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The NCB Capital Office

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Company / Industry coverage & other research Company Profiles Market Updates
Technical Trader - 13Apr2011
The TASI ended the day with a loss of 21 points, or 0.32%, at 6,590.65.
Technical Trader - 11Apr2011
The TASI ended the day marginally lower at 6,606.69.
Technical Trader - 10Apr2011
The TASI started the week on a positive note and ended the day with a gain of 34 points, or 0.52%, to 6,608.60.
Technical Trader - 09Apr2011
On the last trading day of the week, the TASI moved up 26 points, or 0.40%, to 6,574.63.
Technical Trader - 29Mar2011
The TASI ended marginally lower at 6,508.28.
Technical Trader - 28Mar2011
The TASI ended 14 points, or 0.21%, higher at 6,519.76.
Saudi Arabia Cement Sector Monthly - March 2011
KSA cement sales grew by 9.5% YoY in Feb-11. For the second month in a row, YoY growth at listed companies (10%) was higher than growth at private companies (9%). Overall, the absolute increase in sales more than offset increased cement/clinker production, leading to the lowest stock levels in six months.
KSA Telecom Sector - Update and 2011 preview
We maintain our cautiously optimistic view on the sector as a whole. We reiterate our Overweight rating on STC and Mobily and Neutral rating on Zain KSA. Valuations are looking increasingly attractive with the sector trading on 9.9x 2011e P/E. Off the back of the regional political instability, any sell-off on Mobily and STC should be seen as attractive entry points.
Technical Trader - 27Mar2011
The TASI started the week on a positive note and ended the day 144 points, or 2.26%, higher at 6,506.01.
Saudi Arabia Real Estate Sector - Initiating Coverage
The Saudi Real Estate sector benefits from a number of promising fundamental drivers, including a fast growing young population, rising number of households, increasing business activity, and religious tourism. Despite regional political uncertainties, we believe the Saudi market will remain strong with steady growth over the medium to longer-term.
Technical Trader - 26Mar2011
The TASI ended the last trading day of the week with a gain of 18 points, or 0.28%, at 6,362.42.
Technical Trader - 23Mar2011
The TASI lost its three-day wining streak on Tuesday closing with a marginal loss at 6,344.69.
Technical Trader - 22Mar2011
Continuing its winning streak for the third session consecutively, the TASI ended the day up 14 points, or 0.21%, at 6,357.37.
Technical Trader - 21Mar2011
The TASI started the week on a positive note and ended 274 points, or 4.51%, higher at 6,343.79.
Saudi Arabia Banking Sector - Initiating Coverage
The Saudi Banking Sector has seen declining earnings from 2006-2009 with sector earnings up just slightly in 2010 (by 3.2%). After such a long-period of stagnating earnings, we believe robust growth should return to the sector from 2011 as loan growth returns in earnest, combined with expected lower provision levels. We initiate on the sector with a cautiously optimistic view given the strong fundamentals, and despite continued regional political instability.
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SAFCO - 1Q2011 preliminary results - Overweight - TP:SR208
SAFCO announced its 1Q11 preliminary results after market hours on 12 April 2011. Net income came in at SR833mn compared to our estimate of SR916mn. This implies a 19.3% growth YoY from SR698mn in 1Q10
Bank AlBilad - 1Q2011 preliminary results - Neutral - PT:SR16.2
Albilad announced better than expected 1Q11 results on 10 April 2011. Net interest income grew by 11.1% YoY to SR165mn, in line with our estimate of SR160mn. Net income came in 5.6% higher YoY at SR55mn, exceeding our estimate of SR51mn. We await full details before updating our model.
Saudi Hollandi Bank - 1Q2011 preliminary results - Overweight - PT:SR35.0
SHB announced a 3.5% YoY increase in net income for 1Q11 to SR238mn on 10 April. The growth is mainly due to the increase in non interest operating income. SHB’s net income, however, was below our estimate of SR282mn. We attribute this variance to higher than expected operating expenses and provision charges.
Arab National Bank - 1Q2011 preliminary results - Neutral - PT:SR34.6
ANB announced a 7.4% YoY decline in net income on April 10th for 1Q11. The bank’s net income came in at SR587mn compared to our estimates of SR443mn. We attribute the better than expected results to the lower than estimated provisions for credit losses. We await full details before updating our model.
