All eyes on Avenues Riyadh. 2022 is shaping up as a big capex year for Avenues Riyadh, set to be the city’s largest super regional mall. We expect Mabanee’s market cap to start reflecting the valuation of Avenues Riyadh, as construction milestones are achieved. The mall’s valuation represents c1.3x the current market cap and 48% of our TP, which carries 157% upside. Excluding Avenues Riyadh, our TP implies c23% upside, with the trading discount-to-NAV at 2x the two-year historical average.Play o...
A director at Mabanee Co sold 424,044 shares at 0.809KWD and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
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....
Kuwait provides more stability than other GCC markets. We initiate coverage on Mabanee with a TP of 950 fils/share, implying 23% upside, warranting an Overweight rating. We view Kuwait as a more stable market over the coming period vs. the GCC on: i) +ve inflation improving consumption activity (+3.6% in 2019), ii) the lack of austerity measures and progress on Kuwaitisation, positively impacting expat (70% of population) disposable income, and iii) favourable demographics (45% of population bet...
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...
​Mabanee Co: Surprise-free quarter thanks to recurring income. New growth elements should fuel EPS growth starting FY 17e.​Rental income largely flat y/y as operational phases are fully occupied. We see minimal growth beyond inflation in FY 16eMargins expand by 150bps y/y to 64%. We expect margins to weaken by at least 500bps as electricity and water subsidies are cut in H2 17eConstruction of Phase IV (+90k sqm GLA, +33%) is on schedule, and should catalyse EPS growth starting FY 17e
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