Pre-Trading Thoughts

Russian forces stepped up their assault in Kyiv overnight; Select Russian banks are about to be cut off from the global banking systemCBE: Foreign investments in Egyptian T-bills recorded a lower decline in December 2021, recording a balance of USD20.48 billionRemittances from Egyptians working abroad increased by 6.6% YoY during the 11M2021, recording USD28.9 billionState grain buyer GASC will look to buy 55,000-60,000 tons of wheat in an international tender tomorrow.Tender for the Tenth of Ramadan EGP 3.5 bn dry port will be held today, with four consortiums competing including Orascom Construction-Abu Dhabi Ports and Elsewedy Electric-CMA CGMTransport Ministry and the consortium of Siemens Mobility, Orascom Construction and Arab Contractors will sign final contracts for the second and third lines of the high-speed rail line next month AUTO consolidated attributable 4Q21 net profit for the quarter amounted to EGP472 mn (+42.1% QoQ, +64.2% YoY); FY21 consolidated bottom-line amounted to EGP1,478 mn, +61.2% YoY; Expects 2021 dividends to be in the range of EGP0.30-0.35/share, DY of 6.5%; AUTO is currently trading at a FY22 P/E of 4.4x and EV/EBITDA of 7.2xEAST's BoD decided to centralize the production capacities of the company’s factories in different governorates gradually in EAST’s industrial complex in 6th of October city; Booking of early retirement provisions will continue until the end of FY21/22RMDA reported 2021 attributable net profit of EGP181.1 million in 2021 (+61.4% YoY), On a quarterly basis, attributable net profit came in at EGP74 million in 4Q21 (+70.1% YoY, +63.3% QoQ); RMDA is currently trading at 2022f P/E of 12.0x and EV/EBITDA of 7.6xSPMD’s BoD appointed Dr. Ahmed Sameh Hosny Farid, former Minister of Health, as Chairman; Eng. Hazem Farouk El Far as Vice Chairman and Managing Director; SPMD is currently trading at 2022f P/E of 8.2x and EV/EBITDA of 5.9xCNFN released consolidated net attributable income expanded by 32% y/y recording EGP465 million. CNFN is currently trading at P/E22 of 8.6x, and P/B of 1.6xEtisalat Group has changed its brand identity to e& and is eyeing a transaction related to Egypt’s fintech sector as part of its expansion plansACAMD Board is negotiating better offer by El Rawasy for Real Estate Development to co-develop ACAMD's Zefta land plotTourism sources expect Russian demand for reservations to decline by 7-11% during the next two months if economic sanctions continue and expect a bigger decline in Ukrainian demand during the next two months