Al-Bilad Capital downgrades Yansab to neutral; sets TP at SAR 47.50

15/04/2015 Argaam
Al-Bilad Capital has downgraded Yansab from 
​"b
uy
​"​
 to 
​"​
​n
eutral
​"​ 
with a target
​ price​
 of SAR 47.50 as the company posted disappointing profits in first quarter due to lower selling prices of petrochemical products.
 
Al-Bilad also expects Yansab’s annual profits in 2015 to decline by almost the same as first quarter’s results 
​if
 petrochemical prices remain at the same level.
 
Yansab profits were down 49
​ percent
 
​year-on-year ​
to SAR
​ 285​
.1 million
​ for 
first-quarter. 
​The company said l
ower margin and higher production costs impacted the advantage of lower feedstock prices and higher volumes.

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