Thousands

alrajhicapital

2l9CHqK

Thousands

10:00

10:15

10:30

10:45

11:00

11:15

11:30

11:45

12:00

12:15

12:30

12:45

13:00

13:15

13:30

13:45

14:00

14:15

14:30

14:45

23-Jan

24-Jan

25-Jan

26-Jan

29-Jan

30-Jan

31-Jan

1-Feb

2-Feb

5-Feb

Daily Market Report

Saudi Arabia Stock Exchange

06 February 2017

TASI Index 7,046.4 -0.74%

Turnover (SAR mn) 3,379.0 -18%

TASI Intra Day Movement

Global commentary

Research Department

research@alrajhi-capital.com

Tel:+966 11 211 9370

7,140

7,120

7,100

7,080

7,060

7,040

7,020

7,000

6,980

Intraday

TASI – Activity Trend (Last 10 Days)

-

6

4

2

Turnover (LHS, SAR bn)

Previous Close

TASI Index (RHS)

9,000

8,500

8,000

7,500

7,000

6,500

6,000

5,500

5,000

Regional Indices

Close 1D% WTD% YTD%

KSA (TASI) 7,046 -0.7 -0.7 -2.3

Qatar (DSM) 10,596 0.2 0.2 1.5

Kuw ait (KSE) 6,687 -2.3 -2.3 16.3

Abu Dhabi (ADSM) 4,490 1.0 1.0 -1.2

Dubai (DFM) 3,648 0.7 0.7 3.3

Oman (MSM30) 5,808 0.1 0.1 0.4

Bahrain (BSE) 1,302 -0.4 -0.4 6.7

MSCI GCC 479 0.0 0.0 0.6

Major Commodities / Currencies

Close 1D % WTD % YTD %

Gold Spot $/Oz 1,224 0.3 0.3 6.2

Silver Spot $/Oz 17.58 0.4 0.4 10.4

Crude Oil (Brent) 56.98 0.3 0.3 -0.9

OPEC Basket 53.92 2.2 2.0 1.2

Euro 1.08 -0.1 -0.1 2.5

USD Index 99.76 -0.1 -0.1 -2.4

JPY 112.540 0.1 0.1 3.9





In the US, the labor market conditions index data will be released on

Monday, while trade balance stats and consumer credit change

numbers will be published on Tuesday. Further, the initial jobless

claims figures will be out on Thursday, while the monthly budget

statement and the US oil rig count data will be released on Friday.

In Europe, the UK’s retail sales data and housing price balance stats

will be published on Tuesday and Wednesday, respectively, while

Germany’s trade balance data will be out on Thursday. Further, the

UK’s manufacturing & industrial production data along with GDP

estimate figures will be released on Friday. Meanwhile, the EU

extraordinary economic summit will also be held on the same day.

Most GCC markets advanced on Sunday. Abu Dhabi and Dubai

gained 1.0% and 0.7%, respectively, supported by banking stocks,

while Qatar and Oman rose 0.3% and 0.1%, respectively. However,

Kuwait dropped 2.3%, owing to political tensions prevailing in the

country, while Bahrain fell 0.4%.

Asian markets are trading in the green this morning, tracking

positive cues from the US stock market rally on Friday. The Hang

Seng Index and the Shanghai Composite Index are up 0.6% and

0.5%, respectively, while the Nikkei 225 and the KOSPI are trading

up 0.3% and 0.2%, respectively.

Saudi commentary





Tadawul All Share Index (TASI) declined 52.26 point or

0.74 % to close at 7,046.38. Nineteen of the twenty sector indices

closed lower. The advance decline ratio was 37/125. Trading

turnover was around SAR 3.4bn.

SABIC raises local urea price in February: Saudi Basic

Industries Corp. (SABIC) has hiked local urea prices by SAR 38 to

SAR 968 per ton in February, their highest level since SAR 949 per

ton in December 2015. (Argaam)

Saudi Aramco hikes propane, butane prices for February:

Saudi Aramco has raised its February contract prices for propane by

$75 to $510 a ton and for butane by $105 to $600 a ton. (Argaam)

Yanbu Cement plans 20% dividend for H216: The board of

directors of Yanbu Cement Co. on Sunday recommended a 20

percent cash dividend to be issued at the rate of SAR 2 per share for

the second half of 2016. (Argaam)

