*Key news articles for today*

Suez Canal Authority amends and extends passage fees reductions for chemicals, petroleum products and LNG vessels until 30 June 2024.

The Federal Reserve on Wednesday held its key interest rate steady for the third straight time and set the table for multiple cuts to come in 2024 and beyond.

We issued this morning our Egypt Consumer Sector 2024 Update, in which we discus sector outlook, intercompany analysis, upside triggers, downside risks, and individual company analysis for EFID (FV: EGP40.30/share, OW), JUFO (FV: EGP27.09, OW), DOMT (FV: EGP13.42, OW), OLFI (FV: EGP15.00, OW), POUL (FV: EGP12.68/share, OW), SUGR (FV: EGP98/share, OW), ORWE (FV: EGP23.42, OW), GBCO (FV: EGP12.86, OW), and DSCW (FV: EGP1.11, OW). Our top picks for the sector are EFID & ORWE. For further details please refer to our report published this morning. 

We upgraded our fair value for ESRS to EGP97.02/share and maintained our Overweight recommendation. ESRS is currently trading at FY24e P/E of 1.6x and EV/EBITDA of 2.0x.

BINV to acquire up to 90% of OFH (swap ratio of 1 BINV share: 56.76 OFH shares).

BINV approved to extend a convertible shareholder loan to its subsidiary, Gourmet Egypt with a total value of EGP100 mn. Moreover, the board approved to sign a loan agreement with the National Bank of Kuwait for a total amount of EGP100 mn.

ALCN expects to handle 860 thousand containers in FY23/24, compared to 831 thousand containers in FY22/23, with revenues of EGP5.3 billion and net profit of EGP4.7 billion in FY23/24, implying NPM of 88.7%, according to local press.

The government is planning to launch a pilot phase for a proposed mandatory carbon market in 1Q2024. 
 A consortium led by the Saudi Public Investment Fund (PIF)-backed ADES Holding was awarded a 10-year contract to operate and ramp up oil production at maturing fields operated by Suez Oil Company and Offshore Shukeir Oil Company.