Alhokair’s Q1 profit tops estimates, ‘buy’ rating kept: Saudi Fransi

21/04/2015 Argaam
Saudi Fransi Capital maintained a 
​"
buy
​"
 recommendation on Fawaz Alhokair, upping the target price to SAR 128 from SAR 120.
 
The brokerage said the apparel retailer’s Q1-2015 net profit came well above its SAR 126 million estimate and the average consensus expectations of SAR 156 million.
​ ​
The solid earnings were sparked by lower-than-expected taxes. 
 
Alhokair posted a net profit of SAR 803 million for the first quarter, with a four percent rise year-on-year. 

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