2
© All rights reservedSector M/M Sector YTD
TASI 6.8% TASI 7.9%
Real Estate 33.5% Real Estate 57.8%
Utilities 15.0% Consumer Services 33.3%
Diversified Financials 14.0% Software & Services 26.7%
Energy 11.7% Healthcare 26.3%
Telecom 10.4% Capital Goods 25.8%
Consumer Durables 10.1% Telecom 24.6%
Commercial Service 8.5% Commercial Service 23.3%
Food & Beverages 8.1% Insurance 21.6%
Media 7.4% Food & Staples 20.8%
Pharma & Bio Tech 7.0% Transportation 20.4%
Consumer Services 6.5% Media 17.0%
Capital Goods 6.1% Pharma & Bio Tech 16.6%
Banks 5.2% Food & Beverages 15.2%
Materials 4.9% Consumer Durables 14.8%
Software & Services 4.8% Energy 13.2%
Healthcare 4.7% Retailing 11.2%
Food & Staples 4.2% Utilities 11.0%
Insurance 3.0% Materials 6.4%
REITs 2.6% Diversified Financials 0.6%
Transportation 2.5% REITs -0.8%
Retailing 2.1% Banks -1.8%
TASI Movement in April
TASI ended April 2023 at 11,308 points, representing an increase of 6.8% from last month’s close. With an average daily value traded of SAR 5.5bn, the total value traded in April aggregated to SAR 94.2bn; representing a decrease of 11.2% M/M from March’s SAR 106.1bn in total value traded. The Materials and Banks sectors accounted for 35.1% of the total value traded during the month. Of TASI’s 21 sectors, all sectors recorded M/M gains in April; Real Estate increased the most by 33.5% M/M followed by Utilities at 15.0% M/M.
TAPRCO was the best performing stock for the month; recording a 45.3% M/M increase - followed by NAQI’s 34.1.0% M/M gains. At the other end of the monthly performance leaderboards, Thimar bottomed the list with a drawdown of 4.9% M/M. SABIC Agri-Nutrients and MEPCO traded as the market’s lowest P/E (TTM) by April’s end at multiples of 7.3x and 8.1x, respectively, compared to TASI’s P/E of 19.5x. The free-float ownership from qualified foreign investors (QFIs) in the Kingdom made up a concentration of 13.04% of the total free-float ownership in the market for the month of April 2023, slightly higher than March’s 12.99% ownership.
TASI started the month closing at 10,637 points and ended with 11,308 with an average daily value traded of SAR 5.5bn.
By April’s end, TASI was up by 717.7 points. The index increased by 7.9% YTD and increased by 6.8% M/M in April.
Of TASI’s 21 sectors, 10 sectors outperformed the broader market during April. However, all sectors demonstrated a positive performance.
April’s leaderboards were topped by Real Estate and Utilities, which increased by 33.5% M/M and 15.0% M/M, respectively. Utilities were closely followed by a 14.0%
M/M increase in Diversified Financials.
As per April’s YTD performance, Real Estate (57.8%) and Consumer Services sectors (33.3%) topped the sectors’
leaderboards. Out of 21 sectors, 19 sectors registered a positive performance. At the other end of the April’s leaderboards were the Banks and REITs sectors, which declined by 1.8% and 0.8%, respectively.
Materials and Banks sector registered 35.1% of the total traded values for all sectors, accounting for 20.1% and 15.0% respectively of the total value traded in April.
Value Traded (bn) - RHS Closing Price - LHS 3.0 4.5 6.0 7.5
10,600.00 10,800.00 11,000.00 11,200.00 11,400.00
2-Apr 4-Apr 6-Apr 8-Apr 10-Apr 12-Apr 14-Apr 16-Apr 18-Apr 20-Apr 22-Apr 24-Apr 26-Apr 28-Apr 30-Apr
Share of Total Traded Value by Sector (%)
20%
15%
7%
6% 7%
5% 6%
4% 5%
4%
3%
18%
Materials Banks
Telecommunication Services Real Estate Mgmt & Dev't Energy
Consumer Services Food & Beverages Food & Staples Retailing Health Care Equipment & Svc Software & Services Capital Goods Others Source: TADAWUL, Aljazira Capital
Source: TADAWUL, Aljazira Capital
Source: TADAWUL, Aljazira Capital
Sectors Performance
3
© All rights reservedTop 10 Companies by Dividend Yield (April 2023)
Best/Worst Contributors to TASI (by Points – April 2023)
Companies with the Lowest P/E (TTM)
SABIC Agri-Nutrient paid the highest dividends (DY: 9.2%) to its shareholders given the company’s outstanding performance. Al Othaim Market and SIPCHEM followed at dividend yield of 8.6% and 8.5%, respectively. Then followed by Cenomi Centers and Yansab, which recorded dividends yields of 8.1% and 6.3% respectively. The average dividend yield of the market stood at 2.7%.
