We remain Neutral on Taiba with a PT of SAR36.3. Moreover, the potential merger with Dur and implementation of IAS 40 are key short-term catalysts. The stock trades at a slight discount to its Market NAV at 0.99x. As of 17 October 2021, Saudi has eas...

Yansab reported a weak set of Q3 21 results, with a net income declining by 8.1% yoy (-69.9% qoq) to SAR180mn. This compares to the SNB Capital and consensus estimates of SAR445mn and SAR497mn, respectively. We believe the variance is attributed to 1...

To answer these questions, we surveyed 900 individuals across 14 emerging markets... Two-thirds of our respondents access social media at least daily; very few emerging market adults are not plugged into their social media accounts. Indonesia: Ride-h...

Almarai reported a weaker than expected set of Q3 21 earnings, with net income declining 34.2% yoy to SAR409mn. Revenues were up 2.0% yoy to SAR3.94bn, broadly in-line with our estimates. The earning weakness is primarily driven by lower gross margin...

Extra reported a strong set of Q3 21 results with a net income of SAR89mn, increasing by 66.7% yoy (-11.3% qoq). This compares to the SNB Capital and consensus estimates of SAR75mn and SAR90mn respectively. We believe the yoy improvement in gross mar...

Jarir reported a mix set for Q3 21 results with a net income of SAR273mn, increasing 6.8% yoy (+44.0% qoq). Despite higher revenues, gross margins contracted by 153bps yoy to 15.5% and was lower than our estimate of 17.0%. Revenue grew 9.2% yoy (+10....