NASS Corporation

Source: Taib Bank

Quarterly Result Update

• Nass Corporation (Nass) reported 4.9% drop in revenues to BHD 107.6 million during 2010, which is in line with our expectation of BHD 107.4 million.
• Net profit declined 46.7% YoY to BHD 7.3 million, topping our estimate of BHD 6.1 million due to lower-than-expected losses from joint ventures.
• We have maintained our FY2011E total revenue and net profit estimate.
• However, the stock has declined 2.7% since our last update report. Accordingly, we are reiterating our earlier OVERWEIGHT rating on Nass with a DCF target price of BHD 0.240, implying an upside of 33.1%.

Profitability
Gross profit was down 23.8% to BHD 17.8 million due to higher costs vis-à-vis total revenues. Operating profit registered 34.3% YoY decline to BHD 7.7 million. Net income plunged 46.7% to BHD 7.3 million owing to losses from joint ventures and lower other income, although 19.6% higher than our estimated. Accordingly, adjusted annualized EPS dropped to BHD 0.034 from BHD 0.064.


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