Shory, Competition and the Moat: What Management Says

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Shory, Competition and the Moat: What Management Says

Saudi Arabia | Insurance

Rasan EquityJulyResearch13, 2026

FLASH NOTEShory, Competition and the Moat: What

RATING BUYManagement Says

PRICE SAR135.00^

We spoke with Rasan mgmt. in light of recent investor concerns on Shory to

get a fresh look at competition. While new entrants may generate headline PRICE TARGET | % TO PT SAR180.00 | +33%

attention, mgmt. believes Tameeni's moat is rooted in a mix of proprietary 52W HIGH-LOW SAR159.60 - SAR82.20

API infrastructure, technology, and a trusted brand built over years. Mgmt. FLOAT (%) | ADV MM (USD) 42.3% | 57.33

thinks these strengths are difficult to replicate quickly, with industry economics MARKET CAP SAR10.5B | $2.8B

increasingly favouring a winner-takes-most market structure. TICKER RASAN AB ^Prior trading day's closing price unless otherwise

noted.

Is Shory a Threat? While we stressed competition is centred in motor retail (42% of 2026e topline),

mgmt. added that roughly 25% only of Tameeni Motor revenues stems from TPL, with the remainder

coming from VAS and comprehensive. Competition is not new as several traditional brokers,

including Concord, Almamoon, Diamond and Eltizam, have activated aggregation licences in recent

years, yet their market shares remain negligible. Tameeni's share widened from the low-40s at IPO

to the high-60s today, with no evidence of share loss despite recent competitive noise, according

to mgmt. Rasan integrated with Tawakkalna within 48H, signalling its robust standing with local

stakeholders. Mgmt. views the platform's limited daily active users and use cases as unlikely to

materially alter competitive dynamics.

What Is Tameeni Motor's Moat? Mgmt. highlighted three key factors: