of Saudi Arabia’s National Commercial Bank and Samba Financial, the government owns stakes in both parties. Given Qatari state entities own 47% of Al Khalij but only 25% of Al Rayan, it’s perhaps unsurprising that the former is getting a 67% premium relative to its undisturbed share price in June. In the same period, Qatar National Bank shares are up less than 10%.
The stern blast from the world’s biggest investor is the latest blow to Top Glove’s shares, down 39% from an October high as investorsto post-pandemic recovery trades. A recently announced dividend hike had halted the slide, but BlackRock’s highlighting of safety issues harks back to 2018, when Top Glove was placed on a United Nations watchlist over suspected use of forced labour and excessive working hours. Strong earnings may not counter this reputational hit.
The first takeaway is that chip demand is holding up very well despite the economic damage of Covid-19: STM’s quarterly revenue in the same period a year earlier was just $2.75 billion. The second lesson is that investors may have to reassess the discount they assign to Chery’s group. STM is valued at 24 times 2022 earnings, using median Refinitiv forecasts, compared with 28 on average for peers Infineon Technologies and ASM International.
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