Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Top Stories
Weekly Market Review
Pioneers Holding (PIOH.CA)
unveiled its FY11 financial statements showing a net profit of
LE114.7 million versus LE19.8 million in the FY10.
It was obvious this week that the telecom sector re-energized the market performance after the
approval of the EFSA to France Telecom’s (FT) mandatory tender offer for buying 100% of Mobinil at LE202.5/share. Accordingly, PAMI index gained 1.3% to conclude the week at 142,998
points. Contrarily, PMSI index slightly retreated by 0.1% to record 62,051 points. Relatively,
Egyptian Company for Mobile Services -ECMS MOBINIL (EMOB.CA) soared this week by
7% to end at LE193 with total value and volume of LE392 million and 2 million shares respectively. On the other side, Orascom Telecom Media and Technology Holding (OTMT.CA)
lost 1.4% of its value to amount to LE1.42 by the end of the week grabbing the largest trading
volume this week of 165 million shares. Also, Orascom Telecom (ORTE.CA) retreated by
1.7% to reach LE3.44 while securing total value and volume of LE101.7 million worth LE28.5
million shares. Within the same sector Telecom Egypt (ETEL.CA) where the stock advanced
by 8.3% to LE13.38 with total value and volume of LE110 million and 8.3 million shares. Moving
to the financial sector where Pioneers Holding (PIOH.CA) sustained its upward performance
for the second consecutive week to ascend to LE4.31, an increase of 26% while securing huge
value and volume of LE41.6 million and 10.3 million shares. Following that, EFG Hermes
(HRHO.CA) the stock grew significantly this week by 22% to conclude the week at LE14, after
the news that published about the ongoing negotiations and discussions with QInvest. EFG commented on the news that the Company will disclose relevant information on any developments
whether an agreement is reached. Among the gainers this week was Sixth of October Development & Investment - SODIC (OCDI.CA) as the stock enhanced to LE16.22, illustrating an
increase of 15% w-o-w. Also, Palm Hills for Development (PHDC.CA) moved upward to
LE1.86 with an increase of 13% while securing total value and volume of LE94 million and 52
million shares.
Maridive & Oil Services
(MOIL.CA) announced that the
company has won 2 contracts
worth US$22 million annually in
Nigeria and Congo for the rental of
5 marine units.
143,000
580.0
380.0
141,000
472
480.0
450
139,000
293.0
137,000
280.0
135,000
180.0
22-Apr-12
EFG
Hermes
Holding
(HRHO.CA) finalized talks to sell a
60% stake to Qatari QInvest, a
deal aimed at merging some of the
operations of the Middle East investment banks, a local newspaper
said.
145,000
680.0
Value LE mn
Egypt is willing to negotiate a
new agreement to supply
natural gas to Israel under different prices and terms, the country’s Planning and International
Cooperation Minister Fayza Aboulnaga said.
774
780.0
26-Apr-12
Egypt’s state-owned natural
gas company said that it was
ending a deal to ship gas to
Israel because of a payment
dispute.
24-Apr-12
The Egyptian Financial Supervisory
Authority (EFSA) gave a nod to the
hostile bid submitted by MT Telecom SCRL to buy 100% of the
Egyptian Company for Mobile
Services (Mobinil) (EMOB.CA)
at LE202.5/share.
23-Apr-12
Suez Canal revenues reached
US$1.25 billion during Q1 FY12
as apposed to US$1.21 billion in
the preceding comparable period
last year.
Value
PAMI
Source: Bloomberg
For the Week
New Urban Communities Authority announced that nego- Value Traded (LE mn)
tiations to purchase a 31%
stake in Hyde Park develop- Volume Traded (mn)
ment project are underway;
which has a total investments of Exch. Rates
LE12 billion.
22 Apr. - 26 Apr .
1,989
Source: Bloomberg
Featuring
Market Summary
Economic Indicators
500
22-Apr
26-Apr
US$
6.0
6.05
GBP
9.8
9.79
Euro
8.0
7.98
3
Local, Political & Economic News
4—5
The Week’s Corporate News
6:8
Money Market & Bonds
Scoreboard
Corporate Calendar
Prime Research
1-2
9
10-11
12
1
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Market Summary
Top 10 Gainers Between
Top 10 Losers Between
% Gain
22 Apr. - 26 Apr .
% Loss
Pioneers Holding
Financial Group Hermas Holding Co.
26%
22 Apr. - 26 Apr .
Alexandria Cement Company
-20.75%
22%
Sidi Krier
-10.52%
Sixth of October for Investment & Development
15%
Sinai Cement
-9.66%
Egyptian for Touristic Resorts
13%
Central & West Delta Mills
-8.60%
Palm Hills
13%
Medical Union Pharmaceutical
-7.79%
Ramco for construction of Touristic Villages
12%
Arab Ceramics (ARACEMCO)
-7.66%
Egyptians Company for Housing Development & Reconstruction
10%
Delta Sugar
-7.64%
Talaat Mostafa Group Holding
10%
Misr Hotels (HILTON)
-5.78%
Bisco Misr
9%
Golden Tex Wool Company
-5.63%
United Housing & Development
9%
Pyramisa Hotels & Cruises Company
-5.27%
Top 10 Traded By Volume
Top Sectors by Market Value
Volume
(000's)
22 Apr. - 26 Apr .
Orascom Telecom Media And Technology Holding
165,101
Palm Hills
Arabia Investments, Development, Fin. Inv. Holding Comp.Cash
Amer Group
Egyptian for Touristic Resorts
Orascom Telecom
52,126
Talaat Mostafa Group Holding
28,264
Financial Group Hermas Holding Co.
Pioneers Holding
Arab Real Estate Investments (ALECO)
14,443
10,329
9,448
41,037
35,452
29,625
28,524
%
22 Apr. - 26 Apr .
Holding Companies
19.43%
Housing &Real Estate & Tourism
11.07%
Cement & Building Material
8.26%
Telecom & Media
6.65%
Banking
5.24%
GDR Performance
26-Apr-12
5.13
25-Apr-12
5.13
24-Apr-12
5.20
23-Apr-12
5.10
20-Apr-12
5.11
19-Apr-12
5.10
18-Apr-12
5.06
CIB
COMIq.L
Orascom Telecom
ORTEq.L
4.68
4.66
4.58
4.84
4.95
4.93
4.98
Orascom Construction Industries
OCICq.L
48.15
48.00
48.40
48.55
48.60
48.20
48.55
Suez Cement
SUCEq.L
7.55
7.55
7.55
7.55
7.55
7.55
7.55
Telecom Egypt
ETELq.L
16.50
16.50
16.65
16.30
16.50
15.50
15.50
EFG-Hermes
HRHOq.L
7.76
7.76
7.76
7.80
7.60
7.60
7.84
Prime Research
2
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Egypt Economic Indicators
(LE Billion)
Balance of Payments
(US$ Mn)
*GDP by Expenditures (Current Prices)
FY08/09
FY09/10
FY10/11
-25,173
-25,120
-23,784
Real Growth Rate
Budget Deficit
Trade Balance
Services (net)
12,502
10,339
7,878
FY08
FY09
FY10
FY11
896
7.2%
(66,7)
1,042
4.7%
(69,1)
1,207
5.1%
(97,9)
1,372
1.8%
(132,5)
% of GDP
7.4
6.6
8.1
658
755.3
888.7
Domestic Debt/GDP %
73.4
72.5
73.6
76.2
Govt. Debt/GDP %
53%
54%
55%
59%
Domestic
Total Domestic Debt
9.7
1,044.8
Current Acc.
-4,424
-4,318
-2,769
Capital & Fin. Acc.
1,381
8,325
-4,824
External
External Debt (US$ bln)
33.9
31.5
33.7
34.9
FDIs
8,113
6,758
2,189
External Debt/GDP %
3.8%
3.0%
2.8%
2.5%
Fiscal Year Ending June*
Source: CBE & Ministry of Finance
Long-term Credit Ratings
S&P
B- Negative (non-inv. Grade)
Moodys (FCY Bonds)
Fitch IBCA
B1 Negative (non-inv. Grade)
B- (non-inv. grade)
Foreign Reserves - US$ Bln
A: Actual; E: Estimate; F: Forecast; N/A: Not Available
*Ending June
Feb., 2012
Mar., 2012
15.7
15.1
Source: CBE
Macro & privatization News
Saudi Arabia will provide Egypt with an aid package that may
include a three-year deposit or the purchase of treasury bills and
bonds, according to Egyptian Prime Minister Kamal el-Ganzouri. Planning and International Cooperation Minister Fayza Aboulnaga said in
an interview that the package will include a US$1 billion deposit and
US$750 million to buy treasury bonds. A Saudi delegation will visit
Egypt to discuss details, she said. Announcements came after Aboulnaga met Saudi Finance Minister Ibrahim Al-Assaf at a conference this
week in Morocco. The kingdom has so far given Egypt US$500 million
out of almost US$4 billion of aid pledged after last year’s popular
revolt that ousted Hosni Mubarak.
