Stocks Information Updates*

Equities | Egypt | Market Strategies

Monday, March 4, 2024

Reporting Last Consensus Upside Last DPS Dividend NPLs/ Loans-to-

Ticker Rating TTM EPS TTM P/E BVPS P/B CAR ROE
Currency Price TP Potential Financials 2021 2022 2023 Yield Total Loans Deposits ratio
Banks
COMI EGP 71.26 75.49 5.9% HOLD FY23 8.59 8.3x 30.0 2.4x 1.35 0.53 0.55 0.7% 26.2% 3.6% 39.3% 37%
SAUD EGP 13.91 14.45 3.9% BUY FY23 3.10 4.5x 13.4 1.0x 0.00 0.00 1.38 0.0% 18.6% 3.8% 47.4% 20%
HDBK EGP 53.91 48.66 -9.7% NA FY23 12.31 4.4x 34.0 1.6x 2.50 1.00 3.00 1.9% 26.3% 7.0% 44.0% 37%
EXPA EGP 24.17 NA NA NA FY23 5.11 4.7x 21.8 1.1x 0.00 0.00 NA 0.0% 16.8% 2.4% 63.0% 23%
ADIB EGP 43.05 42.24 -1.9% NA FY23 9.34 4.6x 28.7 1.5x 0.00 0.00 0.00 0.0% 18.0% 1.4% 53.1% 40%
CIEB EGP 23.20 20.45 -11.9% NA FY23 3.70 6.3x 11.6 2.0x 0.74 0.00 2.47 0.0% 18.5% 3.1% 51.0% 42%
Sector Average 5.5x 1.6x
Sector Median 4.7x 1.5x
Non-Bank Financial Services
HRHO EGP 19.01 18.01 -5.3% NA 9M23 1.73 11.0x 18.1 1.1x 0.00 0.00 NA 0.0% NA NA NA 10%
BTFH EGP 3.31 NA NA NA 9M23 -0.01 NM 1.8 1.8x 0.00 0.00 NA 0.0% NA NA NA -1%
CICH EGP 5.92 NA NA NA 9M23 0.97 6.1x 4.8 1.2x 0.25 0.00 NA 0.0% NA NA NA 22%
CNFN EGP 5.49 NA NA NA 9M23 0.51 10.7x 2.5 2.2x 0.228 0.25 NA 4.6% NA NA NA 21%
BINV EGP 22.16 16.63 -25.0% NA 9M23 4.04 5.5x 17.1 1.3x 0.50 5.00 NA 22.6% NA NA NA 22%
ATLC EGP 4.91 NA NA NA FY23 0.98 5.0x 3.9 1.2x 0.93 0.42 0.00 8.6% NA NA NA 28%
Sector Average 7.7x 1.5x
Sector Median 6.1x 1.3x

Reporting Last Consensus Upside Last DPS Dividend Net Debt Net Debt
Ticker Rating TTM EPS TTM P/E BVPS P/B EV/EBITDA ROE
Currency Price TP Potential Financials 2021 2022 2023 Yield (Cash)('mn) /Equity
Health Care & Pharmaceuticals
RMDA EGP 2.86 3.34 16.8% BUY 9M23 0.23 12.4x 1.7 1.7x 0.01 0.00 NA 0.0% 11.2x 779.6 45% 14%
PHAR EGP 49.00 63.85 30.3% BUY FY23 6.22 7.9x 28.6 1.7x 3.00 2.00 NA 4.1% 7.2x 4,204.2 99% 19%
ISPH EGP 3.65 5.10 39.7% BUY 9M23 0.18 20.3x 1.3 2.9x 0.10 0.00 NA 0.0% 6.8x 4,012.8 285% 16%
CLHO EGP 6.26 6.94 10.9% BUY 9M23 0.24 25.7x 1.3 4.7x 0.00 0.00 NA 0.0% 12.4x 363.9 16% 18%
Sector Average 16.6x 2.7x 9.4x
Sector Median 16.3x 2.3x 9.2x
Food, Beverages & Tobacco
EFID EGP 37.53 36.01 -4.0% NA 9M23 2.30 16.3x 4.6 8.1x 0.28 0.55 NA 1.5% 12.2x 66.0 2% 50%
DOMT EGP 16.62 8.62 -48.1% NA 9M23 1.62 10.3x 4.5 3.7x 0.00 0.50 NA 3.0% 6.2x 862.5 68% 36%
OLFI EGP 13.72 12.98 -5.4% NA 9M23 1.11 12.4x 2.4 5.7x 0.65 0.95 NA 6.9% 6.3x 108.1 11% 46%
JUFO EGP 19.86 17.44 -12.2% NA 9M23 1.11 17.9x 4.4 4.6x 0.35 0.15 NA 0.8% 9.3x 251.8 6% 25%
SUGR EGP 60.00 74.40 24.0% HOLD 9M23 10.69 5.6x 20.2 3.0x 0.50 2.55 NA 4.3% 4.4x (1,744.1) -61% 53%
POUL EGP 9.97 9.65 -3.2% NA 9M23 2.49 4.0x 5.7 1.7x 0.16 0.00 NA 0.0% 1.9x 86.8 3% 44%
EAST EGP 35.31 34.91 -1.1% NA 1Q23/24 3.31 10.7x 3.6 9.9x 1.60 1.60 3.75 10.6% 11.2x (14,418.4) -181% 93%
Sector Average 11.0x 5.2x 7.4x
Sector Median 10.7x 4.6x 6.3x
Automobiles
GBCO EGP 9.84 9.20 -6.6% NA 9M23 9.20 1.1x 17.7 0.6x 0.35 0.00 NA 0.0% 5.6x 6303.5 30% 52%
* Please see page 4 for abbreviations

