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الموضوع: الاهلي كابيتال تقيم سابك بسعر 130 ريال

  1. #1
    تاريخ التسجيل
    16-Mar-2003
    الدولة
    السعودية
    المشاركات
    1,017

    الاهلي كابيتال تقيم سابك بسعر 130 ريال

    We initiate on SABIC with an Overweight rating and price target of SR130.8/share. SABIC is a leading global petrochemical player, with a broad product range, integrated production flow and low cost feedstock advantage. A strong presence in emerging markets and a generally robust pricing environment support the upside potential for the stock.

    · A diversified product portfolio:

    SABIC has one of the region’s most diversified and we believe strongest product ranges, including petrochemicals, fertilizers and metals. Moreover, with its integrated production flow, feedstock cost advantage and wide production base, SABIC is able to post globally leading margins. We forecast SABIC’s overall gross margins at 33.7% in 2011E versus 25% for global peers.

    · Promising economic indicators strengthen outlook:

    Despite the fragility of the global economic recovery, petrochemical demand is growing at a steady pace, led by emerging markets, especially China. With its wide product portfolio and strong presence across geographies, SABIC remains a key beneficiary of this growth. Approximately 50% of SABIC’s sales is to emerging markets with 30-40% to China alone.

    · Expanding production base:

    In 2010, SABIC started operations at Yansab (KSA), Sharq’s 3rd expansion project (KSA) and its petrochemical complex in Tianjin (China) through a JV with Sinopec. These complexes added 8.5mn mtpa to SABIC's existing base of 61mn mtpa of petrochemical products. The timing of these projects seems ideal as petrochemical demand started picking up during the year. Commencement of the Saudi Kayan complex in 2011 will add performance chemicals to SABIC's product mix. We expect SABIC's total petrochemical capacity to increase to 77mn mtpa by 2014E.

    · Good investment opportunity at current levels:

    We initiate coverage on SABIC with an Overweight rating and a price target of SR130.8/share. SABIC’s strong margin outlook and expanding production base should lead to net income growing 34% in 2011E to SR28.6bn. The stock trades on 2011E P/E and EV/EBITDA multiples of 11.2x and 6.8x, respectively.
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  2. #2
    تاريخ التسجيل
    11-May-2005
    المشاركات
    781
    مهوب هذا البنك اللي قيم
    معادن عند10

    بالله شف لي كم معادن الحين
    رد مع اقتباس رد مع اقتباس

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