Qassim Cement - 1Q2011 preliminary results - Neutral - PT:SR66.7
Qassim Cement announced its preliminary 1Q11 results on 11 April 2011. Although gross and operating profit came in slightly above expectation, net income of SR147mn was in-line with our estimate. We await full details before updating our model.
Riyad Bank - 1Q2011 preliminary results - Overweight - PT:SR32.0
RIBL announced a YoY growth of 8.3% in net income for the 1Q11 on 9 April 2011. We believe this is mainly due to the growth in operating income (in line with our estimates) and lower provisions for the quarter. We await full details before updating our model.
Yanbu Cement - 1Q2011 preliminary results - Neutral - PT:SR48.0
Yanbu Cement Company (YCC) published its 1Q11 results on 10 April 2011. Overall, the results are poor with net income down 18% YoY, 10% below our expected number. We believe higher interest expense and lower sales are key reasons for the miss. We await full details before updating our model.
Yamama Cement - 1Q2011 preliminary results - Overweight - PT:SR63.0
Yamama Cement Company (YSCC) announced better than expected 1Q11 results on 9 April 2011. Net profit grew by 9% YoY to SR180mn, 4% above our estimate, and particularly impressive considering sales volumes declined by 5% YoY in the first two months of 1Q11. We await full details before updating our model.
Savola - Company Update - Neutral - PT:SR31.5
We retain our Neutral rating on Savola with our PT falling slightly to SR31.5. However, we note any ongoing volatility in the share price may provide compelling entry points with a 12-24 month outlook. The longer term picture for the company remains sound with significant potential in grocery retail yet to be tapped.
Dar Al Arkan - Initiating Coverage - Overweight - TP:SR11.2
We initiate with an Overweight rating and a PT of SR11.2/share. With the highest ROE in the sector and rising land prices in KSA, we believe Dar Al Arkan is unjustifiably trading at a discount to the sector. We believe the liquidity concerns are manageable, meaning the large valuation discount is likely to decline.
Taiba - Initiating Coverage - Overweight - TP:SR18.8
We initiate coverage on Taiba with an Overweight rating and price target of SR18.8/share. With a portfolio of prime assets, expected revenue growth and improving margins, we believe Taiba’s fundamentals make the stock an attractive play in the hospitality sector in the second holiest city in Islam.
Akaria - Initiating Coverage - Neutral - TP:SR26.5
We initiate with a Neutral rating and PT of SR26.5/share (14.9% upside potential). Good earnings visibility, future growth potential and a large land bank are positives that are partially offset by the low ROE and risk of rising excess supply in offices in Riyadh.
Tasnee - Company Update - Overweight - PT:SR40
Tasnee is expected to benefit from increasing petrochemical and titanium prices in 2011. Rising demand and improved outlook on long term titanium prices further supports our optimism towards the stock. We remain Overweight with a revised price target of SR40.0.
Sipchem - Company Update - Overweight - PT:SR27.6
Sipchem’s Phase II plants will fuel earnings growth in 2011. Along with an expanding bottom line, sustained progress on the Phase III expansion strengthens our optimism towards the stock. Although a higher risk premium has lowered our target price to SR27.6, we continue to remain Overweight on the stock.
Sahara Petrochemicals - Company Update - Overweight - PT:SR23.7
We are upgrading our rating to Overweight with a revised target price of SR23.7. Off the back of regional instability, the stock has underperformed the TASI petrochemical index by 5.4% in the last month, which we believe is unjustified. We expect Sahara’s Al Waha project to start commercial operations in 2Q11 and believe the start up will be a positive trigger for the stock.
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NCBC Closing Bell - 13Apr2011
The benchmark TASI advanced 0.2% to close at 6,604.2, driven by Yansab and SABIC, which added 3.9% and 1.6% respectively. SAFCO and Saudi Fransi fell 3.5% and 1.9% respectively.
NCBC Closing Bell - 12Apr2011
The benchmark TASI declined 0.3% to close at 6,590.7, dragged by Saudi Fransi, which lost 2.0%. SAFCO and Saudi Electricity fell 0.8% each. SABB advanced 2.2% with a turnover of $2.3mn.
NCBC Closing Bell - 11Apr2011
The benchmark TASI advanced 0.1% to close at 6,611.7, driven by Etihad Etisalat and Saudi Fransi, which added 2.0% and 1.2% respectively. SAMBA and Kingdom Holding declined 1.3% and 0.5% respectively.
