AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

Coverage

  • Research Category: Equity
  • Asset Class: Equity
  • Geographic Coverage: Bermuda, Burkina Faso, Canada, Cote d'Ivoire, Egypt, France, Jordan, Kuwait, Morocco, Qatar, Saudi Arabia, Senegal, Tunisia, United Arab Emirates
  • Size Coverage: Large Cap, Mid Cap, Small Cap, Micro Cap, Nano Cap
  • Sector Coverage: Automobiles & Parts, Banks, Beverages, Chemicals, Construction & Materials, Electricity, Electronic & Electrical Equipment, Equity Investment Instruments, Financial Services, Fixed Line Telecommunications, Food & Drug Retailers, Food Producers, Gas, Water & Multi-utilities, General Industrials, General Retailers, Health Care Equipment & Services, Industrial Metals & Mining, Industrial Transportation, Leisure Goods, Mining, Mobile Telecommunications, Nonlife Insurance, Oil & Gas Producers, Oil Equipment, Services & Distribution, Personal Goods, Pharmaceuticals & Biotechnology, Real Estate Investment & Services, Software & Computer Services, Tobacco, Travel & Leisure
  • Underlying Coverage: 146
Export
Ticker Underlying First Report Latest Report
1201 SA130G50IOH8 Takween Advanced Industries Company 2016/08/08 2017/05/29
1211 SA123GA0ITH7 Saudi Arabian Mining Co-Maaden 2017/02/07 2017/02/07
1320 SA12B050KK11 Saudi Steel Pipe Co. 2016/08/08 2017/02/02
1330 SA12L0O0KP12 Abdullah A.M. Al-Khodari Son 2016/10/28 2017/10/20
15PL CA2768555096 Eastern Platinum 2017/04/28 2017/04/28
1810 SA132GSGS910 Al Tayyar Travel Group 2016/10/24 2017/02/03
1820 SA13IG50SE12 Abdulmohsen Al Hokair Group for Tourism and Development Co CJSC 2016/10/28 2017/02/07
2010 SA0007879121 Saudi Basic Industries Corp 2016/07/29 2017/10/31
2040 SA0007879154 Saudi Ceramic 2016/07/27 2017/01/23
2050 SA0007879162 SAVOLA 2016/08/19 2017/05/19
2110 SA0007879238 Saudi Cable Co 2016/10/26 2016/10/26
2240 SA0007879410 Zamil Industrial Investment Company 2016/01/26 2017/08/16
2280 SA000A0ETHT1 Almarai Co Ltd 2016/10/14 2017/07/31
2320 SA000A0LEF64 Al Babtain Power & Telecommunication 2017/05/29 2017/05/29
2380 SA120GAH5617 Rabigh Refining & Petrochemical Co. 2016/08/02 2017/01/20
3030 SA0007879469 Saudi Cement 2017/01/18 2017/10/31
3050 SA0007879501 Southern Province Cement Co 2017/05/12 2017/11/06
4001 SA1230K1UGH7 Abdullah Al Othaim Markets 2016/04/12 2017/01/23
4190 SA000A0BLA62 Jarir Marketing Co 2016/10/11 2017/01/11
4240 SA000A0LB2R6 Fawaz Abdulaziz Alhokair & C 2017/02/17 2017/02/17
4280 SA31RG522S19 Kingdom Holding 2016/09/01 2017/01/23
5110 SA0007879550 Saudi Electricity Co 2016/07/27 2017/11/08
7010 SA0007879543 Saudi Telecom Co 2016/11/14 2017/08/11
902053 EGS37091C013 Eastern Tobacco Co. 2016/12/13 2016/12/13
941063 EGS74081C018 Global Telecom Holding 2016/11/07 2016/11/07
A0EQ9W EGS3C251C013 El Ezz Steel Rebars 2016/08/24 2017/02/16
A0HMX3 EGS48031C016 Telecom Egypt 2016/11/18 2016/11/18
A0J2ZU EGS3G0Z1C014 Elswedy Electric Co 2016/08/22 2017/02/17
A0MZ0V EGS673T1C012 GB Auto 2017/03/30 2017/05/22
A110ZV MA0000012205 Taqa Morocco 2015/11/16 2017/11/20
A14M33 MA0000012239 Residences Dar Saada SA 2017/10/02 2017/10/02
AB TN0003400058 Amen Bank 2016/02/01 2017/07/24
ADCB AEA000201011 Abu Dhabi Commercial Bank 2016/02/09 2017/05/04
ADH MA0000011512 Douja Promotion Groupe Addoha 2015/10/07 2017/10/02
ADI MA0000011819 Alliances Developpement Immobilier SA 2017/10/02 2017/10/02
ADWYA TN0007250012 ADWYA S.A. 2015/07/24 2017/01/17
AIRARB AEA003001012 Air Arabia 2016/09/05 2017/11/14
ALDAR AEA002001013 Aldar Properties PJSC 2016/11/15 2017/11/16
