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Al-Rajhi Capital maintains ‘Overweight’ for Mouwasat

Al-Rajhi Capital maintains ‘Overweight’ for Mouwasat
In a recent report, Al-Rajhi Capital that stated that Mouwasat’s Q3 2014 net income came in at SAR 72 million (+63% year-on-year), beating its SAR 51.7 million estimate.
However, this beat was mainly because of a SAR 21.7 million capital gain from sale of land at Dhahran.
Excluding this, Q3 net income was mostly in-line with our estimate.
The company reported a Q3 operating profit of SAR 54 million (estimate of SAR 56 million), implying a growth of 11% y/y.
Mouwasat is yet to report its Q3 revenue, whereas the gross profit of SAR 113 million was also in-line with Al-Rajhi’s estimate.
The research firm continues to remain ‘Overweight’ on Mouwasat, with a target price of SAR 140 per share.
Mouwasat is Al-Rajhi’s top pick among the listed healthcare companies in Saudi Arabia.