Saudi Fransi Capital has said that Saudi cement companies are expected to report a total net income of SAR 1.5 billion in the fourth quarter of 2015— unchanged from the same period last year on low sales prices.
Despite the attractive valuation, the cement sector will remain bogged down in 2016 by low prices because of high stockpiles, expansion projects and slow sales, it added.
Saudi Fransi Capital has recommended a “sell” rating on Tabuk Cement Co., revising the target price to SAR 13.5. It placed an “under review” rating on Yanbu Cement Co and Qassim Cement Co. , while recommending “hold” on the remaining 10 cement companies under its coverage.
|
Q4-2015 Profit Estimates (SAR mln) |
||
|
YOY change |
Q4-2015 |
Company |
|
+16% |
175 |
Yamama Cement |
|
+5% |
202 |
Yanbu Cement |
|
+5% |
140 |
Qassim Cement |
|
(-8%) |
247 |
Saudi Cement |
|
+6% |
259 |
Southern Cement |
|
(-12%) |
128 |
Arabian Cement |
|
+34% |
63 |
City Cement |
|
+17% |
93 |
Eastern Province Cement |
|
(-56%) |
18 |
Hail Cement |
|
+32% |
27 |
AlJouf Cement |
|
(-2%) |
63 |
Najran Cement |
|
+134% |
59 |
Northern Region Cement |
|
(-32%) |
20 |
Tabuk Cement |
|
Recommendations |
||||
|
Target price (SAR) |
Recommendation |
Company |
||
|
Current |
Previous |
Current |
Previous |
|
|
63.00 |
63.00 |
hold |
hold |
Arabian Cement |
|
19.00 |
19.00 |
hold |
hold |
Najran Cement |
|
82.00 |
82.00 |
hold |
hold |
Saudi Cement |
|
under review |
80.00 |
under review |
buy |
Yanbu Cement |
|
41.00 |
41.00 |
hold |
hold |
Yamama Cement |
|
under review |
110.00 |
under review |
buy |
Qassim Cement |
|
19.00 |
19.00 |
hold |
hold |
Hail Cement |
|
86.00 |
86.00 |
hold |
hold |
Southern Region Cement |
|
40.00 |
40.00 |
hold |
hold |
Eastern Province Cement |
|
17.50 |
17.50 |
hold |
hold |
Northern Region Cement |
|
21.00 |
21.00 |
hold |
hold |
City Cement |
|
16.00 |
16.00 |
sell |
sell |
Tabuk Cement |
|
15.00 |
15.00 |
hold |
hold |
AlJouf Cement |
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