Results Summary of Listed Companies in the Saudi … · Results Summary of Listed Companies in the...

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May 2017 Results Summary of Listed Companiesin the Saudi Market1Q2017

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Dar Alarkan Real Estate Development Co. had the lowest P/BV (0.37x) in

the Saudi market, followed by Al Jouf Cement Co. (0.65x).

The TTM P/BV for the Saudi market stood at 1.65x

Weqaya Takaful, Saudi Cable Co., and Etihad Atheeb Telecommunication

Co. lost 149.1%, 67.8%, and 46.4% of capital (since inception),

respectively.

Middle East Specialized Cables Co., United Cooperative Assurance Co., and

Arab National Bank, posted the lowest P/E (4.82x-6.96x) in the Saudi market

for the trailing 12 months (TTM), followed by Buruj Cooperative Insurance

Co.(7.83x).

The average P/E for the Saudi market on a TTM basis stood at 15.97x.

Arabian Cement Co. had the highest dividend yield (11.07%) in the Saudi

market. The Materials sector dominated the market in terms of dividend

yield, with 9 companies ranking among the top 15 companies.

Overall, the dividend yield in the Saudi market stood at 3.47%

Company D/Y(%)* P/Bv (x) P/E TTM (x)

Arabian Cement Co. 11.07 1.09 9.91Saudi Cement Co. 10.39 2.41 10.11Southern Province Cement Co. 9.29 2.13 10.20Yanbu Cement Co. 9.29 1.53 10.69Hail Cement Co. 8.96 0.92 12.35City Cement Co. 8.52 1.05 12.36United Wire Factories Co. 8.51 1.68 11.84Al Yamamah Steel Industries Co. 8.24 1.99 8.18Qassim Cement Co. 8.22 2.54 12.66Saudi Vitrified Clay Pipes Co. 7.21 2.50 17.01Zamil Industrial Investment Co. 7.15 0.97 8.77National Shipping Co. 6.93 1.56 9.28Saudi Airlines Catering Co. 6.87 5.65 13.86Arriyadh Development Co. 6.28 1.39 10.76Riyad Bank 6.28 0.83 9.66

Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May

Company P/E TTM (x) P/BV (x) D/Y (%)*

Middle East Specialized Cables Co.** 4.82 0.92 0.00United Cooperative Assurance Co. 6.52 1.76 0.00Arab National Bank 6.96 0.85 4.50Buruj Cooperative Insurance Co. 7.83 2.30 0.00Saudi Investment Bank 8.02 0.69 3.67Al Yamamah Steel Industries Co. 8.18 1.99 8.24Al-Babtain Power and Telecommunication Co. 8.27 1.62 3.41Altayyar Travel Group 8.34 1.11 0.00Bank Aljazira 8.61 0.73 3.29Solidarity Saudi Takaful Co. 8.67 1.80 0.00Al Sagr Cooperative Insurance Co. 8.69 1.50 6.76Zamil Industrial Investment Co. 8.77 0.97 7.15Samba Financial Group 8.81 1.00 4.33National Commercial Bank 8.87 1.37 3.84Saudi United Cooperative Insurance Co. 8.92 2.47 0.00

Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May . * Trailing 12 months (TTM), ** Non recurring profit

Company Bk Value P/Bv (x) L/C (%)

Weqaya Takaful -4.55 - -149.1%Saudi Cable Co. - - -67.8%Etihad Atheeb Co. 5.41 1.68 -46.4%Saudi Indian Co. 6.06 2.32 -39.0%Mobile Telecommunications Co. 6.16 1.65 -38.2%Al-Ahlia Insurance Co. 6.46 1.86 -35.9%Saudi Paper Manufacturing Co. 7.44 1.08 -35.4%Allied Cooperative Insurance 6.41 2.08 -34.7%MetLife AIG ANB Cooperative Co. 6.56 3.27 -34.4%Gulf Union Cooperative Co. 10.16 1.77 -30.8%The Mediterranean and Gulf Co. 8.57 2.08 -29.4%Middle East Specialized Co. 7.68 0.92 -28.6%Al Sorayai Trading and Industrial 8.08 1.12 -28.4%Saudi Printing and Packaging Co. 14.62 1.14 -28.2%Saudi Fisheries Co. 7.53 3.39 -23.7%

L /C refers to accumulated losses to capital Source: Bloomberg, AlJazira Capital. Prices as of 22nd of May

Top 15 Companies

Lowest 15 Companies

Top 15 Companies

Highest 15 Companies

Lowest P/E

Accumulated Loss to Capital

Highest D/Y

Lowest P/BV

Company P/Bv (x) P/E TTM (x) D/Y (%)*

Dar Alarkan Real Estate Co. 0.37 33.69 0.00Al Jouf Cement Co. 0.65 16.54 0.00Saudi Investment Bank 0.69 8.02 3.67Saudi Real Estate Co. 0.72 21.48 4.70Bank Aljazira 0.73 8.61 3.29Saudi Arabian Amiantit Co. 0.74 NM 0.00Methanol Chemicals Co. 0.75 NM 0.00Saudi Ceramic Co. 0.76 NM 3.57Riyad Bank 0.83 9.66 6.28Saudi Advanced Industries Co. 0.84 35.74 0.00Arab National Bank 0.85 6.96 4.50Najran Cement Co. 0.85 23.70 5.74Abdullah A. M. Al-Khodari Co. 0.87 NM 0.00Tabuk Cement Co. 0.89 23.82 0.00Al Abdullatif Industrial Co. 0.89 36.97 5.90


2




Al Rajhi Bank, at 12.8%, has the highest share of the Saudi market, followed

by Saudi Basic Industries Corp (8.7%), and Jabal Omar Development Co

(5.5%). These three companies account for more than 27.0% of the market index.

The most influential stocks in the Saudi market are from the Banking, Materials, and Real Estate Mgmt & Dev’t sectors.

AlJazira Mawten REIT Fund has been the best performing stock since the

beginning of 2017 (up 80.6% YTD), followed by United Electronics Co. (up

46.4% YTD).

The list indicates that just 15 companies have provided returns of 21.0% or

more, since the start of 2017

Nama Chemicals Co. has been the worst performer (down 37.9% YTD),

followed by Southern Province Cement Co. (down 37.8% YTD).

The list indicates that 15 companies lost 23.4% or more of their value since

the start of the year.

