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Bahrain-based investment bank SICO has cut its rating for Saudi Telecom Co. to "Neutral" but reiterated its "Sell" recommendation on Etihad Etisalat Co. (Mobily).
STC was downgraded from "Buy" due to stock run, but the stock's target price was upped to SAR 73 from SAR 67, the investment bank said in a recent report.
The Kingdom's largest telecom operator has assured quarterly dividend of SAR 1 per share until 2018, which implies an annualized yield of 5.8 percent at current levels.
“We expect the telco to maintain its FY17 dividend at SAR 4.0/share. However, we forecast higher FY18 dividend at SAR 4.5/share,” Nishit Lakhotia, head of research, said in the report.
Downside, however, is still represented in the interconnect rate cut and biometric verification system.
Meanwhile, SICO is cautious on Mobily and has cut its target price to SAR 18 from SAR 24, due to the telco's weak performance in Q1-2017, the cancellation of unverified subscribers following the application of the fingerprint system and wholesale rate cut.
Mobily could see a turnaround if its revenue shows a material growth or margins improve considerably, the investment bank said, adding that both of which are unlikely now.
Both operators have improved their level of disclosures following implementation of the International Financial Reporting Standards (IFRS), which is positive for investors.
However, the Kingdom's telecom sector was impacted by a decline in disposable income following the government decision to cut subsidies amid lower oil revenue.
"STC’s strong balance sheet, market leader status with c. 73 percent revenue market share and committed dividend pay-out policy makes it the preferred telco for investors looking at stocks offering reasonable return with some downside protection," SICO added.
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