Riyad Capital has issued its Q3 2017 earnings forecasts for several Tadawul-listed companies under its coverage.
Petrochemical giant Saudi Basic Industries Corporation (SABIC) is expected to record a 28 percent year-on-year (YoY) fall in net income to SAR 3.77 billion.
Saudi International Petrochemical Co. (Sipchem) will likely outperform sector peers, with a profit surge of 244 percent YoY.
Alinma Bank and Al Rajhi Bank are projected to see profit increases by 46 percent and 8 percent YoY, respectively.
Saudi Telecom Co. (STC), the Kingdom’s largest telecom operator, is expected to report a 9 percent YoY rise in its net profit to SAR 2.34 billion for the same period.
The outlook was negative for all cement producers under coverage, dragged by Yamama Cement with a profit drop of 66 percent YoY.
Earnings of Saudi juice and dairy producer Almarai are likely to decline by 9 percent YoY in Q3.
In the building materials sector, profit of the National Co. for Glass Industries (Zoujaj) is forecast to jump six times to SAR 22 million.
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Riyad Capital Q3 Forecasts (SAR mln) |
||
|
Company |
Estimates |
YoY Variation |
|
Cement |
||
|
Yamama Cement |
19 |
(66%) |
|
Yanbu Cement |
64 |
(31%) |
|
Qassim Cement |
50 |
(29%) |
|
Southern Cement |
83 |
(52%) |
|
Saudi Cement |
81 |
(57%) |
|
Petrochemicals |
||
|
Petrochem |
170 |
(11%) |
|
SABIC |
3,767 |
(28%) |
|
SAFCO |
192 |
6% |
|
SIIG |
208 |
28% |
|
Sahara |
98 |
(7%) |
|
Yansab |
592 |
(3%) |
|
SIPCHEM |
85 |
NM |
|
Kayan |
187 |
4% |
|
Petro Rabigh |
(20) |
20% |
|
Banks |
||
|
Alawwal |
309 |
19% |
|
BSF |
1,006 |
0% |
|
SABB |
1,071 |
8% |
|
ANB |
798 |
10% |
|
Samba |
1,253 |
15% |
|
Albilad |
275 |
21% |
|
Al Rajhi |
2,177 |
8% |
|
Alinma |
456 |
46% |
|
Retail |
||
|
Almarai |
596 |
9% |
|
Telecom |
||
|
STC |
2,339 |
9% |
|
Mobily |
(190) |
13% |
|
Zain Saudi |
(7) |
(98%) |
|
Building Materials |
||
|
Saudi Ceramic |
(4) |
109% |
|
Bawan |
10 |
(55%) |
|
Aslak |
1 |
(93%) |
|
Zoujaj |
22 |
450% |
|
Riyad Capital Recommendations |
||||
|
Company |
Recommendation |
Target price (SAR/share) |
||
|
Previous |
New |
Previous |
New |
|
|
Cement |
||||
|
Yamama Cement |
Neutral |
Neutral |
16.00 |
16.00 |
|
Yanbu Cement |
Neutral |
Neutral |
31.00 |
31.00 |
|
Qassim Cement |
Neutral |
Neutral |
53.00 |
53.00 |
|
Southern Cement |
Neutral |
Neutral |
56.00 |
56.00 |
|
Saudi Cement |
Neutral |
Neutral |
53.00 |
53.00 |
|
Petrochemicals |
||||
|
Petrochem |
Neutral |
Neutral |
19.00 |
19.00 |
|
SABIC |
Neutral |
Neutral |
98.00 |
98.00 |
|
SAFCO |
Neutral |
Neutral |
65.00 |
65.00 |
|
SIIG |
Buy |
Buy |
21.00 |
21.00 |
|
Sahara |
Buy |
Buy |
15.00 |
15.00 |
|
Yansab |
Neutral |
Neutral |
53.00 |
53.00 |
|
SIPCHEM |
Buy |
Buy |
18.50 |
18.50 |
|
Advanced |
Neutral |
Neutral |
46.00 |
46.00 |
|
Kayan |
Neutral |
Neutral |
10.00 |
10.00 |
|
Petro Rabigh |
Neutral |
Neutral |
16.00 |
16.00 |
|
Telecom |
||||
|
STC |
Neutral |
Neutral |
73.00 |
73.00 |
|
Mobily |
Neutral |
Neutral |
26.00 |
26.00 |
|
Zain |
Buy |
Buy |
14.00 |
|
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