Suez Canal revenues reached US$1.25 billion during Q1 FY12
as apposed to US$1.21 billion in the preceding comparable period last
year.
Egypt's request for a US$3.2 billion IMF loan will not be enough
to meet the country's financial needs and will require additional
resources from donor countries, the head of the International Monetary Fund said on Wednesday. "It will not be sufficient, and everybody knows that, so it will require other donors, other participants to
also come to the table to help Egypt," IMF Managing Director Christine Lagarde told a news conference before the start of the IMF and
World Bank meetings in Washington. On a related note, The IMF said
on Friday Egypt's government and political partners have
made good progress in agreeing on the content of an IMF
funding program for the country. "We feel there is some progress
in terms of getting a commitment and broad buy-in to the objectives
and the measures" of a program, including among those who are
likely to be involved in implementing after the elections, said IMF
Director for the Middle East Masood Ahmed. Relatively, IMF expects
that inflation rate in Egypt will increase to 10.8% during the coming period, due to the applied policy of retreating subsidy, hence,
resulting in increasing prices for consumers. Moreover, IMF expects
that the Egyptian economy will register a real growth rate of 1.5%
during FY11/12 in comparison to 1.8% in FY10/11.
Prime Research
CBE monthly bulletin revealed that banknote issue increased on a
monthly basis by 1.78% in January FY12 reaching LE193.51 billion.
Meanwhile, non governmental deposits in foreign currency escalated
by 2% m-o-m, standing at LE188.35 million in January FY12. The
report revealed also that loan loss provisions in banks reached
LE54.89 billion in January FY12 versus LE52.92 billion in the previous
month.
Released data from the Ministry of Trade and Industry revealed a
14% y-o-y decline in the Egyptian exports in March FY12
reaching LE10.4 billion in comparison to the same period in the previous year.
Plastic and rubber department in the Chemical Industries
Chamber will hold a meeting tomorrow to discuss renewing the penalty fee on plastic residues which is estimated at LE1,500/ton.
The Ministry of Water Resources and Irrigation will execute a
package of development projects in South Sudan regarding the water
resources field with investment cost of US$11.5 million.
Alexandria Cotton Exporters' Association (Alcotexa) committed to sell 951 tons of cotton in the week that ended on April 14,
an Alcotexa official said. The sales comprised 569 tonnes of Giza 88
grade cotton and 382 tones of Giza 86, the official said. The deals
bring Alcotexa's export commitments for the 2011/12 season, which
began in September 2011, to 67,940 tones, worth US$213.7 million.
By this time last year, Alcotexa had sold 110,213 tones of cotton
worth US$452.98 million.
Egypt's Nasr Petroleum Company is in the midst of restarting
its 146.3k barrels-per-day refinery in Suez after a fire, an official source from the company said. "The refinery remains shut. We
are in the process of preparing to restart it," he said but declined to
be named. "We hope that we will be able to restart the refinery within
the next 24 hours."
3
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Macro & privatization News
The government will ask parliament to allocate LE108.9 billion or more in subsidies for petroleum products in the budget
for the new fiscal year 2012-2013, Minister of Petroleum Abdallah
Ghorab has said. The allocation is intended to cater for the annual
increase in consumption and the rise in the prices of petroleum
product imports. It is predicted that the subsidy will be increased to
LE113.2 billion by the end of June, and that the price of petroleum
will increase.
Saad El-Katatni, speaker of parliament, denied rumors on Thursday
that proposals for a draft law setting standards for the constituent
assembly composition have been submitted to Egypt's People's
Assembly. Instead Katatni asked Mahmoud El-Khodeiry, head of the
Legislative and Constitutional Affairs Committee, to conduct sessions
with representatives from all sections of Egyptian society to reach a
consensus on the method chosen to elect members of the constitutional-building body.
The Egyptian Tourist Authority announced that there is a
noticeable increase in number of tourists pouring into Egypt,
where rates increased by 32% during the first quarter of 2012 compared with the first quarter of 2011. The number of tourists reached
2.5 million between January and March as opposed to 1.89 million
tourists during the same period last year.
Egypt’s state-owned natural gas company said that it was
ending a deal to ship gas to Israel because of a payment dispute. Israeli officials responded by warning that the termination cast a
new shadow over the bilateral peace treaty. In reaction to Egypt's decision to cancel the gas agreement, Energy Minister Uzi Landau said that
his ministry has been preparing for such a possibility for one year. The
minister added that regular gas supplies have not been coming from
Egypt for over a year and that in any case Israel is taking steps to
strengthen its independence in energy and to provide for the speedy
development of Israeli sources of supply. Sources in the energy sector
in Egypt claim that the agreement with Israel was cancelled because
Israel did not meet its commitments. The Egyptian sources noted that
this is not a political issue, but a purely commercial agreement, our
correspondent Gal Berger reports.
Ezz Eddin Ashraf, Egyptian envoy to the United States, said that the
volume of trade between Egypt and the US in January 2012
decreased by 34.2% to US$545.3 million, compared to US$829.8
million in January 2011. Egypt's exports decreased to US$152.3 million from US$171 million. He said the decrease was due to Egypt’s
failure to export any petroleum products last January, compared to
US$26.9 million worth of oil exports in January 2011. He added that
Egypt previously exported metal fuel, liquefied natural gas and crude
oil to the US. Ezz Eddin said non-oil exports rose in January 2012 to
reach US$152.3 million, a 5.6% increase from US$144.1 million in
January 2011. Products listed in the Qualified Industrial Zones
agreement witnessed the greatest export increase, rising by 29.4%
to reach US$106.3 million in January 2012 from US$82.1 million in
January 2011. Ezz Eddin noted that the most important Egyptian
exports were textiles, carpets and cotton, in addition to urea fertilizer and decorative pieces, vegetables, medicinal herbs and aluminum.
China suspended a loan of US$300 million, was intended to
create a new building for the exhibition and a 5 star hotel
Authority Nasr City Conference. The China Development Bank
canceled the loan and agreed to the submission of Egypt in 2009,
and adopted by the council of parliament in 2010, due to the delay
of the Ministry of Industry and Commerce in the implementation of
the project agreed upon, and the failure of the parties Egyptian and
Chinese to reach a compromise on the technical issues related to the
project.
The Muslim Brotherhood’s political arm criticized a visit to
Jerusalem by a top Egyptian cleric, Grand Mufti Ali Gomaa.
“It is not acceptable for such a visit to take place after the revolution, when both official and popular positions reject having any relations with the Israeli entity as long as occupation, settlements and
the siege of Gaza continue,” the Freedom and Justice Party said in a
statement.
The Egyptian Higher Presidential Elections Commission
(HPEC) on Saturday set rules for the presidential election
propaganda, which will kick off on April 30, state media reported.
According to the rules, presidential candidates can hold meetings,
rallies and symposiums to explain their electoral platforms but cannot expose other candidates' private lives or their families in any
form, the official MENA news agency quoted an HPEC official as saying.
Prime Research
Dr. Mohamed Salem, Minister of Telecommunications and Technology
has met representatives from the World Bank, during the meeting the
Egyptian government asked the WB to speed up the procedures of borrowing US$1.2 million to support the economy and
provide job opportunities. Meanwhile, Dr. Momtaz El Said, Minister
of Finance declared that Egypt will receive first tranch of US$1.5
billion from the IMF's loan by the mid of May with an interest
rate of 1.2%
Fayza Abu El Naga, Minister of International cooperation announced
that the government has finally settled the problems of all the
Arab investors in Egypt, especially from UAE and Qatar. The
minister pointed out that the settlement committee searched during its
meeting yesterday with the prime minister the settlement of the current established investments.
Ministry of Petroleum is currently searching for methods to
provide US$140 million to finance the importing of four shipments of solar to satisfy the needs of the local market until the end
of this month.
Egyptian Businessmen committee signed a protocol yesterday with an
Egyptian Italian Committee to increase the cooperation between two
countries and increase the commercial trade between Egypt and Italy.
Relatively, Dr. Mahmoud Eissa, Minister of Trade and Industry
announced that the Italian investments in Egypt amounted to
US$1.5 billion by the end if FY11 distributed over 808 projects in
different fields.
