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....
Remain buyers as competitive pressures ease. Liquidation activity from smaller, unorganised players, ahead of the Saudisation deadlines, has taken its toll on SACO’s store yields (-14% y-o-y in 1H18), coupled with the more cautious consumer behaviour. We see room for yields recovery (+2.5% p.a. over 2019-23e), as market share gains accelerate within targeted sectors and new additions mature. The current share price ignores upside potential from faster displacement and operational recovery. We cu...
Aggressive expansions to continue. SACO announced its 2019-20 expansionary plan in Jan-18, targeting 7 new stores in the GCC, ahead of our previous expectation of 3 stores. We raise our 12M TP by 25% to SAR140/share to reflect new higher retail space guidance and better EBITDA margins (+70bps vs. previously). SACO continues to be a play on displacement, benefiting from the shift towards modern retail on a step-up in costs, and its unique product offering, limiting competition. Its strategy conti...
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...
Our 12-month target price of SAR162 implies 45% upside. SACO, KSA’s latest retailer to go public, offers an attractive growth play as Saudi’s only full-fledged hardware and home improvement retailer. It trades on a 2016e P/E of 15.1x, 20% below peers, despite offering a 27% 2014-16e EPS CAGR vs. peers’ 11% and boasting a more contained cost base (2014 RoE 34%) with limited risk of higher Saudisation quotas and rent inflation.
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