Sector report KSA 2 Quarter ust Saudi Insurance Sector- Quarterly Q2- ust
Sector report KSA 2 Quarter ust Company Name The Company for Cooperative Insurance Cooperative Insurance Co. Cooperative Assurance Co. Al-Rajhi Company for Cooperative Insurance for Cooperative Insurance Co. Allied Cooperative Insurance Group for Cooperative Insurance Co. Cooperative Insurance Co. Cooperative Insurance Co. Al Sagr Cooperative Insurance Co. Malath Cooperative Insurance Co. Saudi Takaful Co. Cooperative Insurance Co. Sanad Cooperative Insurance Company Walaa Cooperative Insurance Co. Allianz Saudi Fransi Cooperative Insurance Co. Al-Ahlia Insurance Co. The Mediterranean and Gulf Insurance and Reinsurance Co. Saudi Indian Company for Cooperative Insurance Co. Saudi Arabian Cooperative Insurance Company Cooperative Insurance Co. for Cooperative Reinsurance Co. Arabia Insurance Cooperative Company ALAHLI TAKAFUL COMPANY AXA Cooperative Insurance Co. Weqaya Takaful insurance and reinsurance Company CHUBB Arabia Cooperative Insurance Co. Cooperative Insurance Co. Insurance Co. Amana Cooperative Insurance Co. Saudi Cooperative Insurance Co. arine Co. MetLife AIG ANB Cooperative Insurance Co. Aljazira Takaful Taawuni Co. Codes Sanad Walaa AXA-Cooperative Weqaya Takaful Alinma Tokio MetLife
Sector report KSA 2 Quarter ust GWP (Gross Written Premiums) in Q2- stood at SAR 8.8bn depicting a fall of 2.5% YoY. NWP (Net Written Premiums) in Q2- stood at SAR 7.2bn, depicting a fall of 1.4%YoY. NPE (Net Premium Earned) in Q2- at SAR 7.7bn showed a fall of 4.4%YoY. Health Sector accounted for 46% of the total GWP, followed by Motor which accounted for 38% of GWP Market Share with 23.9% market share in GWP was the biggest player, followed by BUPA at 21.%. Gainer/Loser: Alrajhi Takaful improved its market share from 5.6% in Q2- to 7.7% in Q2- an improvement of 21bps 1, followed by which showed an improvement of 84bps.insurance saw a drop of 36bps in its market share from 5.% to 1.4%. Retention Ratio: Industry retention ratio stood at 82.4% in Q2-, as compared to 81.4% in Q2-. BUPA Arabia has the highest retention ratio of 99.% in Q2-, at 96.2% had the second highest retention ratio. Gross Written Premium 14.5% 12 3.2% 26.7% 11.9% -2.2% 1 8 24.2% 24.6% 22.6% 22.7% 21.5% 2.4% 19.3% 16.7% 2.% -2.6% 15.5% -9.6% -2.1% 18.3% 12.2% 6 9.% 8.