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Pre-Trading Thoughts
- Ten financial institutions will extend a USD2 billion loan for the Ministry of Finance
- EGPC approved financing worth USD500 million, to pay part of the dues of international foreign oil companies
- CBE issued instructions to banks to facilitate the procedures for exporting gold
- CIB 3Q21 net profit recorded a robust EGP3.8 billion (+19% q/q, +62% y/y), bringing 9M21 bottom line to EGP9.9 billion (+35% YoY)
- Ministry of Petroleum launched the first electronic system to manage trading and distributing butane locally in all its stages (e-finance)
- ESRS to sign the deal to acquire 18% stake in Egyptian Steel, and to announce it officially in the coming days; Creditors contacted the company to inquire about the potential deal and its impact on the financial position (Source: Al Sherouk)
- HELI is looking into the offers for the co-development award of 1,695 feddan in Heliopark; Winner announcement in three weeks
- ACAMD 3Q21 net profit is EGP13.4 million, compared to 3Q20 net loss of EGP1.2 million, due to the sale of the company’s 8,350 sqm Samalloot land plot at a price of EGP1,800/sqm
- EgyptAir started running a weekly flight between Madrid and Luxor yesterday
- ORWE is expected to report 3Q21 net profit of EGP220m (down 26.6% q/q and 27.3% annually); ORWE is trading at a 2022e P/E of 9.3x and an EV/EBITDA of 6.5x
- AUTO is expected report 3Q21 net profit of EGP325m (down 13.1% q/q and 13.4% YoY); AUTO is trading at a 2022e P/E of 2.6x and an EV/EBITDA of 5.4x
- Requests are raised to Ministry of Trade to reverse decision of banning importation of tuk-tuk spare parts
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By Al Ahly Pharos- Ten financial institutions will extend a USD2 billion loan for the Ministry of Finance
- EGPC approved financing worth USD500 million, to pay part of the dues of international foreign oil companies
- CBE issued instructions to banks to facilitate the procedures for exporting gold
- CIB 3Q21 net profit recorded a robust EGP3.8 billion (+19% q/q, +62% y/y), bringing 9M21 bottom line to EGP9.9 billion (+35% YoY)
- Ministry of Petroleum launched the first electronic system to manage trading and distributing butane locally in all its stages (e-finance)
- ESRS to sign the deal to acquire 18% stake in Egyptian Steel, and to announce it officially in the coming days; Creditors contacted the company to inquire about the potential deal and its impact on the financial position (Source: Al Sherouk)
- HELI is looking into the offers for the co-development award of 1,695 feddan in Heliopark; Winner announcement in three weeks
- ACAMD 3Q21 net profit is EGP13.4 million, compared to 3Q20 net loss of EGP1.2 million, due to the sale of the company’s 8,350 sqm Samalloot land plot at a price of EGP1,800/sqm
- EgyptAir started running a weekly flight between Madrid and Luxor yesterday
- ORWE is expected to report 3Q21 net profit of EGP220m (down 26.6% q/q and 27.3% annually); ORWE is trading at a 2022e P/E of 9.3x and an EV/EBITDA of 6.5x
- AUTO is expected report 3Q21 net profit of EGP325m (down 13.1% q/q and 13.4% YoY); AUTO is trading at a 2022e P/E of 2.6x and an EV/EBITDA of 5.4x
- Requests are raised to Ministry of Trade to reverse decision of banning importation of tuk-tuk spare parts
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