of  

or
Sign in to continue reading...

List of TA Funds Portfolio

Mohd Noordin
By Mohd Noordin
5 years ago
List of TA Funds Portfolio

Ard, Islam, Mal, Takaful , Commenda


Create FREE account or Login to add your comment
Comments (0)


Transcription

  1. Daily Market Report Saudi Arabia Stock Exchange 05 March 2017 TASI Index Turnover (SAR mn) 7,016.7 4,920.3 Global commentary TASI Intra Day Movement Intraday Previous Close 10:00 10:15 10:30 10:45 11:00 11:15 11:30 11:45 12:00 12:15 12:30 12:45 13:00 13:15 13:30 13:45 14:00 14:15 14:30 14:45 7,030 7,020 7,010 7,000 6,990 6,980 6,970 6,960 6,950 6,940 6,930 Research Department research@alrajhi-capital.com Tel:+966 11 211 9370 0.72% 48%  US stock markets advanced over the past week, owing to the US President’s pledge to initiate tax reforms, increase infrastructure spending and reduce regulations. Further, the Fed Chairwoman, in her speech on Friday, hinted at an interest rate hike in the near term. The Dow Jones and the S&P 500 gained 0.9% and 0.7%, respectively, while the Nasdaq Composite Index rose 0.4%.  European markets gained last week, backed by the prospects of a rise in US fiscal spending. The CAC 40 and the DAX advanced 3.1% and 1.9%, respectively, while the FTSE 100 rose 1.8%, as the weaker pound helped export-oriented stocks.  GCC markets fell over the previous week. Qatar declined 1.9%, led by banking stocks, while Dubai and Abu Dhabi dropped 1.4% and 1.2%, respectively. Meanwhile, Bahrain, Oman and Kuwait lost 0.6% each.  Most Asian markets dropped last week. The Hang Seng Index and the Shanghai Composite Index declined 1.7% and 1.1%, respectively, while the KOSPI lost 0.7%. On the other hand, the Nikkei 225 rose 1.0%, backed by the weaker yen.  Brent crude rose 1.5% on Friday, owing to a report suggesting an armed attack on Libya’s major oil ports. Key crude contracts Brent and WTI ended at US$ 55.90 (+1.5%) and US$ 53.33 (+1.4%), respectively. TASI – Activity Trend (Last 10 Days) Thousands Turnover (LHS, SAR bn) TASI Index (RHS) 6 9,000 8,500 8,000 7,500 7,000 6,500 6,000 5,500 5,000 4 2 2-Mar 1-Mar 28-Feb 27-Feb 26-Feb 23-Feb 22-Feb 21-Feb 20-Feb 19-Feb - Regional Indices WTD% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 YTD% -2.7 2.7 17.7 1.1 1.5 0.6 9.9 0.8 Major Com m odities / Currencies Close 1D % WTD % Gold Spot $/Oz 1,235 0.0 -1.8 Silver Spot $/Oz 17.98 1.2 -2.1 Crude Oil (Brent) 55.90 1.5 0.0 OPEC Basket 53.69 -0.8 0.2 Euro 1.06 1.1 0.6 USD Index 101.54 -0.6 0.0 JPY 114.040 0.4 -1.7 YTD % 7.1 13.0 -3.7 0.7 1.0 -0.7 2.6 Major Global Indices Close DJ Industrial 21,006 S&P 500 2,383 Nikkei 225 19,469 Hang seng 23,553 FTSE 100 7,374 CAC 40 4,995 MSCI World 1,849 MSCI EM 931 YTD % 6.3 6.4 1.9 7.1 3.2 2.7 5.6 8.0 KSA (TASI) Qatar (DSM) Kuw ait (KSE) Abu Dhabi (ADSM) Dubai (DFM) Oman (MSM30) Bahrain (BSE) MSCI GCC Close 7,017 10,721 6,767 4,596 3,584 5,815 1,342 481 1D% 0.7 -0.3 0.4 0.6 -1.0 0.4 -0.2 0.0 1D % WTD % 0.0 0.0 0.1 0.0 -0.5 0.0 -0.7 0.0 -0.1 0.0 0.6 0.0 0.0 0.0 -0.6 0.0 Saudi commentary  Tadawul All Share Index (TASI) gained 50.13 points or 0.72 % to close at 7,016.66. All the twenty sector indices closed higher. The advance decline ratio was 117/37. Trading turnover was around SAR 4.9bn.  