Saudi Arabian Oil Co. and Al Rajhi Bank supported the improvement in the index, together contributing c.286.5points towards the index by April’s end. However, on the other end was: National Shipping Co., which slightly pulled the index back by 2.4 points.
SABIC Agri-Nutrients and MEPCO traded as the market’s lowest P/E (TTM) by April’s end at multiples of 7.3x and 8.1x, respectively.
Followed by Chemanol and SIPCHEM which traded at 8.4x and 9.4x, respectively.
AlRajhi and Saudi Aramco witnessed the highest total value traded by the end of April at SAR 5.7bn and SAR 3.5bn, respectively. Then followed by Dar Alarkan and STC, which recorded SAR 2.7bn each in total value traded for the month, respectively.
TAPRCO topped April’s M/M performances within KSA’s equities universe at a 45.3% M/M gain; followed by NAQI’s increase of 34.1%
M/M. However, THIMAR and Alamar decreased 4.9% M/M each.
Cenomi Centers and Dar Alarkan traded at the lowest P/B ratios in April at 0.73x and 0.88x respectively. Tasnee too traded at 0.93x followed by Arabian Shield at 0.96x.
Dividend Yield Average market dividend yield SABIC AGRI- NUTRIENTS
9.2% 8.6% 8.5% 8.1%
6.3% 6.1% 6.1% 5.7%
5.1% 5.1%
2.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
A.Othaim Sipchem CENOMI CENTERS YANSAB ACC SIIG Saudi Cement Extra Bawan
210.71 75.78
56.60 44.17 34.33 -0.45
-0.49 -0.61 -0.93 -2.38 Saudi Arabian Oil Co
Al Rajhi Bank Saudi National Bank/The Saudi Telecom Co ACWA Power Co
Riyadh Cables Group Co Saudi Industrial Services Co Arabian Drilling Co Nahdi Medical Co
National Shipping Co of Saudi
SABIC AGRI- NUTRIENTS
MEPCO
7.3 8.1 8.4 9.4 9.7 10.2 10.7 10.9 11.7 11.7
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0
CHEMANOL SIPCHEM LUBEREF SAIB ZOUJAJ Bawan SNB ARDCO
Top 10 Companies in Total Value Traded (in billions)
Gainers/Losers of the Month (April 2023)
Companies with the Lowest P/B
5.7
3.5 2.7 2.7 2.5 2.4 2.1 2.1 1.9 1.7
0.0 2.0 4.0 6.0 8.0
ALRAJHI SAUDI ARAMCO DAR ALARKAN STC ALINMA ZAIN KSA SNB SABIC LUBEREF
SABIC AGRI- NUTRIENTS
45.3%
34.1%
27.1%
24.4%
21.7%
-3.4%
-3.5%
-3.7%
-4.9%
-4.9%
TAPRCO NAQI ANAAM HOLDING ALBAHA MESC
BAHRI ALDAWAA SISCO Alamar THIMAR
CENOMI CENTERS DAR ALARKAN TASNEE
0.73 0.88 0.93 0.96 0.98 1.00 1.03 1.11 1.13 1.13
0.00 0.20 0.40 0.60 0.80 1.00 1.20
Arabian Shield Northern Cement Kingdom ALUJAIN TCC SRECO HCC
Source: Argaam, Aljazira Capital, as of 1st of May 2023
Source: Bloomberg, Aljazira Capital
Source: Bloomberg, Aljazira Capital, as of 2nd May 2023
Source: TADAWUL, Aljazira Capital
Source: TADAWUL, Argaam, Aljazira Capital
Source: TADAWUL, Aljazira Capital, as of 2nd of May 2023
4
© All rights reservedRegional and International Performance
• Among the other regional markets, Egypt, Dubai, Abu Dhabi and Kuwait increased 7.6%, 4.1%, 3.8% and 1.9%, respectively, on a monthly basis. Meanwhile, Oman and Qatar declined by 3.0% and 0.3%, respectively.
