Relationship Manager: IT Arqaam 
Email ID: 
SAUDI TADAWUL GROUP HOLDING
* Arqaam Capital price targets and estimates are automatically adjusted for corporate actions on their respective ex-dates
Recommendation
HOLD
Currency
SAR
Current Market Price
550
Target Price
550
Upside
15%
Investment Highlights
Executive Summary
Kuwait Finance House (KFH) provides commercial banking services, all in accordance with Islamic principles or Shari’ah compliant banking. It was established in 1977 as the first Islamic bank in the State of Kuwait. Its major shareholders are the Kuwait Investment Authority, holding 24.1% and the Public Authority for Minor Affairs, with 10.5%.
Kuwait Finance House (KFH) provides commercial banking services, all in accordance with Islamic principles or Shari’ah compliant banking. It was established in 1977 as the first Islamic bank in the State of Kuwait. Its major shareholders are the Kuwait Investment Authority, holding 24.1% and the Public Authority for Minor Affairs, with 10.5%.
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-
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-
Analyst
Jaap Meijer, MBA, CFA
Managing Director, Head of Research, Chief Strategist, Chief Economist, Head of
FIG
Email
Jaap Meijer, MBA, CFA
Managing Director, Head of Research, Chief Strategist, Chief Economist, Head of
FIG
Jaap Meijer, MBA, CFA
Managing Director, Head of Research, Chief Strategist, Chief Economist, Head of
FIG
Valuation Summary
| SAUDI TADAWUL GROUP HOLDING | 2020 | 2021 | 2022e | 2023e | 2024e |
|---|---|---|---|---|---|
| Abu Dhabi Commercial Bank | 9.2 | 17,483 | 12.4 | 26.0 | 06-Sep-2022 |
| Abu Dhabi Commercial Bank | 9.2 | 17,483 | 12.4 | 26.0 | 06-Sep-2022 |
| Abu Dhabi Commercial Bank | 9.2 | 17,483 | 12.4 | 26.0 | 06-Sep-2022 |
| Abu Dhabi Commercial Bank | 9.2 | 17,483 | 12.4 | 26.0 | 06-Sep-2022 |