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NCB Cap downgrades Al-Othaim, eXtra; ups Yanbu Cement
NCB Capital has updated its valuations and forecasts for several Saudi-listed stocks under its coverage.
In the retailing sector, the brokerage firm downgraded Abdullah Al-Othaim Markets to "neutral" with a price target of SAR 79.3, as all the positives are priced in at current levels, NCB Capital said in a recent report.
"We also downgrade Extra to Underweight with a PT of SR66.7, as the valuations are rich and visibility remains largely unclear with the expected expat departure as of Q3 2018," the brokerage firm added.
Meanwhile, it maintained an "overweight" rating on Jarir Marketing Co., but upped the stock's target price to SAR 209.6 from SAR 168.30.
It also remained "neutral" on Fawaz Abdulaziz AlHokair and Al Hassan Ghazi Ibrahim Shaker.
In the food sector, Savola's rating was cut to "neutral", due to the weak retail business and unclear store expansion plans.
Yanbu Cement Co. was upgraded to "overweight", with a target price of SAR 37.0, thanks to its valuation discount, relatively better outlook due to its favorable location and the positive impact from the export contract signed.
NCB Capital resumed coverage on Dar Al Arkan Real Estate Development, upgrading the stock to "neutral", on the back of clarity on white land fees. The stock's target price was set at SAR 13.10.
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NCBC Recommendations |
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Company |
Recommendation |
Target price (SAR/share) |
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Previous |
New |
Previous |
New |
|
|
Retail |
||||
|
Jarir |
Overweight |
Overweight |
168.30 |
209.60 |
|
Alhokair |
Neutral |
Neutral |
42.20 |
30.50 |
|
eXtra |
Neutral |
Underweight |
32.10 |
66.70 |
|
Al Othaim |
Overweight |
Neutral |
60.75 |
79.30 |
|
Shaker |
Neutral |
Neutral |
13.80 |
11.10 |
|
Food |
||||
|
Savola |
Overweight |
Neutral |
47.00 |
43.30 |
|
Almarai |
Neutral |
Neutral |
42.20 |
53.20 |
|
Cement |
||||
|
Yanbu |
Neutral |
Overweight |
40.80 |
37.00 |
|
Saudi |
Neutral |
Neutral |
69.10 |
54.50 |
|
Qassim |
Neutral |
Neutral |
59.70 |
46.00 |
|
Yamama |
Neutral |
Neutral |
20.30 |
15.40 |
|
Southern |
Neutral |
Neutral |
69.90 |
46.30 |
|
Arabian |
Neutral |
Neutral |
41.70 |
36.70 |
|
Eastern |
Neutral |
Neutral |
27.80 |
28.50 |
|
Real Estate |
||||
|
Dar Al Arkan |
Under review |
Neutral |
Under review |
13.10 |
|
Taiba |
Neutral |
Neutral |
42.30 |
33.70 |
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