Recent Research

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  FIRST LOOK NOTES

  21 Nov 2024

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 39.70

  Target Price

  SAR 46.00

  Upside (%)

  +15.87%

  Saudi Equity Research - Saudi Telecom Company (STC) 3Q24 - First Look Note

  STC’s KSA Mobile subscribers rose 7.9% YOY to 27.6 Mn in 3Q24. While fixed subscribers marginally increased 2.3% YOY to 5.7 Mn in 3Q24. STC Group entered into an agreement with Saudi PIF for the sale of a 51% stake in Tawal, tower owning and operating entity of STC, which is expected to operate a portfolio of more than 30K towers.

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  FIRST LOOK NOTES

  30 Jul 2024

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 38.65

  Target Price

  SAR 46.00

  Upside (%)

  +19.02%

  Increase in mobile subscribers coupled with higher contributions from subsidiaries drove top-line

  STC Group (“STC, “the Company”) recorded a 9.8% YOY growth in net profit to SAR 3,304 Mn in 2Q24, higher than our estimate of SAR 3,090 Mn.

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• 

  FIRST LOOK NOTES

  21 May 2024

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 38.00

  Target Price

  SAR 46.00

  Upside (%)

  +21.05%

  Increase in mobile subscribers coupled with higher voice and data volumes drove profitability

  STC’s KSA Mobile subscribers rose 10.4% YOY to 26.9 Mn in 1Q24, while fixed subscribers marginally increased 2.2% YOY to 5.6 Mn in 1Q24.

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• 

  FIRST LOOK NOTES

  06 Mar 2024

  Saudi Telecom Co (STC)

  ACCUMULATE

  Last Closing Price

  SAR 40.55

  Target Price

  SAR 46.00

  Upside (%)

  +13.44%

  Substantial rise in other expenses and financial charges dragged the bottom-line

  STC Group (“STC, “the Company”) recorded a 17.5% YOY decline in net profit to SAR 2,274 Mn in 4Q23, lower than our estimate of SAR 2,706 Mn. The decline in profit is mainly attributable to higher direct cost coupled with a significant rise in other expenses and net finance cost partially offset by a rise in revenue and lower operating expenses.

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  FIRST LOOK NOTES

  22 Nov 2023

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 38.30

  Target Price

  SAR 46.00

  Upside (%)

  +20.10%

  Strong top-line growth of subsidiaries and one-time gain supported profitability

  STC Group ("STC, "the Company") recorded 10.4% YOY growth in net profit to SAR 4,904 Mn in 3Q23, higher than our estimate of SAR 4,443 Mn. The increase in profit is mainly attributable to growth in revenue supported by a growth in mobile subscribers, finance income partially offset by higher direct costs, G&A expense and finance cost.

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  FIRST LOOK NOTES

  21 Aug 2023

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 40.75

  Target Price

  SAR 47.00

  Upside (%)

  +15.34%

  Growth in revenue weighed by investment in new domains impacted margins

  STC Group (“STC, “the Company”) recorded 6.0% YOY growth in net profit to SAR 3,008 Mn in 2Q23, lower than our estimate of SAR 3,463 Mn.

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