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Al-Rajhi Capital maintains 'Neutral' for Jarir [Mubasher (Saudi Arabia)]
[June 30, 2014]

Al-Rajhi Capital maintains 'Neutral' for Jarir [Mubasher (Saudi Arabia)]

(Mubasher (Saudi Arabia) Via Acquire Media NewsEdge) Jarir Marketing Co. continues to outperform the overall market as it has generated about 24% YTD return. The company's strong performance has been despite its slower revenue growth witnessed in the first quarter, according to a report by Al-Rajhi Capital.

The research firm met with the company management recently to get a clearer picture of the company's future potential and risks. The company has embarked on an aggressive expansion strategy with plans to almost double its store count by 2018, after adding only four stores between 2010 and 2013.

With the increasing penetration of smart phones and electronic gadgets, the company is witnessing a slowing same store sales growth, which the management is trying to address through various measures.

The report issuer believes the stock deserves a premium over its peers due to its high growth potential, consistent performance and customer loyalty.

Al-Rajhi Capital's fair value target price of SAR 206 per share for Jarir  is only marginally above the current market price, and hence the research firm maintained its 'Neutral' rating.

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