زين شركة اتصالات عالمية

[عبدالله هادي]

المشاركة الأصلية كتبت بواسطة الأهرام

شركة لها نشاط في أغلب دول العالم

كيف يبقى هذا السهم تحت مستوى 10 ريال

ذكرني في رمضان ادخل معك

[الأهرام]

المشاركة الأصلية كتبت بواسطة عبدالله هادي

ذكرني في رمضان ادخل معك

نسيت رمضان ونسيت ماذا تقصد

[عبدالله هادي]

المشاركة الأصلية كتبت بواسطة الأهرام

نسيت رمضان ونسيت ماذا تقصد

اذكرك ... في رمضان ان شاء الله

[بورصه تداول]

Weak set of results, below expectations
Zain KSA announced its 4Q13 results on 20 January 2013 after
market hours. Revenue declined by 9% YoY to SR1,534mn with
higher OpEx and financial charges leading to EBIT/net losses
coming in 4% higher YoY, worse than our estimates and
consensus. However, gross profit grew by 4% driven by lower cost
of services.
 NCBC View on Results: Zain KSA reported a weak set of results with gross
profit increasing by 3.8% YoY to SR767mn although net losses worsened by
4.3% YoY to SR462mn, significantly below our estimates and consensus. We
believe the main reason for the deviation in results is the higher than
expected impact from the reduction in pilgrims as well as the increase in
competition from the two dominant players in the market, STC and Mobily.
 Weak top-line due to lower pilgrims and expats: Revenues declined by
9% YoY to SR1,534mn in 4Q13 we believe largely due to the reduction in
Hajj pilgrims, as well as the reduction in the expat population due to the
Saudisation drive. This was despite a) 10% increase in the number of
subscribers reaching 8.7mn at the end of 2013, b) significant increase in the
mobile broadband revenues. We believe this signifies Zain’s sensitivity to the
changes in the business environment compared to Mobily and STC which
both miti****d the impact from these changes through focusing on other
services that they offer.
 Higher OpEx reverses gross profit gains: Despite the decline in revenues,
gross profit improved by 3.8% YoY to SR767mn due to lower cost of
services. However, this reversed at the EBIT level with losses coming in
higher by 3.6% YoY to SR271mn, resulting in 4.3% increase in net losses.
We believe the increase in OpEx was due to higher marketing expenses as a
result of the increasing competition in the market. Moreover, Zain’s focus on
expanding its retail footprint (currently has 3,526 outlets) as it seeks growth in
its subscriber base also led to higher OpEx, we believe. Management is
targeting to expand its network in densely populated areas with higher
expected ARPUs and returns.
 Currently OW on stock, but short term concerns remain: We are
currently Overweight on Zain KSA largely on valuation as well as benefits of
the debt restructuring/access charge renegotiations to improve the financial
performance. However, the short-term issues as reflected in 4Q13 are a point
of concern due to Zain’s sensitivity to any changes. Moreover, the entrance
of MVNOs will increase the competition in the market and potentially impact
Zain’s performance.
TELECOM  21 JANUARY 2014
ZAIN KSA
EVENT FLASH
OVERWEIGHT
Target price (SR) 10.9
Current price (SR) 9.4

STOCK DETAILS
M52-week range H/L (SR) 10/8
Market cap ($mn) 2,711
Shares outstanding (mn) 1,080
Listed on exchanges TADAWUL

Price perform (%) 1M 3M 12M
Absolute 1.6 (4.1) 17.5
Rel. to market (0.4) (11.3) (7.5)

Avg daily turnover (mn) SR US$
3M 90.0 24.0
12M 143.5 38.3

Reuters code 7030.SE
Bloomberg code ZAINKSA AB
www.sa.zain.com


VALUATION MULTIPLES
13A 14E 15E
P/E (x) Nm Nm Nm
P/B (x) - 1.7 1.9
EV/EBITDA (x) - 6.1 4.9
Div Yield (%) 0.0 0.0 0.0

Source: NCBC Research estimates

SHARE PRICE PERFORMANCE
6,000
6,700
7,400
8,100
8,800
9,500
6
8
9
11
12
Jan-13 Jul-13 Jan-14
Zain Tadawul (RHS)

Source: Reuters

4Q13 Results Summary
SR mn 4Q13A 4Q12A % Y o Y 4Q13E % Var^
Sales 1,534 1,680* (8.7) 1,849 (17.0)
Gross income 767 739 3.8 812 (5.5)
Operating income (271) (262) NM (218) NM
Net income (462) (443) NM (397) NM
EPS (SR) (0.43) (0.41) NM (0.37) NM

S

[صريح ومريح]

وش دا الهرج يا اخ بورصة تداول
كاتب انجليزي حشي كثير
واشوف رقم 6 و7
لايكون

[بورصه تداول]

[QUOTE=صريح ومريح;6513080]وش دا الهرج يا اخ بورصة تداول
كاتب انجليزي حشي كثير
واشوف رقم 6 و7
لايكون [/QUOTE
هههههههههههه لا يالغالي الهدف10.9 حسب التقرير من الاهلي كبيتال

[صريح ومريح]

[QUOTE=بورصه تداول;6513144]

المشاركة الأصلية كتبت بواسطة صريح ومريح

وش دا الهرج يا اخ بورصة تداول
كاتب انجليزي حشي كثير
واشوف رقم 6 و7
لايكون [/QUOTE
هههههههههههه لا يالغالي الهدف10.9 حسب التقرير من الاهلي كبيتال

الله يرحم ابيك قل امين
واليوم كانها البدايه
يا الله ترزق الجميع وتعوض صبرهم خير

[بورصه تداول]

[QUOTE=صريح ومريح;6513152]

المشاركة الأصلية كتبت بواسطة بورصه تداول

الله يرحم ابيك قل امين
واليوم كانها البدايه
يا الله ترزق الجميع وتعوض صبرهم خير

اللهم امبن ووالديك يالغالي

[الأهرام]

المشاركة الأصلية كتبت بواسطة صريح ومريح

وش دا الهرج يا اخ بورصة تداول
كاتب انجليزي حشي كثير
واشوف رقم 6 و7
لايكون

هههههههههههههههههههههههههههههههههههههههههههههههههه

[haady]

جاي الدوررر عليه


بس اشوي صبرررررر