SABIC - Large earnings beat

SABIC – Large earnings beat highlights deflated consensus
· Earnings beat on the back of strong volume and pricing gains
· Annualizing seasonally weak Q4’09 net income puts one above consensus without
even factoring in volume gains from Sharq, Yansab and normal operations at SAFCO
· We rate SABIC shares Overweight with a SAR110 target pricefull article available after login

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