SAUDI STOCK MARKET. Good Bye 2007 CONTENTS

Transcription

1 Good Bye CONTENTS Executive Summary 2 Boom, Gloom and Bloom 4 Good Bye 5 Market Activity 8 New Listings 9 Corporate Actions 11 Market in Appendix 13 Snehdeep Fulzele Head of Research x 2121 snehdeep.fulzele@falcom.com.sa

2 EXECUTIVE SUMMARY After the boom in 2005, gloom in 2006, market bloomed in. Saudi Stock Market jumped 41% in. Larger part of the gains accrued in fourth quarter as focused buying in leading companies on third quarter results boosted the sentiments. Tadawul All Share Index (TASI) caught majority of the investors off guard when it rallied from 7700 on 6 th October to close above on 24 th December. In the matter of just 53 trading days, TASI had gained stupendous 51%. It closed the year at 11,176. Industrial and Insurance sectors outperform the market benchmark TASI. Agriculture companies prove highly risky as the sector fluctuates in the range of 85% for a paltry gain of 19%. Since the beginning of October, four out of top five stocks have appreciated by close to 50%. This has brought the market at the cross-roads of sentiments and value. Value indicators point to the expectations of above average growth in bell weather stocks. On a rolling four quarter results, SABIC is currently quoting at a price earnings multiple of 18.9 while Al Rajhi Bank stands at a PER of above 25. Saudi Telecom has managed to float above its 2006 level and quotes at a reasonable PER of 14 and dividend yield of 6.9%. But growth of Saudi Telecom is under threat from new entrants in the country s telecom arena and its margins are also under pressure. Value traded in the Saudi Stock Market peaked in 2006 at SR 5,262 billion. On account of heavy trading in newly listed large cap stocks, traded shares in continued to move up. A substantial drop in the value of traded shares to 2,558 billion reflects the apathy of large number of investors and shows that the small investors nursing their wounds from the 2006 crash have stayed away. Number of trades has dropped by 32% from previous year. For the first time in last 9 years, year on year traded value and number of transactions have dropped. The largest stock, SABIC, topped the trading by value. Twenty five new listings in took the number of listed companies to 111. IPO market was vibrant and kicking throughout the year. Despite noticeably bearish market in the first nine months, mega issues of Kayan Petrochemicals and Kingdom Holding sailed smoothly. Total SR 18.9 billion were raised through the offer of 1,473 million shares. Kayan Petrochemicals issued 675 million shares at par in the IPO market to top the IPO size by shares as well as value. Kingdom Holding was the second largest issuer of shares with 315 million shares on offer. Towards the end of the year, Dar Al Arkan came out with the offering of SR 3.3 billion. Besides these three, Jabal Omar Development Company was the fourth company with the offer size of above SR 1 billion. All the new listings were at a premium to issue price. Kingdom Holding Company registered the lowest gains of 19% on listing. 2

3 Insurance sector shined in the IPO market with fourteen companies among the new listings. Five of them registered maximum gains on the day of listing, opening at a price of around 11 times of issue price of SR 10 per share. Twenty two companies announced corporate actions during the year with nineteen of them involved in the stock dividend. Going forward, it would be tough to spot front line stocks that are substantially discounted to their fair value. Since the top five stocks account for more than 50% of the total market capitalization, we expect the market to remain range bound ahead of year end results. Major drivers to the sentiments would be corporate results, oil price, inflation and regulatory initiatives. FALCOM Research expects the rally to spread to mid-cap stocks which still hide potential out-performers. If the recent trend in Corporate Results is any indication then stock market would bring the smile back on the face of investors in Petrochemicals sector production is moving lock, stock and barrel to the Middle East region. We prefer the sectors related to infrastructure cement, power, construction as well as retail. Development in the Telecom sector is counterbalanced by the planned entry of the third operator in mobile services and competition in the fixed line telephony. New listings in 2008 are likely to yield lesser returns as investors crowd the IPO market and book building process reduces the disparity in pricing. Both demand and supply in the IPO market should remain strong. As usual, FALCOM Research would continue to focus on companies with sustainable competitive advantages and proven management track record. The mood in Saudi Stock Market continues to be positive but cautious. It is still early to predict the return of the bull market but signs are encouraging. 3

