Advanced Petrochemical Co. - Aljazira Capital
Advanced Petrochemical Co. Investment Update
July 2015
We update our earnings estimates for 2015/16 on Higher utilization rates, stable product price outlook, and above than expected Q2-2015 result.
Please read Disclaimer on the back
‘Overweight ’
Recommendation Previous Target Price (SAR)
59.70
Q2-2015 net profit of SAR 243.0mn exceeded all market expectations:
Current Price* (SAR)
55.0
Q2-15 earnings came with a positive surprise and showed a deviation
New Target Price (SAR)
61.70
of 27.9% from the market consensus of SAR 190mn. Advanced
Upside / (Downside)
12.2%
Petrochemical posted net income of SAR 243.0mn; (EPS; SAR1.48); indicating an increase of 31.6%YoY and 171.1%QoQ. YoY growth was mainly associated with i) increase in the final product price ii) lower
*prices as of 08th of July 2015
Key Financials
growth in feedstock price iii) higher volumetric sales growth, as we
SARmn (unless specified)
FY14
FY15E
FY16E
expect that sales volume was positively affected by higher production
Revenues Growth % Net Income Growth % EPS
3,036 9.0% 751 34.9% 4.58
2,501 -17.6% 709 -5.6% 4.31
2,757 10.3% 696 -1.8% 4.25
efficiency after the maintenance in Q1-2015. In addition, the QoQ noticeable growth is mainly attributed to a three-week planned plant shutdown and lower product prices in Q1-2015. Gross profit stood at SAR 264.0mn depicting an increase of 36.9%YoY, and 137.6%QoQ, which we believe was due to stronger growth in Polypropylene prices compare to Naphtha that revived profit margins. We expect the company’s sales in 2015 to continue its growth trajectory, due to expected higher utilization rate of more than 120% in the coming quarter. Our estimates and valuation: Based on the positive surprise Q2-2015 result, we adjust our valuation and raised our 12-month price to SAR61.7/share; indicating a potential upside of 12.2% over current market price of SAR55.0/ share (as of 8th July 2015). We therefore remain ‘Overweight’ for the stock. The company is trading at forward PE and P/B of 12.8x and 3.26x respectively based on our 2015 earnings forecast.
Source: Company reports, Aljazira Capital
Key Ratios SARmn (unless specified)
FY14
FY15E
FY16E
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
25.7% 31.3% 24.7% 9.63 3.04x 6.62
31.8% 37.3% 28.4% 12.75 3.26x 8.81
28.4% 33.6% 25.3% 12.95 2.90x 8.90
31.6%
25.6%
22.4%
19.6%
17.1%
15.4%
6.8%
3.6%
3.6%
Source: Company reports, Aljazira Capital
Shareholders Pattern Higher utilization rates helped exceed estimates: In 1Q2015,
Shareholders Pattern
Advanced Petrochemical announced scheduled maintenance of its
General Organization for Social Insurance Polypropylene National Company Ltd. Public
propylene and polypropylene plants from 1st of March for a period of three weeks. The plant resumed operations on 23rd of March after 21
was operating the plant at around 120% capacity utilization during 2Q2015. We believe the consensus estimate did not account for a gain in operational efficiency; thus, the company’s net income of SAR 243mn (up 31.6% YoY and 171.1% QoQ) was ahead of the consensus estimate of SAR 190mn. In 2Q2015, Advanced Petrochemical’s gross profit rose 36.9% YoY and 137.6% QoQ to SAR 264mn, and operating profit increased 38.7% YoY and 153.1% QoQ to SAR 254mn (the company is yet to publish its detailed financials for 2Q2015). Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
6.37% 7.95% 85.68%
Source: Company reports, Aljazira Capital
days of shutdown. We expect that production efficiency has increased after the maintenance and anticipated that Advanced Petrochemical
Holding
Company Overview: The Company was founded in 2005. Advanced Company manages an integrated complex in Al-Jubail city which produces Propylene & Polypropylene with a production capacity of 500 thousand tons annually. In September 2014, Advanced Petrochemical announced it would invest in a 600-ktpa propane dehydrogenation (PDH) project in South Korea via its subsidiary, Advanced Global Investment Company (AGIC), and hold 33.25% stake in the project. Geographic Revenue Breakdown - 2014 China Asia India Turkey Other
13.03%
14.04%
33.06%
14.46% 25.41%
Source: Company reports, Aljazira Capital