NCBC Closing Bell - 10Apr2011
The benchmark TASI closed flat at 6,606.7, down 1.9 points. Saudi Fransi, Etihad Etisalat and Al Rajhi lost 2.0%, 1.4% and 1.3% respectively. SAFCO and SABIC added 1.3% and 0.7% respectively.
NCBC Closing Bell - 09Apr2011
The benchmark TASI gained 0.5% to close at 6,608.6, driven by Kingdom Holding Company and Etihad Etisalat, which added 1.6% and 1.0% respectively. Market breadth was positive with 118 stocks rising and 12 stocks falling. SABIC and Saudi Kayan lost 0.5% each. Insurance Sector rose 3.5%, bolstered by Weqaya Takaful, AXA-Cooperative and Gulf General, which advanced 10.0%, 9.9% and 9.9% respectively.
NCBC Closing Bell - 07Apr2011
The DFM benchmark index declined 0.1% to close at 1,555.4, dragged by Dubai Islamic Bank and Union Properties, which lost 4.0% and 2.3% respectively. Emirates NBD, DP World and Emaar Properties rose 2.1%, 2.0% and 1.3% respectively.
NCBC Closing Bell - 28Mar2011
The benchmark TASI fell 0.2% to close at 6,508.3, undermined by Saudi Electricity and Saudi Fransi, which lost 2.5% and 2.0% respectively. SABB added 3.3%. Allianz Saudi Fransi and AMANA Insurance rose 9.9% each.
NCBC Closing Bell - 26Mar2011
The benchmark TASI gained 2.3% to close at 6,506.0. Market breadth was positive with 138 stocks advancing and 6 stocks declining. Saudi Fransi and SABIC climbed 6.4% and 2.5% respectively. Real Estate sector gained 3.5%, bolstered by Dar Al Arkan, which rose 7.5% with a turnover of $41.6mn. Al Ahlia and Shams added 10.0% and 9.8% respectively. Saudi Cement fell 6.1% with a turnover of $26.8mn.
NCBC Closing Bell - 24Mar2011
The DFM benchmark index advanced 1.5% to end at 1,552.8, driven by Emaar Properties and DP World, which rose 3.0% and 2.0% respectively. Emirates Integrated Telecom and Dubai Islamic Bank added 1.6% and 1.4% respectively.
NCBC Closing Bell - 22Mar2011
The benchmark TASI shed 0.2% to close at 6,344.7, undermined by Etihad Etisalat, Kingdom Holding Company and SABIC, which declined 0.6%, 0.5% and 0.5% respectively. SIDC and FIPCO gained 8.4% and 7.4% respectively.
NCBC Closing Bell - 20Mar2011
The benchmark TASI advanced 4.5% to end at 6,343.8, bolstered by SAMBA, Kingdom Holding Company and Etihad Etisalat, which rose 8.3%, 6.1% and 5.6% respectively. All the listed stocks closed in the positive territory. Al Rajhi and SABIC gained 5.1% and 4.6% respectively.
NCBC Closing Bell - 17Mar2011
The DFM benchmark index rose 1.2% to close at 1,471.6, driven by Emaar Properties, Dubai Financial Market and DP World, which gained 2.5%, 2.5% and 1.8% respectively. Emirates Integrated Telecom and Air Arabia added 1.0% and 0.9% respectively.
NCBC Closing Bell - 15Mar2011
The benchmark TASI declined 3.5% to end at 6,011.9, undermined by Kingdom Holding Company and SAMBA, which slipped 10.0% and 6.4% respectively. SABIC lost 5.3% with a turnover of $271.1mn. Gulf General and MMG added 2.6% and 1.9% respectively.
NCBC Closing Bell - 14Mar2011
The benchmark TASI declined 1.3% to close at 6,230.7, dragged by Etihad Etisalat, SAFCO and Al Rajhi, which slipped 3.5%, 2.6% and 2.6% respectively. Saudi Fransi and SABIC lost 1.8% and 1.5% respectively, while Kingdom Holding rose 2.2%.
NCBC Closing Bell - 13Mar2011
The benchmark TASI advanced 0.2% to end at 6,309.6, led by Kingdom Holding gained 6.9%. Saudi Electricity and SAMBA rose 1.5% and 1.4% respectively. SABIC and Etihad Etisalat slipped 1.0% each. Anaam Holding added 10.0%.
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