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NATIONAL PETROCHEMICAL sees an upgrade to Slightly Positive due to a b...
The general evaluation of NATIONAL PETROCHEMICAL (SA), a company active in the Commodity Chemicals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date August 31, 2021, the closin...
- Iyad KhalidÊGhulam
Petrochem: Losses due to write-off
Petrochem reported a loss of SAR189mn, the largest quarterly loss since Q4 12. This compares to profits of SAR183mn and SAR50mn in Q2 19 and Q1 20, respectively. The losses are in-line with the NCB and consensus estimates of SAR199mn and SAR158mn, respectively. The losses are largely attributed to the polystyrene unit write-off SAR254mn. Adjusting for that, net income would be SAR65mn (+29% qoq and -65% yoy). We are Neutral on Petrochem with a PT of SAR24.5.The outlook of the petrochemicals s...
- Rita Guindy
Reiterate Neutral; valuation uninspiring
The stock trades close to-peers (8.1x); limited catalysts. We reiterate our Neutral rating on Petrochem at a 25% higher 12-month target price of SAR20.0/share after incorporating higher oil prices. We view the market valuation as reflective of the company’s risk/reward profile and see limited short-term positive catalysts for the stock apart from any significant recovery in oil prices in light of new US sanctions against Iran. We look for a 34% y-o-y growth in 2017 EBITDA on the back of higher o...
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...
- Rita Guindy
Neutral on full valuation
The stock trades at above-peer-average multiples, limited catalysts. We assign a Neutral rating to Petrochem at a 12-month target price of SAR16.0/share, in line with the current share price. We view the market valuation as reflective of the company’s risk/reward profile and see limited short-term positive catalysts for the stock. We look for a 24% y-o-y drop in 2016 EBITDA amid a generally lower price environment for basic chemicals, coupled with higher feedstock prices following the government...
- Youssef Tawfick
Initiate at Underweight; Premium to higher-yielding GCC peers unjustif...
Petrochem offers exposure to a diversified chemicals portfolio, but our price outlook is negative. National Petrochemical Company (Petrochem) is a 50%-owned subsidiary of [SIIG AB | OW | 12M TP SAR46]. Since its IPO in 2009, the company has been on a heavy capex schedule, and in 2012 started operations from 65%-owned Saudi Polymer Company (Saudi Polymers), Petrochem’s sole operating arm. We assume a 14% y-o-y drop in oil prices to USD90/bbl in 2015—to account for the ongoing demonstration for lo...
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