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					                     RESEARCH                                                                                         GCC
                                                                                                                 EQUITY REPORT

Aldar Properties (ALDR.AU)                                                                                              NEUTRAL
                                                          Quarterly Update
CMP                                   AED 2.38
Target                                AED 2.59
Upside                                   8.8%             •       Aldar Properties (Aldar) reported a 45.2% YoY decline in total revenues to
                                                                  AED 932 million during 9M10 from AED 1,703 million in 9M09.
                                                          •       Net loss was AED 1,521 million, as opposed to a net profit of AED 1,413
MSCI GCC Index                             425.24                 million in the prior year period.
Abu Dhabi Securities Exchange            2,752.33         •       We have revised our 2010E sales estimate downwards by 10.9%, factoring
                                                                  in 9M10 performance. In tandem, we are anticipating a net loss of AED
                                                                  1,299 million for 2010.
Key Stock Data
                                                          •       Accordingly, we are revising our OVERWEIGHT recommendation to
Sector               Real estate & Construction                   NEUTRAL with a revised target price of AED 2.59, implying an upside of
Reuters Code                         ALDR.AD                      8.8%.
Bloomberg Code               ALDAR UH Equity
Net Out. Shares (bn)                     2.578
                                                           Overview
Market Cap (AED bn)                       6.135
Market Cap (USD bn)                      1.671
Avg. 12m Vol. (mn)                      13.661                AED Million             2008A       2009A        2010E       2011E        2012E
Volatility (30 day)                     34.075                Revenue                  4,978       1,979        2,575       4,120        5,297
Volatility (180 day)                    36.199                EBITDA                   3,316        881          -553        964         1,099
                                                              EBITDA Margin           66.6%       44.5%        -21.5%      23.4%        20.7%
                                                              Net Profit               3,447       1,007       -1,299        223          289
Stock Performance (%)
                                                              Net Profit Margin       69.2%       50.9%        -50.4%       5.4%         5.4%
52 week high / low (AED)               5.13 / 2.05
                                                              Adjusted EPS (AED)        1.34        0.39        -0.50        0.09         0.11
                   1M            3M        12M                Total Assets            49,767      66,060       64,441      68,716       75,708
 Absolute          3.9        -4.0         -54.2              RoAE                    29.1%        6.2%         -8.2%       1.3%         1.5%

 Relative          3.5        -6.4         -53.8
                                                          Revenue
                                                          Total revenues for 9M10 declined 45.2% YoY to AED 932 million, compared to AED
                                                          1,703 million during the same period last year, as property sales slumped. Revenues
 Shareholding Pattern                       (%)
                                                          from the core business Property & Development Sales plunged 70.0% to AED 463
 Government                                25.46          million from AED 1,544 million, as the segment’s contribution towards total revenues
 Corporate and other Investors             19.54          dropped to 49.7% from 90.7% during the year-ago period. However, revenue from
                                                          commercial and hotel operations is on a steady increase. Revenue from the Hotels
 Public                                    55.00
                                                          segment was AED 181 million and that from the Investment Property Portfolio stood at
                                                          AED 222 million. Revenue from the School segment was AED 60 million, up 73.0%
                                                          from AED 35 million during the same period last. The Leisure segment’s revenue
 Aldar and ADX Index                                      increased multi-fold to AED 6 million, reflecting the company’s strong impetus for
                                                          diversifying revenue sources.

                                                          Expenses
                                                          Direct costs declined 38.6% to AED 785 million from AED 1,278 million in 9M09,
                                                          although increasing as a percentage of revenue by 916 bps to 84.2% from 75.1%
                                                          during 9M09. Furthermore, finance costs jumped more than two-fold to AED 617
                                                          million from AED 280 million. General and administrative expenses scaled up 91.7% to
                                                          AED 1,230 million, while selling and marketing expenses dropped 43.5% to AED 47
                                                          million.




                                                   Call us on +973 17549499 or email us at research@taib.com
                                                                                                                      TAIB RESEARCH 



Profitability
Gross profit was down 65.3% to AED 147 million. Accordingly gross margin plunged 916 bps to 15.8% from 24.9%, because of
higher declines in revenues vis-à-vis direct costs. Net loss was AED 1,521 million during 9M10, as opposed to a net profit of AED
1,413 million during 9M09, primarily due to higher expenses and lower income.


Peer Comparison

For peer comparison, we have considered comparable companies in the real estate sector in the UAE such as Union Properties
(UPP) and Emaar Properties (Emaar).