4 Everyone associated with the Saudi Stock Market has a reason to cheer today. Dark clouds of bearish sentiments have been blown by the arrival of the bullish wind towards the end of third quarter. Regulator is set on a path of friendly reforms. Facilitation of fund to participate in initial public offerings (IPOs) recently enabled people other than Saudi nationals to invest in the lucrative IPO market. Licensing of new reputed names in the investment field will dawn an era of competition that would eventually benefit investors % 43.6% BOOM, GLOOM AND BLOOM Saudi Stock Market (YoY Change) 1% 7.6% 3.6% 76.2% 84.9% 103.7% 40.9% -52.5% Market has a way to communicate with investors.like it or not, investors have to accept market is always right. This Mr. Right taught all the wrong lessons over a period 1999 to During this phase, market gave an impression that making money was the easiest thing in the whole world. Reality could not be any farther from viewing stock market as a money making machine. The dramatic drop of 2006, sadly, wiped out the substantial paper fortunes of naïve investors. From the end of 1998 to 2005, the market gained huge 1083%. It touched on 25 th February 2006 before crashing to 6767 on 30 th January. Such volatility in the market creates a risk of depreciation in invested capital. Year 2005 witnessed the broader participation of common investors and spread of wealth. If 2005 was the year of boom, year 2006 was the year of gloom and doom. On the other hand, year, marks the beginning of recovery and can be termed as the year of bloom. 12,000 10,800 9,600 8,400 7,200 6,000 Saudi Stock Market 27-Dec 24-Jan 21-Feb 21-Mar 18-Apr 16-May 13-Jun 11-Jul 8-Aug 5-Sep 3-Oct 31-Oct 28-Nov 26-Dec Year was very valuable for the investors as it taught new lessons in the stock market 600,000, ,000, ,000, ,000, ,000, ,000,000 Making money is not easy Strong companies with proven track record may seem to be going nowhere in the short term but can yield steady returns with low risk Patience is a virtue in investments Mr. Market is always right. 0 4

5 GOOD-BYE TASI Monthly Moves Investors in Saudi stock market had a roller-coaster ride over past few years. Bursting of the first stock market balloon in 2006 shocked the investors as market lost more than half of its value. Not many gave the domestic Market Performance and Value Indicators market a chance in. Experience in other world markets had taught investors to expect a slow and tedious recovery. Despite all the negativity, market did well to jump 41%. % Change Indices P/E P/B Dividend Close Yield YTD 3 Years 5 Years High Low Beta TASI 11, % 36.2% 346.0% 11, , % 1.0 Banking 30, % 54.1% 298.5% 32, , % 0.9 Industry 28, % 77.2% 782.7% 30, , % 1.1 Cement 7, % 27.1% 126.5% 7, , % 0.7 Services 2, % 12.4% 202.6% 2, , % Electricity 1, % -44.9% 80.3% 1,731 1, % 0.9 Telecom 3, % -11.1% n/a* 3, , % 0.9 Insurance 2, % n/a * n/a* 2, , % 0.6 Agriculture 3, % 80.4% 603.4% 5, , % 1.4-1% 16.1% -6.2% -3.2% 0.9% -7.0% 8.1% 9.2% -4.8% 1 9.8% 18.1% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Only two sectors, however, outperformed the market benchmark. Led by SABIC, Industrial sector topped the gains with 79%. Scores of new listings in the Insurance brought cheers for investors as the sector index returned 62%. These gains were not unidirectional. *n/a : Sectors did not exist (Source: Tadawul, FALCOM Research) 5

