Pre-Trading Thoughts

Al Ahly Pharos

EFID has submitted a non-binding letter of intent to acquire the Egyptian Belgian Company’s assets

AUTO received approval to raise the prices of three models participating in the car replacement initiative, by EGP7-20k

DOMT emphasized expanding in the bakery sector, adding a fourth production line next year, to raise its contribution to 30% of revenues

ORWE targeting for the full year 2021 topline of EGP11.287 billion, net income to amount to EGP950 million-EGP1 billion and DPS to be around one pound; ORWE is currently trading at 2022e P/E multiple of 7.6x and EV/EBITDA of 10.2x

CLHO reported 9M21 net attributable profit came in at EGP272 million in 9M21, + 51.7% YoY; 3Q21 net attributable profit of EGP80 million (+1.7% YoY); We upgrade our valuation of CLHO to EGP6.40/share; CLHO is currently trading at 2022f P/E of 15.8x and EV/EBITDA of 8.0x, which is at a significant discount to its 3-year average P/E of 32.9x

Vodafone Egypt, Telecom Egypt and Etisalat have received the new cellular spectrum they were awarded in an auction last year

HELI approved the distribution of EGP0.10/share cash dividends (DY of 2.4%), over two installments

The New Administrative Capital Company is planning to issue at least 1,000 feddans to be offered to real estate companies once the pricing committee determines the new land prices

Emirates International Investment Company (EIIC) raised its stake in ADIB-Egypt from 11.94% to 13.44%, at an average price of EGP13.50

Financial Regulatory Authority issued the rules and regulations for investors looking to establish Special Purpose Acquisition Companies (SPACs)