Almarai’s BoD approved yesterday a new five-year plan for 2017-21e to reflect recent regional economic developments as well as the KSA Vision 2030. The plan entails a five-year capex programme of SAR14.5bn (cSAR2.9bn/year), mainly to increase manufacturing and farming capacities, distribution investments, as well as grow geographically to achieve a sales revenue CAGR of 10% over the period. The capex will be financed via a combination of operating cash flows and debt (bank & SIDF funding as well as sukuk). The plan will see the company continue to build on its strength in its core businesses, as well as improve returns in poultry, infant formula and IDJ (Egypt and Jordan dairy and juice businesses). It also entails a focus on operating cost control and creating an additional 4,500 jobs for Saudi nationals (out of which 20% are female). The new plan indicates that the company is reducing spending in anticipation of slowing growth as it effectively replaces its recently-started SAR21bn programme over 2016-20e (SAR4.2bn/year) to achieve a top-line of SAR25bn by 2020e (c12% CAGR). Our numbers currently factor in capex of SAR17.5bn over 2017-21e and a revenue CAGR of 12% over the period. (Company disclosure, Nada Amin, Hatem Alaa )   Almarai: SAR55.00 as of 08 June 2016, Rating: Neutral, FV: SAR48.75 per share, MCap: USD11,733 million, ALMARAI AB / 2280.SE