Issue Date: 31 March 2022 We re-initiate coverage on Oman Insurance Sector with three names in focus: Oman Qatar Insurance, National Life Insurance, and Oman United Insurance. While the sector remained under pressure in 2021, due to higher death claims, we expect a sustainable recovery in terms of higher GWP, better loss ratio, and growing...
We revise our 12-month target price (TP) for Al Rajhi Bank (RJHI) down from SAR 98.1 to SAR 91 per share. We upgrade the rating on the stock to BUY. The TP reduction comes on the back of a lower median price-to-book multiple for the local peer group (de-rated amid reduced oil prices clouding KSA’s...
Supply shock to extend the top of fertilizer cycle European ammonia-plant shutdowns in August due to prohibitive natural gas price supports our view that nitrogen fertilizers' market pricing and consensus are understated. Ammonia prices, though volatile, rose 15% in 3Q and could climb higher as Europe's record gas prices threaten output and send ammonia producers...
Issue Date: 26 January 2022 The IMF now expects a slower global growth in 2022 than previously estimated• As per the IMF’s latest World Economic Outlook published on January 25th, 2022, the global economy has entered 2022 in a weaker position than previously expected. Exploding number of Omicron COVID-19 variant-cases has left no choice...
Issue Date: 11 February 2021 Oman’s economic outlook has improved…Oil and gas price recovery during the year so far is undoubtedly going to reflect positively on Oman’s macroeconomic indicators, whose largest share of Government revenues is contributed by this sector alone (at about 65-70%). Furthermore, Oman is all set to reap its vaccine dividend ,...
Oman’s economic outlook has improved…Oil and gas price recovery during the year so far is undoubtedly going to reflect positively on Oman’s macroeconomic indicators, where Oman’s largest share of Government revenues is contributed by this sector alone (at about 65-70%). Furthermore, Oman is all set to reap its vaccine dividend , whereby a successful taming...
Issue Date: 7 December 2022 Oman’s ratings upgraded by S&P Global RatingsOman’s sovereign credit rating has been upgraded for the second time this year by S&P Global Ratings on improving fiscal position due to government reforms and higher hydrocarbon prices. On Friday, S&P raised its foreign and local currency long-term sovereign credit ratings of Oman...
• We revise our target prices and ratings on the Omani Banking sector as follows: Bank Muscat (BKMB) –ACCUMULATE, Bank Dhofar (BKDB) –ACCUMULATE, National Bank of Oman (NBOB) -HOLD, Sohar International Bank (BKSB) –Under Review, Oman Arab Bank (OAB) – BUY, Ahli Bank (ABOB) -ACCUMULATE and HSBC Oman (HBMO) – Under Review, based on...
Advanced Petrochemical’s (Advanced) bottom line in 3Q22 decreased by 87.6% YoY to SAR 27.0 mn, below our estimate of SAR 88.5 mn. The decline in the bottom line was mainly due to lower topline growth coupled with a higher-than-expected increase in operating expenses. The top line in 3Q22 declined by 18.4% YoY, mainly due to...
