Tuesday, Oct 13, 2009
0557 GMT [Zawya Dow Jones]--Problems with Saudi Telecom Company's billing system may encourage some subscribers to switch to Mobily or Zain, Al Mal Capital said in a telecom Q3 preview. STC net Q3 income is forecast to fall 6.2% YoY, and Mobily Q3 net income is forecast to grow 48% YoY. Foreign currencies exchange rates have stabilized, some have appreciated against the dollar in countries where STC operates. Mobily's growth in WiMAX customers will have a positive impact. Al Mal maintained its Outperform rating for STC, with a target price of SAR86.86, and an Outperform rating for Mobily, with a target price of SAR54.13. (DAS)
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(END) Dow Jones Newswires
13-10-09 0457GMT
