1 Thousands 10:00 10:15 10:30 10:45 11:00 11:15 11:30 11:45 12:00 12:15 12:30 12:45 13:00 13:15 13:30 13:45 14:00 14:15 14:30 14:45 14 June 2017 TASI Index 6,820.6-3% Turnover (SAR mn) 1,640.1-11% TASI Intra Day Movement Global commentary Research Department research@alrajhi-capital.com Tel:+966 11 211 9449 6,830 6,825 6,820 6,815 6,810 6,805 6,800 Intraday TASI Activity Trend (Last 10 Days) - 6 4 2 Turnover (LHS, SAR bn) Previous Close TASI Index (RHS) 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 Regional Indices Close 1D% WTD% YTD% KSA (TASI) 6,821-0.7-5.4 Qatar (DSM) 9,095-0.4-1.5-12.9 Kuw ait (KSE) 6,777-0.1 17.9 Abu Dhabi (ADSM) 4,544 0.1 1.5 Dubai (DFM) 3,441 1.2-2.5 Oman (MSM30) 5,314-0.8-8.1 Bahrain (BSE) 1,327 0.4 0.3 8.8 MSCI GCC 459-0.1-0.6-3.6 Major Commodities / Currencies Close 1D % WTD % YTD % Gold Spot $/Oz 1,269 0.2 0.2 10.1 Silver Spot $/Oz 16.91 0.1-1.7 6.2 Crude Oil (Brent) 48.30-0.9 0.3-17.9 OPEC Basket 45.93 1.0 1.0-13.8 Euro 1.12 0.1 0.2 6.6 USD Index 96.95-0.3-5.1 JPY 1170 0.2 6.3 Major Global Indices Close 1D % WTD % YTD % DJ Industrial 21,328 0.4 0.3 7.9 S&P 500 2,440 0.4 9.0 Nikkei 225 19,927 0.1-0.4 4.3 Hang seng 25,785-0.3-0.9 17.2 FTSE 100 7,500-0.2-0.4 CAC 40 5,262 0.4-0.7 8.2 MSCI World 1,929 0.3 10.1 MSCI EM 1,010 0.1-0.8 17.1 Interest Rates 1M 3M 12M 3M Chg 1Y LIBOR (USD) 1.14 1.24 1.74 9 SAIBOR 1.33 1.74 2.21-0.46 EIBOR 1.12 1.50 2.10 0.38 Data Sources: Bloomberg Updated as of 14/Jun/2017 9:04 AM US stock markets advanced on Tuesday, backed by the rise in technology stocks after dropping for two consecutive sessions. The Nasdaq Composite Index registered a gain of 0.7%, while the S&P 500 climbed %, driven by materials and technology sectors. Meanwhile, the Dow Jones rose 0.4%. European markets gained on Tuesday. The DAX and the CAC 40 advanced 0.6% and 0.4%, respectively, both supported by the technology sector. However, the FTSE 100 declined 0.2%, owing to the stronger pound. The stock markets in the GCC region ended on a mixed note yesterday. Abu Dhabi climbed 0.6%, while Dubai gained 0.4%, led by Emaar Properties. Bahrain rose 0.4%. However, Qatar dropped 0.4%, dragged down by Qatar National Bank, whereas Kuwait and Oman ended on a flat note. Most Asian markets are trading down this morning. The Shanghai Composite Index and the Hang Seng Index are down 0.6% and 0.3%, respectively, as investors are concerned over higher regulatory scrutiny by the Chinese authorities, while the KOSPI is down 0.2%. However, the Nikkei 225 is trading up 0.1%. Brent crude rose 0.9% on Tuesday, as investors expected a fall in US crude oil inventory. However, post-settlement, the API reported a weekly rise in US stockpiles. Key crude contracts Brent and WTI ended at US$ 48.72 (+0.9%) and US$ 46.46 (+0.8%), respectively. Saudi commentary Tadawul All Share Index (TASI) lost 1.83 points or 3% to close at 6,820.60. Eleven of the twenty sector indices closed lower. The advance decline ratio was 87/79. Trading turnover was around SAR 1.6bn. Care inks health services contract worth SAR 256 mln: National Medical Care Co. (Care) has signed a three-year contract with the Ministry of National Guard to provide services to King Abdul Aziz Medical City s long-stay inpatients, the medical services provider said. Financial impact from this contract is anticipated to be SAR 7.11 million per month, and is expected to show from Q2 2017 results onwards. (Tadawul) Dur inks SAR 48 mln Tawarruq deal : Dur Hospitality signed on Tuesday a SAR 48 million Tawarruq deal with Banque Saudi Fransi, the company said in a bourse statement. The firm will use the facility to partially cover the costs of its hotel in Jubail Industrial City. (Tadawul) Gulf Union transfers losses to SAR 17.6 mln retained earnings: Gulf Union Cooperative Co. has offset its SAR 73.6 million accumulated losses, which accounted for 33.5 percent of capital, and booked it to SAR 17.58 million retained earnings. (Tadawul) Please see penultimate page for additional important disclosures. Al Rajhi Capital (Al Rajhi) is a foreign broker-dealer unregistered in the USA. Al Rajhi research is prepared by research analysts who are not registered in the USA. Al Rajhi research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities, an SEC registered and FINRA-member broker-dealer. 1
