Riyadh-Mubasher: Qassim Cement reported a weaker-than-expected set of Q4-15 financial results, NCB Capital (NCBC) said in a recent report.
Net income grew 4.7% year-on-year to SAR 141 million on higher sales quantities.
Net income is around 5% below the NCBC and consensus estimates of SAR 147 million.
"We believe the deviation in earnings came from higher than expected discounts," the research firm said.
Qassim Cement trades at 2016E P/E of 12.2x, in-line with historical averages.
Dividend yields remain attractive at around 7.1% in 2016E.
NCBC recommended 'Neutral' on the stock, setting the price target at SAR 76.2.