ARBK JO1302311013 Arab Bank 2015/06/18 2015/06/18
ARMX AEA002301017 ARAMEX 2016/09/23 2017/11/06
ARTC AEA001501013 Arabtec Holding PJSC 2015/11/16 2017/11/10
ARTES TN0007300015 Automobile reseau tunisien et services 2016/07/22 2017/05/02
ASSAD TN0007140015 Assad 2015/07/23 2017/07/24
ATB TN0003600350 Arab Tunisian Bank 2016/01/29 2017/04/28
ATH MA0000010969 Auto Hall 2015/12/21 2017/03/16
ATL MA0000011710 Atlanta 2016/11/11 2017/01/20
ATW MA0000011926 Attijariwafa Bank 2015/11/30 2016/09/16
BCI MA0000010811 Banque Marocaine pour le Commerce et l'Industrie 2017/04/18 2017/04/18
BCP MA0000011884 Banque Centrale Populaire 2015/11/23 2017/02/27
BH TN0001900604 Banque de l'Habitat 2016/02/01 2017/07/31
BIAT TN0001800457 BIAT 2015/06/24 2017/07/31
BL TN0007580012 Best Lease 2017/01/25 2017/01/25
BNA TN0003100609 Banque Nationale Agricole 2016/02/15 2017/07/27
BT TN0002200053 Banque de Tunisie 2015/06/30 2017/08/10
CABLE KW0EQ0500862 Gulf Cable & Electrical Industries Co. K.S.C. 2017/02/21 2017/02/21
CC TN0007400013 Carthage Cement 2015/08/03 2017/10/20
CDM MA0000010381 Credit du Maroc 2015/06/23 2015/06/23
CGC KW0EQ0602015 Combined Group Contracting Co 2015/11/16 2016/04/01
CIEC CI0000000212 Compagnie Ivoirienne d`Electricite 2016/01/11 2016/08/08
CIH MA0000011454 Credit Immobilier et Hotelier 2015/05/28 2015/05/28
CIL TN0004200853 Compagnie Internationale de Leasing 2017/04/25 2017/04/25
CMA MA0000010506 Les Ciments du Maroc 2016/08/03 2017/09/27
CMT MA0000011793 Compagnie Miniere de Toussit S.A. 2015/10/07 2015/10/07
CNIA MA0000012007 Saham Assurance 2016/03/16 2016/03/16
CSR MA0000012247 Compagnie Sucrerie Marocaine et de Raffinage SA 2015/10/28 2017/09/26
DADI JO4101211012 Dar Al-Dawa Development & Investment Co. 2015/08/03 2016/11/07
DAMAC AED001301012 Damac Properties Dubai Co 2017/05/17 2017/10/23
DANA AED000701014 Dana Gas PJSC 2015/05/29 2017/11/14
DEYAAR AED001001018 Deyaar Development 2017/03/13 2017/05/03
DFM AED000901010 Dubai Financial Market 2017/01/26 2017/02/14
DH TN0007670011 Societe Delice Holding SA 2017/01/30 2017/06/07
DHO MA0000011850 Delta Holding S.A. 2015/10/01 2015/10/01
DI AED000601016 Dubai Investment 2016/11/28 2017/05/15
DPW AEDFXA0M6V00 DP World 2017/03/22 2017/11/07
DSI AED001101016 Drake & Scull International PJSC 2016/11/18 2017/11/20
DU AEE000701012 Emirates Integrated Telecommunications Company (EITC) 2015/09/04 2017/07/31
EAST US27778Q2049 EastPharma 2015/11/30 2016/05/02
EMAAR AEE000301011 Emaar Properties 2016/08/01 2017/11/20
ETISALAT AEE000401019 Emirates Telecommunications Group Co PJSC 2015/06/01 2017/11/06
FGB AEF000201010 First Gulf Bank/United Arab Emirates 2016/02/08 2017/02/01
FOOD KW0EQ0701247 Kuwait Food Co. (Americana) S.A.K. 2015/07/07 2016/02/05
GAZ MA0000010951 Afriquia Gaz 2016/02/22 2017/02/28
GIF TN0007130016 Societe Generale Industrielle de Filtration S.A. 2015/09/10 2017/10/23
GISS QA000A0Q6LH4 Gulf International Services Q.S.C. 2015/08/07 2017/02/08
HL TN0007310139 Hannibal Lease SA 2016/03/11 2017/01/17
HPS MA0000011611 Hightech Payment Systems 2016/06/01 2017/03/13
IAM MA0000011488 Itissalat Al Maghrib Ste SA 2015/07/24 2017/10/24
IQCD QA000A0KD6K3 Qatar Industries 2015/08/10 2017/04/27
JAZEERA KW0EQ0602452 Jazeera Airways Co. K.S.C. 2016/09/09 2017/11/17
JOPT JO4204111010 Jordan Petroleum Refinery Co. 2016/11/25 2017/04/25
JPHM JO4120411015 Jordanian Pharmaceutical Manufacturing 2015/07/31 2015/11/02
JULPHAR AEG000201018 Gulf Pharmaceutical Industries 2015/08/20 2017/02/28
KPROJ KW0EQ0200653 Kuwait Investment Projects Co. K.S.C.C. 2016/11/24 2016/11/24
