英文【高盛】2025年第一季度回顾健康的同比盈利势头；我们维持评级

Saudi TMT: Buy-rated on Mobily, stc Solutions and Elm Within Saudi Arabia, our recent discussions with investors have been mostly focused on (1) revenue growth momentum in the consumer and ICT space, and the sustainability of digitization spending; (2) capital allocation as operators seek to balance between investments, dividends and M&A; and (3) outlook for operational margins as the revenue mix continues to shift towards higher-growth, lower-margin segments. For telcos, we are Buy rated on Mobily as we see a relatively compelling growth/margin story vs. peers, and see room for dividend growth (which we believe will be a key focus point for investors in 2Q25). We are Neutral rated on stc, and remain Sell rated on Zain KSA as we are cautious on margins/growing receivables post 1Q25 and the above-average leverage levels vs. peers. We continue to like the digitization names, with stc Solutions in our view screening attractively at current valuation levels (c.25% discount to history) while backlog is supportive of FY revenue growth, while Elm is well-positioned to capitalize on tailwinds beyond digitization spending, including population growth and higher business activity. GCC-Saudi TMT: We see catalysts for Buy-rated Zain Kuwait Outside Saudi, we are Buy-rated on Zain Kuwait, with multiple catalysts for stock performance in mind, including (1) continued recovery in Sudan, (2) potential data price-ups in Kuwait, and (3) lower interest rates/one-off benefits lifting EPS for the year. We remain Neutral-rated on Etisalat on limited catalysts vs. other players in the region. Heading into 2Q25 Into 2Q25, we see GCC TMT names building on the yoy growth momentum reported in 1Q, supported by population growth (Saudi/Hajj season; UAE), consolidation impact (e&, Elm) and growth in international markets (Zain Kuwait). We believe the TMT space continues to offer defensive exposure with relatively visible growth and healthy returns amidst broader macro uncertainties. Faisal AlAzmeh, CFA +971(4)376-3476 | faisal.alazmeh@gs.com Goldman Sachs International Dalal Darwich +971(4)376-3411 | dalal.darwich@gs.com Goldman Sachs International Waleed Jimma +971(4)376-3409 | waleed.jimma@gs.com Goldman Sachs International Swarnilee Patra +1(332)245-7700 | swarnilee.patra@gs.com Goldman Sachs India SPLGCC TMT 1Q25 recap: Healthy yoy earnings momentum; we maintain our ratings19 May 2025 | 8:26AM GST Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. Buy-rated names: Key cat