National Industrialization Co. (TASNEE)
National Industrialization Co. (TASNEE) April 2018
Please read Disclaimer on the back
TASNEE: The company reported the highest net profit in three years at SAR 361.4mn; exceeding AJC and the market consensus estimates of SAR 285.5mn and SAR 280.5mn, respectively. Higher than expected gross margin and lower than expected minority interest led to the positive variance in earnings; however revenues were below our estimates by 7.5%. Furthermore, additional expenses of SAR 56mn higher than expected in OPEX squeezed the operating income in 1Q2018. Gross margin stood at 29.0% in 1Q18, higher than our estimate of 25% and 17.2% in 1Q2017. We maintain our “Neutral” recommendation on the stock with a higher TP at SAR 20.50/share and an optimistic mid/ long-term outlook based on deal closing with Tronox Ltd Co.
Recommendation
Neutral
Current Price* (SAR)
21.53
Target Price (SAR)
20.50
Upside / (Downside)
-4.7%
• National Industrialization Company (TASNEE) 1Q2018 net profit came above estimates, exceeding AJC
Revenue Gross Profit Gross Margin EBIT Net Profit EPS
1
Q4-2017
Q1-2018
Change YoY
Change QoQ
Deviation from AJC Estimates
2,480 426.9 17.2% 340.4 103.3 0.15
2,889 715.6 24.7% 399 327.7 0.49
2,820 818 29.0% 692.3 361.4 0.54
13.7% 91.6% 103.4% 249.9% -
-2.3% 14.3% 73.5% 10.3% -
-7.5% 7.4% 0.1% 26.5% -
Source: Company reports, Aljazira Capital
© All rights reserved
-43.1%
25.3%
12.7%
Net Income
91.50
716.2
1,436
-
682%
100.6
0.15
1.07
2.15
Growth % EPS
Source: Company reports, Aljazira Capital
Key Ratios FY16
FY17
FY18E
Gross Margin
10.5%
19.5%
28.4%
Net Margin
2.3%
10.5%
27.9%
Net Margin
1.1%
6.6%
11.8%
P/E
115.8x
15.3x
10.02x
P/B
1.1x
1.24x
1.58x
128.3x
21.3x
6.0x
-
-
-
SARmn (unless specified)
EV/EBITDA (x) Dividend Yield
Source: Company reports, Aljazira Capital
Key Market Data Market Cap (bn)
14.35
YTD %
31.0%
52 Week (High )
21.68
52 Week (Low)
12.44
Shares Outstanding (mn)
668.91
Source: Company reports, Aljazira Capital
Price Performance 8300
22
8000
20
7700
18
7400
16
7100 6800
14
6500
12
TASI
3/25/18
1Q-2017
Growth %
2/25/18
SARmn (unless specified)
12,166
1/25/18
Results Summary
10,796
12/25/17
AJC View: The company benefitted from the high spreads across Tio2 product and products based propane (almost 60% of feedstock). The margin of industrial segment has improved in 1Q2018 due to increase in selling prices; and expected to show extra improvement at the end of 2018 after the commercial startup of ilmenite plant, which could reduce the production cost of industrial segment. However, financial charges tends to slightly increase going forward due to shift in the interest rate environment. Furthermore, we remain optimistic on the company’s mid/long-term outlook performance based on deal closing with Tronox Ltd Co. As we expect earnings to improve on Cristal sales, lower financial charges, lower OPEX and cancellation of tax on income, which could improve margins and enhance the company’s performance. TASNEE Co. is expected to post SAR 1,418mn in net income (2.12 EPS) for FY2018, due to higher average sales prices and improved income from associates & margins. We reiterate our “Neutral” recommendation on Tasnee with a higher TP of SAR 20.50/share indicating a potential downside of 4.5%: The company is trading at a forward PE and PB of 10.02x and 1.6x respectively based on our FY2018 earnings forecast.
