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The company's bottom line exceeded our estimates by c19%, mainly on (1) better-than-expected operational performance, (2) some EGP255m of FX gains which we...
EIPICO (PHAR EY): Shareholders at the company’s EGM approved postponing its 50% paid-in capital increase through a rights issue with tradable rights to its...
Our investment view on Orascom Development Egypt (ORHD)
Below is our investment view on Orascom Development Egypt (ORHD) which we believe stands out given the current market situation. We favor ORHD going in...
GB Auto (AUTO EY): The company’s 4Q21 consolidated net profit
GB Auto (AUTO EY): The company’s 4Q21 consolidated net profit increased c64% y-o-y to EGP473m, according to its audited financial statement. (Company release) Our comment: The...
SIDPEC (SKPC EY): The company reported an unaudited 4Q21 net profit of EGP177m, up c75% y-o-y and 2.36x q-o-q, according to a bourse release....
Aldar-ADQ consortium successful mandatory tender offer
Aldar-ADQ consortium successful mandatory tender offer (MTO), where they will own 85.52% of SODIC’s outstanding shares EGP20/share (a total deal value of EGP6.1bn), puts...
Juhayna Food Industries (JUFO EY)’s 9M21 consolidated results
Juhayna Food Industries (JUFO EY): The company’s 9M21 consolidated net profit increased c28% y-o-y to EGP490m, according to its announced 1Q21, 2Q21, and 3Q21...
Heliopolis Housing (HELI EY)’s 1Q21/22 results
Heliopolis Housing (HELI EY): The company’s 1Q21/22 net loss widened to EGP75.2m, from EGP41.2m a year earlier, it said in a release to the...
Eastern Company (EAST EY): The company’s 4Q20/21 net profit dropped c41% y-o-y to EGP391m
Eastern Company (EAST EY): The company’s 4Q20/21 net profit dropped c41% y-o-y to EGP391m, its earnings release showed. In related news, the company’s board...
Eastern Company (EAST EY): The company’s 4Q20/21 net profit dropped c41% y-o-y to EGP391m
Eastern Company (EAST EY): The company’s 4Q20/21 net profit dropped c41% y-o-y to EGP391m, its earnings release showed. In related news, the company’s board...
Egypt commodity players; winners and losers from the global energy crunch
Egypt commodity players; winners and losers from the global energy crunch An array of factors including demand outpacing supply post the COVID-19 outbreak, unfavorable weather...
Talaat Moustafa Group Holding (TMGH EY): The company’s 4Q20 net income dropped c82% y-o-y to EGP103m, according to its audited financials. Revenue dropped c7%...
SODIC reports solid 4Q20 operational figures
SODIC (OCDI EY): The company’s FY20 gross contracted sales rose c2% y-o-y to EGP7.4bn, representing 1,361 units sold, with residential sales growing c19% y-o-y...
Ezz Steel (ESRS EY): The company’s 3Q20 net loss narrowed to EGP929m, from EGP1.49bn a year earlier, its audited financial statements showed. (EGX) Our comment:...
Ezz Steel (ESRS EY) | Al Ezz Dekheila Steel (IRAX EY): Ezz Steel’s subsidiary Al Ezz Dekheila Steel (EZDK)’s consolidated net loss widened to...
HC Research NBFS Corporate Access Event
HC Brokerage organized on Tuesday, 9 April 2019 an NBFS-focused corporate access event. The event, which featured key NBFS industry players, namely CI Capital,...
HC Research: Orascom Development Egypt initiation
To read the note discussed in the video, please click on the following link: https://www.hcresearch.com/orascom-development-egypt-orhd-ey-growth-on-top-of-strong-earnings-visibility-overweight-tp-egp14-5/
HC Research: Egypt macro update
To read the note discussed in the video, please click on the following link: https://www.hcresearch.com/egypt-macro-resilient-fundamentals/
HC Research: Orascom Construction valuation update
To read the note discussed in the video, please click on the following link: https://www.hcresearch.com/orascom-construction-oras-ey-oc-du-excessively-oversold-overweight-tp-egp241/
SODIC (OCDI EY, Under Review) | Madinet Nasr Housing (MNHD EY, Overweight, TP EGP14.90): SODIC’s board has agreed to preliminarily make a mandatory tender...
SODIC (OCDI EY) awarded the 2.1m sqm Sheikh Zayed Extension revenue-sharing plot: Positive
SODIC (OCDI EY): The company has received the official award letter for a 500-acre plot (2.1m sqm) allocated by the New Urban Communities Authority...
Egypt's annual urban consumer inflation accelerated to 14.2% in August from 13.5% in the previous month, with monthly prices decelerating to 1.8% from 2.4%...