Saudi Electricity exempted from 2% power consumption fee: Saudi Electricity Co. (SEC) has been exempted from paying a 2 percent power consumption fee to the municipalities by virtue of a royal decree on Monday, the utility firm said in a statement to Tadawul on Thursday. (Argaam)  Al Tayyar denies Indonesian hajj, tourism deals: Al Tayyar Group on Thursday denied news that it signed agreements with Indonesian hajj, umra and tourism unions worth SAR 5 billion ($1.333 billion). (Mubasher)  Arabian Cement calls on shareholders to run for board of directors: Arabian Cement Co. has called on eligible shareholders to run for the board of directors’ membership from March 2 to March 16, the company said in a statement. (Argaam)  Sipchem CEO denies fire rumors at Jubail factory: Saudi International Petrochemical Co.’s (Sipchem) factory in Jubail Industrial City did not catch on fire, said Ahmed Alohali, the company’s chief executive officer. (Argaam) Interest Rates 1M 3M 12M 3M Chg 1Y LIBOR (USD) 0.83 1.10 1.81 0.47 SAIBOR 1.38 1.77 2.21 0.03 EIBOR 0.97 1.41 2.14 0.37 Data Sources: Bloomberg Updated as of 05/Mar/2017 7:59 AM Please see penultimate page for additional important disclosures. Al Rajhi Capital (Al Rajhi) is a foreign broker-dealer unregistered in the USA. Al Rajhi research is prepared by research analysts who are not registered in the USA. Al Rajhi research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities, an SEC registered and FINRA-member broker-dealer. 1
  2. Daily Market Report Saudi Arabia Stock Exchange TASI – Large Cap (>10% Index weight) Sectors’ Performance TASI – Top Gainers / Losers 1D % (LHS) 1.4 MTD % (LHS) YTD % (RHS) 1.2 1.0 0.8 0.6 0.4 0.2 0.0 TASI Materials Banks Real Estate 0.0 -1.0 -2.0 -3.0 -4.0 -5.0 -6.0 -7.0 -8.0 Telecom TASI – Mid Cap (5 -10% index weight) Sectors’ Performance 1D % (LHS) 3.0 MTD % (LHS) YTD % (RHS) 12.0 10.0 2.5 8.0 2.0 6.0 1.5 4.0 1.0 2.0 0.5 0.0 0.0 -2.0 -0.5 Insurance Food & Beverages Capital Goods Utilities Retailing -4.0 TASI – Small Cap (<5% index weight) Sectors’ Performance Media Consumer Durables & Apparel Pharma YTD % (RHS) Commercial & Professional Svc Diversified Financials Food & Staples Retailing MTD % (LHS) Transport Consumer Services Health Care Equipment & Svc 1D % (LHS) Energy 6 5 4 3 2 1 0 -1 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 -20.0 Last Price 52Wk High 15.23 15.23 19.39 19.39 121.19 121.75 13.69 13.80 97.15 98.50 % Diff 0.0% 0.0% 0.5% 0.8% 1.4% Last Price 35.20 32.57 14.88 20.91 17.51 Chg % 9.8 7.1 4.4 4.1 3.8 Vol (mn) Value Trd (SAR mn) 7.481 251.68 1.648 51.29 41.279 616.69 2.338 48.72 2.327 41.15 Company Amana Coop Ins Al-Ahlia Coop Ins ANB Ins Al Rajhi Takaful Malath Insurance Last Price 19.2 12.6 23.1 47.4 8.5 Chg % -1.5 -1.2 -1.1 -1.0 -0.9 Vol (mn) Value Trd (SAR mn) 1.046 20.04 1.177 14.88 0.558 13.05 0.482 23.02 0.554 4.70 TASI – Top Index Movers / Losers (Heavy weight stocks) Company Al Tayyar Jabal Omar Saudi Elec Maaden Mobily Last Price 35.20 66.76 24.36 40.94 21.96 Chg % 9.8 1.2 1.8 1.5 2.7 Index Imp Value Trd (SAR mn) 4.4 7.48 4.4 0.18 3.1 2.14 2.5 0.51 2.5 1.83 Company Samba South Pro Cem Qassim Cement Saudi Chem Co Najran Cement Last Price 21.51 69.02 58.00 35.23 11.73 Chg % -0.2 -0.7 -0.9 -0.9 -0.9 Index Imp Value Trd (SAR mn) -0.4 25.65 -0.3 1.13 -0.3 2.50 -0.2 4.44 -0.1 34.06 Chg % 4.4 1.9 -0.1 9.8 2.5 0.3 2.0 0.6 1.2 2.2 Vol (mn) Value Trd (SAR mn) 41.279 616.69 40.629 244.68 22.694 333.71 7.481 251.68 6.837 92.90 4.972 483.24 4.681 47.53 4.423 288.63 4.374 36.65 4.283 58.63 TASI – Volume Leaders Company Riyadh REIT Dar Al Arkan Alinma Bk Al Tayyar Petro Rabigh Sabic Saudi Paper Mfg STC Saudi Kayan Jazan Devt Last Price 14.88 6.06 14.66 35.20 13.69 97.15 10.15 65.65 8.40 13.52 TASI - Stocks Closer to 52 Week Low TASI – Stocks Closer to 52 Week High Company Sanad Coop Ins Weqaya For Takaf Co For Coop Ins Petro Rabigh Sabic Company Al Tayyar Al Hokair Riyadh REIT Umm Al Qura Cem Saudi Printing & Pkg Value Trd (SAR mn) 0.000 0.000 28.550 92.902 483.243 Company Sanad Coop Ins Weqaya For Takaf Saudi Vitrified Tihama Kingdom Hold Last Price 52Wk Low 15.23 15.23 19.39 19.39 56.83 55.25 23.44 22.25 11.10 9.90 % Diff 0.0% 0.0% 2.9% 5.3% 12.1% Value Trd (SAR mn) 0.000 0.000 7.142 40.626 5.732 Data Sources: Al Rajhi Capital, Bloomberg Disclosures Please refer to the important disclosures at the back of this report. 2