Economic affairs Committee in the Parliament decided yesterday to
postpone the final approval of the draft law of amending the law to
protect competition and prevent monopolistic practices.
4
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Macro & privatization News
Egypt is willing to negotiate a new agreement to supply natural gas to Israel under different prices and terms, the country’s Planning and International Cooperation Minister Fayza Aboulnaga said. The
Egyptian parties to the 2005 accord notified East Mediterranean Gas
Co., which transports the gas to Israel, five times about past-due
amounts before deciding to end the agreement, Aboulnaga said. The
last notification was issued on March 31, she added.
Egypt's cabinet has ordered that LE8.8 billion of so-called special funds be redirected into the country's central bank, Finance
Minister Momtaz El-Saeed announced. Special funds are monies raised
by state institutions through means other than customs or taxes, such
as hospital fees or parking tickets.
Egypt's Minister of Communications and Information Technology, Mohamed Salem, discussed with World Bank Vice President for the Middle East, Inger Andersen, ways of accelerating
measures to receive a loan worth US$200 million Egypt has
sought from the Bank. The loan aims to minimize unemployment
and develop job opportunities in labor-intensive industrial sectors including irrigation, housing, health, and education.
Energy-poor Jordan warned that cut-offs in unstable Egyptian
gas supplies could cost the kingdom more than US$2 billion
this year. "We are worried about the energy situation. Egypt's gas
supplies have become an unstable source," Minister of Trade and Industry Sami Gammoh said. "We are doing our best and in all directions.
We have received promises from Iraq and Gulf states to help cover our
needs", he added.
Minister of Planning and International Cooperation Fayza
Abouelnaga expects foreign reserves to rise next month with
the stabilization of political and economic conditions. Speaking
to the Shura Council’s Finance and Economic Affairs Committee,
Abouelnaga said foreign reserves were depleted by US$3 billion every
month at the beginning of the revolution, started to decline to US$2.5
billion, until it dropped to US$600 million in the past months. The government has wisely allowed foreign investors to transfer US$10 billion
out of the country two months after the revolution,” she said. “This
made them trust the government and would encourage them to reinvest in the local market.” Moreover, she said that local wheat production increased by three million tons this year, which eases the burden
of importing from abroad and saves foreign currency. She also added
said that intense negotiations are underway with international financial
institutions for a US$1 billion credit to buy petroleum products, particularly butane gas.
The President of the International Fund for Agricultural Development (IFAD), Kanayo F. Nwanze, will meet the Minister of
Agriculture and Land Reclamation of the Arab Republic of
Egypt, Mohammed Reda Ismail, this week in Cairo to discuss
the country's agriculture development, which is critical for employment generation, food security and reduction of poverty.
Egypt's Ministry of Finance will offer LE3 billion (US$494.7
million) in reopened bonds at an auction on 30 April, the central bank said. It will offer LE2 billion in reopened three-year bonds
maturing on 3 April, 2015 with a coupon of 16.15%, and LE1 billion in
seven-year bonds maturing on April 3, 2019 with a coupon of 16.85%,
the bank said. Settlement for the bonds, which the central bank is selling on behalf of the ministry, is on 1 May.
Prime Research
Jordanian Minister of Energy and Mineral Resources Qutaibah
Abu Qura met in Cairo with Egyptian Minister of Oil and Minerals Mohammad Ghurab, where the two ministers discussed
energy cooperation between the two countries. They also highlighted the strong and strategic ties between the two countries.
Federation of Egyptian Industries (FEI) Plastics Division has rejected
the request of both Oriental Petrochemicals Company (OPC) and The
Egyptian Propylene & Polypropylene Company (EPPC) as regards to
imposing dumping fees on Egypt’s Polypropylene imports
from Saudi Basic Industries Corporation (SABIC). The two companies
indicated in a memo submitted to the Ministry of Trade and Industry
that Saudi Polypropylene imports weighed on their local sales. Khalid
Abu Makarem, Head of Plastics Division at FEI, noted that most of the
plastics factories objected to imposing restrictions on Polypropylene
imports, taking into consideration that the domestic production did
not meet the consumption needs.
The Egyptian/ Italian friendship and cooperation organization announced that Italian companies intend to invest US$4 billion in
the Egyptian economy within the tourism and industrial sectors during
the coming period.
CAPMAS reported an increase in of food prices during March
2012 compared to February as prices of fish Chicken and rice rose by
13.5%, 10.5% and 3% respectively.
Egypt's ruling army has approved a law barring top officials
from Hosni Mubarak's era running for president, a newspaper
website said on Monday, but it may not stop the candidacy of his last
prime minister. It was unclear if the law passed by the Islamist-led
parliament would take effect in time to block the presidential bid of
Ahmed Shafiq, who was appointed prime minister in the last days of
Mubarak's rule and served for a short time after his ouster.
New Urban Communities Authority announced that negotiations to purchase a 31% stake in Hyde Park development
project are underway; which has a total investments of LE12 billion. Furthermore, the stake that NUCA intends to purchase would be
from the total stake of Damac Properties in the project of 18.2% as
well as 13% from other investors.
Prime Minsiter Kamal Al Ganzoury approved a decree for real
estate developers; entailing that no lands would be reclaimed by
the government on projects that have begun development operations.
Furthermore, the decree increases the grace period for project development from 3 years to 5 years starting from the date that facilities
were connected to the land plot.
Qatar is providing US$400 million to support Egypt’s
Mostorod refinery project, which has been stalled since former
President Hosni Mubarak’s ouster in February last year, MEED reported. State-run Qatar Petroleum is providing US$300 million in equity, and Qatar National Bank, which counts the emirate’s government
as its biggest shareholder, is providing US$100 million in loans, MEED
reported, citing unnamed people involved in the effort. The Qatari
funding ensures that the project will reach its financial close in May,
according to the report.
5
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Macro & privatization News
Egypt will offer LE17 billion (US$2.8 billion) of seven-day repurchase agreements, after accepting bids for LE19.2 billion last week.
The contracts, known as repos, allow government securities holders
to sell them back to the North African country’s central bank to access funds for a week at 9.75%, according to the regulator’s data on
Bloomberg. The facility was started in March 2011 to ease funding
pressure at local banks as they increased holdings of government
debt amid political unrest. The Finance Ministry sold five-year notes
yesterday at an average yield of 16.54%, the lowest level in more
than three months.
Ahmed Refaat head of the Egyptian tax authority announced that the
total income tax revenues for individuals during 2011 rose to reach
LE2.2 billion compared to LE1.4 billion. Moreover, Mr. Refaat announced that total tax revenues till March 2012 reached LE115.5
billion compared to LE88.5 billion during the comparable period in the
preceding year.
Egypt's military is pumping LE400 million of its funds into
North Sinai development projects to coincide with the 30th anniversary of Israel's return of the territory, Al-Ahram newspaper reported. The North Sinai projects detailed in the Al-Ahram report are
worth LE400 million (US$66.6 million) and involve developing residential and industrial sectors, as well as infrastructure, in the border
governorate.
Vice Chairman of the Holding Company for Spinning and
Weaving announced that the current form of the company’s subsidiaries threatens of a total shut down; adding that Al Mahala company,
the largest and most equipped subsidiary, is operating at 30% capacity.
transportation minister has called a large step in increasing
maritime trade between countries in the greater region. The
agreement establishes direct shipping lines between the two countries, allowing Egyptian shipments to travel to Europe via Turkey, and
Turkish shipments to cross the Arab gulf and Africa via Egypt, Transportation Minister Galal al-Saeed said.
Cement companies have set their selling prices for the month
of May to range between LE500-LE566 per ton. Moreover, Ahmed Al Zainy, Vice Chairman of the building materials society in the
Cairo chamber of commerce, announced that the total cost of cement
stands at LE300 per ton.
Prime Research
Egypt has signed a shipping protocol with Turkey that the
Total paid in capital for newly established copmpanies during the
first 4 month of 2012 reach LE10.53 billion; of which egyptioans contributed LE8.8 billion.
The decision to halt Egyptian natural gas exports to Israel
was not due simply to commercial differences, international
shareholders in the consortium involved said on Wednesday,
dismissing claims they were behind in payments. "Any attempts to characterize this dispute as a mere commercial one is misleading," shareholders in East Mediterranean Gas Co (EMG) said.
The Cabinet has decided to postpone its coupon-for-canisters
project for three weeks to further examine how the project
will be implemented. The project has been developed to alleviate
the current fuel shortage, and could help the government save nearly
LE4 billion in annual expenses.
