Equity Research

Detailed analysis and investment recommendations on listed companies.

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  • Monthly Bulletin August 2010
    Sun, 01 August 2010

    Feature: High inflation likely for the rest of 2010

    Inflation hit a one-year high of 5.5 percent in June as a result of higher food prices and the strengthening of domestic demand. With rental inflation likely to go up, Ramadan and unfavorable weather conditions in Europe set to lift food prices and higher electricity tariffs, we have raised our forecast for average inflation.

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  • Monthly Bulletin May 2010
    Sat, 01 May 2010

    Feature: New trade data highlights important trends

    High oil revenues ensured healthy surpluses on the trade and current accounts, though both were well down on the all-time highs of 2008 due to lower oil prices. A reduction in payments to foreign services providers suggests a growing domestic capacity, income from foreign investment held up much better than anticipated and expatriate remittances surged again.

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  • Monthly Bulletin April 2010
    Thu, 01 April 2010

    Feature: First quarter results generally uninspiring

    Results of listed companies for the first quarter of 2010 were generally uninspiring. Total earnings were well up on the equivalent quarter of last year and up by nearly 30 percent on the final quarter of last year, but in many cases they were below analysts’ expectations. Nonetheless, the growth in earnings reinforces our view that the economy is picking up.

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  • Monthly Bulletin February 2010
    Mon, 01 February 2010

    Feature: Explaining the underperformance of the TASI

    There has been a clear disconnect between the performance of the stock market and the economy in Saudi Arabia compared to that in many leading global economies. We think the main reasons for this are a lack of confidence, the small role of institutional investors and a lack of investor awareness of economic conditions.

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  • Monthly Bulletin November 2009
    Sun, 01 November 2009

    Feature: TASI continues to lag

    The TASI continues to underperform global markets despite reasonable third quarter results and improving economic conditions.

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