% 4 2 12, 1, 8, 6, 4, 2, Q1-212 Q1-212 Q2-212 Q2-212 Q3-212 Q3-212 Q4-212 Q4-212 Q1-213 Premium Ceded-Industry Q1-213 Q2-213 Q2-213 Q3-213 Q3-213 Q4-213 Q4-213 Q1-214 Q1-214 Q2-214 GWP - LHS Q2-214 Premium Ceded - LHS Q3-214 Q3-214 Q4-214 Q4-214 Q1-215 Q1-215 Q2-215 Q2-215 Q3-215 % Growth (YoY) - RHS Q3-215 Retention Ratio - RHS Q4-215 Q4-215 Q1 - Q1 - Q2 - Q2 - Q3 - Q3 - Q4 - Q4 - Q1 - Q1 - Q2 - Q2-32.% 28.% 24.% 2.% 16.% 12.% 8.% 4.%.% -4.% -8.% -12.% 9% 88% 86% 84% 82% 8% 78% 76% 74% 72% 7% GWP-Sector WIse NPE-Sector Wise Net Premium Earned 2% 6% 38% 8% Health Motor 46% Property/ Fire Accident and Liability Others 35% 3% 2% 1% 59% Health Motor Protection and Saving Accident and Liability Others 8, 7, 6, 19.4% 5, 4, 3, 2, 1, - Q1-212 13.4% Q2-212 17.5% Q3-212 2.4% 17.8% Q4-212 Q1-213 26.9% Q2-213 23.9% Q3-213 16.9% Q4-213 24.4% Q1-214 2.9% Q2-214 NPE 27.3% Q3-214 32.1% Q4-214 25.1% 27.2% 26.1% Q1-215 Q2-215 % Growth (YoY) - RHS Q3-215 19.9% 23.8% 24.8% Q4-215 Q1 - Q2-6.8% Q3-2.2% Q4-35.% 3.% 25.% 2.% 15.% 1.% 5.% -2.4% -4.4%.% -5.% -1.% Q1 - Q2 - Top 5 and Bottom 5- Retention Ratio Gross Written Premium- Market Share Top 5 Gainers and Losers- GWP market Share % % 1% % 9% % 8% % 7% % 6% % 5% % 4% % 3% % 2% % 1% % Bupa Arabia 1 Basis Points Al Rajihi Takaful Amana Insurance Alinma Tokio M Gulf General 34.1% 3.3% 7.7% 9.9% 23.9% 21.% Bupa Arabia Al Rajihi Takaful Trade Union Others 5.5% 3.5% 1.5% -.5% -2.5% -4.5% -6.5% 2.1%.84%.76%.7%.5% -3.6% Malath -1.2% -.5% -.4% -.4% Source: Argaam, SAMA
Sector report KSA 2 Quarter ust GCP (Gross Claims Paid) in Q2- stood at SAR 6.5bn depicting a fall of 7.2% YoY. NCP (Net Claim Paid) in Q2- stood at SAR 5.8bn, depicting a fall of 8.3%YoY. Market Share BUPA Arabia with 25.2% market share in GWP paid the highest claims of SAR 1.65bn, followed by at 23.2% market share in claims. Aljazira Takaful paid the lowest claims of SAR 1.6mn. Health sector accounted for the highest share in claims at 63%, followed by Motor sector at 33%. Malath insurance had the highest loss ratio of 114% in Q2-,followed by MedGulf at 86% in Q2-. Aljazira Takaful had the lowest loss ratio of 7.9%. MedGulf had the highest combined ratio of 177%, whereas Aljazira takaful had the lowest combined ratio of 27%. Gross Claims Paid 7,5 3% 31% Gross Claims Paid - LHS % Growth (YoY) - RHS 27% 24% 28% 6, 24% 25% 22% 24% 18% 23% 17% 4,5 19% 17% 13% 9% 3, 9% 9% 7% -1% 1,5-7, 6, 5, 4, 3, 2, 1, - Q1-212 34% Q1-212 Q2-212 Q2-212 Q3-212 Net Claims Paid 24% 24% Q3-212 Q4-212 32% Q4-212 Q1-213 29% Q1-213 Q2-213 Q2-213 Q3-213 38% 4% Q3-213 Q4-213 66% Q4-213 Q1-214 25% Q1-214 Q2-214 Q2-214 Q3-214 17% 17% Q3-214 Q4-214 -7% Q4-214 Q1-215 Net Claims Paid - LHS 24% 