1
© All rights reserved
Advanced Petrochemical Co. Investment Update
July 2015
Please read Disclaimer on the back
Increasing polypropylene-naphtha spread to boost margins in 2Q2015: In 2Q2015, naphtha (feedstock) prices increased 13.5% QoQ to USD 568 per MT from USD 500 per MT in 1Q2015. Due to favorable demand and supply and higher feedstock prices, polypropylene prices registered stronger growth than Naphtha and rose 18.5% QoQ to USD 1,237 per MT from USD 1,044 per MT. This led to a 23.0% QoQ gain in the polypropylene-naphtha spread. On a YoY basis, the polypropylene-naphtha spread expanded 27.6%, driven by a surge in demand amid low feedstock prices. We believe that the company’s 2Q2015 performance has benefited more from the higher polypropylene-naphtha spread and we expect the company to continue recording improvement in profit margin for coming quarters. Advanced Petrochemical to cater to global markets through PDH plant in South Korea: In September 2014, Advanced Petrochemical announced it would invest in a 600-ktpa propane dehydrogenation (PDH) project in South Korea via its subsidiary, Advanced Global Investment Company (AGIC), and hold 33.25% stake in the project. The company expects to start commercial operations in the plant by the end of 2016. Expanding population base, improving lifestyle, rapid industrialization, and robust economic growth have resulted in substantial growth in the demand for propylene in developing markets. Global demand for propylene increased over the last decade due to increased consumption by enduse industries across the world. South Korea accounts for a major share in propylene exports in the global propylene market. We believe Advanced Petrochemical with its AGIC investment is well positioned to cater to growing global demand for propylene. Positive price outlook for main product: Advanced Petrochemical derives its revenue from the production of Propylene
Polypropylene (PP) - Asia 1,600
Polypropylene, we believe the company benefited substantially from the price recovery and the prices movements spread between
1,400
the medium term.
2
© All rights reserved
Feb-15
May-15
Nov-14
Aug-14
Feb-14
May-14
Nov-13
Aug-13
supply by 2.28mt in 2015. We expect prices to remain broadly stable in
800
Feb-13
is a concern, industry sources estimate global demand for PP to exceed
1,000
May-13
holiday. Although robust capacity addition in China and the Middle East
Nov-12
expectations of an increase in demand after China’s Lunar New Year
1,200
Aug-12
increased 13% YTD. We believe this gain in prices is primarily driven by
(USD/ Mt)
feedstock vs final product. In the propylene (PP) segment, prices have
Feb-12
tons annually. As the majority of total revenue is contributed by
May-12
& Polypropylene with a production capacity of 500 thousand
Source: Aljazira Capital, Bloomberg
RESEARCH DIVISION
AGM - Head of Research
Abdullah Alawi +966 11 2256250 [email protected]
Analyst
Sultan Al Kadi
+966 11 2256115 [email protected]
+966 11 2256374 [email protected]
General manager - brokerage services and sales
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
Ala’a Al-Yousef
brokerage
Brokerage
+966 11 2256000 [email protected]
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
AGM - Head of Institutional Brokerage
Central Region
Abdullah Al-Rahit
Samer Al- Joauni
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 1 225 6352 [email protected]
Jassim Al-Jubran +966 11 2256248 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Talha Nazar
Analyst
+966 11 2256364 [email protected]
AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business. 1.
RATING TERMINOLOGY
Senior Analyst
2. 3. 4.
Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.
Disclaimer The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations.
Asset Management | Brokerage | Corporate Finance | Custody | Advisory Head Office: King Fahad Road, P.O. Box: 20438, Riyadh 11455, Saudi Arabia، Tel: 011 2256000 - Fax: 011 2256068
Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37
July 2015
We update our earnings estimates for 2015/16 on Higher utilization rates, stable product price outlook, and above than expected Q2-2015 result.
