Riyad Capital maintains ‘hold’ on Advanced; ups TP to SAR 55

Riyad Capital said it will maintain its “hold” recommendation on Advanced Petrochemical Company and raise its target price to SAR 55 from SAR 45 per share, based on expectations of improved product prices.

Advanced Petrochemical Company’s Q2 net profit of SAR 243 million exceeded expectations, Riyad Capital added.

The investment firm also expects the company to distribute SAR 3.25 per share as cash dividend for the full year, an additional SAR 0.25 in the second half over the regular SAR 0.75 quarterly distributions.