KAZ Computer Services, BUY (KAZ A$0.31) KAZ reported FY02 normalised NPAT of $18.9m, up 21% yoy and 2.9% above our forecast. Revenue of $250.8 was 1% above our forecast. It is important to note that our forecasts were reasonably consistent with management’s downgrade in May. Management provided FY03 forecast ranges of around 45% growth in revenue, 30- 40% increases in EBITDA and 25-35% increases in normalised NPAT. Taking the mid point, this translates to FY03 revenue of A$363.7m, EBITDA of A$47.3m and normalised NPAT of A$24.6m. We have downgraded our normalised FY03 EPS forecast by 21.5% to 3.1cps. Although, this corresponds to only a 5.8% downgrade of EBITDA to A$47.1m. The major difference is our increased tax rate offset by a lower net interest expense and goodwill amortisation charge