Ezz Steel (ESRS EY): The company’s net loss narrowed to EGP322m in 2Q18 from EGP550m a year earlier, its audited financial statements showed. (Company...
Abu Dhabi Islamic Bank (ADIB EY): The bank’s 2Q18 net profit rose c102% y-o-y to EGP217m, according to its standalone KPIs. (Company release) Our comment:...
Arabian Cement (ARCC EY): The company’s 2Q18 consolidated net profit rose c327% y-o-y to EGP51m, according to its audited financial statements. (EGX) Our comment: This...
August 2018 MPC Meeting Expectations
At its last meeting on 28 June 2018, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept its policy rates unchanged for...
GB Auto (AUTO EY): The company reported 2Q18 net profit figure of EGP148m, reversing a net loss of EGP151m a year earlier, its audited...
Heliopolis Housing 4Q17/18 results review
Heliopolis Housing (HELI EY): The company’s 4Q17/18 net income dropped c39% y-o-y to EGP131m, it announced in a KPI bourse release. Revenue for the...
Palm Hills Developments (PHDC EY): The company’s 2Q18 net income increased c57% y-o-y to EGP216m, its earnings release showed. Revenue increased c16% y-o-y to...
Edita Food Industries (EFID EY): The company reported a 2Q18 net profit of EGP25.1m, reversing a net loss of EGP2.99m last year, its audited...
Crédit Agricole 2Q18 earnings review
Crédit Agricole (CIEB EY): The bank's 2Q18 net profit rose c3% y-o-y to EGP490m, according to its KPIs. Net interest income rose c4% y-o-y to...
Egypt’s passenger car sales rise c70% y-o-y to 11,593 cars in June
Egypt’s passenger car sales rose c70% y-o-y to 11,593 cars in June compared to a c55% y-o-y increase to 10,994 cars in the previous...
Arabian Food Industries Company (Domty) (DOMT EY): The company’s unaudited 2Q18 net profit rose 4.8x y-o-y to EGP57.7m, it announced in a release. (Company...
HC Research: Financials sector overview
To read the note discussed in the video, please click on the following link: https://www.hcresearch.com/egypt-financials-sector-resilient-nims-on-sound-liability-management/
June 2018 MPC Meeting Expectations
At its last meeting on 17 May 2018, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept its policy rates unchanged after...
HC Research: Dairy sector overview
To read the note discussed in the video, please click on the following link: https://www.hcresearch.com/egypt-dairy-sector-margin-recovery-in-process/
Orascom Construction 1Q18 results review
Orascom Construction (ORAS EY, OC DU): The company's net profit grew c14% y-o-y to USD32m in 1Q18, according to its earnings presentation. (Company release) Our...
PHD 1Q18 results review: lower y-o-y off-plan sales due to base effect, as expected
Palm Hills Developments (PHDC EY): The company's 1Q18 net income increased c6% y-o-y to EGP224m, it announced in its earnings release. Revenue dropped c8%...
Talaat Moustafa Group Holding (TMGH EY): The company’s 1Q18 gross residential sales grew c27% y-o-y to EGP2.33bn while gross retail sales dropped c75% y-o-y...
Edita Food Industries 1Q18 earnings review
Edita Food Industries (EFID EY): The company’s 1Q18 net profit rose c57% y-o-y to EGP60m, its audited financial statements showed. (Company release) Our comment: Despite...
Arabian Cement 1Q18 earnings review
Arabian Cement (ARCC EY): The company’s 1Q18 consolidated net profit rose c172% y-o-y to EGP162m, according to a bourse release. (EGX) Our comment: This comes...
EFG Hermes 1Q18 earnings review
EFG Hermes Holding (HRHO EY): The company’s 1Q18 consolidated net income dropped c30% y-o-y to EGP249m, its audited financials showed. (Company Release) Our comment: This...
Oriental Weavers 1Q18 results review
Oriental Weavers (ORWE EY): The company’s 1Q18 net profit dropped c20% y-o-y to EGP189m, its audited financial statements showed. (Company release) Our comment: This comes...
Emaar Misr close to settling its dispute with El Nar Housing; positive for Emaar Misr
Emaar Misr (EMFD EY): Shareholders at El Nasr Housing and Development’s AGM approved settling the dispute with Emaar Misr over the undeveloped land of...
Crédit Agricole Egypt 1Q18 earnings release
Crédit Agricole Egypt (CIEB EY): The bank’s 1Q18 consolidated net profit rose c29% y-o-y to EGP601m, its KPIs showed. (EGX) Our comment: The reported net...
SIDPEC reports 1Q18 KPIs, missing our estimates
SIDPEC (SKPC EY): The company’s unaudited net profit rose c33% y-o-y to EGP284m, according to a bourse filing. (EGX) Our comment: This comes c34%...