Company YTD % P/Bv (x) P/E TTM (x)

Nama Chemicals Co. -37.9% 1.59 NMSouthern Province Cement Co. -37.8% 2.13 10.20Tihama Advertising Co. -36.7% 5.18 NMThe Mediterranean and Gulf Co. -33.6% 2.08 NMSaudi Fisheries Co. -34.5% 3.39 NMSaudi Ground Services Co. -28.2% 3.10 13.86Saudi Arabian Amiantit Co. -26.0% 0.74 NMSaudi Cement Co. -25.9% 2.41 10.11Qassim Cement Co. -25.8% 2.54 12.66United Wire Factories Co. -25.4% 1.68 11.84Aldrees Petroleum Co. -25.0% 1.96 15.41National Medical Care Co. -24.8% 2.41 70.86Abdulmohsen Alhokair Group -38.9% 2.33 15.40City Cement Co. -24.0% 1.05 12.36Al Sagr Cooperative Insurance Co. -23.4% 1.50 8.69


Company YTD % P/Bv (x) P/E TTM (x)

AlJazira Mawten REIT Fund 80.6% - -United Electronics Co. 46.4% 2.95 23.14Alujain Corp. 38.4% 1.52 13.09AXA Cooperative Insurance Co. 37.8% 2.09 23.45Salama Cooperative Insurance Co. 37.5% 2.11 12.74Buruj Cooperative Insurance Co. 31.3% 2.30 7.83JADWA REIT ALHARAMAIN 26.4% - -Al-Rajhi Company for Cooperative 26.2% 4.24 16.90Saudi Re for Cooperative Co. 24.4% 0.95 17.73Etihad Atheeb Telecommunication Co. 23.7% 1.68 NMArabian Shield Cooperative Co. 23.5% 3.00 10.50Mobile Telecommunication Co. 22.9% 1.65 NMNational Agricultural Development Co. 21.1% 1.74 31.24Riyad REIT Fund 21.1% 1.34 68.15Jarir Marketing Co. 21.0% 8.33 16.22


Company Issued Shares (mn)

Free Shares (mn) F/I (%)

Kingdom Holding Co. 3705.9 185.3 5.0%Saudi Telecom 2000.0 322.9 16.1%Saudi Electricity Co. 4167.0 712.0 17.1%National Petrochemical Co. 480.0 82.3 17.1%Saudi Basic Industries Corp 3000.0 629.8 21.0%Rabigh Refining and Petrochemical 876.0 190.2 21.7%Herfy Food Services 64.7 14.6 22.6%ALAWWAL 1143.1 315.6 27.6%Saudi German Hospital 92.0 27.2 29.5%Saudi Ground Services Co. 188.0 56.2 29.9%AlHammadi Company 120.0 35.9 29.9%Jazira Takaful 35.0 10.5 30.0%L'Azurde 43.0 12.9 30.0%Al Alamiya 40.0 12.0 30.0%Al Yamamah Steel Industries Co. 50.8 15.3 30.0%


F/I refers to free to issued shares

Best 15 Companies

Top 15 Companies

Worst 15 Companies

Least 15 Companies

Top price performers

Weight to the market index

Worst price performers

Ratio of free to issued shares

Company % of TASI No. of Free Shares (mn) P/E TTM (x)

Al Rajhi Bank 12.8% 1412.05 12.29Saudi Basic Industries Corp. 8.7% 629.83 15.01Jabal Omar Development Co. 5.5% 564.48 74.72National Commercial Bank 4.0% 711.07 8.87Samba Financial Group 3.1% 1005.44 8.81Saudi telecom Co. 3.1% 322.89 16.10Almarai Co. 2.9% 290.28 29.61Banque Saudi Fransi 2.4% 645.43 9.20Alinma Bank 2.4% 1109.8 14.37Riyad Bank 2.4% 1568.27 9.66Saudi Arabian Mining Co. 2.3% 403.78 98.67Saudi Electricity Co. 2.3% 712.01 11.57Savola Group 2.3% 397.75 NMJarir Marketing Co. 1.7% 86.22 16.22Yanbu National Petrochemical Co. 1.6% 200.58 12.42


Kingdom Holding Co. has the lowest ratio of free-to-issued shares, with just

5.0% of the shares issued being traded in the market.

According to the data, four companies have less than 21.0% of free floats.

3




Jarir Marketing Co. has the highest return on equity (RoE) at 51.4% on a

TTM basis, followed by Saudi Airlines Catering Co. at 40.8%.

The top 15 companies have RoE of over 23.8%.

Jarir Marketing Co. and Saudi Airlines Catering Co. registered the highest

return on assets (RoA) in the Saudi market at 31.5% and 28.7% on a TTM

basis, followed by Saudi Cement Co. at 18.8%.

The top 15 companies have RoA of over 11.7%

Company YTD % P/Bv (x) ROA (%)

Jarir Marketing Co. 21.0% 8.33 31.5%Saudi Airlines Catering Co. -15.0% 5.65 28.7%Saudi Cement Co. -25.9% 2.41 18.8%Saudia Dairy and Foodstuff Co. 4.7% 3.37 18.3%Qassim Cement Co. -25.8% 2.54 17.7%Saudi Ground Services Co. -28.2% 3.10 16.9%Southern Province Cement Co. -37.8% 2.13 16.2%Advanced Petrochemical Co. -1.9% 3.07 15.8%Herfy Food Services Co. 0.9% 4.33 15.6%Saudi Arabia Fertilizers Co. -12.5% 4.14 13.8%Middle East Healthcare Co. 6.2% 4.21 13.8%Al Yamamah Steel Industries Co. -6.3% 1.99 12.9%Baazeem -31.9% 1.71 12.9%Yanbu National Petrochemical Co. 1.7% 1.96 12.5%Mouwasat Medical Services Co. 2.5% 5.57 11.8%


Company YTD % P/Bv (x) ROE (%)

Jarir Marketing Co. 21.0% 8.33 51.4%Saudi Airlines Catering Co. -15.0% 5.65 40.8%The Company for Cooperative 12.9% 4.60 31.8%Buruj Cooperative Insurance Co. 31.3% 2.30 29.5%Saudi United Cooperative Co. 20.2% 2.47 26.3%Arabian Shield Cooperative Co. 23.5% 3.00 26.1%United Cooperative Assurance Co. 7.2% 1.76 25.9%Herfy Food Services Co. 0.9% 4.33 25.3%Al-Rajhi Company 26.2% 4.24 25.1%Bupa Arabia Co. -13.1% 4.43 24.7%Al Yamamah Steel Industries Co. -6.3% 1.99 24.5%Advanced Petrochemical Co. -1.9% 3.07 24.3%Saudi Company for Hardware 17.9% 4.47 24.0%Saudi Cement Co. -25.9% 2.41 23.9%Saudia Dairy and Foodstuff Co. 4.7% 3.37 23.9%


Best 15 Companies Best15 CompaniesReturn on Equity (ROE) Return on Assets (ROA)

The overall net earnings of the companies listed on the TASI Increased 38.9% YoY to SAR 30.9bn in 1Q2017 from SAR22.2bn in 1Q2016. Banks and Materials

accounted for 65.2% of total earnings. SABIC, National Commercial Bank, and Saudi Telecom Company were major growth drivers, accounting for 16.9%,

8.7%, and 8.2% share of earnings, respectively, in 1Q2017.

