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MULTI-INVESTMENTAl-Baha InvestmentAlsoknown asAl-bahaPricePricing / Valuation as on May 27, 2009Mkt capSh. outstandingKey statisticsSR21.6SR0.3bn ($86.3mn)15.0mn52 week range H/L (SR) 24.2/7.5Avg daily turnover (mn) SR US$3m 71.72 19.1512m 30.06 8.03Raw Beta 6m 3yr1.57 1.27ReutersBloomberg4130.SEABDICO ABPrice perform (%) 1M 3M 12MAbsolute (%) 35 78 6Market (%) 6 32 (39)Sector (%) 11 28 (45)Website: NAValuation multiples2006 2007 2008P/E (x) NM NM NMP/B (x) 4.8 4.3 1.3P/Sales (x) 148.9 295.8 742.5Div yield (%) 0 0 0Weightage (%)TASI (free float weight) 0.07MSCI Saudi (domestic –small cap) NAFree float (%)Free float 100.00Relative share price perf.11,0009,0007,0005,0003,000M ay-08 Aug-08 Nov-08 Feb-09 M ay-09TASITop 5 shareholders (%)252015105-Al Baha (RHS)Al-Baha Investment & Development Co (Al-baha) was established in 1992 to developand operate projects in the Al-Baha province. It is engaged in a wide range of industrial,commercial, agricultural activities and has plans to expand beyond the region. Al-baha’sinvestments include a 95% stake in the Al-Baha Marble & Granite Company.Company financials2005 2006 2007 2008YoY(%)CAGR(%)(05-08)Net Revenues SRmn 3 3 2 - (87.3) (59.4)EBITDA SRmn 2 2 (3) (5) NM NMNet Income SRmn (4) (4) (13) (15) NM NMAssets SRmn 102 141 147 119 (10.8) 8.9Equity SRmn 63 102 123 105 (4.5) 23.3Total Debt SRmn 5 7 9 - NM NMCash & Equiv SRmn 5 4 41 28 (31.2) 83.4EBITDA Mgn % 69.3 62.4 NM NM - -Net Mgn % NM NM NM NM - -ROE % (6.3) (4.8) (11.9) (14.3) - -ROA % (4.3) (3.3) (9.3) (21.6) - -Div Payout % - - - - - -EPS SR (0.3) (0.3) (0.9) (0.4) NM NMBVPS SR 27.8 9.1 8.2 6.9 (4.5) 23.3Source: Company, NCBC ResearchSegment-wise business analysisProduct segment 2007 Geographic 2007%Rev % Net Inc Breakup %Rev % Net IncMain Center 0 52Poultry Farms 74 30Leather Factory 2 11Telfrik Project 25 7Source: Company, NCBC Research• Business brief: Al-baha is involved in wholesale & retail trading and industrialprojects including construction. The company also operates refrigeration stores aswell as repairs and maintenance workshops; and develops animal and agriculturalproducts. In addition, Al-baha owns and reclaims agricultural land for use in newprojects. It also constructs, maintains, and operates public utilities including tramwaysand develops recreational and tourist facilities including parks and tourist villages.• Financials: In FY08, Al-Baha’s total revenue decreased 87.3% on y-o-y basis toSR0.226mn primarily due to decrease in demand for the company's core productsand services. Net loss decreased to SR6.6mn from SR13.3mn in 2007 because ofdecrease in operating income and the increase in provisions.• Recent developments: In April 2009, Al-Baha reported a 1Q 09 net loss of SR1.2mn. In January 2008, Al-baha entered into an alliance with Al-Khabeer FinancialAdvisors to enhance the performance of its investments. Moreover, Al-baha’s BoardSource: NCBC Researchof Directors approved to increase the share capital to SR1bn from SR150mn.JUNE 2009AL-BAHA INVESTMENT212
Company Page No. Banking and FinancialsSaudi Arabian Mining 214 PetrochemicalsSaudi Chemical 215 CementSaudi Pharmaceutical 216 RetailAl Abdullatif Industrial 217 Energy and UtilitiesSaudi Paper Manufacturing 218 Agriculture and FoodNational Company for Glass 219 Telecom and ITAstra Industrial Group 220 InsuranceBasic Chemical Industries 221 Multi InvestmentSaudi Industrial Export 222 Industrial InvestmentNational Metal 223 Building and ConstructionFiling and Packaging Materials 224 Real EstateTransportMedia and PublishingHotels and Tourism
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NCB Capital Research DepartmentJune
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KSA ECONOMY AND NATION 5Outlook and
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KSA: Economy and NationSearching gr
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OUTLOOK AND DIRECTIONat a CAGR of 5
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OUTLOOK AND DIRECTIONpropel growth
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OUTLOOK AND DIRECTIONThe dramatic c
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OUTLOOK AND DIRECTIONExhibit 7: Sov
