- Market Overview
- COMI
- FWRY
- ESRS
- DOMT


Prepared by : Mayada Amin- CETA, CFTe

Egypt expected to be back to JPMorgan’s emerging-market sovereign bond index by January 31, 2022 with an index weight of 1.85%

Egypt’s LNG exports are set to rise as shipments from the Idku liquefaction plant and the recently revived Damietta plant ramp up

Suez Canal revenues recorded USD4.86 bn YTD in 2021 (+12.4% YoY)

Egypt looking to tap international debt markets again in February or March 2022

Government on track to complete the procedures required to issue sovereign sukuks by 2Q2022

Foreign holdings of Egypt’s debt currently stand at around USD30 bn

MoF targeting the reduction of debt service burden to 32% of fiscal expenditures from the current 38%

Egypt and Greece are set to agree on building an undersea cable through which Egypt will export surplus electricity to Greece

A strategic investor is looking to acquire a 10% stake in e-finance
 
Egypt’s banks will adopt the Tax Authority’s e-invoicing system (e-finance)
 
Aman (RAYA) has obtained an SME lending license from the FRA

ORAS announces that its consortium  signed an agreement to develop, construct and operate a 500 MW wind farm in Ras Ghareb, ORAS will have a 25% stake in the project

EGAL has raised ex-factory prices to EGP55-66k per tonne

SKPC has submitted a request to EGX to increase the issued capital of the company, and to amend the company's name, purpose and legal domicile

Egytrans has won a tender for the transportation of train cars in the New Administrative Capital

Sugar prices soar to EGP10,000/ton

MCQE is to distribute a DPS of EGP0.25/share;  DY of 1.6%

Market Overview 
COMI 
CIEB
SWDY
MNHD
CCAP
ECAP
ORWE



Prepared by: Mayada Amin - CETA, CFTe

Foreign investments in treasury bills fell to USD23.548 billion at the end of August 2021, compared to USD23.710 billion at the end of July 2021

Egypt's trade deficit declined in July 2021 by 14.6%, to USD2.88 billion, Exports increased by 31.5% YoY, recording USD2.94 billion

e-finance has priced its IPO at EGP13.98/share, implying a pre-capital increase valuation of EGP22.37 billion

 FWRY has finalized an investment in alsoug.com, Sudan’s largest online classifieds platform and marketplace

 Aman (RAYA) received a credit facility of EGP150 mn from the SME’s Development Authority to finance consumer loans

DOMT turned profitable in 3Q21, achieving EGP51 mn (+23.5% YoY), after recording losses in 6M2021 of EGP32.5 mn; DOMT is trading at 2021 P/E of 6.2x and EV/EBITDA of 5.3x

Americana Holding Company acquired a stake of 53.45889% in POUL through purchasing 256,068,959 million shares at a price/share of EGP3.40

EETC has inked contracts with a consortium that includes SWDY for power substations; SWDY's share is about c. EGP236 million from the total amount

EGCH is considering options for its two 75,000 square meter plots in Aswan (selling, expansion plans, or changing the land’s business license to industrial from residential)

Ministry of Petroleum is planning to establish a new Assiut Refinery, in cooperation with Assiut Petroleum Refining Company, Enppi and Petrojet

Bookings from the UK to Egypt have increased 400% since Egypt was removed from the UK’s red list

Tourism companies have asked the National Council for Wages for an exemption from paying private sector minimum wage

Alexandria Port Authority is planning to tender a 31k sqm land plot to private sector investors to set up container terminals or storage facilities (Competition for ALCN)

Market Overview
SWDY
ETEL
CIEB
EDBM
ELSH
EGAL


Prepared by: Mayada Amin - CETA , CETA

Weekly Commodity Update

·         Brent futures are trading at USD83.66/bbl (AMOC)

·         The Egypt urea index at USD752/ton, +16% WoW (EKHO, ABUK, MFPC)

·         Caustic Soda prices at USD498/ton, +10.9% WoW (MICH)

·         Steel/Iron Ore spreads are at the USD402 mark, + 5% WoW (ESRS)

·         LME 3M Fwd Aluminum prices rose 4% WoW to record USD2,966/tonne (EGAL)

