2
© All rights reservedTASI Movement in March
TASI ended March 2023 at 10,590.1 points representing an increase of 1.2% from last month’s close. With an average daily value traded of SAR 4.8bn, the total value traded in March aggregated to SAR 106.1bn; representing an increase of 43.7% M/M from February’s SAR 73.8bn in total value traded. The Materials and Banks sectors accounted for 40.6% of the total value traded during the month. Of TASI’s 21 sectors, all sectors recorded M/M gains in March; Healthcare increased the most by 18.1% M/M followed by Telecom at 11.8% M/M.
Thimar was the best performing stock for the month; recording a 115.4% M/M increase - followed by AlKathiri’s 31.0% M/M gains. At the other end of the monthly performance leaderboards, Al Sagr Insurance bottomed the list with a drawdown of 15.8% M/M. SABIC Agri- Nutrients and MEPCO traded as the market’s lowest P/E (TTM) by March’s end at a multiple of 6.1x and 7.9x, respectively, compared to TASI’s P/E of 17.8x. The free-float ownership from qualified foreign investors (QFIs) in the Kingdom made up a concentration of 12.99%
of the total free-float ownership in the market for the month of March 2023, slightly higher than February’s 12.94% ownership.
TASI started the month closing at 10,192.3 points and ended with 10,590.1 with an average daily value traded of SAR 4.8bn.
By March’s end, TASI was up by 126.5 points. The index increased by 1.2% YTD versus February’s decrease of 3.6% M/M.
Of TASI’s 21 sectors, 20 sectors performed better than the broader market during March. However, all sectors demonstrated a positive performance.
March’s leaderboards were topped by Healthcare and Telecom, which increased by 18.1% M/M and 11.8% M/M, respectively. Telecom was closely followed by a 11.7%
M/M increase in Software and Services.
As per March’s YTD performance, Consumer Services (25.1%) and Software and Services sectors (20.9%) topped the sectors’ leaderboards. Out of 21 sectors, 17 sectors registered a positive performance. At the other end of the March’s leaderboards were the Diversified Financials and Banks sectors, which declined by 11.8%
and 6.7%, respectively.
Materials and Banks sector registered 40.6% of the total traded values for all sectors, accounting for 20.6% and 20.0% respectively of the total value traded in March.
Value Traded (bn) - RHS Closing Price - LHS 3.0 4.5 6.0 7.5 9.0
9,600.00 9,800.00 10,000.00 10,200.00 10,400.00 10,600.00
1-Mar 3-Mar 5-Mar 7-Mar 9-Mar 11-Mar 13-Mar 15-Mar 17-Mar 19-Mar 21-Mar 23-Mar 25-Mar 27-Mar 29-Mar
Share of Total Traded Value by Sector (%)
Materials Banks
Consumer Services Energy
Telecommunication Services Real Estate Mgmt & Dev't Health Care Equipment & Svc Food & Staples Retailing Insurance
Food & Beverages Utilities
Others 21%
20%
6% 8%
6%
4% 5%
3% 4%
3%
3%
17%
Source: TADAWUL, Aljazira Capital
Source: TADAWUL, Aljazira Capital
Source: TADAWUL, Aljazira Capital
Sectors Performance
Sector M/M Sector YTD
TASI 1.2% TASI 1.1%
Healthcare 18.1% Consumer Services 25.1%
Telecom 11.8% Software & Services 20.9%
Software & Services 11.7% Healthcare 20.5%
Consumer Services 9.6% Capital Goods 18.6%
Real Estate 8.9% Real Estate 18.2%
Pharma & Bio Tech 8.9% Insurance 18.0%
Food & Staples 8.1% Transportation 17.4%
Capital Goods 7.3% Food & Staples 15.9%
Commercial Service 7.1% Commercial Service 13.7%
Transportation 6.5% Telecom 12.9%
Insurance 6.2% Pharma & Bio Tech 9.0%
Retailing 6.2% Media 9.0%
Media 5.8% Retailing 8.9%
Food & Beverages 4.5% Food & Beverages 6.6%
Consumer Durables 4.1% Consumer Durables 4.3%
Banks 3.7% Materials 1.4%
Energy 2.7% Energy 1.4%
REITs 2.3% REITs -3.3%
Utilities 2.1% Utilities -3.5%
Diversified Financials 1.4% Banks -6.7%
Materials 1.1% Diversified Financials -11.8%
3
© All rights reservedTop 10 Companies by Dividend Yield (March 2023)
Best/Worst Contributors to TASI (by Points – March 2023)
Companies with the Lowest P/E (TTM)
Al.Othaim Market paid the highest dividends (DY: 9.7%) to its shareholders as the company incurred capital gains during the year.
