE Detailed Report

Habib Bank Limited. HBL: Giant Getting Ginormous. 1 WE Detailed Report 1 Habib Bank Limited HBL: Giant Getting Ginormous KEY DATA KATS Code HBL Reuters Code HBL.KA Current Price (PkR) 181.32 Year High, Low (Rs) 221.90, 167.48 Market Cap (Rs bn) 277 Market Cap (US$ bn) 2.74

More information

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28

HDFC Bank Ltd. BUY. Investment Rationale. July 2, Volume No.. 1 Issue No. 28 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15. Volume No.. 1 Issue No. 28 HDFC Bank Ltd. July 2, 2015 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.BO

More information

National Industrialization Co. Diversified Operations Industrial NIC AB: Saudi Arabia 25 May 2014

National Industrialization Co. Diversified Operations Industrial NIC AB: Saudi Arabia 25 May 2014 RSI10 National Industrialization Co. NIC AB: Saudi Arabia 25 May 2014 Rating Target price Current price OVERWEIGHT SAR37.30 (18.7% upside) SAR31.40 Key themes & implications Sluggish petrochemical prices

More information

Zain KSA still risky to invest

Zain KSA still risky to invest Vol mn RSI10 Zain KSA ZAINKSA AB: Saudi Arabia US$2.76bn 48.3% US$27.07mn Market cap Free float Avg. daily volume Target price 6.00-18.9% over current Consensus price 5.81-21.5% over current Current price

More information

Banque Saudi Fransi. First Quarter 2011 Financial Results. Investors Call, 04 May 2011

Banque Saudi Fransi. First Quarter 2011 Financial Results. Investors Call, 04 May 2011 Banque Saudi Fransi First Quarter 2011 Financial Results Investors Call, 04 May 2011 John Sfakianakis,, Chief Economist Philippe Touchard, Chief Financial Officer 1. Saudi Economy Measures announced by

More information

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016

BUY. State Bank of India (SBI) Banking RETAIL EQUITY RESEARCH. Outlook getting better. CMP Rs278 TARGET Rs310 RETURN 12% 17 th November 2016 Q2FY17 RESULT UPDATE GEOJIT BNP PARIBAS Research RETAIL EQUITY RESEARCH State Bank of India (SBI) Banking BSE CODE: 500112 NSE CODE: SBIN Bloomberg CODE: SBIN:IN SENSEX: 26,228 BUY Rating as per Large

More information

LIC Housing Finance. Improvement in RoA to drive valuation re-rating. Company Report

LIC Housing Finance. Improvement in RoA to drive valuation re-rating. Company Report Improvement in RoA to drive valuation re-rating Loan book to witness healthy CAGR of 18% LIC Housing Finance (LICHF), 3 rd largest player in the mortgage market with ~13% share, is witnessing growth moderation

More information

Table 1 Key macro indicators. Source: SAMA, * Provisional

Table 1 Key macro indicators. Source: SAMA, * Provisional Saudi Arabian economy Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian Economy The Kingdom maintained oil output at an elevated level (~10.3mbpd in

More information

Bank Central Asia (BBCA IJ)

Bank Central Asia (BBCA IJ) Equity Research Company Update Friday, 24 March 2017 BUY Maintain Last price (IDR) 16,600 Target Price (IDR) 18,300 Upside/Downside +10.2% Previous Target Price (IDR) 17,900 Stock Statistics Sector Bloomberg

More information

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30%

BUY CMP (Rs.) 297 Target (Rs.) 385 Potential Upside 30% Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May- Jun-16 Jul-16 Aug-16 Aug-16 Sep-16 Oct-16. Volume No.. I Issue No. 95 Dewan Housing Finance Corporation (DHFL) Nov. 4, 2016 BSE Code: 511072 NSE Code: DHFL

More information

Zain KSA restructuring ensures fresh start

Zain KSA restructuring ensures fresh start Vol mn RSI10 Zain KSA ZAINKSA AB: Saudi Arabia US$5.41bn 48.3% US$142.1mn Market cap Free float Avg. daily volume Target price 15.90 9.68% over current Consensus price 16.10 11.0% over current Current

