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Welcome to our daily podcast featuring the day's top news commentary and technical recommendations delivered to you before the opening bells of the Egyptian Stock Exchange (EGX).Alongside our morning podcasts, we will be publishing a collection of episodes presenting indepth analysis and insights on EGX's equities, all brought to you by Al Ahly Pharos.
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UDC Real Estate Development has received a land plot in New Cairo’s Al Andalus to build a EGP60 bn mixed-use development. The project will span some 665k sqm and will feature residential, administrative, entertainment, commercial, and hospitality units. Budget expenditures in 1HFY2023-24 rose to EGP1.461 trillion, compared to EGP940.8 billion in th…
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The EGX is preparing a proposal to allow individuals to trade T- bills in the secondary market soon, within the framework of the EGX management strategy for development. The government is considering a new increase in the procurement price of wheat ardeb for the current season by EGP400, to reach EGP2,000/ ardeb in conjunction with the rise in the …
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Tourist arrivals in the first 40 days of this year were up 5% from the same period last year, Tourism Minister said. Egypt received a record 14.9 million tourists in 2023. Egypt's Trade deficit reached USD3.032 billion during December 2023. Egypt's trade deficit decreased during 2023 by about USD11.2 billion, recording about USD36.9 billion. BP is …
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Minister of Planning announced that Egypt aims to reach a growth rate of 4.2% in FY2024-25, up from 3% for the current year. Egypt Post’s investment arm could invest as much as EGP6 billion throughout the year split between private equity investments and investments in EGX-listed companies. Importers are reportedly expecting banks' provision of for…
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Egypt's unemployment rate hit 6.9% in 4Q2023, down from 7.1% in the 3Q2023 and 7.2% in the corresponding quarter of 2022. Outstanding balance of foreign investors in Egyptian T-bills increased by about USD400 million in November to USD12.6 billion compared to USD12.2 billion in October. Arab countries' debt to Egypt rose to USD48.4 billion at the e…
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Foreign investments in treasury bills increased by USD400 million MoM to reach USD12.6 billion in November 2023 The Internal Trade Development Authority studies offering a number of idle assets and outlets owned by the Minisyry of supply for the private sector to make better use of it. ADNOC and BP announced that they have agreed to form a new join…
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*Key news articles for today* Egypt aims to raise some USD6.5 bn through the privatization of state-owned companies and assets by the end of the year, Finance Minister said. A large chunk of the USD6.5 should be raised by June through stake sales of Wataniya, Gabal El Zeit wind farm, Port Said and Damietta Container & Cargo Handling companies, Unit…
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*Key news articles for today* The House approved five bills putting forward the EGP180 billion social protection package announced last week. A delegation led by Prime Minister Moustafa Madbouly met with IMF to discuss reviews of Egypt’s USD3 billion loan program. Madbouly was joined by CBE Governor Hassan Abdullah, Finance Minister Mohamed Maait, …
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The IMF’s first and second reviews of Egypt’s USD3 billion loan program are in their final stages and are expected to be completed in a few short weeks, according to the IMF Managing Director. MPs are meeting today to discuss and vote on the EGP180 billion social support package announced last week by the presidency. The House will also discuss and…
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The government and TMGH could together retain a 20% stake in the North Coast’s Ras El Hekma. Annual urban inflation eased in January to reach 29.8% in January from 33.7% in December. Monthly Inflation, however, inched up again in January to 1.6%, compared to 1.4% the month before. Annual core inflation, which excludes volatile items, fell to 29% in…
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President El-Sisi directed the government to take several urgent social measures, including: Raising all salaries for government employees by 50% at a minimum of EGP1,000 to EGP1,200 to reach EGP6,000. Meanwhile, the social package allocates EGP15 billion for increasing the salaries of doctors, nurses, teachers, and university faculty members. A15%…
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*Key news articles for today* Planning Minister and Sovereign Fund of Egypt (SFE) Chair Hala El Said said that investors have 48 hours to submit their final bids for Wataniya. The government will finalize the 580-MW Gabal El Zeit wind farm stake sale before the end of March. The government is studying increasing the number of floors allowed for hot…