23% 21% Q1-215 Q2-215 Q2-215 Q3-215 Q3-215 Q4-215 29% Q4-215 Q1-17% Q1 - Q2 - % Growth (YoY) - RHS 19% Q2 - Q3-7% Q3 - -3% Q4 - -2%.2% -8.3% Q4 - Q1 - Q1 - -7% Q2 - Q2-35% 3% 25% 2% 15% 1% 5% % -5% 7% 65% 6% 55% 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % -5% -1% -15% Claims Market Share-Company wise Claims Market Share-sector wise 2% 1% 1% Health 23.9% 34.1% 33% Motor Protection and Saving 63% 21.% Others Property/ Fire 3.3% 7.7% 9.9% Others Others Claims Paid-Company wise IN MN SAR 18 16 14 12 1 8 6 4 2 AXA MetLife AIG Alarabi Q2 - Q2 - Loss Ratio Combined Ratio 12% 1% 8% 6% 4% 2% % MetLife AXA Walaa Q2 - Q2-18% 16% 14% 12% 1% 8% 6% 4% 2% % MetLife AIG Alarabi AXA Q2 - Q2 - Source: Argaam, SAMA, AlJazira Capital
Sector report KSA 2 Quarter ust Net income for the sector stood at SAR 197.9mn in Q2-, as compared to SAR 431.9mn in Q2-, depicting a fall of 54.2%. On a QoQ basis net income showed a decline of 37.9%. with net income of SAR 23.9mn, showed a jump of.8%yoy and 61.9% QoQ. Net Income In MN SAR 1,1 7 3 (1) (5) 125 19 34 179 (49) (117) 3 (41) 199 45 233 (31) 24 491 122 285 432 83 62 319 197.9 showed the highest surplus, from its insurance operations, at SAR 28.4mn, depicting a fall of 5.8%YoY and a QoQ jump of 49.2%. showed the highest investment income of SAR 61.2mn in the sector, registering growth of 36.3%YoY and 77.%QoQ. (9) (1,3) 15 Q1-212 Q2-212 Q3-212 Q4-212 Q1-213 Net Income-Company wise Q2-213 (1,159) Q3-213 Q4-213 Q1-214 Q2-214 Q3-214 Q4-214 Q1-215 Q2-215 Q3-215 Q4-215 Q1 - Q2 - Q3 - Q4 - Q1 - Q2 - Aljazira takaful showed the highest Operating and net margins at 3.1% and 34.9%, respectively. posted the highest ROE of 35.6% Co-Operative posted the highest ROA of 1.%. In Mn SAR 1 5-5 -1 AXA- MetLife AIG Alarabi Operating Margins-Highest 1 Net Margins-Highest 1 Surplus From Insurance Operations 3.5% 3.% 2.5% 2.% 1.5% 1.%.5%.% Jazira Amana Chubb Takaful Insurance Arabia Sagr Arabian Walaa Gulf Shield Union 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% Jazira Amana Takaful Chubb Arabia Sagr Arabian Gulf ShieldGeneral Saudi Re In Mn SAR 15 1 5-5 -1 AXA MetLife AIG Alarabi ROE-Top 5 /Bottom 5 ROA-Top 5/ Bottom 5 Investment Income 4% 2% % -2% -4% -6% -8% MetLife AIG Malath 1.% 5.%.% -5.% -1.% -15.% MetLife In Mn SAR 45 4 35 3 25 2 15 1 5 AXA- MetLife AIG Alarabi Source: Argaam
