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Arbah Capital issues Q2 profit forecasts for Saudi firms
Arbah Capital issued Q2 2018 earnings forecast for a number of Tadawul-listed companies.
In the healthcare sector, Al Hammadi Company for Development and Investment Co. is forecast to generate SAR 28.8 million in earnings, up by 12.2 percent year-on-year (YoY), but down 6.7 percent quarter-on-quarter (QoQ), boosted by bed capacity expansion at Nozha hospital.
Mouwasat Medical Services Co. and Middle East Healthcare Co. (Saudi German Hospital) are estimated to report a profit rise of 8.3 percent and 42.7 percent YoY to SAR 82.7 million and SAR 81.5 million respectively.
The net income of National Medical Care Co. (Care) and Dallah Healthcare Co. (Dallah) is set to rise by 27.7 percent and 8.3 percent YoY in Q2 2018.
In the retail sector, Savola Group’s Q2 profit is forecast to plunge by 77.3 percent YoY to SAR 52.0 million. Also, Almarai Co. is set to report SAR 546.7 million in net profit in Q2 2018, 18.9 percent lower YoY.
Elsewhere, Aldrees Petroleum & Transport Services’ earnings are projected to increase by 22.5 percent YoY, but drop 10.5 percent QoQ to SAR 22.0 million on higher sales volumes.
Saudi Marketing Co. (Farm Superstores) is seen to make SAR 10.5 million in net profit, down by 48.4 percent YoY and 13.4 percent QoQ, on higher operating expenses.
Saudi Ground Services’ second-quarter profit is forecasted to retreat by 11.0 percent YoY to SAR 108.8 million.
Herfy Food Services (Herfy) is estimated to generate SAR 42.5 million earnings, down by 2.1 percent YoY, over expected lower sales of the restaurants sector.
Al Hokair Group’s Q2 profit is expected to fall 47.4 percent YoY and 203.7 percent QoQ to SAR 7.8 million, due to weak performance of hotels segment.
|
Arbah Capital’s Q2 Profit Estimates (SAR mln) |
||
|
Company |
Q2 forecasts |
YoY change |
|
Healthcare |
||
|
Al Hammadi |
28.8 |
+12% |
|
Care |
24.9 |
+28% |
|
Mouwasat |
82.7 |
+8% |
|
MEAHCO |
81.5 |
+43% |
|
Dallah |
62.9 |
+8% |
|
|
Food Production |
|
|
NADEC |
6.9 |
(73%) |
|
Savola |
52.0 |
(77%) |
|
Almarai |
546.7 |
(19%) |
|
SADAFCO |
63.5 |
(18%) |
|
Other Sectors |
||
|
Catering |
130.3 |
(10%) |
|
Aldrees |
22.0 |
+23% |
|
Farm Superstores |
10.5 |
(48%) |
|
MEPCO |
23.1 |
+27% |
|
Al Yamamah Steel |
8.0 |
(54%) |
|
SGS |
108.8 |
(11%) |
|
Herfy |
42.5 |
(2%) |
|
Alhokair Group |
7.8 |
(47%) |
|
SACO |
31.2 |
(23%) |
|
Alhokair* |
45.0 |
(81%) |
|
Electrical Industries |
15.1 |
+2% |
*Q1 ended in June
** Q3 ended June
Arbah Capital also recommended an overweight rating on Al Hammadi, Saudi German Hospitals, Dallah, and Aldrees. Meanwhile, a neutral rating was assigned to Care, Mouwasat, Savola, Almarai, Herfy, and Farm Superstores.
|
Arbah Capital’s Profit Recommendations |
||
|
Company |
Recommendation |
Target Price |
|
Al Hammadi |
Overweight |
38.00 |
|
Care |
Neutral |
65.00 |
|
Mouwasat |
Neutral |
100.00 |
|
MEAHCO |
Overweight |
74.00 |
|
Dallah |
Overweight |
115.00 |
|
NADEC |
Neutral |
38.00 |
|
Savola |
Neutral |
43.00 |
|
Almarai |
Neutral |
63.00 |
|
SADAFCO |
Neutral |
110.00 |
|
Catering |
Neutral |
96.00 |
|
Aldrees |
Overweight |
32.00 |
|
Farm Superstores |
Neutral |
26.00 |
|
MEPCO |
Overweight |
29.00 |
|
Al Yamamah Steel |
Overweight |
25.00 |
|
SGS |
Neutral |
38.00 |
|
Herfy |
Neutral |
48.00 |
|
Alhokair Group |
Neutral |
25.00 |
|
SACO |
Neutral |
110.00 |
|
Alhokair* |
Overweight |
32.00 |
|
Electrical Industries |
Neutral |
24.00 |
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