Article
Introduction
9 international and local financial institutions cover Zain’s stake in Saudi Arabia as 60% of these institutions recommend holding the shares and 40% of them recommend selling. No purchase recommendation.
The average target price for Zain shares over the 12 months was 12.4 rials.
Financial Institutions Recommendations
Among the more prominent financial institutions that control Zain shares are:
Goldman Sachs is among the global institutions that recommend holding the stock and sees a fair price of 14 riyals.
HSBC recommends holding based on the price of 11 rials.
Morgan Stanley recommends selling, focusing on 9 rials.
Saudi Banks Recommendations
Among the recommendations of Saudi banks that cover shares:
Riyadh Capital recommends holding on to 13.5 rials.
Al-Rajhi Capital recommends holding the stock at 13 riyals.
SNB Capital recommends holding on to 12.9 rials.
EFG Hermes and Al-Jazira Capital recommend holding shares, while Hermes says shares target 14.3 Rials and Al-Jazira Capital thinks shares target 12.8 Rials.
Arqaam Capital recommends selling shares at 14 riyals.
Company’s Financial Performance
Preliminary data from the Saudi Mobile Telecommunications Company (Zain Saudi Arabia), which it released this Sunday morning, showed a 7.46% decline in profit for the second quarter of 2023 to 124 million rials, compared with 134 million rials in the previous quarter. the same quarter of the previous year.
On a quarterly basis, the company’s profit decreased by 77.97% in the second quarter compared to a profit of 563 million rials in the first quarter of 2023.
The results beat analysts’ expectations of 120 million rials.