Pre-Trading Thoughts

-EFIH Initiation of Coverage| We arrived at a DCF valuation for EFIH of EGP42.08 billion, implying a FV post capital increase of EGP23.67 per share, an upside of 20.6%, with an overweight recommendation. EFIH is currently trading at 2022f P/E of 43.7x, and EV/EBITDA of 33.9x, at a discount of global peer average of 59.4x and 33.0x; respectively. -Customs Authority will begin a three-month trial extending its Advance Cargo Information (ACI) system to air freight, ahead of a full launch planned for April 2022 (EFIH). -e-Aswaaq Misr, a subsidiary of EFIH, signed an agreement with “Business Women of Egypt 21 (BWE21)” to market their products over the Aswaaq-Misr platform. -MNT-Halan, that is partially owned by AUTO, is looking at cross-border expansion this year, with current monthly throughput in Egypt at USD125 mn. -ADIB has raised the issued and paid-in capital of the Abu Dhabi Islamic Consumer Finance Company (ADI-CF), from EGP10 million to EGP30 million. -MFPC (Mopco) has appointed Ibrahim Mahgoub as its new chairman and managing director. -OCDI signed an agreement to establish the Finnish British School (FBS) in SODIC East.  -PORT EGM approved the company’s name change to Arab Developers Holding. -Saudi Arabian Sovereign Wealth Fund expressed interest to partner with Egypt's sovereign fund in implementing renewable energy, green hydrogen and water desalination projects in Egypt. -Minister of Industry and Trade noted that Egypt aims to achieve exports worth USD60 billion by 2025, up from USD31 billion recorded in 2021. -Suez Canal reduced the discounts offered to shipping lines by 5-10%, starting from January until June 2022.