Saudi Retailers | Discretionary spend harshens; play defensive
SACO and Al-Othaim still top picks; upgrade eXtra to Neutral. We also are buyers of Alhokair on valuation grounds (FY16/17e P/E of 12x), though we lower our TP by c31% to SAR58/share on slower store additions in Saudi and a delay in reversing overseas losses. We upgrade eXtra to Neutral from Underweight after the stock’s sharp sell-off (↓44% since our initiation) and remain Neutral on Jarir, but with a negative bias given that it is most exposed to Saudi’s less appealing consumption backdrop.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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