ksa cement monthly review - may 2013
TRANSCRIPT
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Please refer to the last page for important disclaimer www.ncbc.com
The Kingdoms cement production increased 13.3% YoY to5.33mn tons in Apr-13, while clinker production decreased 4.3%YoY to 3.96mn tons. Domestic sales of cement increased by14.1% YoY to 5.34mn tons. Northern Cement reported the highestYoY increase in domestic cement sales at 144.3%, followed byAljouf Cement with an increase of 39.1%. On the other hand,Eastern Cement reported the highest YoY decline in domesticcement sales at 10.2%.
Sales: Domestic cement sales for Apr-13 increased by 14.1% YoY, but
decreased 2.0% MoM to 5.34mn tons. Cement sales including exportsincreased by 13.5% YoY to reach 5.39mn tons.
Production: Cement production increased by 13.3% YoY, but decreased5.6% MoM 5.33mn tons. Clinker production decreased by 4.3% YoY and
17.2% MoM to 3.96mn tons in Apr-13.
Inventory: Clinker inventory levels decreased 4.2% YoY and by 14.3% MoMto reach 4.66mn tons in Apr-13. Cement inventory levels also decreased
5.5% YoY and by 6.9% MoM to reach 0.65mn tons.
Cement market share: The biggest market share gainer was SouthernCement with an increase of 0.81% MoM to 13.33% while the biggest decliner
was Najran Cement with a decrease of 0.73% MoM to 4.85%.
Exhibit 1: Chart of the month: Total sales by region
-5%
0%
5%
10%
15%
20%
25%
30%
35%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Western Central Eastern Southern Northern
Jan-Apr 2012 Jan-Apr 2013 YoY (%)
Source: Yamama Cement, NCBC ResearchNote: Does not factor cross-regional sales. Western region sales in Apr-13 include sales of Safwa cement which were not included in
Apr-12.
Exhibit 2: Saudi cement companies Valuation matrix
MCapStock perf
(%)P/E(x)
EV/EBITDA
P/BV(x)
EV/ton($)
DY(%)
ROE(%)
Rating $mn Apr YTD 13 13 13 13 13 13
Southern Cement (SPCC) N 3,757 (1.0) 0.5 13.5 11.1 5.1 644 7.1 38.0
Yamama Cement (YSCC) N 2,677 7.8 4.2 12.2 8.1 2.8 474 6.1 23.2
Saudi Cement (SCC) N 4,045 8.5 4.2 14.2 10.6 5.7 447 8.0 40.3
Qassim Cement (QCC) N 1,917 1.9 (0.9) 12.6 9.7 3.9 509 8.8 31.5
Yanbu Cement (YCC) N 1,949 12.2 32.8 13.4 10.6 3.7 398 4.7 28.6
Eastern Cement (EPCC) N 1,343 4.9 1.7 12.6 10.7 2.5 448 6.8 20.0
Arabian Cement* (ACC) NC 1,522 17.6 42.5 14.5 8.9 1.9 341 5.6 13.2
Al Jouf Cement* (JCC) NC 625 10.7 10.1 21.7 13.5 1.7 312 2.8 7.8Tabuk Cement* (TCC) NC 709 13.5 21.6 13.5 7.9 2.1 403 4.8 16.7
Najran Cement* (NAJC) NC 1,162 14.3 35.4 19.1 - 2.4 468 4.3 13.3
Source: Bloomberg, NCBC Research.All prices as of 19 May, 2013, * On a TTM basisN: Neutral, NC: Not Covered
MAY 2013
KSA CEMENT MONTHLY
PRESSURE ON INVENTORY DUE TO DEMAND
Abdulelah [email protected]
+966 2 690 7771
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Industry snapshot
The Kingdom of Saudi Arabia (KSA) has 14 cement companies with an
estimated annual cement production capacity of 55.7mn tons.
In Apr-13, total cement sales in KSA stood at 5.34mn tons versus 4.68mn tons
in Apr-12 and 5.45mn tons in Mar-13. Clinker sales for the month decreased
59.7% YoY to reach 5,800 tons. However, it increased 1,060% MoM due to the
increase in clinker sales from Northern Cement from 2,000 tons in Mar-13 to
55,000 tons in Apr-13.
Cement exports for the month of Apr-13 decreased 30.2% YoY to reach 44,000
tons, down from 63,000 tons in Apr-12. No company reported clinker exports in
Apr-13. Three companies exported cement during the month - Riyadh Cement,
Saudi Cement and Eastern Cement.
