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Pre-Trading Thoughts
Manage episode 428028271 series 2987212
Minister Moustafa Madbouly delivered his new government’s policy statement to the House of Representatives yesterday and delivered a speech to take MPs through the new government’s agenda over the next three years. Main points included (1) an average of 5% growth throughout the entire three-year period, (2) Private investment should make up 60-65% of total investment by 2030, (3) increasing FDI coming into the country by 14% every year, (4) Increasing the contribution of the industrial, agricultural, communications, and information technology sectors to account for 38% of GDP by the fiscal year ending in 2027, (5) increasing public revenues by 16% every year until the fiscal year ending in 2027.
The CBE has released the Balance of Payment (BoP)'s performance report for 9M2023/24. Key points are: The overall BoP recorded a surplus of USD4.1 bn during 9M FY 2023-24, a significant increase from the USD 281.9 mn surplus recorded in the same period in the last fiscal year.
- Egypt's current account deficit has widened by 225% y-o-y to USD17.1 bn in the first nine months of FY 2023-24, up from USD5.3 bn in the same period in the last fiscal year.
- The oil trade balance recorded a USD5.1 bn deficit, compared to a USD1.7 bn surplus in the same period a year ago.
- The non-oil trade deficit improved by USD1.5 bn to USD23.7 bn.
- Suez Canal transit receipts fell 7.4% y-o-y to USD5.8 bn, with a sharp 57.2% y-o-y drop in the third quarter of the fiscal year after Houthi attacks on vessels passing the waterway started to pick up.
- Remittances from Egyptians abroad decreased by 17.1% y-o-y to USD14.5 bn during the nine-month period, especially that the EGP flotation didn't take place until early March.
- Tourism revenues increased by 5.3% y-o-y to USD10.9 bn, up from USD10.3 bn.
- As for the Financial Account:
- Net FDI inflows tripled y-o-y to USD23.7 bn, up from USD7.9 bn in the same period a year prior. The lion’s share of the inflows came in the third quarter of the fiscal year, where Ras El Hekma agreement was made.
- Net portfolio inflows recorded USD14.6 bn in portfolio investments in 9M FY 2024-25, compared to a net outflow of USD3.4 bn in the previous year.
Remittances from Egyptians working abroad increased in May to about USD2.7 billion, a growth of 74% y-o-y.
The International Bank for Reconstruction and Development allocated a soft loan of USD144 million to contribute to the development, modernization and duplication of the “Bashteel - Al Ittihad - Itay El Baroud - Al Nahda” railway line.
The Ministries of Industry and Transport are preparing to launch a global promotional campaign to exploit an area of 5 square kilometers of land and logistics areas behind the docks of Sokhna Port, to build a group strategic factories.
QNBE recorded, a lower, but still strong 2Q24 net profit post-minority interest of EGP6,699 million (-5% q/q, +70% y/y) broadly in line with expectations, bringing 1H24 net profit to EGP13,742 million (+59% y/y). We remind you that QNBE is among our tier II top picks for 2024. The stock is currently trading at 2024 P/E of 2.9x.
Banque du Caire has filed a request with the EGX to raise its authorized capital to EGP50 bn from EGP20 bn. The bank also wants to increase its issued and paid-up capital to EGP19 bn from EGP10 bn.
The subscription period of ACTF (Act Financial) for retail investors is set to take place between 9-23 July, while institutional investors between 9-18 July.
SWDY shareholders have put sell orders of a total of 427.7 million shares — around 20% of the company — to Electra Investment Holding in response to the latter’s offer, whose validity ended yesterday. The voluntary offer submitted by Electra in May targeted a 15-24.5% stake in SWDY, which is over 76% collectively owned by the Elsewedy family.
1405 afleveringen
Manage episode 428028271 series 2987212
Minister Moustafa Madbouly delivered his new government’s policy statement to the House of Representatives yesterday and delivered a speech to take MPs through the new government’s agenda over the next three years. Main points included (1) an average of 5% growth throughout the entire three-year period, (2) Private investment should make up 60-65% of total investment by 2030, (3) increasing FDI coming into the country by 14% every year, (4) Increasing the contribution of the industrial, agricultural, communications, and information technology sectors to account for 38% of GDP by the fiscal year ending in 2027, (5) increasing public revenues by 16% every year until the fiscal year ending in 2027.
The CBE has released the Balance of Payment (BoP)'s performance report for 9M2023/24. Key points are: The overall BoP recorded a surplus of USD4.1 bn during 9M FY 2023-24, a significant increase from the USD 281.9 mn surplus recorded in the same period in the last fiscal year.
- Egypt's current account deficit has widened by 225% y-o-y to USD17.1 bn in the first nine months of FY 2023-24, up from USD5.3 bn in the same period in the last fiscal year.
- The oil trade balance recorded a USD5.1 bn deficit, compared to a USD1.7 bn surplus in the same period a year ago.
- The non-oil trade deficit improved by USD1.5 bn to USD23.7 bn.
- Suez Canal transit receipts fell 7.4% y-o-y to USD5.8 bn, with a sharp 57.2% y-o-y drop in the third quarter of the fiscal year after Houthi attacks on vessels passing the waterway started to pick up.
- Remittances from Egyptians abroad decreased by 17.1% y-o-y to USD14.5 bn during the nine-month period, especially that the EGP flotation didn't take place until early March.
- Tourism revenues increased by 5.3% y-o-y to USD10.9 bn, up from USD10.3 bn.
- As for the Financial Account:
- Net FDI inflows tripled y-o-y to USD23.7 bn, up from USD7.9 bn in the same period a year prior. The lion’s share of the inflows came in the third quarter of the fiscal year, where Ras El Hekma agreement was made.
- Net portfolio inflows recorded USD14.6 bn in portfolio investments in 9M FY 2024-25, compared to a net outflow of USD3.4 bn in the previous year.
Remittances from Egyptians working abroad increased in May to about USD2.7 billion, a growth of 74% y-o-y.
The International Bank for Reconstruction and Development allocated a soft loan of USD144 million to contribute to the development, modernization and duplication of the “Bashteel - Al Ittihad - Itay El Baroud - Al Nahda” railway line.
The Ministries of Industry and Transport are preparing to launch a global promotional campaign to exploit an area of 5 square kilometers of land and logistics areas behind the docks of Sokhna Port, to build a group strategic factories.
QNBE recorded, a lower, but still strong 2Q24 net profit post-minority interest of EGP6,699 million (-5% q/q, +70% y/y) broadly in line with expectations, bringing 1H24 net profit to EGP13,742 million (+59% y/y). We remind you that QNBE is among our tier II top picks for 2024. The stock is currently trading at 2024 P/E of 2.9x.
Banque du Caire has filed a request with the EGX to raise its authorized capital to EGP50 bn from EGP20 bn. The bank also wants to increase its issued and paid-up capital to EGP19 bn from EGP10 bn.
The subscription period of ACTF (Act Financial) for retail investors is set to take place between 9-23 July, while institutional investors between 9-18 July.
SWDY shareholders have put sell orders of a total of 427.7 million shares — around 20% of the company — to Electra Investment Holding in response to the latter’s offer, whose validity ended yesterday. The voluntary offer submitted by Electra in May targeted a 15-24.5% stake in SWDY, which is over 76% collectively owned by the Elsewedy family.
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