Energy Health Care Equipment & Svc Consumer Transport Food & Staples Retailing Diversified Financials Commercial & Professional Svc Pharma Consumer Durables & Apparel Media TASI Large Cap (>10% Index weight) Sectors Performance TASI Top Gainers / Losers 1.0 - -1.5-2.5 TASI Materials Banks Real Estate Telecom -3.0-7.0-9.0 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Gulf Union Coop 17.54 1 0.319 5.54 Salama Coop Ins 17.02 4.2 0.686 11.53 National Medical 45.96 3.7 0.286 13.07 Al Hokair 39.88 3.6 85 22.98 Trade Union Coop 16.80 3.2 0.302 5.13 Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Saudi Res and Mktg 28.7-2.4 65 1.88 BATIC 49.7-1.9 83 4.17 Saudi Fisheries 25.9-1.6 0.184 4.84 Al Hammadi 37.5-1.5 01 19.03 DUR 18.7-1.3 35 0.66 TASI Mid Cap (5-10% index weight) Sectors Performance TASI Top Index Movers / Losers (Heavy weight stocks) 6.0 4.0 2 Food & Beverages Capital Goods Utilities Retailing 1 1-1 -1-2 -2 Company Last Price Chg % Index Imp Value Trd (SAR mn) Al Rajhi Bk 63 0.3 2.5 2.74 Samba 22.68 1.0 2.3 0.17 Sabb 22.99 1.7 1.9 0.16 Al Hokair 39.88 3.6 1.5 8 NIC 13.11 0.8 0.6 0.26 Company Last Price Chg % Index Imp Value Trd (SAR mn) Sabic 98.70-0.3-2.1 254.35 Saudi Elec 21.25-1.2-1.8 14.45 Savola 45.70-0.9-1.7 2.69 Jabal Omar 66.16-0.4-1.5 6.07 Banq Saudi Fr 26.75-0.3-0.6 10.20 TASI Small Cap (<5% index weight) Sectors Performance 3 2-1 01-2 -3-4 -5-6 -7-1 -1-2 -2-3 TASI Volume Leaders Company Last Price Chg % Vol (mn) Value Trd (SAR mn) Dar Al Arkan 6.27-0.2 31.127 195.18 Alinma Bk 14.22 21.632 307.88 Al-Baha Developm 21.91 0.9 3.262 72.19 Al Rajhi Bk 63 0.3 2.744 169.78 Sabic 98.70-0.3 2.566 254.35 AlJazira Maw ten 18.98 2.6 2.355 44.66 Emaar Eco City 12.95 0.9 1.898 24.50 Petro Rabigh 11.36-0.4 0.912 10.37 Saudi Kayan 8.24 0.6 0.869 7.18 Alujain Corp 25.87 2.1 0.810 20.87 TASI Stocks Closer to 52 Week High TASI - Stocks Closer to 52 Week Low Company Last Price 52Wk High % Diff Value Trd (SAR mn) Banq Saudi Fr 26.84 27.70 3.2% 1.484 Savola 46.13 47.70 3.4% 7.467 Sabic 99.03 102.50 3.5% 322.129 Almarai 82.44 87.00 5.5% 15.198 Dallah Healthcare 102.40 108.25 5.7% 5.678 Company Last Price 52Wk Low % Diff Value Trd (SAR mn) Red Sea Housing 21 19.96 0.3% 4.208 Basic Chemical Ind 20.74 20.68 0.3% 1.241 Saudi Vitrified 48.82 48.60 % 2.437 Kingdom Hold 9.99 9.90 0.9% 0.375 Tihama 35.99 35.60 1.1% 7.203 Data Sources: Al Rajhi Capital, Bloomberg Disclosures Please refer to the important disclosures at the back of this report. 2
1 DSM Bank Telecom Consumer Transport Real Estate 1 ADSM Real Estate Energy Telecome Banks Fin. Industrial Consumer 1 DFM Bank Reality Investment Transport Telcom Performance of Regional markets Country Last Index Change (%) MCap Volume Turnover P/E (x) P/B (x) Div Yld Close 1D 1M YTD US$ bn mn shr US$ mn 12M Current 12M (%) Saudi Arabia 6,821-0.7-5.4 430 80 426 16.1 1.6 3.3 Qatar 9,095-0.4-8.1-12.9 107 8.1 45 15.1 1.6 3.7 Dubai 3,441 3.1-2.5 81 519 122 16.5 1.3 4.1 Abu Dhabi 4,544 0.1 2.6 118 379 91 16.5 1.3 4.5 Kuw ait 6,777-0.1 17.9 90 19 13 18.4 1.2 3.9 Oman 5,314-8.1 16 6 4 12.1 1.1 5.5 Bahrain 1,327 0.4 0.6 8.8 21 1.8 1 8.3 0.8 5.9 Data Sources: Al Rajhi Capital, Bloomberg; Note: P/E & Div Yield LTM basis Dubai Activity Trend (Last 10 Days) Dubai Sector Performances Dubai Top Gainers / Losers 1.2 0.8 0.4 Turnover (LHS, AED bn) DFMGI Index (RHS) 3,500 3,450 3,400 3,350 3,300 3,250 1 1 Deyaar Devt 3 3.9 24.43 Takaful House 1.11 2.8 7.29 Amlak Finance 0.98 2.2 5.12 Arabtec 0.77 1.7 16.78 Union Properties 0.94 1.3 89.25-1 -1 