6 Following table shows the range in which various market indices fluctuated. Highest movement was seen in the industrial sector followed by Insurance and Agriculture. Investment in small cap Agriculture sector proved highly risky as it gained just 19% despite varying in the range of 85% from 2006 close. TASI Banking Industry Cement Services Electricity Telecom Insurance Agriculture 11, ,619 28, , , , , , , (Source: FALCOM Research) Returns and Risk 2006 Change Range 7, , , , , , , , , , , , , , , , , , , , As % of 2006 Index 64.3% 65.0% 99.2% 46.5% 44.8% 46.2% % 84.7% Rebased Sector Indices - 12 Months Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 TASI Banking Industrial Cement Services Electricity Telecom Insurance Agricultural Market was directionless in the first three quarters as the benchmark TASI moved between 6,800 and 8,500 for the larger part. TASI caught majority of the investors off guard when it rallied from 7,700 on 6 th October to close above 11,600 on 24 th December. In the matter of just 53 trading days, TASI had gained stupendous 51%. It gave away part of the gains to close the year at 11,176, still solid 41% above 2006 closing. Rally this time was quite different than before as the heavy market cap companies like SABIC and Al Rajhi Bank led the recovery leaving the small cap stocks like Agriculture companies in the limbo. Such was the fury of the bulls that they provided no opportunity for bears to convert cash into the stocks. A brief glance at the table underneath indicates the investor fancy for front line stocks. TASI SABIC Al Rajhi Bank Saudi Telecom SAMBA Kingdom Holding Services Sector Index Agriculture Sector Index (Source: Tadawul, FALCOM Research) 6-Oct Dec-07 % Change 7, , , , % 57.2% 54.6% 31.4% 47.5% 28.2% 28.0% 8.4% 40.9% 88.6% 35.0% % 28.8% 22.0% 17.3% 6% 6

7 This penchant for market leaders is driven by value. The rapid pace of advance of almost 50% in four out of top five stocks has brought the market at the cross-roads of sentiments and value. Third quarter results have been encouraging and ignited the strongest rally in past eight quarters. Value indicators point to the expectations of above average growth in bell weather stocks. On a rolling four quarter results, SABIC is currently quoting at a price - earnings multiple of 18.9 while Al Rajhi Bank stands at a PER of above 25. Saudi Telecom has managed to float above its 2006 level and quotes at a reasonable PER of 14 and dividend yield of 6.9%. Growth of Saudi Telecom is under threat from new entrants in the Saudi telecom arena and its margins are under pressure. Overall market has entered in the concern zone on value parameters with PER above 23, Price to book multiple at 4.3 and dividend yield at 2%. Forthcoming year end corporate results are crucial to support the rally. After omitting the new listings (which are separately covered), Alujain Corp. tops the gains with astounding returns of 121%. On account of solid track of SABIC and its affiliates, investors bought heavily on the YANSAB Sr. No Alujain YANSAB SIIG SABIC Sahara Petrochemical Taiba Ceramic SAFCO Cables Saudi Export Top Gainers Company 2006 % Change Company 2006 % Change % 113.1% 89.4% 88.6% 81.7% 81.7% 75.7% 74.1% 67.7% 64.7% counter making it the second largest gainer with 113% year on year returns. The company is expected to commence commercial production in the first quarter of Anaam Holding SRMG Saudi Fisheries Aldrees Petroleum Saudi Hollandi Al Ahsa for Dev. Top Losers (All prices in SR per share) % -21.1% -17.3% -15.7% -1.0% -0.7% 7