LAC MA0000012320 LafargeHolcim Maroc SA 2017/10/02 2017/10/02
LBV MA0000011801 Hyper S.A. (Label Vie) 2015/12/10 2017/10/06
LES MA0000012031 Lesieur Cristal S.A. 2015/06/04 2017/09/22
LYD MA0000011439 Lydec 2016/02/24 2017/09/28
MAG TN0006440010 Magasin General (Societe) 2015/09/07 2017/07/31
MBA. CA17163Y1025 CIBT Education Group Inc. 2017/02/03 2017/02/03
MERS QA000A0YDSW8 Al Meera Consumer Goods Co. 2017/03/21 2017/03/21
ML TN0006720049 Modern Leasing 2017/01/24 2017/01/24
MNG MA0000011058 Managem 2015/10/13 2015/10/13
MNP TN0001000108 Societe Nouvelle Maison de la Ville de Tunis 2015/09/03 2017/07/31
NAKL TN0007410012 Ennakl Automobiles 2015/09/16 2017/04/28
NEX FR0000044448 Nexans 2016/05/10 2016/05/10
ONTBF BF0000000117 Onatel Burkina 2016/07/29 2017/05/12
ORDS QA0007227737 Ooredoo QSC 2015/08/06 2017/07/31
OUL MA0000010415 Les Eaux Minerales d'Oulmes S.A. 2015/11/02 2017/09/26
PGH TN0005700018 Poulina Group Holding S.A. 2015/07/30 2017/10/23
QATI QA0006929838 Qatar Insurance Co 2017/02/01 2017/02/01
QEWS QA0006929812 Qatar Electricity & Water Co 2016/08/26 2017/04/27
QGTS QA000A0KD6L1 Qatar Gas Transport Co Nakilat 2016/08/02 2017/10/23
QNBK QA0006929895 Qatar National Bank 2015/11/23 2017/10/13
RJAL JO3121311018 Royal Jordanian Airlines 2016/09/19 2017/11/20
SALIM TN0006550016 Societe d'Assurances SALIM 2016/11/11 2017/01/30
SBM MA0000010365 Boissons Maroc 2016/11/24 2016/11/24
SCB TN0007350010 Les Ciments de Bizerte 2017/04/27 2017/10/24
SFBT TN0001100254 Societe Frigorifique et Brasserie de Tunis 2015/08/31 2017/07/24
SIAME TN0006590012 Societe Industrielle d'Appareillage et de Materiels Electroniques 2015/11/12 2017/07/27
SID MA0000010019 Societe Nationale de Siderurgie S.A. 2015/08/19 2017/10/03
SIMPA TN0004000055 Societe Immobiliere et de Participation 2016/10/31 2017/10/26
SIPHA TN0006670012 Societe des Industries Pharmaceutiques de Tunisie SIPHAT SA 2015/07/24 2016/11/02
SITS TN0007180011 Societe Immobiliere Tuniso-Seoudienne 2017/01/31 2017/10/27
SNTS SN0000000019 Sonatel 2016/04/21 2017/03/06
SOKNA TN0007210016 Essoukna 2016/10/27 2017/10/27
SOTET TN0006530018 Societe Tunisienne d'Entreprises de Telecommunication 2015/06/04 2017/08/04
SOTUV TN0006560015 Societe Tunisienne de Verreries 2015/06/01 2017/10/30
SPDIT TN0001400704 Societe de Placement et de Developpement Industriel et Touristique 2015/07/22 2017/07/17
STAR TN0006060016 Societe Tunisienne d'Assurances et de Reassurances SA 2016/02/02 2017/01/20
STB TN0002600955 Societe Tunisienne de Banque 2016/02/02 2017/08/01
STPIL TN0006660013 Societe de Transport des Hydrocarbures par Pipelines 2015/07/27 2017/10/20
TABREED AEN000501017 National Central Cooling Co 2017/08/01 2017/11/13
TAIR TN0001200401 Societe Tunisienne de L'Air 2015/10/30 2017/10/24
TAQA AEA002401015 Abu Dhabi National Energy Co 2015/11/16 2017/11/10
TJARI TN0001600154 Attijari Bank 2015/06/26 2017/08/01
TLNET TN0007440019 TelNet Holding 2016/11/07 2017/08/02
TLS TN0002100907 Tunisie Leasing 2017/01/25 2017/01/25
TPR TN0007270010 Tunisie Profiles Aluminium SA 2016/07/21 2017/10/20
TRE TN0007380017 Tunis Re 2017/01/31 2017/01/31
UBCI TN0002400505 Union Bancaire pour le Commerce et l'Industrie 2016/01/27 2017/07/27
UIB TN0003900107 Union Internationale de Banques 2016/02/02 2017/07/21
UMD16 TN0007720022 Unimed. 2017/04/19 2017/04/19
VFQS QA000A0Q5NE9 Vodafone Qatar Q.S.C. 2015/06/15 2017/02/01
WAA MA0000010928 Wafa Assurance 2016/02/23 2017/02/21
WIFAK TN0007200017 El Wifack Leasing 2017/04/24 2017/07/26
ZAIN KW0EQ0601058 Mobile Telecommunications Co KSC 2015/11/02 2017/05/12

