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Saudi Central Bank Monthly Bulletin - May 2022

The Saudi Central Bank (SAMA) published its monthly bulletin for May 2022. The benchmark 3M SAIBOR stood at 3.04% as of 28 June 2022 vs 1.0% on 31 January 2022. We believe that tight liquidity may potentially impact the sector’s margins in Q2 22, par...
SNB Capital Talha
Talha Nazr @ SNB Capital 29 June 2022

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

Where fintechs need to improve most

One of the major drivers of fintechs' success over the past decade has been their ability to provide their clients with innovative and quality products, but customers still feel that there is room for improvement in some areas. Our survey of 900 cons...
Tellimer Research Rohit
Rohit Kumar @ Tellimer Research 22 June 2022
Where fintechs need to improve most
Where fintechs need to improve most

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

Sportswashing and LIV Golf a warning for EM funds in the ESG era

"If the return is juicy enough, is there any country you wouldn't invest in?" In an era when institutionally managed investment funds are marketed under the ESG banner and when the trade and investment policy of the US and the EU is increasingly weap...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 14 June 2022
Sportswashing and LIV Golf a warning for EM funds in the ESG era
Sportswashing and LIV Golf a warning for EM funds in the ESG era

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