Pre-Trading Thoughts

Ten financial institutions will extend a USD2 billion loan for the Ministry of FinanceEGPC approved financing worth USD500 million, to pay part of the dues of international foreign oil companiesCBE issued instructions to banks to facilitate the procedures for exporting goldCIB 3Q21 net profit recorded a robust EGP3.8 billion (+19% q/q, +62% y/y), bringing 9M21 bottom line to EGP9.9 billion (+35% YoY)Ministry of Petroleum launched the first electronic system to manage trading and distributing butane locally in all its stages (e-finance)ESRS to sign the deal to acquire 18% stake in Egyptian Steel, and to announce it officially in the coming days; Creditors contacted the company to inquire about the potential deal and its impact on the financial position (Source: Al Sherouk)HELI is looking into the offers for the co-development award of 1,695 feddan in Heliopark; Winner announcement in three weeksACAMD 3Q21 net profit is EGP13.4 million, compared to 3Q20 net loss of EGP1.2 million, due to the sale of the company’s 8,350 sqm Samalloot land plot at a price of EGP1,800/sqmEgyptAir started running a weekly flight between Madrid and Luxor yesterdayORWE is expected to report 3Q21 net profit of EGP220m (down 26.6% q/q and 27.3% annually); ORWE is trading at a 2022e P/E of 9.3x and an EV/EBITDA of 6.5xAUTO is expected report 3Q21 net profit of EGP325m (down 13.1% q/q and 13.4% YoY); AUTO is trading at a 2022e P/E of 2.6x and an EV/EBITDA of 5.4xRequests are raised to Ministry of Trade to reverse decision of banning importation of tuk-tuk spare parts