Wood and Company - ARABIAN CONTRACTING SERVICES CO (4071) ... WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG GA

Report

Wood and Company

Research Team

WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG GA

HEADLINES:
• Solutions by STC: balance of risks to the upside (upgraded to BUY)
• TBC Bank: 2Q25 results and conference call highlights
• Al Arabia Outdoor Advertising: weak 2Q25 financial results NEGATIVE
• Jahez: weak 2Q25 financial results, with significant pressure on the EBITDA margin NEGATIVE
• Inter Cars: July sales growth accelerates marginally, to 11% yoy NEUTRAL
• Austriacard: 1H25E earnings preview (due on 28 August)

11/08/2025 1 EN

Underlyings

ARABIAN CONTRACTING SERVICES CO

See profile

SA15D1I1VJH7 Saudi Stock Exchange Saudi Arabia

ARABIAN INTERNET & COMMUNICATIONS SERVICES CO

See profile

SA15CIBJGH12 Saudi Stock Exchange Saudi Arabia

AUSTRIACARD HOLDINGS AG

See profile

AT0000A325L0 Austria

Inter Cars S.A.

Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.

See profile

PLINTCS00010 Warsaw Stock Exchange Poland

JAHEZ INTERNATIONAL CO

See profile

SA15ED94KR18 Saudi Stock Exchange Saudi Arabia

TBC Bank Joint Stock Co

See profile

US87217U2087 Georgia

Provider

Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

See profile

Analysts

Research Team

Other Reports on these Companies

Wood and Company

WOOD Flash – TBC Bank: 2Q25 results and conference call highlights

TBC has announced GEL 346m in net income (before minorities) for 2Q25, up 8% qoq and 5% yoy. This was 1% lower than our EUR 348m estimate and 3% lower than the GEL 358m consensus. The group-level results were in line, supported by an 8% beat in Georgia (GE), driven by a 40bps qoq NIM expansion and the NII coming in 8% above our estimate. That said, our overall bias on 2Q25 is negative, due to a significant 44% earnings miss in Uzbekistan (UZ) (our forecast at GEL 58m, vs. the GEL 32m actual UZ net income), due to a higher-than-expected COR and a NII miss. We also get the impression that hittin...

3h / 51m 3h / 51m 1 EN

Wood and Company

Solutions by STC: balance of risks to the upside (upgraded to BUY)

We have upgraded Solutions by STC (Solutions) to BUY (from Hold), with an updated 12M price target (PT) of SAR 322, offering upside potential of 29%. With the stock down 24% over the past six months, and the company maintaining its 2025E revenue growth guidance, which implies a revenue acceleration in 2H25E, we see the current correction as an attractive buying opportunity. We continue to like Solutions for its market-leading position, and for being the “go to” IT name in Saudi Arabia. With a projected SAR 2.5bn net cash position as of end-2025E, there is M&A opportunity, which we see as upsid...

4h / 6m 4h / 6m 1 EN

EME Macro/Strategy: macro all-in-one (4-10 August)

Last week, the highlight was the US new tariffs from 15% to 39% on imports from over 60 countries, the steepest since the 1930s, while the talks with China remain tentative and a potential Trump-Xi meeting is on the table. Concerning the US-EU trade agreement, we note that, given President Trump’s style of negotiations, this agreement was unlikely to last indefinitely, and his recent comments show that there might be revisions ahead. Armenia and Azerbaijan have signed a US-brokered peace deal, outlining steps towards a normalisation and the development of the Zangezur corridor. This deal is, i...

1h / 12m 1h / 12m 1 EN

Can Demir

Can Demir

WOOD Flash – TBC Bank: 2Q25 results and conference call highlights

3h / 51m 3h / 51m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

WOOD Daily: SOLUTION AB; TBCG LN; ALARABIA AB; JAHEZ AB; CAR PW; ACAG GA

WOOD Flash – TBC Bank: 2Q25 results and conference call highlights

Solutions by STC: balance of risks to the upside (upgraded to BUY)

EME Macro/Strategy: macro all-in-one (4-10 August)

WOOD Flash – TBC Bank: 2Q25 results and conference call highlights

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe