Nauman Khan

Nauman Khan
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Latest articles from Nauman Khan

2022 Saudi Equity Strategy – Steering Through Volatility

Motivated by unprecedented earnings growth, exceptional performance and positive sentiment in 2021, the Saudi market enters a multifaceted year with higher than usual volatility being the main theme. After recording an extraordinary earnings growth o...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 2 January 2022
2022 Saudi Equity Strategy – Steering Through Volatility
2022 Saudi Equity Strategy – Steering Through Volatility

Saudi 2022f budget – first surplus since 2013

For the first time since 2013, the Saudi 2022f budget is projected to report a surplus of SAR90bn, which reflects the government’s efforts to diversify revenues and increase spending efficiency. The budget is reflecting an economic policy that is bui...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 14 December 2021

Alothaim: Lowest quarterly net profits on record since Q3 16

AlOthaim reported a weaker than expected set of Q3 21 results with a net income of SAR44.9mn (-26.1% yoy, -6.4% qoq), their lowest quarterly net profits on record since Q3 16. We believe the yoy increase in revenue is the result of the normalization ...
SNB Capital Nauman
Nauman Khan @ SNB Capital 10 November 2021

BinDawood Holding: Opex growth leads to weaker results

BinDawood reported a weaker than expected set of Q3 21 results with a net income of SAR70.2mn declining by 10.7% yoy and 26.1% qoq. As a result, opex-to-sales stood at 28.0% yoy vs our estimate of 25.0%. Revenue decreased by 0.4% yoy (-4.0% qoq) to S...
SNB Capital Nauman
Nauman Khan @ SNB Capital 9 November 2021

Saudi German Hospital: Higher operating expenses drag net income

Saudi German reported a net profit of SAR14mn for Q3 21, down 58.9% yoy (+57.0% qoq). Revenues increased by 1.3% yoy (+9.2% qoq) to SAR499mn and were in line with our estimates. In absolute terms, operating expenses increased by 14.8% yoy (+12.0% qoq...
SNB Capital Nauman
Nauman Khan @ SNB Capital 7 November 2021

Solutions by STC: Initiation – The gate to the future; Neutral

We initiate coverage on Arabian Internet and Communication Services Company (Solutions by STC or Solutions) with a Neutral rating and a PT of SAR193.4. We believe that Solutions’ market leadership is built on its unique partnership with STC and being...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 4 November 2021

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