Egypt's election commission has reinstated former premier,
Ahmed Shafiq as a contender in the country's upcoming
presidential election. Shafiq was earlier disqualified after the Egyptian authorities approved a law that bans senior officials from the
Mubarak's regime from running for office. On Wednesday, the commission, however, upheld Shafiq's appeal. "The decision to accept my
client's appeal proves that the electoral committee functions as an
independent body according to the rule of law," the report quoted
Shafiq's lawyer, Shawqi Sayyid, as saying. Shafiq was the last prime
minister to serve under Mubarak, who was ousted by an uprising
against his rule in February last year. The law under which Shafiq was
originally disqualified bars from the presidency anyone who served in
senior positions in President Hosni Mubarak-led government. According to the report, Shafiq, in his appeal, challenged the measure's constitutionality and the commission has now referred the law to Egypt's
Supreme Constitutional Court.
Egypt has gained political backing for an IMF loan, opening
the way for the first tranche to flow from next month, the
country's minister of finance has said. Wrangling between parties has beset negotiations over the US$3.2 billion funds, required to
avert a fiscal crunch. The IMF has insisted it will not release the cash
without broad political support for the loan and the linked economic
plan.
6
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Corporate News
Waseela Microfinance Bank is likely to commence its nationwide banking operations in the upcoming weeks subsequently the central bank
has granted it permission for the launch of its commercial services.
Waseela Microfinance Bank is a subsidiary of Orascom Telecom
Holding- OTH (ORTE.CA), which is parent company of Mobilink. It
was granted license of microfinance bank earlier in November 2011.
The OTH had bought license of bank against Rs0.25 million and fulfilled all mandatory to declare its worth Rs1 billion infrastructure and
asset for bank as per requirement. The group total investment has
reached US$3.9 billion so far in Pakistan particularly through Mobilink
and Bank.
Egyptian Company for Mobile Services (MobiNil) (EMOB.CA)
sent a release stating that the company will send its un-audited financial results for the financial period ending March 31, 2012 on Monday
April 30, 2012 at 6 PM.
Al Youm7 reported Egypt Aluminum (EGAL.CA) CFO said that the
company has additional expenses of LE90 million during the last three
months attributed to the increase in the electricity bill. He added that
EGAL have sent a complaint to Prime minister Dr. Kamal El Ganzoury
asking the ministry of electricity to adhere aluminum prices to electricity prices hence avoiding a loss of LE360 million. Meanwhile, an official source said that the company obtained a loan with a total amount
of LE3 million with an interest rate of 2.5%, to be utilized in buying
new equipments to reduce energy consumption.
Pioneers Holding (PIOH.CA) unveiled its FY11 financial statements
showing a net profit of LE114.7 million versus LE19.8 million in the
FY10.
Faisal Islamic Bank (FAIT.CA) disclosed its KPIs for Q1 FY12 with
total equity balance amounting to LE36.6 billion, implying an increase
of 14.1% y-o-y. Meanwhile, total assets grew 14.3% during the same
period to reach LE36.4 billion.
BoD of Cairo Poultry (POUL.CA) approved its Q1 FY12 financial
results with a net profit reached LE29 million versus LE47.8 million.
BoD of Al Ahram for Prinitng and Packaging (EPPK.CA) approved the Q1 FY12 unaudited financials results reporting a net income of LE1.7 million from LE1.15 million in Q1 FY11.
Arab Polivara Spinning & Weaving (APSW.CA) released its financial results of FY11 ending December with net losses of LE63.5 million
in comparison to net profits of LE29.96 million in FY10.
The BoD of Delta for Printing & Packaging (DTPP.CA) approved
the financial statements of Q1 FY12 with a net income LE3.6 million,
showing 16.2% growth y-o-y.
Helwan Cement (HCCO.CA) approved a cash dividend of LE1.85/
share. Record and distribution dates will be April 24 and April 30, 2012
respectively.
Ahmed Heikal, Chairman of Citadel Capital (CCAP.CA), rebutted
published news about forming a commercial partnership with Rami
Makhlouf, the cousin of Syria's President Bashar Al-Assad, according to
Youm 7 newspaper. Heikal also indicated that Citadel does not undertake any investments in Syria, except for a cement plant worth approx.
US$3 million. The top official added that Citadel does not have any
projects in Iraq at present, but may undertake investments there in
the future.
Prime Research
The Egyptian Financial Supervisory Authority (EFSA) gave a nod to
the hostile bid submitted by MT Telecom SCRL to buy 100% of the
Egyptian Company for Mobile Services (Mobinil) (EMOB.CA)
at LE202.5/share. Accordingly, Mobinil will resume trading, as of April
23, 2012. Meanwhile, all offers and orders submitted before this announcement will be suspended. Relatively, Khaled Bichara, Managing
Director of OTMT revealed that the amended terms between OTMT
and France Telecom includes a financial appeasement for ceding
managing MOBINIL. The financial appeasement value amount to
EUR110 million which was set in the first settlement deal, Almal newspaper reported. Separately, Bichara pointed out that France Telecom
showed interest to continue partnership with Egyptian investor in
Mobinil in case of OTMT full exit.
El Sewedy Electric (SWDY.CA) approved in its GA meeting held
yesterday the FY11 financials and the cash dividend distribution of
LE223.4 million, representing LE1/share. Record and distribution
dates are yet to be announced.
Onsi Youssef, Vice Chairman and Investor Relations Manager at
Remco For Construction of Touristic Villages (RTVC.CA), said
that his company received bids for two hotels in Sharm El Sheikh and
Hurghada to boost liquidity. He added that Remco received purchase
offers for Sharm El Sheikh Hotel at a total value of LE500 million. The
offers are being evaluated, Youssef stated. The sale proceeds will be
used in completing Stella Heights project, in Sidi Abd El Rahman, at a
total value of LE1.2 billion.
Shareholders of Mansourah Poultry (MPCO.CA) gave the green
light to the board's proposal for paying cash dividends at 5% of paidup capital, implying LE0.50/share. Record and distribution dates are
yet to be announced.
Adel El-Mouzy, CEO of Egyptian Chemical Industries KIMA
(EGCH.CA) will meet within a few days with Chairmen of National
Bank of Egypt (NBE), Commercial International Bank (CIB) and National Societe Generale Bank (NSGB) to look into financing the projects of Egyptian Chemical Industries (KIMA) and Delta Fertilizers. An
official source in KIMA said that the lenders shelved approximately
LE6.4 billion facility, for fear of people's objection to the two projects
due to potential environment pollution. The source added that some
banks asked KIMA and Delta to raise the ratio of self-financing from
40% to 50%, and increase the required interest rates on both loans.
Al Baraka Bank Egypt (SAUD.CA)'s GA meeting gave the goahead for the board's proposal for paying FY11 cash dividends at a
total value of LE92.287 million. This dividend will be used in lifting
paid in capital by 15%. Record and distribution dates are yet to be
announced
Oriental Weavers (ORWE.CA) posted a 14% increase in FY11
sales to LE4.609 billion spurred by a 14% leap in exports. ORWE also
increased its market share in the US and EU to 25% and 21% respectively and forayed into new African and Asian markets. ORWE said in
a statement, that it doubled dividends from LE0.75/share to LE1.50/
share and added that its cash dividends totaled LE800 million and
bonus share distribution reached 50% over the past five years. This
high dividend reflects the company's commitment to paying strong
yields to shareholders. FY11 cash dividends are expected to reach
LE135 million.
7
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Corporate News
Shareholders of B-Tech Trade and Distribution Co. (OSTD.CA)
approved postponing the increase of issued capital from LE67.43 million to LE90 million, until a new industrial business activity is included
in the company's operations, Chairman Mahmoud Khattab said. The
meeting also approved the board's recommendation on paying cash
dividend at LE0.19/share. Moreover, the company will inject more than
LE25 million in enhancing productivity and competitive ability. B-Tech
targets a 25% leap in FY12 sales to LE1.25 billion, Khattab concluded.
Methanex Corp. has entered a long-term off-take agreement with
Orascom Construction Industries (OCIC.CA) for a significant
portion of the production from its methanol plant in Beaumont, Tex.,
which is expected to commence commercial production in June, 2012.
Vanessa James, Methanex's vice-president, marketing and logistics,
North America, commented, "We are pleased to be entering into this
agreement with Orascom, which will complement our supply capability to our customers in North America."
Beltone Financial (BTFH.CA) aims to increase the value of its assets under management by 45% within a year, the company's chairman said.