• Dow Jones, S&P 500 and Nasdaq increased by 2.5% M/M, 1.5% M/M and 0.5% M/M, respectively.
• Most of other international indices ended the month in the green. India’s Sensex, Japan’s Nikkei, France’s CAC 40, Germany’s DAX 30, Australia’s ASX 200, China’s Shanghai Compos, and South Korea’s KOSPI increased 3.6%, 2.9%, 2.3%, 1.9%, 1.8%, 1.5% and 1.0%, respectively. On the other hand, Hong Kong’s hang Seng declined by 2.5%.
• The MSCI World index, tracking 23 developed markets, increased by 1.6% M/M, but MSCI’s EM declined by 1.3% M/M in April.
Regional Markets
Market Close M/M YTD P/E
Dubai (DFM) 3,545 4.1% 6.3% 8.9
Abu Dhabi (ADX) 9,789 3.8% -4.1% 29.7
Kuwait (KSE) 5,606 1.9% 0.2% 14.9
Qatar (QE) 10,181 -0.3% -4.7% 12.2
Oman (MSM) 4,718 -3.0% -2.9% 13.4
Egypt (EGX30) 17,668 7.6% 21.0% 9.2
International Markets
Global Indices Close M/M YTD P/E
Dow Jones 34,098 2.5% 2.9% 19.7
Nasdaq 13,246 0.5% 21.1% 29.4
S&P 500 4,169 1.5% 8.6% 19.9
FTSE 100 7,871 3.1% 5.6% 11.1
Germany DAX 30 15,922 1.9% 14.4% 13.4
France CAC 40 7,492 2.3% 15.7% 12.4
Japan Nikkei 225 28,856 2.9% 10.6% 23.9
Russia MOEX 2,635 7.5% 22.3% 3.4
Hong Kong Hang Seng 19,895 -2.5% 0.6% 11.3
South Korea KOSPI 2,502 1.0% 11.9% 12.8
China Shanghai Composite 3,323 1.5% 7.6% 15.2
Australia ASX 200 7,309 1.8% 3.8% 14.9
India Sensex 61,112 3.6% 0.4% 22.9
MSCI EM 977 -1.3% 2.2% 12.5
MSCI World 2,836 1.6% 9.0% 17.9
Source: Bloomberg, Aljazira Capital, as of 30th of April 2023
Commodities Performance
Commodity Name Price M/M 3M Y/Y YTD 3 Yrs 5 Yrs LOW_52WEEK HIGH_52WEEK
Light Crude ($/bbl) 80.9 1.9% -2.4% -25.5% -4.0% 293.2% 12.3% 72.2 125.5
Brent Crude ($/bbl) 79.5 -0.3% -5.9% -27.3% -7.4% 214.8% 5.8% 70.1 125.3
Texas crude ($/bbl) 76.8 1.5% -2.6% -26.7% -4.3% 307.5% 12.0% 64.1 123.7
Natural Gas ($/mn Btu) 2.4 8.8% -10.2% -66.7% -46.1% 23.7% -12.8% 1.9 10.0
GOLD ($/oz) 1,990 1.1% 3.2% 4.9% 9.1% 18.0% 51.3% 1,615 2,048.7
Silver ($/oz) 25.1 4.0% 5.6% 10.0% 4.6% 67.4% 53.4% 17.6 26.1
Steel ($/ton) 1,069 -8.2% 35.7% -23.6% 43.7% 128.4% 23.6% 645.0 1,400
Lead ($/ton) 2,155.0 2.1% 1.2% -4.6% -7.2% 33.2% -7.3% 1,741.9 2,322.7
Zinc ($/ton) 2,646 -10.0% -22.3% -36.1% -11.5% 36.7% -15.4% 2,591.0 4,047
Iron Ore (CNY/MT) 850 -11.3% -5.6% -10.0% -0.8% 23.0% 83.2% 620.0 1,070
Wheat ($/bu) 633.8 -10.0% -17.8% -37.4% -21.1% 13.3% 13.3% 613.8 1,161.0
Corn ($/bu) 585.0 -8.0% -12.1% -22.3% -12.9% 49.9% 41.5% 572.0 760.0
Sugar ($/lb) 26.4 20.7% 34.9% 43.8% 46.6% 116.9% 116.9% 16.2 26.8
SMP (EUR/MT) 2,391 -1.8% -5.1% -40.2% -13.9% 29.2% 63.5% 2,350 4,100
