Al Ahly Pharos

Market Overview  Prepared by: Mayada Amin - CETA, CFTe

ESRS | The top beneficiary within EGX of weaker local currency Despite the recent rally in the stock price, we still believe ESRS (FV: EGP97.03, OW) has untapped value. We included ESRS in our Top Picks for 2024 given not only its solid operational performance in the past few quarters, which was supported mainly by the recovering global steel cycle and currency fluctuations, but also confirmed by...

- Market Overview  - ETEL - ORWE - HRHO - CCAP - BTFH - SWDY - GBCO - JUFO - TMGH - ABUK - ELEC - ISPH - MCQE Prepared by: Mayada Amin- CETA, CFTe

GBCO (FV: EGP12.86, OW) made it to our top-picks list, mainly backed by GB Capital, as it forms 71% of our final valuation, while GB Auto holds only 29%. GBCO is currently trading at a FY24 P/E of 3.2x and an EV/EBITDA of 3.2x. Economic growth slowed to 2.65% YoY in 1QFY2023-24, according to new data by the Planning Ministry. That is down from 4.4% YoY in 1Q2022-23 and 2.9% YoY in the final quarte...

- Market Overview  - COMI - ADIB - CIEB - AJWA  - ARAB - EGAL - Prepared by: Mayada Amin- CETA, CFTe

EAST: New Owner, New Terms, New Norms, and High Yield EAST ’s (FV: EGP38.68, OW) recent company developments pushed it to our top-picks list with the support of new more-flexible pricing strategies and raw materials availability. Below are the detailed reasons for our call: The newly implemented tax law allows EAST to increase selling prices by 12% per annum, leaving room for EGP4/pack more to be...

Market Overview  COMI CIEB SWDY  ETEL  FWRY EFIH PHDC MFPC SKPC ALCN Prepared by: Mayada Amin- CETA, CFTe

All in ORWE's Favor: Local Currency Weakness, Export Rebates, Low Global PP Prices, and Attractive Distributions   ORWE (FV: EGP23.42, OW) is one of our top picks in the consumer sector, especially in light of the expected local currency depreciation, given that nearly 65% of its revenues are dedicated to exports, which also translates into higher export rebates, coupled with resilient local...

- Market Overview  - CIEB - HDBK - EKHOA - BINV - ORAS - GBCO - ORWE - ETEL - ABUK prepared by: Mayada Amin- CETA, CFTe

PHDC (FV: EGP5.59, OW) is a top pick especially in light of potential EGP depreciation and expected inflation given the usual rush to real estate as a store of value. We select PHDC given a number of factors: Solid sales in 2023 and 2024 should be further supported by PHDC’s upcoming launch of its new project, whose proximity to Palm Hills October is expected to dictate a premium in pricing. Large...

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

ADIB Egypt offers the best value amongst Egyptian Banking Stocks  ADIB‘s (FV: EGP70.00, OW) potential has been unleashed after resolving the capital increase issue which has been acting as a key overhang on share price performance. We expect the market price of the stock to rally further on strong fundamentals and solid business operations: •The bank is able to achieve maintains strong margins abo...

ADIB ASCM SWDY FWRY BTFH HELI Prepared by: Mayada Amin- CETA, CFTe

The CBE has instructed all banks to charge a minimum interest rate of 24% on secured loans. The new rule that came into effect yesterday is intended to clamp down on the carry trade following the issuance of high-yield CDs by the country’s two largest banks. The government is planning to launch a central bank digital currency (CBDC) by 2030. The government is also aiming to achieve 100% financial...

Market Overview  COMI ADIB CANA HRHO OIH EFID EKHO CCAP ORWE PHDC

Where Is EGX Heading in 2024? Which Stocks Offer Best Value Post 2023 Rerating? We believe that the market will continue to advance as long as foreign currency availability and the local exchange rate weakness continues to linger, thus driving earnings momentum. Our report also includes an appendix of all data tables for your reference. What if the electricity tariff increase is confirmed for indu...

Market overview  COMI HRHO BINV OIH CLHO Prepared by: Mayada Amin- CETA, CFTe

Market overview 

COMI HRHO CCAP BTFH JUFO EAST SWDY GBCO ETEL ORHD Prepared by: Mayada Amin- CETA, CFTe

Market Overview 

Market Overview  Prepared by: Mayada Amin- CETA, CFTe

Market Overview  COMI HRHO ORHD CCAP GBCO ETEL ORWE MASR ALCN ABUK EAST ORAS

Market Overview 

Market Overview  COMI ADIB TMGH OIH SUGR prepared by: Mayada Amin - CETA, CFTe

Market Overview