Arqaam Capital initiates coverage on Saudi Re with a recommended Buy and a target price of SAR10.3

23/06/2019 Press Release

 

Arqaam Capital announced its initiation of coverage of Saudi Reinsurance Company (Saudi Re) and recommends a Buy with a target price of SAR10.3. The report mentioned that Saudi Re is the sole reinsurer in Saudi Arabia with an improving profitability, strong underwriting track record and strong credit rating at A3 (Moody’s).

 

The target price presents an upside of 44% from current market price based on P/E and P/tNAV. Further, RoE is expected to increase to 6.5% by the year 2023 based on the domestic and international growth, improved investment yields and underwriting margins.

Arqaam Capital - Saudi Re 2019/06/23

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