Pre-Trading Thoughts

-We expect the MPC to keep rates unchanged today -How Egypt calculates the withholding tax on government securities is what’s been delaying making the country’s debt Euroclearable -ETEL 2022 budget: Early double-digit revenue growth, in line with our estimate of 12%; EBITDA margin in the mid to high thirties, broadly in line with our estimate of 34%; In-service capex-to-sales ratio in the mid-twenties, lower than our estimate of 31%; ETEL trading at 2022f P/E of 3.5x and EV/EBITDA of 2.6x -Ministry of Finance issued amendments to the pre-registration system for shipments (Advance Cargo Information System or ACI) (e-finance) -PHAR assigned the construction of EIPICO 3 factory to the Swedish company for a total amount of USD43.51 million (EGP6.89/PHAR share); PHAR trading at 2022f P/E of 6.2x and 2022f EV/EBITDA of 5.3x -EAST is comparing two offers, one Chinese and one European, for the production of heated tobacco; EAST trading at 2022 P/E multiple of 4.6x and EV/EBITDA multiple of 2.5x -EFID to open its new factory in Morocco with production at 2,700 tons annually; EFID trading at 2022 P/E multiple of 11.0x and EV/EBITDA multiple of 7.0x -DOMT targets profits of EGP240 million in 2022, through sales approaching EGP4 billion; Quite optimistic; DOMT trading at 2022 P/E multiple of 11.0x and EV/EBITDA multiple of 6.8x -AUTO submitted a request to raise prices for cars sold through the government's car replacement initiative; AUTO trading at 2022 P/E multiple of 2.8x and EV/EBITDA multiple of 5.5x -The initiative to replace old cars delivered 7,000 cars since the start of the initiative-HELI is looking into getting EGP326.0 million in financing by means of discounting of receivables -EgyptAir is considering running direct flights between Hurghada and Aswan -CCAP to continue operating in Sudan; to list two subsidiaries (Taqa Arabia and National Company for Printing) within 3 years -US firms to form a consortium to set up facilities to manufacture equipment used for desalination and wastewater treatment; No impact on contractors like SWDY and ORAS -TAT Medical Service pulled its offer to acquire up to 100% of AMES; CLHO continues in the race