SABIC Agri Nutrients and SIPCHEM followed at dividend yield of 9.4% and 8.4%, respectively. Then followed by Cenomi Centers and Yansab, which recorded dividends yields of 8.0% and 6.4%
respectively. The average dividend yield of the market stood at 2.5%.
Alrajhi Bank and Saudi Arabian Oil Co. supported the improvement in the index, together contributing c.191.03points towards the index by March’s end. However, TASI’s performance was primarily weighed down by SNB, which alone pulled the index back by 21.5 points;
almost 20.3 points more than the second worst contributor, Kayan.
SABIC Agri-Nutrients and MEPCO traded as the market’s lowest P/E (TTM) by March’s end at multiples of 6.1x and 7.9x, respectively. Followed by Sipchem and Chemanol which traded at 7.9x and 8.1x, respectively.
AlRajhi and SNB witnessed the highest total value traded by the end of March at SAR 6.7bn and SAR 5.4bn, respectively. Then followed by Thimar and SABIC Agri-Nutrients, which recorded SAR 3.7bn and SAR 3.5bn in total value traded for the month, respectively.
Thimar topped March’s M/M performances within KSA’s equities universe at a 115.4% M/M gain; followied by AlKathiri’s increase of 31.0% M/M. However, Al Sagr Insurance and Saudi Re decreased 15.8% M/M and 9.5% M/M, respectively.
Cenomi Centers and Dar Alarkan traded at the lowest P/B ratios in March at 0.65x and 0.88x respectively. Tasnee too traded at 0.88x followed by Northern Cement at 0.91x.
A.Othaim Market Sipchem
SABIC AGRI- NUTRIENTS SIIG
YANSAB ACC Saudi Cement
Cenomi centers Bawan Amlak
Dividend Yield Average market dividend yield 9.7% 9.4% 8.4% 8.0%
6.4% 6.0% 6.0% 5.8% 5.3% 5.1%
2.53%
0.0%
4.0%
8.0%
12.0%
106.43 84.60 57.88 42.01 28.72 Al Rajhi Bank
Saudi Arabian Oil Co Saudi Telecom Co Riyad Bank Dr Sulaiman Al Habib Medical
Alamar Foods Al Jouf Cement Co Saudi Reinsurance Co Saudi Kayan Petrochemical Co Saudi National Bank
-0.75 -0.79 -0.87 -1.22 -21.52
6.1
7.9 7.9 8.1 9.6 10.5 10.5 10.9 10.9 11.2
0.0 2.0 4.0 6.0 8.0 10.0 12.0
SABIC AGRI- NUTRIENTS
MEPCO SIPCHEM CHEMANOL LUBEREF BAWAN ARDCOZOUJAJ NAYIFAT SNB
Top 10 Companies in Total Value Traded (in billions)
Gainers/Losers of the Month (March 2023)
Companies with the Lowest P/B
6.7 5.4
3.7 3.5 3.3 3.3 3.2 2.9 2.4 2.3
0.0 2.0 4.0 6.0 8.0
ALRAJHI SNB THIMAR
SABIC AGRI- NUTRIENTS
ALINMA AMERICANA
SAUDI ARAMCO
STC LUBEREF DAR ALARKAN
115.4%
31.0%
30.1%
25.7%
25.2%
-7.9%
-9.0%
-9.4%
-9.5%
-15.8%
THIMAR ALKATHIRI MOUWASAT SULAIMAN ALHABIB
ZAIN KSA
ALAMAR TAPRCO
JOUF CEMENT SAUDI RE
ALSAGR INSURANCE
0.65
0.88 0.88 0.91 0.92 0.95 0.98 1.00 1.03 1.06
0.00 0.20 0.40 0.60 0.80 1.00 1.20
