Core inflation slowed to 38.1% y-o-y in October from 39.7% in September. On a monthly basis, core inflation slowed to 1.8% from 3.0% in September.

Minister of Tourism said that the official opening of the Grand Egyptian Museum will be probably between February and May of 2024.

Egypt is considering implementing trade exchange operations with Russia, Turkey, and some African countries through a “barter” system.

The Central Bank of Egypt will hold an auction to refinance USD1.6 billion of USD-denominated one-year t-bills due to mature on 14 November.

CBE has reached preliminary agreements with the central banks of the UAE and Jordan — and is in advanced talks with the central bank in Saudi Arabia — to allow InstaPay users to transfer money from banks in these countries to Egyptian bank accounts.

The Finance Ministry has secured a USD500 million syndicated loan from Deutsche Bank and Arab Banking Corporation to support education and healthcare spending.

The Ministry of Petroleum increased the total quantities of fuel (gas and mazot) pumped to power stations nationwide by about 12%.

Kuwait rolled over a USD4 billion deposit with the CBE in two tranches.

We upgraded our FV for SKPC to EGP34.00/share and an Overweight recommendation and we expect SKPC to pay out EGP1.99/share in 2024, implying a dividend yield of 6.9%. SKPC is currently trading at a 2024f PE of 6.4x and EV/EBITDA of 5.0x.

EKHO (FV: USD1.86, OW) posted USD137 million in 9M23 net profit, declining 34% YoY compared to USD207 million in 9M22. Net profit recorded USD37 million during 3Q23, a decline of 43% YoY (-10% QoQ). EKHO is currently trading at 2023e PE of 5.2x and EV/EBITDA of 4.3x. 

EKHO decided to increase its capex during 2023 to USD200 million, from USD170 million previously. 

ORHD’s (FV: EGP20.38, OW) net profit in 3Q23 increased 55.6% y/y and 59.6% q/q to EGP928.9 million, bringing 9M23 net profit up 30.3% y/y to EGP1.8 billion. 

The Administrative Capital for Urban Development Company (ACUD) has received offers from several firms to act as financial advisor ahead of an IPO on the EGX before mid-2024. 

CIEB (FV: EGP21.00, OW) released 3Q23 financial results where the consolidated bottom-line stood at EGP1,299 million (+1% q/q, +122% y/y), bringing 9M23 bottom line to EGP3,812 million (+138% y/y). CIEB is currently trading at P/E24 of 6.5x and P/B24 of 1.7x with an ROAE of 27%. 

FAIT released positive 3Q23 consolidated financial indicators, where bottom-line recorded EGP800 million (+50% y/y, +4% q/q). 9M23 bottom-line recorded EGP3,788 million (+46% y/y). FAIT is currently trading at P/E24 of 3.9x and P/B24 of 0.7x.

HRHO is negotiating with several banks to receive credit limits ranging between EGP800 million and EGP1 billion from several banks to support operations.

SUGR released 3Q23 results showing a net profit of EGP316 million (+65% YoY, -59% QoQ). 9M23 net profit recorded EGP1,404 million (+91% YoY). SUGR is currently trading at a FY24 of 8.6x and an EV/EBITDA of 5.3x. 

Cigarette prices climbed in the parallel market by EGP5/pack for local brands and EGP10/pack for foreign brands. 

The African Export-Import Bank (Afreximbank) is lending credit facilities worth USD300 million to SWDY (FV: EGP34.96, OW) to help finance projects in Africa, according to local media. 

LCSW’s board agreed to distribute 3.2 million treasury shares, which were purchased in April 2023, to the company’s shareholders as free shares, implying 0.04 share for each original share held.

CPCI is to distribute cash dividends of EGP5.0/share, implying DY of 10.1% and payout ratio of 77%.

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