Pre-Trading Thoughts

Foreign investments in treasury bills increased by USD400 million MoM to reach USD12.6 billion in November 2023The Internal Trade Development Authority studies offering a number of idle assets and outlets owned by the Minisyry of supply for the private sector to make better use of it. ADNOC and BP announced that they have agreed to form a new joint venture (JV) in Egypt.New decisions for rationalizing power consumption will be announced during the coming days.The Minister of Finance confirmed that neither the economic authorities nor the special funds will be included in the state's budget. Egypt has lost some USD508 million in Suez Canal revenues due to ongoing Red Sea disruptions, according to estimates from Bloomberg Intelligence. Global demand for liquefied natural gas is expected to increase by over 50% over the next 15 years on the back of Asia increasingly ditching coal for gas.The FRA has authorized three bodies to verify projects that claim to reduce carbon emissions.ADIB (FV: EGP 70.00, OW) recorded a solid 4Q23 consolidated bottom line post minority of EGP 1,116 million (+84% y/y, -20% q/q). FY23 bottom line reached EGP 4,671 million (+113% y/y). The bank is currently trading at 1.2x P/B24 and 4.5x P/E24.The assets of banks operating in Egypt jumped to EGP 15.165 trillion at the end of October an increase of EGP3.7 trillion in 10 months.CSAG released 2Q23/24 financial results showing net profit of EGP546.7 million, a hike of 139% YoY and 3691% QoQ. This increase is mainly attributed to the jump in investment income by 249.8% YoY and no investment income in 1Q23/24.Tobacco distributor Al Mansour International Distribution Company has raised the price of its products between EGP2-10, according to local media. While Japan Tobacco raised their selling prices by EGP7/pack.We remind you that EGTS’s next court date for the 20.0 million sqm third phase Sahl Hasheesh land plot lawsuit is, if not further postponed, on 17 February 2024.