Coffee ($/lb) 189.9 11.3% 4.5% -14.7% 13.5% 81.4% 57.4% 142.1 246.9
Source: Bloomberg, Aljazira Capital, as of 30th of April 2023
Light Crude and Texas Crude increased 1.9% M/M and 1.5% M/M each, while Brent crude declined 0.3% M/M. Meanwhile, Natural Gas rose by 8.8% M/M. Brent oil prices declined during the month given as markets widely anticipated the Federal Reserve’s decision on further rate hikes. On the other hand, Gold posted an M/M increase of 1.1% for the month of April as treasury yields weakened and renewed worries arose over US banking instability. Moreover, Silver rose by 4.0% M/M, however, steel declined by 8.2% M/M, respectively. Meanwhile, the rest of metal’s monthly performances varied. In Foods, Sugar and Coffee increased 20.7% M/M of and 11.3% M/M with Corn and SMP at the other end of the leaderboard with decline of 8.0% M/M and 1.8% M/M, respectively.
5
© All rights reservedEconomic Data
Macro Economic Data Q/Q Y/Y
GDP (Q4-22) N/A 5.5% 8.7%
Reserve Assets (Q1-23) SAR 1645.1 bn -4.6% -2.8%
Public Debt (Q4-22) SAR 990.1 bn 1.9% 5.6%
Public Debt/GDP (2022) 23.8% - -
Consumer Spending Mar-23 M/M Y/Y
ATM Withdrawals SAR 51.7bn 19.3% -2.1%
Point of Sales SAR 55.4bn 19.1% 8.6%
Total Spending (ATM & POS) SAR 107.1bn 19.2% 3.2%
No. of ATMs 16.2 K 99.9% -1.8%
No. of ATM Transactions 137.2K 14.3% 2.2%
No. of POS Terminal 1,576.2K 4.0% 38.7%
Inflation Rate (Mar-23) 2.7%
Repo Rate (Mar-23) 5.5%
1-Month 3-Months 6-Months 12-Months
Saudi Arabia (SAIBOR) 5.54 5.67 5.67 5.76
US (LIBOR) 5.06 5.30 5.41 5.37
Region Rate M/M (bps) YTD (bps) Y/Y (bps)
Saudi Arabia (SAIBOR-3M) 5.665 -2.26 32.49 330.30
UAE (EIBOR-3M) 4.991 -2.02 68.14 355.63
Bahrain (BHIBOR-3M) 6.424 10.10 28.23 385.73
Source: Gastat, SAMA, Aljazira Capital, Bloomberg
Deposit & Loans (March 2023)
CPI (Inflation Rate) and POS (March 2023)
Deposit base expanded by 4.3% M/M from the previous month, whereas loans rose 0.9% M/M in March. Demand deposits rose 3.4% M/M as compared to the 5.1% M/M increase in time deposits.
As deposit growth was faster than loan growth, liquidity improved as ADR slid to 100.4%.
(CPI)-Inflation for Mar-2023 showed an increase of 2.7% Y/Y, led by a 7.4% Y/Y increase in housing , water, electricity, gas, and other fuels and a 2.3% Y/Y increase in food and beverages. Point of Sales (POS) increased by 23.7% Y/Y to SAR 55.4bn, as the number of transactions surged 13.7% Y/Y to 720.2mn.
Mortgage contracts declined by 0.5% M/M and 49.9% Y/Y during March 2023 standing at 9.5K; meanwhile, mortagage value increased by 1.6% M/M but decreased 52.5% Y/Y to SAR 7.3bn.
