Top News & Analysis
MACRO NEWS
The Emir of Qatar Tamim bin Hamad visited Egypt this past weekend, affirming his intention to invest in Egypt following the USD5bn agreement signed back in March. (Al-Ahram)
CORPORATE NEWS
GB Auto's [AUTO] consumer finance arm, Drive (a GB Capital subsidiary) has completed its first issuance of EGP700mn securitization bonds as part of an EGP2bn program. (Company disclosure)
Orascom Construction [ORAS], Thales, and Colas Rail have signed a contract worth USD659mn to build the first phase of Cairo's 4th metro line. (Company disclosure)
Aldar Properties PJSC [ADX: ALDAR] is allegedly considering the acquisition of a majority stake in Madinet Nasr Housing & Development [MNHD] at an expected price of EGP3.0/share. (El-Shorouk)
EFG Hermes Holding [HRHO] is planning to add consumer factoring to its operations. (Al-Mal)
Alexandria Container and Cargo Handling Co. [ALCN] achieved EGP2.44bn in revenues during 11M 2021/22 (+13% y/y). Moreover, net earnings increased to EGP1.7bn (+34%) for the period. (Al-Mal)
Misr Chemcial Industries [MICH] 11M 2021/22 bottom line upped by 46% y/y to EGP189mn. Reasons for bottom line growth is higher sales volume and higher average selling prices. In addition, MICH saw FX gains during Q3 2021/22. We have an overweight rating on MICH with our 12MPT at EGP13.9/share (ETR +39%). (Company disclosure)
Arab Cotton Ginning’s [ACGC] 9M 2021/22 KPIs showed net earnings of EGP74.6mn vs. net losses of EGP22.7mn a year ago. This came on the back of higher revenues of EGP1.3bn (+40% y/y) and better GPM of 18% vs. 9% a year earlier. (Company disclosure)
Arab Co. for Asset Management & Development [ACAMD] has received an offer from the Egyptian Company for Housing and Development (RAMW) to take part developing a 24,818 sqm land plot in Tanta. (Mubasher)
Lafarge Cement Egypt is looking to increase the use of alternative fuels in its fuel mix to reach 50% by 2025. Lafarge currently uses 22% of alternative fuels in its mix. (Mubasher)