Please read Disclaimer on the back
‘Overweight ’
Recommendation Previous Target Price (SAR)
59.70
Q2-2015 net profit of SAR 243.0mn exceeded all market expectations:
Current Price* (SAR)
55.0
Q2-15 earnings came with a positive surprise and showed a deviation
New Target Price (SAR)
61.70
of 27.9% from the market consensus of SAR 190mn. Advanced
Upside / (Downside)
12.2%
Petrochemical posted net income of SAR 243.0mn; (EPS; SAR1.48); indicating an increase of 31.6%YoY and 171.1%QoQ. YoY growth was mainly associated with i) increase in the final product price ii) lower
*prices as of 08th of July 2015
Key Financials
growth in feedstock price iii) higher volumetric sales growth, as we
SARmn (unless specified)
FY14
FY15E
FY16E
expect that sales volume was positively affected by higher production
Revenues Growth % Net Income Growth % EPS
3,036 9.0% 751 34.9% 4.58
2,501 -17.6% 709 -5.6% 4.31
2,757 10.3% 696 -1.8% 4.25
efficiency after the maintenance in Q1-2015. In addition, the QoQ noticeable growth is mainly attributed to a three-week planned plant shutdown and lower product prices in Q1-2015. Gross profit stood at SAR 264.0mn depicting an increase of 36.9%YoY, and 137.6%QoQ, which we believe was due to stronger growth in Polypropylene prices compare to Naphtha that revived profit margins. We expect the company’s sales in 2015 to continue its growth trajectory, due to expected higher utilization rate of more than 120% in the coming quarter. Our estimates and valuation: Based on the positive surprise Q2-2015 result, we adjust our valuation and raised our 12-month price to SAR61.7/share; indicating a potential upside of 12.2% over current market price of SAR55.0/ share (as of 8th July 2015). We therefore remain ‘Overweight’ for the stock. The company is trading at forward PE and P/B of 12.8x and 3.26x respectively based on our 2015 earnings forecast.
Source: Company reports, Aljazira Capital
Key Ratios SARmn (unless specified)
FY14
FY15E
FY16E
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
25.7% 31.3% 24.7% 9.63 3.04x 6.62
31.8% 37.3% 28.4% 12.75 3.26x 8.81
28.4% 33.6% 25.3% 12.95 2.90x 8.90
31.6%
25.6%
22.4%
19.6%
17.1%
15.4%
6.8%
3.6%
3.6%
Source: Company reports, Aljazira Capital
Shareholders Pattern Higher utilization rates helped exceed estimates: In 1Q2015,
Shareholders Pattern
Advanced Petrochemical announced scheduled maintenance of its
General Organization for Social Insurance Polypropylene National Company Ltd. Public
propylene and polypropylene plants from 1st of March for a period of three weeks. The plant resumed operations on 23rd of March after 21
was operating the plant at around 120% capacity utilization during 2Q2015. We believe the consensus estimate did not account for a gain in operational efficiency; thus, the company’s net income of SAR 243mn (up 31.6% YoY and 171.1% QoQ) was ahead of the consensus estimate of SAR 190mn. In 2Q2015, Advanced Petrochemical’s gross profit rose 36.9% YoY and 137.6% QoQ to SAR 264mn, and operating profit increased 38.7% YoY and 153.1% QoQ to SAR 254mn (the company is yet to publish its detailed financials for 2Q2015). Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
6.37% 7.95% 85.68%
Source: Company reports, Aljazira Capital
days of shutdown. We expect that production efficiency has increased after the maintenance and anticipated that Advanced Petrochemical
Holding
Company Overview: The Company was founded in 2005. Advanced Company manages an integrated complex in Al-Jubail city which produces Propylene & Polypropylene with a production capacity of 500 thousand tons annually. In September 2014, Advanced Petrochemical announced it would invest in a 600-ktpa propane dehydrogenation (PDH) project in South Korea via its subsidiary, Advanced Global Investment Company (AGIC), and hold 33.25% stake in the project. Geographic Revenue Breakdown - 2014 China Asia India Turkey Other
13.03%
14.04%
33.06%
14.46% 25.41%
Source: Company reports, Aljazira Capital
1
© All rights reserved
Advanced Petrochemical Co. Investment Update
July 2015
Please read Disclaimer on the back