-20.0%

20.0%

-10.0%

10.0%

0.0%

50.0%

40.0%

30.0%

2Q2015/2016 1Q2016/20173Q2015/2016 4Q2015/2016

(SAR

Mn)

Earnings (Prior Year TTM) Earnings (Current Year TTM) % YoY (RHS)

0

10,000

20,000

30,000

40,000

-11.4% -1.1%

-7.3%

38.9%

Total net profit for listed companies in the Saudi Market

Source: Bloomberg, AlJazira Capital

4




h The Saudi market’s net profit surged 39.2% YoY to SAR31.0bn in 1Q2017 from SAR 22.3bn in 1Q2016.

h The market’s weighted-average earnings per share (EPS) in 1Q2017 stood at SAR 0.60.

h Index heavyweights Banks and Materials contributed the most to total earnings (37.6% and 27.7%, respectively), while Media contributed the least.

h The Capital Goods sector was the best performer in the Saudi market, with a 343.7% YoY increase in net profit at SAR 164.9mn in 1Q2017, compared with a net profit of SAR37.2mn in 1Q2016. This improvement was primarily led by National Industrialization Co., which posted a net profit of SAR 103.3mn in 1Q2017 compared to a loss of SAR 103.5mn in 1Q2016.

h In 1Q2017,Capital Goods witnessed the highest YoY growth, while seven sectors registered YoY decline in net profit. The combined net profit of the total Saudi stock market increased 38.9% YoY, led by higher weightage of the Banks & Materials that coinsided with non-reoccuring, non-cash, profits for Saudi Electricity Company.

YTD TASI Index Performance

11 21 31 10-

20-

2- 12-

22- 1-

650066006700680069007000710072007300

1- J

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11- J

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21- J

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31- J

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20- F

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12- M

ar

22- M

ar

1- A

pr

11- A

pr

21- A

pr

1- M

ay

11- M

ay

21- M

ay

-30%

-23%

-16%

-9%

-2%

5%

12%

19%

Ener

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YTD 2017 Sector Performance

-3.46% YTD

Sector

1Q2016 1Q2017YoY

ChangeNet Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

Sector profit to Total

Energy 603.0 0.45 156.5 0.12 -47.0% 0.5%Materials 5,755.3 0.51 8,579.0 0.75 49.1% 27.7%Capital Goods 37.2 0.03 164.9 0.12 343.7% 0.5%Commercial & Professional Svc. 134.2 0.95 105.6 0.74 -21.3% 0.3%Transportation 289.6 0.71 210.4 0.52 -27.3% 0.7%Consumer Durables & Apparel 30.1 0.12 48.6 0.19 61.3% 0.2%Consumer Services 333.8 0.72 227.6 0.49 -31.8% 0.7%Media 12.0 0.14 11.0 0.13 -8.0% 0.0%Retailing 151.1 0.31 374.0 0.77 147.5% 1.2%Food & Staples Retailing 71.5 0.60 79.6 0.67 11.3% 0.3%Food & Beverages 792.0 0.47 643.9 0.38 -18.7% 2.1%Health Care Equipment & Svc. 291.2 0.80 311.1 0.85 6.8% 1.0%Pharma, Biotech & Life Science 88.5 0.74 100.0 0.83 12.9% 0.3%Banks 11719.7 0.70 11645.7 0.69 -0.6% 37.5%Diversified Financials 60.2 0.02 153.2 0.04 154.6% 0.5%Insurance 365.2 0.31 406.4 0.35 11.3% 1.3%Telecommunication Services 2,104.4 0.62 2,387.0 0.70 13.4% 7.7%Utilities -747.7 -0.18 5,001.0 1.18 - 16.1%Real Estate Mgmt & Dev't. 176.1 0.05 394.0 0.10 123.7% 1.3%Total Saudi Market 22,267.2 0.43 30,999.4 0.60 39.2% 100.0%

Source: Tadawul, Bloomberg, AlJazira Capital

Sectors Performance

5




Net earnings of Saudi Arabia’s Energy sector declined to SAR156.5mn in 1Q2017 compared

to SAR603.0mn in 1Q2016. The sector’s EPS stood at SAR 0.12 per share.

h Rabigh Refining was the worst performer during the quarter, reporting a net loss of

SAR 240.0mn in 1Q2017.

Energy Sector

4200

4400

4600

4800

5000

5200

-5-

Jan

-13

- Jan

-21

- Jan

-29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

-30%

-23%

-16%

-9%

-2%

5%

12%

19%

SAUDI ARABIA REF

RABIGHREFINING

NATIONALSHIPPIN

ALDREESPETROLEU

YTD 2017 Energy Sector

-14.5% YTD

Company Name

1Q2016 1Q2017YoY

ChangeNet Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Saudi Arabia Refineries -0.7 -0.05 3.0 0.20 - NM 1.28 0.00Rabigh Refining -37.0 -0.04 -240.0 -0.27 -548.6% NM 1.34 0.00National Shipping 612.9 1.56 378.9 0.96 -38.2% 9.28 1.56 6.93Aldrees 27.8 0.56 14.6 0.29 -47.5% 15.412 1.96 3.35

Total 603.0 0.45 156.5 0.12 -74.0% 9.58 1.47 257.2%Source: Tadawul, Bloomberg, AlJazira Capital

* Trailing 12 months (TTM)

Energy Sector

6




The net profit of Saudi Arabia’s Materials sector surged 49.1% YoY to SAR 8.6bn in 1Q2017 from SAR 5.7bn in 1Q2016. Index heavyweight Saudi Basic

Industries Corp recorded an increase of 79.9%. Saudi Arabia Fertilizers Company reported a growth of 51.7% YoY. The sector’s EPS stood at SAR 0.75

per share.

h All cement companies in this sector registered a YoY decline in profit expect for Umm AlQura which recorded net income of SAR 17.0mn. Najran

Cement Company’s profit (down 81.7% YoY) declined the most, followed by Hail Cement (down 74.4% YoY).

