reports
- Talha Nazr
Taiba: Q4 22 Result Analysis | Strong result on higher occupancy
Taiba for Q4 22 reported a net profit of SAR41.9mn, compared to net losses of SAR64.1mn in Q4 21 and a net profit of SAR42.8mn for Q3 22. This is in line with the SNB Capital estimate of net income of SAR43.9mn. Revenues increased by 212% yoy (+14.4% qoq) to SAR104mn and came in line with our estimate of SAR107mn. Recovery in hospitality revenue and an increase in the occupancy rates of commercial centres supported revenue growth. Opex declined due to the reversal of ECL provisions. Subsequen...
- Talha Nazr
Taiba: Q3 22 Results Analysis | Recovery continues
Taiba reported a net profit of SAR42.8mn in Q3 22, compared to a net loss of SAR38.4mn in Q3 21. This is lower than the SNB Capital estimate of a profit of SAR46.4mn. Revenue increased 204% yoy (+81.2% qoq) and came higher than our estimate of SAR82.9mn, driven by recovery in core operations post the removal of COVID-19 restrictions. In addition, Hajj season positively affected the growth in hospitality and lease revenue. We attribute the variance in earnings to higher than expected opex whic...
- Walid Khalid Bamhair
Taiba: Highest quarterly revenue and profits since 2020
Taiba reported a strong set of Q2 22 results with a net profit of SAR34.5mn, compared to net losses of SAR12.9mn in Q2 21. This is significantly higher than our estimate of a profit of SAR12.7mn. We attribute the variance in earnings to 1) higher than expected revenue driven by recovery in operations and the impact of Hajj season, 2) improvement in gross margins and 3) lower operational expenses due to reversal of provisions on receivables. * Revenues increased 152% yoy (+54.3% qoq) to reac...
- Iyad KhalidÊGhulam
Taiba: Recovery and positive outlook
We upgrade Taiba to Overweight with a PT of SAR35.6. We believe Taiba is a key beneficiary from the increase in the number of pilgrims and positive outlook of the Saudi tourism sector. We expect this should result in a return to profitability in 2022f vs net losses in 2021 which was impacted by COVID crisis. Moreover, company’s expansion plans which include addition of 1,490 rooms by 2026f is expected to drive earnings going forward. The stock trades at 2022f P/B of 1.4x, lower than the peers...
- Iyad KhalidÊGhulam
Taiba: Dur merger and IAS 40 to drive value
We remain Neutral on Taiba with a PT of SAR36.3. Although Taiba faced headwinds in 2020 and 2021f due to the impact of COVID-19, we expect a recovery in 2022f following the reduction of COVID-19 restrictions. Therefore, we expect a net income of SAR64.3mn in 2022f and SAR108mn in 2023f. Moreover, the potential merger with Dur and implementation of IAS 40 are key short-term catalysts. The stock trades at a slight discount to its Market NAV at 0.99x. TOURISM SECTOR TO RECOVER BY 2023F-2024F As ...
- Iyad KhalidÊGhulam
Taiba: Expansion phase begins
We maintain our Neutral rating on Taiba with a PT of SAR31.7. The company is entering an expansionary phase, increasing its hotels from 7 in 2020f to 12 by 2026f. We expect net income to decline 29.1% to SAR122mn as investment gains will partially dilute the impact of COVID-19. We expect the recovery to be gradual, followed by full recovery in 2023f. The stock is trading at 2022f P/B of 1.4x, in-line with the historical average and offering a sustainable dividend yield of 3.2%.
Ford Equity International Rating and Forecast Report
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...
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