Sector report KSA 2 Quarter ust United Cooperative Assurance had the lowest PE of 8.3x, followed by with a PE of 8.5x. for Cooperative Reinsurance Co has the lowest PB of.8x, followed by Sagr insurance with a PB of 1.4x Only 7 companies gave out dividends, SAGR insurance had the highest dividend yield of 7.4% followed by with a dividend yield of 5.4% Lowest PE 16. 14. 12. 1. 8. 6. 4. 2.. Walaa Tadawul Insurance Index- 1 Yr Performance 75 7 65 6 55 6 55 5 45 4 35-1 Yr Performance 6 55 5 45 4 35 11 9 7 Lowest PB 2. 1.8 1.6 1.4 1.2 1..8.6 5 Jun Jul Sep Oct Nov Dec Jan Feb Mar Apr May Jun TASI (LHS) Insurance Sector (RHS) 3 3 Nov Feb Insurance Sector (LHS) May (RHS) 5.4.2. AXA BUPA-1 Yr Performance Alrajhi Takaful-1 Yr Performance Highest Dividend Yield 6 55 5 45 4 35 3 25 2 Nov Feb Insurance Sector (LHS) May Bupa (RHS) 15 14 13 12 11 1 9 8 6 55 5 45 4 35 3 Nov Insurance Sector (LHS) Feb May Alrajhi takaful (RHS) 6 5 4 3 2 1 8.% 7.% 6.% 5.% 4.% 3.% 2.% 1.%.% 7.4% 5.4% 4.7% 1.7% 1.4% Medgulf-1 Yr Performance Walaa-1 Yr Performance Top 5 Companies-Market Cap 6 55 5 45 4 35 3 Nov Insurance Sector (LHS) Feb May Medgulf (RHS) 35 3 25 2 15 1 5 6 55 5 45 4 35 3 Nov Feb Insurance Sector (LHS) May WALAA (RHS) 35 3 25 2 15 1 In Mn SAR 12, 1, 8, 6, 4, 2, - AlRajhi Takaful Source: Tadawul, Bloomberg, prices as of 13 of June
Sector report KSA 2 Quarter ust APPENDIX 1 GWP YoY %Increase QoQ %Increase NWP YoY %Increase QoQ %Increase Q2- Q1- Q2- Q2- Q1- Q2- Q2- Q1- Q2- NPE YoY %Increase 2,135 2,28 2,14-1.5% 3.7% 1,725 1,885 1,764 2.3% -6.4% 1,719 1,76 1,832 6.6% 4.1% 141 228 22 42.7% -11.4% 136 218 194 43.3% -1.7% 1 146 168 68.3% 14.5% 261 19 251-3.6% 13.9% 9 2 61-32.5% 198.2% 185 58 52-71.8% -1.5% 56 1,17 68 34.4% -38.6% 486 1,76 649 33.6% -39.7% 362 627 686 89.8% 9.4% 5 86 48-3.4% -44.3% 25 59 26.8% -56.3% 55 33 46-16.6% 38.2% 147 82 12-3.3% 25.1% 12 67 88-26.7% NM* 14 99 87-16.3% NM* 1,828 2,253 1,848 1.1% -18.% 1,817 2,236 1,832.8% -18.1% 1,864 1,876 1,99 2.4% 1.8% 175 24 165-5.7% -31.1% 117 149 114-2.6% -23.8% 92 127 122 32.2% -4.2% 11 177 144 43.1% -18.4% 87 166 133 53.% -2.% 11 15 117 16.2% 11.9% 5 93 93 87.7%.4% 24 82 68 178.4% -17.2% 159 28 42-73.3% 53.4% 253 448 144-43.2% -67.9% 117 422 127 8.7% -69.9% 35 23 227-35.1% 12.1% 4 36 21-48.6% -42.7% 32 31 18-44.5% -43.4% 54 5 43-19.3% -12.6% 221 229 289 3.7% 26.% 167 187 245 46.4% 3.7% 198 185 189-4.6% 2.3% Walaa 222 3 218-2.1% -27.4% 194 247 173-11.% -3.1% 145 191 2 38.2% 4.8% 272 3 227-16.5% -24.2% 166 253 134-18.8% -46.8% 12 147 166 38.2% 12.5% 43 46 46 8.9% 1.6% 4 42 43 8.1% 3.1% 51 34 37-27.2% 9.3% 891 784 869-2.5% 1.8% 744 687 72-5.6% 2.2% 74 616 586-2.7% -4.7% 161 233 119-26.1% -49.% 14 152 73-47.7% -52.