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OUTLOOK AND DIRECTIONStrong hydroca
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OUTLOOK AND DIRECTIONExhibit 13: KS
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OUTLOOK AND DIRECTIONappropriate po
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OUTLOOK AND DIRECTIONInternational
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THIS PAGE IS INTENTIONALLY LEFT BLA
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History and overviewThe leading GCC
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HISTORY AND OVERVIEWExhibit 25: Bre
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HISTORY AND OVERVIEWExhibit 29: Con
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HISTORY AND OVERVIEWMarket regulati
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HISTORY AND OVERVIEWeconomic condit
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HISTORY AND OVERVIEWExhibit 38: Vol
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Banking and FinancialsLeveraging th
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BANKING AND FINANCIALSExhibit 43: R
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BANKING AND FINANCIALSExhibit 50: A
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PetrochemicalsCost advantage fuelli
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PETROCHEMICALSExhibit 55: Compariso
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CEMENTExhibit 60: Sector details% w
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RetailBetting on increasing consume
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RETAILExhibit 69: Revenue of compan
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Energy and UtilitiesPrivatizing is
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ENERGY AND UTILITIES(PIF) and SECO.
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ENERGY AND UTILITIESincrease the ut
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AGRICULTURE AND FOODare Herfy, Al-B
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AGRICULTURE AND FOODExhibit 91: Ave
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TELECOM AND ITline penetration stan
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TELECOM AND ITZain started trading
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INSURANCEExhibit 103: Country wise
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INSURANCE(YoY), despite growth in r
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Multi-investmentLight at the end of
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MULTI-INVESTMENTExhibit 114: Revenu
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Industrial InvestmentFacing the imp
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INDUSTRIAL INVESTMENTExhibit 122: R
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Building and ConstructionHealthy pi
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BUILDING AND CONTRUCTIONThe buildin
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BUILDING AND CONTRUCTIONSaudi Aramc
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REAL ESTATE AND DEVELOPMENTExhibit
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REAL ESTATE AND DEVELOPMENTsection
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REAL ESTATE AND DEVELOPMENTExhibit
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TRANSPORTATIONRoad transportRoad tr
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TRANSPORTATIONNational Shipping Com
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TRANSPORTATIONfears, and plunging f
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MEDIA AND PUBLISHINGExhibit 159: Re
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MEDIA AND PUBLISHINGExhibit 166: Av
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HOTEL AND TOURISMSeparately, leisur
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HOTEL AND TOURISMIn 2008, the secto
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BANKS AND FINANCIAL SERVICESAl Rajh
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BANKS AND FINANCIAL SERVICESBanque
