Annual urban inflation cooled down, recording 35.8% YoY in October, down from 38% in September.  Favorable base effect and the deceleration of most items on a monthly basis allowed for the inflation decline.

Euroclear requires that all bills and bonds issued by the Finance Ministry be exempt from tax, a condition that has been “categorically rejected” by the government.

The government aims to offer a number of projects with a total value of USD5 billion until June 2024 as part of the government IPO program. 

The National Tunnels Authority has issued a public tender for supplying and installing 15 electrical generating units in the third phase of the third line of the metro.

We upgraded our fair value for SWDY to EGP34.96/share up from EGP22.87/share and maintain our Overweight recommendation for the stock on solid financial results despite prevailing global and local challenges. SWDY is currently trading at FY24e P/E of 7.7x and EV/EBITDA of 3.5x.

FWRY announced that a renowned cybersecurity firm has done an assessment over the company's network and infrastructure and that the results confirmed that there has been no breach or leaks of any bank cards and transactions related to its clients.

MASR’s (FV: EGP5.24, OW) net profit in 3Q23 grew 154.7% y/y and 179.8% q/q to EGP772.0 million, bringing 9M23 net profit up 153.1% y/y to EGP1.4 billion.

According to local media, MASR (FV: EGP5.24, OW) is looking to expand its portfolio to the Gulf region, specifically Saudi Arabia.

HELI (FV: EGP18.84, OW) Board approved a protocol agreement with the Holding Company for Cotton, Spinning, and Weaving to study acquiring land plots owned by the Holding Company for Cotton, Spinning, and Weaving.

The Sovereign Fund of Egypt expects to finalize the sale of a stake in the group of historic hotels by the end of the year. We remind you that TMGH’s ICON subsidiary had submitted an offer to acquire a stake in the hotels company.

ADIB recorded a solid 3Q23 consolidated bottom line of EGP1,387 million (+145% y/y, +19% q/q). 9M23 bottom line reached EGP3,555 million (+125% y/y). The bank is currently trading at 1.1x P/B24 and 4.4x P/E24.

The CBE and Kuwait Investment Authority (KIA) have agreed on a divestment plan that will see each of them offloading a 20%-stake in AAIB. The sale, which is expected to wrap up in 2024, will be carried out via a private placement to a strategic investor and a stake sale on the EGX.

ALCN released 1Q23/24 full financials. Net profit came in at EGP980 million (+46.4% YoY, -18.0% QoQ) in 1Q23/24. BoD proposed a FY22/23 dividend distribution of EGP2.49/share, implying a payout ratio of 85% and DY of 6.5% and approved increasing paid-in capital by EGP744.88 million through issuing a bonus share for each original share held, financed from the company’s reserves. We update our FV to EGP35.86/share, maintaining Equalweight recommendation. 

TAQA released 3Q23 financial indicators, posting a 31% YoY (+151% QoQ) growth in net profit to record EGP198 million in 3Q23.During 9M23, net profit increased by 6% YoY to EGP365 million. TAQA is currently trading at an annualized 2023e PE of 29.35x.

TAQA has inaugurated its first compressed natural gas (CNG) filling station and conversion center in Tanzania — under its Master Gas brand.

POUL released 3Q23 financials showing net profit of EGP362 million compared to losses of EGP16.4 million in 3Q22 and a net profit of EGP207 million in 2Q23. 9M23 net profit recorded EGP1,132 million compared to EGP219 million in 9M22. POUL is currently trading at a FY24 P/E of 2.8x and an EV/EBITDA of 2.3x.

Elsewedy Capital and automotive distributor Ezz El Arab launched a joint venture that will assemble petrol and electric vehicles.