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

Analysts

Latest from SNB Capital

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

Najran Cement: Meeting feedback summary

Today, we met the management of Najran Cement. In 2021, the company opted to sell at price realization of SAR150/ton, which was lower than its historical average to maintain its market share. Cost per ton: the company recorded the lowest cost per ton...
SNB Capital Walid
Walid Khalid Bamhair @ 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

Al Rajhi Bank: Strong fundamentals, priced in

We remain Neutral on Al Rajhi with a PT of SAR94.3. This, along with robust growth in fee & commission income, cost optimization and limited NPLs translated into best-in-class return profile. The stock trades at 2022f P/B of 4.6x vs peer group averag...
SNB Capital Nauman
Nauman Khan @ SNB Capital 9 June 2022