                                Financial Performance of Comparable Companies in Real Estate sector
                                                       UPP                         EMAAR                          Aldar
                                                   2009          9M10            2009          9M10            2009          9M10
  (AED Million)
  Sales                                            4,392         2,103          8,413          8,320          1,979            932
  YoY change                                      20.7%         -34.4%         -21.5%         53.2%          -60.2%         -45.2%
  EBITDA                                            656            317          3,056          2,541            881           -787
  YoY change                                     110.9%         -19.5%         -19.3%         32.6%          -73.4%            NA
  Net Profit                                        -498          -751            327          2,175          1,007         -1,521
  YoY change                                         NA            NA          97.7%             NA          -70.8%            NA
  Total Assets                                    17,465        15,947         64,145         62,933         66,060         59,223
  YoY change                                       -9.1%        -10.1%          -3.8%          -1.8%         32.7%          -10.8%
  Shareholders' Equity                             5,485         4,735         28,677         30,804         16,481         14,810
  YoY change                                       -8.3%        -15.9%           2.0%         10.4%           2.8%          -14.0%


  Ratios:
  Operating Profit Margin                         14.0%          14.0%         27.8%          24.1%          39.8%             NA
  EBITDA Margin                                   14.9%          15.1%         36.3%          30.5%          44.5%             NA
  Net Profit Margin                               -11.3%        -35.7%           3.9%         26.1%          50.9%             NA
  RoAA                                             -2.7%        -6.0%*           0.5%          4.6%*          1.7%         -12.7%*
  RoAE                                             -8.7%       -19.6%*           1.2%          9.8%*          6.2%         -13.0%*


  Market Indicators:
  Adj. EPS (AED)                                   -0.15         -0.25*          0.05          0.48*           0.39          -0.79*
  P/E (x)                                          -2.57          -1.52         66.25           7.48           6.09          -3.03
  Adj. BVPS (AED)                                   1.63          1.41           4.71           5.06           6.39           7.59
  P/BV (x)                                          0.23          0.27           0.76           0.70           0.37           0.31
  Current Market Capitalization (AED Million)      1,279         1,279         21,685         21,685          6,135          6,135

*Annualised
                                                                                                                      TAIB RESEARCH 



New Projects and Updates
During September 2010, Aldar began deliveries at its Al Bandar residential project, located within the multi-billion dirham Al Raha
Beach development.


Risks and Concerns to Valuation:

          We expect the property market to recover during 2011, but an extended downturn could have a negative impact on the
          company.
          The continued slowdown in the property market is delaying new project launches and completion, which could have a
          material impact on the company’s overall performance.



Valuation Methodology:

We have used the DCF valuation method to arrive at the fair value of Aldar, as explained below:

   Assumptions:

           (i) Risk free Rate (Rf) of 3.19%, equivalent to 12-months average yield on a 10-year US T-bill;
           (ii) Levered Beta of 1.71;
           (iii) Terminal growth rate of 2.0%

  Based on the above and using the Capital Asset Pricing Model (CAPM), we have arrived at a Cost of Equity of 12.40% and a
  WACC of 4.91%.

  DCF Calculation

                                                  DCF Valuation (FCFF Model)
   (in AED Million)                                               2010E*        2011E         2012E          2013E        2014E
   NOPAT                                                             201           549            663          810         1,163
   Add: Depreciation and Amortisation                                 22           415            436          458           482
   Less: Capex                                                       839           659            821          883           959
   Less: Change in Net Working Capital                              -209          -435         -1596           -174          259
   Operating Free Cash Flows to Firm (OFCFF)                        -408           739         1,874           559           427
   Add: Non-Operating Cash Flows (After Tax Non-Operating
   Income)                                                           230           382            385          493           386
   Free Cash Flow to Firm (FCFF)                                    -177         1,121         2,259          1,052          813
   WACC (Ko)                                                       4.91%         4.91%        4.91%          4.91%        4.91%
   Present Value / Discount Factor @                              0.9881        0.9418        0.8978         0.8557       0.8157
   Long-Term Growth Rate (g)                                                                                              2.00%
   Terminal Multiple                                                                                                       35.04
   Nominal Terminal Value                                                                                                 28,490
   Present Value of Free Cash Flows                                 -175         1,056         2,028           900           663
 * 2010E excludes 9M10A
                                                                                                                TAIB RESEARCH 