% 128 115 11-2.5% -12.1% 47 53 4-14.5% -23.1% 39 38 34-12.8% -9.9% 45 27 34-23.5% 26.5% 179 375 149-16.9% -6.3% 131 25 15-2.% -48.8% 128 133 13 1.5% -2.4% 56 161 79 41.4% -5.9% 29 91 52 8.6% -42.4% 23 43 56 142.8% 31.9% 449 456 121-73.1% -73.5% 435 431 89-79.6% -79.4% 631 146 143-77.3% -2.1% 86 112 69-19.9% -38.8% 5 76 46-8.% -39.% 85 69 73-14.7% 4.7% 64 118 58-9.5% -5.8% 11 32 1-5.5% -68.% 2 2 21 6.% 3.2% AXA-Cooperative 21 721 22 9.7% -69.5% 183 597 195 6.6% -67.4% 265 38 323 21.8% 4.6% 53 84 48-9.5% -42.7% 28 48 28 1.6% -42.1% 29 24 27-9.1% 9.7% 61 82 46-24.3% -43.5% 34 4 23-3.6% -41.5% 39 24 29-26.4% 21.2% 78 266 83 5.7% -69.% 36 137 42 19.6% -69.1% 63 72 74 16.8% 3.3% 55 23 16-7.7% -3.1% 46 9 6-86.9% -32.5% 77 18 14-81.8% -22.8% 37 49 66 79.3% 35.2% 22 48 65 197.2% 36.6% 16 3 34 18.7% 12.9% 69 14 13 48.8% -.8% 32 72 25-22.% -64.8% 28 31 32 13.8% 2.1% MetLife 57 13 88 54.7% -14.8% 32 88 63 97.1% -28.% 37 47 55 48.2% 18.3% 29 13 32 8.8% 142.5% 11 2 13 21.9% 456.8% 7 7 9 16.7% 16.9% Total 9,19 11,499 8,789-2.5% -23.6% 7,344 9,894 7,24-1.4% -26.8% 8,19 7,41 7,665-4.4% 3.6% QoQ %Increase Source: Argaam, *NM: Not meaningfull
Sector report KSA 2 Quarter ust APPENDIX 2 Gross Claims Paid YoY %Increase QoQ %Increase Net Claims Paid YoY %Increase QoQ %Increase Q2- Q1- Q2- Q2- Q1- Q2- MetLife 38 47 46 22.1% -2.4% 33 38 42 25.1% 9.9% 4 7 2-59.5% -77.3% 1 1-56.6% -36.3% 1,361 1,432 1,519 11.6% 6.1% 1,36 1,48 1,445 1.6% 2.6% 468 327 264-43.6% -19.4% 4 2 188-52.8% -5.8% 842 663 633-24.9% -4.5% 657 567 54-17.9% -4.8% 123 134 147 19.1% 9.4% 1 112 129 28.5% 14.7% 68 13 112 64.1% 8.6% 8 15 129 61.3% 22.9% Walaa 85 126 125 47.3% -.7% 79 19 115 44.6% 5.% 82 93 9 1.% -3.7% 66 89 7 7.% -21.% 12 11 15 31.3% 38.3% 4 4 3-23.9% -29.7% 112 96 135 2.8% 4.6% 8 9 88 9.6% -3.% 12 143 149 46.% 4.2% 12 89 76-26.1% -15.% 23 4 47 15.6% 16.9% 11 26 35 213.1% 36.% 12 16 35 192.9% 112.6% 4 5 3-31.% -41.8% 36 27 24-34.7% -12.% 36 21 28-23.% 33.9% 86 88 73-15.% -16.7% 81 72 59-27.1% -17.6% 9 64 63-3.2% -1.2% 56 41 42-25.4% 2.3% 182 133 143-21.4% 7.6% 176 137 118-33.% -14.1% 46 34 26-43.% -23.7% 25 22 16-35.6% -26.6% 54 61 57 5.4% -6.3% 46 42 48 5.% 14.5% 77 42 22-71.3% -47.4% 63 16 9-86.4% -47.8% AXA-Cooperative 187 227 211 13.2% -6.8% 219 253 267 21.8% 5.8% 65 29 35-45.2% 22.% 2 14 13-31.5% -3.1% 56 51 61 9.5% 19.4% 56 64 62 11.% -3.3% 47 15 23-5.3% 56.3% 25 7 12-49.2% 73.9% 78 64 82-88.4% 28.7% 569 17 92-83.8% -13.8% 167 114 64-61.8% -43.9% 124 4 4-96.7% -7.7% 1,59 1,636 1,647 9.2%.7% 1,511 1,669 1,522.7% -8.8% 69 49 42-38.4% -13.6% 69 18 28-59.8% 56.1% 3 13 29-3.8% 128.9% 1 9 9-11.8% -3.% 15 19 23 5.6% 24.1% 8 2 2 154.9% 4.2% 25 435 559 123.3% 28.4% 33 541 582 91.9% 7.7% 33 9 3-7.8% -66.4% 23 18 2-13.7% 1.6% Total 7,38 6,428 6,533-7.2% 1.6% 6,344 5,918 5,815-8.3% -1.7% Source: Argaam, *NM: Not meaningfull
