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Pre-Trading Thoughts
Manage episode 356056231 series 2987212
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Egypt's sovereign sukuk of USD 1.5 bn was about 3.5x oversubscribed. The final guidance price is 11.125% (± 1/8th).
The government is planning to list Misr Life Insurance by the end of 1H2023.
EGCH (Kima) is targeting to secure USD300 million to finance new production lines; 600 million tons for nitric acid and 800 million tons of ammonium nitrates. Kima may cooperate in this project with ABUK and MFPC.
Helwan Fertilizers plans to establish a new melamine production line with investment cost of EUR200 million and is getting ready to select the general contractor. Also, the company plans to add production lines of 1 million tpa for methanol and 400 thousand tpa of ammonia at USD1.3 billion. ABUK is an owner of Helwan Fertilizers and government has put the company on its privatization plan.
The BoD of ETRS decided to appoint Zaki Hashem & Partners as a legal advisor for the acquisition of the majority of the shares of "NOSCO". The deal might be executed via share swap.
We upgrade our FV for ALCN to EGP20.46/share, to reflect: Local currency outlook over the next five years, which positively impacts the company’s revenues as it is USD-denominated. Completion of terminal 96 deepening project in Dekhela’s port by the end of 2022/23. New market entrant “Tahya MisrMultipurpose Terminal” in Alexandria port. The dividend yield for FY22/23 is expected to be 13.4%. ALCN is currently trading at FY22/23f P/E of 6.1x and EV/EBITDA of 5.7x.
The ministry of supply is offering imported frozen chicken at cheaper prices than current market prices. Head of the Egyptian Poultry Association said that the effect on the local market depends on the quantity to be imported and made available. He also said that imported feed products should have been made available instead, which will eventually lead to a decline in poultry prices.
EFIH plans EGP2.0 billion of investments in the company’s subsidiaries and is exploring investment opportunities with the PIF.
FRA approved MNHD's EGP1.0 billion securitization bond issuance.
ELSH is looking for a partner to develop its commercial space in West Cairo.
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