CENOMI CENTERS DAR ALARKAN TASNEE NORTHERN CEMENT ARABIAN SHIELD ALUJAIN MEDGULFKINGDOM SRECO TCC
Source: Argaam, Aljazira Capital, as of 31st of January 2023
Source: Bloomberg, Aljazira Capital
Source: Bloomberg, Aljazira Capital, as of 28th of February 2023
Source: TADAWUL, Aljazira Capital
Source: TADAWUL, Argaam, Aljazira Capital
Source: TADAWUL, Aljazira Capital, as of 28th of February 2023
4
© All rights reservedRegional and International Performance
• Among the other regional markets, Oman was the only gainer at 2.3%, on a monthly basis. On the other hand, Abu Dhabi declined most by 4.2% M/M, while Qatar and Egypt declined by 3.4% M/M each. Meanwhile, Dubai and Kuwait declined by 0.9% each.
• Nasdaq, S&P 500 and Dow Jones increased by 9.5% M/M, 3.5% M/M and 1.9% M/M, respectively.
• Most of other international indices ended the month in the green. Hong Kong’s Hang Seng, South Korea’s KOSPI, Japan’s Nikkei, Germany’s DAX 30 and France’s CAC 40 increased 3.1% M/M, 2.7% M/M, 2.2% M/M, 1.7% M/M and 0.7% M/M. On the other hand, Australia’s ASX 200 and China Shanghai Compos by declined by 1.1% M/M and 0.2%, M/M, respectively.
• The MSCI World index, tracking 23 developed markets, increased by 2.8% M/M, while MSCI’s EM rose by 2.7% M/M in February.
Regional Markets
Market Close M/M YTD P/E
Dubai (DFM) 3,407 -0.9% 2.1% 9.8
Abu Dhabi (ADX) 9,430 -4.2% -7.6% 22.3
Kuwait (KSE) 5,501 -0.9% -1.7% 15.3
Qatar (QE) 10,213 -3.4% -4.4% 11.5
Oman (MSM) 4,863 2.3% 0.1% 11.2
Egypt (EGX30) 16,419 -3.4% 12.5% 8.7
International Markets
Global Indices Close M/M YTD P/E
Dow Jones 33,274 1.9% 0.4% 19.8
Nasdaq 13,181 9.5% 20.5% 29.2
S&P 500 4,109 3.5% 7.0% 19.7
FTSE 100 7,632 -3.1% 2.4% 11.0
Germany DAX 30 15,629 1.7% 12.2% 12.4
France CAC 40 7,322 0.7% 13.1% 12.1
Japan Nikkei 225 28,041 2.2% 7.5% 23.0
Russia MOEX 2,451 8.8% 13.8% 2.1
Hong Kong Hang Seng 20,400 3.1% 3.1% 13.1
South Korea KOSPI 2,477 2.7% 10.8% 12.6
China Shanghai Composite 3,273 -0.2% 5.9% 12.8
Australia ASX 200 7,178 -1.1% 2.0% 14.6
India Sensex 58,992 0.0% -3.0% 22.3
MSCI EM 990 2.7% 3.5% 12.7
MSCI World 2,791 2.8% 7.3% 17.8
Source: Bloomberg, Aljazira Capital, as of 31st of March 2023
Commodities Performance
Commodity Name Price M/M 3M Y/Y YTD 3 Yrs 5 Yrs LOW_52WEEK HIGH_52WEEK
Light Crude ($/bbl) 79.3 -4.9% -5.8% -27.5% -5.8% 202.0% 17.7% 72.2 125.5
Brent Crude ($/bbl) 79.8 -4.9% -7.1% -26.1% -7.1% 250.8% 13.5% 70.1 125.3
Texas crude ($/bbl) 75.7 -1.8% -5.7% -24.5% -5.7% 269.5% 16.5% 64.1 123.7
Natural Gas ($/mn Btu) 2.2 -19.3% -50.5% -60.7% -50.5% 35.1% -18.9% 1.9 10.0
GOLD ($/oz) 1,969 7.8% 8.0% 1.6% 8.0% 24.9% 48.6% 1,615 2,009.7