Tabreed 1.86-2.1 10.84 Shuaa Capital 1.45-1.4 6 Emaar Malls 2.53-1.2 1.51 Gulf General Inv 0.45-0.8 7.04 Drake & Scull Intl 0.43-275.81 Abu Dhabi Activity Trend (Last 10 Days) Abu Dhabi Sector Performances Abu Dhabi Top Gainers / Losers Turnover (LHS, AED bn) ADSMI Index (RHS) 5,000 4,500 4,000 6 5 4 3 2 1-1 Dana Gas 0.69 1 236.620 Fujairah Cement 1.09 12.4 02 Al Khazna Ins 0.45 9.8 0.378 Rak Properties 0.68 6.3 70.714 Arkan Building Mat 0.72 4.4 1.453 2 2 1 1-1 -1-2 Abu Dhabi Nat Co 5-8.3 25 FAB 10.80-1.138 ADIsB 3.61-0.3 0.178 Qatar Activity Trend (Last 10 Days) Qatar Sector Performances Qatar Top Gainers / Losers 0.9 0.6 0.3 Turnover (LHS, QAR bn) DSM Index (RHS) 10,400 10,000 9,600 9,200 8,800 8,400-1 -1-1 -1-2 -2 Qatary investors 51.40 1.4 21 Qatar Electric 192.40 1.3 33 Vodafone Qatar 7.85 1.2 5.655 QIsB 92.50 0.7 56 Nakilat 17.00 0.6 0.187 Ind Qatar 96.30-1.7 82 QNB 133.20-1.3 0.214 Qatar 67.20 46 Gulf Intl Servcs 25 52 Aamal Co 11.39-0.8 0.176 Data Sources: Al Rajhi Capital, Bloomberg Disclosures Please refer to the important disclosures at the back of this report. 3
1 BSE Banks Hotel & Tourism Industries 1 1 KSE Technology Investment Industrial Real estate Bank Fin. Parallel Telecom Consumer Basic material Oil&Gas Healthcare Thousands Kuwait Activity Trend (Last 10 Days) Kuwait Sector Performances Kuwait Top Gainers / Losers 18 16 14 12 10 8 6 4 2 0 Turnover (LHS, KWD mn) KWSEIDX Index (RHS) 6,840 6,820 6,800 6,780 6,760 6,740 6,720 6,700 2 2 1 1-1 -1 4 Eyas For Edu 1300 9.2 23 3 Salbookh Trading 58.3 8.0 3.600 3 Intl Resorts Co 33.9 7.6 1.380 2 Natl Cleaning Co 46 4.6 01 2 Arzan Financial Grou 35 4.5 0.200 1 1 Yiaco Medical Co 192-2 0.121 Automated Sys 215-18.9 00 Energy House Hol 37-10.8 00 Kuw ait Remal RE 63-9.7 0.907-1 National Ind Co 170-8.1 00 Oman Activity Trend (Last 10 Days) Oman Sector Performances Oman Top Gainers / Losers 8 4 0 Turnover (LHS, OMR mn) MSM30 Index (RHS) 5,450 5,400 5,350 5,300 5,250 - -1.5-2.5-3.0 6.0 Galfar Engineering 79 1.3 0.162 4.0 Bank Nizw a 96 1.1 1.003 MSM 30 Bank Industry Al Sharqiya Inv 0.113 0.9 71 Ooredoo 0.470 0.9 0.186 Bank Muscat 0.400 1.066-1 -1-14.0 Phoenix Pow er 0.123-1.6 1.684 Raysut Cement 1.005-1.5 0.426 Oman Cables Ind 1.590-0.6 05 Bahrain Activity Trend (Last 10 Days) Bahrain Sector Performances Bahrain Top Gainers / Losers 3.5 3.0 2.5 1.5 1.0 - Turnover (LHS, BHD mn) BHSEASI Index (RHS) 1,335 1,330 1,325 1,320 1,315 1,310 4.0 3.0 1.0-3.0 4 3 3 2 2 1 1-1 -1 Ithmaar Bank 0.145 3.6 0.100 NBB 0.670 3.1 04 Aluminium Bahrain 0.440 0.9 0.128 Seef Properties 0.242 0.8 0.200 Khaleeji Com Bk 94 0.150 Bahrain Duty Fre 0.755-0.7 20 Data Sources: Al Rajhi Capital, Bloomberg Disclosures Please refer to the important disclosures at the back of this report. 4
IMPORTANT DISCLOSURES FOR U.S. PERSONS This research report was prepared by Al Rajhi Capital (Al Rajhi), a company authorized to engage in securities activities in Saudi Arabia. Al Rajhi is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to major U.S. institutional investors in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act ). Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Rosenblatt Securities Inc, 40 Wall Street 59th Floor, New York, NY 10005, a registered broker dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through Al Rajhi. Rosenblatt Securities Inc. accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority ( FINRA ) and may not be an associated person of Rosenblatt Securities Inc. and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account. Ownership and Material Conflicts of Interest Rosenblatt Securities Inc. or its affiliates does not beneficially own, as determined in accordance with Section 13(d) of the Exchange Act, 1% or more of any of the equity securities mentioned in the report. Rosenblatt Securities Inc, its affiliates and/or their respective officers, directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein. Rosenblatt