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*Key news articles for today* What are the key conclusions from the different exchange rate scenarios that the market can possibly think of and their impact on FVs? ORHD, EKHOA, AMOC, ESRS, ORAS, SUGR, and SWDY's current market prices do not reflect the expected movements in the exchange rate as much as other stocks have demonstrated. They still po…
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The CBE decided to raise overnight deposit rate, overnight lending rate, and main operation rate by 200bps to 21.25%, 22.25%, and 21.75%, respectively, citing sustained inflationary pressures and geopolitical uncertainty. An IMF mission team visited Cairo during January 17-February 1, to conduct discussions toward the completion of the first and se…
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*Key news articles for today* The CBE's Monetary Policy Committee (MPC) is meeting today to decide on interest rates for the first time in 2024. We reiterate our view that the MPC might prefer to keep rates unchanged, as long as stability still prevails on the currency front. Inflation readings have been capitalizing on favorable base effect recent…
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*Key news articles for today* The government is reportedly nearing an agreement with the IMF that would take the package to USD7-8 bn over three years, with USD700 mn disbursed up front after two in-process reviews are wrapped up. The IMF has downgraded its fiscal year 2023-2024 growth forecast for Egypt to 3.0% from October’s projection of 3.6%. 1…
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Key news articles for today* The government is working to clone the expat car import initiative for real estate purchases. The initiative could see the government refund 80% of the property price to the buyers in EGP over an 8-year period. This is less than the 100%-over-10-years initially proposed. The expat car-for-FX initiative is expected to ge…
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The CBE's MPC is meeting on Thursday, February 1st, to decide on interest rates for the first time in 2024. We reiterate our view that the MPC might prefer to keep rates unchanged as long as stability still prevails on the currency front. Inflation readings have been capitalizing on favorable base effect recently. Besides, we believe any possible h…
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HDBK| A Blend of Two Sectors Supported by Macro Backdrop HDBK’s (FV: EGP65.00, OW) real estate segment along with the diversified bank’s investments keep delivering high earnings growth that sometimes compensates for any relative weakness in commercial banking operations. The potential demerger of the stock into banking and real estate could unlock…
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Egypt’s budget deficit rose to 5.51% of GDP between July and November 2024 from 3.37% during the same period last year. The Egyptian government has pledged to pay EGP 1.4 billion annually, covering the real estate tax for the industrial, poultry, and animal production sectors until the end of 2026. The Suez Canal Economic Zone (SCZone) has inked fi…
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Maersk has reshuffled routes citing risks to seafarers and cargo on Red Sea. Red Sea disruptions, surging Chinese demand, and supply outages are boosting competition for oil supplies that do not have to transit via the Suez Canal, Reuters reported. French electrical equipment manufacturer Schneider Electric discussed potential electricity, water ab…
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ORHD| Your USD-Based Asset Pick ORHD (FV: EGP20.38, OW) is one of our top picks in light of the usual rush to real estate as a store of value amid potential EGP depreciation, especially since units and land in El Gouna are priced in USD, and the company’s exposure to incoming tourist arrivals, fueling its recurring income portfolio by virtue of its…
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ETEL| 5G License Granted without Spectrum; Triggers FV upgrade to EGP51/share Telecom Egypt acquired a 5G license from the government yesterday at USD150 million with no spectrum fees. Accordingly, we upgraded our FV for ETEL to EGP51.00 per share up from EGP45.00 per share, given that we had accounted for USD500 million of 5G related capex (instea…
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ESRS | The top beneficiary within EGX of weaker local currency Despite the recent rally in the stock price, we still believe ESRS (FV: EGP97.03, OW) has untapped value. We included ESRS in our Top Picks for 2024 given not only its solid operational performance in the past few quarters, which was supported mainly by the recovering global steel cycle…
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