Maridive & Oil Services (MOIL.CA) announced that the company
has won 2 contracts worth US$22 million annually in Nigeria and
Congo for the rental of 5 marine units. According to Mr. Eissa Elish,
chairman of the company, the Nigerian contract would be renewed on
an annual basis, while the contract with the Congo is for a 3 year
period. Moreover, Mr. Elish announced that the company had received
approval from the emirate of Abu Dhabi for the establishment petroleum platforms and facilities on a 168k sqm plot of land. Important to
note, the company is expected to pay US$30 million for equipments
and construction for the new line of business during the coming 2-3
years.
The board of Heliopolis Housing & Development (HELI.CA) approved unaudited financial results for 9M FY11/12 reflecting net earnings of LE77.964 million compared with LE116.59 million in year-earlier
period. FY12/13 estimated budget revealed distributable surplus before
tax of LE173.4 million and LE130.1 million after tax. Moreover, Mr.
Shabaan Ibrahim, IR manager of the company said that the company
expects proceeds from the sale of four land plots amount to LE55 million. Relatively, HELI had to cancel the auction which was scheduled to
take place yesterday due to the absence of buyers.
Oascom Development Holding (ODHN.CA) released FY11 consolidated financial statements recording net losses of CHF131.69 million compared to net losses of CHF24.65 million in FY10.
Egyptians for Investment & Urban Development (EIUD.CA)
reported its Q1 FY12 financial results posting net profits of LE377k as
apposed to LE167k in the same comparable period.
Misr Duty Free Shops (MFSC.CA) reported its 9M FY11/12 financial
results recording net profits of LE45.6 million versus LE47.5 million in
the same comparable period.
Gezirah Hotels & Tourism (GIZF.CA) declared cash dividends of
US$0.84/share. Record and distribution dates are as of May 2, 2012
and May 5, 2012 respectively.
Egyptian Transport (EGYTRANS) (ETRS.CA) declared cash dividends of LE0.40/share. Record and distribution dates are as of May 2,
2012 and May 7, 2012 respectively.
BoD of Misr Cement Quena (MCQE.CA) approved its Q1 FY12 financial results with a net profit of LE74 million, implying a decline of
28% y-o-y.
Heliopolis Housing & Development (HELI.CA) announced offering 97 residential units for sale in a public auction on Sunday, April
29th. The units, whose spaces range between 124 and 217 sqm, are
located in Eighth District, El Obour City. The developer will also offer
12 villas, whose areas range between 214 and 242 sqm for sale in the
same action. Moreover, the company cancelled yesterday's auction to
sell four pieces of land at a total value of LE55 million after only one
bidder attended the auction. The pieces of land are located behind
Sheraton Heliopolis, Fairmont.
Housing & Development Bank (HDBK.CA) reported FY11 consolidated results posting net profits of LE156.2 million in comparison to
LE191.5 million in the same comparable period.
The board of Amer Group Holding (AMER.CA) agreed to sell 14
million treasury shares that were bought back between the period April
18, 2011 and April 21, 2011.
Prime Research
EFG Hermes Holding (HRHO.CA) finalized talks to sell a 60%
stake to Qatari QInvest, a deal aimed at merging some of the operations of the Middle East investment banks, a local newspaper said.
The merge between the two is intended to create an investment bank
covering the Arab world, Africa, Turkey and Southeast Asia, the paper
said. "The negotiations began months ago and the deal will be announced in the next 10 days," a source with knowledge of the deal
told the paper without giving details of the value of the deal. Moreover, the venture would include securities brokerage, asset management and investment banking operations, but not EFG Hermes Private
Equity, the paper added.
Awad Ibrahim, Libya’s Electricity Minister, revealed that Libyan Government awarded El Sewedy Electric (SWDY.CA) and Misr Mechanical Projects (KAHROMICA) the project of electricity network in
Libya with an investment cost of US$1 billion, Alborsa newspaper
reported. He pointed out that Sewedy is executing many projects with
the Libyan Government in generating renewable energy; adding that
the company is expected to complete construction and operation of
the electricity generating plant by end of FY12.
Commercial International Bank (CIB) (COMI.CA) announced
that the Chairman converted 280k local shares to global depository
receipts (GDRs). The lender operates with issued and paid-up capital
of LE5.9 billion, divided into 597.2 million shares at LE10 par value
each.
Egyptian Financial Supervisory Authority announced that Amer
Group Holding (AMER.CA) can not sell its 14 million treasury
shares as a period of 1 year has passed since the shares' purchase.
The board of Orascom Telecom Holding (OTH) (ORTE.CA) recommended withholding dividend for FY11, due to the negative impact
of Algeria operations as well as the inability to post earnings.
Housing & Development Bank (HDBK.CA) declares cash dividends of LE1.25/share. Record and distribution dates are as of May 6,
2012 and May 9, 2012 respectively.
The board of Development & Engineering Consultants
(DAPH.CA) gave a nod to Q1 FY12 financial statements, which reflected net earnings of LE8.743 million compared with LE5.831 million
in year-earlier period.
8
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Money Market
Ending
Inflation CPI
Mar. 11
Feb. 12
Mar. 12
11.48%
9.9%
9.5%
Dec., 11
Jan., 11
255,581
258,977
Latest
Previous
9.740%
9.750%
9.5%
9.6%
91-Day T-Bill
13.905%
14.856%
182-Day T-Bill
14.824%
14.791%
Inter-bank
CAIBOR
M1 (LE Million)
M2 (LE Million)
783,290
784,900
Source: CBE
Source: Bloomberg
Bonds
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Apr 2012
Aug 2012
