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Aljazira Cap issues Q2 forecasts; Al Rajhi to rise 11%
Aljazira Capital has issued forecasts for the second quarter of 2018’s net profit for a number of Saudi banks and companies under coverage, including Al Rajhi Bank and Saudi Telecom Co. (STC).
Al Rajhi Bank’s net profit for Q2 is expected to reach SAR 2.41 billion, with a 11 percent year-on-year (YoY) increase. STC is also projected to rise 11 percent to record SAR 2.63 billion.
Below is a list of Aljazira Capital’s estimates, as compiled by Argaam.
`
|
Aljazira Capital’s Q2 Net Profit Forecasts (SAR mln) |
||
|
Company |
Q2 2018E |
Variation |
|
Banks |
||
|
Al Rajhi |
2,412.4 |
+11% |
|
Alinma |
600.0 |
+23% |
|
Albilad |
270.1 |
+13% |
|
Telecom |
||
|
STC |
2,625.0 |
+11% |
|
Mobily |
(116.1) |
+39% |
|
Zain |
(59.5) |
-- |
|
Retail |
||
|
Jarir |
145.7 |
(1%) |
|
Alhokair* |
159.6 |
(31%) |
|
SACO |
38.9 |
(4%) |
|
Basic Materials |
||
|
Ma’aden |
553.6 |
+55% |
|
Yamama Cement |
13.7 |
+13% |
|
Saudi Cement |
86.8 |
(8%) |
|
Southern Cement |
82.5 |
(13%) |
|
Qassim Cement |
36.0 |
(32%) |
|
Arabian Cement |
6.9 |
(80%) |
|
Yanbu Cement |
26.6 |
(67%) |
|
City Cement |
7.4 |
(70%) |
|
Eastern Cement |
12.3 |
(65%) |
|
Healthcare |
||
|
Al Hammadi |
28.9 |
+13% |
|
Mouwasat |
86.2 |
+13% |
|
Care |
28.0 |
+44% |
|
Dallah |
56.3 |
(20%) |
|
Saudi German |
66.5 |
+16% |
|
Consumer Services |
||
|
Al Tayyar |
153.8 |
(27%) |
|
Alhokair Group |
(2.1) |
-- |
|
Food |
||
|
Almarai |
702.9 |
+4% |
|
Other |
||
|
Budget |
40.1 |
(6%) |
|
Catering |
121.3 |
(7%) |
|
Al Othaim |
80.6 |
+13% |
|
SGS |
104.2 |
(15%) |
|
Bahri |
152.1 |
(1%) |
*Q1 ended June 2018
Aljazira Capital’s recommendations for a number of companies came as follows:
|
Aljazira Cap.’s Recommendations |
||||
|
Company |
Recommendation |
Target price (SAR/share) |
||
|
Previous |
New |
Previous |
New |
|
|
Al Rajhi |
Overweight |
Overweight |
96.40 |
96.40 |
|
Alinma |
Overweight |
Overweight |
23.70 |
23.70 |
|
Albilad |
Overweight |
Overweight |
26.40 |
26.40 |
|
STC |
Neutral |
Neutral |
88.50 |
88.80 |
|
Mobily |
Underweight |
Underweight |
13.00 |
13.00 |
|
Zain |
Overweight |
Neutral |
10.67 |
6.40 |
|
Jarir |
Neutral |
Neutral |
160.00 |
160.00 |
|
Alhokair |
Overweight |
Under review |
32.00 |
-- |
|
SACO |
Neutral |
Neutral |
117.60 |
117.60 |
|
Ma’aden |
Neutral |
Neutral |
55.50 |
55.50 |
|
Yamama |
Neutral |
Neutral |
16.20 |
16.20 |
|
Saudi |
Neutral |
Neutral |
47.30 |
47.30 |
|
Southern |
Neutral |
Overweight |
45.30 |
45.30 |
|
Qassim |
Neutral |
Overweight |
44.50 |
44.50 |
|
Arabian |
Neutral |
Neutral |
34.90 |
27.10 |
|
Yanabu |
Neutral |
Neutral |
34.50 |
28.80 |
|
City |
Neutral |
Neutral |
10.30 |
10.20 |
|
Eastern |
Neutral |
Neutral |
27.10 |
25.70 |
|
Al Hammadi |
Neutral |
Neutral |
36.00 |
36.00 |
|
Mouwasat |
Neutral |
Neutral |
80.45 |
82.00 |
|
Care |
Overweight |
Overweight |
66.20 |
66.20 |
|
Dallah |
Neutral |
Neutral |
104.00 |
104.00 |
|
Saudi German Hospitals |
Overweight |
Neutral |
63.70 |
63.70 |
|
Al Tayyar |
Overweight |
Overweight |
34.00 |
34.00 |
|
Alhokair Group |
Overweight |
Neutral |
29.00 |
22.70 |
|
Almarai |
Neutral |
Neutral |
54.00 |
54.00 |
|
Budget Saudi |
Underweight |
Neutral |
26.70 |
31.40 |
|
Catering |
Overweight |
Neutral |
90.80 |
90.80 |
|
Al Othaim |
Neutral |
Neutral |
81.00 |
81.00 |
|
SGS |
Neutral |
Neutral |
39.50 |
39.50 |
|
Bahri |
Overweight |
Overweight |
35.20 |
35.20 |
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