Company Name

1Q2016 1Q2017

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Sahara Petrochemical 54.7 0.12 96.0 0.22 75.6% 13.29 1.13 5.42Yanbu National Petro 421.7 0.75 608.2 1.08 44.2% 12.42 1.96 5.42Saudi Basic Industries 2909.9 0.97 5234.5 1.74 79.9% 15.01 1.81 4.05Advanced Petrochemical 142.9 0.73 124.4 0.63 -12.9% 12.66 3.07 5.86Alujain Corporation 2.8 0.04 28.9 0.42 945.3% 13.09 1.52 3.82National Petrochemical 121.4 0.25 167.9 0.35 38.3% 20.67 1.43 2.64Saudi Industrial Investment Group 29.0 0.06 310.0 0.69 969.0% 13.32 1.49 2.39Saudi Arabia Fertilizers 279.0 0.67 423.4 1.02 51.7% 23.40 4.14 3.75Saudi International Petrochemical 49.2 0.13 91.7 0.25 86.4% 52.82 1.09 0.00Saudi Kayan -194.4 -0.13 265.5 0.18 - 21.05 0.95 0.00Methanol Chemicals -27.5 -0.23 -5.6 -0.05 79.6% NM 0.75 0.00Nama Chemicals -23.7 -0.18 -3.8 -0.03 84.1% NM 1.59 0.00Southern Province 283.0 2.02 105.0 0.75 -62.9% 10.20 2.13 9.29Saudi Cement 263.0 1.72 165.0 1.08 -37.3% 10.11 2.41 10.39Hail Cement 32.3 0.33 8.3 0.08 -74.4% 12.35 0.92 8.96City Cement 73.3 0.39 37.9 0.20 -48.3% 12.36 1.05 8.52Arabian Cement 225.6 2.26 100.7 1.01 -55.4% 9.91 1.09 11.07Al Jouf Cement 24.7 0.19 16.3 0.13 -34.1% 16.54 0.65 0.00Tabuk Cement 21.3 0.24 8.7 0.10 -59.2% 23.82 0.89 0.00Northern Region 42.9 0.24 16.5 0.09 -61.6% 16.21 0.90 4.46Qassim Cement 133.8 1.49 80.2 0.89 -40.1% 12.66 2.54 8.22Yanbu Cement 171.0 1.09 124.0 0.79 -27.5% 10.69 1.53 9.29Yamamah Saudi 150.5 0.74 50.8 0.25 -66.2% 13.53 1.05 5.62Eastern Province 86.0 1.00 50.0 0.58 -41.9% 11.56 1.05 5.64Najran Cement 61.3 0.36 11.2 0.07 -81.7% 23.70 0.85 5.74Umm Al-Qura Cement -3.7 -0.07 17.0 0.31 - 110.51 2.12 0.00Takween Advanced 1.9 0.02 -8.9 -0.09 - NM 1.29 0.00Middle East Paper 16.8 0.34 3.3 0.07 -80.6% 12.13 1.21 2.94Basic Chemical 10.8 0.39 5.9 0.21 -45.4% 16.36 1.31 4.34Saudi Arabian Mining 194.3 0.17 275.6 0.24 41.8% 98.67 1.95 0.00United Wire Factories 17.3 0.39 7.7 0.18 -55.5% 11.84 1.68 8.51Al Yamamah Steel ** 55.7 1.10 48.3 0.95 -13.3% 8.18 1.99 8.24Saudi Steel Pipe 8.5 0.17 10.2 0.20 19.8% NM 1.12 0.00National Gypsum 3.7 0.12 -3.4 -0.11 - 41.70 0.91 4.51The National Glass 13.7 0.46 15.2 0.51 11.3% 23.92 1.02 3.85FIPCO 4.5 0.39 3.2 0.28 -29.8% 38.18 2.12 1.45Arabian Pipes -11.0 -0.27 -2.5 -0.06 77.2% 47.06 0.97 0.00MAADANIYAH 11.7 0.42 1.5 0.05 -87.6% 48.11 1.53 2.22Saudi Chemical 51.5 0.81 55.2 0.87 7.1% 14.70 1.47 4.22Zamil Industrial 52.9 0.88 41.8 0.70 -21.0% 8.77 0.97 7.15Saudi Paper -7.1 -0.16 -6.3 -0.14 10.1% NM 1.08 0.00Total 5755.3 0.51 8579.0 0.75 49.1% 16.26 1.76 4.10

Source: Tadawul, Bloomberg, AlJazira Capital * Trailing 12 months (TTM), **2Q Ending in March 31st

Materials Sector

Materials Sector

4600

4700

4800

4900

5000

5100

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

-50%

-40%

-30%

-20%

-10% 0%

10%

20%

30%

40%

50%

SAHARA PETROCHEMYANBU NATIONAL P

SABICADVANCED PETROCH

ALUJAIN CORPNATIONAL PETROCH

SAUDI IND INVESTSAUDI ARABIAN FESAUDI INTERNATIO

SAUDI KAYAN PETRMETHANOL CHEMICANAMA CHEMICALS C

SOUTHERN PROVINCSAUDI CEMENT

HAIL CEMENTCITY CEMENT CO

ARABIAN CEMENTAL JOUF CEMENT

TABUK CEMENT CONORTHERN REGION

QASSIM CEMENTYANBU CEMENT CO

YAMAMA CEMENT COEASTERN CEMENT

NAJRAN CEMENT COUMM AL-QURA CEME

TAKWEEN ADVANCEDMIDDLE EAST PAPE

BASIC CHEMICAL ISAUDI ARABIAN MI

UNITED WIRE FACTAL YAMAMAH STEEL

SAUDI STEEL PIPENATIONAL GYPSUM

NATIONAL CO/THEFILING & PACKING

ARABIAN PIPES COMAADANIYAH

SAUDI CHEMICAL CZAMIL INDUSTRIAL

SAUDI PAPER MANUBISHAH AGRICULTU

% YTD 2017 Materials Sector

-3.9% YTD

7




Net earnings of Saudi Arabia’s Capital Goods sector increased by 343.7% YoY stood at SAR 164.9mn during 1Q2017 compared to SAR 37.2mn. The

sector’s EPS stood at SAR 0.12 per share.

The increase in sector’s profitability was due to net profit registered by National Industrialization of SAR 103.3mn, compared to a loss of SAR 103.5mn.

Company Name

1Q2016 1Q2017

Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Bawan Company 28.5 0.48 21.6 0.36 -24.3% 10.05 1.36 6.19Astra Industrial Group 12.8 0.16 19.7 0.25 54.2% 27.95 1.04 3.07ALKHODARI 2.2 0.04 -17.8 -0.32 - NM 0.87 0.00Saudi Ceramic Co. 47.7 0.95 12.2 0.24 -74.5% NM 0.76 3.57National Industrialization -103.5 -0.15 103.3 0.15 - 21.59 1.28 0.00Saudi Cable Co. -49.7 -0.65 -14.5 -0.19 70.8% - - 0.00Al-Ahsa Development -1.6 -0.03 1.8 0.04 - NM 1.32 0.00Saudi Arabian Amiantit 0.5 0.00 -45.8 -0.40 - NM 0.74 0.00Saudi Industrial Services 24.2 0.30 22.1 0.27 -8.7% 11.54 1.00 3.28Al-Babtain 39.7 0.93 39.1 0.92 -1.5% 8.27 1.62 3.41Saudi vitrified clay Pipes 33.6 2.24 11.9 0.79 -64.6% 17.01 2.50 7.21Middle East Cables -5.1 -0.08 3.9 0.06 - 4.82 0.92 0.00Saudi Industrial Export -1.6 -0.15 -3.3 -0.31 -106.3% NM 3.00 0.00Electric Industries 9.4 0.21 10.7 0.24 12.8% 19.52 1.60 3.99

Total 37.2 0.03 164.9 0.12 343.7% 16.09 1.23 2.19Source: Tadawul, Bloomberg, AlJazira Capital

Capital Goods Sector

Capital Goods Sector

4250

4500

4750

5000

5250

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

AL-A

HSA

-30%-25%-20%-15%-10%

-5%0%5%

10%15%20%

BAW

AN C

O

ASTR

A IN

DUST

RIAL

MOH

AMM

AD A

L MOJ

IAB

DULL

AH A

.M. A

L

SAUD

I CER

AMIC

CO

NIC

SAUD

I CAB

LE C

O

SAUD

I ARA

BIAN

AM

SISC

O

AL B

ABTA

IN P

OWER

SAUD

I VIT

RIFI

ED

MID

DLE

EAST

SPE

C

SAUD

I INDU

S EX

PO

ELEC

TRIC

AL IN

DUS

YTD 2017 Capital Goods Sector

-12.9% YTD

8




Saudi Arabia’s Commericial & Professional Services sector recorded a 21.3% decline in net

profit of SAR 105.6mn in 1Q2017,as compared to net profit of SAR 134.2mn in 1Q2016.

The sector’s EPS for the quarter stood at SAR 0.74 per share.

The Transportation sector’s net profit declined 27.3% YoY to SAR 210.4mn in 1Q2017 from

SAR 289.6mn in 1Q2016. The sector’s EPS stood at SAR 0.52per share.

