Value Quest Among Pricey Saudi Stocks Leads Some to Mouwasat - Bloomberg:
Saudi Arabian stocks are becoming pricier as the country heads for inclusion in major emerging-market benchmarks. But analysts believe they have spotted a bargain that may have been overlooked by many investors.
Mouwasat Medical Services Co., a health-care provider with a market value of about 7.6 billion riyals ($2 billion), is seen as an attractively valued and fundamentally interesting bet by firms ranging from Morgan Stanley to EFG Hermes Holding. Proponents say it stands out in an industry struggling with squeezed margins amid an exodus of expatriate employees following Crown Prince Mohammed bin Salman’s imposition of levies on foreign workers in 2018.
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