Pre-Trading Thoughts Al Ahly Pharos podcast

2+ y ago 5:06

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Caustic Soda Prices is in a non-stop rally, reaching USD849/ton, higher w/w by 12.9% (MICH)

The Egypt urea index was up 4% w/w and prices are currently at USD900/ton

Minister of Finance said that the government started a plan to automate the budget of economic authorities, which amounts to about EGP2.4 trillion (e-finance)

Minister of Finance noted that the e-receipt implementation will start in April 2022 (e-finance)

Customs Authority working to resolve issues importers are facing with the Advance Cargo Information System (e-finance)

AMOC 1Q21/22 net profit at EGP230 million, compared to the losses of EGP32 million recorded in 1Q20/21; GPM came in at 11.4%; AMOC is currently trading at FY21/22 P/E of 7.2x and FY21/22 EV/EBITDA of 5.4x

Higher gas prices drove the government to use Mazot in electricity generation (AMOC)

MFPC to engage in trading all fertilizers and their derivatives, establish a Melamine project

CIRA FY20/21 net profit at EGP309 million, up 21.1% YoY, lower than our estimate of EGP369 million; CIRA is currently trading at FY21/22 P/E of 17.3x and EV/EBITDA of 10.6x; CIRA is planning to inaugurate Badr University in Assyout in February 2022

EFID 3Q21 Earnings Call: 2022 topline is targeted to be around EGP6 billion; GPM in 2022 is expected to hover around 33.3-33.5%; Recovery is expected to be coming from higher prices but with stable volumes; EFID is currently trading at a 2022e P/E multiple of 11.4x and EV/EBITDA multiple of 7.3x

Car dealers who can’t comply with new rules on price regulations will be hit with fines up to EGP2 million

ETRS 3Q21 net profit recorded EGP4.4 million, +67% YoY and -30.4% QoQ; ETRS is currently trading an annualized FY2021 P/E of 29.0x

CSAG 1Q21/22 net profit reached EGP38.5 million (-6.2% YoY and -15.4% QoQ); Decline in net profit to lower investment income from Damietta and Portsaid Container Handling Companies; CSAG is currently trading at an annualized FY21/22 P/E of 18.1x

Three Arab investors are eyeing acquisitions of Egyptian pharma players via SPAC mergers; No further details were released

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