Sep 2012
Jan 2013
Jul 2013
Feb 2014
Feb 2014
Apr 2014
Nov 2014
May 2015
Nov 2015
Jun 2016
Jun 2016
Feb 2018
Jan 2025
Bid Price
Ask Price
Market
Price
Coupon
Amount
Coupon
Type
Next Coupon
Date
Current
Yield %
YTM %
99.98
98.81
99.04
97.49
94.29
93.83
94.24
90.96
97.23
94.23
89.22
83.87
92.88
83.20
86.81
100.00
99.99
99.43
98.32
97.77
101.86
97.88
100.08
101.89
102.99
100.44
99.01
103.63
99.98
108.04
99.99
99.40
99.24
97.90
96.03
97.84
96.06
95.52
99.56
98.61
94.83
91.44
98.25
91.59
97.42
10.35
10.45
9.1
8.85
10.8
12
9.2
10.55
11.625
10.65
9.3
11
10.95
9.15
11.4
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
FIXED
28-04-2012
11-08-2012
20-09-2012
24-07-2012
28-07-2012
10-08-2012
19-08-2012
14-10-2012
16-05-2012
27-05-2012
15-05-2012
09-06-2012
10-06-2012
12-08-2012
18-07-2012
10.35
10.51
9.17
9.04
11.25
12.26
9.58
11.04
11.68
10.80
9.81
12.03
11.14
9.99
11.70
11.32
12.34
11.03
11.86
14.34
13.37
11.66
13.21
11.82
11.19
11.10
13.79
11.49
11.15
11.79
Source: Bloomberg
Prime Research
9
Market Watcher
Egypt
Scoreboard
Based on PGI constituents on (a minimum 160 days traded annually and LE 100 mn market capitalization)
Reuters
Market
Weight to
Closing
Week
YTD
52-Wk
52-Wk
Revenue Growth
Code
Cap. (LEmn)
PGI
Price
Change
Change
High
Low
2010a
2011e
2012f
Food & Tobacco
Eastern Tobacco
Delta Sugar
International Agricultural Products
Juhayna Food Industries
Cairo Poultry
Starch & Glucose
National Company For Maize Products
EAST.CA
SUGR.CA
IFAP.CA
JUFO.CA
POUL.CA
ESGI.CA
NCMP.CA
12,203
4,897
2,252
201
3,102
1,134
197
420
3.6%
1.4%
0.7%
0.1%
0.9%
0.3%
0.1%
0.1%
97.94
15.84
2.70
4.27
7.81
6.40
14.22
1.6%
-4.0%
-7.6%
7.6%
6.75%
-2.7%
1.6%
1.6%
5.5%
5.5%
-19.0%
8.9%
9.5%
-18.7%
5.3%
8.7%
110.00
18.80
3.45
5.10
11.44
8.35
15.59
89.00
15.60
2.40
3.70
7.81
5.94
12.90
18.0%
7.7%
37.3%
142.0%
18.0%
1.4%
18.5%
7.5%
5.0%
2.4%
0.6%
5.0%
20.5%
-3.9%
10.0%
30.9%
19.0%
15.7%
23.1%
5.0%
22.2%
5.5%
n/a
27.4%
15.17
2.22
0.11
0.28
1.25
0.17
2.24
Housing & Development
TMG
Palm Hills
Amer Group
Nasr City
Heliopolis
SODIC
Cairo Housing
El Shams Housing
Mena for Touristic Investments
United Housing
TMGH.CA
PHDC.CA
AMER.CA
MNHD.CA
HELI.CA
OCDI.CA
ELKA.CA
ELSH.CA
MENA.CA
UNIT.CA
19,316
8,667
1,950
2,107
1,805
1,791
1,471
448
320
128
629
5.7%
2.5%
0.6%
0.6%
0.5%
0.5%
0.4%
0.1%
0.1%
0.0%
0.2%
4.20
1.86
0.69
17.19
16.10
16.22
4.78
3.20
1.71
7.23
7.5%
9.9%
12.7%
4.5%
6.3%
6.2%
14.8%
3.5%
7.4%
7.5%
9.0%
47.7%
43.8%
72.2%
25.5%
60.8%
47.3%
103.5%
25.5%
48.1%
17.1%
93.3%
5.16
2.43
0.91
21.43
18.52
19.79
5.36
3.64
2.30
7.50
2.75
1.06
0.52
10.70
10.60
7.25
3.83
2.13
1.45
3.70
45.1%
10.7%
59.8%
3.8%
22.5%
124.5%
62970.1%
n/a
n/a
44.7%
45.5%
-13.3%
-4.5%
-69.4%
-32.3%
-17.5%
-9.0%
15.8%
n/a
-2.3%
n/a
-25.0%
17.3%
20.9%
60.0%
3.3%
31.1%
13.7%
54.8%
n/a
3.2%
n/a
10.0%
Spinning & Weaving
Oriental Weavers
Arab Ginning
Arab Polavara
Nile Ginning
Kabo
Spinalex
Arafa Holding
ORWE.CA
ACGC.CA
APSW.CA
NCGC.CA
KABO.CA
SPIN.CA
AIVC.CA
4,013
1,634
747
171
347
217
280
616
1.2%
0.5%
0.2%
0.1%
0.1%
0.1%
0.1%
0.2%
18.16
2.76
1.83
6.55
0.64
0.94
0.33
4.9%
0.9%
5.7%
5.8%
0.0%
4.9%
5.6%
0.0%
6.8%
-39.5%
31.4%
25.3%
0.0%
14.3%
6.8%
-15.4%
31.24
3.46
2.55
0.00
0.88
1.25
0.44
17.92
2.09
1.45
0.00
0.56
0.83
0.33
10.4%
14.3%
n/a
n/a
n/a
6.4%
30.0%
4.5%
9.8%
13.5%
n/a
n/a
n/a
6.1%
53.8%
-38.9%
Pharmaceuticals
EIPICO
PHAR.CA
2,690
2,690
0.8%
0.8%
33.90
-0.3%
-0.3%
5.2%
5.2%
34.99
32.01
10.8%
10.8%
Industrial
Ezz Dekhila
Ezz Steel
Ghabbour
Lecico Egypt
El Sewedy Electric
Olympic Group Investment
IRAX.CA
ESRS.CA
AUTO.CA
LCSW.CA
SWDY.CA
OLGR.CA
21,266
7,045
4,031
2,477
402
4,873
2,439
5.5%
2.1%
1.2%
0.7%
0.1%
1.4%
0.7%
527.13
7.42
19.20
5.02
21.81
40.60
1.1%
1.8%
7.5%
-4.2%
0.4%
8.5%
0.0%
4.1%
29.1%
103.8%
-9.1%
-12.1%
6.1%
2.1%
525.00
8.37
25.50
7.30
28.00
0.00
392.00
3.59
18.50
4.85
19.67
0.00
Telecommunications & IT
Orascom Telecom
The Egyptian Mobile
Telecom Egypt
Raya
ORTE.CA
EMOB.CA
ETEL.CA
RAYA.CA
60,509
18,045
19,277
22,841
346
17.6%
5.3%
5.6%
6.7%
0.1%
3.44
192.77
13.38
5.57
7.7%
98.8%
7.1%
8.3%
-3.8%
79.9%
98.8%
154.8%
2.8%
61.0%
4.79
194.01
18.50
6.29
Tourism, Entertainment & Services
Egyptian Resorts
EGTS.CA
Remco
RTVC.CA
Orascom Dev. Holding
ODHN.CA
43,840
1,187
503
42,150
0.5%
0.3%
0.1%
12.3%
1.13
2.03
14.94
11.5%
13.0%
11.5%
0.0%
30.1%
36.1%
30.1%
0.0%
Oil, Gas & Derivatives
Sidi Krir
AMOC
Maridive
16,560
6,568
7,351
2,641
4.8%
1.9%
2.2%
0.8%
12.51
85.38
1.24
1.3%
-11%
1%
5%
6.5%
6%
31%
-11%
Company
Prime Research
SKPC.CA
AMOC.CA
MOIL.CA
EPS
2010a
2011e
Dividend Yield
PE
2012f
2010a
2011e
2012f
2010a
2011e
2012f
10.74
2.44
0.16
0.26
1.08
0.19
1.69
12.56
2.74
0.17
0.32
0.69
n/a
1.41
7.1x
6.5x
7.1x
24.6x
15.3x
6.2x
37.4x
6.3x
9.1x
9.1x
6.5x
16.4x
16.7x
7.2x
34.0x
8.4x
10.7x
7.8x
5.8x
15.6x
13.2x
11.3x
n/a
10.1x
11.1%
5.1%
7.9%
11.1%
n/a
16.0%
n/a
14.7%
6.1%
6.1%
12.6%
3.7%
3.5%
9.6%
2.4%
11.2%
9.4%
7.1%
11.0%
n/a
5.4%
9.6%
n/a
9.4%
20.60
5.16
23.10
112.33
20.53
n/a
5.64
11.28
n/a
22.59
0.46
0.50
0.18
1.25
1.36
1.48
0.43
0.12
-0.35
0.31
0.28
-0.32
0.08
0.44
1.28
-2.08
0.32
0.10
-0.21
0.32
0.37
0.25
0.08
0.99
1.15
-0.98
0.37
0.12
-0.40
0.28
11.1x
9.2x
3.7x
3.8x
13.8x
11.8x
10.9x
11.1x
26.2x
n/a
23.1x
15.0x
15.0x
n/a
8.5x
39.0x
12.6x
n/a
14.8x
30.6x
n/a
22.8x
13.4x
11.4x
7.4x
8.5x
17.3x
14.0x
n/a
12.8x
27.5x
n/a
26.2x
9%
n/a
n/a
n/a
5.8%
9.3%
9.9%
8.4%
3.8%
90.6%
n/a
5%
n/a
n/a
n/a
n/a
6.2%
n/a
6.2%
1.1%
n/a
3.5%
4%
2.6%
n/a
n/a
4.8%
4.7%
n/a
7.2%
1.3%
n/a
4.1%
5.88
1.59
1.07
23.00
17.00
18.29
-
6.60
2.00
1.47
21.55
20.30
15.17
n/a
n/a
n/a
n/a
7.6%
13.2%
n/a
n/a
n/a
n/a
n/a
2.1%
3.80
0.08
0.22
0.03
-0.03
0.11
0.06
2.70
n/a
n/a
n/a
n/a
0.16
0.07
2.69
n/a
n/a
n/a
n/a
n/a
0.03
8.7x
4.8x
35.8x
8.4x
200.7x
n/a
8.9x
5.8x
6.0x
6.7x
n/a
n/a
n/a
n/a
6.0x
4.5x
8.5x
6.8x
n/a
n/a
n/a
n/a
n/a
10.3x
10.2%
11.0%
34.4%
n/a
n/a
n/a
8.2%
9.4%
6.1%
4.1%
n/a
n/a
n/a
n/a
13.3%
6.1%
9.8%
16.5%
n/a