By April’s end, the KSA Sukuk curve bifurctuated against the US’s inverted yield curve’s long end as the US is facing a transition in its economic cycle ahead of recession concerns and monitary policy shifts. Currently, recession concerns coupled with future anticipated hike cuts that are bundled with economic downturns, drove the yield market to subdue the longer end of the curve where it punctuated at an almost 70bps spread from the normal KSA Sukuk curve. The US 2y to 10y spread ended at an almost 60bps inversion.
Deposits (bn) Loans (bn) ADR (RHS) 96.0%
97.0%
98.0%
99.0%
100.0%
101.0%
102.0%
103.0%
104.0%
105.0%
2.002.05 2.102.15 2.202.25 2.302.35 2.402.45
Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
Mortgage Contracts & Value (March 2023)
Saudi Sukuk vs US Treasuries YTM Yield Spreads (April)
Mortgage Contracts - LHS Mortgage Value (SAR Mn) - RHS 16.8 15.6
8.4 7.3
0.02.0 4.06.0 8.010.0 12.014.0 16.018.0 20.0
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
0 5000 10000 15000 20000 25000
3.25 3.75 4.25 4.75 5.25
1 2 3 4 6 1 2 3 4 5 6 7 8 9 10 15Y 20Y 30Y
-80-70 -60-50 -40-30 -20-100
Yield To Maturity (%)
Saudi Sukuk January YTM US Treasury January YTM
Basis Point Difference (M) (Y)
Source: SAMA, Aljazira Capital
Source: GASTAT, Aljazira Capital
Source: Bloomberg, Aljazira Capital
Source: Bloomberg, Aljazira Capital POS (SAR bn; LHS) CPI (RHS)
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
0.0 10.0 20.0 30.0 40.0 50.0 60.0
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
6
© All rights reservedThe Dollar Index ended April with a decline of 0.8% M/M. The US dollar retreated on fresh signs of slowdown in US economy, on the other hand, positive potential economic outlook for Europe strengthened the Euro. The Sterling Pound gained 1.9%, while the Euro gained 1.7% in value in April. Meanwhile, Japanese yen declined 2.5% after announcement from Bank of Japan that it would maintain ultra-low interest rates and decided to keep yield curve control policy unchanged.
Trading activities by foreign inevtors drove a net inflow by SAR 3.61bn during April 2023, coupled wiith SAR 0.30bn contribution from domestic institutional investors, while on the other end of those trades were Saudi Individuals with an outflow of SAR 3.57bn.
Meanwhile inflow from GCC investors was minimal.
APC saw the largest percentage change in its foreign ownership inflow for the month of April at 1.97% M/M, while Bawan experienced the largest sell-off from QFIs for the month, shedding 1.8% of its foreign ownership by the end of April.
ARAMCO and RJHI ended the month as the most stocks traded by QFIs by turnover value inflow (by an etimated SAR 754.6mn and SAR 631.7mn respectively). MAADEN came at the other end of that leaderboard at an outflow of SAR 98.4mn from QFIs.