Commercial International Bank (COMI EY): The bank’s 1Q18 consolidated net profit rose c17% y-o-y to EGP2.02bn, its audited financial statements showed. (Company release) Our...
GB Auto (AUTO EY): The company reported a net profit of EGP33.5m in 1Q18, reversing a net loss of EGP155m a year earlier, its...
EZDK reports 1Q18 KPIs; missing estimates
Ezz Steel (ESRS EY) | Al Ezz Dekheila Steel (IRAX EY): Al Ezz Dekheila Steel (EZDK), in which Ezz Steel owns a c55% stake,...
Emaar Misr 1Q18 earnings release
Emaar Misr (EMFD EY) | Emaar Properties (EMAAR UH): The company’s 1Q18 off-plan sales came in flat y-o-y at EGP1.45bn, according to the 1Q18...
MNHD 1Q18: lower-than-expected results offset by a land plot sale
Madinet Nasr Housing (MNHD EY, Overweight, TP EGP17.9): The company’s 1Q18 standalone net income dropped c19% y-o-y to EGP329m, its audited financial statement showed....
JUFO EY 1Q18 net profit rose c39% y-o-y, in line with our estimate
Juhayna Food Industries (JUFO EY): The company’s 1Q18 net profit rose c39% y-o-y to cEGP81m, according to its earnings release. (Company release) Our comment: This...
Arabian Food Industries (Domty) (DOMT EY): The company reported an unaudited 1Q18 net profit of EGP40.5m, reversing a net loss of EGP6m last year,...
Ezz Steel (ESRS EY, Overweight, TP EGP22.0): The company reported a net loss of EGP194m in 4Q17, reversing a net profit of EGP727m a...
Reclassification of Botanica land could add significant value to PHD
Palm Hills Developments (PHDC EY, Overweight, TP EGP5.85): The Egyptian government has reclassified some 31,952 feddans along the Cairo-Alex Desert Highway as residential instead...
Arabian Cement (ARCC EY, Overweight, TP EGP10.0): The company’s 4Q17 consolidated net profit declined c45% y-o-y to EGP48m, according to a bourse release. In...
March MPC meeting expectations
At its last meeting on 18 February 2018, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) cut its policy rates for the...
El Nasr Housing refuses government proposed settlement over Uptown Cairo
Emaar Misr (EMFD EY): The board of El Nasr Housing and Development has refused a proposal made by the government to settle its dispute...
GB Auto (AUTO EY, Neutral, TP EGP6.34): The company’s 4Q17 net loss narrowed to EGP223m from a net loss of EGP1.06bn a year earlier,...
TMGH 4Q17 results: hospitality and recurring income segments show strong operational performance
Talaat Moustafa Group Holding (TMGH EY, Overweight, TP EGP13.51): The company’s 4Q17 revenue grew c12% y-o-y to EGP2.92bn, while gross profit dropped c1 pp...
OCDI 4Q17 results review: modest performance on lower y-o-y number of units delivered
SODIC (OCDI EY, Under Review): The company’s net contracted sales grew c13% y-o-y to EGP2.70bn, increasing FY17 net contracted sales by c1% y-o-y to...
EZDK reports 4Q17 KPIs, misses estimates
Ezz Steel (ESRS EY, Overweight, TP EGP22.0) | Al Ezz Dekheila Steel (IRAX EY, Not Rated): Al Ezz Dekheila Steel (EZDK), in which Ezz...
SWDY 4Q17 net profit c64% above our estimate; operations slightly weaker
El Sewedy Electric (SWDY EY, Overweight, TP EGP115): The company’s 4Q17 net profit rose c20% y-o-y to EGP1.80bn, according to its audited financial statements....
EFID EY reports 4Q17 net profit of EGP104m, beats estimate
Edita Food Industries (EFID EY, Underweight, TP EGP11.0): The company reported a 4Q17 net profit of EGP104m, reversing a net loss of EGP69m last...
Emaar Misr 4Q17 results: A strong quarter; strong deliveries make up for previous quarters
Emaar Misr (EMFD EY, Overweight, TP EGP5.43): The company’s 4Q17 net income increased c36% y-o-y to EGP844m. Revenues for the quarter increased c27% y-o-y...
Palm Hills Developments (PHDC EY, Overweight, TP EGP5.85): The company’s 4Q17 gross sales reservations dropped c14% y-o-y to EGP2.40bn. Revenue dropped c7% y-o-y to...
SIDPEC revises its 4Q17 numbers, approved PP plant licensors
SIDPEC (SKPC EY, Overweight, TP EGP27.2): The company has slightly revised its 4Q17 unaudited net profit figure to EGP429m from EGP427m previously, according to...
