Yamama Cement Co. - Aljazira Capital
Yamama Cement Co. August 2016
Please read Disclaimer on the back
Yamamah Cement: Q2-2016 net profits were below our estimates; the deviation is attributed to lower than expected volumetric sales and higher production cost/ ton. “Overweight” reiterated with lower PT.
During Q2-2016, the company registered a fall of 9.0%YoY in volumetric sales, as dispatches in Q2-2016 stood at 1.38 MT vs. 1.51 MT in 2Q-2015. The company’s revenue stood at SAR 280.5mn, significantly below our estimates of SAR 328.9mn due to a decline in selling prices. The average price realization/ton is expected to be at SAR 203/ton, as compared to SAR 227.2/ton in 1Q2016 and SAR 223.9/ton in 2Q2015. This is due to slowdown in Ramdan and continued oversupply in the market, following high clinker inventory, additional cement capacity which came on stream in 2015. Gross profit stood at SAR 113.02mn, significantly below our AJC estimates of SAR 161.5mn due to higher than expected COGS, and lower than expected sales volume. Gross margin in 2Q-2016 declined to 40.3% from an average of 57.7% in FY2015 and 49.6% in 1Q2016 due to higher production cost/ton after the reduction in subsidy on fuel and higher deprecation. Based on our calculation, we estimate the cost/ton to increase to SAR 121.5/ton in 2Q2016 vs. SAR 114.5/ton in 1Q-2016. Operating profit for 2Q-2016 stood at SAR 97.01mn depicting a decline of 42.9%YoY, and 43.3%QoQ; where the company’s OPEX (SG & A) has increased by 2.9%QoQ to SAR 16.0mn, as compared to SAR 15.55mn in the previous quarter. Better 6M-2016 sales growth than the market average; clinker inventory at high level: During January–June 2016, Yamama Cement’s sales rose by 0.8%YoY to 3.03 MT, as compared to the sector decline rate of 3.2%YoY in the same period. We believe the strong growth is attributed to the continued construction activities in the region. During the same period, industry-wide clinker inventory increased by 7.2% to 21.36MT, as compared to the company’s level of 3.64 MT. This indicates high clinker level with almost 50% of the company’s production capacity. We believe that the activation of the governmental decision to partially drop the ban on clinker exports could help the company offload excess inventory and relieve oversupply in the domestic market, which could benefit the company in terms of higher sales prices. Dividend level is in concern due to the cost of relocating Yamamah plant: The company maintained its dividend payments (SAR 3 DPS) for 2015 as was in 2014 and 2013, offering an attractive dividend yield of 9.5% in 2015. However, due to the cost of relocating the company’s cement factory to Riyadh’s outskirts; the continuation of the payment level is in doubt. Based on our earnings forecast, Yamamah Cement is trading at a PE multiple of 8.28x for FY16E, with an expected dividend yield of about 6.5% (SAR 1.50 DPS).
