A director at Mezzan Holding Co. (K.S.C.C) bought 100,000 shares at 0.598KWD and the significance rating of the trade was 67/100. 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 tw...
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....
Slowly turning a corner. We remain buyers, as the earnings recovery story continues to unfold (2019 clean EPS +c24% y-o-y), albeit at a slower pace, pressured by Saudi’s ongoing distribution network expansions and, to a lesser extent, Qatar’s unresolved bottled water overcapacity. We cut our 12M TP by 21% to KWD0.700/share, to reflect a slower pace of EPS recovery (24% cut in our 2020-23e forecasts), as we deem the reversal of profitability drags unlikely in the short-term, hindered by the unfav...
Long-awaited expansions to bear fruit. Delayed capacity launches hindered growth in Kuwait, Qatar, and Saudi, pushing the latter’s breakeven to 2019e. We see room for recovery (pushed to 2019e vs. 2018e), as Mezzan ramps up utilisation of new and existing lines, relieving the capacity squeeze exposed post the Qatar rift, and completes efficiency projects. Implementing the selective tax in Oman should help eliminate the UAE’s energy drinks’ parallel market, easing pressures on UAE revenue (-24% y...
Sell-off offers good entry point, upgrade to OW from N. We expect Mezzan’s ongoing efforts to expand its regional platform and reroute trade to Qatar via Kuwait (instead of UAE and Saudi) post Qatar rift and take advantage of Saudi manufactures’ absence in Qatar to pave the way for 2018 recovery. We cut our 12M TP by 5% to KWD1.070/share mainly to reflect a 2.9ppt lower 2017e EBITDA margin on higher logistics and overhead costs. The share price sell-off ignores the intact growth and potential LT...
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...
Growing regionally, Kuwait will remain a core market. Mezzan, an established F&B and FMCG manufacturer and distributor (M&D) in Kuwait (66% of 2015 revenue), is diversifying organically into the UAE, Qatar, and Saudi through M&A, with a target to cut Kuwait exposure to 50% of top line, without setting a timeline. We look for a 2016-18 clean EPS CAGR of c16%, driven by new capacity plans and better margins; however, Mezzan’s 2017e P/E of 17.2x, 6% above peers, already price in expected growth, in...
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