Madinet Nasr Housing 4Q17 standalone income drops 41% y-o-y; misses estimates
Madinet Nasr Housing (MNHD EY, Overweight, TP EGP17.9): The company’s 4Q17 standalone net income dropped c41% y-o-y to EGP187m. Standalone revenues for the quarter...
February 2018 MPC meeting expectations
At its last meeting on 28 December 2017, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept policy rates on hold for...
El Sewedy Electric awarded EPC contract by DEWA for 800 MW gas-fired open cycle power project
El Sewedy Electric (SWDY EY, Overweight, TP EGP115): The company, leading a consortium with SIEMENS, has been awarded an EPC contract by Dubai Electricity...
Orascom Construction adds USD650m of new awards to its backlog during 4Q17
Orascom Construction (ORAS EY, OC DU, Overweight, TP EGP158): The company added USD650m of new awards to its backlog during 4Q17, it announced in...
Juhayna Food Industries (JUFO EY, Overweight, TP EGP11.8): The company reported 4Q17 net profit of EGP47m, reversing a net loss of EGP115m last year,...
Domty reports unaudited 4Q17 net profit of EGP31m
Arabian Food Industries Company (Domty) (DOMT EY, Overweight, TP EGP10.8): The company reported an unaudited 4Q17 net profit of EGP31m, reversing a net loss...
IMF publishes its 2017 article IV consultation and second program review on Egypt under EFF
The International Monetary Fund (IMF) has published its 2017 article IV consultation and second program review on Egypt under the Extended Fund Facility (EFF)....
December inflation contributors
Egypt’s annual urban inflation decelerated to 21.9% in December from 26.0% in the previous month, with monthly prices dropping 0.21% from an increase of...
December 2017 MPC meeting expectations
At its last meeting on 16 November 2017, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept policy rates on hold for...
Ezz Steel (ESRS EY, Overweight, TP EGP22.0): The company’s 3Q17 net loss widened to EGP315m in 3Q17 from the EGP188m net loss reported a...
Ezz Steel (ESRS EY, Overweight, TP EGP22.0) | Al Ezz Dekheila Steel (IRAX EY, Not Rated): Al Ezz Dekheila Steel (EZDK), in which Ezz...
November inflation contributors
Egypt’s annual urban inflation decelerated to 26.0% in November from 30.8% in the previous month, with monthly inflation also decelerating to 0.97% from 1.10%...
Egypt extends steel rebar import tariff for 5 years; positive for ESRS EY
Egypt will maintain tariffs on steel rebar from China, Turkey, and Ukraine for a period of 5 years, the trade ministry said on Wednesday,...
TMG continues to book impressive 2H17 presales that are volume driven
Talaat Moustafa Group Holding (TMGH EY, Overweight, TP EGP13.51): The company announced reporting record net presales of over EGP12bn this year up to 28...
Egypt’s passenger car sales dropped c32% y-o-y to 9,458 cars in October compared to a c25% y-o-y drop in the previous month to 9,615...
Eastern Company passes on further ex-factory price hikes
Eastern Company (EAST EY, Underweight, TP EGP272): The company has announced its new price list following the tax changes imposed by the government. The...
November MPC meeting expectations
At its last meeting on 28 September 2017, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept policy rates on hold for...
Palm Hills Developments (PHDC EY, Overweight, TP EGP5.85): The company’s 3Q17 net residential contracted sales increased c44% y-o-y to EGP2.29bn while gross sales reservations...
SIDPEC (SKPC EY, Neutral, TP EGP21.2): The company’s 3Q17 unaudited net profit fell c28% y-o-y to EGP95.7m, it said in a bourse filing. (EGX) Our...
ORAS EY to sign 250 MW wind project
Orascom Construction (ORAS EY, OC DU, Overweight, TP EGP158): The company’s consortium with Engie and Toyota Tsusho Corporation/Eurus Energy Holdings Corporation has signed a...
DOMT EY 3Q17 unaudited net profit up c120% y-o-y
Arabian Food Industries Company (Domty) (DOMT EY, Neutral, TP EGP8.5): The company’s 3Q17 unaudited net profit rose c120% y-o-y to EGP22m, it said in...
September inflation contributors
Egypt’s annual urban inflation decelerated to 31.6% in September from 31.9% in the previous month, with monthly inflation decelerating to 1.00% from 1.13% in...
September MPC meeting expectations
At its last meeting on 17 August 2017, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) kept policy rates on hold after...
Egypt’s annual urban inflation accelerated to 33.0% in July from 29.8% in the previous month, with monthly inflation accelerating to 3.2% from 0.8% in...
August MPC meeting expectations
At its last meeting on 6 July 2017, the Central bank of Egypt’s (CBE) Monetary Policy Committee (MPC) hiked policy rates by 200 bps...
