Dar Al Arkan Real Estate Development Company SJSC. Dar Al Arkan Real Estate Development Co SJSC is a Saudi Arabia-based joint stock company engaged in the real estate sector. The Company operates in three segments: DAR Projects, DAR Investments and DAR Properties. The Company, along with its subsidiaries, is active in the business of development, sale and lease of real estate projects and related activities, including construction, maintenance, demolition and reconstruction of residential and commercial buildings. The Company's subsidiaries include Dar Al-Arkan Properties Company, Dar Al-Arkan Projects Company, Dar Al-Arkan Commercial Investment Company, Dar Al-Arkan Sukuk Company, Sukuk Al-Arkan Company, Thawabit Investment and Siyada Investment Company. The Company's projects include Al-Qasr Mall, Shams Al-Arous Project, Shams Alriyadh Project, Al Qasr Project, Al Tilal Project and Qasr Khozam.
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Dar Al Arkan reported a stronger than expected set of Q2 19 results, though net income declining -31.0% yoy to SAR75.0mn. This compares to NCBC estimates of SAR32.0mn. We believe the variance is mainly due to higher land sales at improved margins. Dar Al Arkan trades at a 2019f PB of 0.6x, which is in-line with the company’s 5-year average.
Dar Al Arkan reported a stronger-than-expected set of Q1 19 results, despite net income declining -92.3% yoy to SAR25.5mn. This compares with NCBC estimates of SAR20.0mn. We believe the variance is mainly due to higher margin expansion. Dar Al Arkan trades at a 2019f PB of 0.6x, which is in line with the company’s five-year average.
Dar Al Arkan reported a weaker-than-expected set of Q4 18 results, with net income declining -89.7% yoy to SAR32.4mn. This compares to the NCBC estimates of SAR46.1mn. We believe the variance is mainly due to lower than expected land sales. Dar Al Arkan trades at a 2019f PB of 0.6x, which is in-line with the company’s 5-year average.
CLICKS GROUP LIMITED (ZA), a company active in the Drug Retailers industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date November 12, 2019, the closing price was ZAR 253.90 and its potential was estimated at ZAR 269.63.
NETCARE LTD. (ZA), a company active in the Health Care Providers industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 2 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date November 12, 2019, the closing price was ZAR 16.83 and its expected value was estimated at ZAR 17.28.
The independent financial analyst theScreener just awarded an improved star rating to WESCO INTL.INCO. (US), active in the Electrical Components & Equipment industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date November 12, 2019, the closing price was USD 54.52 and its expected value was estimated at USD 48.88.
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