Saudi Public Transport showed a decline of 89.4%, while Saudi Ground Services recorded for

the highest earning of SAR155.1mn during 1Q2017.

Company Name

1Q2016 1Q2017YoY

Change%Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Saudi Printing and Packaging 3.8 0.06 -15.8 -0.26 - NM 1.14 0.00

Saudi Airlines Catering 130.4 1.59 121.4 1.48 -6.9% 13.86 5.65 6.87

Total 134.2 0.95 105.6 0.74 -21.3% 13.86 3.82 3.44Source: Tadawul, Bloomberg, AlJazira Capital

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Saudi Ground Services 192.1 1.02 155.1 0.83 -19.3% 13.86 3.10 4.09Saudi Public Transport 33.3 0.27 3.5 0.03 -89.4% 17.10 1.17 3.45United International 48.8 0.69 42.5 0.60 -13.0% 9.64 1.55 4.72Batic Investments and Logistics 15.3 0.64 9.3 0.39 -39.4% 141.13 4.03 0.00

Total 289.6 0.71 210.4 0.52 -27.3% 14.70 2.36 3.06Source: Tadawul, Bloomberg, AlJazira Capital

Commercial & Professional Svc Sector

Transportation Sector

Commercial & Professional Services Sector

4000

4500

5000

5500

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

Transport Sector

3500

4000

4500

5000

5500

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

Saudi Printing andPackaging Co.

Saudi AirlinesCatering

-15%

-14%

-13%

-12%

-30%

-25%

-20%

-15%

-10%

-5%

0%

SAUDI GROUND SER

SAPTCO

UNITED INTERNATI

SAUDI TRANSPORT

YTD 2017 Commercial & Professional Svc Sector

YTD 2017 Transportation Sector

-14.14%YTD

-18.68% YTD

9




Saudi Arabia’s Consumer Durables & Apparel sector’s net profit increased to SAR 48.6mn

1Q2017 compared to SAR 30.1mn in 1Q2016. The sector’s EPS stood at SAR 0.19 per share.

The increase in net income was supported by Fitaihi Holding Group and Saudi industrial

Development, which registered net income of SAR 11.9mn and SAR 0.8mn in 1Q2017compared

to loss of SAR 30.2mn and SAR 8.6mn in 1Q2016.

The net earnings of Saudi Arabia’s Consumer Services sector declined 31.8% YoY to SAR

227.6mn in 1Q2017 from SAR 333.8mn in 1Q2016. The sector’s EPS was SAR 0.49 per share.

The sector’s earnings were impacted by Abdulmohsen Alhokair Co. net profit, which fell

83.7% YoY to SAR 8.0mn during 1Q2017.

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Al Sorayai Trading Group 3.1 0.08 1.4 0.04 -53.5% NM 1.12 0.00Saudi Industrial Dev. -8.6 -0.22 0.8 0.02 - NM 1.28 0.00AlAbdullatif Industrial Co 14.8 0.18 12.4 0.15 -16.2% 36.97 0.89 5.90Lazurde Co. 51.0 1.19 22.0 0.51 -56.9% 22.18 2.38 2.14Fitaihi Holding Group -30.2 -0.55 11.9 0.22 - 89.77 1.02 0.00Total 30.1 0.12 48.6 0.19 61.3% 34.13 11.85 1.61


Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Dur Hospitality Co. 31.7 0.32 24.7 0.25 -22.2% 18.95 1.12 4.43Al-Tayyar Travel Group 191.0 0.91 137.0 0.65 -28.3% 8.34 1.11 0.00Tourism Enterprise Co. 0.6 0.06 -1.0 -0.10 - NM 3.18 0.00Herfy Food Services 53.4 1.15 52.7 1.14 -1.2% 17.10 4.33 3.74Alkhaleej Co. 8.0 0.20 6.3 0.16 -21.3% 16.47 1.30 2.88Abdulmohsen Alhokair 49.2 0.89 8.0 0.15 -83.7% 15.40 2.33 4.41Total 333.8 0.72 227.6 0.49 -31.8% 11.66 1.52 2.58


Consumer Durables & Apparel Sector

Consumer Services Sector

Consumer Durables & Apparel Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4000

4500

5000

5500

Consumer Services Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4000

4500

5000

5500

ALSO

RAYA

IG

ROUP

SIDC

ALAB

DULL

ATIF

L'AZ

URDE

CO

FO

R

FITA

IHI H

OLD

ING

-20%

-15%

-10%

-5%

0%

5%

10%

15%

DUR

HO

SPIT

ALIT

Y

AL T

AYYA

R TR

AVEL

SHAM

S

HER

FY F

OO

D S

ERVI

AL K

HAL

EEJ

TRAI

N

ABD

UL M

OH

SEN

AL

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

YTD 2017 Consumer Durables & Apparel Sector

YTD 2017 Consumer Services Sector

-8.0% YTD

-17.2%YTD

10




Saudi Arabia’s Media sector recorded a net profit of SAR 11.0mn in 1Q2017,as compared to

SAR 12.0mn in 1Q2016.

The sector’s EPS for the quarter stood at SAR 0.13 per share.

Saudi Arabia’s Retailing sector recorded an increase 147.5% YoY in net profit in 1Q2017. Net

profit increased to SAR 374.0mn in 1Q2017 from SAR 151.1mn in 1Q2016. The sector’s EPS

stood at SAR 0.77 per share.

Heavyweight Jarir dominated the sector earnings, the net profit was up 26.5% YoY to SAR

221.4mn in 1Q2017. In addition, Fawaz Abdulaziz AlHokair Company registered net profit of

SAR 79.4mn compared to SAR 3.2mn in 1Q2016.

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Saudi Research 21.7 0.27 18.0 0.23 -17.1% NM 2.740 0.00Tihama Adv. & PR* -9.7 -1.30 -7.0 -0.93 28.2% NM 5.180 0.00

Total 12.0 0.14 11.0 0.13 -8.0% NM 2.890 0.00Source: Tadawul, Bloomberg, AlJazira Capital

* 4Q Ending March 2017

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Shaker Co. -14.9 -0.24 28.0 0.44 - 175.35 0.89 5.12Extra -45.9 -1.09 12.9 0.31 - 23.14 2.95 0.00Saudi Co. for Hardware 28.7 1.20 30.8 1.28 7.1% 18.67 4.47 2.99Saudi Automotive 5.0 0.09 1.6 0.03 -67.3% 31.46 1.17 2.91Jarir Marketing Co. 175.0 1.94 221.4 2.46 26.5% 16.22 8.33 5.48Fawaz AlHokair Co.* 3.2 0.02 79.4 0.38 2403.2% 19.97 2.71 0.00


* 4Q Ending March 2017

Media Sector

Retailing Sector

Media Sector

3500

4000

4500

5000

5500

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

Retailing Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4500

5000

5500

6000

SAUDI RESEARCH

TIHAMA-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

-30%-15%

Shak

er C

o.