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BANKS AND FINANCIAL SERVICESAlinma
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BANKS AND FINANCIAL SERVICESSABBAls
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BANKS AND FINANCIAL SERVICESBank Al
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BANKS AND FINANCIAL SERVICESBank Al
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PETROCHEMICAL INDUSTRIESSaudi Basic
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PETROCHEMICAL INDUSTRIESSaudi Kayan
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PETROCHEMICAL INDUSTRIESSaudi Indus
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PETROCHEMICAL INDUSTRIESRabigh Refi
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PETROCHEMICAL INDUSTRIESYanbu Natio
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PETROCHEMICAL INDUSTRIESNama Chemic
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PETROCHEMICAL INDUSTRIESMethanol Ch
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CEMENTSaudi CementAlso known asSCCP
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CEMENTSouthern CementAlso known asS
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CEMENTYanbu CementAlso known asYCCP
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PriceSR46.5Pricing / Valuation as o
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RETAILJarir Marketing CoAlso known
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RETAILAldrees PetroleumAlso known a
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RETAILAhmed H. Fitaihi CoAlsoknown
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RETAILNational AgricultureAlsoknown
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ENERGY AND UTILITIESSaudi ElectricA
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Page 162 and 163: AGRICULTURE & FOOD INDUSTRIESSavola
Page 164 and 165: AGRICULTURE & FOOD INDUSTRIESNation
Page 166 and 167: AGRICULTURE & FOOD INDUSTRIESQassim
Page 168 and 169: AGRICULTURE & FOOD INDUSTRIESSaudi
Page 170 and 171: AGRICULTURE & FOOD INDUSTRIESFood P
Page 172 and 173: AGRICULTURE & FOOD INDUSTRIESHalwan
Page 174 and 175: AGRICULTURE & FOOD INDUSTRIESTabuk
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Page 178 and 179: TELECOMMUNICATIONSaudi TelecomAlso
Page 180 and 181: TELECOMMUNICATIONZain KSAAlso known
Page 184 and 185: INSURANCETawuniyaAlso known asTawun
Page 186 and 187: INSURANCESABB TakafulAlso known asS
Page 188 and 189: INSURANCEAl Sagr CompanyAlso Known
Page 190 and 191: INSURANCEBupa Arabia for Coop InsPr
Page 192 and 193: INSURANCESaudi IAIC Co-op.Also know
Page 194 and 195: INSURANCESanad InsuranceAlso known
Page 196 and 197: INSURANCESaudi Fransi Coop.Also kno
Page 198 and 199: PriceSR28.4Pricing / Valuation as o
Page 200 and 201: INSURANCESaudi Indian Co.Also known
Page 202 and 203: INSURANCESaudi Arabian Co-opAlsokno
Page 204 and 205: INSURANCEAllied Co-operativeAlso kn
Page 206 and 207: MULTI-INVESTMENTKingdom Holding CoA
Page 214 and 215: INDUSTRIAL INVESTMENTAlsoSaudi Arab
Page 216 and 217: INDUSTRIAL INVESTMENTSaudi Pharma.A
Page 218 and 219: INDUSTRIAL INVESTMENTSaudi Paper Mn
Page 220 and 221: INDUSTRIAL INVESTMENTAstra Indl Gro
Page 222 and 223: INDUSTRIAL INVESTMENTAlsoSaudi Indl
Page 224 and 225: INDUSTRIAL INVESTMENTAlso known asF
Page 226 and 227: BUILDING & CONSTRUCTIONSA Amiantit
Page 228 and 229: BUILDING & CONSTRUCTIONAl-Babtain P
Page 230 and 231: BUILDING & CONSTRUCTIONSaudi Cerami
Page 232 and 233: BUILDING & CONSTRUCTIONArabian Pipe
Page 234 and 235: BUILDING & CONSTRUCTIONME Specializ
Page 236 and 237: BUILDING & CONSTRUCTIONSaudi Indust
Page 240 and 241: REAL ESTATE DEVELOPMENTDar Al Arkan
Page 242 and 243: REAL ESTATE DEVELOPMENTMakkah Const
Page 244 and 245: REAL ESTATE DEVELOPMENTTaiba Holdin
Page 246 and 247: REAL ESTATE DEVELOPMENTSaudi Real E
Page 248 and 249: TRANSPORTNational ShippingAlso know
Page 250 and 251: TRANSPORTUnited InternationalAlso k
Page 254 and 255: MEDIA AND PUBLISHINGSaudi ResearchA
Page 256 and 257: MEDIA AND PUBLISHINGTihamaAlso know
Page 258 and 259: PricePricing / Valuation as on May
Page 260: Kindly send all mailing list reques
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