  3. Daily Market Report Saudi Arabia Stock Exchange Performance of Regional markets Country Saudi Arabia Qatar Dubai Abu Dhabi Kuw ait Oman Bahrain Last Close 7 ,017 10,721 3,584 4,596 6,767 5,815 1,342 Index 1D 0.7 -0.3 -1.0 0.6 0.4 0.4 -0.2 Change (%) 1M YTD 0.6 -2.7 0.2 2.7 -1.3 1.5 1.0 1.1 -0.2 17.7 0.6 0.6 -0.6 9.9 MCap US$ bn 438 136 84 119 96 17 22 Volume mn shr 210 9.3 289 111 274 9 1.7 Turnover US$ mn 1,238 80 127 64 72 8 1 P/E (x) 12M 17.3 15.7 15.3 12.9 22.6 11.0 8.6 P/E (x) 2016 14.3 13.4 10.5 12.3 NA 9.6 NA P/E (x) 2017E 12.9 11.9 9.0 10.8 NA 9.3 NA P/B (x) Current 1.6 1.6 1.3 1.4 1.2 1.2 0.7 Div Yld 12M (%) 3.3 3.7 3.8 5.3 3.5 4.9 4.7 Data Sources: Al Rajhi Capital, Bloomberg 26-Feb 23-Feb 22-Feb 21-Feb 20-Feb 19-Feb 0.0 Abu Dhabi – Activity Trend (Last 10 Days) Turnover (LHS, AED bn) 5.0 1D % (LHS) MTD % (LHS) Dubai – Top Gainers / Losers YTD % (RHS) ADSMI Index (RHS) 0.5 5,000 8.0 6.0 Services Telcom Transport -5.0 Investment Insurance Reality Bank 0.0 1D % (LHS) MTD % (LHS) YTD % (RHS) 20.0 1.5 15.0 1.0 10.0 Consumer Insurance Services Industrial Banks Telecome Energy -2.0 -5.0 -10.0 -20.0 Qatar – Sector Performances DSM Index (RHS) 11,200 0.6 1D % (LHS) MTD % (LHS) 0.3 YTD % (RHS) 2.0 10.0 1.5 8.0 6.0 4.0 2.0 Insurance Real Estate Transport Consumer -1.0 Telecom Bank -0.5 DSM 2-Mar 1-Mar 28-Feb 27-Feb 26-Feb 23-Feb 22-Feb 21-Feb 20-Feb 10,400 19-Feb Last Price Change % 5.59 -9.3 1.02 -3.8 1.50 -2.0 0.45 -1.4 0.94 -1.1 Vol (mn) 10.43 55.27 0.69 2.04 0.33 Company Investbank Abu Dhabi Nat Co National Takaful ADCB ADIsB Last Price Change % 2.30 11.1 0.65 8.3 0.67 6.4 7.29 4.1 3.96 2.1 Vol (mn) 1.249 0.048 0.062 2.995 1.619 Company Al Buhaira Nat Ins Al Khazna Ins RAK Ceramics Intl Fish Farming NA Last Price Change % 2.16 -9.6 0.43 -4.4 2.31 -1.7 1.92 -1.0 NA NA Vol (mn) 0.044 0.530 0.021 1.615 NA Company Ezdan Hold Ooredoo CBQ Qatar Insurance United Devt Co Last Price Change % 15.58 0.9 107.80 0.5 31.80 0.3 74.00 0.3 21.89 0.2 Vol (mn) 2.290 0.042 0.139 0.057 0.285 Company Aamal Co Qatar Navigation QNB Qatary investors Doha Bank Last Price Change % 15.10 -2.6 86.00 -2.2 150.70 -1.5 57.60 -1.2 39.00 -1.1 Vol (mn) 0.383 0.081 0.236 0.213 0.458 0.5 0.0 0.0 Company DIB DXB Entertainments Gulf Navigation Ajman Bank Dubai Islamic Ins Qatar – Top Gainers / Losers 1.0 10,800 Vol (mn) 0.00 48.11 0.53 3.57 18.85 0.0 -15.0 -2.5 Qatar – Activity Trend (Last 10 Days) 0.9 -1.5 Fin.Services 2-Mar 1-Mar 28-Feb 27-Feb 26-Feb 23-Feb 22-Feb 4,000 21-Feb 0.0 5.0 ADSM -1.0 Last Price Change % 3.10 6.9 1.26 3.3 8.30 3.0 1.94 2.7 0.61 2.4 Abu Dhabi – Top Gainers / Losers 2.0 0.0 Company National Cement Air Arabia ENBD Tabreed Deyaar Devt 0.0 Abu Dhabi – Sector Performances -0.5 20-Feb 2.0 -4.0 Real Estate 4,500 19-Feb 4.0 -2.0 -10.0 0.5 Turnover (LHS, QAR bn) 10.0 2-Mar 0.4 1-Mar 0.8 28-Feb DFMGI Index (RHS) 3,660 3,640 3,620 3,600 3,580 3,560 3,540 3,520 3,500 27-Feb Turnover (LHS, AED bn) Dubai – Sector Performances DFM Dubai – Activity Trend (Last 10 Days) 0.0 -2.0 -4.0 Data Sources: Al Rajhi Capital, Bloomberg Disclosures Please refer to the important disclosures at the back of this report. 3