1
We reiterate our “Overweight” recommendation on YAMAMA cement with a lower PT of SAR 25.9/share indicating a potential upside of 12.1%: Yamamah Cement Co. is expected to post SAR 564.2mn in net income (2.79 EPS) for 2016, recording a decline of 12.1% for the year influenced by lower selling prices, higher fuel cost and depreciation. Therefore, we reduce our target price to SAR 25.9/share; indicating a potential upside of 12.1% over current market price of SAR 23.10/share (as of 31st July 2016); however, due to the current low market price ( At 52 weeks low), we remain ‘Overweight’ for the stock. . The company is trading at attractive forward PE and P/B of 8.28x and 1.26x respectively based on our 2016 earnings forecast. The last three-years mean PE multiple for the cement sector currently stands at about 13-14x, which indicates that Yamamah Cement, one of the largest cement companies in KSA, is still undervalued. © All rights reserved
*prices as of 31st of July 2016
Key Financials FY14
FY15
FY16E FY17E
1,329 -13.8% 670.8 -22.9% 3.31
1,311 -1.3% 641.9 -4.3% 3.17
1313 0.1% 565.2 -12.1% 2.79
SARmn (unless specified) Revenues Growth % Net Income Growth % EPS
1359 3.5% 588.9 4.4% 2.91
Source: Company reports, Aljazira Capital,
Key Ratios SARmn (unless specified) FY14
FY15
FY16E FY17E
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
57.7% 53.0% 49.0% 9.92x 1.69x 16.75x 17.1% 15.7% 9.54%
46.5% 41.8% 43.0% 8.28x 1.26x 21.19x 14.0% 15.2% 6.50%
53.6% 49.6% 50.5% 13.7x 2.47x 17.66x 17.6% 16.1% 5.2%
46.8% 42.3% 43.3% 7.93x 1.27x 20.25x 14.7% 15.9% 6.50%
Source: Company reports, Aljazira Capital
Shareholders Pattern Holding 5.53% 9.12% 85.35%
Shareholders Pattern Public Pension Agency Prince Sultan Bin M. Al Saud Public
Source: Company reports, Aljazira Capital
Key Market Data Market Cap (mn) YTD % 52 Week (High) 52 Week (Low) Shares Outstanding (mn)
4.67 -26.6% 46.60 22.80 202.50 Source: Bloomberg, Aljazira Capital
Price Performance 70 65 60 55 50 45 40 35 30 25 20
11000 10000 9000 8000 7000 6000 5000 14 11 /6 /1 4 1/ 6/ 15 3/ 6/ 15 5/ 6/ 15 7/ 6/ 15 9/ 6/ 15 11 /6 /1 5 1/ 6/ 16 3/ 6/ 16 5/ 6/ 16 7/ 6/ 16
Weak realization per ton, higher depreciation and production cost to result in weak performance in 2Q2016: Q2-2016 net profit came significantly below our expectation and showed a deviation of 21.4% from AJC estimates and 20.6% lower than the market consensus of SAR 146.4mn. Yamamah Cement Company posted net income of SAR 116.3mn; indicating a fall of 39.3%YoY and 22.7%QoQ. We believe the weakness was mainly ascribed to i) significantly lower than expected realization per ton. ii) higher cost of sales due to higher depreciation of fixed assets as a result of the decision to move the factory. iii) below expectation volumetric sales due to the larger part of Ramdan coinciding in June, as compared with June-2015. However, the company’s investment income outperforms our estimates and switch to a profit of SAR 17.9mn, as compared to losses of SAR 19.9mn in 1Q2016.
Upside / (Downside)
14
Deviation (%) -14.7% -21.4%
25.9 12.1%
6/
Actual 2Q-16 280.46 116.29 0.57
23.1
6/
Forecasts 2Q-16 328.88 148.01 0.73
Overweight
Current Price* (SAR) Target Price (SAR)
7/
Amount in SAR mn; unless specified Sales revenues Net profit EPS (SAR)
Recommendation
9/
Investment Update
Tadawul
Yamama Cement
Analyst
Analyst
Jassim Al-Jubran
Waleed Al-jubayr
+966 11 2256248 [email protected]
+966 11 2256146 [email protected]
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256115 [email protected]
+966 11 2256374 [email protected]
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
Waleed Al-jubayr +966 11 2256146 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Sultan Al Kadi
Analyst
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
sales
brokerage
Brokerage
Alaa Al-Yousef
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
Central Region
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+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
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
Yamamah Cement: Q2-2016 net profits were below our estimates; the deviation is attributed to lower than expected volumetric sales and higher production cost/ ton. “Overweight” reiterated with lower PT.