Major Global Indices

Close 1D % WTD % YTD %

DJ Industrial 20,071 0.9 0.0 1.6

S&P 500 2,297 0.7 0.0 2.6

Nikkei 225 18,947 0.2 0.2 -0.9

Hang seng 23,273 0.6 0.6 5.8

FTSE 100 7,188 0.7 0.0 0.6

CAC 40 4,825 0.6 0.0 -0.8

MSCI World 1,806 0.6 0.0 3.1

MSCI EM 919 0.4 0.0 6.6

Interest Rates

1M 3M 12M 3M Chg 1Y

LIBOR (USD) 0.78 1.03 1.71 0.41

SAIBOR 1.72 1.98 2.37 0.25

EIBOR 0.95 1.39 2.09 0.32

Data Sources: Bloomberg

Updated as of 06/Feb/2017 8:07 AM

Please see penultimate page for additional important disclosures. Al Rajhi Capital (Al Rajhi) is a foreign broker-dealer unregistered in the USA. Al Rajhi research is prepared by research analysts

who are not registered in the USA. Al Rajhi research is distributed in the USA pursuant to Rule 15a-6 of the Securities Exchange Act of 1934 solely by Rosenblatt Securities, an SEC registered and

FINRA-member broker-dealer. 1


Cement

Industries

Building

Retail

Energy

Transport

Multi invt

Hotels

Media

Daily Market Report

Saudi Arabia Stock Exchange

TASI – Large Cap (>10% Index weight) Sectors’ Performance

TASI – Top Gainers / Losers

0.4

0.2

0.0

-0.2

-0.4

-0.6

-0.8

-1.0

1D % (LHS) MTD % (LHS) YTD % (RHS)

TASI Petrochem Banks Telecom

0.0

-0.5

-1.0

-1.5

-2.0

-2.5

Company Last Price Chg % Vol (mn) Value Trd (SAR mn)

Wataniya Ins 33.74 6.8 1.784 59.25

Al-Ahlia Coop Ins 6.21 3.7 5.179 32.55

Alahli Takaful 42.15 3.4 1.270 53.69

Allianz Saudi Fr 44.88 3.3 2.493 112.79

Al Babtain Pow er 28.71 2.9 1.979 56.91

Company Last Price Chg % Vol (mn) Value Trd (SAR mn)

Nama Chemicals 4.2 -7.1 1.412 6.07

Arabian Shield 58.5 -6.4 0.945 57.66

Etihad Atheeb 3.7 -3.4 5.525 20.11

Ace Arabia Coop Ins 49.7 -3.3 1.152 59.20

National Shipp 36.9 -3.1 1.053 39.51

TASI – Mid Cap (5 -10% index weight) Sectors’ Performance

TASI – Top Index Movers / Losers (Heavy weight stocks)

1.0

0.8

0.6

0.4

1D % (LHS) MTD % (LHS) YTD % (RHS)

2.0

1.5

1.0

Company Last Price Chg % Index Imp Value Trd (SAR mn)

Sabb 22.20 1.0 1.1 0.12

Emaar Eco City 17.69 1.7 1.0 3.81

Sabic 96.60 0.1 0.6 2.52

Bupa Arabia 127.50 0.6 0.4 0.03

Al Babtain Pow er 28.71 2.9 0.4 1.98

0.2

0.0

-0.2

-0.4

Insurance Real Estate Agri

0.5

0.0

-0.5

Company Last Price Chg % Index Imp Value Trd (SAR mn)

Al Rajhi Bk 65.84 -1.2 -9.8 107.26

NCB 41.90 -1.9 -5.8 17.95

Jabal Omar 69.15 -0.9 -3.4 4.64

Alinma Bk 14.31 -1.8 -2.9 404.91

Samba 22.20 -1.1 -2.6 7.47

TASI – Small Cap (


Thousands

23-Jan

23-Jan

24-Oct

24-Jan

24-Jan

25-Oct

25-Jan

25-Jan

26-Oct

26-Jan

27-Oct

26-Jan

29-Jan

30-Oct

29-Jan

30-Jan

31-Oct

30-Jan

31-Jan

1-Nov

31-Jan

1-Feb

2-Nov

1-Feb

2-Feb

3-Nov

2-Feb

5-Feb

6-Nov

5-Feb

KSE

ADSM

DFM

Technology

Real Estate

Investment

Bank

Industrial

Energy

Real estate

Reality

Telecome

Bank

Insurance

Fin. Services

Banks

Parallel

Investment

Fin.Services

Services

Telecom

Industrial

Transport

Consumer

Services

Insurance

Telcom

Basic material

Insurance

Oil&Gas

Services

Consumer

Healthcare

Daily Market Report

Saudi Arabia Stock Exchange

Performance of Regional markets

Country

Last Index Change (%) MCap Volume Turnover P/E (x) P/E (x) P/E (x) P/B (x) Div Yld

