KEY THEMES
Over the weekend, the Egyptian President paid a visit to Iraq, meeting up with its leader, expressing support for the country. This may help open new opportunities for infrastructure names, the likes of Elsewedy Electric [SWDY] and Orascom Construction [ORAS]. Incidentally, ORAS just published its H1 2021 results, posting triple-digit y/y earnings growth, thanks in part to the base year effect due to COVID-19.
POSITIVE
SWDY, ORAS: Both names are still cheap in terms of valuation and on a multiples basis.