                                    Calculation of Equity Value and Fair Value Per Share

        NPV of Free Cash Flows (during Explicit Forecast Period)                                            4,472
        Terminal Value:
        Residual Cash Flow (FCFF of 2014E)                                                                   813
                 WACC                                                                  4.91%
                 Long-Term/Terminal Growth Rate (g)                                    2.00%
        Divided by Capitalization Rate (WACC - g)                                                          2.91%
        Equals Nominal Terminal Value                                                                      28,490
                 Implied Multiple of 2014E EBITDA                                                           17.31


        Times PV/ Discount Factor                                                                            0.82
        Present Value of Terminal/Residual Value                                                           23,239
        Enterprise Value                                                                                   27,711
                 Implied Multiple of 2014E EBITDA                                                           16.84
        Less: Market Value of Long-term Debts                                                              21,035
        Less: Minority Interest                                                                              0.11
        Equity Value                                                                                        6,676
        Net shares outstanding (in Million)                                                                 2,578
        Fair Value Per Share (AED)                                                                           2.59

        *figures in AED Million unless specified




Sensitivity Analysis

The following tables present a sensitivity analysis and indicate the probable nominal terminal value, discounted terminal value
and enterprise value, given different growth rate and WACC assumptions. The shaded areas represent the most probable
outcomes.

                                      Sensitivity Analysis of Nominal Terminal Value (AED Million)
                                                                   Long-Term Growth Rate
                   Discount Factor            1.00%       1.50%           2.00%             2.50%            3.00%
                        3.91%                 28,211      34,231          43,402            59,074          91,955
                        4.41%                 24,075      28,351          34,400            43,615          59,362
                        4.91%                 20,997      24,195          28,490            34,568          43,827
                        5.41%                 18,617      21,101          24,314            28,630          34,737
                        5.91%                 16,721      18,709          21,205            24,433          28,770

                                     Sensitivity Analysis of Discounted Terminal Value (AED Million)
                                                                   Long-Term Growth Rate
                   Discount Factor            1.00%       1.50%           2.00%             2.50%            3.00%
                        3.91%                 23,967      29,081          36,873            50,187          78,121
                        4.41%                 20,040      23,599          28,635            36,305          49,413
                        4.91%                 17,127      19,735          23,239            28,197          35,749
                        5.41%                 14,882      16,867          19,435            22,886          27,767
                        5.91%                 13,100      14,657          16,613            19,142          22,539
                                                                                                                       TAIB RESEARCH 



                                            Sensitivity Analysis of Enterprise Value (AED Million)
                                                                        Long-Term Growth Rate
                      Discount Factor         1.00%            1.50%            2.00%            2.50%             3.00%
                           3.91%             28,552            33,666           41,457           54,771           82,706
                           4.41%             24,568            28,127           33,162           40,833           53,941
                           4.91%             21,599            24,207           27,711           32,669           40,221
                           5.41%             19,299            21,285           23,853           27,303           32,185
                           5.91%             17,464            19,021           20,977           23,505           26,903



Investment Opinion

The UAE’s real estate market is showing signs of recovery, after witnessing a steep correction in 2009. The rental real estate
market is witnessing sharp declines as oversupply is undercutting market rates. Commercial/office rental rates recorded highest
declines as supply completely outstripped demand. Furthermore, the trend is expected to continue in the near term as new supply
enters the market. Villa and apartment rentals experienced a sharp fall, although the decline in villa rentals has been relatively low
compared to fall in that of apartments. Overall, the combination of economic downturn and oversupply continues toward pressurise
the UAE’s property market.

Aldar reported a 45.2% YoY decline in top-line during 9M10, primarily due to the drop in residential units/land sales, and delayed
delivery of properties during the period. However, the company has started handing over a number of its flagship projects such as
the Al Bandar residential development, Ferrari World Abu Dhabi theme park and the iconic HQ office building. To overcome the
tough economic times and the slowing down and cancellation of projects, Aldar is focusing on low-risk growth areas and strong
cash flow generating projects, like government-led infrastructure projects. Additionally the company is trying to diversify its revenue
stream by focusing on operational business segments. Moreover, various development projects scheduled for completion over the
next two years will start contributing to top-line.

On the other hand, Aldar has endured four consecutive quarterly losses due to poor land sales and delayed payments from
customers. The company reported a net loss of AED 1.52 billion during 9M10, compared to a net profit of AED 1.41 billion during
the same period last year. Recently, Standard and Poor’s Ratings Services downgraded its long-term corporate credit rating on
Aldar to ‘B’ from ‘BB-‘, and placed the 'B' long-term and 'B' short-term ratings on CreditWatch with negative implications. Therefore,
given the challenging real estate market conditions in Abu Dhabi, we hold a cautious outlook for the stock.

