Thousands

alrajhicapital

2l6NleI

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

1-Feb

2-Feb

5-Feb

6-Feb

7-Feb

8-Feb

9-Feb

12-Feb

13-Feb

14-Feb

Daily Market Report

Saudi Arabia Stock Exchange

15 February 2017

TASI Index 7,032.7 -0.38%

Turnover (SAR mn) 3,583.6 -6%

TASI Intra Day Movement

Global commentary

Research Department

research@alrajhi-capital.com

Tel:+966 11 211 9370

7,070

7,060

7,050

7,040

7,030

7,020

7,010

7,000

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) 7,033 -0.4 0.9 -2.5

Qatar (DSM) 10,671 0.1 0.4 2.2

Kuw ait (KSE) 6,751 1.4 2.6 17.5

Abu Dhabi (ADSM) 4,573 0.2 0.1 0.6

Dubai (DFM) 3,653 0.4 -0.8 3.5

Oman (MSM30) 5,819 0.1 0.0 0.6

Bahrain (BSE) 1,308 0.1 0.1 7.2

MSCI GCC 480 0.0 0.8 0.8

Major Commodities / Currencies

Close 1D % WTD % YTD %

Gold Spot $/Oz 1,226 -0.2 -0.6 6.4

Silver Spot $/Oz 17.91 -0.3 -0.2 12.5

Crude Oil (Brent) 55.64 -0.6 -1.9 -3.2

OPEC Basket 53.47 0.5 0.5 0.3

Euro 1.06 0.1 -0.6 0.6

USD Index 101.24 0.0 0.4 -0.9

JPY 114.370 0.0 -1.0 2.3

Major Global Indices

Close 1D % WTD % YTD %

DJ Industrial 20,504 0.5 1.2 3.8

S&P 500 2,338 0.4 0.9 4.4

Nikkei 225 19,452 1.1 0.4 1.8

Hang seng 23,995 1.2 1.8 9.1

FTSE 100 7,269 -0.1 0.1 1.8

CAC 40 4,896 0.2 1.4 0.7

MSCI World 1,824 0.0 0.5 4.1

MSCI EM 934 -0.1 0.4 8.3






US stock markets advanced on Tuesday with all the three major

indices closing at record highs, as the Fed Chairwoman indicated an

interest rate hike over the near term. The Dow Jones gained 0.5%,

while the S&P 500 rose 0.4%, driven by financial and healthcare

sectors. Meanwhile, the Nasdaq Composite Index jumped 0.3%.

European markets ended on a mixed note on Tuesday, as weakerthan-expected

economic data weighed on the indices. The CAC 40

climbed 0.2%, as Peugeot confirmed buying the Opel brand from

GM, whereas the FTSE 100 edged down 0.1%, owing to weak

corporate earnings by Rolls-Royce Holdings. Meanwhile, the DAX

ended the session on a flat note.

Most GCC markets rose yesterday. Kuwait advanced 1.4% amid

heavy trading volumes, while Dubai and Abu Dhabi gained 0.4% and

0.2%, respectively, backed by positive corporate news. Meanwhile,

Oman edged up 0.1%, whereas Bahrain ended on a flat note. Qatar

was closed on account of a holiday.

Asian markets are trading in the green this morning, tracking

positive cues from the US. The Nikkei 225 is trading up 1.2%, backed

by the weaker yen, while the Hang Seng Index is up 1.0%. Further,

the KOSPI and the Shanghai Composite Index are trading up 0.4%

and 0.1%, respectively.

Brent crude gained 0.7% on Tuesday, as the OPEC report suggested

that oil producers have largely complied with their agreed quotas.

Key crude contracts Brent and WTI ended at US$ 55.97 (+0.7%) and

US$ 53.20 (+0.5%), respectively.

Saudi commentary




Tadawul All Share Index (TASI) lost 26.90 point or 0.38 % to

close at 7,032.65. Sixteen of the twenty sector indices closed lower.

The advance decline ratio was 55/104. Trading turnover was around

SAR 3.6bn.

Bahri, Saudi Railway ink logistics services deal: The

National Shipping Company of Saudi Arabia (Bahri) signed on

Tuesday a renewable two-year agreement with Saudi Railway Co. to

provide logistics services, the company said in a statement.

(Argaam)

Eastern Province Cement plans 15% dividend for FY16:

Eastern Province Cement Co.’s board of directors on Tuesday

recommended a 15 percent cash dividend to be issued at the rate of

SAR 1.50 per share for fiscal year 2016. (Argaam)

Saudi Ground Services approves 13% dividend for H216:

Saudi Ground Services Co.’s (SGS) general assembly on Monday

approved a 13 percent cash dividend to be issued at the rate of SAR

1.30 per share for the second half of 2016. (Argaam)

Interest Rates

1M 3M 12M 3M Chg 1Y

LIBOR (USD) 0.77 1.04 1.71 0.42

SAIBOR 1.60 1.90 2.28 0.17

EIBOR 0.97 1.39 2.05 0.37

Data Sources: Bloomberg

Updated as of 15/Feb/2017 8:15 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