Exhibit 3: April-2013 at a glance
Source: Yamama Cement, NCBC Research. NB: Data refers to domestic cement sales and cement exports onlyCCC City Cement, NJCC Najran Cement, RCC Riyadh Cement, NRCC Northern Region Cement, ASCC Al Safwa Cement
EPCC (3.5)Sales: 256; -4.1%
Exports: 7; -12.5%
SCC (8.6)Sales: 851; -0.6%
Exports: 15; -21.1%
YSCC (6.3)Sales: 644; -6.3%Exports: 0; NA
RCC (3.6)Sales: 315; -7.4%
Exports: 22; 214.3%
CCC (3.0)Sales: 182; 8.3%Exports: 0; NA
QCC (4.1)Sales: 395; -1.0%
Exports: 0; NA
TCC (1.3)
Sales: 139; 0%Exports 0; NA
YCC (6.3)Sales: 630; 0.5%Exports: 0; NA
NRCC (1.7)Sales: 237; 16.7%Exports: 0; NA
ACC (3.3)Sales: 392; -9.5%
Exports: 0; NA
SPCC (7.5)Sales: 712; 4.4%Exports 0; NA
NJCC (2.9)Sales: 259; -14.8%Exports: 0; NA
Company (Cement capacity in mn tons)Months sales in 000 tons; Growth MoMMonths exports in 000 tons; Growth MoM
Legend
JCC (1.7)Sales: 160; -5.9%Exports 0; NA
ASCC (1.5)Sales: 171; -2.3%
Exports: 0; NA
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Domestic sales
In Apr-13, domestic sales of cement increased by 14.1% YoY, but decreased
2.0% MoM to 5.34mn tons, compared to 5.45mn tons in Mar-13. On a MoM
basis, Northern Cement reported the highest increase in domestic cement salesat 16.7%, while Najran Cement reported the highest decrease at 14.8%. On a
YoY basis, Northern Cement reported the highest increase in cement sales at
144.3%, followed by Aljouf Cement with an increase of 39.1%.
The two private companies - Riyadh and Safwa Cement reported a 5.6% MoM
decrease in domestic cement sales. On a MoM basis, both Riyadh Cement and
Safwa Cement reported a decrease in cement sales by 7.4% and 2.3%
respectively.
Exhibit 4: Domestic cement sales MoM Exhibit 5: Domestic cement sales YoY
000 tons 000 tons
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
0
100
200
300
400
500
600
700
800
900
Yamama Saudi Eastern Qassim Yanbu Arabian Southern Tabuk Naj ran
Mar-13 Apr-13 MoM growth (RHS)
-15%
0%
15%
30%
0
100
200
300
400
500
600
700
800900
Yamama Saudi Eastern Qass im Yanbu ArabianSouthern Tabuk Najran
Apr-12 Apr-13 YoY growth (RHS)
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
(Please refer to the Appendix on Page 9 for company-specific charts.)
Exports
The Kingdoms cement exports decreased 30.2% YoY from 63,000 tons in Apr-
12 to 44,000 tons in Apr-13. The main reason behind this decline is the
decrease in Saudi Cement exports from 48,000 tons in Apr-12 to 15,000 tons in
Apr-13 (a decrease of 68.8% YoY) offset partially by an increase in Riyadh
Cement exports from 3,000 tons in Apr-12 to 22,000 tons in Apr-13. Riyadh
Cement, Saudi Cement and Eastern Cement were the only companies that
exported cement in Apr-13.
Exhibit 6: KSAs total cement exports Exhibit 7: Exports by SCC, EPCC and RCC
000 tons 000 tons
0
100
200
Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13
0
20
40
60
80
100
120
140
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Saudi Cement Eastern Cement Riyad Cement
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
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Production
Saudi Arabias cement production increased 13.3% YoY, but decreased 5.6%
MoM to 5.33mn tons in Apr-13.
Northern Cement reported the highest YoY and MoM increase in cementproduction at 98.3% and 8.1%, respectively. On the other hand, Eastern Cement
reported the highest YoY decline at 12.2%.
Clinker production was down 4.3% YoY and 17.2% MoM in Apr-13 to reach
3.96mn tons. On a MoM basis, City Cement was the only company that reported
an increase in production at 38.8%, while all the other companies reported a
decline in production. On YoY basis, City Cement reported the highest increase
in clinker production at 41.2%, while Al Jouf Cement reported the highest
decrease at 71.6%.
(Please refer to the Inventory / stock section on Page 5 for more details).
