Maceen Cap maintains ‘buy’ on Bahri, cuts TP to SAR 55.70

Maceen Capital affirmed its “buy” rating on the National Shipping Company of Saudi Arabia (Bahri), and slashed its target price on the stock to SAR 55.70 per share from SAR 61.40.

The investment banking firm said in a report that it projects Bahri’s revenues to jump 27 percent this year to SAR 9.5 billion, when compared to the previous year. Net income is estimated to rise 9 percent year-on-year (YoY) to SAR 1.98 billion.

Lower oil prices have not had any direct impact on the company’s revenues; however, average oil shipping prices and contracts with oil traders could impact performance, Maceen added.