8 MARKET ACTIVITY During the bull days, participants tend to trade more often in the market. Value traded in the Saudi Stock Market peaked in 2006 at SR 5,262 billion. On account of heavy trading in newly listed large cap stocks, and change of par value of shares in second quarter of 2006, traded shares in continued to move up. A substantial drop in the value of traded shares to 2,558 billion reflects the apathy of large number of investors and shows that the small investors nursing their wounds from the 2006 crash have stayed away. Number of trades has dropped by 32% from previous year. For the first time in last 9 years, year on year traded value and number of transactions have dropped. The largest capitalized stock in the market, SABIC, topped the trading by value. Capital Market Authority of Saudi Arabia, on the other hand, has done well to encourage new listings. As a result, listed companies have moved up to 111. A large base of companies would increase the options for the investors and offer more depth to the market. Year Volume Total 313,975, ,637, ,505, ,913, ,828,307 1,735,838,067 5,565,856,872 10,298,343,128 12,281,330,878 54,439,714,702 58,848,923,236 (Source: Tadawul, FALCOM Research) Sr. No (Source: FALCOM Research) Stock SABIC Saudi Fisheries Albaha Aldrees Petroleum Thimar Value Trades No. of Listed % Change Total (SR) % Change Total % Change Companies 62,060,335, , % 51,509,159, % 376,617-18% 73 79% 56,578,723, % 438,226 16% 74 5% 65,292,885, % 498,135 14% 75 25% 83,601,314, % 605,035 21% % 133,787,078, % 1,033,669 71% % 596,510,039, % 3,763, % 70 85% 1,773,859,050, % 13,319, % 73 19% 4,138,695,670, % 46,607, % % 5,261,851,347, % 96,095, % 86 8% 2,556,519,232, % 65,665,500-32% Most Active Shares Value Trades Stock Total Value (SR) % to Market Total Value % to Market 78,534,684, % SAUDI KAYAN 3,037,296, % 73,607,611, % Saudi Elect. Co. 2,205,642, % 68,152,701, % EMAAR 2,045,910, % 64,265,604, % Hail Agriculture 1,529,239, % 62,044,166, % Albaha 1,514,178, % 8

9 NEW LISTINGS Sr. No. Company Name Size Shares IPO Size SR Million Price (SR) Date Listing Price (SR) % Gains Heralding the new era of broad based market in terms of market participants and number of companies, for the first time in the history of the Saudi Stock Market, as many as twenty five new companies were listed in. IPO market was vibrant and kicking throughout the year. Despite noticeably bearish market in the first nine months, mega issues of Kayan Petrochemicals and Kingdom Holding sailed smoothly Advanced Polypropylene Co. (APPC) Al Abdullatif Indus. Investment Co. Malath Cooperative Insurance & Reinsurance Co. Mediterranean and Gulf Insurance & Reinsurance Co. Saudi Vitrified Clay Pipes Co. (SVCP) SABB Takaful Co. Saudi IAIC Cooperative Insurance Co. (SALAMA) 66,375,000 19,500,000 14,244,465 20,000,000 4,500,000 3,500,000 4,000, th Jan 3 rd Feb 5 th May 7 th May 26 th May 16 th June 18 th June % 33.3% 342.5% 167.5% 315.6% 497.5% 50 Total SR 18.9 billion were raised through the offer of 1,473 million shares. Kayan Petrochemicals issued 675 million shares at par in the IPO market to top the IPO size by shares as well as value. Kingdom Holding was the second largest issuer of shares with 315 million shares on offer. Towards the end of the year, Dar Al Arkan came out with the second biggest offering of SR 3.3 billion. Besides these three, Jabal Omar Development Company was the fourth company with the offer size of above SR 1 billion. 8 Saudi Kayan Petrochemical Co. 9 Arabian Shield Cooperative Insurance Co. 10 Saudi Printing & Packing Co. (Source: FALCOM Research) 675,000,000 8,000,000 18,000,000 6, rd June 26 th June 15 th July % % (continued on next page) 9

