Recent Research

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  FIRST LOOK NOTES

  03 Nov 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 41.16

  Target Price

  SAR 50.00

  Upside (%)

  +21.48%

  Saudi Equity Research - Saudi Telecom Company (STC) 3Q26 - First Look Note

  STC KSA’s mobile subscribers increased 4.8% YOY to 30.6 Mn, while fixed subscribers grew 4.0% YOY to 6.2 Mn as of 3Q26. STC expanded its 5G network to 12.38K towers, up 31.5% YOY, while households connected to its fiber optic network increased 7.0% YOY to 3.95 Mn as of September 2026.

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• 

  FIRST LOOK NOTES

  04 Aug 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 43.40

  Target Price

  SAR 50.00

  Upside (%)

  +15.21%

  Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - First Look Note

  Mobile subscribers in KSA rose 4.8% YOY to 30.3 Mn, while fixed subscribers expanded 3.0% YOY to 6.1 Mn in 1H26. STC expanded its 5G tower footprint to 12.12K sites, while fiber-connected households increased 5.2% YOY to 3.87 Mn during 1H26.

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• 

  EARNINGS CALL INSIGHT

  03 Aug 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 43.56

  Target Price

  SAR 50.00

  Upside (%)

  +14.78%

  Saudi Equity Research - Saudi Telecom Company (STC) 2Q26 - Earnings Call Insight

  STC Group (“STC, “the Company”) revenue grew 3.7% YOY to SAR 20.1 Bn in 2Q26, primarily attributable to increases in Commercial unit revenue by 0.9% YOY, Business unit revenue by 8.4% YOY, Carriers and Wholesale unit revenue by 11.4% YOY, and subsidiaries revenue by 3.5% YOY.

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• 

  FIRST LOOK NOTES

  27 Feb 2026

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 41.82

  Target Price

  SAR 50.00

  Upside (%)

  +19.56%

  Saudi Equity Research - Saudi Telecom Company (STC) 4Q25 - First Look Note

  Mobile subscribers in KSA rose 5.9% YOY to 30.0 Mn in 4Q25, while fixed subscribers expanded 5.0% YOY to 6.0 Mn. The Company entered into a strategic partnership with AST SpaceMobile in 4Q25 to deliver space-based telecommunications services.

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• 

  FIRST LOOK NOTES

  06 Nov 2025

  Saudi Telecom Co (STC)

  ACCUMULATE

  Last Closing Price

  SAR 44.62

  Target Price

  SAR 50.00

  Upside (%)

  +12.06%

  Saudi Equity Research - Saudi Telecom Company (STC) 3Q25 - First Look Note

  Mobile subscribers in KSA increased 5.9% YOY to 29.24 Mn and fixed subscriber grew 6.4% YOY to 6.05 Mn in 3Q25. Center 3 plans to invest SAR 37.5 Bn to expand data center capacity to 1 gigawatt by 2030, supporting rising AI and cloud computing demand.

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• 

  FIRST LOOK NOTES

  29 Jul 2025

  Saudi Telecom Co (STC)

  BUY

  Last Closing Price

  SAR 42.12

  Target Price

  SAR 50.00

  Upside (%)

  +18.71%

  Saudi Telecom Company (STC)- 2Q25 First Look Note

  EBITDA rose 6.9% YOY to SAR 6,168 Mn, while EBITDA margin rose 129 bps YOY to 31.7% in 2Q25. The Company’s KSA mobile subscriber surged 5.7% YOY to 28.93 Mn, whereas the fixed subscriber base grew 5.6% YOY to 5.98 Mn in 2Q25.

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