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: 144
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
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
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
Kais KRIAA

Q3 results below expectations (Sanad)

Q3 results below expectations TARGET CHANGE CHANGE IN TARGET PRICE$ 2.44 vs 2.55 -4.47% We reduced our 2018 estimates after the release of Q3 2018 sales below our expectations. We are now expecting US$211m sales, i.e. a stable Q4 2018 revenues after the 4.1% drop recorded in Q3 2018. We have also revised downward our 2018 EBITDA from US$9.11m to US$8.41m. We reaffirm our forecasts regarding the balance sheet structure as our model is still based on the launch of projects (especially the Cement mill) in 2018 (during this Q4). These adjustments resulted in a 4.3% cut in our Target Price.

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. ...

Myriam CHAABOUNI

Downgrading outlook (PALTEL)

Downgrading outlook EPS CHANGE CHANGE IN EPS2018 : JOD 0.52 vs 0.58 -10.0% 2019 : JOD 0.54 vs 0.60 -9.76% Paltel’s 9M 2018 bottom line comes far below our projections on lower revenues and increased finance and tax costs. We have updated our model based on Q3 2018 figures. Therefore, we have revised our FY 2018 and FY 2019 EPS downwards (-10.3% to JOD0.52, and -10% to JOD0.54, respectively). The decrease in our 2018-2020 net profits is mainly attributable to the downward revision of our revenues and EBITDA forecasts over the 2018-2020 period, in addition to the increase in finance costs. C...

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.

Kais KRIAA

Q3 results below expectations (Sanad)

Q3 results below expectations TARGET CHANGE CHANGE IN TARGET PRICE$ 2.44 vs 2.55 -4.47% We reduced our 2018 estimates after the release of Q3 2018 sales below our expectations. We are now expecting US$211m sales, i.e. a stable Q4 2018 revenues after the 4.1% drop recorded in Q3 2018. We have also revised downward our 2018 EBITDA from US$9.11m to US$8.41m. We reaffirm our forecasts regarding the balance sheet structure as our model is still based on the launch of projects (especially the Cement mill) in 2018 (during this Q4). These adjustments resulted in a 4.3% cut in our Target Price.

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. ...

Myriam CHAABOUNI

Downgrading outlook (PALTEL)

Downgrading outlook EPS CHANGE CHANGE IN EPS2018 : JOD 0.52 vs 0.58 -10.0% 2019 : JOD 0.54 vs 0.60 -9.76% Paltel’s 9M 2018 bottom line comes far below our projections on lower revenues and increased finance and tax costs. We have updated our model based on Q3 2018 figures. Therefore, we have revised our FY 2018 and FY 2019 EPS downwards (-10.3% to JOD0.52, and -10% to JOD0.54, respectively). The decrease in our 2018-2020 net profits is mainly attributable to the downward revision of our revenues and EBITDA forecasts over the 2018-2020 period, in addition to the increase in finance costs. C...

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.

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