10 st January 2008 A FALCOM RESEARCH R Company Name i United Cooperative Insurance Co. d Insurance & Reinsurance Cooperative Co. i Fransi Cooperative Insurance Co. (ALLIANZ SF) om Holding Co. li Takaful Co. i Indian Company for Co-operative Insurance Cooperative Insurance Group (ACIG) d International Transportation Co. (Budget) i Arabian Cooperative Insurance Co. (SAICO) Union Insurance Co. hlia Insurance Company Omar Development Company le East specialized Cables Company (MESC) aleej Training & Education Company larkan Real Estate Development Company esearch) IPO Listing Size Shares Size SR Million Price (SR) Date Price (SR) % Gains 8,000,000 8,000,000 3,100, ,000,000 2,645,000 4,000,000 4,000,000 5,490,000 4,000,000 8,800,000 4,000, ,400,000 9,600,000 2,400,000 59,454, , , , th July 21 st July 23 rd July 29 th July 18 th Aug 25 th Aug 27 th Aug 1 st Sept 3 rd Sept 11 th Sept 6 th Oct 1 st Dec 8 th Dec 10 th Dec 29 th Dec % 19.5% 997.5% 997.5% 997.5% 223.1% 997.5% 662.5% 607.5% % 34.82% Five companies viz. Saudi Fransi Cooperative In Co. (ALLIANZ SF), Al Ahli Takaful Co., Saudi Ind Company for Co-operative Insurance, Allied Co Insurance Group (ACIG) and Saudi Arabian Coo Insurance Co. (SAICO) registered maximum ga day of listing, opening at a price of around 11 IPO price. All the five companies issued shares Notable, all of them belonged to the Insurance As many as fourteen insurance companies wer during the year. All the new listings were at a premium to issue Kingdom Holding Company registered the lowe 19%. Jabal Omar Development Company witn undue delay in listing due to peculiar circumsta In July, maximum five companies were listed fo June and December that saw four new listings companies were listed in the first half. Three m March, April and November had no new listings

11 CORPORATE ACTIONS Company Action Type Effective Date New Total No. of Shares Stock dividends topped the corporate actions during the year. Total nineteen companies announced the stock dividends. Since bonus is nothing but capitalization of retained earnings, no impact should ideally be felt on the stock prices. However, most investors view this broadening of issued capital as a precursor to faster growth. The National Co. for Glass Industries Saudi Advanced Industries Co. Saudi Investment Bank Al Rajhi Bank Arab National Bank Saudi Hollandi Bank Banque Saudi Fransi Capital Increase - Rights Issue 14 Jan 17 Jan 28 Feb 3 Mar 18 Mar 20 Mar 24 Mar 25,000,000 43,200, ,016,000 1,350,000, ,000, ,600, ,500,000 Tabuk Cement Company 27 Mar 90,000,000 Almarai Company Capital Increase - Acquisition 27 Mar 109,000,000 Saudi Arabia Refineries Co. 31 Mar 6,000,000 National Gypsum Company 1 Apr 31,666,667 Aseer Company Capital Increase - Rights Issue 11 Apr 126,388,889 National Industrialization Company 11 Apr 349,573,575 Saudi Industrial Export Co. 18 Apr 10,800,000 Saudi Public Transport Company 24 Apr 125,000,000 Bank Al Jazira 30 Apr 225,000,000 Taibah Investment & Real Estate Co. 2 May 150,000,000 Saudi International Petrochemical Co. 12 May 200,000,000 Nama Chemicals Company 2 Jun 76,500,000 Fawaz Abdulaziz Al Hokair Co. 23 Jun 70,000,000 Sahara Petrochemical Company 17 Jul 187,500,000 Arabian Cement Company + Rights Issue 1 Dec 800,000,000 (Source: Tadawul, FALCOM Research) 11

12 MARKET IN 2008 Going forward, it would be tough to spot front line stocks that are substantially discounted to their fair value. Since the top five stocks account for more than 50% of the total market capitalization, we expect the market to remain range bound ahead of year end results. Major drivers to the sentiments would be corporate results, oil price, inflation and regulatory initiatives. FALCOM Research expects the rally to spread to mid-cap stocks which still hide potential out-performers. Petrochemicals sector production is moving lock, stock and barrel to the Middle East region. Foreign direct investment and appreciation of Euro against dollar have together with the pegging of GCC currencies to the dollar created unique opportunity for the regional companies. Sentiments play a huge role in the market direction. Right now, sentiments are positive. Strong oil prices should maintain the buoyancy intact. Furthermore, if the recent trend in Corporate Results is any indication then stock market would bring the smile back on the face of investors in Considering the growth in Saudi economy and special emphasis on building the foundation for future, we prefer the sectors related to infrastructure cement, power, construction as well as retail. Development in the Telecom sector is counterbalanced by the planned entry of the third operator in mobile services and competition in the fixed line telephony. New listings in 2008 are likely to yield lesser returns as investors crowd the IPO market and book building process reduces the disparity in pricing. Both demand and supply in the IPO market should remain strong. As usual, FALCOM Research would continue to focus on companies with sustainable competitive advantages and proven management track record. The mood in Saudi Stock Market continues to be positive but cautious. It is still early to predict the return of the bull market but signs are encouraging. 12