8,620
11/25/17
and 17.2% in 1Q2017. This gross margin is well above AJC estimates of 25.0%, which can be attributed to lower than expected production cost. In 1Q2018, Saudi propane average prices declined by 8.3%QoQ to an average price of USD 532/MT from USD 580/MT in the previous quarter. However, polypropylene-Asia prices increased by 6.8%QoQ. Consequently, an increase in Polypropylene price compared to a decline in the feedstock expanded PP-Propane spreads to USD 687/MT from USD 561/MT in 4Q2017. Operating profit stood at SAR 692.3mn depicting an increase of 103.4%QoQ. The company recorded higher than expected OPEX for 1Q2018 to stand at SAR 466mn (SAR 56.0mn above our estimate) from SAR 400.3mn in 1Q2017.
Revenue
9/25/17
• Gross profit stood at SAR 818mn, recording gross margin of 29.0%, as compared to 24.7% in 4Q2017,
FY18E
10/25/17
4Q2017 due to lower than expected operating rates. The industrial segment was running at 84% in 1Q2018, lower than our estimate of 88% and 89% in 1Q2017. However, we expect higher improvement in performance for the next quarters due to continued improvement in average sales prices and improved global demand for Tio2 product. During the quarter, average selling prices of TiO2 increased by 5.4%QoQ and 32.9%YoY. Polypropylene increased by 6.8%QoQ and 15.8%YoY. HDPE prices inched by 6.8%QoQ and 14.2%YoY.
FY17
7/25/17
• Tasnee’s sales in 1Q2018 stood at SAR 2,820mn, below our estimates of SAR 3,049mn and SAR 2,889mn in
FY16
6/25/17
our estimate and above SAR 316.4mn in 4Q2017 as a result of improved operating rate and production efficiency. For 1Q2018, we expect finance expenses to stand at SAR 159.7mn, below SAR 185.6mn in 1Q2017. Zakat and income taxes is expected to stand at SAR 43.5mn, lower than AJC estimate of SAR 49.0mn but higher than SAR 15.9mn in 1Q2017. We believe that the decline in finance expense is due to the new debt restructuring with the local banks and is expected to slightly increase going forward due to shift in the interest rate environment.
SARmn (unless specified)
5/25/17
• The company’s income from associated company is expected to improve to SAR 340mn, in-line with
Key Financials
4/25/17
and market consensus profits estimates of SAR 285.5mn and SAR 280.5mn, respectively. TASNEE posted net profit of SAR 361.4mn (EPS; SAR 0.54); indicating an increase of 249.9%YoY and 10.3%QoQ. The YoY strong performance is primarily attributed to i) an increase in average sales prices of Titanium Dioxide products; despite lower than expected operating rate. ii) decline in financial charges. iii) an increase in the company’s share from associates and joint ventures, despite the increase in OPEX and zakat provision. On the other hand, the deviation of 1Q2018 earnings from our estimates is attributed mainly to i) lower than expected production cost due to higher spreads in Tio2 product ii) lower than expected minority interest. As the minority interest is expected to stand at SAR 173mn compared to our estimate of SAR 242.6mn (29.9% from profit before Zakat and minority interest vs. 40.0% in 1Q2017).
Source: Tadawul *prices as of 24th of April 2018
8/25/17
Result Flash Note 1Q-2018
TASNEE
Source: Bloomberg, Aljazira Capital
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
RESEARCH DIVISION
Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi, CAIA
Analyst
Jassim Al-Jubran
+966 11 2256250 [email protected]
+966 11 2256374 [email protected]
Analyst
Analyst
Waleed Al-jubayr
Muhanad Al-Odan
+966 11 2256146 [email protected]
+966 11 2256115 [email protected]
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment
sales
brokerage
Centers
Alaa Al-Yousef
Luay Jawad Al-Motawa
Mansour Hamad Al-shuaibi
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
+966 11 2256248 [email protected]
+966 12 6618443 [email protected]
Central Region
Sultan Ibrahim AL-Mutawa
Abdullah Al-Rahit
+966 11 2256364 [email protected]
+966 16 3617547 [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
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
Please read Disclaimer on the back
TASNEE: The company reported the highest net profit in three years at SAR 361.4mn; exceeding AJC and the market consensus estimates of SAR 285.5mn and SAR 280.5mn, respectively. Higher than expected gross margin and lower than expected minority interest led to the positive variance in earnings; however revenues were below our estimates by 7.5%. Furthermore, additional expenses of SAR 56mn higher than expected in OPEX squeezed the operating income in 1Q2018. Gross margin stood at 29.0% in 1Q18, higher than our estimate of 25% and 17.2% in 1Q2017. We maintain our “Neutral” recommendation on the stock with a higher TP at SAR 20.50/share and an optimistic mid/ long-term outlook based on deal closing with Tronox Ltd Co.