Increasing polypropylene-naphtha spread to boost margins in 2Q2015: In 2Q2015, naphtha (feedstock) prices increased 13.5% QoQ to USD 568 per MT from USD 500 per MT in 1Q2015. Due to favorable demand and supply and higher feedstock prices, polypropylene prices registered stronger growth than Naphtha and rose 18.5% QoQ to USD 1,237 per MT from USD 1,044 per MT. This led to a 23.0% QoQ gain in the polypropylene-naphtha spread. On a YoY basis, the polypropylene-naphtha spread expanded 27.6%, driven by a surge in demand amid low feedstock prices. We believe that the company’s 2Q2015 performance has benefited more from the higher polypropylene-naphtha spread and we expect the company to continue recording improvement in profit margin for coming quarters. Advanced Petrochemical to cater to global markets through PDH plant in South Korea: In September 2014, Advanced Petrochemical announced it would invest in a 600-ktpa propane dehydrogenation (PDH) project in South Korea via its subsidiary, Advanced Global Investment Company (AGIC), and hold 33.25% stake in the project. The company expects to start commercial operations in the plant by the end of 2016. Expanding population base, improving lifestyle, rapid industrialization, and robust economic growth have resulted in substantial growth in the demand for propylene in developing markets. Global demand for propylene increased over the last decade due to increased consumption by enduse industries across the world. South Korea accounts for a major share in propylene exports in the global propylene market. We believe Advanced Petrochemical with its AGIC investment is well positioned to cater to growing global demand for propylene. Positive price outlook for main product: Advanced Petrochemical derives its revenue from the production of Propylene
Polypropylene (PP) - Asia 1,600
Polypropylene, we believe the company benefited substantially from the price recovery and the prices movements spread between
1,400
the medium term.
2
© All rights reserved
Feb-15
May-15
Nov-14
Aug-14
Feb-14
May-14
Nov-13
Aug-13
supply by 2.28mt in 2015. We expect prices to remain broadly stable in
800
Feb-13
is a concern, industry sources estimate global demand for PP to exceed
1,000
May-13
holiday. Although robust capacity addition in China and the Middle East
Nov-12
expectations of an increase in demand after China’s Lunar New Year
1,200
Aug-12
increased 13% YTD. We believe this gain in prices is primarily driven by
(USD/ Mt)
feedstock vs final product. In the propylene (PP) segment, prices have
Feb-12
tons annually. As the majority of total revenue is contributed by
May-12
& Polypropylene with a production capacity of 500 thousand
Source: Aljazira Capital, Bloomberg
RESEARCH DIVISION
AGM - Head of Research
Abdullah Alawi +966 11 2256250 [email protected]
Analyst
Sultan Al Kadi
+966 11 2256115 [email protected]
+966 11 2256374 [email protected]
General manager - brokerage services and sales
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
Ala’a Al-Yousef
brokerage
Brokerage
+966 11 2256000 [email protected]
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
AGM - Head of Institutional Brokerage
Central Region
Abdullah Al-Rahit
Samer Al- Joauni
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+966 1 225 6352 [email protected]
Jassim Al-Jubran +966 11 2256248 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Talha Nazar
Analyst
+966 11 2256364 [email protected]
AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business. 1.
RATING TERMINOLOGY
Senior Analyst
2. 3. 4.
Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target. Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target. Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.
Disclaimer The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Aljazira Capital from sources believed to be reliable, but Aljazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Aljazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Aljazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Aljazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Aljazira Capital. Funds managed by Aljazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Aljazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Aljazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Aljazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Aljazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations.
Asset Management | Brokerage | Corporate Finance | Custody | Advisory Head Office: King Fahad Road, P.O. Box: 20438, Riyadh 11455, Saudi Arabia، Tel: 011 2256000 - Fax: 011 2256068
Aljazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37