13 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta RIBL % ,587,037, ,086 59, % % 1.0 BJAZ ,418,513,210 1,192,838 14, % % SIBC % ,160,438, ,155 22, % Saudi Hollandi % ,334,982,874 99,068 16, % % 0.7 Saudi Fransi % ,751,857, ,956 65, % % 0.8 SABB % ,562,874,157 57,324 53, % % 0.6 Arab National % ,058,248,497 92,342 55, % % 0.8 SAMBA % ,408,194, , , % % 0.7 Al Rajhi % , ,286,849,004 1,950, , % % AL Bilad % ,474,866,212 2,067,978 12, % Sector 30, % 32, ,602 5, ,043,862,804 6,207, , % 0.9 SABIC % , ,534,684,281 2,365, , % % 1.0 SAFCO % ,069,289, ,152 39, % % 1.0 SARCO % ,738,004, ,328 1, Ceramic % ,055,594, ,356 2, % 13

14 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta SAVOLA Group % ,307,521,068 1,877,870 17, % % 1.1 Industrialization % ,200,428,285 1,725,275 17, % % 1.4 Pharmaceutical % ,783,857,611 1,755,107 3, % Gas&Industrialization % ,304,545,589 2,344,264 2, % Gypsum % ,692,462, ,000 2, % Food % ,260,273,365 4,276, Cables % ,881,969,508 1,712,918 4, Saudi Advanced % ,712,086,022 3,709,807 1, Saudi Industrial % ,784,288,512 3,797,486 1, Al Ahsa for Dev % ,292,868,712 3,280,897 1, Glass % ,146,847,020 1,671,949 1, % Amiantit % ,289,200,671 2,227,214 3, Alujain % ,630,854,441 2,561,746 3, M 4.75 FIPCO % ,091,102,188 1,441, % 1.5 SISCO % ,087,247,271 4,472,142 1,

15 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta Pipes % ,198,404,856 1,218,143 2, Nama Chemicals % ,083,166,582 5,086,011 2, Maadaniyah % ,277,003,468 2,211,173 1, Saudi Chemical % ,732,494,375 2,320,702 2, % Zamil Industrial % ,928,082, ,359 4, % 1.0 SIIG % ,133,608, ,598 15, % % 1.1 Sahara Petrochem % ,346,287,889 1,089,816 8, % SADAFCO % ,181,219,910 2,528,457 1, % 1.7 Almarai % ,241,753, ,747 13, % % 1.1 YANSAB % ,416,444,291 1,313,869 29, % SPM % ,811,014,208 1,003,107 1, % Sipchem % ,879,175,751 2,092,804 12, % AL Babtain % ,250,175,527 1,925,889 2, % 1.7 APPC % ,568,381,456 4,831,045 6, % AlAbdullatif % ,503,302,700 3,355,581 4,

16 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta Saudi Kayan , ,454,697,161 12,247,164 39, % - 0 SVCP % ,102,968, ,210 1, MESC % ,668,775, ,538 2, Sector 28, % 30, , , ,640,083,534 85,077, , % % 1.1 Arab Cement % ,794,396, ,770 7, % % 0.7 Yamamah Cement ,605,645, ,696 12, % % 0.7 Saudi Cement % ,472,630, ,335 12, % % 0.6 Qassim Cement % ,209,451, ,646 8, % % 0.9 Southern Cement % ,974,606, ,632 12, % % 0.7 Yanbu Cement % ,637,054, ,952 9, % % 0.7 Eastern Cement % ,882,126, ,754 7, % % 0.7 Tabuk Cement ,103,266, ,706 3, Sector 7, % 7, , ,679,178,463 2,019,490 75, % % 0.7 Hotels % ,785,998,715 3,401,432 1, % 1.5 Real Estate % ,668,721,792 2,461,687 6, % % 1.4 Shipping % ,519,351,110 4,336,121 7, % % 1.1 SAPTCO % ,424,474,142 4,263,830 2, % 16

