Kuwait – Mubasher: NBK Capital, the investment arm of Kuwait’s NBK, maintained its “Buy” recommendation on Al Mazaya Holding, affirming its fair value estimate at 165 fils.
Al Mazaya’s preliminary financial results for the fourth quarter showed continued rise in sales backed by real estate development, said the research firm.
It added that Al Mazayay’s total revenues of KWD 20.9 million were 22% higher quarter-on-quarter and 30% above its estimates.
The company’s board of directors proposed the distribution of cash dividends at 7% of paid-in capital, or 7 fils per share, which came higher than FY14 dividends and above NBK Capital’s expectations of 6 fils per share.