Monthly change aginst the US Dollar (%)
Net Value Traded (SAR bn)
Source: TADAWUL, Aljazira Capital Source: TADAWUL, Aljazira Capital
Source: Tadawul, Aljazira Capital
Source: Tadawul, Aljazira Capital *AJC Estimates (excluding IPOs)
Exchange Rate
Foreign Investors Activity in KSA (April 2023)
Top Increases/ Decrease in Foreign Ownership by Turnover Value* (SAR million) Top Increases/Decreases in Foreign Ownership (%)
-0.8%
-0.6%
-0.4%
-2.5%
1.7%
1.9%
-3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%
Indian Rupee Japanese Yen Chinese Yuan Sterling Pound
Euro
Dollar Index
Foreign
investors Individuals
(Saudi) GCC investors
Institutions (Saudi) 3.61
0.30
-0.34
-3.57 -4.00
-3.00 -2.00 -1.000.001.002.003.004.00
Symbol Company Change
2200 APC 1.97%
2160 AMIANTIT 1.91%
1830 FITNESS TIME 1.19%
1810 SEERA 1.18%
1303 EIC 1.08%
8160 AICC 0.97%
4170 TECO 0.84%
8260 GULF GENERAL 0.84%
4005 CARE 0.84%
7203 ELM 0.81%
Symbol Company Change
1302 BAWAN -1.83%
4140 SIECO -1.08%
4009 SAUDI GERMAN HEALTH -0.95%
6014 ALAMAR -0.70%
4003 EXTRA -0.68%
2001 CHEMANOL -0.56%
4061 ANAAM HOLDING -0.53%
6012 RAYDAN -0.48%
2180 FIPCO -0.48%
2190 SISCO -0.46%
Symbol Company Turnover Value
(SAR mn)
2222 ARAMCO 754.6
1120 RJHI 631.7
1180 SNB 341.2
2010 SABIC 247.3
2020 SAFCO 192.4
2290 YANSAB 168.3
1810 SEERA 83.6
4164 NAHDI 80.7
1830 LEEJAM 68.7
2083 MARAFIQ 64.4
Symbol Company Turnover Value
(SAR mn)
1211 MAADEN -98.4
2350 KAYAN -54.3
4003 EXTRA -42.1
1111 TADAWULG -33.7
4009 MEH -33.5
4007 ALHAMMAD -33.2
1302 BAWAN -31.8
1010 RIBL -26.9
1212 ASTRA -19.9
1020 BJAZ -18.5
7
© All rights reserved Source: Bloomberg, Aljazira CapitalDate Company Event
May 3 2023
ALJOUF Cash Dividend Distribution
SABB Eligibility for Cash Dividend and Extraordinary general meeting
Riyadh Cement Eligibility for Cash Dividend
E.I.A Reports
AMERICANA Board Meeting
May 4 2023 SABIC conferences
Fitaihi Group Eligibility for Cash Dividend and Extraordinary general meeting
Najran Cement Cash Dividend Distribution
May 5 2023 Baker Hughes US Rig Count report Reports May 7 2023
SHARQIYAH DEV Eligibility for subscription to rights issue and Extraordinary general meeting
Saudi Cement Cash Dividend Distribution
MOUWASAT Eligibility for Cash Dividend
SNB Eligibility for Cash Dividend and 33.99% bonus shares
SNB Extraordinary general meeting
May 8 2023
Herfy Foods Eligibility for Cash Dividend
Saudi Aramco Ex-bonus Date and Extraordinary general meeting
MULKIA REIT Cash Dividend Distribution
ALMUNAJEM Eligibility for Cash Dividend
May 9 2023
SAUDI ELECTRICITY Eligibility for Cash Dividend
FIPCO Eligibility to subscribe to priority rights shares and Extraordinary general meeting
Budget Saudi Cash Dividend Distribution
SOLUTIONS Eligibility for Cash Dividend
RAOOM Cash Dividend Distribution
FADECO Cash Dividend Distribution
Mawarid Manpower Start of IPO book-building process May 10 2023
ALBILAD Cash Dividend Distribution
Savola Group Extraordinary general meeting
TADAWUL GROUP Eligibility for Cash Dividend
E.I.A Reports
May 11 2023
Amiantit Eligibility for subscription to the rights issue and Extraordinary general meeting
Alinma Cash Dividend Distribution
LUBEREF Cash Dividend Distribution
OPEC Reports
Retal Cash Dividend Distribution
May 14 2023
Kingdom Eligibility for Cash Dividend
Morabaha Marina Start of IPO book-building process
SEDCO CAPITAL REIT End of IPO
EDARAT Ex-bonus Date and Extraordinary general meeting
AlMuneef Start of IPO
May 15 2023 ALDREES Cash Dividend Distribution
Ladun Eligibility for Cash Dividend
Mawarid Manpower End of IPO book-building process May 16 2023
SISCO Cash Dividend Distribution
IEA Reports
SAUDI CABLE Judicical Hearing
E.I.A Reports
May 18 2023
SABB Cash Dividend Distribution
ALUJAIN Extraordinary general meeting
ARDCO Cash Dividend Distribution
Fitaihi Group Cash Dividend Distribution
Advanced Eligibility for Cash Dividend
Extra Eligibility for Cash Dividend
FARM SUPERSTORES Eligibility for Cash Dividend