Sector report KSA 2 Quarter ust APPENDIX 3 Net income Before Zakat YoY %Increase QoQ %Increase Net Income YoY %Increase QoQ %Increase Q2- Q1- Q2- Q2- Q1- Q2- MetLife AIG Alarabi (7.6) (6.9) (3.2) -57.3% -52.8% (7.6) (7.4) (3.8) -5.5% -48.9% 6.3 7.3 8.9 41.3% 21.9% 5.7 7. 8.1 41.7% 15.3% 243.9 16.3 248.8 2.% 55.2% 229.1 142.6 231..8% 61.9% (129.6) 8.9 5. -13.9% -43.2% (131.5) 7.4 3.5-12.7% -52.% (19.7) (93.) (417.3) 22.1% 348.9% (21.6) (94.9) (44.) 1935.2% 363.9% 6.3 8.8 7.8 24.% -11.6% 5.2 7.2 6. 16.9% -15.7% 3. 14.2 16.2 433.1% 14.% 1.8 12.9 14.9 737.1% 15.3% 3.6 32.2 35.6 16.3% 1.4% 28.6 29. 32.3 13.1% 11.6% 1.1 2.7 22.3 121.9% 8.1% 7.7 17.3 19.2 147.7% 1.8% 2.8 2.1 1.8-36.8% -15.5% 1.4.8.6-57.1% -21.3% 21.6 9.4 11.5-46.7% 22.4% 19.9 7.8 9.8-5.7% 25.2% 4.5 3.6 2.9-34.8% -19.8% 4.2 3.3 1.1-74.3% -68.1% 6.4 6.6 5.8-9.9% -12.1% 5.8 5.8 4. -31.2% -31.4% 9.3 9.4 11.1 18.9% 18.3% 7.9 7.9 9.4 19.2% 19.7% (5.).7 4.1-181.7% 477.4% (5.3).2 3.4-165.1% 1441.3% 4.4 4.9 6.6 5.1% 34.8% 4. 4.5 6.1 51.2% 35.9% 2.1 5.2 3.6 73.2% -29.3% 1.6 3.8 1.6-2.7% -58.8% 6.1 8.1 25.1 31.7% 211.3% 4.6 5.6 22.6 389.9% 36.2% 9.5 1.6 12.9 36.3% 21.3% 8.4 9.2 13.1 56.4% 42.4% 4.2 15.7 7.7 81.1% -51.1% 3.8 14.9 6.9 79.8% -53.9% (8.6) (4.6) (1.8) -79.1% -6.8% (8.) (4.6) (2.3) -71.3% -5.1% AXA-Cooperative 9.5 16.3 14.8 55.6% -8.9% 6.5 12.5 1.8 66.1% -13.8% 11.6 (.3) 11.3-2.9% -3585.5% 8. (1.7) 9.8 22.4% -67.5% 22.6 28. 27.8 22.9% -.8% 2.5 25.2 25.1 22.3% -.3% 13.5 16.5 7.1-47.2% -57.% 11.2 14.1 6.4-43.% -54.4% (8.9) 7.5 13.4-25.2% 79.1% (12.5) 3.9 9.4-174.9% 142.3% 43.2 34.2 27.4-36.4% -19.8% 42.2 32.7 25.9-38.5% -2.8% 14.2 36.7 145.8 39.9% 297.3% 119.6 17.9 127. 6.2% 69.3% 58. 5.1 6.9-88.1% 36.1% 55.1 1.3 2.3-95.8% 79.5% 11.8 9.1 9.8-16.9% 7.% 1.2 7.9 8.1-2.5% 2.6% (5.5) (6.6) (3.5) -36.9% -47.% (6.1) (7.3) (4.1) -33.3% -43.8% 24.4 34.1 41.1 68.2% 2.5% 22.3 31.4 38.1 7.6% 21.5% (1.8) 1.5 (7.5) -3.9% -614.7% (1.8).5 (8.5) -21.2% -182.4% Total 474.2 46.3 39.8-34.7% -23.8% 431.9 318.7 197.9-54.2% -37.9% Source: Argaam, *NM: Not meaningfull
