Market research reports detail the analysis, opinions, and estimates of research department of Alinma Capital on selected stocks, sectors and macroeconomic developments with the primary objective of enabling clients to make informed and timely investment decisions.
Ticker Research Name Research Date Downloads
2223 Saudi Aramco Base Oil Company (Luberef) 07-11-2024 Download
4261 Theeb Rent a Car Company 08-08-2024 Download
- Budget Statement 2025: Staying the (growth) Course! 11-12-2024 Download
- KSA 1Q 2025 Budget Performance Report  08-05-2025 Download
4261  Theeb Rent a Car Company Q1 2025 19-05-2025 Download
2223  Saudi Aramco Base Oil Company (Luberef) 21-05-2025 Download
4321 Cenomi Centers 20-07-2025 Download
 -  KSA 2Q2025 Budget Performance Report 05-08-2025 Download
2223  Saudi Aramco Base Oil Company (Luberef) 07-08-2025 Download
 4194  Marketing Home Group for Trading Company (Build Station) 02-09-2025 Download
4100   Makkah Construction & Development (MCDC) 21-09-2025 Download
 KSA pre-budget 2026-A balancing act between growth & fiscal consolidation 02-10-2025 Download
4325   Umm Al Qura For Development & Construction Company (Masar).  15-10-2025 Download
4100   Makkah Construction & Development Company  09-11-2025 Download
-  Oct-25: Demand exhibited continued strong momentum 11-11-2025 Download
 4325  Masar: Accelerated progress on land sale; retain Neutral rating  17-11-2025 Download
2223  Luberef: Strong earnings delivery in 3Q, optimism on projects remains; Buy 20-11-2025 Download
 2223   Luberef: Major milestone achieved of securing feedstock; Reiterate Buy 07-12-2025 Download
-  KSA Cement Nov-25: Another stellar month for sales; underperformance increased 10-12-2025 Download
4321  Cenomi Centers: Latest developments strengthen the investment case; Buy (TP: SAR25.6) 11-12-2025 Download
4262  Lumi Rental Company: Twin drags set to wear off; double-digit EPS growth, +ve FCF seen  22-01-2026 Download
2223  Luberef: Ended 2025 on a strong note, major developments seen in 2026 11-02-2026 Download
-  KSA Cement Jan-2026: Good start to a new year; 4Q25 results in focus 11-12-2025 Download
4020  Al Akaria: Investment case intact despite drag from latest regulations 16-03-2026 Download
2223  Luberef: By-product spreads pose material earnings upside 06-04-2026 Download
 - Mar-2026: Export sales recovered; local sales expectedly dragged 16-04-2026 Download
 4100 MCDC: Rating lifted on increased visibility on new project; (TP: SAR97)  20-04-2026 Download
4020 Al Akaria: Estimates revised; investment case remains strong (Buy, TP: SAR22.0)  30-04-2026 Download
 -  KSA Cement Apr-2026: Total sales recover; export momentum accelerates 10-05-2026 Download
 2223  Luberef: Firing on all cylinders  (TP: SAR143)  14-05-2026 Download
 May-26: Demand softened but remains above historical average levels 11-06-2026 Download
 4261  Theeb: Estimates cut; Buy maintained 23-06-2026 Download
 3092  Riyadh Cement: Diversified product mix & cost efficiency initiatives to sustain margins  25-06-2026 Download
   June-26: Local sales rebounded; exports remained a drag  09-07-2026 Download
4250   Jabal Omar: Transformation set to unlock value in the Makkah’s prime assets; Buy 15-07-2026  Download
2223   Luberef: Revaluation losses take the shine off otherwise a strong earnings delivery (Buy) 05-08-2026  Download
3092   Riyadh Cement: Diversification paying off; focus on cost efficiency to deliver margin resilience  10-08-2026 Download
   KSA Cement July-26: Local sales accelerates; exports rebounds  13-08-2026 Download
4100   MCDC: Estimates lifted on solid 1H26 earnings & clarity on renovation plan; Buy 20-08-2026  Download
 4250  Jabal Omar: Solid delivery in 1H26; clarity on two key issues emerged; estimated lifted 26-08-2026  Download