Saudi Arabia’s second-biggest developer by market value had its share-price estimate cut to SR10.1
Dar Al Arkan Real
Estate Development Co, Saudi Arabia’s second-biggest developer by market value,
had its share-price estimate cut 32 percent to SR10.1 by Credit Suisse
Ahmed Badr and
Vincent Resillot, equity research analysts at Credit Suisse, maintained their
“neutral” recommendation on the stock, according to a report dated February 15.
They had a price estimate for the shares of SR14.77.
The cut was “due to
declining land sales volumes as well as funding concerns for development
projects, which could lead to a delay in execution and hence a delay in sales,”
the analysts wrote.
“Dar Al Arkan is not
able to capture the current housing demand in Saudi Arabia.”