Unite

d El

ectro

nics

Saud

i Com

pany

for H

ardw

are

SASC

O

JARI

R M

ARKE

TIN

G

Hok

air

0%

15%

30%

45%

60%

YTD 2017 Media Sector

YTD 2017 Retailing Sector

-10.72% YTD

12.68% YTD

11




Net earnings of Saudi Arabia’s Food & Staples sector increased by 11.3% YoY to SAR 79.6mn in

1Q2017 from SAR 71.5mn in 1Q2016. The sector’s EPS stood at SAR 0.67 per share. Abdullah

Al Othaim Co. was the best performer during the quarter, reporting a net profit of SAR

60.2mn in 1Q2017.

Saudi Arabia’s Food & Beverages sector recorded a net profit of SAR 643.9mn in 1Q2017

compared to SAR 792.0mn in 1Q2016. The sector’s EPS stood at SAR 0.38 per share.

The sector’s weak performance was due to the decline in the net profit of index heavyweights

Savola Group (down 96.0%YoY) and National Agricultural Development Co. (down 83.2%

YoY). This decline in the sector’s net earnings was partially offset by stable YoY performance

of another major player Almarai Co. (up 13.7% YoY).

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Abdullah Al Othaim 46.6 1.04 60.2 1.34 29.0% 19.56 3.65 1.90Saudi Marketing Co. 25.5 0.57 22.5 0.50 -11.5% 14.94 2.04 3.36Anaam International -2.8 -0.14 -4.6 -0.23 -61.5% NM 2.21 0.00National Agriculture 2.3 0.23 1.5 0.15 -35.1% NM 3.09 0.00Total 71.5 0.60 79.6 0.67 11.3% 18.31 3.05 1.32


Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Qassim Agriculture Co. 95.3 3.18 0.2 0.01 -99.8% 256.63 1.12 0.00Saudia Dairy and Foodstuff Co.* 260.2 8.01 301.0 9.26 15.7% 14.10 3.37 3.06Wafrah for Industry 0.1 0.01 -5.0 -0.25 - NM 2.60 0.00Halwani Bros 13.7 0.48 20.4 0.71 49.5% 24.56 2.60 4.98Almarai Company 288.7 0.36 328.3 0.41 13.7% 29.61 5.65 1.16Al-Jouf Agriculture 8.8 0.29 8.1 0.27 -7.9% 9.26 1.16 3.29NADEC 25.6 0.30 4.3 0.05 -83.2% 31.24 1.74 1.55Jazan Development 1.2 0.02 -1.7 -0.03 - 71.88 1.15 3.70Savola Group 119.4 0.22 4.8 0.01 -96.0% NM 2.67 3.04Sharqiya Dev Co. -4.1 -0.54 -3.6 -0.48 11.8% NM 1.30 0.00Tabuk Agriculture -6.8 -0.15 -3.7 -0.08 44.8% NM 1.13 3.61Saudi Fisheries Co. -10.2 -0.51 -9.2 -0.46 10.1% NM 3.39 0.00Total 792.0 0.47 643.9 0.38 -18.7% 27.32 3.80 2.03

Source: Tadawul, Bloomberg, AlJazira Capital, * 4Q Ending in March 2017

Food & Staples Retailing Sector

Food & Beverages Sector

Food & Staples Retailing Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4500

4750

5000

5250

5500

Food & Beverages Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4500

4750

5000

5250

5500

Saudi Marketing

Anaam Internatio

National Agricul

AbdullahAl Othaim

-20%

0%

20%

40%

AL Q

ASSI

M A

GRI

CU

SAD

AFC

O

WAF

RAH

FO

R IN

DUS

HAL

WAN

I BRO

S C

O

ALM

ARAI

CO

AL J

OUF

NAT

ION

AL A

GRI

CUL

JAZA

N D

EVEL

OPM

EN

SAVO

LA

ASH

SHAR

QIY

AH D

E

TABU

K AG

RIC

ULTU

R

SAUD

I FIS

HER

IES

-50%-40%-30%-20%-10%

0%10%20%30%

% YTD 2017 Food & Staples Retailing Sector

% YTD 2017 Food & Beverages Sector

3.9% YTD

5.6% YTD

12




Saudi Arabia’s Pharma, Biotech & Life Science sector posted a net profit of SAR100.0mn in

1Q2017 compared to SAR 88.5mn in 1Q2016. The sector’s EPS was SAR 0.83 per share.

Company Name

1Q2016 1Q2017

YoY Change%Net

Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Saudi Pharmaceutical 88.5 0.74 100.0 0.83 12.9% 11.29 1.49 2.87


Pharma, Biotech & Life Scie. Sector

-20%

0%

SAUDI PHARMACEUT

Pharma, Biotech & Life Science Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4000

4500

5000

5500

% YTD 2016 Pharma, Biotech & Life Science Sector

-8.7% YTD

The Health Care Equipment & Services sector’s net profit increased 6.8% YoY to SAR 311.1mn

in 1Q2017 compared to SAR 291.2mn in 1Q2016. The sector’s EPS stood at SAR 0.85 per share.

National Medical Care Company’s profit (down 54.5% YoY) declined the most. While Dallah Healthcare increased the most 46.3%YoY.

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Dallah Healthcare 58.1 0.98 85.0 1.44 46.3% 23.25 3.66 2.01National Medical Care 32.4 0.72 14.7 0.33 -54.5% 70.86 2.41 0.00Mouwasat Medical 68.5 1.37 85.1 1.70 24.2% 28.11 5.57 1.65Middle East Healthcare 104.2 1.13 105.1 1.14 0.9% 19.81 4.21 2.57Al Hammadi 28.0 0.23 21.1 0.18 -24.4% 58.83 3.41 1.89

Total 291.2 0.80 311.1 0.85 6.8% 27.71 3.96 1.62Source: Tadawul website, AlJazira Capital

Health Care Equipment & Svc Sector

Health Care Equipment & Services Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4500

4750

5000

5250

DallahHealthcare Middle East

Healthcare AlHammadi

NationalMedical Care

MouwasatMedical

-20%

-40%

0%

20%% YTD 2017 Health Care Equipment & Svc Sector

-1.6% YTD

13




The Banking sector’s net profit declined 0.6% YoY to SAR11.6bn in 1Q2017. The sector’s EPS stood at SAR 0.69per share.

Saudi Investment Bank registered the highest growth of 64.2%YoY while AlJazira Bank showed the worst performance with decline of 43.3%YoY, due to non-recurring item in 1Q2016.