Recommendation
Neutral
Current Price* (SAR)
21.53
Target Price (SAR)
20.50
Upside / (Downside)
-4.7%
• National Industrialization Company (TASNEE) 1Q2018 net profit came above estimates, exceeding AJC
Revenue Gross Profit Gross Margin EBIT Net Profit EPS
1
Q4-2017
Q1-2018
Change YoY
Change QoQ
Deviation from AJC Estimates
2,480 426.9 17.2% 340.4 103.3 0.15
2,889 715.6 24.7% 399 327.7 0.49
2,820 818 29.0% 692.3 361.4 0.54
13.7% 91.6% 103.4% 249.9% -
-2.3% 14.3% 73.5% 10.3% -
-7.5% 7.4% 0.1% 26.5% -
Source: Company reports, Aljazira Capital
© All rights reserved
-43.1%
25.3%
12.7%
Net Income
91.50
716.2
1,436
-
682%
100.6
0.15
1.07
2.15
Growth % EPS
Source: Company reports, Aljazira Capital
Key Ratios FY16
FY17
FY18E
Gross Margin
10.5%
19.5%
28.4%
Net Margin
2.3%
10.5%
27.9%
Net Margin
1.1%
6.6%
11.8%
P/E
115.8x
15.3x
10.02x
P/B
1.1x
1.24x
1.58x
128.3x
21.3x
6.0x
-
-
-
SARmn (unless specified)
EV/EBITDA (x) Dividend Yield
Source: Company reports, Aljazira Capital
Key Market Data Market Cap (bn)
14.35
YTD %
31.0%
52 Week (High )
21.68
52 Week (Low)
12.44
Shares Outstanding (mn)
668.91
Source: Company reports, Aljazira Capital
Price Performance 8300
22
8000
20
7700
18
7400
16
7100 6800
14
6500
12
TASI
3/25/18
1Q-2017
Growth %
2/25/18
SARmn (unless specified)
12,166
1/25/18
Results Summary
10,796
12/25/17
AJC View: The company benefitted from the high spreads across Tio2 product and products based propane (almost 60% of feedstock). The margin of industrial segment has improved in 1Q2018 due to increase in selling prices; and expected to show extra improvement at the end of 2018 after the commercial startup of ilmenite plant, which could reduce the production cost of industrial segment. However, financial charges tends to slightly increase going forward due to shift in the interest rate environment. Furthermore, we remain optimistic on the company’s mid/long-term outlook performance based on deal closing with Tronox Ltd Co. As we expect earnings to improve on Cristal sales, lower financial charges, lower OPEX and cancellation of tax on income, which could improve margins and enhance the company’s performance. TASNEE Co. is expected to post SAR 1,418mn in net income (2.12 EPS) for FY2018, due to higher average sales prices and improved income from associates & margins. We reiterate our “Neutral” recommendation on Tasnee with a higher TP of SAR 20.50/share indicating a potential downside of 4.5%: The company is trading at a forward PE and PB of 10.02x and 1.6x respectively based on our FY2018 earnings forecast.
