Riyadh - Mubasher: Al Rajhi Capital has maintained their Neutral rating on the stock of National Industrialization Company (NIC) or (Tasnee) and reaffirmed their target price (TP) at SAR 15.8 per share.
Tasnee reported a robust set of numbers in the fourth quarter of 2016, Al Rajhi Capital said in a report on Wednesday.
Q4 revenue rose by 2.2% compared to the quarter before to SAR 3.95 billion, in line with Al Rajhi estimates and higher than the consensus estimate of SAR 3.43 billion by a wide margin.
“The direction for stock in the near term primarily depends on the outlook for TiO2 prices, which we expect to continue improving in 2017 on tight supply conditions,” the report indicated.