Company Name

1Q2016 1Q2017

YoY Change%Net

Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Alinma Bank 391.0 0.26 421.0 0.28 7.6% 14.37 1.14 3.41

Al Rajhi Bank 2017.0 1.24 2221.0 1.37 10.1% 12.29 1.98 3.57

NCB 2631.0 1.32 2703.0 1.35 2.7% 8.87 1.37 3.84

Banque Saudi Fransi 1078.0 0.89 1104.0 0.92 2.4% 9.20 1.04 3.89

Riyad Bank 1174.0 0.39 1047.0 0.35 -10.8% 9.66 0.83 6.28

Saudi British Bank 1142.0 0.76 1036.0 0.69 -9.3% 9.14 1.08 3.03

Alawwal Bank 511.5 0.45 324.0 0.28 -36.7% 14.57 0.98 0.00

Samba Financial 1260.2 0.63 1231.4 0.62 -2.3% 8.81 1.00 4.33

Arab National Bank 749.2 0.75 768.0 0.77 2.5% 6.96 0.85 4.50

AlBilad Bank 174.5 0.29 229.4 0.38 31.5% 12.83 1.51 2.71Saudi Investment Bank 210.0 0.28 344.9 0.46 64.2% 8.02 0.69 3.67

Bank AlJazira 381.0 0.73 216.0 0.42 -43.3% 8.61 0.73 3.29

Total 11719.7 0.70 11645.7 0.69 -0.6% 9.91 1.20 3.54Source: Tadawul website, AlJazira Capital

Banks Sector

Banks Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4500

4750

5000

5250

-30%-23%-16%

-9%-2%5%

12%19%

ALIN

MA

BAN

K

AL R

AJH

I BAN

K

NAT

ION

AL C

OM

M

BAN

QU

E SA

UD

I FR

RIY

AD B

ANK

SAU

DI B

RIT

ISH

BK

ALAW

WAL

BAN

K

SAM

BA

ARAB

NAT

L BA

NK

BAN

K AL

BILA

D

SAU

DI I

NVE

STM

ENT

BAN

K AL

JAZI

RA

% YTD 2017 Banks Sector

-2.2% YTD

14




The net earnings of Saudi Arabia’s Diversified Financials sector recorded a net profit of SAR

153.2mn in 1Q2017 compared to SAR 60.2mn in 1Q2016. The sector’s EPS stood at SAR 0.04

per share in 1Q2017.

Company Name

1Q2016 1Q2017

YoY Change%Net Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X)

D/Y (%)*

Saudi Adv. Ind. Co. -3.8 -0.08 3.4 0.07 - 35.74 0.84 0.00AlBaha 0.0 0.00 0.0 0.00 0.0% - - 0.00Kingdom Holding Co. 114.5 0.03 129.1 0.03 12.7% 71.42 1.33 4.85Aseer Trading Co. -50.6 -0.40 20.7 0.16 - NM 0.90 5.93Total 60.2 0.02 153.2 0.04 154.6% 70.25 1.30 2.70


Diversified Financials Sector

Diversified Financials Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4250

4500

4750

5000

5250

SAUD

ADVA

NC

ED

AL-B

AHA

DEV

ELO

PM

KIN

GD

OM

HO

LDIN

G ASEE

RTR

ADIN

G

-25%

0%

% YTD 2017 Diversified Financials Sector

-8.9% YTD

15




ALLI

ANZ

SAUD

I AL

AHLI

TAKA

FUL

BUPA

ARA

BIA

SAN

AD

SABB

TAK

AFUL

TRAD

E UN

ION

AM

ANA

GUL

F G

ENER

AL

WAT

ANIY

A ME

DITE

RRAN

EAN

&M

ALAT

H

SAUD

I RE F

OR C

OOAH

LIA C

OOPE

RASA

UDI E

NAY

A AL

INM

A TO

KIO

G

ULF

UNIO

N

WAL

A'A

WEQ

AYA

FOR

MET

LIFE

AIG

ANB-40%

-30%-20%-10%

0%10%20%30%

% YTD 2017 Insurance Sector

The Insurance sector’s net profit increased 11.3% YoY to SAR 406.4mn in 1Q2017 from SAR 365.2mn in 1Q2016. The sector’s EPS stood at SAR 0.35 per share during the quarter.

Sector heavyweights, Bupa Arabia for Cooperative Insurance’s net profit (before zakat) declined 49.5% YoY to 36.7mn in 1Q2017 from SAR 72.6mn

in 1Q2016, while The Company for Cooperative Insurance (TAWUNIYA) reported a net profit of SAR 160.3mn in 1Q2017 compared to SAR 62.5mn in

1Q2016.

In terms of YoY gain in net profit, Trade Union Co-op Ins. (up 478.7% YoY), Salama Cooperative (up 467.2% YoY), and Saudi Arabian Co-op (up 462.9%

YoY), were the best performers.

Company Name

1Q2016 1Q2017

YoY Change%Net Profit

Before Zakat(SARmn)

EPS(SAR)

Net Profit Before

Zakat(SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Saudi Indian Co. 36.5 1.78 3.7 0.18 -90.0% 10.75 2.32 0.00Al Sagr Co-op Ins 72.6 2.90 5.1 0.20 -93.0% 8.69 1.50 6.76Arabia Insurance Co. 3.2 0.12 5.2 0.19 60.2% 34.57 1.44 0.00Arabian Shield Co-op 7.4 0.37 20.7 1.03 178.3% 10.50 3.00 4.04Saudi Arabian Co-op 1.7 0.07 9.4 0.38 462.9% 8.96 1.75 0.00United Cooperative 19.2 0.39 34.2 0.70 77.9% 6.52 1.76 0.00Buruj Cooperative Co. 12.0 0.48 28.0 1.12 133.9% 7.83 2.30 0.00Al-Rajhi Company 8.8 0.22 34.1 0.85 289.4% 16.90 4.24 0.00Salama Cooperative 2.5 0.10 14.2 0.57 467.2% 12.74 2.11 0.00CHUBB Arabia Co. 2.2 0.22 9.1 0.91 311.7% 10.89 2.05 0.00Allied Cooperative Co. 3.8 0.19 4.9 0.25 29.6% 28.30 2.08 0.00Al Alamiya 15.7 0.39 16.5 0.41 5.1% 22.91 3.12 0.00Solidarity Saudi 3.5 0.14 10.6 0.43 206.6% 8.67 1.80 0.00Aljazira Takaful 5.7 0.16 7.3 0.21 27.3% 35.79 2.54 1.78AXA Cooperative 13.2 0.29 16.3 0.36 22.9% 23.45 2.09 0.00Tawuniya Insurance Co. 62.5 0.50 160.3 1.28 156.4% 13.54 4.60 4.10Allianz Saudi Fransi 6.8 0.34 8.8 0.44 30.5% 30.00 3.45 0.00Alahli Takaful Co. 7.7 0.46 9.4 0.56 22.4% 17.56 2.75 1.35Bupa Arabia 72.6 0.91 36.7 0.46 -49.5% 15.27 4.43 3.08SABB Takaful 3.8 0.11 2.1 0.06 -43.8% 89.25 2.51 0.00Trade Union Co-op 1.4 0.05 8.1 0.29 478.7% 9.63 1.61 0.00Amana Cooperative 8.2 0.59 -4.6 -0.33 - 24.82 2.21 0.00Gulf General Co-op -3.9 -0.20 -0.3 -0.02 91.8% 13.48 1.68 0.00Wataniya Insurance 6.3 0.32 15.7 0.79 148.6% 12.02 2.88 0.00The Mediterranean and Gulf Insurance Co. 13.8 0.14 -93.0 -0.93 - NM 2.08 0.00Malath Co-op Ins 2.9 0.24 8.9 0.74 209.8% NM 2.65 0.00Saudi Re Co. -17.7 -0.18 7.5 0.07 - 17.73 0.95 0.00Al-Ahlia Insurance Co. -8.3 -0.52 0.7 0.04 - NM 1.86 0.00Saudi Enaya -9.6 -0.48 -6.6 -0.33 31.5% NM 1.95 0.00Alinma Tokio Marine -7.4 -0.25 1.5 0.05 - NM 2.81 0.00Gulf Union Co-op Ins 1.4 0.06 6.6 0.30 363.4% 8.97 1.77 0.00Saudi United Co. 20.4 0.51 32.2 0.81 57.9% 8.92 2.47 0.00MetLife AIG ANB Co. -3.7 -0.11 -6.9 -0.20 -86.7% NM 3.27 0.00Total 365.2 0.31 406.4 0.35 11.3% 13.93 3.02 0.64


