e in telecom infrastructure and significant opportunities in the downstream petrochemical arena. Buy-rated names with access to these themes include: Al Hammadi, Savola, Al Othaim, STC, Zain KSA and SABIC. Partial NTP success & MSCI inclusion could drive rerating The Saudi market trades on a 12m fwd P/E of

m C-3-9 SAR 6.49 SAR 7.0 Extra XYDUF Underperform C-3-7 SAR 26.72 SAR 24.0 Source: BofA Merrill Lynch Global Research Price objective basis & risk Al Hammadi (XBQYF) Our SAR64 PO for Al Hammadi is based on our DCF-derived valuation. This is equivalent to 32x FY17E EPS. Strong earnings growth means out-yea