Commercial International Bank [COMI]: Still Spearheading
12MPT upped, yet downgraded to N/M on price rally
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Commercial International Bank [COMI]
Egypt / Banks / Core Coverage Update
12MPT: EGP49.1 (+16%, was EGP41.1)
set on 5 Dec 2022
Investment Rating: Neutral | Risk Rating: Medium
In this note, we revisit our assumptions and revise our financial model for Commercial International Bank [COMI]. This is in view of the latest developments in the banking sector, CBE policy decisions made since our last update, and COMI’s own record-breaking results seen in Q3 2022. Indeed, we had published a Core Coverage Update on 27 September 2022, affirming our positive outlook on COMI. Since then, our 12MPT of EGP41.1/share materialized, with COMI delivering a 69% return in two months’ time. Today, we see major catalysts and a higher potential for the name in the coming months. However, we downgrade our rating from OW/M to N/M, albeit with a 19% higher 12MPT of EGP49.1/share (+16% upside).
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