Close 1D 1M YTD US$ bn mn shr US$ mn 12M 2016E 2017E Current 12M (%)

Saudi Arabia 7,046 -0.7 -0.8 -2.3 439 154 901 17.5 14.3 12.8 1.6 3.3

Qatar 10,596 0.2 0.0 1.5 134 5.7 36 15.8 13.1 -4.0 1.6 3.8

Dubai 3,648 0.7 0.1 3.3 85 207 97 12.2 10.5 1.0 1.3 3.7

Abu Dhabi 4,490 1.0 -1.3 -1.2 118 135 86 11.8 11.8 6.3 1.4 5.4

Kuw ait 6,687 -2.3 -2.1 16.3 95 489 163 23.3 NA 8.5 1.2 3.5

Oman 5,808 0.1 0.6 0.4 17 8 4 10.8 9.6 -8.2 1.2 4.9

Bahrain 1,302 -0.4 -0.1 6.7 20 3.8 2 10.7 NA NA 0.4 4.3

Data Sources: Al Rajhi Capital, Bloomberg

Dubai – Activity Trend (Last 10 Days) Dubai – Sector Performances Dubai – Top Gainers / Losers

2.0

1.6

1.2

0.8

0.4

0.0

Turnover (LHS, AED bn)

DFMGI Index (RHS)

3,740

3,720

3,700

3,680

3,660

3,640

3,620

3,600

3,580

3,560

5.0

0.0

-5.0

1D % (LHS) MTD % (LHS) YTD % (RHS) Company Last Price Change % Vol (mn)

Tabreed 1.92 4.4 4.58

DIB 6.13 3.9 13.19

Shuaa Capital 1.63 1.9 6.99

Ajman Bank 1.49 1.4 25.54

Emaar Prop 7.30 0.7 4.89

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

-6.0

Company Last Price Change % Vol (mn)

DXB Entertainments 1.14 -2.6 18.63

Gulf Navigation 1.61 -1.8 0.10

Drake & Scull Intl 0.54 -1.6 37.06

Du 0.45 -1.2 0.17

Marka 1.48 -0.7 0.12

Abu Dhabi – Activity Trend (Last 10 Days) Abu Dhabi – Sector Performances

Abu Dhabi – Top Gainers / Losers

1.0

0.5

0.0

Turnover (LHS, AED bn)

ADSMI Index (RHS)

3.0

5,000

2.0

1.0

0.0

4,500

-1.0

-2.0

4,000 -3.0

-4.0

-5.0

1D % (LHS) MTD % (LHS) YTD % (RHS) Company Last Price Change % Vol (mn)

15.0 Abu Dhabi Nat Co 0.65 10.2 0.145

Agthia Group 6.87 3.0 0.022

10.0 Intl Fish Farming 2.41 3.0 37.211

ADCB 7.10 2.8 0.994

5.0

Investbank 2.25 2.3 0.366

0.0

-5.0

-10.0

Company Last Price Change % Vol (mn)

Al Dhafra Insura 4.50 -10.0 0.011

Abu Dhabi Natl Ins 2.40 -5.9 0.012

Gulf Pharma Ind 2.16 -3.1 0.002

Al Khazna Ins 0.38 -2.6 0.001

UNB 4.30 -2.3 0.207

Kuwait – Activity Trend (Last 10 Days) Kuwait – Sector Performances Kuwait – Top Gainers / Losers

40

35

30

25

20

15

10

5

0

Turnover (LHS, KWD mn)

KWSEIDX Index (RHS)

5,460

5,440

5,420

5,400

5,380

5,360

5,340

5,320

5,300

5,280

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

1D % (LHS) MTD % (LHS) YTD % (RHS) Company Last Price Change % Vol (mn)

25.0 GFH 116 9.4 2.431

20.0 Hets telecom 39.5 6.8 3.600

City finance 44.5 6.0 1.380

15.0

Human Soft 1780 6.0 0.055

10.0 Al Salam Group Hldg 45.5 5.8 11.872

5.0

0.0

-5.0

-10.0

-15.0

-20.0

Company Last Price Change % Vol (mn)

Hilal Cement Co 118 -7.8 0.004

Housing Finance 48.5 -6.7 3.627

Kuw ait Fin & Invest 33 -5.7 0.044

Ifa Hotels & Res 160 -4.8 0.000

Al-Mazaya Hldg 110 -3.5 2.566

Data Sources: Al Rajhi Capital, Bloomberg

Disclosures Please refer to the important disclosures at the back of this report. 3


