We Are Facing the Widest Gap Between Fundamentals and Market Performance Since 2011; Aggregated earnings of listed companies have significantly picked up in 2021 (+75% YoY) with additional 15-20% in 2022; Market had failed to reflect the recovery in earnings showing quite a wide gap relative to earnings’ performance, that should narrow down over time

Oil Ministry hiked butane gas cylinder prices by 7.7%, reaching EGP 70 for household cylinders (from EGP 65) and EGP 140 (from EGP 130) for commercial consumption

Egypt’s LNG terminals are running at full capacity as the country tries to capitalize on the surge in natural gas prices overseas

Romania may want to set up its very own industrial zone in the Suez Canal Economic Zone

CCAP released 3Q21 consolidated financial results posting a net loss post minority of EGP441 million, versus 2Q21’s net loss of EGP402 million and 3Q20’s net loss of EGP444 million; Despite narrowing bottom line losses at ERC, the group’s net loss remained largely flat due to widening net losses at ASEC Holding in 3Q21 

Oil prices rose on Friday after Opec+ said it is likely to consider pausing oil output hike if a rising number of infections dampens demand; Brent futures are trading at USD69.88/bbl

Elsewedy Electrometer will establish a factory for manufacturing smart meters in Benin after signing an agreement with the West African nation 

MCQE is targeting an increase in exports and integrating natural gas into the energy mix while reducing coal (80% of mix) usage due to its high price

JUFO reported strong net profit for 9M21 of  EGP490 million (+27.7% YoY); Revenues for 9M21 recorded EGP6.524 billion, up 14.1% YoY; JUFO is currently trading at FY2022 P/E of 11.3x and EV/EBITDA of 4.5x

Passenger car sales were essentially flat y-o-y in October at 19,309 passenger vehicles; AUTO recorded sales of 3,928 passenger car units in October 2021 (up 7% YoY but down 9% MoM) with market share of 20.3% (+1.4pps YoY) 

Tobacco manufacturers and distributors are required to begin printing price stickers on their products within two weeks

Jumia has received its e-payment license from the CBE and is looking to expand its e-payment footprint in Egypt with a partnership with NBE

PHDC closed another securitization bond issuance backed by receivables of EGP1.1 billion