Energy

Health Care

Equipment & Svc

Consumer Services

Transport

Food & Staples

Retailing

Diversified

Financials

Commercial &

Professional Svc

Pharma

Consumer Durables

& Apparel

Media

Daily Market Report

Saudi Arabia Stock Exchange

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

TASI – Top Gainers / Losers

0.0

-0.5

-1.0

-1.5

-2.0

-2.5

-3.0

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

TASI Materials Banks Real

Estate

Telecom

0.0

-1.0

-2.0

-3.0

-4.0

-5.0

-6.0

-7.0

-8.0

-9.0

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

Saudi Re For Coo 8.75 9.7 8.599 71.48

Al-Ahlia Coop Ins 7.21 6.5 6.442 45.34

Sadafco 122.33 3.4 0.063 7.64

Solidarity Saudi 10.38 2.8 4.736 48.43

#N/A 12.33 2.8 3.684 45.05

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

Saudi Arabian Re 38.3 -2.4 0.932 35.77

SACO 95.3 -2.4 0.022 2.16

Saudi Indus Expo 34.6 -2.2 0.525 18.37

SGS 52.0 -2.2 0.131 6.83

Axa Cooperative 19.8 -2.1 0.928 18.46

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

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

10.0

8.0

6.0

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

10.0

8.0

6.0

4.0

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

Savola 39.70 1.3 2.0 0.29

STC 65.21 0.4 0.8 0.28

Saudi Re For Coo 8.75 9.7 0.7 8.60

Sadafco 122.33 3.4 0.6 0.06

Zain Saudi 9.08 1.7 0.5 5.45

4.0

2.0

0.0

-2.0

Insurance

Food &

Beverages

Capital

Goods

Utilities

Retailing

2.0

0.0

-2.0

-4.0

-6.0

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

Al Rajhi Bk 64.77 -0.4 -2.7 97.79

Saudi Elec 24.24 -1.1 -1.9 55.43

Maaden 41.14 -0.9 -1.5 48.46

Jabal Omar 67.00 -0.4 -1.4 6.79

NIC 15.90 -1.4 -1.3 8.73

TASI – Small Cap (


Thousands

1-Feb

1-Feb

24-Oct

2-Feb

2-Feb

25-Oct

5-Feb

5-Feb

26-Oct

6-Feb

27-Oct

6-Feb

7-Feb

30-Oct

7-Feb

8-Feb

31-Oct

8-Feb

9-Feb

1-Nov

9-Feb

12-Feb

2-Nov

12-Feb

13-Feb

3-Nov

13-Feb

14-Feb

6-Nov

14-Feb

KSE

ADSM

DFM

Technology

Real Estate

Investment

Bank

Industrial

Energy

Real estate

Reality

Telecome

Bank

Fin. Services

Insurance

Banks

Parallel

Fin.Services

Investment

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 2016 2017E Current 12M (%)

Saudi Arabia 7,033 -0.4 -1.0 -2.5 439 180 956 17.4 14.3 12.8 1.6 3.4

Qatar 10,671 0.1 0.7 2.2 134 5.7 46 15.5 13.1 11.7 1.6 3.8

Dubai 3,653 0.4 0.3 3.5 85 568 139 15.4 10.5 9.2 1.3 3.7

Abu Dhabi 4,573 0.2 0.5 0.6 119 166 68 12.9 12.1 10.6 1.4 5.4

Kuw ait 6,751 1.4 -1.2 17.5 95 609 197 23.6 NA NA 1.2 3.5

Oman 5,819 0.1 0.7 0.6 17 10 4 11.0 9.7 9.6 1.2 4.9

Bahrain 1,308 0.1 0.4 7.2 20 2.5 2 8.8 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

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

10.0

5.0

0.0

-5.0

-10.0

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

Drake & Scull Intl 0.51 6.9 328.85

Shuaa Capital 1.65 5.8 6.03

Union Properties 1.03 4.8 29.96

Deyaar Devt 0.61 4.3 31.74

Aramex 4.25 3.7 2.04

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

Company Last Price Change % Vol (mn)

Arabtec 1.08 -9.2 5.69

Dubai Islamic Ins 0.98 -4.2 8.76

Gulf Navigation 1.58 -1.3 0.78

Emaar Malls 0.45 -0.8 1.60

DIB 6.23 -0.6 2.88

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

Abu Dhabi – Top Gainers / Losers

0.5

0.0

Turnover (LHS, AED bn)

ADSMI Index (RHS)

8.0

5,000

6.0

4.0

4,500 2.0

0.0

-2.0

4,000 -4.0

-6.0

-8.0

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

20.0 Abu Dhabi Natl Ins 2.96 14.7 0.001

Eshraq Propertie 1.08 9.1 91.329

15.0 Dana Gas 0.50 6.4 27.898

RAK Ceramics 2.27 5.6 0.129

10.0

Abu Dhabi Aviati 3.10 5.1 0.645

5.0

0.0

-5.0

-10.0

Company Last Price Change % Vol (mn)

Gulf Pharma Ind 2.14 -8.6 0.012

United Arab Bk 1.85 -7.5 0.005

Abu Dhabi Nat Co 0.56 -5.1 0.040

Al Khazna Ins 0.42 -4.6 0.031

National Takaful 0.55 -3.5 0.045

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.

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

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

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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

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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

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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

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

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

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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

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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

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

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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

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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

or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such

distribution, publication, availability or use would be contrary to law or which would subject Al Rajhi Capital or any of its affiliates to any

registration or licensing requirement within such jurisdiction.

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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