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Wed 16 Feb 2011 12:13 PM

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Dar Al Arkan share-price estimate cut 32% at Credit Suisse

Saudi Arabia’s second-biggest developer by market value had its share-price estimate cut to SR10.1

Dar Al Arkan share-price estimate cut 32% at Credit Suisse
ESTIMATE CUT: Dar Al Arkan Real Estate Development Co had its share-price estimate cut 32 percent to SR10.1 by Credit Suisse Group (Getty Images)

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
Group.

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.”

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