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RAK Ceramics

Source: Global Investment House

Net income down 48.7% in 3Q11 as compared to a year ago
Sales volume of tiles and sanitary ware maintain levels
Reducing its exposure to UAE by diversifying geographically
No new acquisitions planned, emerging markets will drive up demand

Net income on the decline in 2011
RAK Ceramics (RAKCEC) reported net income of AED 172.1mn during 9M11 against AED242.8mn in 9M10, a 29.1% decrease. The decrease is attributed to the paralyzed real estate and construction activity in UAE, in addition to the political uncertainty in other MENA region countries, During 3Q11, net profit decreased 48.7% to reach AED39.0mn as compared to AED76.6mn reported in 3Q10. On a QoQ basis 3Q11 profit decreased by 35%

Valuation update
We have reduced our fair value by 25.1% to AED2.04/share. Reduction in value is because of change in valuation inputs i.e. Risk free rate & risk premium along with change in profitability and work capital estimate, The stock at its current price of AED 1.57 is trading at a discount of 29.8% to out fair value, After making an all time high of AED2.45 in January 2011, the stock witnessed battering due to current uncertain political situation in the region and went down by 36% YTD, resulting in a upgrade in our fair value to STRONGE BUY from BUY on the stock.

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