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MULTI-INVESTMENTAseer TradingAlso known asAseerPriceSR14.5Pricing / Valuation as on May 27, 2009Mkt capSR1.8bn ($489.4mn)Sh. outstanding126.4mnKey statistics52 week range H/L (SR) 37.3/8.6Avg daily turnover (mn) SR US$3m 32.90 8.7812m 34.98 9.34Raw Beta 6m 3yr1.11 1.24Reuters4080.SEBloombergATTMCO ABPrice perform (%) 1M 3M 12MAbsolute (%) 6 31 (58)Market (%) 6 32 (39)Sector (%) 11 28 (45)Website: www aseercorp.com.saValuation multiples2006 2007 2008P/E (x) 14.6 20.5 NMP/B (x) 2.4 1.6 0.5P/Sales (x) 3.0 3.6 0.7Div yield (%) 2.3 5.1Weightage (%)TASI (free float weight) 0.21MSCI Saudi (domestic –mid cap) 2.52Free float (%)Free float 50.08Relative share price perf.11,0009,00040307,000205,000103,000-M ay-08 Aug-08 Nov-08 Feb-09 M ay-09TASIAseer (RHS)Top 5 shareholders (%)Dalat Al Baraka Holding Co. 49.9Aseer Trading, Tourism and Manufacturing Company (Aseer), established in 1975and headquartered in Abha (Southwest of Saudi), is an investment holdingcompany with interests in five sectors – food, petrochemicals, real estate, buildingmaterials and construction, and financial services.Company financials2005 2006 2007 2008YoY(%)CAGR(%)(05-08)Net Revenues SRmn 1,217 1,378 1,482 1,742 17.5 12.7EBITDA SRmn 131 132 134 155 16.0 5.7Net Income SRmn 247 281 261 (431) NM NMAssets SRmn 2,547 2,766 4,073 3,276 (19.6) 8.8Equity SRmn 1,967 1,699 3,356 2,316 (31.0) 5.6Total Debt SRmn 115 551 158 246 55.5 28.7Cash & Equiv SRmn 53 81 132 251 89.8 68.5EBITDA Mgn % 10.8 9.5 9.0 8.9 - -Net Mgn % 20.3 20.4 17.6 (24.8) - -ROE % 12.6 16.5 10.3 (18.2) - -ROA % 9.7.6 10.6 8.6 (13.2) - -Div Payout % 48.5 N/M - -EPS SR 19.8 3.5 2.1 (3.4) NM NMBVPS SR 157.4 20.1 26.5 18.3 (31.0) 5.6Source: Company, NCBC ResearchSegment-wise business analysisProduct segment 2007 Geographic 2007%Rev % Net Inc Breakup %Rev % Net IncAgriculture 8.2 Saudi Arabia 100 100Manufacturing 71.8Investment 20.0Source: Company, NCBC Research• Business brief: Aseer operates in a wide range of businesses and holdsinvestments in diverse projects including agricultural, cement, printing & publishing,and energy-related projects. The company operates in the travel and tourism industryand owns stakes in resorts and hotels. The company holds investments in DallahIndustrial Investment Company, Al Ustool Arabia Real Estate Development Co. Ltd,Al Khawatem Trading & Contracting Co. Ltd., Al Nasrah International Real EstateDevelopment Co. Ltd. and Al Mawajed International Real Estate Development Co.Aseer has a network of six branches, which are located in Al Madinah, Riyadh, WadiDawaser, Jeddah, Hail and Al Jaouf. The company owns 95% stake in DallahIndustrial Investment Company and 50.4% stake in National Packaging ProductsCompany.• Financials: Aseer’s revenues and profits have shown relatively stable growth overthe years. On a y-o-y basis, revenues grew 17.5% to SR1,741.8mn. However, thecompany incurred a net loss of SR431.2mn during 2008 due to loss on investments.• Recent developments: In April 2009, Aseer reported 1Q 09 net profit of SR12.9 mnSource: NCBC Researchcompared to a net loss of SR77.2 mn in 1Q 08.JUNE 2009ASEER TRADING207