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Equities | Egypt | Market Strategies

Monday, March 4, 2024

Reporting Last Consensus Upside Last DPS Dividend Net Debt Net Debt
Ticker Rating TTM EPS TTM P/E BVPS P/B EV/EBITDA ROE
Currency Price TP Potential Financials 2021 2022 2023 Yield (Cash)('mn) /Equity
IT , Media & Communication Services
RACC EGP 5.50 3.50 -36.4% NA 9M23 0.8 6.9x 2.5 2.2x 0.00 0.00 NA 0.0% 4.0x 191.5 36% 37%
ETEL EGP 39.41 40.09 1.7% BUY 9M23 7.1 5.5x 28.5 1.4x 1.00 1.25 NA 3.2% 4.9x 36,979.5 76% 26%
FWRY EGP 7.55 6.54 -13.4% Buy 9M23 0.18 42.7x 0.93 8.1x 0.00 0.00 NA 0.0% 31.3x (4,884.2) -154% 21.3%
EFIH EGP 24.21 23.05 -4.8% Buy FY23 0.62 39.0x 3.0 8.1x 0.10 0.23 0.37 1.0% 30.7x (2,412.0) -44% 23%
Sector Average 23.5x 4.9x 17.7x
Sector Median 23.0x 5.1x 17.8x
Education Services
CIRA EGP 13.35 NA NA NA FY22/23 0.19 70.3x 2.3 5.7x 0.21 0.24 0.00 1.8% 10.1x 2,324.6 140% 8%
SCTS EGP 84.61 NA NA NA 1Q23/24 10.92 7.8x 31.1 2.7x 5.00 5.40 7.25 8.6% 5.0x (1,764.7) -62% 35%
TALM EGP 6.69 NA NA NA 1Q23/24 0.56 11.9x 1.8 3.8x 0.00 0.00 0.00 0.0% 9.7x 388.8 28% 32%
Sector Average 30.0x 4.1x 8.3x
Sector Median 11.9x 3.8x 9.7x
Energy & Support Services
AMOC EGP 8.92 10.89 22.1% HOLD 1H23/24 0.97 9.2x 2.8 3.2x 0.15 0.55 0.65 7.3% 5.0x (2,951.3) -81% 34%
EGAS EGP 39.58 NA NA NA FY23 1.77 22.3x 42.6 0.9x 1.50 1.25 0.00 0.0% NM (249.3) -6% 4%
TAQA EGP 14.70 NA NA NA FY23 0.41 35.7x 1.9 7.9x 0.15 0.13 0.00 0.0% 15.1x 99.6 3% 22%
MOIL USD 0.25 0.30 18.1% NA 9M23 -0.19 NM -0.12 NM 0.00 0.00 NA 0.0% 5.1x 419.8 NM NM
CCAP EGP 3.13 2.79 -11.0% NA 9M23 -0.99 NM -7.6 NM 0.00 0.00 NA 0.0% 5.1x 91,930.1 NM NM
EKHO USD 0.91 1.48 62.4% BUY FY23 0.14 6.6x 0.4 2.2x 0.07 0.11 0.06 6.6% 4.0x (151.7) -24% 38%
Sector Average 18.4x 3.5x 6.9x
Sector Median 15.8x 2.7x 5.1x
Real Estate & Hospitality
EMFD EGP 7.22 5.58 -22.7% NA FY23 1.44 5.0x 7.9 0.9x 0.00 0.00 0.00 0.0% 4.3x (11,882.1) -33% 20%
TMGH EGP 72.80 60.12 -17.4% NA FY23 1.46 49.9x 79.4 0.9x 0.17 0.19 0.22 0.3% 29.1x (6,428.1) -3% 2%
OCDI EGP 60.08 28.99 -51.7% NA FY23 3.85 15.6x 24.2 2.5x 0.00 0.00 0.00 0.0% 11.5x 1,876.5 22% 17%
PHDC EGP 4.84 4.48 -7.5% NA FY23 0.54 9.0x 3.8 1.3x 0.10 0.00 0.00 0.0% 6.0x 1,760.4 15% 15%
MASR EGP 4.60 5.79 25.8% Buy 9M23 0.60 7.7x 2.8 1.7x 0.00 0.15 NA 3.3% 4.6x 423.3 7% 24%
HELI EGP 12.21 16.66 36.4% Buy 9M23 0.45 27.4x 0.6 20.8x 0.10 0.22 NA 1.8% 15.4x 1,453.6 185% 76%
ORHD EGP 14.19 19.30 36.0% BUY 9M23 1.79 7.9x 6.8 2.1x 0.00 0.00 NA 0.0% 5.0x 3858.4 43% 30%
Sector Average 17.5x 4.3x 10.8x
Sector Median 9.0x 1.7x 6.0x
Contracting & Engineering Industries
ORAS USD 319.99 207.85 -35.0% BUY 9M23 1.49 6.9x 6.2 1.7x 0.46 0.42 NA 4.1% 3.0x (187.2) -27% 25%
SWDY EGP 34.31 28.95 -15.6% NA 9M23 4.39 7.8x 15.6 2.2x 0.00 0.40 NA 1.2% 5.5x 19004.0 52% 32%
Sector Average 7.4x 1.9x 4.3x
Shipping & Transportation Services
ALCN EGP 42.10 37.75 -10.3% NA 1H23/24 4.09 10.3x 6.6 6.4x 0.79 1.11 2.40 5.7% 14.3x (7,231.2) -74% 62%
ETRS EGP 4.11 NA NA NA 9M23 0.34 12.1x 2.2 1.8x 0.00 0.13 NA 3.2% 26.8x (31.5) -9% 15%
Sector Average 11.2x 4.1x 20.6x
* Please see page 4 for abbreviations