More information

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11%

HDFC Bank. BUY CMP (Rs.) 1,807 Target (Rs.) 2,000 Potential Upside 11% Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17. Volume No.. I Issue No. 147 HDFC Bank Oct. 31, 2017 BSE Code: 500180 NSE Code: HDFCBANK Reuters Code: HDBK.NS

More information

Mobily high growth phase continues

Mobily high growth phase continues Vol mn RSI10 Etihad Etisalat Company EEC AB: Saudi Arabia US$11.15bn 55.3% US$10.10mn Market cap Free float Avg. daily volume Target price 70.03 17.2% over current Consensus price 71.21 19.2% over current

More information

Saudi Banking Sector Q3 2015

Saudi Banking Sector Q3 2015 SAR billion SAR million Saudi Banking Sector The report reviews all listed Saudi Banks performance in 9M 2015 Sector Performance Summary Closing Price (SAR) Market Cap. (SAR Million) As of closing prices

More information

National Bank of Kuwait (NBK)

National Bank of Kuwait (NBK) Global Research Result Update Equity - Kuwait Banking Sector 23 July, 2012 Market Data Bloomberg Code: NBK KK Reuters Code: NBKK KW CMP (24 th July 2012): 1.000 O/S (mn) 4,353.5 Market Cap (KWD mn): 4,353.5

More information

Bank of Baroda (BOB)

Bank of Baroda (BOB) Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Volume No.. III Issue No. 153. Bank of Baroda (BOB) Dec. 8, 2017 BSE Code: 532134 NSE Code: BANKBARODA Reuters

More information

Saudi Arabian economy

Saudi Arabian economy Research Department ARC Research Team Tel 966 11 211 9370, research@alrajhi-capital.com Saudi Arabian economy Saudi Arabian Economy The Kingdom s Q1 2016 GDP grew at the slowest pace in three years as

More information

Saudi Arabian Mining Co (Maaden AB Equity) Continuing steady performance

Saudi Arabian Mining Co (Maaden AB Equity) Continuing steady performance Vol mn RSI10 Saudi Arabian Mining Co- Mining Industrial MAADEN AB: Saudi Arabia 29 May 2018 US$17.47bn 35% US$6.79mn Market cap Free float Avg. daily volume Target price 47.60-15.5% over current Current

More information

UAE Banks Improving risk/return profile

UAE Banks Improving risk/return profile Improving risk/return profile FGB is top pick, Upgrade UNB to BUY BUY ENBD as a Dubai recovery play 3 rd April 2013 Coverage Universe FGB Recommendation BUY Target Price (LC) 16.30 UNB Recommendation BUY

More information

Saudi Arabian economy Oil production stabilizes around 9 mbpd

Saudi Arabian economy Oil production stabilizes around 9 mbpd Md. Rahmatullah Khan, Economic analyst Tel: +966 1 211 9319, khanmr@alrajhi-capital.com Saudi Arabian economy Saudi Arabian economy Oil production stabilizes around 9 mbpd Crude production in Saudi Arabia

More information

Jun 17 BANK MUSCAT. Ready to face challenges, adequately capitalized, trades at compelling valuations

Jun 17 BANK MUSCAT. Ready to face challenges, adequately capitalized, trades at compelling valuations Jun 17 BANK MUSCAT Ready to face challenges, adequately capitalized, trades at compelling valuations Bank Muscat Ready to face challenges, adequately capitalized, trades at compelling valuations Closing

More information

Saudi Hollandi Bank. Investor Presentation Financial Update Q Q2 Year

Saudi Hollandi Bank. Investor Presentation Financial Update Q Q2 Year Saudi Hollandi Bank Investor Presentation Financial Update Q2 Year 2014 Q3-2014 800-124-2525 Important notice Disclaimer: The information in this presentation is prepared by Saudi Hollandi Bank. The information

More information

Tech Mahindra. 1QFY18 Result Update. Steps in the right direction, compelling valuation. Sector: Technology CMP: ` 385. Recommendation: Buy