OBEIKAN GLASS Ex-bonus Date and Extraordinary general meeting Morabaha Marina End of IPO book-building process
AlMuneef End of IPO
One Investments Start of IPO
May 19 2023 Baker Hughes US Rig Count report Reports
May 21 2023 OASIS Extraordinary general meeting
DERAYAH REIT Cash Dividend Distribution
Tam Start of IPO
May 22 2023 AlMuneef Final allocation date
May 24 2023 BSFR Eligibility for Cash Dividend and Extraordinary general meeting LAZURDE Eligibility for Cash Dividend and Extraordinary general meeting
E.I.A Reports
May 25 2023 AlMuneef Surplus refund date
Tam End of IPO
One Investments End of IPO
May 26 2023 Baker Hughes US Rig Count report Reports
May 28 2023 Advanced Cash Dividend Distribution
Morabaha Marina Start of IPO
Mawarid Manpower Start of IPO
May 29 2023 Morabaha Marina End of IPO
May 30 2023
JARIR Extraordinary general meeting
SASCO Extraordinary general meeting
Mawarid Manpower End of IPO
Tam Final allocation date
May 31 2023 NAHDI Extraordinary general meeting
EIA Reports
8
© All rights reserved Source: Bloomberg, Aljazira CapitalEconomic Calendar
Date Company Event
May 4, 2023
USA Fed Press Conference
Euro Area HCOB Services PMI Final
China Caixin Manufacturing PMI
Euro Area HCOB Services PMI Final
Euro Area Deposit Facility Rate
Euro Area ECB Interest Rate Decision
USA Balance of Trade
USA Initial jobless claims
USA Nonfarm Productivity QoQ Prel Q1
Euro Area ECB Press Conference
May 5, 2023
China Caixin Services PMI
Euro Area Retail Sales YoY
USA Non Farm Payrolls
USA Unemployment Rate
May 9, 2023 China Balance of Trade
USA IBD/TIPP Economic Optimism
May 10, 2023
USA API Crude Oil Stock Change
USA MBA 30-Year Mortgage Rate
USA Inflation Rate YoY
USA Core inflation YoY
USA EIA Gasoline Stocks Change
May 11, 2023
China Inflation Rate
China PPI
USA Initial jobless claims
OPEC Reports
May 12, 2023 USA Import prices and Export prices
China FDI YoY
China Current Account
May 15, 2023 Euro Area Industrial production
Euro Area Eurogroup Meeting
May 16, 2023
China Industrial Production YoY
China Retail Sales YoY
China Unemployment rate
Euro Area Balance of Trade
Euro Area GDP Growth Rate YoY
Euro Area Employment Change YoY
USA Retail Sales MoM
USA Industrial production YoY
USA Business inventories
May 17, 2023
USA API Crude Oil Stock Change
China House Price Index
Euro Area Inflation Rate
USA Housing Starts
USA EIA Crude Oil Stocks Change
May 18, 2023 USA Initial Jobless Claims
USA Existing Home Sales MoM
May 22, 2023 China Loan Prime rate
Euro Area Consumer Confidence Flash
May 23, 2023 Euro Area HCOB Manufacturing PMI Flash
USA S&P Global Services PMI Flash
USA New Home Sales
May 24, 2023 USA API Crude Oil Stock Change
USA EIA Crude Oil Stocks Change
USA FOMC
May 25, 2023 USA Initial Jobless Claims
May 26, 2023
USA Personal Spending MoM
USA Durable Goods Orders MoM
USA Retail Inventories Ex Autos MoM Adv
USA Goods Trade Balance Adv
USA Wholesale Inventories MoM Adv
May 30, 2023 Euro Area Economic Sentiment
USA Consumer Confidence
May 31, 2023 China NBS Manufacturing PMI
USA ADP Employment
USA JOLTS opening
Al-Jazira Capital is a Saudi Investment Company licensed by the Capital Market Authority (CMA), license No. 07076-37
RESEAR CH DIVISION RA TING TERMINOL OGY
Disclaimer
AlJazira Capital, the investment arm of Bank AlJazira, is a Shariaa Compliant Saudi Closed Joint Stock company and operating under the regulatory supervision of the Capital Market Authority. AlJazira Capital is licensed to conduct securities business in all securities business as authorized by CMA, including dealing, managing, arranging, advisory, and custody. AlJazira Capital is the continuation of a long success story in the Saudi Tadawul market, having occupied the market leadership position for several years. With an objective to maintain its market leadership position, AlJazira Capital is expanding its brokerage capabilities to offer further value-added services, brokerage across MENA and International markets, as well as offering a full suite of securities business.