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Equities | Egypt | Market Strategies

Monday, March 4, 2024

Reporting Last Consensus Upside Last DPS Dividend Net Debt Net Debt
Ticker Rating TTM EPS TTM P/E BVPS P/B EV/EBITDA ROE
Currency Price TP Potential Financials 2021 2022 2023 Yield (Cash)('mn) /Equity
Petrochemicals & Chemicals
SKPC EGP 29.43 33.50 13.8% HOLD FY23 2.75 10.7x 8.3 3.6x 0.00 0.90 1.00 3.4% 6.8x (1,169.1) -19% 39%
KZPC EGP 8.67 NA NA NA FY23 0.95 9.1x 3.4 2.6x 0.27 0.63 NA 7.2% 4.5x 315.9 52% 31%
MICH EGP 44.77 47.80 6.8% HOLD 1H23/24 9.34 4.8x 15.2 2.9x 1.00 1.50 3.00 6.7% 4.5x (614.8) -55% 49%
Sector Average 8.2x 3.0x 5.3x
Sector Median 9.1x 2.9x 4.5x
Fertilizers
ABUK EGP 63.80 69.25 8.5% HOLD 1H23/24 8.31 7.7x 17.3 3.7x 2.30 3.00 7.00 11.0% 5.1x (16,432.5) -75% 52%
EFIC EGP 84.14 42.00 -50.1% NA 9M23 8.33 10.1x 30.2 2.8x 2.00 5.00 NA 5.9% 8.4x 1,868.0 85% 30%
EGCH EGP 11.55 11.76 1.8% BUY 1Q23/24 1.07 10.8x 6.0 1.9x 0.00 0.00 0.00 0.0% 7.6x 6,939.4 98% 21%
MFPC EGP 59.60 34.64 -41.9% NA FY23 2.87 20.7x 20.8 2.9x 1.10 1.65 NA 2.8% 11.6x (11,821.8) -27% 14%
Sector Average 12.3x 2.8x 8.2x
Sector Median 10.4x 2.8x 8.0x
Metal & Mining
EGAL EGP 107.30 60.23 -43.9% NA 1H23/24 13.11 8.2x 23.5 4.6x 0.00 4.50 6.50 6.1% 4.8x 407.7 4% 57%
ESRS EGP 77.00 97.34 26.4% BUY 9M23 -1.09 NM 0.0 NM 0.80 0.00 NA 0.0% 3.0x 37.5 NM NM
ISMQ EGP 4.16 NA NA NA 1H23/24 0.12 34.7x 0.3 13.8x 0.00 0.03 0.10 2.4% 24.4x (162.7) -55% 37%
ASCM EGP 44.18 NA NA NA 9M23 36.70 1.2x 35.5 1.2x 0.00 0.00 NA 0.0% 23.7x 2115.5 115% 228%
Sector Average 14.7x 6.5x 14.0x
Sector Median 8.2x 4.6x 14.2x
Textile & Durables
DSCW EGP 1.20 NA NA NA 9M23 0.22 5.4x 0.4 2.7x 0.00 0.00 NA 0.0% 5.0x 1,135.9 141% 50%
ORWE EGP 18.41 23.81 29.3% BUY 9M23 2.42 7.6x 18.6 1.0x 1.00 0.60 NA 3.3% 5.8x 1274.0 9% 13%
Sector Average 6.5x 1.9x 5.4x
Building Material
ARCC EGP 15.71 12.80 -18.5% NA FY23 1.81 8.7x 4.6 3.4x 0.00 0.66 0.26 4.2% 4.4x (459.8) -26% 47%
MBSC EGP 51.56 44.17 -14.3% NA 9M23 -1.25 NM 10.9 4.7x 2.09 0.00 NA 0.0% 4.5x (447.1) -61% -10%
MCQE EGP 24.43 NA NA NA 9M23 0.84 29.2x 14.8 1.7x 0.50 0.75 NA 3.1% 9.4x 1,031.7 55% 6%
ECAP EGP 28.98 28.57 -1.4% Buy FY23 4.12 7.0x 14.4 2.0x 0.55 0.90 NA 3.1% 4.6x 558.0 72% 31%
CERA EGP 1.09 NA NA NA FY23 0.11 9.9x 0.6 1.9x 0.00 0.00 0.03 0.0% 6.5x 291.7 70% 21%
Sector Average 13.7x 2.7x 5.9x
Sector Median 9.3x 2.0x 4.6x
* Please see page 4 for abbreviations