Analysts

  • Fatma HADDAD

    N/A
  • Salma KHARBACHI

    N/A
  • Imen BEN AHMED

    N/A
  • Ghada JENDOUBI

    N/A
  • Meriem KADDOUR

    N/A
  • Imen YAHIA

    N/A
  • Myriam CHAABOUNI

    N/A
  • Kais KRIAA

    N/A
  • Iram BENCHELBI

    N/A
  • Aymen SOUFI

    N/A
  • Please Change Name Please Change Surname

    N/A
  • Mahmoud Rebai

    N/A
  • Ranya GNABA

    N/A
  • Fatma CHARFI

    N/A
  • Selima MRABET

    N/A
  • Zeineb SAHNOUN

    N/A
Myriam CHAABOUNI

Lower FY 2018 results on negative FX impact and previous year one-time tax settlement

Lower FY 2018 results on negative FX impact and previous year one-time tax settlement EARNINGS/SALES RELEASES Paltel recorded lower than expected results in Q3 and Q4, which affected the group’s FY 2018 overall performance. Q4 2018 revenues decreased by 15.4%, at JOD 69.3m mainly due to the increasing competition in the mobile sector in addition to the negative FX impact, taking FY 2018 revenues to JOD 305.5m, down 8.7%, yoy. FY 2018 net profit stood at JOD 67.1m, slightly down by 4.9%, yoy, affected mainly by the drop witnessed in Q3 2018 net profit (-27.1% at JOD 15.6m), due to the non-rec...

Myriam CHAABOUNI

Q3 2018 results affected by previous year one-time tax settlement

Q3 2018 results affected by previous year one-time tax settlement EARNINGS/SALES RELEASES Paltel recorded lower than expected Q3 2018 results affecting the group’s 9M 2018 overall performance. Q3 2018 revenues decreased by 12.1%, at JOD76.8m due to the increasing competition in the mobile sector in addition to the negative FX impact experienced in Q3 2018. Q3 2018 net profit dropped by 27.1% at JOD15.5m due to the non-recurring tax settlement recorded in Q3 2017 (JOD+13.6m). Consequently, 9M 2018 revenues and net profit dropped by respectively 6.6%, at JOD236.2m and 4.1%, yoy, at JOD52.2m. ...

Kais KRIAA

Solid growth but margins under-pressure

Solid growth but margins under-pressure EARNINGS/SALES RELEASES H1 2018 revenue growth exceeded our expectations thanks to a progression in construction steel’s sales. However, the EBITDA margin decline is in line with our forecasts. Sanad released a solid H1 2018 set of figures, but the market is expecting an update on its ongoing projects. FACT Amid a lasting tough context, Sanad has succeeded to strengthen its market share. Furthermore, the construction steel operations also showed solid growth. Sanad’s H1 2108 revenues were increased by 19.0% yoy reaching US$96,250m. Sales’ pace has b...

