Pre-Trading Thoughts

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International Islamic Trade Finance Corporation will help Egypt deal with rising wheat prices with a USD3 billion increase in financing.

Egypt hopes to finalize a fresh assistance program with the IMF within two months, Discussions are to maintain the momentum of growth above 5%.

Minister of Petroleum said that Egypt will launch a new bid for oil and gas exploration in the 2H2022.

SKPC released positive 1Q21/22 bottom line came in at EGP251 million (+42% QoQ, +65% YoY). Volumes more than prices impacted results. Margins started to normalize. SKPC is currently trading at 2020/2022 P/E of 5.5x and EV/EBITDA of 5.0x.

SWDY reported 1Q22 attributable net income of EGP761 million (+9% YoY, -39% QoQ). Despite revenue surge on prices within cables, and high turnkey revenues, margin compression was higher than expected, due to a surge in costs. SWDY is currently trading at FY22e P/E of 3.9x and EV/EBITDA of 3.3x.

TMGH achieved solid 1Q22 sales of EGP5.4 billion, up 55.2% y/y and up 10.5% q/q. Net profit grew 26.4% y/y to EGP565.0 million

Prime Minister held a meeting to discuss real estate sector regulation in preparation for issuing an official regulatory framework.

COMI has offered two new high-interest rate certificates of deposit, a three-year certificate at a 13.5% rate, and a four-year 14.0% certificate where the minimum deposit is EGP100k.

HRHO’s consumer finance arm Valu intends to issue securitization bonds worth EGP700 million before the end of 2Q22.

We Initiate coverage on BINV with an overweight recommendation, based on a fair value of EGP17.67/share, offering an upside of 105%. BINV follows a clear dividend and returns strategy.

POUL released 1Q22 attributable net profit recorded EGP52.5 mn, a YoY upward shift of 1.3% while dropping by 13.3% QoQ. POUL is currently trading at a FY22 P/E of 6.2x and EV/EBITDA of 4.0x.

DSCW released the fair value report submitted to FRA for the capital increase approvals and it included two scenarios: Pre-money fair value of EGP4.85/share; Post-money fair value of EGP1.37/share. We believe that the FV is optimistic about future financial performance. Our fair value for DSCW before the capital increase is EGP1.25/share and EGP0.50/share post capital increase.

ADCI is demanding a price increase of 20% for some of its products. Re-pricing could help ADCI’s revenues and margins to recover from the weakness they faced in 3Q21/22 and a weaker local currency.

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