Pre-Trading Thoughts

ORAS reported neutral results with net income at USD 28.4 million in Q3 2021 (-6% YoY) and USD 76.1 million in 9M 2021 (+17% YoY); New awards hit USD962 mn in 3Q21 (+43% YoY) and USD1,696 mn including Besix (+86% YoY); ORAS is trading at 2022 P/E of 4.3x and EV/EBITDA of 2.7xIDHC released strong 9M21 net profit EGP1,101 million (+195% YoY); net profit came in at EGP454 million in 3Q21 (+134% YoY, +41.8% QoQ), IDHC trading at 2022f P/E of 11.7x and EV/EBITDA of 5.9xPHDC reported impressive 3Q21 sales of EGP5.1 billion, up 75.6% y/y supported by offerings on the North Coast, 9M21 sales to EGP12.9 billion, up 75.9% y/y; Net profit in 3Q21 decreased 26.9% y/y to EGP174.1 million, bringing 9M21 net profit to EGP635.5 million, up 23.5% y/yMNHD received FRA approval for its EGP374.4 million capital increase through a 1:4 rights issueMinistry of Tourism is working to raise the minimum price on hotel stays. We remind you that starting 1 November 2021, five-star hotels in Egypt are required to charge a minimum of USD40/night, and four-star hotels in Egypt are required to charge a minimum of USD28/night.e-finance Management Webinar: In 2021, management targets revenues of EGP1.8-1.9 billion, GPM of 48-49%, and Net profit EGP525-540 million implying a NPM of 28%-30%. In 2022, Revenues (+50-55% YoY) and NPM (30-32%)MTIE announced the purchase of a land plot in the New Administrative Capital, to set up an exhibition and a car maintenance service center for EGP132 million; MTIE is trading at 2022f P/E of 10.8x and EV/EBITDA of 8.0xRAYA reported 9M21 net attributable profit of EGP440.68 million in 9M2021, compared to losses; net profit came in at EGP314.7 million in 3Q21, up from EGP38.6 million in 3Q20; a surge of 7.15xVodafone Egypt reported 1H21/22 (6 months from April to September) financial results, showing revenues of EUR381 million (EGP6.76 billion), an increase of 25.3% YoY, implying an EBITDA margin of 44.3% (+4.3pps YoY). Revenues recorded EUR861 million (EGP15.28 billion), an increase of 13.3% YoY.SVCE reported wider 9M21 losses of EGP143.2 million. Revenues tumbled to EGP180.8 million, implying a 57.7% YoY drop in 9M21.Government-owned Delta Steel purchased the conditions handbook for 200k tons of billets production license, to increase its capacity to 250k tons per yearFinancial Regulatory Authority called for a meeting to discuss the price limits on stock price movements and the limitations on margin tradingEgyptian Stock Exchange will review today the challenges facing the growth and development of the stock market and will address its alternative proposals to the margin rules approved by FRAUnemployment rate rose to 7.5% in 3Q21, compared to 7.3% in 3Q20The prices of vegetables and fruits declined by 15%-30%, because of the increase in supply, as per The Cairo Chamber of Commerce, which should bode well for the inflation reading in November and December 2021The Minister of Petroleum and Mineral Resources expected the start of Egyptian gas supply to Lebanon by 2022, by exporting 60 to 65 million cubic feet of gas to Lebanon per dayMinister of Finance said that the government IPO program will resume in the coming months