Kais KRIAA

Donwgraded objectives (Sanad)

Donwgraded objectives EPS CHANGE CHANGE IN EPS2018 : $ 0.04 vs 0.08 -42.1% 2019 : $ 0.10 vs 0.11 -4.14% We reduced our 2018-2019 growth targets due to continued margin pressures on adverse FX effect and oil prices recovery. A solid H1 sales growth has partially offset the pressure on margins. CHANGE IN NAV$ 2.39 vs 2.64 -9.20% We have confirmed the valuation of the various BU. However, we have revised upward Sanad's 2019-2020 net financial debt and minority interests at fair value.

Myriam CHAABOUNI

H1 2018, A solid bottom line

H1 2018, A solid bottom line EARNINGS/SALES RELEASES Paltel recorded mixed H1 2018 results with lower revenues and healthy bottom line growth. H1 2018 revenues decreased by 3.7%, yoy, to JOD159.3m, due to the increasing competition in the mobile sector in addition to the persistent unpleasant economic conditions in the country. H1 2018 net profit witnessed a healthy increase by 10.8%, yoy, to JOD36.6m, thanks to the decrease in the operating expenses and income tax in addition to the improvement in the investment portfolio return. FACT Paltel recorded a decrease by 3.7%, yoy, in its H1 20...

Myriam CHAABOUNI

Lower FY 2018 results on negative FX impact and previous year one-time tax settlement

Lower FY 2018 results on negative FX impact and previous year one-time tax settlement EARNINGS/SALES RELEASES Paltel recorded lower than expected results in Q3 and Q4, which affected the group’s FY 2018 overall performance. Q4 2018 revenues decreased by 15.4%, at JOD 69.3m mainly due to the increasing competition in the mobile sector in addition to the negative FX impact, taking FY 2018 revenues to JOD 305.5m, down 8.7%, yoy. FY 2018 net profit stood at JOD 67.1m, slightly down by 4.9%, yoy, affected mainly by the drop witnessed in Q3 2018 net profit (-27.1% at JOD 15.6m), due to the non-rec...

Myriam CHAABOUNI

Q3 2018 results affected by previous year one-time tax settlement

Q3 2018 results affected by previous year one-time tax settlement EARNINGS/SALES RELEASES Paltel recorded lower than expected Q3 2018 results affecting the group’s 9M 2018 overall performance. Q3 2018 revenues decreased by 12.1%, at JOD76.8m due to the increasing competition in the mobile sector in addition to the negative FX impact experienced in Q3 2018. Q3 2018 net profit dropped by 27.1% at JOD15.5m due to the non-recurring tax settlement recorded in Q3 2017 (JOD+13.6m). Consequently, 9M 2018 revenues and net profit dropped by respectively 6.6%, at JOD236.2m and 4.1%, yoy, at JOD52.2m. ...

Kais KRIAA

Solid growth but margins under-pressure

Solid growth but margins under-pressure EARNINGS/SALES RELEASES H1 2018 revenue growth exceeded our expectations thanks to a progression in construction steel’s sales. However, the EBITDA margin decline is in line with our forecasts. Sanad released a solid H1 2018 set of figures, but the market is expecting an update on its ongoing projects. FACT Amid a lasting tough context, Sanad has succeeded to strengthen its market share. Furthermore, the construction steel operations also showed solid growth. Sanad’s H1 2108 revenues were increased by 19.0% yoy reaching US$96,250m. Sales’ pace has b...

Kais KRIAA

Donwgraded objectives (Sanad)

Donwgraded objectives EPS CHANGE CHANGE IN EPS2018 : $ 0.04 vs 0.08 -42.1% 2019 : $ 0.10 vs 0.11 -4.14% We reduced our 2018-2019 growth targets due to continued margin pressures on adverse FX effect and oil prices recovery. A solid H1 sales growth has partially offset the pressure on margins. CHANGE IN NAV$ 2.39 vs 2.64 -9.20% We have confirmed the valuation of the various BU. However, we have revised upward Sanad's 2019-2020 net financial debt and minority interests at fair value.

Myriam CHAABOUNI

H1 2018, A solid bottom line

H1 2018, A solid bottom line EARNINGS/SALES RELEASES Paltel recorded mixed H1 2018 results with lower revenues and healthy bottom line growth. H1 2018 revenues decreased by 3.7%, yoy, to JOD159.3m, due to the increasing competition in the mobile sector in addition to the persistent unpleasant economic conditions in the country. H1 2018 net profit witnessed a healthy increase by 10.8%, yoy, to JOD36.6m, thanks to the decrease in the operating expenses and income tax in addition to the improvement in the investment portfolio return. FACT Paltel recorded a decrease by 3.7%, yoy, in its H1 20...

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