8,620
11/25/17
and 17.2% in 1Q2017. This gross margin is well above AJC estimates of 25.0%, which can be attributed to lower than expected production cost. In 1Q2018, Saudi propane average prices declined by 8.3%QoQ to an average price of USD 532/MT from USD 580/MT in the previous quarter. However, polypropylene-Asia prices increased by 6.8%QoQ. Consequently, an increase in Polypropylene price compared to a decline in the feedstock expanded PP-Propane spreads to USD 687/MT from USD 561/MT in 4Q2017. Operating profit stood at SAR 692.3mn depicting an increase of 103.4%QoQ. The company recorded higher than expected OPEX for 1Q2018 to stand at SAR 466mn (SAR 56.0mn above our estimate) from SAR 400.3mn in 1Q2017.
Revenue
9/25/17
• Gross profit stood at SAR 818mn, recording gross margin of 29.0%, as compared to 24.7% in 4Q2017,
FY18E
10/25/17
4Q2017 due to lower than expected operating rates. The industrial segment was running at 84% in 1Q2018, lower than our estimate of 88% and 89% in 1Q2017. However, we expect higher improvement in performance for the next quarters due to continued improvement in average sales prices and improved global demand for Tio2 product. During the quarter, average selling prices of TiO2 increased by 5.4%QoQ and 32.9%YoY. Polypropylene increased by 6.8%QoQ and 15.8%YoY. HDPE prices inched by 6.8%QoQ and 14.2%YoY.
FY17
7/25/17
• Tasnee’s sales in 1Q2018 stood at SAR 2,820mn, below our estimates of SAR 3,049mn and SAR 2,889mn in
FY16
6/25/17
our estimate and above SAR 316.4mn in 4Q2017 as a result of improved operating rate and production efficiency. For 1Q2018, we expect finance expenses to stand at SAR 159.7mn, below SAR 185.6mn in 1Q2017. Zakat and income taxes is expected to stand at SAR 43.5mn, lower than AJC estimate of SAR 49.0mn but higher than SAR 15.9mn in 1Q2017. We believe that the decline in finance expense is due to the new debt restructuring with the local banks and is expected to slightly increase going forward due to shift in the interest rate environment.
SARmn (unless specified)
5/25/17
• The company’s income from associated company is expected to improve to SAR 340mn, in-line with
Key Financials
4/25/17
and market consensus profits estimates of SAR 285.5mn and SAR 280.5mn, respectively. TASNEE posted net profit of SAR 361.4mn (EPS; SAR 0.54); indicating an increase of 249.9%YoY and 10.3%QoQ. The YoY strong performance is primarily attributed to i) an increase in average sales prices of Titanium Dioxide products; despite lower than expected operating rate. ii) decline in financial charges. iii) an increase in the company’s share from associates and joint ventures, despite the increase in OPEX and zakat provision. On the other hand, the deviation of 1Q2018 earnings from our estimates is attributed mainly to i) lower than expected production cost due to higher spreads in Tio2 product ii) lower than expected minority interest. As the minority interest is expected to stand at SAR 173mn compared to our estimate of SAR 242.6mn (29.9% from profit before Zakat and minority interest vs. 40.0% in 1Q2017).
Source: Tadawul *prices as of 24th of April 2018
8/25/17
Result Flash Note 1Q-2018
TASNEE
Source: Bloomberg, Aljazira Capital
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
RESEARCH DIVISION
Head of Research
RESEARCH DIVISION
BROKERAGE AND INVESTMENT CENTERS DIVISION
Talha Nazar
Sultan Al Kadi, CAIA
Analyst
Jassim Al-Jubran
+966 11 2256250 [email protected]
+966 11 2256374 [email protected]
Analyst
Analyst
Waleed Al-jubayr
Muhanad Al-Odan
+966 11 2256146 [email protected]
+966 11 2256115 [email protected]
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment
sales
brokerage
Centers
Alaa Al-Yousef
Luay Jawad Al-Motawa
Mansour Hamad Al-shuaibi
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
+966 11 2256248 [email protected]
+966 12 6618443 [email protected]
Central Region
Sultan Ibrahim AL-Mutawa
Abdullah Al-Rahit
+966 11 2256364 [email protected]
+966 16 3617547 [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
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
