Summary Geberit AG - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Geberit AG (Geberit) is a manufacturer of sanitary products and bathroom ceramics. Its key offerings include faucets and flushing systems, traps and drains, ceramics and pipes and fittings for the constructi...
Summary Grupo Lamosa SAB de CV - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Grupo Lamosa SAB de CV (Grupo Lamosa) is a manufacturer of building products. The company provides adhesives and ceramic products such as floor tiles, wall tiles, grouts, texturized finishes, stu...
RAK CERAMIC (AE), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date December 7, 2021, the closing price was AED 2.82 and its potential was...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Maintain Overweight, with limited downside. RAK trades on a 2019e P/E of c7.8x, 32% below industry peers (adjusted for growth) and our implied valuation. It offers an appealing 2019e dividend yield of 9.5%, the second highest within our UAE coverage, backed by a solid c17% 2019e FCF yield. Value could be unlocked from a demand revival in Saudi and the UAE’s construction markets, as well as, monetisation of Al Hamra Land. We revise downward our TP to AED2.50/share from AED3.30/share, mainly as we...
Raise 12M TP by c5% to AED3.15/share. We hike our 2017-19e EBITDA estimates by an average of 15% to reflect: i) GPM improvement achieved in 9M17 of 32% vs. our 30% estimate led by i) 6.5% y-o-y drop in tile unit costs across all markets and ii) lower G&A expenses driven by stringent cost control which management expects to sustain. On 2018e EV/EBITDA, RAK Ceramics trades in line with the peer average at c8x. We find RAK Ceramics’ dividend yield attractive, which we expect at ~7% for 2017 and 201...
There are tough spots but priced-in, 2016 seen as bottom. 2H16 results proved to be disappointing and RAK Ceramics shares nose-dived, which in our view, presents an entry point. We would buy the stock ahead of 3Q17 results—as tile sales pick-up in the UAE, following production mix changes; by then, there should be a favourable base effect for troubled markets: India and Saudi. RAK Ceramics trades on a 2017e EV/EBITDA of 9.0x vs. the peer average of 9.7x, in spite of its superior dividend yield o...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
​​Sales volumes continue to drop in the GCC, and namely in KSA, on a subdued business activity. We expect a more difficult environment for GCC industrials in FY 17eSales in Europe also retract in Q3, whereas operations in Bangladesh show improvement. Assets in Iran and India hold room for volume growth, but not in the short-term.
We reduce our target price by 5% to AED4.4/share, 35% upside remains. Our new TP factors in lower capacity utilisation for the UAE given the challenges in Saudi and Euro weakness. Yet, a 90bps lower cost of equity on China and Sudan’s exit warrants a lower risk premium. Irrespective of plans to buy out minorities in India and Iran (90% and 80% owned), RAK will maintain a c60% of earnings pay-out (2015e yield of 6.3%). RAK trades at a 14% discount to peers on 2016e P/E of 11.3x.
High prospects in India and Bangladesh, particularly now elections have passed, and in Saudi, on recovering construction activity. RAK Ceramics, the world’s third largest ceramic maker, based in Ras Al Khaimah, is steadily growing its presence in India (17% of revenue) and Bangladesh (8%), thanks to low tile consumption per capita in those markets. This excites us because margins are high in Bangladesh, where RAK is the market leader, while in India, a 7x increase in the allocation of private sp...
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