Exhibit 8: Cement production Exhibit 9: Clinker production000 tons 000 tons
0
900
1,800
2,700
3,600
4,500
5,400
6,300
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 2012 2013
0
900
1,800
2,700
3,600
4,500
5,400
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2011 2012 2013
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
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Inventory level
In Apr-13, clinker inventory at the sector level decreased by 4.2% YoY and
14.3% MoM to 4.66mn tons. Cement inventory also decreased by 5.5% YoY and
by 6.9% MoM to 0.65mn tons in Apr-13.
Exhibit 10: Cement inventory Exhibit 11: Clinker inventory
000 tons 000 tons
0
40
80
120
160
Yamama Saudi Eastern Qassim Yanbu Arabian Southern Tabuk Riyadh
Apr-12 Mar-13 Apr-13
0
100
200
300
400
500
600
700
800
900
1,000
Yamama Saudi Eastern Qassim Yanbu Arabian Southern Tabuk Riyadh
Apr-12 Mar-13 Apr-13
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
The sectors clinker inventory as a percentage of monthly sales decreased to
87% in Apr-13 compared to 103% in Apr-12 and 99% in Mar-13. Company wise,
Yamama Cement, Saudi Cement and Riyadh Cement had the lowest inventory
percentages at 21%, 54% and 59% of Apr-13 sales. Among the listed
companies, both Northern Cement and City Cement held the highest clinker
inventory percentage at 289% of Apr-13 sales.
Exhibit 12: Clinker inventory Exhibit 13: Clinker inventory
000 tons as % of sales
0%
100%
200%
300%
400%
500%
0
1,500
3,000
4,500
6,000
7,500
9,000
10,500
12,000
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Clinker inventory ('000 tons) Clinker inventory as% of cement sales (RHS)
0%
50%
100%
150%
200%
250%
Yamama Saudi Eastern Qassim Yanbu Arabian Southern Tabuk Riyadh
Apr-12 Apr-13
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
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Market share
In Apr-13, six companies lost domestic cement market share. Among the listed
companies, Najran Cement, reported the highest drop in market share by 0.73%
to 4.85%, while Southern Cement was the biggest gainer with its market share
increasing by 0.81% to 13.3%.
Gainers: Southern Cement (0.81%), Northern Cement (0.71%), City Cement
(0.32%), Yanbu Cement (0.29%), Saudi Cement (0.22%), Qassim Cement
(7bps) and Tabuk Cement (5bps).
Decliners: Najran Cement (0.73%), Arabian Cement (0.61%), Yamama Cement
(0.55%), Riyadh Cement (0.34%), Al Jouf Cement (0.12%) and Eastern Cement
(0.11%).
Exhibit 14: Domestic market share cement sales Exhibit 15: Domestic market share cement sales
MoM YoY
0%
4%
8%
12%
16%
20%
Yamama
Saudi
Eastern
Qassim
Yanbu
Arabian
Southern
Tabuk
Riyadh
Najran
City
Northern
Aljouf
Mar-13 Apr-13
0%
4%
8%
12%
16%
20%
Yamama
Saudi
Eastern
Qassim
Yanbu
Arabian
Southern
Tabuk
Riyadh
Najran
City
Northern
Aljouf
Apr-12 Apr-13
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
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Valuation
As of 19 May 2013, the cement sector index was up 12.7% YTD, as compared
to the TASI which was up 7.3% during the same period. Exhibit 16 shows the
valuation multiples of all listed cement companies in the Kingdom.
Exhibit 16: Saudi cement companies Valuation matrix
M-Cap Stock perfP/E(x)
EV/EBITDA
P/BV(x)
EV/ton($)
DY(%)
ROE(%)
ROA(%)
Reuters Rating $mn Apr YTD 13 13 13 13 13 13 13
Southern Cement (SPCC) 3050.SE Neutral 3,757 (1.0) 0.5 13.5 11.1 5.1 644 7.1 38.0 26.1Yamama Cement (YSCC) 3020.SE Neutral 2,677 7.8 4.2 12.2 8.1 2.8 474 6.1 23.2 20.8Saudi Cement (SCC) 3030.SE Neutral 4,045 8.5 4.2 14.2 10.6 5.7 447 8.0 40.3 29.0Qassim Cement (QCC) 3040.SE Neutral 1,917 1.9 (0.9) 12.6 9.7 3.9 509 8.8 31.5 27.0Yanbu Cement (YCC) 3060.SE Neutral 1,949 12.2 32.8 13.4 10.6 3.7 398 4.7 28.6 18.3Eastern Cement (EPCC) 3080.SE Neutral 1,343 4.9 1.7 12.6 10.7 2.5 448 6.8 20.0 18.4Arabian Cement* (ACC) 3010.SE NC 1,522 17.6 42.5 14.5 8.9 1.9 341 5.6 13.2 8.8Al Jouf Cement* (JCC) 3091.SE NC 625 10.7 10.1 21.7 13.5 1.7 312 2.8 7.8 5.5
Tabuk Cement* (TCC) 3090.SE NC 709 13.5 21.6 13.5 7.9 2.1 403 4.8 16.7 14.1Najran Cement* (NAJC) 3002.SE NC 1,162 14.3 35.4 19.1 - 2.4 468 4.3 13.3 8.5
Source: Bloomberg, NCBC ResearchAll prices as of 19 May, 2013, * On a TTM basisNC: Not Covered
Exhibits 17 and 18 capture the current valuation of Saudi cement companies.
Exhibit 17: EV per ton vs. EBITDA margin
Yamama CementSaudi Cement
Eastern Cement
Qassim Cement
Yanbu Cement
Arabian Cement*
Southern Cement
Tabuk Cement*
Najran Cement
200
250
300
350
400
450
500
550
600
650
700
40% 50% 60% 70% 80%
Size of the bubbleindicates M-Cap
EV/Ton(USD)-2013E
EBITDA Margin - 2013E
Dotted lines representindustry averages
Source: NCBC Research, * is on TTM basis
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Exhibit 18: P/E vs. ROE
Yamama Cement
Saudi Cement
Eastern Cement
Qassim CementYanbu Cement
Arabian Cement*
Southern Cement
Tabuk Cement*
Najran Cement
0
10
20
30
40
50
7 9 11 13 15 17 19
Size of the bubbleindicates M-Cap
ROE(%)-2013E
P/E - 2013E
Dotted lines representindustry averages
Source: NCBC Research, * is on TTM basis
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Appendices
Appendix 1- Cement Production and Sales
Exhibit 19: Cement production and KSA sales000 tons
% chg % chg (Jan-Apr) % chg
Description Apr-13
Apr-12 YoY Mar-13 MoM 2013 2012 Apr-13
ProductionCement 5,332 4,705 13.3 5,648 (5.6) 20,969 19,016 10.3Clinker 3,961 4,140 (4.3) 4,783 (17.2) 17,072 15,410 10.8Domestic SalesCement 5,343 4,683 14.1 5,450 (2.0) 20,906 18,769 11.4Clinker 58 144 (59.7) 5 NA 71 301 (76.4)Company-wise Cement ProductionYamama Cement 677 606 11.7 691 (2.0) 2,628 2,525 4.1Saudi Cement 856 818 4.6 941 (9.0) 3,305 3,294 0.3Eastern Cement 260 296 (12.2) 284 (8.5) 1,142 1,251 (8.7)Qassim Cement 388 379 2.4 396 (2.0) 1,540 1,502 2.5Yanbu Cement 620 532 16.5 632 (1.9) 2,448 1,743 40.4Arabian Cement 380 375 1.3 452 (15.9) 1,503 1,546 (2.8)Southern Cement 699 649 7.7 684 2.2 2,712 2,596 4.5Tabuk Cement 127 143 (11.2) 142 (10.6) 561 561 0.0Riyadh Cement 325 322 0.9 356 (8.7) 1,322 1,350 (2.1)Najran Cement 257 182 41.2 323 (20.4) 1,142 917 24.5City Cement 177 180 (1.7) 165 7.3 607 760 (20.1)Northern Cement 228 115 98.3 211 8.1 756 448 68.8Aljouf Cement 168 108 55.6 190 (11.6) 635 523 21.4Company-wise Domestic Sales
Yamama Cement 644 578 11.4 687 (6.3) 2,624 2,513 4.4Saudi Cement 851 746 14.1 856 (0.6) 3,290 3,138 4.8Eastern Cement 256 285 (10.2) 267 (4.1) 1,116 1,199 (6.9)
Qassim Cement 395 384 2.9 399 (1.0) 1,551 1,511 2.6Yanbu Cement 630 547 15.2 627 0.5 2,445 1,736 40.8Arabian Cement 392 394 (0.5) 433 (9.5) 1,517 1,560 (2.8)Southern Cement 712 663 7.4 682 4.4 2,728 2,607 4.6Tabuk Cement 139 144 (3.5) 139 0.0 573 556 3.1Riyadh Cement 259 202 28.2 304 (14.8) 1,277 1,353 (5.6)Najran Cement 182 191 (4.7) 168 8.3 1,155 936 23.4City Cement 237 97 144.3 203 16.7 592 752 (21.3)Northern Cement 160 115 39.1 170 (5.9) 768 410 87.3Aljouf Cement 315 337 (6.5) 340 (7.4) 608 498 22.1
Source: Yamama Cement, NCBC Research
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Appendix 2 - Chart gallery Company data
Yamama Cement (YSCC)
Exhibit 20: Production and sales Exhibit 21: Inventory Cement and clinker
000 tons 000 tons
0
100
200
300
400
500
600
700
800
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
200
400
600
800
1,000
1,200
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Saudi Cement (SCC)
Exhibit 22: Production and sales Exhibit 23: Inventory Cement and clinker
000 tons 000 tons
300
450
600
750
900
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
600
1,200
1,800
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Eastern Province Cement (EPCC)
Exhibit 24: Production and sales Exhibit 25: Inventory Cement and clinker
000 tons 000 tons
100
150
200
250
300
350
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Produc tion Domestic Sales - Cement
0
150
300
450
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
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Qassim Cement (QCC)