Silver ($/oz) 24.1 15.2% 0.6% -2.8% 0.6% 72.5% 47.2% 17.6 26.2
Steel ($/ton) 1,164 10.4% 56.5% -24.5% 56.5% 120.9% 35.5% 645.0 1,570
Lead ($/ton) 2,110.3 0.6% -9.1% -12.9% -9.1% 21.3% -12.0% 1,741.9 2,470.9
Zinc ($/ton) 2,938 -2.5% -1.7% -30.2% -1.7% 54.8% -10.4% 2,678.9 4,536
Iron Ore (CNY/MT) 958 4.5% 11.8% 1.3% 11.8% 40.5% 96.7% 620.0 1,070
Wheat ($/bu) 692.3 -1.9% -13.3% -25.3% -13.3% 23.8% 23.8% 654.0 1,242.0
Corn ($/bu) 660.5 4.8% -2.6% -3.6% -2.6% 67.1% 67.1% 573.8 766.5
Sugar ($/lb) 22.3 10.9% 18.9% 19.0% 18.9% 87.0% 87.0% 16.6 22.5
SMP (EUR/MT) 2,434 -6.2% -12.3% -42.7% -12.3% 29.8% 95.7% 2,560 4,100
Coffee ($/lb) 170.5 -10.5% 1.9% -24.7% 1.9% 42.6% 44.3% 142.1 246.9
Source: Bloomberg, Aljazira Capital, as of 31st of March 2023
Light Crude and Brent Crude declined 4.9% M/M each, while Texas crude declined 1.8% M/M. Meanwhile, Natural Gas slumped by 19.3%
M/M. Oil prices declined during the month given the global banking turbulence. On the other hand, Gold posted an M/M increase of 7.8%
for the month of March as the global banking turmoil drove speculation that the US Federal Reserve would reduce the pace of rate hike and directed investors towards the safe-haven and away from riskier assets. Moreover, Silver and Steel, rose by 15.2% M/M and 10.4% M/M, respectively. Meanwhile, the rest of metal’s monthly performances varied. In Foods, Sugar and Corn increased 10.9% M/M of and 4.8% M/M with Coffee and SMP at the other end of the leaderboard with decline of 10.5% M/M and 6.2% 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 (Q4-22) SAR 1724.4 bn 1.7% 1.6%
Public Debt (Q4-22) SAR 990.1 bn 1.9% 5.6%
Public Debt/GDP (2022) 23.8% - -
Consumer Spending Feb-23 M/M Y/Y
ATM Withdrawals SAR 41.7bn -8.2% 0.2%
Point of Sales SAR 44.8bn -7.9% 15.2%
Total Spending (ATM & POS) SAR 86.5bn -8.0% 7.4%
No. of ATMs 16.2 K -0.2% -1.4%
No. of ATM Transactions 117.6K -9.3% 3.3%
No. of POS Terminal 1,513.8K 2.6% 39.3%
Inflation Rate (Feb-23) 3.0%
Repo Rate (Feb-23) 5.5%
1-Month 3-Months 6-Months 12-Months
Saudi Arabia (SAIBOR) 5.25 5.58 5.76 5.83
US (LIBOR) 4.67 4.97 5.26 5.68
Region Rate M/M (bps) YTD (bps) Y/Y (bps)
Saudi Arabia (SAIBOR-3M) 5.581 10.12 32.09 406.91
UAE (EIBOR-3M) 4.897 22.20 42.16 429.75
Bahrain (BHIBOR-3M) 6.298 -15.66 15.66 469.83
Source: Gastat, SAMA, Aljazira Capital, Bloomberg
Deposit & Loans (February 23)
CPI (Inflation Rate) and POS (February 2023)
Deposit base expanded by 1.2% M/M from the previous month, whereas loans rose 0.9% M/M in February. Demand deposits rose 0.8% M/M as compared to the 0.4% M/M increase in time deposits.