Sector report KSA 2 Quarter ust APPENDIX 4 Market Cap PE PB Dividend Yield 11,775. 14.3 4.1 5% 489.5 1.6 2.2-763.42 8.3 1.7-2,18. 17. 4.4-1,244. 36.9 3.5-3.8 3.9 2.3-9,52. 19.3 4.7 1.3% 852. 9.1 2.4 4.7% 867.5 8.5 2.5 1.4% 67. 2.5 1.4 7.4% 263.52 NEG 2.6-478. 9.5 1.8-552.75 8.8 1.7-1,86. 8.9 2.2-746. 34.2 3.2-179.52 NEG 1.7-1,23. NEG 3. - 285.97 15.5 2.3-936.7 HIGH 2.6-488. 1.1 1.6-272.1 1.6 1.8-678. 13.6.8-429.3 HIGH 1.7-621.67 2.1 2.8 1.3% AXA-Cooperative 922.5 25. 1.8-477. 13.7 2. - 36. 14.6 1.8-653. 13.5 3.2-373.8 23.4 3.3-43.6 NEG 2.5-732. NEG 2.6 - MetLife AIG Alarabi 696.5 NEG 3.1-1,6.25 35.1 2.7 1.7% Sector 42,534.4 22.4 3. - Source: Argaam, *NM: Not meaningfull, prices as of 13 of June
RESEARCH DIVISION Head of Research Talha Nazar +966 11 2256115 t.nazar@aljaziracapital.com.sa Analyst Sultan Al Kadi +966 11 2256374 s.alkadi@aljaziracapital.com.sa Analyst Jassim Al-Jubran +966 11 2256248 j.aljabran@aljaziracapital.com.sa Analyst Waleed Al-Jubayr +966 11 2256146 W.aljubayr@aljaziracapital.com.sa Analyst Muhanad Al-Odan +966 11 2256115 M.alodan@aljaziracapital.com.sa BROKERAGE AND INVESTMENT CENTERS DIVISION General Manager Brokerage Services & sales Alaa Al-Yousef +966 11 22566 a.yousef@aljaziracapital.com.sa AGM-Head of international and institutional brokerage Luay Jawad Al-Motawa +966 11 2256277 lalmutawa@aljaziracapital.com.sa AGM- Head of Western and Southern Region Investment Centers Mansour Hamad Al-Shuaibi +966 12 6618443 m.alshuaibi@aljaziracapital.com.sa AGM-Head of Sales And Investment Centers Central Region Sultan Ibrahim AL-Mutawa +966 11 2256364 s.almutawa@aljaziracapital.com.sa AGM-Head of Qassim & Eastern Province Abdullah Al-Rahit +966 16 3617547 aalrahit@aljaziracapital.com.sa RESEARCH DIVISION RATING TERMINOLOGY AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business. 1. Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated Overweight will typically provide an upside potential of over 1% from the current price levels over next twelve months. 2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated Underweight would typically decline by over 1% from the current price levels over next twelve months. 3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated Neutral is expected to stagnate within +/- 1% range from the current price levels over next twelve months. 4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company. Disclaimer The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations. Asset Management Brokerage Corporate Finance Custody Advisory Head Office: King Fahad Road, P.O. Box: 2438, Riyadh 11455, Saudi Arabia Tel: 11 2256 - Fax: 11 225668 Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 776-37