During Q2-2016, the company registered a fall of 9.0%YoY in volumetric sales, as dispatches in Q2-2016 stood at 1.38 MT vs. 1.51 MT in 2Q-2015. The company’s revenue stood at SAR 280.5mn, significantly below our estimates of SAR 328.9mn due to a decline in selling prices. The average price realization/ton is expected to be at SAR 203/ton, as compared to SAR 227.2/ton in 1Q2016 and SAR 223.9/ton in 2Q2015. This is due to slowdown in Ramdan and continued oversupply in the market, following high clinker inventory, additional cement capacity which came on stream in 2015. Gross profit stood at SAR 113.02mn, significantly below our AJC estimates of SAR 161.5mn due to higher than expected COGS, and lower than expected sales volume. Gross margin in 2Q-2016 declined to 40.3% from an average of 57.7% in FY2015 and 49.6% in 1Q2016 due to higher production cost/ton after the reduction in subsidy on fuel and higher deprecation. Based on our calculation, we estimate the cost/ton to increase to SAR 121.5/ton in 2Q2016 vs. SAR 114.5/ton in 1Q-2016. Operating profit for 2Q-2016 stood at SAR 97.01mn depicting a decline of 42.9%YoY, and 43.3%QoQ; where the company’s OPEX (SG & A) has increased by 2.9%QoQ to SAR 16.0mn, as compared to SAR 15.55mn in the previous quarter. Better 6M-2016 sales growth than the market average; clinker inventory at high level: During January–June 2016, Yamama Cement’s sales rose by 0.8%YoY to 3.03 MT, as compared to the sector decline rate of 3.2%YoY in the same period. We believe the strong growth is attributed to the continued construction activities in the region. During the same period, industry-wide clinker inventory increased by 7.2% to 21.36MT, as compared to the company’s level of 3.64 MT. This indicates high clinker level with almost 50% of the company’s production capacity. We believe that the activation of the governmental decision to partially drop the ban on clinker exports could help the company offload excess inventory and relieve oversupply in the domestic market, which could benefit the company in terms of higher sales prices. Dividend level is in concern due to the cost of relocating Yamamah plant: The company maintained its dividend payments (SAR 3 DPS) for 2015 as was in 2014 and 2013, offering an attractive dividend yield of 9.5% in 2015. However, due to the cost of relocating the company’s cement factory to Riyadh’s outskirts; the continuation of the payment level is in doubt. Based on our earnings forecast, Yamamah Cement is trading at a PE multiple of 8.28x for FY16E, with an expected dividend yield of about 6.5% (SAR 1.50 DPS).
1
We reiterate our “Overweight” recommendation on YAMAMA cement with a lower PT of SAR 25.9/share indicating a potential upside of 12.1%: Yamamah Cement Co. is expected to post SAR 564.2mn in net income (2.79 EPS) for 2016, recording a decline of 12.1% for the year influenced by lower selling prices, higher fuel cost and depreciation. Therefore, we reduce our target price to SAR 25.9/share; indicating a potential upside of 12.1% over current market price of SAR 23.10/share (as of 31st July 2016); however, due to the current low market price ( At 52 weeks low), we remain ‘Overweight’ for the stock. . The company is trading at attractive forward PE and P/B of 8.28x and 1.26x respectively based on our 2016 earnings forecast. The last three-years mean PE multiple for the cement sector currently stands at about 13-14x, which indicates that Yamamah Cement, one of the largest cement companies in KSA, is still undervalued. © All rights reserved
