Jul 13 2011 |
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MARKET TALK: NBK Capital Recommends 'Buy' Saudi Fransi Post 2Q
Wednesday, Jul 13, 2011
0553 GMT [Zawya Dow Jones]--NBK Capital says Banque Saudi Fransi delivered "a good set of results" that was in-line with its forecasts in terms of operating income. BSF Tuesday said its 2Q net profit inched up 2.1% to SAR773 million from a year ago, while total operating income rose 0.7% to SAR1.16 billion on the corresponding year-ago period. "Balance sheet growth was stronger than expected," NBK Capital says. Adds that BSF's price has dropped by 15% since its most recent high of SAR50 reached in early April 2011. "Our fair value per share for BSF stands at SAR55.30, which is 30% above the bank's last closing price (SAR42.50). Hence, our current recommendation on the stock is a Buy," NBK Capital adds. (oliver.klaus@dowjones.com)
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-07-11 0553GMT
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