Exhibit 26: Production and sales Exhibit 27: Inventory Cement and clinker
000 tons 000 tons
0
100
200
300
400
500
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
100
200
300
400
500
600
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Yanbu Cement (YCC)Exhibit 28: Production and sales Exhibit 29: Inventory Cement and clinker
000 tons 000 tons
0
100
200
300
400
500
600
700
800
900
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
100
200
300
400
500
600
700
800
900
A
pr-12
M
ay-12
J
un-12
Jul-12
A
ug-12
S
ep-12
O
ct-12
N
ov-12
D
ec-12
J
an-13
F
eb-13
M
ar-13
A
pr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Arabian Cement (ACC)
Exhibit 30: Production and sales Exhibit 31: Inventory Cement and clinker
000 tons 000 tons
100
150
200250
300
350
400
450
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
70
140
210
280
350
420
490
560
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
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Southern Province Cement (SPCC)
Exhibit 32: Production and sales Exhibit 33: Inventory Cement and clinker
000 tons 000 tons
200
300
400
500
600
700
800
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
200
400
600
800
1,000
1,2001,400
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Tabuk Cement (TCC)Exhibit 34: Production and sales Exhibit 35: Inventory Cement and clinker
000 tons 000 tons
50
75
100
125
150
175
A
pr-12
M
ay-12
J
un-12
Jul-12
A
ug-12
S
ep-12
O
ct-12
N
ov-12
D
ec-12
J
an-13
F
eb-13
M
ar-13
A
pr-13
Clinker Production Domestic Sales - Cement
0
50
100
150
200
250
300
350
400
A
pr-12
M
ay-12
J
un-12
Jul-12
A
ug-12
S
ep-12
O
ct-12
N
ov-12
D
ec-12
J
an-13
F
eb-13
M
ar-13
A
pr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Al Jouf Cement (JCC)
Exhibit 36: Production and sales Exhibit 37: Inventory Cement and clinker
000 tons 000 tons
0
40
80
120
160
200
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
140
280
420
560
700
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
-
8/22/2019 Ksa Cement Monthly Review - May 2013
13/14
KSA CEMENT MONTHLY NCB CAPITAL
MAY 2013
13
Najran Cement (NAJC)
Exhibit 38: Production and sales Exhibit 39: Inventory Cement and clinker
000 tons 000 tons
0
40
80
120
160
200
240
280
320360
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
140
280
420
560
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
City Cement (TCC)Exhibit 40: Production and sales Exhibit 41: Inventory Cement and clinker
000 tons 000 tons
0
40
80
120
160
200
240
Apr-12
May
-12
Jun
-12
Jul-12
Aug
-12
Sep
-12
Oct-12
Nov
-12
Dec
-12
Jan
-13
Feb
-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
125
250
375
500
625
Apr-12
May
-12
Jun
-12
Ju
l-12
Aug
-12
Sep
-12
Oct-12
Nov
-12
Dec
-12
Jan
-13
Feb
-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
Northern Cement (NRCC)
Exhibit 42: Production and sales Exhibit 43: Inventory Cement and clinker
000 tons 000 tons
0
50
100
150
200
250
300
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Production Domestic Sales - Cement
0
140
280
420
560
700
840
980
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
Clinker Stock Cement Stock
Source: Yamama Cement, NCBC Research Source: Yamama Cement, NCBC Research
-
8/22/2019 Ksa Cement Monthly Review - May 2013
14/14
KSA CEMENT MONTHLY NCB CAPITAL
MAY 2013
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OVERWEIGHT: Target price represents expected returns in excess of 15% in the next 12 months
NEUTRAL: Target price represents expected returns between -10% and +15% in the next 12 months
UNDERWEIGHT:
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CS:
Coverage Suspended. NCBC has suspended coverage of this company
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