reports
- Talha Nazr
Saudi Healthcare Sector update: NHIC to drive growth
We maintain our long-term positive outlook on the Saudi Healthcare sector. The introduction of NHIC is a key catalyst for the sector which is expected to 1) increase the insurance penetration by 3x and 2) improve the receivables cycle. We expect the sector's bed capacity to record a CAGR of 10% during 2022-25f, while revenue and net income are forecasted to grow at a CAGR of 13.7% and 21.7%, respectively. We maintain our neutral rating across our coverage, as we believe the current valuations...
- Talha Nazr
Al-Hammadi: Q4 22 Result Analysis | Pharmacy segment drives revenue gr...
Al Hammadi reported a strong set of results with net income increasing 573% yoy (+29.2% qoq) to SAR74mn in Q4 22, higher than SNB capital and consensus estimates of SAR66mn, and SAR65mn, respectively. Revenues increased 21.6% yoy (+38.7% qoq) to SAR343mn in Q4 22. Strong growth in pharmacy segment (+146.3% yoy) led to robust top line growth this quarter. The variance in earnings is primarily due to higher-than-expected revenues. * Revenue increased 21.6% yoy (38.7% qoq) to SAR343mn and was h...
- Talha Nazr
AlHammadi Q3 2022 Earnings Call Hosted by SNB Capital: Thursday 10 Nov...
We host an earnings call with Al Hammadi on Thursday 10 November 2022 Dial in at 12:00 pm (GMT), 07:00 am (New York), 04:00 pm (Dubai) Hosted by Talha Zazr Dial- in Details Webex Link Access Code – 2403 944 5685 Password – Q32022
- Talha Nazr
Al-Hammadi: Lower opex, provisions result in earnings beat
Al Hammadi reported a strong set of Q3 22 results, with a net income increasing by 1,495% yoy (-12.3% qoq) to SAR57mn. This compares with the SNB Capital and consensus estimates of SAR43mn and SAR51mn, respectively. The variance in earnings is largely due to higher-than-expected revenues and lower operating expenses compared to same quarter in previous year. Revenues for Al Hammadi grew 12.3% yoy (-12.4% qoq) to SAR247mn in Q3 22. * Revenues increased by 15.3% yoy (+3.7% qoq) to SAR2.29bn an...
- Talha Nazr
Al-Hammadi: Strong results on high revenue and low opex
Al Hammadi reported a strong set of results in Q2 22, with net income increasing by 61.5% yoy (+5.1% qoq) to SAR65mn. This is significantly higher than the SNB Capital and consensus estimate of SAR52mn and SAR55mn, respectively. The variation is due to a combination of higher revenues and lower operating expenses. Revenues grew by 25.9% yoy (+12.4% qoq) to SAR282mn, which we believe is due to higher patient count. * Revenue increased by 25.9% yoy (+12.4% qoq) to SAR282mn and was higher than ...
- Talha Nazr
Saudi Healthcare Sector | Expansions and NHIC to support the sector
We remain positive on the Saudi healthcare sector driven by the Healthcare Transformation Program (HSTP). The establishment of the Healthcare Holding Company (HHC) and National Health Insurance Company (NHIC) are among the first steps taken by the MoH to achieve its long-term goal of restructuring the sector. We believe the establishment of NHIC is expected to lead to higher patient inflows for the private sector and potentially reduce the receivables cycle. For stocks under coverage, we beli...
- Nauman Khan
Al-Hammadi: Top-line growth drives earnings
Al Hammadi reported a strong set of results in Q3 20, with net income increasing by +72.7% yoy (-6.5% qoq) to SAR37mn. This is higher than the NCBC and consensus estimates of SAR27mn and SAR30mn, respectively. The deviation was primarily due to higher than expected top-line of SAR249mn (+13.1% yoy) vs our estimates of SAR240mn. The stock price has surged more than 30% since our last update in July 2020 and exceeded our PT. We await Q3 20 financials to update our view and estimates on the com...
- Nauman Khan
Al-Hammadi: Stable outlook despite near-term headwinds
We maintain our Neutral rating on Al Hammadi, with a revised PT of SAR25.1. Driven by higher utilization at Al Nuzha, we expect the company to deliver stable five-year revenue and net income CAGR of 5.8% and 22.5%, respectively. However, we also expect margins to remain under pressure due to a lower contribution from the higher-margin pharma business. The increase in receivables remains a concern. Stable long-term outlook, despite an uncertain 2020f: Precautionary measures undertaken by the g...
- Ahmed El Moataz
- Khaled Sadek
Saudi healthcare | Resilient to shocks; Mouwasat our top pick
Balancing risk with growth; Mouwasat stands out, Dallah lags. MMS’s story continues to unfold, with Riyadh Hospital’s contribution on the rise, improving revenue/patient and mitigating pressures from higher overheads stemming from Khobar Hospital (scheduled for 3Q18). MMS trades on a 2018e P/E of 23x vs. peers’ 25x, while offering RoE 22% vs. peers’ 13%. We believe Dallah will witness negative FCF in 2018-19 and flattish 2018 EPS growth, on pre-operating costs related to Namar and Nakheel expans...
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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