Pre-Trading Thoughts

Egypt’s cabinet is drawing up an action plan for the impact of the Russian-Ukrainian tension on Wheat imports and tourism receiptsEgypt has reportedly appointed six international banks to manage its maiden USD 2 bn sovereign Sukuk issuanceUS equities extended their fall yesterday as the US and other countries expanded sanctions on RussiaBrent crude has broken the USD 98 barrier, gaining 1.4%Eleven contractors including ORAS are waiting for the terms of investment in the field of water desalination in Egypt with total investments of USD2.8 billionORWE reported operationally healthy 4Q21 earnings of EGP227 mn (-44.5% YoY\+32% YoY operational) due to lower export rebates collected compared to 4Q20; Net profit for 2021 reached EGP1.2 bn (+9% YOY); ORWE’s export rebate backlog stands at EGP456 mn as of 31st of January 2022; DPS is EGP1.00/share; DY of 12%; ORWE is currently trading at FY22 P/E of 5.07x and an EV/EBITDA of 5.06xPHAR net profit recorded EGP523 million in 2021, growing by 7.3% YoY; net profit came in at EGP164 million in 4Q21, rising by 10.9% YoY; PHAR is currently trading at 2022e P/E of 6.7x and EV/EBITDA of 5.0xMinistry of Tourism and Antiquities, in cooperation with e-aswaaq, a subsidiary of EFIH, completed the installation and operation of the electronic gates system in the Abu Simbel Temple and the launch of the site for booking temples' tickets through the InternetEgypt Post, Visa, and digital payments firm PaySky have officially launched payments SuperApp Yalla SuperApp; MNT-Halan and FWRY are among the key players developing SuperAppsValu has expanded its partnership with Waffarha, allowing the savings platform to become an accepted payment method through Valu’s POSCentral Bank revealed an increase in the volume of loans under initiative to support the industrial and agricultural sector, to reach EGP253 billion by the end of December 2021Central Bank revealed that the tourism sector support initiative for companies whose debts exceed EGP10 million reached EGP7.3 billion ACAMD reported 4Q21 net loss of EGP1.4 million; FY21 net profit to EGP9.0 million, as a result of the sale of the company’s 8,350 sqm Samalloot land plot at a price of EGP1,800/sqm in 3Q21; ACAMD received an offer from El Rawasy for Real Estate Development to negotiate co-developing the Zefta land plot (60k sqm)Several Kazakhstani airlines plan to resume flights to Sharm El Sheikh in March 2022