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Saudi Basic Industries Corp. (SABIC) and Saudi Telecom Company (STC) are among Al Rajhi Capital’s top 10 picks for dividend payouts in 2016.
In the petrochemicals sector, Yansab, Advanced, and SABIC were the top choices. Yansab has a strong free-cash flow generation and declining debt levels, while Advanced has increased its dividends to SAR 0.7/share for Q4, which is likely to be the run rate for dividends next year, Al Rajhi said.
Meanwhile, sector heavyweight SABIC has significant expansion plans, but dividends are likely to be maintained in-line with profits.
Saudi Airlines Catering Company was the preferred pick in the food sector, as it announced a dividend of SAR1.75 per share for Q3 2016, implying a payout ratio of c. 100 percent for 9M 2016.
“We do not believe this is sustainable and forecast DPS of SAR6.5/ share in 2017,” analysts at Al Rajhi added.
STC was named in the telecom sector as the company’s Q4 dividends are anticipated to be higher than the existing run rate of SAR1/share.
On the retail side, Jarir is expected to sustain high dividend payout due to low capex requirements, despite revenue slowdown and current economic headwinds. Al Rajhi said it expects a dividend of SAR6.4/share next year.
In transportation, Saudi Ground Services (SGS) is expected to increase its dividend payment, following a 30 percent year-on-year (YoY) rise in 9M 2016 net profit. The company’s exclusive tie up with Saudia and almost monopolistic business also provides good earnings visibility, the report said.
Arabian Cement and Saudi Cement were top picks among cement firms. Arabian Cement may slightly cut 2017 dividends, after maintaining the same YoY dividend of SAR 2/share in H2 2016.
For Saudi Cement, Al Rajhi said it sees “limited downside risk to dividends next year given the steady operating performance of the company.”
Finally, in real estate, Arriyadh Development Co. emerged as top choice after its 9M 2016 net profit grew 6.8 percent year-on-year, allowing it to maintain or even increase its dividend payment for 2016.
“All these companies have strong cash position, low debt and sustainable free cash flows and are relatively safe investment bets from a dividend perspective,” the brokerage noted, adding that the firms are also likely to be better positioned in the event of a fall in the broader market, with high dividend yields cushioning the downside.
Top Saudi Stocks for Dividend Payouts (2016) |
|
Company |
Dividend yield |
Yansab |
7.8% |
Advanced |
6.2% |
SABIC |
5.2% |
Saudi Catering |
6.3% |
STC |
5.9% |
Jarir |
5.2% |
SGS |
4.5% |
Arabian Cement |
8.0% |
Saudi Cement |
8.1% |
Arriyadh |
5.0% |
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