  4. Daily Market Report Saudi Arabia Stock Exchange Oman – Activity Trend (Last 10 Days) 2-Mar 1-Mar 28-Feb Oil&Gas Healthcare Insurance Basic material Telecom Consumer Parallel Services Bank Fin. Services Industrial Real estate Investment KSE 0.7 0.6 0.5 0.4 0.3 0.2 Bank Industry 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 -1.0 -2.0 Services Bahrain – Sector Performances 0.2 1D % (LHS) MTD % (LHS) YTD % (RHS) -0.6 -0.8 -1.0 Services -0.4 Industries -0.2 Company Natl Petroleum A'ayan Real Est Burgan Co For We Sanam Real Est Energy House Hol Last Price Change % 1240 8.8 80 6.7 85 6.3 52 6.1 43.5 6.1 Vol (mn) 0.270 3.600 1.380 0.008 0.199 Company Last Price Change % Wethaq Takaful 48.5 -6.7 Hayat Communications 77 -6.1 Kuw ait Cable Vision 24 -5.9 Kuw ait Building 160 -5.9 Osoul Investment 70 -5.4 Vol (mn) 0.215 0.214 0.399 0.348 0.201 Company Ooredoo Oman Invest &Fin Renaissance Serv Oman Telecom Al-Anw ar Ceramic Last Price Change % 0.588 3.2 0.227 1.8 0.254 1.6 1.385 1.5 0.165 1.2 Vol (mn) 1.729 1.958 0.132 0.338 0.087 Company Bank Nizw a Galfar Engineering Bank Muscat Gulf Intl Chem NA Last Price Change % 0.090 -1.1 0.092 -1.1 0.476 -0.4 0.284 -0.4 NA NA Vol (mn) 1.800 0.426 0.794 0.046 NA Bahrain – Top Gainers / Losers 0.0 Insurance BHSEASI Index (RHS) 27-Feb 26-Feb 23-Feb 22-Feb 21-Feb 20-Feb YTD % (RHS) 0.0 1,360 1,350 1,340 1,330 1,320 1,310 1,300 19-Feb Thousands MTD % (LHS) 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 Oman – Top Gainers / Losers 0.8 MSM 30 6.0 5.0 4.0 3.0 2.0 1.0 - YTD % (RHS) 0.1 Bahrain – Activity Trend (Last 10 Days) Turnover (LHS, BHD mn) 1D % (LHS) 0.9 Hotel & Tourism 27-Feb 26-Feb 23-Feb 22-Feb 21-Feb 20-Feb 19-Feb 0 MTD % (LHS) Kuwait – Top Gainers / Losers Oman – Sector Performances Banks 4 1D % (LHS) BSE 8 2-Mar 12 1-Mar MSM30 Index (RHS) 5,880 5,860 5,840 5,820 5,800 5,780 5,760 5,740 5,720 28-Feb Turnover (LHS, OMR mn) 16 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 Technology 6,840 6,820 6,800 6,780 6,760 6,740 6,720 6,700 6,680 Kuwait – Sector Performances 2-Mar 1-Mar 28-Feb 27-Feb 23-Feb 22-Feb 20-Feb 19-Feb 21-Feb Turnover (LHS, KWD mn) KWSEIDX Index (RHS) 70 60 50 40 30 20 10 0 16-Feb Thousands Kuwait – Activity Trend (Last 10 Days) 20.0 15.0 10.0 5.0 Company Nass Corp Al-Salam Bank BBK NA NA Last Price Change % 0.112 3.7 0.116 0.9 0.398 0.5 NA NA NA NA Vol (mn) 0.307 0.030 0.040 NA NA Company Ithmaar Bank Khaleeji Com Bk Ahli United Bk NA NA Last Price Change % 0.180 -2.7 0.103 -1.9 0.780 -0.6 NA NA NA NA Vol (mn) 0.311 0.061 0.325 NA NA 0.0 -5.0 -1.2 -10.0 -1.4 -15.0 Data Sources: Al Rajhi Capital, Bloomberg Disclosures Please refer to the important disclosures at the back of this report. 4
  5. Daily Market Report Saudi Arabia Stock Exchange IMPORTANT DISCLOSURES FOR U .S. PERSONS This research report was prepared by Al Rajhi Capital (Al Rajhi), a company authorized to engage in securities activities in Saudi Arabia. Al Rajhi is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Rosenblatt Securities Inc, 40 Wall Street 59th Floor, New York, NY 10005, a registered broker dealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through Al Rajhi. Rosenblatt Securities Inc. accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of Rosenblatt Securities Inc. and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account. Ownership and Material Conflicts of Interest Rosenblatt Securities Inc. or its affiliates does not ‘beneficially own,’ as determined in accordance with Section 13(d) of the Exchange Act, 1% or more of any of the equity securities mentioned in the report. Rosenblatt Securities Inc, its affiliates and/or their respective officers, directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein. Rosenblatt Securities Inc. is not aware of any material conflict of interest as of