Pre-Trading Thoughts

Al Ahly Pharos

FWRY 3Q21 attributable net profit of EGP36 million (-25.8% YoY, -2.9% QoQ), 9M21 attributable net profit of EGP149 million (+25.3% YoY); Fawry obtained approval from the CBE to issue the myFawry Card

MTIE 3Q21 net profit EGP88 mn (-1.5% YoY); 9M21 net profit at EGP328.4 million in 9M21 (+10.7% YoY), We update our FV to EGP9.60; MTIE is currently trading at 2022 P/E of 10.8x and EV/EBITDA of 8.2x

RACC reported 9M2021 profit EGP19.06 million (-31.9% YoY); RACC is trading at 2022 P/E of 26.5x

HRHO has acquired 6.5% of Tanmeyah for EGP415 million; Implies a total valuation of EGP6.90/HRHO share for Tanmeyah, which is double our valuation for the entity (EGP3.21/HRHO share)

ADIB 3Q21 bottom line recorded EGP389 million (+12% q/q, +24% y/y), bringing 9M21 bottom line to EGP1,069 million (+27% y/y); Trading at P/E 22 of 2.1x and P/B 22 of 0.4x, on ROAE of 17%

OIH net loss from continued operations dropped by 80% q/q and 90% y/y to record EGP4.3 million in 3Q21; 9M21 results imply a 34% y/y increase in losses, recording EGP51.8 million, OIH’s BOD approved the IFA report on the fair value of Trans World Associates Private Limited (Pakistani Cables) for EGP0.18/OIH share; Brings our FV to EGP0.64/share

BINV released 3Q21 net income of EGP0.42 million (-98.6% y/y), bringing 9M21 net income to EGP73 million (-52.6% y/y); BINV is currently trading at annualized P/E21 of 11.5x and annualized P/B21 of 0.90x

Ezz Steel released 3Q21 EGP897 million of attributable profits; ESRS is trading at FY22 P/E of 3.2x and FY22 EV/EBITDA of 5.0x

MBSC released negative 3Q21 bottom line deteriorated to EGP4 million (-91% YoY and -92%QoQ)

EAST reports exceptional 1QFY21/22 bottom-line amounted to EGP1.598 billion for the quarter, up 308.8% QoQ and 37.4% YoY; EAST is currently trading at FY21/22 P/E of 4.7x and EV/EBITDA multiple of 2.7x

CIRA FY20/21 Earnings Call: CIRA anticipates the total number of higher education (HE) and K-12 students to cross 45,000 students; CIRA expects revenues of EGP1.6 billion for 2022 with an EBITDA of EGP770 million; Capex will be around EGP800 million in the next 3-4 years; CIRA will borrow EGP375 million for capex from Ahli United Bank; CIRA is currently trading at FY21/22 P/E of 22.1x and EV/EBITDA multiple of 11.0x

MNT-Halan, AUTO's 57.26% owned subsidiary, has successfully rolled out its Neuron banking software, which will enable it to scale up and handle mns of customers transacting in multiple currencies

Export Development Fund has started the fourth phase of the state’s initiative for the immediate reimbursement of export subsidies; ORWE and DSCW are key beneficiaries

OCDI reported underwhelming 3Q21 sales of EGP1.6 billion, down 26.2% y/y; 9M21 sales to EGP5.4 billion, up 31.6% y/y

ORHD 3Q21 results conference call highlights: 1) hotel occupancy rate in El Gouna reached 66.0% in October 2021 and 76.0% so far in November 2021, 2) negotiations regarding environmental fine are going well, and 3) dividends are being considered starting 2023

EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land is 17 November 2021

RMDA reported 3Q21 attributable net profit registered EGP107.1 million in 9M21 (+55.6% YoY); Trading at 2022f P/E of 12.6x and EV/EBITDA of 8.2x

IDHC is expected to release 3Q21 results today; We expect a bottom-line of EGP331 million (+65.5% YoY, +3.3% QoQ), IDHC is trading at 2022f P/E of 11.6x and EV/EBITDA of 6.0x

SPMD is expected to release 9M21 net income of EGP150-160 million; Trading at 2022f P/E of 5.0x and EV/EBITDA of 3.4x; BoD of Speed Hospitals approved the sale of the unused building owned by the company in New Cairo for EGP30 million

CPCI released 1Q21/22 net profit at EGP37 million (+9.3% YoY, +73.1% QoQ); CPCI is currently trading at FY21/22f P/E of 4.9x and EV/EBITDA of 2.2x

UEFM will distribute FY20/21 DPS of EGP10.0, implying DY of 9.8%