17 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta SASCO % ,237,644,069 4,066,040 1, Anaam Holding % ,680,234, , Tihama % ,732,338,653 3,245, % 1.7 Assir % ,381,333,915 2,348,129 5, % Taiba % ,092,847,320 2,386,642 5, % % Makkah % ,102,270,844 3,275,100 7, % % Mubarrad % ,244,791,165 4,720, Al Baha % ,152,701,664 6,105, Saudi Export % ,943,988,214 1,846, % Arriyadh Develop % ,440,787,050 4,578,055 2, % Thim'ar % ,044,166,173 3,848, Shams % ,538,182,157 4,185, Fitaihi % ,944,387,591 3,268,460 1, Jarir % ,582,051,565 70,592 4, % 0.7 Aldrees % ,265,604,338 3,238,196 1, SRMG % ,225,851, ,151 4, % 17

18 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta ACIG % ,701,264, ,777 1, Sector 2, % 2, , ,793,183,068 10,186,737 30, % % 0.6 NADEC % ,481,016,860 1,897,203 2, % 1.1 Qassim Agriculture % ,655,864,073 5,966,107 1, M Hail Agriculture % ,783,297,854 6,166,287 1, % 1.5 Tabuk Agriculture % ,546,390,065 3,401,801 1, % 1.7 Saudi Fisheries % ,607,611,198 2,974,643 1, M Eastern Agriculture % ,016,807,413 2,948, M Jouff Agriculture % ,381,161,001 4,846, Bishah Agriculture % ,140,048,300 64, N/A Jazan Development % ,008,714,207 4,086,735 1, % 1.5 Sector 3, % 5, , ,620,910,971 32,351,837 9, % % 1.4 Market 11, % 11, , , ,556,519,232, ,071, ,944, %

19 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta Emaar E.C ,642,123,052 8,249,641 19, % Red Sea % ,633,698,151 1,690,466 2, % 1.5 AlHokair % ,676,632,511 1,883,982 4, Jabal Omar % ,553,933,098 4,457,694 17, % N/A Budget Saudi % ,709,641, ,012 2, SPPC % ,334,058,301 1,331,433 2, Kingdom % , ,123,221,704 4,483,348 78, % Alkhaleej Trng % ,414,364,174 76,484 1, Dar Al Arkan % ,230,488, ,168 39, % Sector 2, % 2, , , ,325,887,935 86,077, , % % Saudi Electricity % , ,552,272,821 8,893,721 61, % % 0.9 Sector 1, % 1,731 1, , ,552,272,821 8,893,721 61, % % 0.9 STC % , ,404,404,800 1,607, , % % 0.8 Etihad Etisalat % ,459,447, ,193 36, % Sector 3, % 3, , , ,863,852,522 2,257, , % % 0.9 NCCI % ,532,959, ,662 7, % %

20 APPENDIX Company 31 st Dec Price (SR) YTD High Low Issued Shares (million) Value (SR) Per day Average Volume Market Capitalization (SR million) % P\E PBV Dividend Yield Beta Malath Insurance % ,375,352,924 1,154,263 4, MEDGULF % ,358,483,365 2,336,436 4, ALLIANZ SF % ,483,873, ,518 1, SALAMA ,195,933,582 1,006, Walaa Insurance ,367,506, ,381 1, Arabian Shield % ,091,874,121 1,067,300 1, SABB Takaful % ,719,228, ,731 1, SANAD % ,937,517, ,657 1, SAICO % ,519,406, ,933 1, Saudi Indian % ,447,764, ,435 1, Gulf Union % ,384,336, ,723 1, ATC % ,551,585, ,553 1, Al-Ahlia ,126,098, ,603 1,

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