We had initiated Aldar on August 05, 2010 with an OVERWEIGHT recommendation (target price of AED 3.21 with a 39.8%
upside). Currently, the company’s stock is trading at a negative P/E multiple of 4.72x for 2010E earnings, and 27.56x on 2011E
earnings, while at a P/BV multiple of 0.41x and 0.31x on 2010E and 2011E BVPS, respectively. Meanwhile, the stock has lost
54.2% during the last 12 months, compared to a 0.8% loss registered by the Abu Dhabi Securities Exchange. Considering the
above factors, we have arrived at a target price of AED 2.59, implying an upside of 8.8% from the current price of AED 2.38 (as of
January 06, 2011). Accordingly, we are revising our earlier OVERWEIGHT rating to NEUTRAL on Aldar Properties.
                                                                                              TAIB RESEARCH 



Financial Statements

                                            Consolidated Income Statement
 (AED Million)                              2008A     2009A      9M09A      9M10A    2010E    2011E    2012E
 Revenue                                    4,978      1,979       1,703      932    2,575    4,120    5,297
 Direct cost                                -2,295     -1,537     -1,278     -785    -1,674   -2,637   -3,310
 Gross profit                               2,683        443        425       147      901    1,483    1,986


 Selling and marketing expenses              -154       -146         -83      -47     -129     -210     -275
 General and administrative expenses         -745      -1,377       -499     -857    -1,288   -1,442   -1,827
 Fair value gain on investment properties   1,533      1,961       1,453      -31      -38    1,132    1,216
 Depreciation                                 -25        -94        -143     -373     -406     -415     -436
 Operating income                           3,291        787       1,154    -1,160    -959      549      663


 EBITDA                                     3,316        881       1,297     -787     -553      964    1,099
 Finance costs                               -372       -262        -280     -617     -736     -708     -760
 Finance income                               472        456        383       225      309      242      201
 Other income                                   8        114        143        30       83      133      171
 Share of results of associated companies      47        -88         12         1        3        6       13
 Profit before tax                          3,447      1,007       1,413    -1,521   -1,299     223      289


 Profit for the year                        3,447      1,007       1,413    -1,521   -1,299     223      289
 Attributable to:
 Equity holders of the parent               3,447      1,007       1,413    -1,521   -1,299     223      289
                                                                                                  TAIB RESEARCH 


                                                   Consolidated Balance Sheet
(AED Million)                                  2008A       2009A      9M09A     9M10A    2010E    2011E    2012E
ASSETS
Non-current assets
Property, plant and equipment                   1,831      12,400       2,540   13,964   14,782   15,031   15,420
Intangible assets                                163          40         161       31       30       27       23
Investment properties                           5,149       7,532       6,937    7,557    7,550    8,682    9,898
Investment properties under development        15,804       7,116      28,669    7,823    7,928    8,562    9,076
Investment in associates and joint ventures      875         627         743      582      630      636      649
Available-for-sale financial assets               74         163         156      163      258      453      583
Trade and other receivables                     1,011       2,417       1,877    4,763    5,007    6,867    8,092
Other financial assets                            23          36          21        2        4        7        9
Total non-current assets                       24,930      30,331      41,103   34,885   36,190   40,265   43,749


Current assets
Development work-in-progress                    7,130      10,808       7,598   14,325   14,452   14,886   15,183
Trade and other receivables                     5,640      14,609       6,662    5,347    5,723    6,867    7,357
Cash and bank balances                         12,066      10,313      11,037    4,667    8,077    6,697    9,419
Total current assets                           24,837      35,730      25,297   24,338   28,251   28,450   31,959
Total asset                                    49,767      66,060      66,401   59,223   64,441   68,716   75,708


EQUITY AND LIABILITIES
Capital and reserves
Share capital                                   2,578       2,578       2,578    2,578    2,578    4,514    4,514
Share premium                                   3,823       3,823       3,823    3,823    3,823    9,775    9,775
Share issuance costs, net                         -80         -80         -80      -80      -80      -80      -80
Statutory reserve                                728         829         728      829      829      851      880
Hedging reserve                                  -647        -685        -676     -691     -691     -691     -691
Convertible bonds – equity component             181         181         181      181      181      181      181
Non-interest bearing convertible bonds          3,563       3,563       3,563    3,563    3,563       0        0
Retained earnings                               5,885       6,272       7,105    4,607    4,932    5,028    5,153
Attributable to equity holders of the parent
company                                        16,032      16,481      17,223   14,810   15,135   19,579   19,733
Non-controlling interest                         0.11        0.11        0.11     0.11     0.11     0.11     0.11
Total equity                                   16,032      16,481      17,223   14,810   15,136   19,579   19,733


