Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price3.37 USD
Fair value1.04
Our investment reviews on this name
2026-07-02Read Markdown3.64-7.4% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Thob Al Aseel Company holds its Markdown at $3.37. Elevated stress, defensive posture warranted, held for 34 days.
As held on the ledger · 2026-09-23
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 34 days
Price at the screen
$3.37
Valuation
12.48 trailing · N/A forward price to earnings
Values screen
FAIL
Beta
0.36
The Workings
Five Screens, Shown in Full
Does not pass. Accounts receivable
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
4.38%
Below 33%
Interest-bearing debt is just 4.4% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
0.05%
Below 33%
Cash held in interest-bearing accounts and securities is 0.1% of assets, under the one-third limit.
Pass
Receivables
51.43%
Below 49%
Money owed to the company is 51.4% of assets, above the 49% limit.
Fail
Revenue purity
1.79%
Below 5%
Only 1.8% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Thob Al Aseel's business is fine, but its receivables are about 51% of its assets, just over the ~49% line, so it does not pass on the financial screens.
Read as at 2026-10-07. It updates when the underlying figures move, and past reads are kept below.
What the Numbers Say It Is Worth
The Fair Value Range
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Saudi Arabia and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
4012.SR trades on SAU (the company is based in Saudi Arabia). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown$3.37-3.4%Entry 8
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-09-18Markdown$3.49+1.5%Entry 7
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 1.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-08-19Markdown$3.44-5.5%Entry 6
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-07-19Markdown$3.640.0%Entry 5
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-07-18Markdown$3.64+0.0%Entry 4
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 10%.
2026-07-15Markdown$3.64+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-03Markdown$3.64+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Markdown$3.64Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
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