02:45 AM EST, 11/11/2026 (MT Newswires) -- BofA Global Research highlighted BinDawood Holding's (SASE:4161) "superior" execution after the Tadawul-listed grocery retailer posted better-than-expected third-quarter results. "Q3 performance validated our bullish view on BinDawood's core grocery business. The release cites increased footfall, net footprint +5 stores YTD (including the first three BinDawood-branded stores in Riyadh), and stock availability (which peer Savola [SASE:2050] cited as the key challenge to its Q3 performance). We also continue to believe BinDawood's tech and food manufacturing businesses are synergistic with grocery. The release cites targeted customer engagement, facilitated by data analytics provided by BinDawood's tech subsidiaries, as a driver of grocery sales growth," analysts said Tuesday. For the three months ended Sept. 30, BinDawood reported a 12% year-over-year increase in revenue to 1.72 billion Saudi riyals. The research firm noted the result surpassed BofA's and consensus forecasts by 11% and 2%, respectively, in a "usually soft" season. Against this backdrop, BofA reiterated its buy rating on the stock, with a price objective of 5.40 riyals.

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