the date of this publication. Compensation and Investment Banking Activities Rosenblatt Securities Inc. or any affiliate has not managed or co-managed a public offering of securities for the subject company in the past 12 months, nor received compensation for investment banking services from the subject company in the past 12 months, neither does it or any affiliate expect to receive, or intends to seek compensation for investment banking services from the subject company in the next 3 months. Additional Disclosures This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. Neither Al Rajhi nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report’s preparation or publication, or any losses or damages which may arise from the use of this research report. Al Rajhi may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups, or affiliates of Al Rajhi. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by Al Rajhi with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this research report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this research report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein. No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior consent of Al Rajhi and Al Rajhi accepts no liability whatsoever for the actions of third parties in this respectThis research document has been prepared by Al Rajhi Capital Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi Capital’s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this research document. This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered, duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any registration or licensing requirement within such jurisdiction. 5
  6. Daily Market Report Saudi Arabia Stock Exchange Disclaimer and additional disclosures for Equity Research Disclaimer This research document has been prepared by Al Rajhi Capital Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi Capital’s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this research document. This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered, duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any registration or licensing requirement within such jurisdiction. Explanation of Al Rajhi Capital’s rating system Al Rajhi Capital uses a three-tier rating system based on absolute upside or downside potential for all stocks under its coverage except financial stocks and those few other companies not compliant with Islamic Shariah law: "Overweight": Our target price is more than 10% above the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Neutral": We expect the share price to settle at a level between 10% below the current share price and 10% above the current share price on a 12 month time horizon. "Underweight": Our target price is more than 10% below the current share price, and we expect the share price to reach the target on a 12 month time horizon. "Target price": We estimate target value per share for every stock we cover. This is normally based on widely accepted methods appropriate to the stock or sector under consideration, e.g. DCF (discounted cash flow) or SoTP (sum of the parts) analysis. Please note that the achievement of any price target may be impeded by general market and economic trends and other external factors, or if a company’s profits or operating performance exceed or fall short of our expectations. Contact us Al Rajhi Capital Research Department Head Office, King Fahad Road P.O. Box 5561, Riyadh 11432 Kingdom of Saudi Arabia Email: research@alrajhi-capital.com Al Rajhi Capital is licensed by the Saudi Arabian Capital Market Authority, License No. 07068/37. 6