Non-current liabilities
Convertible bonds – liability component         4,236       4,290       4,277    4,325    4,325       0        0
Non-convertible bonds                           3,739       8,311       8,308    8,318    8,318    8,327    8,337
Borrowings                                     11,954      21,400      19,986   10,469   13,198   21,050   22,569
Retentions payable                               938        1,438       1,545    1,351    2,117    3,612    4,063
Provision for end of service benefit              22          34          31       47       52       82      106
Security deposits                                  0          26          25       26       26       26       26
Other financial liabilities                      586         379         442       46      767     1,055    1,833
Total non-current liabilities                  21,474      35,877      34,613   24,582   28,802   34,153   36,934


Current liabilities
Advances from customers                         2,178       2,444       2,308    2,706    3,348    3,914    4,767
Borrowings                                      2,663       4,696       4,283   10,566   10,700    3,167    4,841
Trade and other payables                        7,419       6,562       7,973    6,386    6,456    7,902    9,433
Total current liabilities                      12,260      13,702      14,564   19,832   20,503   14,984   19,041
Total liabilities                              33,735      49,579      49,178   44,413   49,305   49,137   55,975
Total equity and liabilities                   49,767      66,060      66,401   59,223   64,441   68,716   75,708
                                                                                                          TAIB RESEARCH 



                                                     Consolidated Cash Flow Statement
(AED Million)                                        2008A       2009A      9M09A       9M10A    2010E    2011E    2012E
Cash flows from operating activities
Net profit for the year                               3,447       1,007         NA         NA    -1,299     223      289
Adjustments for:
Depreciation and amortisation                            25         94          NA         NA      406      415      436
Finance income                                         -472        -456         NA         NA     -309     -242     -201
Dividend income                                           -8         -8         NA         NA      -74        0        0
Finance costs                                           163        169          NA         NA      736      708      760
Profit on Islamic borrowings                            209         93          NA         NA        0        0        0
Amortisation of prepaid finance costs                     5         22          NA         NA        0        0        0
Fair value gain on investment properties              -1,533     -1,961         NA         NA       38    -1,132   -1,216
Share of loss/(profit) from associates and joint
ventures                                                 -47        88          NA         NA        -3       -6     -13
Project costs impairment and write-off                  311        526          NA         NA        0        0        0
Provision for impairment of trade receivables             0         78          NA         NA        0        0        0
Exchange losses/(gains)                                   0          4          NA         NA        0        0        0
Provision for end of service benefit, net                13         12          NA         NA       18       31       24
Cash from operations before working capital
changes:                                              2,112        -332         NA         NA     -488        -5      78
Changes in working capital
Increase in retentions payable                          625        501          NA         NA      852    1,496      451
Additions to development work in progress             -3,115     -1,359         NA         NA    -3,644    -434     -298
Decrease/(increase) in trade and other
receivables                                           -4,048       839          NA         NA    6,296    -3,004   -1,714
Increase in advances from customers                   1,496        292          NA         NA      904      567      853
(Decrease)/increase in trade and other payables       4,281        -965         NA         NA      283    1,734    2,308
Net cash from operating activities                    1,350      -1,025       -443      -2,995   4,201      354    1,679


Investing activities
Payments for purchases of property, plant and
equipment                                             -1,485       -837       -868      -1,102   -2,776    -659     -821
Payments for purchases of intangible assets            -109         -10         -10         -2       -2       0        0
Expenditures on investment properties under
development                                          -11,740    -14,537     -13,055     -1,981    -812     -634     -514
Payments for investment in associates and joint
ventures                                               -393          0           0          0        0        0        0
Payments for investment in available-for-sale
financial assets                                          -3         -9          -2         0      -68     -198     -131
Finance income received                                 555        587         532        320      309      242      201
Dividends received                                       74        110         110         74       74        0        0
Movement in term deposits with original
maturities above three months                         -6,283      1,210      2,186       3,431   3,431        0        0
Net cash used in investing activities                -19,385    -13,485     -11,106       732      149    -1,249   -1,265


