Riyad Capital reinstates coverage of Tasnee with “Neutral” recommendation

09/09/2019 Argaam

 

Riyad Capital reinstated the coverage Tasnee with a “Neutral” recommendation and target price of SAR 15.

 

The brokerage firm expected Tasnee to post a net profit of SAR 790 million in 2019, and SAR 424 million in 2020.

 

It also noted that Tasnee’s performance will mainly be driven by petrochemical activities following the sales of TiO2 business to Tronox.

 

Tasnee’s profits will remain affected by TiO2 prices as it maintains a stake in Tronox, the note said.

 

Riyad Capital also said that operational costs at Tasnee are high, mainly administrative as compared to its peers.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.