Pitch: Buckle up for 2Q23 Earnings Season| Earnings will go down sequentially by 14%, which is the impact of lower commodity prices and stable exchange rate. Highest growth in earnings for full year in 2023 (>100% YoY): MBSC, LCSW, POUL, ALCN, FWRY, MCQE, EGCH, DOMT, and SKPC. Some stocks that will deliver positive surprises for 2Q23 in earnings will include ESRS, IRAX, CCAP, GBCO, MCRO, MBSC, PHAR, ECAP, CIRA, ORHD, CANA, SKPC, ORWE. Some stocks are still extremely cheap and trading below 3x P/E multiple for 2023 including EMFD, POUL, BINV, CANA, EGAL, LCSW. Some stocks are still extremely cheap and trading below 4x P/E multiple for 2023 including SAUD, ABUK, FAIT, EXPA, ADIB, QNBA, PHAR, HDBK, ETEL. Some companies will be paying lucrative dividends out of 2023 net profit, that is 10-25% including EGAL, POUL, SAUD, ATLC, BINV, MBSC, ARCC, ABUK, ETRS, EAST, ALCN, MCQE, AMOC, and CIEB. 

The Suez Canal Economic Zone (SCZone) will be marketing local investment opportunities in South Korea, Germany, the UK, Vietnam, Singapore, and Brazil before the end of the year.

The Suez Canal Economic Zone (SCZone) revealed that negotiations are underway for 18 new projects with an expected investment cost of USD 8.3 billion.

The government is in talks with 22 countries — including India, Brazil, and other South American nations — to sign wheat import agreements.

Egypt’s total outstanding dues to international oil companies more than tripled since mid-2020 to USD3 billion in April 2023.

Egypt's Petroleum exports declined by 40.3% during 1Q23 due to a 55.7% decline in crude oil exports as well as a 37.8% decline in LNG exports, mostly impacted by the decline in global prices. 

The World Bank estimated that the informal sector in Egypt represented 62.5% of the economy.

Imports worth USD 32 bn received customs clearance over the past five months (Maait).

Saudi Arabia and Russia deepened oil cuts on Monday. Oil prices held steady early on Tuesday as markets weighed supply cuts against weak demand. Brent crude futures are trading at USD75.08/bbl. 

Passenger car sales recorded 5.7k units for the month of May, a MoM rise of 48% and a YoY drop of 52%. This is merely a weak base effect for the month of April due to Ramadan.

Qatari "Baladna" raised their stake in JUFO (FV: EGP14.00, OW) from 10% to 15%. JUFO is currently trading at a FY23 P/E of 11.0x and an EV/EBITDA of 6.0x.

A subsidiary of SWDY (FV: EGP22.87, OW), Elsewedy Plug, and Ikarus Electric have each received a one-year license to build EV charging stations, according to local media.

EGTS (FV: EGP1.68, EW) reported 1Q23 net loss of EGP5.4 million, compared to 1Q22 net loss of EGP47.0 million.

Abu Dhabi Tourism Investment Company has earmarked USD95.0 million to build a hotel in the Giza Pyramids area. The company is also investing USD80.0 million to modernize its hotels in Sharm El Sheikh and Hurghada.