Financing activities
Borrowing net of repayments                          17,378      15,653      9,300       1,298   -2,243     329    3,203
Repayment of obligation under finance lease              -17         0           0          0        0        0        0
Finance costs paid                                     -493        -907       -469       -808     -736     -708     -760
Distribution to convertible bond holders including
net proceed                                            -398        -428       -328        -299      35        0        0
Dividends paid                                         -232        -322       -322       -125     -195     -100     -130
Conversion costs paid                                    -18         0           0          0        0        0        0
Directors’ remuneration paid                             -18        -28         -28        -15     -15        -4       -5
Net cash from financing activities                   16,202      13,967     12,705         41    -3,163    -484    2,308
Net cash (used in)/ from continuing
operations                                            -1,833       -543      1,157      -2,222   1,188    -1,379   2,722
Cash and cash equivalents at beginning of
the period                                            5,059       3,226      4,863       2,683   2,683    3,870    2,491
Cash and cash equivalents at the end of the
period                                                3,226       2,683      6,019        460    3,870    2,491    5,213
                                                                                                TAIB RESEARCH 


Financial Ratios

                                                  2008A    2009A    9M09A    9M10A     2010E    2011E   2012E
 Activity Ratios:
 Debtors Turnover Ratio (x)                         1.25     0.20    0.37*     0.12*     0.25    0.65    0.74
 Creditors' Turnover Ratio (x)                      0.56     0.22    0.22*     0.16*     0.26    0.37    0.38
 Total Assets Turnover Ratio (x)                    0.14     0.03    0.04*     0.02*     0.04    0.06    0.07
 Equity Turnover Ratio (x)                          0.42     0.12    0.14*     0.08*     0.16    0.24    0.27


 Profitability Ratios:
 Gross Profit Margin                              53.9%    22.4%    24.9%     15.8%    35.0%    36.0%   37.5%
 EBITDA Margin                                    66.6%    44.5%    76.2%     -84.4%   -21.5%   23.4%   20.7%
 Operating Profit Margin                          66.1%    39.8%    67.8%    -124.4%   -37.2%   13.3%   12.5%
 Net Profit Margin                                69.2%    50.9%    83.0%    -163.1%   -50.4%    5.4%    5.4%
 Return on Average Equity                         29.1%     6.2%    11.3%*   -13.0%*    -8.2%    1.3%    1.5%
 Return on Average Assets                          9.5%     1.7%    11.4%*   -12.7%*    -2.0%    0.3%    0.4%


 Leverage Ratios:
 Debt to Equity (D/E) Ratio (x)                     0.91     1.58     1.41      1.42     1.58    1.24    1.39
 Shareholders' Equity to Total Assets Ratio (x)     0.32     0.25     0.26      0.25     0.23    0.28    0.26
 Total Liabilities to Total Assets Ratio (x)        0.68     0.75     0.74      0.75     0.77    0.72    0.74
 Current Liabilities to Equity Ratio (x)            0.76     0.83     0.85      1.34     1.35    0.77    0.96


 Growth Rates:
 YoY Growth in Revenue                            305.8%   -60.2%   -61.3%    -45.2%   30.1%    60.0%   28.5%
 YoY Growth in Operating Profit                   66.3%    -76.1%   -31.6%       NA       NA      NA    20.9%
 YoY Growth in EBITDA                             66.0%    -73.4%   -26.1%       NA       NA      NA    14.1%
 YoY Growth in Net Profit                         77.5%    -70.8%   -58.0%       NA       NA      NA    29.7%
 YoY Growth in Total Assets                       119.9%   32.7%    47.8%     -10.8%    -2.5%    6.6%   10.2%
 YoY Growth in Shareholders' Equity               108.5%    2.8%     5.7%     -14.0%    -8.2%   29.4%    0.8%


 Ratios used for Valuation:
 Adj. EPS (AED)                                     1.34     0.39    0.73*    -0.79*    -0.50    0.09    0.11
 Adj. BVPS (AED)                                    6.22     6.39     5.87      7.59     5.87    7.59    7.65
 P/E Ratio (x)                                      1.78     6.09     3.26     -3.03    -4.72   27.56   21.26
 P/BV Ratio (x)                                     0.38     0.37     0.41      0.31     0.41    0.31    0.31
  Current Market Price (AED)**                      2.38     2.38     2.38      2.38     2.38    2.38    2.38
*Annualised
** Price as on January 06, 2011
                                                                                                                             TAIB RESEARCH 




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