Al Ahly Pharos

EFID has submitted a non-binding letter of intent to acquire the Egyptian Belgian Company’s assets AUTO received approval to raise the prices of three models participating in the car replacement initiative, by EGP7-20k DOMT emphasized expanding in the bakery sector, adding a fourth production line next year, to raise its contribution to 30% of revenues ORWE targeting for the full year 2021 topline...

Market Overview COMI Prepared by: Mayada Amin- CETA , CFTe

According to the local press, electricity prices will not move until June 2022, but there may be an amendment to the price plan to be applied in July 2022 due to higher natural gas cost; EGAL and MICH are the two stocks whose production cost is mostly reliant on electricity prices to the industrial sector Remittances grew by 11.6% YoY in August 2021, recording USD2.7 billion Nitrogen fertilizer pr...

Global Urea market update and our assumptions Local Urea market update and our assumptions Impact on company profits and valuation

- Market Overview - ABUK - AMOC - ETEL - HELI - ISPH - ORWE Prepared by: Mayada Amin - CETA, CFTe

FRA decided to cut EGX trading fees by 20% and delay  the introduction of new restrictions/ caps on margin trading for six months The four government companies of which shares will be publicly offered until the end of June 2022: are Banque du Caire, ABUK, HELI, and MFPC Local media reported that traders have reduced steel prices by EGP400/ton, but ex-factory prices have not moved yet SWDY 3Q21 Ear...

- Market Overview  - Prepared by: Mayada Amin - CETA, CFTe

ORAS reported neutral results with net income at USD 28.4 million in Q3 2021 (-6% YoY) and USD 76.1 million in 9M 2021 (+17% YoY); New awards hit USD962 mn in 3Q21 (+43% YoY) and USD1,696 mn including Besix (+86% YoY); ORAS is trading at 2022 P/E of 4.3x and EV/EBITDA of 2.7x IDHC released strong 9M21 net profit EGP1,101 million (+195% YoY); net profit came in at EGP454 million in 3Q21 (+134% YoY,...

Market Overview  COMI

FWRY 3Q21 attributable net profit of EGP36 million (-25.8% YoY, -2.9% QoQ), 9M21 attributable net profit of EGP149 million (+25.3% YoY); Fawry obtained approval from the CBE to issue the myFawry Card MTIE 3Q21 net profit EGP88 mn (-1.5% YoY); 9M21 net profit at EGP328.4 million in 9M21 (+10.7% YoY), We update our FV to EGP9.60; MTIE is currently trading at 2022 P/E of 10.8x and EV/EBITDA of 8.2x R...

- Market Overview - ABUK - ETEL - HRHO - SPMD - ISPH - EPCO - PRCL Prepared by: Mayada Amin - CETA, CFTe

e-finance  3Q21 net profit came in at EGP99 million in 3Q21 (-20.5% YoY, -25.1% QoQ), 9M21 net profit at EGP375 million in 9M21 (+35.2% YoY) e-finance Management 3Q21 webinar key highlights: 1) net profit after tax of around EGP525-540 million, this brings 4Q21e net profit to EGP150-165 million; Revenues of around EGP2.0 billion, this brings 4Q21e revenues to EGP700 million; 2) Management guided f...

- Market Overview - AMOC - CCAP - CIEB - ETEL - ESRS - EMFD - MFPC - ACGC Prepared by: Mayada Amin, CETA - CFTe

Ten financial institutions will extend a USD2 billion loan for the Ministry of Finance EGPC approved financing worth USD500 million, to pay part of the dues of international foreign oil companies CBE issued instructions to banks to facilitate the procedures for exporting gold CIB 3Q21 net profit recorded a robust EGP3.8 billion (+19% q/q, +62% y/y), bringing 9M21 bottom line to EGP9.9 billion (+35...

- Market Overview - AUTO - ABUK - MFPC - CIEB - EMFD - MNHD -TMGH Prepared by: Mayada Amin- CETA,  CFTe

Ministry of Finance decided to reduce the burdens of the capital gains tax on local stock exchange investors, by deducting all expenses related to trading as well as an incentive for the funds invested in the stock exchange from the tax base in case profits are achieved Annual core inflation recorded 5.2% in October compared to 4.8% in September ETEL reported 9M21 net profit came at 6.09 billion,...

- Market Overview - COMI - CIEB - EAST - EKHO Prepared by: Mayada Amin- CETA, CFTe

Vodafone Group has received an initial offer from Vodacom for the transfer of Vodafone Group’s stake in Vodafone Egypt to Vodacom for USD2.7 bn; ETEL gets dividend policy for Vodafone Egypt of 60% of FCF starting 2022 in addition to EGP 10bn of dividends to shareholders in 2021; ETEL has a net debt balance of EGP18.98 billion as of June 2021 and is currently trading at 2022f P/E of 3.4x and 2022f...

- Market overview  - ABUK - MNHD - EXPA - SPMD - ALCN - JUFO - DOMT - MCQE - RACC - Prepared by: Mayada Amin - CETA, CFTe

Caustic Soda Prices is in a non-stop rally, reaching USD849/ton, higher w/w by 12.9% (MICH) The Egypt urea index was up 4% w/w and prices are currently at USD900/ton Minister of Finance said that the government started a plan to automate the budget of economic authorities, which amounts to about EGP2.4 trillion (e-finance) Minister of Finance noted that the e-receipt implementation will start in A...

- Market Overview - COMI - EMFD - HRHO - ISPH - SPMD - ESRS - ABUK - Prepared by: Mayada Amin - CETA, CFTe

Ezz Steel: Our strategy is still focused on growth, either through adding new production capacity or through investing in existing companies; Is looking into an investment that is about to be completed, which aims at increasing its production capacity Egyptian cement companies could get some respite from sky-high coal prices  ISPH established a pure logistics service provider at an investment of E...

- Market Overview - COMI - CCAP - FWRY -ORHD - EAST - RAYA Prepared by: Mayada Amin- CETA, CFTe

FRA has set new caps on margin-trading of shares of listed companies Transit tolls for vessels traveling through the Suez Canal will increase by 6% starting February 2022 National Bank of Egypt, Export Development Bank, and Arab African International Bank are establishing a company that aims to support exports and substitute imports through developing the local industrial sector Egypt wants to gro...