As deposit growth was faster than loan growth, liquidity improved as ADR slid to 103.8%.
(CPI)-Inflation for Feb-2023 showed an increase of 3.0% Y/Y, led by a 7.0% Y/Y increase in housing , water, electricity, gas, and other fuels and a 3.1% Y/Y increase in food and beverages. Point of Sales (POS) increased by 15.2% Y/Y to SAR 44.8bn, as the number of transactions surged 27.6% Y/Y to 633.2mn.
Mortgage contracts declined by 13.8% M/M and 17.6% Y/Y during February 2023 standing at 9.6K; meanwhile, mortagage value decreased by 14.7% M/M and by 18.7% Y/Y to SAR 7.1bn.
FED rate futures’ implied rates for the year nosedived throughout March after a series of banking sector concerns drove speculation that the FED will tone down their hawkish stance to circumvent a wider economic crisis. Coupled with deflationary data (such as M/M Personal Spending reported lower than expectations, as did Core PCE data- as well as softening CPI levels), Fed rate futures shifted their expected end of year rate by almost 100bps down to 4.5 by December (where the majority of the data lies at 4.5% or less).
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
Mortgage Contracts & Value (February 2023)
US Federal Reserve Rate Futures: Implied Rates
Mortgage Contracts - LHS Mortgage Value (SAR bn) - RHS 16.8
15.6
8.47.1
0.0 5.0 10.0 15.0 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 0
5000 10000 15000 20000 25000
1/3/2023 3/4/2023
5.07
5.32 5.50 5.61 5.61 5.57
5.49
5.15 5.14 5.03
4.88 4.76 4.25 4.59
4.50 4.75 5.00 5.25 5.50 5.75
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: SAMA, Aljazira Capital
Source: SAMA, Aljazira Capital
Source: Bloomberg, Aljazira Capital
Source: CME Group, 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
6
© All rights reservedThe Dollar Index ended March with a decline of 2.3% M/M, as global banking turmoil created uncertainty in markets and decline in US consumer spending and cooling inflation raised bets that US Federal Reserve would be less aggressive in raising interest rates. Sterling Pound gained 2.6%, while the Euro gained 2.5%
in value in March. Eurozone inflation dropped in March, but core prices accelerated.
Trading activities by domestic institutions drove the net inflow by SAR 2.18bn during March 2023, coupled wiith SAR 0.43bn contribution from GCC investors, while on the other end of those trades were Saudi Individuals with an outflow of SAR 2.85bn.
Meanwhile inflow from foreign investors was minimal.
SAUDI GERMAN HEALTH saw the largest percentage change in its foreign ownership inflow for the month of March by 2.03% M/M, while TADAWUL GROUP experienced the largest sell-off from QFIs for the month, shedding 1.4% of its foreign ownership by the end of March.
SABIC and ARAMCO ended the month as the most stocks traded by QFIs by turnover value inflow (by an etimated SAR 735.1mn and SAR 707.8mn respectively). ARABIAN DRILLING came at the other end of that leaderboard at an outflow of SAR 4,290mn from QFIs.