*prices as of 31st of July 2016
Key Financials FY14
FY15
FY16E FY17E
1,329 -13.8% 670.8 -22.9% 3.31
1,311 -1.3% 641.9 -4.3% 3.17
1313 0.1% 565.2 -12.1% 2.79
SARmn (unless specified) Revenues Growth % Net Income Growth % EPS
1359 3.5% 588.9 4.4% 2.91
Source: Company reports, Aljazira Capital,
Key Ratios SARmn (unless specified) FY14
FY15
FY16E FY17E
Gross Margin EBITDA Margin Net Margin P/E P/B EV/EBITDA (x) ROE ROA Dividend Yield
57.7% 53.0% 49.0% 9.92x 1.69x 16.75x 17.1% 15.7% 9.54%
46.5% 41.8% 43.0% 8.28x 1.26x 21.19x 14.0% 15.2% 6.50%
53.6% 49.6% 50.5% 13.7x 2.47x 17.66x 17.6% 16.1% 5.2%
46.8% 42.3% 43.3% 7.93x 1.27x 20.25x 14.7% 15.9% 6.50%
Source: Company reports, Aljazira Capital
Shareholders Pattern Holding 5.53% 9.12% 85.35%
Shareholders Pattern Public Pension Agency Prince Sultan Bin M. Al Saud Public
Source: Company reports, Aljazira Capital
Key Market Data Market Cap (mn) YTD % 52 Week (High) 52 Week (Low) Shares Outstanding (mn)
4.67 -26.6% 46.60 22.80 202.50 Source: Bloomberg, Aljazira Capital
Price Performance 70 65 60 55 50 45 40 35 30 25 20
11000 10000 9000 8000 7000 6000 5000 14 11 /6 /1 4 1/ 6/ 15 3/ 6/ 15 5/ 6/ 15 7/ 6/ 15 9/ 6/ 15 11 /6 /1 5 1/ 6/ 16 3/ 6/ 16 5/ 6/ 16 7/ 6/ 16
Weak realization per ton, higher depreciation and production cost to result in weak performance in 2Q2016: Q2-2016 net profit came significantly below our expectation and showed a deviation of 21.4% from AJC estimates and 20.6% lower than the market consensus of SAR 146.4mn. Yamamah Cement Company posted net income of SAR 116.3mn; indicating a fall of 39.3%YoY and 22.7%QoQ. We believe the weakness was mainly ascribed to i) significantly lower than expected realization per ton. ii) higher cost of sales due to higher depreciation of fixed assets as a result of the decision to move the factory. iii) below expectation volumetric sales due to the larger part of Ramdan coinciding in June, as compared with June-2015. However, the company’s investment income outperforms our estimates and switch to a profit of SAR 17.9mn, as compared to losses of SAR 19.9mn in 1Q2016.
Upside / (Downside)
14
Deviation (%) -14.7% -21.4%
25.9 12.1%
6/
Actual 2Q-16 280.46 116.29 0.57
23.1
6/
Forecasts 2Q-16 328.88 148.01 0.73
Overweight
Current Price* (SAR) Target Price (SAR)
7/
Amount in SAR mn; unless specified Sales revenues Net profit EPS (SAR)
Recommendation
9/
Investment Update
Tadawul
Yamama Cement
Analyst
Analyst
Jassim Al-Jubran
Waleed Al-jubayr
+966 11 2256248 [email protected]
+966 11 2256146 [email protected]
RESEARCH DIVISION
Acting Head of Research
Talha Nazar +966 11 2256115 [email protected]
+966 11 2256374 [email protected]
Analyst
Jassim Al-Jubran +966 11 2256248 [email protected]
Waleed Al-jubayr +966 11 2256146 [email protected]
BROKERAGE AND INVESTMENT CENTERS DIVISION RESEARCH DIVISION
Sultan Al Kadi
Analyst
General Manager – Brokerage Services &
AGM-Head of international and institutional
AGM- Head of Western and Southern Region Investment Centers & ADC
sales
brokerage
Brokerage
Alaa Al-Yousef
Luay Jawad Al-Motawa
Abdullah Q. Al-Misbani
+966 11 2256060 [email protected]
+966 11 2256277 [email protected]
+966 12 6618400 [email protected]
AGM-Head of Sales And Investment Centers
AGM-Head of Qassim & Eastern Province
Central Region
Abdullah Al-Rahit
Sultan Ibrahim AL-Mutawa
+966 16 3617547 [email protected]
+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
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
