Issue Date: 29 March 2022 We add four more companies to our GCC Petrochemicals Sector coverage, bringing the total to 9. Covered in this report are: Saudi Basic Industries Corp. (SABIC), Sahara International Petrochemical Co. (SIPCHEM), National Industrialization Co. (TASNEE) and Rabigh Refining and Petrochemical (PETRO RABIGH). Our valuations are based on a mix of...
Issue Date: 5 September 2022 We initiate coverage on four Omani utility companies – Phoenix Power (PHPC), Sembcorp Salalah Power & Water (SSPW), Sharqiyah Desalination (SHRQ), and Musandam Power (MSPW). SSPW is an electricity and desalinated water producer, PHPC and MSPW only generate electricity while SHRQ is a pure play water producer. We have used...
Issue Date: 13 February 2022 We expand coverage on the GCC Petrochemicals Sector with two names in focus in this report – Mesaieed Petrochemical Holding Company (MPHC) and Industries Qatar (IQCD). Our valuations are based on a mix of DDM (40% weight), EV/EBITDA (10% weight), P/E (10% weight) and DCF (40% weight). Globally, petrochemicals demand...
Issue Date: 9 June 2022 We initiate coverage on the National Central Cooling Company (Tabreed) with a 12-M target price (TP) of AED 3.40 per share, implying an upside of 21.3% to the current market price, and a P/E’22e, and EV/EBITDA’22e of 15.7x and 12.8x, respectively. Overall, we have a positive view on DC demand...
Issue Date: 12 May 2022 We initiate coverage on the KSA IT Sector with the only two listed names – Arabian Internet & Communication Services Co. (Solutions by STC), and Al Moammar Information Systems (MIS). Overall, we have a favorable view of the sector and expect it to remain on a strong growth trajectory in...
Issue Date: 6 September 2022 Saudi Industrial Investment Group’s (SIIG) bottom-line in 2Q22 decreased by 43.8% YoY to SAR 284.2 mn, below our estimate of SAR 363.0 mn. The decline in the bottom line was mainly due to lower-than-expected earnings from joint ventures. Aromatics Distribution Company (group’s share 50%) almost reported nil earnings during the...
Issue Date: 25 June 2022 We initiate coverage on the GCC Education Sector with two names in focus – Ataa Educational Company (Ataa), and Humansoft Holding Company (Humansoft). While Saudi-based Ataa is a K-12 (kindergarten till 12th grade) private school operator, Humansoft is a Kuwait-based player in the private higher education space. We have used...
Issue Date: 23 January 2022 We initiate coverage on the Saudi Petrochemicals Sector with three names in focus – Advanced (APPC), Yansab (YANSAB), and Saudi Industrial Investment Group (SIIG). Our valuations are based on a mix of DDM (35% weight), EV/EBITDA (25% weight), P/E (25% weight) and DCF (15% weight). Globally, petrochemicals demand recovered in...
