AlphaMena Corporate Services

AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.

Resilient despite the turmoil

Resilient despite the turmoil SIGNIFICANT NEWS Jordan Ahli Bank’s 9M 2020 net profit declined by 44.80%, yoy, to JOD8.885m due to the rise of the cost of risk which more than tripled reaching JOD12.430m. Loans and deposits rose by 1.81% and 0.25%, ytd, respectively, reflecting the harsh operating context. However, we expect the bank to maintain a strong equity generation capacity and we expect JAB’s Tier 1 to stand at 14.75% by the end of 2020 (vs. 14.54% in 2019). FACT Jordan Ahli Bank announced a high double-digit decline rate in its 9M 2020 net profit, reaching JOD8.885bn. The rise in...

Tough year but better long term perspectives (Jordan Ahli Bank)

Tough year but better long term perspectives EPS CHANGE CHANGE IN EPS2020 : JOD 0.06 vs 0.05 +19.7% 2021 : JOD 0.09 vs 0.11 -15.6% We have revised upward our 2020 EPS (JOD0.06 vs. JOD0.05 previously forecasted) as we expect JAB to generate significant revenues, offsetting thus, the cost of risk’s rise (revenues would reach JOD108m vs. JOD97.2m previously expected). CHANGE IN NAVJOD 0.87 vs 0.97 -10.0% We have revised upward our NAV (JOD0.87 vs. JOD0.97 previously expected) due to JAB’s minor issues to enhance its capital generation capacity. CHANGE IN INTRINSIC VALUE JOD 0.86 vs 1.03 -16.6...

A boost is needed

A boost is needed INITIATION COV. Founded in 1955, Jordan Ahli Bank (JAB), accumulates a banking experience that exceeds the 60 years. JAB, has been listed on Amman Stock Exchange since April 2007 and is, today, one of the 6 largest Jordanian banks in terms of assets. In 2019, Jordan Ahli Bank operated through four business segments. The most important segments are Retail and Corporate banking divisions. Meanwhile, the bank has Treasury and Financial Brokerage segments. In addition to its widespread network on the local market, the Jordanian bank also operates through four subsidiaries. Off...

Heavily impacted by Q2 achievements

Heavily impacted by Q2 achievements EARNINGS/SALES RELEASES Paltel recorded a decrease across all the board for the H1 2019 period, due to the slowdown witnessed during the Q2 2019. H1 2019 revenues decreased by 6.3%, yoy, to JOD149.2m due to the increasing competition in the mobile sector in addition to the unpleasant political and economic conditions in the country. H1 2019 net profit witnessed a drop by 3.2%, yoy, to JOD35.5m, on lower revenues, higher finance costs and lower investment portfolio return. On the other hand, general and administrative expenses witnessed a significant saving...

Downgraded perspectives on lower FY 2018 results (PALTEL)

Downgraded perspectives on lower FY 2018 results EPS CHANGE CHANGE IN EPS2019 : JOD 0.51 vs 0.54 -5.06% 2020 : JOD 0.52 vs 0.56 -6.17% Paltel closed the year 2018 on lower-than-expected results on the back of the increasing competition in the mobile sector, in addition to the negative FX impact. We have updated our model based on FY 2018 figures. Therefore, we have revised our FY 2019 and FY 2020 EPS downwards (-5.6% to JOD0.51, and -7.1% to JOD0.52, respectively). Thus, the EPS decrease stems from the downward adjustment of our revenues and EBITDA growth projections over the 2019-2021 perio...

Resilient despite the turmoil

Resilient despite the turmoil SIGNIFICANT NEWS Jordan Ahli Bank’s 9M 2020 net profit declined by 44.80%, yoy, to JOD8.885m due to the rise of the cost of risk which more than tripled reaching JOD12.430m. Loans and deposits rose by 1.81% and 0.25%, ytd, respectively, reflecting the harsh operating context. However, we expect the bank to maintain a strong equity generation capacity and we expect JAB’s Tier 1 to stand at 14.75% by the end of 2020 (vs. 14.54% in 2019). FACT Jordan Ahli Bank announced a high double-digit decline rate in its 9M 2020 net profit, reaching JOD8.885bn. The rise in...

Tough year but better long term perspectives (Jordan Ahli Bank)

Tough year but better long term perspectives EPS CHANGE CHANGE IN EPS2020 : JOD 0.06 vs 0.05 +19.7% 2021 : JOD 0.09 vs 0.11 -15.6% We have revised upward our 2020 EPS (JOD0.06 vs. JOD0.05 previously forecasted) as we expect JAB to generate significant revenues, offsetting thus, the cost of risk’s rise (revenues would reach JOD108m vs. JOD97.2m previously expected). CHANGE IN NAVJOD 0.87 vs 0.97 -10.0% We have revised upward our NAV (JOD0.87 vs. JOD0.97 previously expected) due to JAB’s minor issues to enhance its capital generation capacity. CHANGE IN INTRINSIC VALUE JOD 0.86 vs 1.03 -16.6...

A boost is needed

A boost is needed INITIATION COV. Founded in 1955, Jordan Ahli Bank (JAB), accumulates a banking experience that exceeds the 60 years. JAB, has been listed on Amman Stock Exchange since April 2007 and is, today, one of the 6 largest Jordanian banks in terms of assets. In 2019, Jordan Ahli Bank operated through four business segments. The most important segments are Retail and Corporate banking divisions. Meanwhile, the bank has Treasury and Financial Brokerage segments. In addition to its widespread network on the local market, the Jordanian bank also operates through four subsidiaries. Off...

Heavily impacted by Q2 achievements

Heavily impacted by Q2 achievements EARNINGS/SALES RELEASES Paltel recorded a decrease across all the board for the H1 2019 period, due to the slowdown witnessed during the Q2 2019. H1 2019 revenues decreased by 6.3%, yoy, to JOD149.2m due to the increasing competition in the mobile sector in addition to the unpleasant political and economic conditions in the country. H1 2019 net profit witnessed a drop by 3.2%, yoy, to JOD35.5m, on lower revenues, higher finance costs and lower investment portfolio return. On the other hand, general and administrative expenses witnessed a significant saving...

Downgraded perspectives on lower FY 2018 results (PALTEL)

Downgraded perspectives on lower FY 2018 results EPS CHANGE CHANGE IN EPS2019 : JOD 0.51 vs 0.54 -5.06% 2020 : JOD 0.52 vs 0.56 -6.17% Paltel closed the year 2018 on lower-than-expected results on the back of the increasing competition in the mobile sector, in addition to the negative FX impact. We have updated our model based on FY 2018 figures. Therefore, we have revised our FY 2019 and FY 2020 EPS downwards (-5.6% to JOD0.51, and -7.1% to JOD0.52, respectively). Thus, the EPS decrease stems from the downward adjustment of our revenues and EBITDA growth projections over the 2019-2021 perio...

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