GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap3,984 -0.04
Med Cap4,033 -0.15
Small Cap5,138 -0.41
Micro Cap8,638 0.21

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Ticker Price Volume
QNBK 163.9 125,194
BKMB 0.46 415,058
SABIC 93.59 4,632,438
BATELCO 0.28 241,014
EEC 20.53 597,279
OTEL 1.44 122,206
AUB 0.66 238,000

BBK

Source: Taib Bank

Quarterly Result Update

BBK reported a total operating income of BHD 29.72 million during 1Q10, up 30.0% YoY.

Net profit increased 5.1% YoY to BHD 12.50 million during 1Q10.

We are maintaining our FY2010 total operating income estimate. However, we have reduced our FY2010E net profit by 2.6% anticipating higher impairment provisions.

We are reiterating our earlier OVERWEIGHT recommendation on BBK with a revised target price of BHD 0.554, implying an upside of 38.5%.

Net Profit
During 1Q10, BBK’s net profit rose 5.1% to BHD 12.50 million from BHD 11.90 million, driven by the increase in interest income and fees & commission income. As a result, the adjusted EPS increased to BHD 0.059 from BHD 0.057 in 1Q09.

We had updated BBK on February 22, 2010 with an OVERWEIGHT rating (target price of BHD 0.548 indicating a 26.2% upside). Currently, the bank’s stock is trading at a P/E multiple of 9.27x and 8.46x on 2010E and 2011E earnings, and at a P/BV multiple of 1.37x and 1.28x on 2010E and 2011E BVPS, respectively. The stock has declined 2.0% since the beginning of this year in tandem with a 4.5% decline in Bahrain All Share Index. Considering the above factors, we have arrived at a price target of BHD 0.554, which implies an upside of 38.5% from the current price of BHD 0.400 (as on June 17, 2010). Accordingly, we reiterate our earlier OVERWEIGHT rating on BBK.

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