GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,041 -0.04
Med Cap4,115 0.91
Small Cap5,271 1.07
Micro Cap8,965 0.38

Research Reports

Quick Links

Most Viewed News

Most Viewed Companies

Ticker Price Volume
QNBK 154 148,883
SABIC 97.25 1,106,367
BAHRI 36.6 185,412
DANA 0.45 17,092,585
EEC 21.9 450,675
ARTC 0.97 187,817,230
ZAIN 475 2,208,534

Banque Saudi Fransi -Equity Report -19-01-2012

Source: NBK Capital

12-Month Fair Value: SAR 49.50
Recommendation: Accumulate - Risk Level: 2
Last Close (16 January 2012): SAR 42.00


Banque Saudi Fransi (BSF) reported a net profit of SAR 661 million in 4Q2011, down 7% YoY and 13% QoQ. It looks like provisioning (not disclosed in preliminary earnings releases) increased YoY and QoQ, resulting in the drop in net profit. Net profit for FY2011 reached SAR 2.9 billion, 4% above FY2010.

We believe this is a good set of results. Operating income matched our forecast while loan growth beat our expectations. Our fair value for BSF stands at SAR 49.50, which is 18% above the last closing price. Hence, our current recommendation on the stock is “Accumulate.” However, we will issue an update report on BSF after we speak with the bank’s management.

Click here to download the complete report
GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?