Pre-Trading Thoughts

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We issued this morning our equity strategy for 2022, titled "Weathering Global Dynamics"

Omicron is leading global front pages

CBE will repay ST external debt obligations of USD18.9 billion in FY21/22

Emirati deposits with a total value of USD5.7 billion dollars have been extended over tranches to mature over 2022-2026

Petroleum, iron, and steel led Egyptian exports in 9M2021 to reach USD29.7 billion (+40% YoY); Egyptian imports increased by 16% YoY to record USD61 billion over the same period

Egypt is close to obtaining a USD3 billion loan to use part of it to finance sustainable projects

Egypt and Jordan will double the capacity of the electricity link between the two countries to 1 GW

Brent prices rebounded from Friday’s plunge (USD72.20/bbl)

ORAS’s share in the new green hydrogen project could reach 25%; Expected to operate by the beginning of 2024

Minister of Petroleum and Mineral Resources stated that the ministry is studying the feasibility of a natural gas pricing formula for the industrial sector, that would be applied every 3-4 months; Frequent revisions could be beneficial for local producers and result in sustainable long-term margins

ESRS commented on the acquisition: No acquisition until an IFA report and legal audit are complete

Insurance companies’ premiums grew by 29.3% YoY in 9M 2021, to record EGP37.58 billion, in parallel with the rise in total real estate financing to USD5.5 billion (+170.5% YoY)

Microfinance lending also increased to EGP24.38 billion (+36.5% YoY); Financial leasing contracts reached EGP58.18 billion (+44.6% YoY)

Financial Supervisory Authority to start an investigation on the conflicting disclosures by SPMD related to the acquisition of Prime Speed and Al Safwa Hospital

GB Lease is planning a multi-tranche EGP1.6 billion securitized bond issuance in December

No intentions to change ETEL’s (FV: EGP18.00, OW) stake in Vodafone Egypt

Hotel prices on the Red Sea increased 20.0%-30.0% q/q in 3Q21, supported by an increase in occupancy rates to 90.0% in Hurghada and 70.0% in Marsa Alam

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