n/a
n/a
n/a
n/a
3.0%
-
32.98
n/a
n/a
n/a
n/a
n/a
0.08
5.0%
5.0%
10.1%
10.1%
401.6%
4.02
378.8%
3.79
379.4%
3.79
8.4x
8.4x
8.9x
8.9x
8.9x
8.9x
7.4%
7.4%
8.1%
8.1%
7.7%
7.7%
40.86
41.15
35.4%
40.3%
32.0%
61.4%
-3.3%
38.9%
12.8%
9.4%
10.9%
12.0%
7.9%
-5.1%
17.6%
-15.4%
11.7%
6.3%
8.9%
21.8%
12.5%
10.9%
20.4%
188.3%
49.35
0.46
1.83
1.19
3.56
1.93
135.2%
46.29
0.37
1.36
0.29
2.28
1.35
209.4%
46.69
0.41
1.74
0.76
2.60
2.45
10.6x
10.7x
16.0x
10.5x
4.2x
6.1x
21.0x
15.8x
11.4x
19.9x
14.2x
17.5x
9.6x
30.1x
11.2x
11.3x
18.3x
11.0x
6.6x
8.4x
16.6x
4.9%
6.6%
3.4%
5.2%
14.9%
4.6%
2.5%
4.6%
7.6%
3.4%
5.2%
n/a
4.6%
3.7%
6.0%
6.6%
5.5%
6.4%
14.9%
4.8%
4.9%
938.00
11.80
25.00
26.00
-
n/a
12.47
32.39
11.44
28.57
35.90
1.80
72.99
11.61
3.41
3.2%
3.7%
-2.1%
2.6%
36.6%
-1.4%
10.7%
-3.7%
-3.2%
0.4%
4.7%
13.6%
2.2%
0.1%
7.3%
116.9%
-0.26
12.93
1.64
0.70
78.7%
0.93
-2.53
1.49
0.64
107.0%
0.19
2.84
1.37
0.77
8.2x
n/a
14.9x
8.2x
7.9x
8.7x
3.7x
n/a
9.0x
8.7x
14.2x
18.6x
67.9x
9.8x
7.2x
8.1%
n/a
6.4%
9.7%
n/a
10.5%
n/a
n/a
10.5%
n/a
6.8%
n/a
n/a
10.8%
2.7%
5.52
95.00
17.70
-
4.92
99.57
17.57
10.00
1.48
2.84
0.00
0.83
1.55
0.00
37.8%
55.9%
0.0%
37.8%
8.3%
16.7%
0.0%
n/a
160.6%
160.6%
n/a
n/a
2.5%
0.00
0.57
0.02
-0.7%
-0.01
1.15
-0.01
75.0%
0.02
1.48
n/a
594.1x
594.1x
3.6x
598.0x
1.8x
n/a
1.8x
n/a
25.4x
49.4x
1.4x
n/a
10.6%
10.6%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1.21
-
0.98
n/a
28.07
15.51
94.50
1.94
11.74
66.73
1.17
0.0%
0.0%
0.0%
0.0%
26.0%
26.0%
42.6%
21.4%
15.1%
21.1%
15.1%
-13.0%
156.5%
1.57
6.47
0.14
151.9%
1.52
12.19
0.08
192.5%
1.92
14.63
0.12
9.2x
8.0x
13.2x
9.2x
8.2x
8.2x
7.0x
15.5x
6.5x
6.5x
5.8x
10.7x
6.4%
11.2%
6.4%
4.8%
11.5%
12.4%
10.5%
n/a
12.2%
14.4%
12.2%
3.7%
15.76
81.44
1.99
15.06
82.91
1.81
10
Market Watcher
Egypt
Scoreboard
Based on PGI constituents on (a minimum 160 days traded annually and LE 100 mn market capitalization)
Sector
Reuters
Market
Weight to
Closing
Week
YTD
52-Wk
52-Wk
Company
Code
Cap. (LEmn)
PGI
Price
Change
Change
High
Low
PGI
1
Banking & Finance
CIB
Credit Agricole
Export Development
Societe Generale
Housing & Dev. Bank
.PIGI
1
83.7%
3
10.7%
4.5%
0.7%
0.2%
3.3%
0.5%
1,045.3
4
16.27%
6
9%
37.1%
10.7%
12.8%
37.8%
26.9%
895.2
8
25.59
8.67
4.85
27.87
13.96
3.31%
5
3%
5.0%
-1.6%
0.4%
2.8%
5.7%
7
COMI.CA
CIEB.CA
EXPA.CA
NSGB.CA
HDBK.CA
341,726
2
36,539
15,283
2,488
698
11,238
1,605
26.88
10.00
5.49
30.00
16.90
NBD
EGB $
Al Baraka Egypt
Suez Canal Bank
Faisal Islamic Bank
DEVE.CA
EGBE.CA
SAUD.CA
CANA.CA
FAIT.CA
714
1,656
792
822
1,242
0.2%
0.5%
0.2%
0.2%
0.4%
3.57
1.39
9.01
4.11
20.93
4.7%
0.0%
2.6%
1.5%
8.8%
2.9%
-4.8%
7.4%
-3.3%
7.2%
Financial Institutions
EFG-HRMS
Citadel Capital
Egyptian Kuwaiti Holding
HRHO.CA
CCAP.CA
EKHO.CA
10,413
6,701
2,780
932
3.0%
2.0%
0.8%
0.3%
14.01
3.19
1.11
5.6%
21.8%
5.6%
1.8%
Cement & Construction
OCI
Torrah Cement
Misr Benisuef
Sinai Cement
Suez
Quena Cement
South Valley Cement
ASEK for Mining
OCIC.CA
TORA.CA
MBSC.CA
SCEM.CA
SUCE.CA
MCQE.CA
SVCE.CA
ASCM.CA
69,003
54,255
2,107
2,526
1,891
3,804
2,599
1,547
273
20.2%
15.9%
0.6%
0.7%
0.6%
1.1%
0.8%
0.5%
0.1%
259.67
29.46
50.51
27.02
20.92
87.00
3.14
7.79
Chemical
Abu Kier Fertilizers
EFIC
ABUK.CA
EFIC.CA
11,470
10,760
710
3.4%
3.1%
0.2%
Milling
North. Mil s
West Mil s
Upper Mil s
East Delta Mil s
Central Egypt Mil s
MILS.CA
WCDF.CA
UEFM.CA
EDFM.CA
CEFM.CA
1,010
169
225
317
191
108
0.3%
0.0%
0.1%
0.1%
0.1%
0.0%
Prime Research
EPS
Revenue Growth
PE
Dividend Yield
2010a
2011e
2012f
2010a
2011e
2012f
2010a
2011e
2012f
2010a
2011e
2012f
18.71
7.70
4.06
20.25
10.51
9
14%
15.3%
15.1%
1.9%
12.0%
10.0%
10
13%
-4.0%
8.5%
-13.5%
6.4%
-13.3%
11
20%
16.1%
16.7%
3.5%
14.9%
28.1%
12
141%
3.00
1.41
1.19
3.12
1.45
13
95%
2.38
0.97
0.53
3.35
1.19
14
148%
3.20
1.14
0.43
4.04
1.48
8.7x
15
7.3x
8.5x
6.2x
4.1x
8.9x
9.7x
8.9x
16
9.0x
10.7x
9.0x
9.1x
8.3x
11.7x
8.9x
17
7.6x
8.0x
7.6x
11.4x
6.9x
9.4x
10.2%
18
8.2%
3.9%
13.8%
20.6%
4.5%
7.2%
8.1%
19
7.4%
3.9%
7.4%
11.8%
4.5%
9.0%
7.7%
20
6.4%
4.9%
9.5%
6.5%
6.3%
6.2%
4.49
1.77
11.65
4.99
23.48
3.25
1.32
8.30
4.00
19.02
391.3%
97.4%
0.9%
43.7%
9.1%
78.4%
24.7%
49.4%
17.8%
24.5%
25.9%
n/a
37.3%
n/a
23.5%
-2.44
0.76
1.07
n/a
5.66
-2.95
0.53
0.94
-0.25
2.91
-2.84
n/a
2.36
-0.01
3.17
n/a
1.8x
8.4x
n/a
3.7x
n/a
2.6x
9.6x
n/a
7.2x
n/a
n/a
3.8x
n/a
6.6x
n/a
8.2%
n/a
n/a
9.7%
n/a
5.4%
n/a
n/a
10.1%
25.6%
40.2%
25.6%
14.4%
16.79
4.05
1.25
9.71
2.35
0.93
42.4%
78.3%
-57.9%
42.4%
-31.5%
-31.5%
-65.9%
8.9%
12.1%
22.6%
1.6%
n/a
17.3%
1.46
-0.34
0.17
17.8%
0.43
-0.63
0.18
18.7%
0.75
-0.37
0.19
8.0x
9.6x
n/a
6.4x
19.4x
32.5x
n/a
6.2x
12.3x
18.7x
n/a
5.9x
11.9%
17.1%
n/a
6.8%
0.57%
4.0%
0.3%
0.8%
-9.7%
-0.4%
3.6%
0.3%
6.9%
-3.21%
29.9%
-5.0%
-16.5%
-4.9%
-9.1%
-1.5%
6.1%
0.8%
279.95
34.70
151.65
83.73
25.49
70.26
4.35
11.48
200.00
28.10
97.92
48.27
20.99
88.00
2.87
6.99
5.19%
29.3%
n/a
-6.9%
7.6%
-3.6%
5.2%
0.8%
99.1%
-2.34%
15.2%
n/a
20.3%
-26.3%
-16.8%
-11.0%
-2.3%
50.8%
2.27%
23.6%
n/a
-0.7%
11.8%
-3.9%
2.3%
n/a
n/a
8.8x
16.8x
10.5x
8.8x
2.1x
3.1x
6.1x
30.4x
10.2x
7.0x
12.9x
n/a
9.3x
5.8x
5.8x
8.2x
27.6x
0.8x
8.3x
8.8x
n/a
10.3x
6.4x
4.1x
8.3x
25.1x
n/a
127.91
10.24
3%
1.1%
4.5%
8%
1.0%
14.8%
137.00
13.90
124.00
8.70
7%
0.3%
13.0%
19%
19.5%
18.6%
16%
3.0%
28.1%
689%
13.89
-0.12
839%
16.00
0.77
861%
15.95
1.27
9.2x
9.2x
n/a
10.6x
8.0x
13.2x
15.75
29.98
45.26
31.90
7.34
-1%
-0.3%
-8.6%
-0.5%
0.0%
-0.8%
-6%
5.5%
-12.6%
-5.6%
-0.7%
-6.0%
17.25
37.00
51.00
35.90
9.68
14.80
30.00
43.75
29.01
6.85
-3%
-13.3%
13.7%
-0.3%
-7.1%
-3.0%
-6%
-1.9%
-19.3%
-29.7%
-0.4%
-6.1%
3%
3.1%
3.0%
3.0%
3.2%
1.8%
425%
1.70
7.06
12.81
4.25
0.57
408%
2.43
4.08
8.06
4.33
0.58
416%
2.46
4.16
8.23
4.60
0.53
7.5x
9.3x
4.2x
3.5x
7.5x
12.8x
7.3x
6.5x
7.3x
5.6x
7.4x
12.7x
1,287
625.50% 542.86% 502.53%
15.46
20.10
29.59
2.81
n/a
n/a
5.71
5.43
4.92
12.94
4.69
4.24
6.80
3.60
5.13
14.34
10.57
10.52
0.10
0.11
0.13
0.76
9.39
n/a
Prime
Cons.