Tech Mahindra. 1QFY18 Result Update. Steps in the right direction, compelling valuation. Sector: Technology CMP: ` 385. Recommendation: Buy Tech Mahindra 1QFY18 Result Update Steps in the right direction, compelling valuation Sector: Technology CMP: ` 385 Recommendation: Buy Market statistics Current stock price (`) 385 Shares O/S (cr.) 97.5

More information

Market Access. M&A Securities. Results Review 1Q16. Malayan Banking Berhad. Hampered by Loan Loss. Monday, May 30, 2016 HOLD (TP: RM9.

Market Access. M&A Securities. Results Review 1Q16. Malayan Banking Berhad. Hampered by Loan Loss. Monday, May 30, 2016 HOLD (TP: RM9. M&A Securities Results Review 1Q16 PP14767/09/2012(030761) Malayan Banking Berhad Monday, May 30, 2016 HOLD (TP: RM9.10) Hampered by Loan Loss Results Review Actual vs. expectations. Malayan Banking Bhd

More information

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector

Federal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector 1QFY218 Result Update Banking August 2, 217 Federal Bank Performance Highlights Particulars (` cr) 1QFY18 4QFY17 % chg (qoq) 1QFY17 % chg (yoy) NII 8.7 842.4 (5.) 692.7 15.6 Pre-prov. profit 557.9 549.2

More information

Saudi Arabia s 2011 budget

Saudi Arabia s 2011 budget (SR billion) 23 2 December 28 21 Saudi Arabia s 211 budget The government s budget for the 211 fiscal year (31 December 21 to 3 December 211) was endorsed by the Council of Ministers on December 2. It

More information

Q3 UPDATE: Abu Dhabi Islamic Bank

Q3 UPDATE: Abu Dhabi Islamic Bank Q3 UPDATE: Abu Dhabi Islamic Bank November 10, 2008 Fair value estimate: AED 5.18 Recommendation: BUY Strong performer ADIB posted a strong y-o-y result in Q3 2008 with net profit increasing 57.8% to AED

More information

Investor Presentation. 1 st Quarter 2017

Investor Presentation. 1 st Quarter 2017 Investor Presentation 1 st Quarter 2017 1 1 Disclaimer This document has been prepared by Mobily (the Company ) solely for presentation purposes. The information contained in this document has not been

More information

Saudi Arabia BUY. Result Update. Saudi International Petrochemical Company (SIPCHEM) CMP: SR18.2 (as on May 03, 2009) Highlights

Saudi Arabia BUY. Result Update. Saudi International Petrochemical Company (SIPCHEM) CMP: SR18.2 (as on May 03, 2009) Highlights Result Update Saudi Arabia (SIPCHEM) Tickers: SIPCHEM AB (Bloomberg) 2310.SE (Reuters) Listing: Saudi Stock Exchange (Tadawul) CMP: SR18.2 (as on May 03, 2009) May, 2009 BUY Key Data CMP# (SR) 18.2 EPS*

More information

SAMBA Financial Group

SAMBA Financial Group Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Investment Update Market Data Bloomberg Code: SAMBA AB Reuters Code: 1090.SE CMP (15 th May 2010): SR59.0 O/S (mn): 900.0 Mkt Cap (SRmn):

More information

Saudi Arabia Cement Sector

Saudi Arabia Cement Sector Arabia Sector Demand strong in Makkah and Madinah Provinces EQUITY RESEARCH April 9 The 3.38mt of cement/clinker sales achieved in KSA, for Mar-9, is the highest ever monthly sales reported in the country.

More information

Ma aden Equity infusion will strengthen balance sheet

Ma aden Equity infusion will strengthen balance sheet RSI10 Ma aden MAADEN AB: Saudi Arabia Rating Target price Current price OVERWEIGHT SAR42.0 (19.4% upside) SAR35.17 Research Department ARC Research Team Tel 966 11 211 9332, gopij@alrajhi-capital.com Key

More information