Monthly change aginst the US Dollar (%)
Net Value Traded (SAR bn)
Source: TADAWUL, Aljazira Capital Source: Bloomberg, AlJazira Capital
Source: Tadawul, Aljazira Capital
Source: Tadawul, Aljazira Capital *AJC Estimates (excluding December IPOs)
Exchange Rate
Foreign Investors Activity in KSA (March 2023)
Top Increases/ Decrease in Foreign Ownership by Turnover Value* (SAR million) Top Increases/Decreases in Foreign Ownership (%)
-2.3%
-0.6%
2.5%
0.9%
2.6%
2.5%
-3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0%
Indian Rupee Japanese Yen
Chinese Yuan Sterling Pound Euro
Dollar Index
Foreign
investors Individuals (Saudi) GCC investors
Institutions (Saudi)
-2.85 2.18
0.43 0.25
-4.00 -3.00 -2.00 -1.00 0.00 1.00 2.00 3.00
Symbol Company Change
4009 SAUDI GERMAN HEALTH 2.03%
4071 ALARABIA 1.74%
8250 GIG 1.71%
2081 AWPT 1.51%
8010 TAWUNIYA 1.23%
7203 ELM 1.21%
4070 TAPRCO 1.20%
1810 SEERA 1.16%
4005 CARE 0.96%
1303 EIC 0.96%
Symbol Company Change
1111 TADAWUL GROUP -1.39%
4170 TECO -0.99%
4300 DAR ALARKAN -0.82%
4260 BUDGET SAUDI -0.72%
2020 SABIC AGRI-NUTRIENTS -0.69%
7040 ATHEEB TELECOM -0.67%
6014 ALAMAR -0.62%
1832 SADR -0.58%
7030 ZAIN KSA -0.45%
1830 FITNESS TIME -0.36%
Symbol Company Turnover Value
(SAR mn)
2010 SABIC 735.1
2222 ARAMCO 707.8
4013 SULAIMAN AL HABIB 190.4
2223 LUBEREF 83.5
4164 NAHDI 79.9
2083 MARAFIQ 71.4
1810 SEERA 55.3
1060 SABB 43.2
2082 ACWA POWER 31.5
2250 SIIG 30.5
Symbol Company Turnover Value
(SAR mn)
2381 ARABIAN DRILLING -4,290.2
1150 ALINMA -809.4
4300 ALARKAN -130.1
1180 SNB -128.0
1120 ALRAJHI -115.6
1111 TADAWUL GROUP -110.0
2330 APPC -96.4
4260 BUDGET SAUDI -72.1
4190 JARIR -50.3
2020 SABIC AGRI-NUTRIENTS -50.0
7
© All rights reserved Source: Bloomberg, Aljazira CapitalCorporate Events
Date Company Event
April 3 2023
RIBL Cash Dividend Distribution
Alamar Eligibility for Cash Dividend
Theeb Eligibility for Cash Dividend
April 4 2023
City Cement Cash Dividend Distribution
ALSAIF GALLERY Cash Dividend Distribution
CENOMI CENTERS Eligibility for Cash Dividend
ELM Eligibility for Cash Dividend
QACCO Cash Dividend Distribution
ALDAWAA Eligibility for Cash Dividend
TADWEEER Extraordinary general meeting
Academy of Learning Eligibility for Cash Dividend
AMERICANA Eligibility for Cash Dividend
April 6 2023 RIYAD REIT Eligibility for Cash Dividend
April 7 2023 BHGE Reports
April 9 2023
ACC Eligibility for Cash Dividend
YSCC Cash Dividend Distribution
SIIG Extraordinary general meeting
FADECO Eligibility for Cash Dividend
April 10 2023
SAIB Eligibility for Cash Dividend
Advanced Extraordinary general meeting
NAHDI Cash Dividend Distribution
Gas Arabian Services Extraordinary general meeting April 11 2023
SHARQIYAH DEV Extraordinary general meeting
ANB Cash Dividend Distribution
Almarai Extraordinary general meeting
Alamar Extraordinary general meeting
April 12 2023 ALKATHIRI Extraordinary general meeting
April 13 2023
EPCCO Cash Dividend Distribution
FIPCO Extraordinary general meeting (capital hike)