DCF Target
21
22
21.80
8.70
3.50
24.69
11.55
29.11
10.49
3.50
30.07
14.71
n/a
n/a
n/a
n/a
7.9%
1.65
3.53
7.03
30.05
1.65
1.67
10.92
6.67
30.05
n/a
n/a
n/a
4.5%
n/a
n/a
n/a
n/a
-
16.67
3.87
1.50
14.6%
4.3%
14.6%
9.9%
46.3%
23.4%
18.4%
3.2%
n/a
9.5%
5.2%
9.5%
9.4%
11.1%
7.9%
16.1%
n/a
n/a
9.6%
5.9%
n/a
8.5%
12.6%
9.6%
9.7%
n/a
n/a
286.00 300.92
n/a
44.00 46.37
28.10 27.27
22.00 21.50
77.00 69.20
n/a
n/a
8.0x
8.0x
8.0x
10.2%
10.2%
n/a
10.3%
10.3%
n/a
7.2%
10.0%
4.4%
155.00 155.00
19.08 16.89
6.9x
6.4x
7.2x
5.5x
6.9x
13.9x
11.8%
9.5%
13.0%
13.3%
10.5%
n/a
9.4%
10.5%
9.4%
8.4%
10.7%
5.4%
9.6%
13.8%
9.6%
8.5%
10.5%
5.0%
-
17.50
46.90
83.10
40.10
8.30
11
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
Corporate Calendar
April 2012
Sun
Mon
Tue
Wed
Thu
Fri
1
2
Distribution Date of Misr
Cement - Quena Cash
dividend of 7
3
Record Date of Al
Ahram Company for
Printing and Packaging
Cash Dividend of 1
4
Distribution Date of
Cairo Poultry Co. Cash
dividend of 0.75
5
Distribution Date of
Commercial International
Bank
Cash
dividend of 1
6
Egyptian for Developing Building Materials
GA To approve the
resignation
offered
from members of
BOD
8
9
Distribution Date of Al
Ahram Company for
Printing and Packaging
Cash dividend of 1
10
Canal Shipping Agencies GA To approve the
estimated budget of
FY12/13
11
Distribution Date of
National Societe General
Bank Cash Dividend of
1.25
12
13
Distribution Date of
Development & Engineering
Consultants
(DAPH.CA)
Cash
Dividend of 1.4
Heliopolis Housing &
Development GA To
approve the estimated
budget of FY12/13
16
17
Ezz Aldekhela Steel
(IRAX.CA) GA To approve the financial
statement
of FY11
ending December 2011
7
14
Distribution Date of
Nozha
International
Hospital
(NINH.CA)
Cash Dividend of 1.3
United Arab for Unloading
&
Shipping
(UASG.CA)
GA
To
approve the estimated
budget of FY12/13
15
Sat
Distribution Date of
National Investment &
Reconstruction-Nirco
(NIRE.CA)
Cash
Dividend of 0.75
18
19
Distribution Date of
Arab
In v e s t m e n t
U r b a n i z a t i o n
(AIUR.CA)
Cash
Dividend of 17.39
20
21
Mansourah
Poultry
GA To approve the
financial statements
of FY11 in addition to
a proposed dividend
of LE0.50/share
27
28
Misr Beni Suef Cement
Company
(MBSC.CA) GA To
approve the financial
statement of FY11
ending
December
2011
Distribution Date of El
Arabia
Engineering
Industries (EEII.CA)
Cash Dividend of 1.7
23
22
Distribution Date of Housing & Development Bank
Juhayna Cash Dividend of GA & EGA
n/a
0.15
Ismailia Misr Poultry GA To
Distribution Date of Faisal
approve the estimated budget
Islamic BankCash Divi- of FY12/13
dend of 2.11
Distribution
Date
of
24
*Distribution Date of
Nasr Company For Civil
Works - NCCW Cash
Dividend of 0.5
25
26
Suez
Distribution Date of Faisal Cement Cash Dividend of 0.65
Islamic BankCash Dividend of US$ 0.35
Distribution Date of Suez Bags
Cash Dividend of 15.35
Distribution Date of Torah
Cement Cash Dividend of 2.8
Distribution Date of Egypt Gas
Cash Dividend of 6.5
Distribution Date of Semiramis
Hotels Cash Dividend of 3
29
Egyptian International
Pharmaceutical Industrial
Co. - EIPICO (PHAR.CA)
GA To approve the financial statement of FY11
ending December 2011
30
Egyptian for Tourism
Resorts (EGTS.CA) GA To
approve the financial
statement of FY11 ending
December 2011
Prime Research
12
Market Watcher
Egypt
Week Ending Thursday, April 26, 2012
PRIME SALES TEAM
Group Head – Global Securities Brokerage
+202 3300 5688
snabih@egy.primegroup.org
Mohamed Ezzat
Head of Branches
+202 3300 5784
mezzat@egy.primegroup.org
Amr Alaa, CFTe
Supervisor, Local Institutional Desk
+202 3300 5609
aalaa@egy.primegroup.org
Mohamed Magdy
SRM, Gulf & MENA Desk
+202 3300 5653
mmagdy@egy.primegroup.org
Osama Mahmoud
SRM, Institutional Sales
+202 3300 5623
omahmoud@egy.primegroup.org
RM, International
+202 3300 5614
mkhaled@egy.primegroup.org
Manager, High Networth
+202 3300 5672
asebaee@egy.primegroup.org
Sherif Nabih
Mohamed Khaled Hafez
Amr El Sebaee
PRIME INVESTMENT RESEARCH
Mohamed Seddiek
Head of Research/Strategist
+202 3300 5720
mseddiek@egy.primegroup.org
Rehab Taha, CFA
Acting Head of Research
+202 3300 5724
rtaha@egy.primegroup.org
Manager
+202 3300 5726
mdoss@egy.primegroup.org
Ahmed Hindawy
Senior Analyst
+202 3300 5719
aelhindawy@egy.primegroup.org
Radwa Abulnaga
Senior Analyst
+202 3300 5718
rabulnaga@egy.primegroup.org
Heba Sherif
Analyst
+202 3300 5717
hsherif@egy.primegroup.org
Ahmed Hazem
Analyst
+202 3300 5723
ahazem@egy.primegroup.org
Junior Analyst
+202 3300 5722
hmonir@egy.primegroup.org
Senior Technical Analyst
+202 3300 5721
lahmed@egy.primegroup.org
Monette Doss
Heba Monir
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