Itqan Capital placed Yanbu National Petrochemical Co.’s (Yansab) shares under review stating that it will revisit its assumptions and adjust Yansab's target price (TP) and recommendation once the company discloses its full financial statements for Q1 2020.

 

The brokerage firm expected petrochemical prices to continue to slow as a result of the global market slowdown.

 

It added that prices are unlikely to recover and return to 2019 levels during 2020 as a result of the low demand emanating from the spread of COVID-19.

 

According to data compiled by Argaam, Yansab reported a net profit after Zakat and tax of SAR 104.5 million for Q1 2020, a 73% year-on-year (YoY) decline.

 

It is worth noting that Itqan Capital maintained its ‘neutral’ recommendations on Yansab’s stock at a TP of SAR 49.20 per share.

Itqan Capital - Yansab 26/04/2020

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