Thousands

24-Oct

24-Oct

25-Oct

25-Oct

26-Oct

26-Oct

27-Oct

27-Oct

30-Oct

30-Oct

31-Oct

31-Oct

1-Nov

1-Nov

2-Nov

2-Nov

3-Nov

3-Nov

6-Nov

6-Nov

BSE

Banks

Hotel & Tourism

Insurance

Industries

Services

Daily Market Report

Saudi Arabia Stock Exchange

Oman – Activity Trend (Last 10 Days) Oman – Sector Performances Oman – Top Gainers / Losers

8

4

0

Turnover (LHS, OMR mn)

MSM30 Index (RHS)

5,540

5,520

5,500

5,480

5,460

5,440

5,420

0.6

0.5

0.4

0.3

0.2

0.1

0.0

-0.1

-0.2

-0.3

-0.4

-0.5

1D % (LHS) MTD % (LHS) YTD % (RHS)

MSM 30 Bank Industry Services

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

Company Last Price Change % Vol (mn)

NBO 0.227 3.2 0.055

Gulf Invest Svcs 0.107 1.9 0.158

Al Sharqiya Inv 0.115 1.8 0.171

Ooredoo 0.640 1.3 0.211

Al Anw ar Holding 0.164 0.6 0.830

Company Last Price Change % Vol (mn)

Sembcorp 0.235 -4.1 0.078

Bank Nizw a 0.078 -1.3 2.459

Bank Muscat 0.410 -1.0 0.325

NA NA NA NA

NA NA NA NA

Bahrain – Activity Trend (Last 10 Days) Bahrain – Sector Performances Bahrain – Top Gainers / Losers

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

-

Turnover (LHS, BHD mn)

BHSEASI Index (RHS)

1,152

1,150

1,148

1,146

1,144

1,142

1,140

1,138

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

-1.5

-2.0

1D % (LHS) MTD % (LHS) YTD % (RHS)

0.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0

-16.0

-18.0

Company Last Price Change % Vol (mn)

NBB 0.705 2.2 0.002

Ahli United Bk 0.635 0.8 0.300

BMMI 0.835 0.6 0.025

NA NA NA NA

NA NA NA NA

Company Last Price Change % Vol (mn)

Bahrain Islamic Bk 0.108 -6.1 0.153

Khaleeji Com Bk 0.055 -3.5 0.170

Albaraka Banking 0.470 -2.1 0.081

Nass Corp 0.105 -0.9 0.100

NA NA NA NA

Data Sources: Al Rajhi Capital, Bloomberg

Disclosures Please refer to the important disclosures at the back of this report. 4


Daily Market Report

Saudi Arabia Stock Exchange

IMPORTANT DISCLOSURES FOR U.S. PERSONS

This research report was prepared by Al Rajhi Capital (Al Rajhi), a company authorized to engage in securities activities in Saudi Arabia. Al

Rajhi is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research

reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” in

reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the

“Exchange Act”).

Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on

the information provided in this research report should do so only through Rosenblatt Securities Inc, 40 Wall Street 59th Floor, New York,

NY 10005, a registered broker dealer in the United States. Under no circumstances should any recipient of this research report effect any

transaction to buy or sell securities or related financial instruments through Al Rajhi. Rosenblatt Securities Inc. accepts responsibility for the

contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S.

institutional investor.

The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry

Regulatory Authority (“FINRA”) and may not be an associated person of Rosenblatt Securities Inc. and, therefore, may not be subject to

applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a

research analyst account.

Ownership and Material Conflicts of Interest

Rosenblatt Securities Inc. or its affiliates does not ‘beneficially own,’ as determined in accordance with Section 13(d) of the Exchange Act,

1% or more of any of the equity securities mentioned in the report. Rosenblatt Securities Inc, its affiliates and/or their respective officers,

directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent

of the securities referred to herein. Rosenblatt Securities Inc. is not aware of any material conflict of interest as of the date of this

publication.

Compensation and Investment Banking Activities

Rosenblatt Securities Inc. or any affiliate has not managed or co-managed a public offering of securities for the subject company in the past

12 months, nor received compensation for investment banking services from the subject company in the past 12 months, neither does it or

any affiliate expect to receive, or intends to seek compensation for investment banking services from the subject company in the next 3

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Additional Disclosures

This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no

regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single

recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or

developments referred to in this research report. Neither Al Rajhi nor any of its directors, officers, employees or agents shall have any

liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research

report’s preparation or publication, or any losses or damages which may arise from the use of this research report.

Al Rajhi may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups,

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Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain

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Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be

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The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in

a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or

income from such securities or related financial instruments.

Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by Al

Rajhi with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this

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No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior consent

of Al Rajhi and Al Rajhi accepts no liability whatsoever for the actions of third parties in this respectThis research document has been

prepared by Al Rajhi Capital Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has been prepared for the general use of Al Rajhi

Capital’s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express

written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement not to redistribute, retransmit,

or disclose to others the contents, opinions, conclusion, or information contained in this document prior to public disclosure of such

information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be reliable but we do not

guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the data and information

provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free from any error, not

misleading, or fit for any particular purpose. This research document provides general information only. Neither the information nor any

opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment products related to

such securities or investments. It is not intended to provide personal investment advice and it does not take into account the specific

investment objectives, financial situation and the particular needs of any specific person who may receive this document.

Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or

investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may

not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value

of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or

income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its

officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related

investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi

Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business

from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for

any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this

research document.

This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no

responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered,

duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to

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registration or licensing requirement within such jurisdiction.

5


Daily Market Report

Saudi Arabia Stock Exchange

Disclaimer and additional disclosures for Equity Research

Disclaimer

This research document has been prepared by Al Rajhi Capital Company (“Al Rajhi Capital”) of Riyadh, Saudi Arabia. It has been prepared

for the general use of Al Rajhi Capital’s clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or

manner, without the express written consent of Al Rajhi Capital. Receipt and review of this research document constitute your agreement

not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this document prior to

public disclosure of such information by Al Rajhi Capital. The information contained was obtained from various public sources believed to be

reliable but we do not guarantee its accuracy. Al Rajhi Capital makes no representations or warranties (express or implied) regarding the

data and information provided and Al Rajhi Capital does not represent that the information content of this document is complete, or free

from any error, not misleading, or fit for any particular purpose. This research document provides general information only. Neither the

information nor any opinion expressed constitutes an offer or an invitation to make an offer, to buy or sell any securities or other investment

products related to such securities or investments. It is not intended to provide personal investment advice and it does not take into account

the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document.

Investors should seek financial, legal or tax advice regarding the appropriateness of investing in any securities, other investment or

investment strategies discussed or recommended in this document and should understand that statements regarding future prospects may

not be realized. Investors should note that income from such securities or other investments, if any, may fluctuate and that the price or value

of such securities and investments may rise or fall. Fluctuations in exchange rates could have adverse effects on the value of or price of, or

income derived from, certain investments. Accordingly, investors may receive back less than originally invested. Al Rajhi Capital or its

officers or one or more of its affiliates (including research analysts) may have a financial interest in securities of the issuer(s) or related

investments, including long or short positions in securities, warrants, futures, options, derivatives, or other financial instruments. Al Rajhi

Capital or its affiliates may from time to time perform investment banking or other services for, solicit investment banking or other business

from, any company mentioned in this research document. Al Rajhi Capital, together with its affiliates and employees, shall not be liable for

any direct, indirect or consequential loss or damages that may arise, directly or indirectly, from any use of the information contained in this

research document.

This research document and any recommendations contained are subject to change without prior notice. Al Rajhi Capital assumes no

responsibility to update the information in this research document. Neither the whole nor any part of this research document may be altered,

duplicated, transmitted or distributed in any form or by any means. This research document is not directed to, or intended for distribution to

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Explanation of Al Rajhi Capital’s rating system

Al Rajhi Capital uses a three-tier rating system based on absolute upside or downside potential for all stocks under its coverage except

financial stocks and those few other companies not compliant with Islamic Shariah law:

"Overweight": Our target price is more than 10% above the current share price, and we expect the share price to reach the target on a 12

month time horizon.

"Neutral": We expect the share price to settle at a level between 10% below the current share price and 10% above the current share price

on a 12 month time horizon.

"Underweight": Our target price is more than 10% below the current share price, and we expect the share price to reach the target on a 12

month time horizon.

"Target price": We estimate target value per share for every stock we cover. This is normally based on widely accepted methods

appropriate to the stock or sector under consideration, e.g. DCF (discounted cash flow) or SoTP (sum of the parts) analysis.

Please note that the achievement of any price target may be impeded by general market and economic trends and other external factors, or

if a company’s profits or operating performance exceed or fall short of our expectations.

Contact us

Al Rajhi Capital

Research Department

Head Office, King Fahad Road

P.O. Box 5561, Riyadh 11432

Kingdom of Saudi Arabia

Email: research@alrajhi-capital.com

Al Rajhi Capital is licensed by the Saudi Arabian Capital Market Authority, License No. 07068/37.

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