Securities Inc. is not aware of any material conflict of interest as of the date of this publication. Compensation and Investment Banking Activities Rosenblatt Securities Inc. or any affiliate has not managed or co-managed a public offering of securities for the subject company in the past 12 months, nor received compensation for investment banking services from the subject company in the past 12 months, neither does it or any affiliate expect to receive, or intends to seek compensation for investment banking services from the subject company in the next 3 months. Additional Disclosures This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. Neither Al Rajhi nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report s preparation or publication, or any losses or damages which may arise from the use of this research report. Al Rajhi may rely on information barriers, such as Chinese Walls to control the flow of information within the areas, units, divisions, groups, or affiliates of Al Rajhi. Investing in any non-u.s. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-u.s. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-u.s. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by Al Rajhi with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this research report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this research report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein. No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior consent of Al Rajhi and Al Rajhi accepts no liability whatsoever for the actions of third parties in this respectthis research document has been prepared by Al Rajhi Capital Company ( Al Rajhi Capital ) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi Capital s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this research document. This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered, duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any registration or licensing requirement within such jurisdiction. 5
Disclaimer and additional disclosures for Equity Research Disclaimer This research document has been prepared by Al Rajhi Capital Company ( Al Rajhi Capital ) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi Capital s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this research document. This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered, duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any registration or licensing requirement within such jurisdiction. Explanation of Al Rajhi Capital s rating system Al Rajhi Capital uses a three-tier rating system based on absolute upside or downside potential for all stocks under its coverage except financial stocks and those few other companies not compliant with Islamic Shariah law: "Overweight": Our target price is more than 10% above the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Neutral": We expect the share price to settle at a level between 10% below the current share price and 10% above the current share price on a 12 month time horizon. "Underweight": Our target price is more than 10% below the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Target price": We estimate target value per share for every stock we cover. This is normally based on widely accepted methods appropriate to the stock or sector under consideration, e.g. DCF (discounted cash flow) or SoTP (sum of the parts) analysis. Please note that the achievement of any price target may be impeded by general market and economic trends and other external factors, or if a company s profits or operating performance exceed or fall short of our expectations. Contact us Al Rajhi Capital Research Department Head Office, King Fahad Road P.O. Box 5561, Riyadh 11432 Kingdom of Saudi Arabia Email: research@alrajhi-capital.com Al Rajhi Capital is licensed by the Saudi Arabian Capital Market Authority, License No. 07068/37. 6