Another state-owned company could offer shares on the EGX this year

ORHD reported impressive 3Q21 sales of EGP2.2 billion, leading to 9M21 sales of EGP6.2 billion, up 43.4% y/y, driven by sales in El Gouna, Makadi Heights, and O West 

We remind you that our FVs for PIOH’s 3 subsidiaries ASPI, PRDC, and GDWA are EGP0.31/share, EGP4.86/share, and EGP1.84/share

Potential regulations for the real estate sector could cover payment plans, construction timelines, maintenance deposits, and contract breaches

ORAS added USD960 million of new awards to its backlog in 3Q21 to reach USD6.1 billion as of 30 September 2021

e-finance to offer 160 million shares that will be allocated to anchor investors, bringing the total number of shares offered to 417.78 million shares (up from 257.78 million), representing 23.5% of the capital post capital increase

OIH completed the sale of the real estate investment in Brazil at USD77.6 million , or EGP0.23/OIH share, which brings the potential FV of the company to EGP0.46/OIH share rather than EGP0.47/share

DOMT recorded a net loss of EGP32.55 million in 1H21, compared to a net profit of EGP63.83 million in 1H20. Revenues fell to EGP1.32 billion, down from EGP1.46 billion in 1H20, a drop of 9.6% YoY

CIRA is in talks with QNB to obtain a EGP260 million loan to finance its expansion plan

Market Overview
COMI
MFPC
AMOC
ATLC
PORT



Prepared by: Mayada Amin - CETA, CFTe

Annual urban inflation recorded 6.6% up from 5.7% in August

Budget deficit in 2M FY2021/22 (July-August 2021) picked up to EGP120.5 billion (1.7% of GDP)

QNBA 3Q21 net profit pre-minority interest recorded EGP1.91 billion (-10% q/q, +6% y/y)

CNFN  to launch a program to resell used vehicles to customers

FWRY is partnering with Uber to allow customers to recharge their Uber wallets via FawryPay

AMER to purchase treasury shares of up to 10.0% of total shares outstanding during 12 October 2021 - 11 January 2022

-We expect annual urban inflation to retreat to 5.5% down from 5.7% in August

-The fuel repricing committee decided to increase prices of gasoline by EGP0.25 per liter, while keeping Diesel prices constant

-The government is looking to raise USD 2 bn through a three-year syndicated facility

-Afreximbank is currently in talks with four local banks over financing (USD600 mn -USD 1 bn)

-Foreign investment in Egyptian treasuries exceeds USD30 bn

-WBG raised its forecasts for Egypt’s real GDP growth in FY2021/22 to 5%

-MPs initiated a briefing request on the controversial capital gains tax; postponing or cancelling the tax are still on the table.

-GASC purchased wheat in Sept. at an average price of USD320.51/mt FOB

-Subscription period for the retail offering of e-finance (25.78 mn shares) will begin today until Sunday, 17 October; Final price on Tuesday, 12 October

-NTRA is launching tenders to build mobile phone towers at an expected cost of EGP324 mn

-HRHO and the Sovereign Fund of Egypt have received the cabinet approval for their acquisition of a 76% stake in the Arab Investment Bank (AIB)

-CANA to lend Valu EGP300 million

-Egypt Life Insurance Company might be listed on EGX by 2H2022

-ORAS will build a 525 MW solar plant in Iraq, valued at USD500 million

-HELI concluded its technical valuation of the three offers (Majid Al Futtaim, Hassan Allam Properties, and Mountain View) it received for the co-development of  Heliopark

-Gadwa for Industrial Development (PIOH) aims to start a pharma business after concluding one exit

-Aspire (PIOH- financials) aims to expand into microfinance and mortgage finance

-Pioneers Properties also aims to securitize receivables, with the first EGP700.0 million

-Sharm El Sheikh received yesterday its first direct flight from London

-Cairo received its first Libyan Airlines flight from Tripoli in over seven years

-Moderna announced that it is looking to set up a USD500 million facility in Africa 

Market  Overview
HELI
AMER
ORHD
CCAP
AJWA



Prepared by: Mayada Amin-  CETA, CFTe