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Riyad Capital sees the market changes and developments in the telecom sector as attractive but said the sector is in a transformation phase where its foundations are changing.
In a sector note, Riyad Capital said “market share in existing services is swinging while new services are expected through unified license, giving Zain a lifeline and Mobily an opportunity to get back on its feet.”
The Saudi government in early October to extend telecom companies licenses for an additional 15 years and to grant unified licenses to all mobile operators enabling them to offer the full range of telecom services.
However, the biometric verification process weighed on the sector, leading to a loss of 5 million subscribers and a 15.5 percent decline in penetration rate to 152 percent.
For Zain Saudi, the decision on licenses was a lifeline and will help it weather one of its key business issues—amortization of the license fee.
Zain has succeeded in improving its market share but yet faces a debt challenge. However, tower sales, unified license and potential raise in capital could become the foundations of a turnaround, Riyad Capital said.
For Mobily, too the decision has financial significance, as it can reduce annual amortization costs and try to return to profitability next year, the report said.
“Mobily, we believe, will take the next year to get back to profitability eroding the impact of biometric, sale of towers and focusing on improving its market share on B2C and B2B divisions.”
Saudi Telecom Co. (STC) is the safe bet in the telecommunications sector due to its strong financial position and adoption of a dividend distribution policy of SAR 1 per share every quarter, the firm added.
Meanwhile, the telecom sector’s contribution to Saudi Arabia’s GDP reached 6 percent and was 10 percent of the non-oil GDP.
Total spending in the sector grew by a CAGR of 9 percent from SAR 70 billion in 2008 to SAR 120 billion in 2015, according to CITC publications. CITC expects spending to reach SAR 138 billion by 2017.
Riyad Capital maintained its “buy’ rating on STC and “neutral” rating on Mobily while it upgraded its rating on Zain to “buy”.
Riyad Capital’s Ratings |
||||
Company |
Recommendation |
Target price (SAR/share) |
||
Previous |
New |
Previous |
New |
|
STC |
Buy |
Buy |
73.00 |
73.00 |
Mobily |
Neutral |
Neutral |
29.00 |
26.00 |
Zain |
Neutral |
Buy |
10.50 |
13.00 |
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