Saudi Stock Recommendations: Seven Shares and Earnings Catalysts to Watch

Riyadh — Updated 18 October 2026

Saudi equities face an earnings test as research houses identify selective opportunities against uneven margins and cost pressures. October recommendations show why a positive sector view does not imply an equally positive assessment of every company.

Dated recommendations and price targets

The table uses dated entries in Argaam’s research-house records. Targets reflect the respective reports, rather than current share prices. Potential returns have therefore not been calculated using historical reference prices.

What could encourage investors?

Bank earnings growth: Aljazira Capital’s 7 October report forecast Q3 profit of SAR 6,825.9 million for Al Rajhi, SAR 1,709.7 million for Alinma and SAR 800.7 million for Bank Albilad. The respective year-on-year increases were 7%, 7% and 5%. These are report forecasts to compare with actual results.

Company selection: BSF Capital’s move to Buy on Almarai alongside Hold ratings replacing Buy on SADAFCO and Tanmiah illustrates differentiation within food production. A gap to a price target does not, by itself, make companies’ risks equivalent.

Earnings quality: Market News’ analytical focus is on lower operating and shipping costs, stronger collections and cash flow, and the conversion of sales growth into better margins. These are potential catalysts to monitor, rather than confirmed improvements across all companies.

Where expectations will be tested

Aljazira Capital forecast Q3 losses of SAR 30.5 million for Flynas and SAR 14.6 million for Saudi Ground Services, while ANB Capital’s differently dated records carried Overweight ratings. Different horizons and assumptions make report context essential.

NADEC’s actual Q3 profit fell to SAR 30.4 million despite 7.8% sales growth. Its results reinforce the distinction between expanding revenue and improving profitability.

اقرأ النسخة العربية