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Equities | Egypt | Market Strategies

Monday, March 4, 2024

Abbreviations (‫)شرح االختصارات‬

• TTM EPS: Trailing Twelve months (TTM) Earning per share (EPS) (‫ شهر‬12 ‫)ربحية السهم الواحد آلخر‬

• TTM P/E = Price / TTM EPS (‫ شهر‬12 ‫)مضاعف الربحية = سعر السهم ÷ ربحية السهم آلخر‬

• BVPS = Book Value Per Share (‫)القيمة الدفترية للسهم الواحد‬

• P/B = (Price / BVPS) (‫)مضاعف القيمة الدفترية = سعر السهم ÷ القيمة الدفترية للسهم‬

• DPS = Dividends Per Share (‫)توزيعات األرباح للسهم الواحد‬

• Dividend Yield = (DPS/ Price) (‫)عائد التوزيعات = التوزيعات للسهم ÷ سعر السهم‬

• Capital Adequacy Ratio (CAR) (‫)معدل كفاية رأس المال‬

• NPLs / Total Loans = Nonperforming Loans / Total Loans (‫)نسبة القروض غير المنتظمة من اجمالي قروض البنك‬

• Loan-to-deposit ratio (‫)نسبة القروض إلى الودائع‬

• ROAE = Return on Average Equity (‫)معدل العائد على متوسط حق الملكية‬

• Net Debt (Cash) = (Total Debt – Cash) )( ‫)صافي الديون (النقدية) = اجمالي الديون – النقدية‬

Positive number = net debt, Negative number = net cash )‫(الرقم الموجب يعني حجم ديون أ كثر والرقم السالب يعني حجم نقدية أ كثر‬

• Net Debt (Cash)/ Equity (‫ حقوق الملكية‬/)‫)صافي الديون (النقدية‬

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Analyst Certification
I (we), Mahmoud Selim, Equity Analyst, employed with Mubasher International, a company under the National Technology Group of Saudi Arabia being a
shareholder of Mubasher for Securities and Bonds (c) and author(s) to this report, hereby certify that all the views expressed in this research report accurately
reflect my (our) views about the subject issuer(s) or security(ies). I (we) also certify that no part of my (our) compensation was, is or will be directly or indirectly
related to the specific recommendation(s) or view(s) expressed in this report. Also, I (we) certify that neither myself (ourselves) nor any of my (our) close relatives
hold or trade into the subject securities.

Head of Research Certification

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analysts in this document about the subject issuer(s) or security(ies). I also certify that the authors of this document have not received any compensation directly
related to the contents of the document.

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Research Team
Ahmed Abdelnaby Mahmoud Selim Ayman Elshahed
Head of Research Senior Equity Analyst Equity Analyst
ahmed.abdelnaby@mubasher.net mahmoud.sayed@mubasher.net ayman.elshahed@mubasher.net

Nour Mahmoud Mohamed Abbas

Equity Analyst Equity Analyst
nour.mahmoud@mubasher.net mohamed.abbas@mubasher.net

Contact Details
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