Iyad Khalid Ghulam

SNB Capital

Head of Equity Research @ SNB Capital

Iyad has more than 10 years’ experience in the investment banking industry in Saudi Arabia, with his main focus being on the petrochemical and telecommunications sectors. He is an Euromoney award-winning analyst for his covered sectors. His coverage also includes utilities and religious tourism stocks, and he previously also covered the cement sector. 

Iyad Khalid Ghulam
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Latest from Iyad Khalid Ghulam

Saudi Aramco: Initiation – The seven wonders of the world's largest oil producer

We initiate coverage on Saudi Aramco with a Neutral rating and a PT of SAR38.5. The stock is trading at 2022f P/E of 14.2x vs the peers group average of 8.3x, which we believe is justified due to the sustainability of cash flows through different oil...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 27 June 2022

Saudi Cement Monthly: Local sales growth post Ramadan

The total quantities of cement and clinker sold by the Saudi cement sector stood at 4.19mn tons in May 2022, increasing 3.4% mom (-7.0% yoy). We believe the mom increase in sales came as a result of demand normalization post Ramadan break. Export sal...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 16 June 2022

Petrochemical Tracker: May 2022 – China lockdown easing supports sentiment

Slowing global economic growth, supply-chain disruptions and high feedstock prices are the key headwinds facing the petrochemicals sector. In May 2022, prices of most petrochemical products declined mom due to a slowdown in demand. The global economy...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 16 June 2022

Saudi Arabia: Tariff increase on 99 products, positive for selected picks

We believe this in line with Vision 2030, as the government has been pursuing to support local content, protect producers and decrease the dependence on imports. Vision 2030 aims to increase the private sector’s contribution to GDP and launched sever...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 14 June 2022

STC: Bonus issue, a positive stock momentum

STC BoD recommended to increase its capital 150% to SAR50bn, through the issuance of bonus shares via capitalizing SAR30bn from retained earnings. The higher equity capital should help the company in strengthening its balance sheet and provide an opp...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 14 June 2022

Saudi Petrochemicals Sector | Q2 22 Sector Update | Challenges and opportunities

The Saudi petrochemicals sector is going through an interesting period, as it is simultaneously facing major headwinds and attractive opportunities. Slowing global economic growth, supply-chain disruptions, new capacities and high feedstock prices ar...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 7 June 2022

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