SABIC AGRI-NUTRIENTS Cash Dividend Distribution
Budget Saudi Eligibility for Cash Dividend
OPEC Reports
Theeb Cash Dividend Distribution
SRE Cash Dividend Distribution
ELM Cash Dividend Distribution
CMCER Cash Dividend Distribution
Alamar Cash Dividend Distribution
April 14 2023 The International Energy Agency (IEA) Reports
BHGE Reports
April 16 2023 Academy of Learning Cash Dividend Distribution
DERAYAH REIT Eligibility for Cash Dividend
April 19 2023 E.I.A Reports
April 25 2023 CENOMI CENTERS Cash Dividend Distribution
April 26 2023 E.I.A Reports
April 28 2023
BHGE Reports
SAIB Cash Dividend Distribution
Catering Cash Dividend Distribution
LUBEREF Eligibility for Cash Dividend
8
© All rights reserved Source: Bloomberg, Aljazira CapitalEconomic Calendar
Date Company Event
April 4 2023 Euro Area ECB Consumer Expectations Survey
USA JOLTs Job Openings
USA Factory Orders MoM
April 5 2023
USA API Crude Oil Stock Change
Euro Area S&P Global Services PMI Final
USA ADP Employment Change
USA Balance of Trade
USA S&P Global Services PMI Final
USA ISM Non-Manufacturing PMI
USA EIA Gasoline Stocks Change
USA EIA Crude Oil Stocks Change
April 6 2023 China Caixin Services PMI
USA Initial Jobless Claims
April 7 2023 USA Unemployment Rate
April 11, 2023 China Inflation Rate YoY
China PPI YoY
Euro Area Retail Sales YoY
April 12, 2023
USA API Crude Oil Stock Change
USA Inflation Rate YoY
USA FOMC Minutes
USA Monthly Budget Statement
April 13, 2023
China Balance of Trade
Euro Area Industrial Production
OPEC Report
USA Initial Jobless Claims
April 14 2023
USA Retail Sales
USA Industrial Production
USA Business Inventories
China FDI YTD
April 15 2023 China House Price Index
April 18 2023
China GDP Growth rate
China Industrial Production
China Fixed Asset investment
China Retail Sales
China Unemployment rate
Euro Area Balance of Trade
USA Housing Starts
April 19 2023
USA API Crude Oil Stock Change
Euro Area Inflation rate YoY
USA EIA Gasoline Stocks Change
USA EIA Crude Oil Stocks Change
April 20 2023
China Loan Prime Rate 1Y
USA Initial Jobless Claims
Euro Area Consumer Confidence Flash
USA Existing Home Sales
April 21 2023 Euro Area S&P Global Manufacturing PMI flash
Euro Area Government Debt to GDP
USA S&P Global Composite PMI Flash
April 25 2023 USA CB Consumer Confidence
USA New Home Sales
April 26 2023
USA API Crude Oil Stock Change
USA Durable Goods Orders
USA Wholesale and Retail Inventories
USA EIA Gasoline Staocks Exchange
April 27 2023
Euro Area Economic Sentiment
USA GDP growth rate
USA Initial Jobless Claims
USA Pending Home Sales
April 28 2023
Euro Area GDP growth rate
USA Personal Income
USA Core PCE Price index
Euro Area Eurogroup meeting
April 30 2023 China NBS Manufacturing and non-manufacturing PMI
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RESEARCH DIVISIONRATING TERMINOLOGY
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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