Relationship Manager: IT Arqaam 
Email ID: 
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21,
Featured Reports
BFSI - Banks | Model Update
Ahli United Bank
March 14 2022
-
Currency: USD
-
Last Closing Price: 1.01
-
Target Price: 1.20
-
Rating: BUY
M&A target to report double-digit EPS growth..
Download 
BFSI - Banks | Model Update
Ahli United Bank
March 14 2022
-
Currency: USD
-
Last Closing Price: 1.01
-
Target Price: 1.20
-
Rating: BUY
M&A target to report double-digit EPS growth..
Download
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21,
BFSI - Banks | Model Update
Ahli United Bank
March 14 2022
-
Currency: USD
-
Last Closing Price: 1.01
-
Target Price: 1.20
-
Rating: BUY
M&A target to report double-digit EPS growth..
Download
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21,
BFSI - Banks | Model Update
Ahli United Bank
March 14 2022
-
Currency: USD
-
Last Closing Price: 1.01
-
Target Price: 1.20
-
Rating: BUY
M&A target to report double-digit EPS growth..
Download
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21,
BFSI - Banks | Model Update
Ahli United Bank
March 14 2022
-
Currency: USD
-
Last Closing Price: 1.01
-
Target Price: 1.20
-
Rating: BUY
M&A target to report double-digit EPS growth..
Download
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21,
Upcoming Events
Oct 14 2022
Arqaam Capital 10th Annual MENA Investor Conference
We are hosting the conference in the center of one of the most vibrant financial and
trading hub's in MENA. The conference will be linking 50+ MENA corporates with regional
& international investors around 1x1 meetings and small group meetings.
The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter
The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter
Upcoming Events
Oct 14 2022
Arqaam Capital 10th Annual MENA Investor Conference
We are hosting the conference in the center of one of the most vibrant financial and
trading hub's in MENA. The conference will be linking 50+ MENA corporates with regional
&
international investors around 1x1 meetings and small group meetings.
The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter
international investors around 1x1 meetings and small group meetings.
The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter
Upcoming Events
Oct 14 2022
Arqaam Capital 10th Annual MENA Investor Conference
We are hosting the conference in the center of one of the most vibrant financial and
trading hub's in MENA. The conference will be linking 50+ MENA corporates with regional
&
international investors around 1x1 meetings and small group meetings.
The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter
international investors around 1x1 meetings and small group meetings.
The GCC continues to be a haven, while global growth is slowing due to a mix of several shocks including a 40-year high inflation that is reducing household purchasing power, tighter
MENA Model Portfolio
We reduced the beta of our portfolio now, and we removed Maaden (-1% position, valuation, commodity prices), BOURSA KK (-1% position, valuation), RJHI (-1% position, CoF pressure), reduced JOPH JR (-0.5% on urea), and we added to STC (+1.5%, bonus share approval,reduced JOPH JR (-0.5% on urea), and we added to STC (+1.5%, bonus share approvalreduced JOPH JR (-0.5% on urea), and we added to STC
Read More
Read More
We reduced the beta of our portfolio now, and we removed Maaden (-1% position, valuation, commodity prices), BOURSA KK (-1% position, valuation), RJHI (-1% position, CoF pressure), reduced JOPH JR (-0.5% on urea), and we added to STC (+1.5%, bonus share approval,reduced JOPH JR (-0.5% on urea), and we added to STC
Read More
Read More
Trending Reports
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Recent Research
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Sector Report
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21, on contin-
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21, on contin-We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and
15.1%,respectively, in FY 21, on contin-We pencil in EPS growth of 16% and a RoE of 15.9%
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
Model Update | Banks
June 29, 2022
Ahli United
Bank
Bank
-
Currency
USD
-
Last Closing Price
1.01
-
Target Price
1.20
Deep value (stake ARNB 115% of MC), but limited catalysts to unlock value, as RoE remains low
We pencil in EPS growth of 16% and a RoE of 15.9% for FY 22e vs. 36% and 15.1%,respectively, in FY 21, on contin-
MENA Model Portfolio
We reduced the beta of our portfolio now, and we removed Maaden (-1% position, valuation, commodity prices), BOURSA KK (-1% position, valuation), RJHI (-1% position, CoF pressure), reduced JOPH JR (-0.5% on urea), and we added to STC (+1.5%, bonus share approval,
Read More
Read More
We reduced the beta of our portfolio now, and we removed Maaden (-1% position, valuation, commodity prices), BOURSA KK (-1% position, valuation), RJHI (-1% position, CoF pressure), reduced JOPH JR (-0.5% on urea), and we added to STC (+1.5%, bonus share approval,
Read More
Read More