Insurance Sector

Insurance Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4750

5000

5250

5500

WAF

A AL

SAG

R CO

-

ARAB

IA

ARAB

IAN

SHIE

LDSA

UDI A

RABI

AN

UNIT

ED C

O-

BURU

J AL

RAJ

HI

SALA

MA

ACE

ARAB

IA

ALLI

ED

AL A

LAM

IYA

SOLI

DARI

TY

ALJA

ZIRA

AX

A CO

FOR

-30%-20%-10%

0%10%20%30%40%50%

% YTD 2017 Insurance Sector

-0.4% YTD

16




Net earnings of Saudi Arabia’s Telecommunication Services sector surged 13.4% YoY to SAR

2387.0mn in 1Q2017 from SAR 2104.4mn in 1Q2016. The sector’s EPS stood at SAR 0.70 per

share. Saudi Mobile Telecomunication Co. recorded net income of SAR 45.0mn during 1Q2017.

Company Name

1Q2016 1Q2017

YoY Change%Net

Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y(%)*

Saudi Telecom 2397.0 1.20 2527.0 1.26 5.4% 16.10 2.31 5.72Mobile Telecomm Co. -250.0 -0.43 45.0 0.08 - NM 1.09 0.00Etihad Atheeb Telecom* -62.6 -0.99 -22.0 -0.35 64.8% NM 1.68 0.00Etihad Etisalat Co 20.0 0.03 -163.0 -0.21 - 1.65 0.00Total 2104.4 0.62 2387.0 0.70 13.4% 16.10 2.05 1.43

Source: Tadawul, Bloomberg, AlJazira Capital*4Q Ending March 2017

Telecommunication Sector

SAUD

I TEL

ECO

M

MO

BILE

TE

LEC

OM

MU

ETIH

AD A

THEE

B

ETIH

AD E

TISA

LAT

-15%-10%

-5%0%5%

10%15%20%25%30%

% YTD 2017 Telecommunication Sector

Telecommunication Services Sector

5- Ja

n13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4200

4450

4700

4950

5200

-3.8% YTD

Saudi Arabia’s Utilities sector recorded net income of SAR 5.0bn in 1Q2017 compared to loss of

SAR 747.7mn. The sector’s EPS stood at SAR 1.18 per share.

Company Name

1Q2016 1Q2017YoY


EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

National Gas & Industrialization Co. 50.3 0.67 65.0 0.87 29.3% 15.12 2.09 4.01

Saudi Electricity Co. -798.0 -0.19 4936.0 1.18 - 11.57 1.38 2.99Total -747.7 -0.18 5001.0 1.18 - 11.637 2.05 3.50

Source: Tadawul website, AlJazira Capital،

Utilities Sector

Utilities Sector

4250

4450

4650

4850

5050

5250

5450

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

0.9% YTD

NATIONAL GAS & I

SAUDI ELECTRICIT

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

% YTD 2017 Utilities Sector

17




The net profit of Saudi Arabia’s Real Estate Mgmt & Dev’t sector increased 123.7% YoY to SAR 394.0mn in 1Q2017 from SAR 176.1mn in 1Q2016. The

sector’s EPS for the quarter was SAR 0.10 per share.

Saudi Real Estste Co.(up 111.3% YoY) and Alandalus Property Co. (up 99.4% YoY), and Jabal Omar reporting a net profit of SAR141.7mn led the increase

in the sector’s net profit during 1Q2017.

Company Name

1Q2016 1Q2017

YoY Change%Net

Profit (SARmn)

EPS(SAR)

Net Profit (SARmn)

EPS(SAR)

P/E TTM (x)

P/Bv (X) D/Y (%)*

Arriyadh Development 54.1 0.41 43.4 0.33 -19.8% 10.76 1.39 6.28

Emaar -14.0 -0.02 -19.0 -0.02 -35.7% 121.83 1.68 0.00

Taiba Holding Co. 54.1 0.36 56.1 0.37 3.7% 24.43 1.62 3.62

Alandalus Property Co. 24.8 0.35 49.5 0.71 99.4% 11.84 1.57 2.36

Dar Alarkan 57.9 0.05 12.1 0.01 -79.0% 33.69 0.37 0.00

Saudi Real Estate Co. 25.6 0.21 54.0 0.45 111.3% 21.48 0.72 4.70

Makkah Construction* 68.9 0.42 54.4 0.33 -20.9% 57.61 1.98 2.40

Jabal Omar* -119.5 -0.13 141.7 0.15 - 74.72 6.13 0.00Red Sea Housing 31.8 0.53 8.7 0.15 -72.6% 22.35 1.53 3.12Knowledge Economic -7.5 -0.02 -6.9 -0.02 7.8% 368.02 1.85 0.00Total 176.1 0.05 394.0 0.10 123.7% 52.73 2.03 2.25

Source: Tadawul, Bloomberg, AlJazira Capital, * Hijri Calender

Real Estate Mgmt & Dev’t Sector

ARRI

YADH

DEV

.

EMAA

R

TAIB

A H

OLD

ING

ALAN

DALU

S

DAR

AL A

RKAN

SAUD

I REA

L EST

ATE

MAK

KAH

CONS

TRUC

T

JABA

L O

MAR

RED

SEA

HOUS

ING

KNO

WLE

DGE

-20%

-40%

0%

20%% YTD 2017 Real Estate Mgmt & Dev’t Sector

-4.1% YTD

Real Estate Mgmt & Dev't Sector

5- J

an13

- Jan

21- J

an29

- Jan

6- F

eb14

- Feb

22- F

eb2-

Mar

10- M

ar18

- Mar

26- M

ar3-

Apr

11- A

pr19

- Apr

27- A

pr5-

May

13- M

ay21

- May

4600

4750

4900

5050

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

RESE

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RESE

ARC

H

DIV

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Disclaimer

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. 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.

2. 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.

3. 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.

4. 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.

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.

Acting Head of Research

Talha Nazar +966 11 [email protected]

AnalystSultan Al Kadi, CAIA+966 11 [email protected]

Analyst

Jassim Al-Jubran +966 11 [email protected]

Analyst

Waleed Al-jubayr+966 11 [email protected]

Analyst

Muhanad Al-Odan+966 11 [email protected]

General Manager – Brokerage Services &

sales

Alaa Al-Yousef+966 11 [email protected]

AGM-Head of international and institutional

brokerage

Luay Jawad Al-Motawa +966 11 [email protected]

AGM- Head of Western and Southern Region Investment

Centers

Mansour Hamad Al-shuaibi +966 12 [email protected]

AGM-Head of Sales And Investment Centers

Central Region

Sultan Ibrahim AL-Mutawa +966 11 [email protected]

AGM-Head of Qassim & Eastern Province

Abdullah Al-Rahit +966 16 3617547 [email protected]

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