1. Overweight: This rating implies that the stock is currently trading at a discount to its 12 months price target.
Stocks rated “Overweight” will typically provide an upside potential of over 10% from the current price levels over next twelve months.
2. Underweight: This rating implies that the stock is currently trading at a premium to its 12 months price target.
Stocks rated “Underweight” would typically decline by over 10% from the current price levels over next twelve months.
3. Neutral: The rating implies that the stock is trading in the proximate range of its 12 months price target. Stocks rated “Neutral” is expected to stagnate within +/- 10% range from the current price levels over next twelve months.
4. Suspension of rating or rating on hold (SR/RH): This basically implies suspension of a rating pending further analysis of a material change in the fundamentals of the company.
The purpose of producing this report is to present a general view on the company/economic sector/economic subject under research, and not to recommend a buy/sell/hold for any security or any other assets. Based on that, this report does not take into consideration the specific financial position of every investor and/or his/her risk appetite in relation to investing in the security or any other assets, and hence, may not be suitable for all clients depending on their financial position and their ability and willingness to undertake risks. It is advised that every potential investor seek professional advice from several sources concerning investment decision and should study the impact of such decisions on his/her financial/legal/tax position and other concerns before getting into such investments or liquidate them partially or fully. The market of stocks, bonds, macroeconomic or microeconomic variables are of a volatile nature and could witness sudden changes without any prior warning, therefore, the investor in securities or other assets might face some unexpected risks and fluctuations. All the information, views and expectations and fair values or target prices contained in this report have been compiled or arrived at by Al- Jazira Capital from sources believed to be reliable, but Al-Jazira Capital has not independently verified the contents obtained from these sources and such information may be condensed or incomplete. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information and opinions contained in this report. Al-Jazira Capital shall not be liable for any loss as that may arise from the use of this report or its contents or otherwise arising in connection therewith. The past performance of any investment is not an indicator of future performance. Any financial projections, fair value estimates or price targets and statements regarding future prospects contained in this document may not be realized. The value of the security or any other assets or the return from them might increase or decrease. Any change in currency rates may have a positive or negative impact on the value/return on the stock or securities mentioned in the report. The investor might get an amount less than the amount invested in some cases. Some stocks or securities maybe, by nature, of low volume/trades or may become like that unexpectedly in special circumstances and this might increase the risk on the investor. Some fees might be levied on some investments in securities. This report has been written by professional employees in Al-Jazira Capital, and they undertake that neither them, nor their wives or children hold positions directly in any listed shares or securities contained in this report during the time of publication of this report, however, The authors and/or their wives/children of this document may own securities in funds open to the public that invest in the securities mentioned in this document as part of a diversified portfolio over which they have no discretion. This report has been produced independently and separately by the Research Division at Al-Jazira Capital and no party (in-house or outside) who might have interest whether direct or indirect have seen the contents of this report before its publishing, except for those whom corporate positions allow them to do so, and/or third-party persons/institutions who signed a non-disclosure agreement with Al-Jazira Capital. Funds managed by Al-Jazira Capital and its subsidiaries for third parties may own the securities that are the subject of this document. Al-Jazira Capital or its subsidiaries may own securities in one or more of the aforementioned companies, and/or indirectly through funds managed by third parties. The Investment Banking division of Al-Jazira Capital maybe in the process of soliciting or executing fee earning mandates for companies that is either the subject of this document or is mentioned in this document. One or more of Al-Jazira Capital board members or executive managers could be also a board member or member of the executive management at the company or companies mentioned in this report, or their associated companies. No part of this report may be reproduced whether inside or outside the Kingdom of Saudi Arabia without the written permission of Al-Jazira Capital. Persons who receive this report should make themselves aware, of and adhere to, any such restrictions. By accepting this report, the recipient agrees to be bound by the foregoing limitations.
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