NCB Capital affirms ‘neutral’ rating for Zain, sets TP at SAR 11.8

23/04/2015 Argaam

NCB Capital has maintained its “neutral” rating on Zain Saudi following the company’s better-than-expected first-quarter results. 

 

The brokerage firm also raised its target price from SAR 11.6 to SAR 11.8 per share.

 

The kingdom’s third-largest mobile operator posted a SAR 257 million loss during the period, less than the SAR 270 million loss analysts had forecast.

 

The company witnessed a year-on-year increase of 8.6 percent in revenues, as well as a 23.3 percent jump in the number of subscribers​.​

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