SNB Capital
SNB Capital

SNB Capital

Coverage: Saudi Arabia
SNB Capital is the largest asset manager in the Kingdom of Saudi Arabia and the largest Sharia compliant asset manager globally and offers a full range of investment banking and brokerage services alongside its market-leading research.
Location: Riyadh

Latest articles from SNB Capital

SABIC Agri-Nutrients: Record urea prices and historical earnings

We maintain our Neutral rating on SABIC-AN with a PT of SAR176.5. The stock trades at 2022f EV/EBITDA of 8.7x, in line with the peer group average. We expect the positive momentum for urea prices to continue in H1 22 driven by 1) the on-going increas...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 17 January 2022

Advanced Petrochemicals: Weak SK Advanced earnings offset record sales

Advanced reported a weaker than expected set of Q4 21 results with a net income of SAR161mn, down 10.3% yoy (-25.9% qoq) and lower than the SNB Capital estimates of SAR180mn. Revenues grew 43.0% yoy (+12.4% qoq) to SAR905mn, the highest level on reco...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 9 January 2022

Saudi REIT Sector – Q4 21

Despite the muted performance of the REITs sector during H2 21, the sector ended the year increasing by 7.6% yoy. We believe this was mainly supported by higher real estate prices and consistent dividend pay-outs. We note that the latest REITs’ finan...
SNB Capital Iyad
Iyad Khalid Ghulam @ SNB Capital 9 January 2022

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