Pre-Trading Thoughts

The IMF said it is working closely with the Egyptian authorities; Egypt is negotiating a program of support and technical advice” that “may include additional financingThe EGP strengthened a bit against the USD yesterday, settling at EGP 18.42Ministry of Electricity plans to review the tariff structure for selling electricity to consumers in July, considering EGP weakness and higher gas pricesIn addition to stakes in COMI and FWRY, ADQ is acquiring state-held stakes in ABUK, MFPC and ALCN for USD2 bnMore than EGP 100 bn has been invested in the 18% CDs offered by NBE and BMCBE has launched a national digital payment app, InstaPay, which provides instant and secure payments between Egyptian banks, Meeza cards, and mobile walletsHRHO’s Egypt Education Fund plans to invest USD30-40 mn over the next 18 months in two different transactions, and plans to make its first investment in a nurseryHRHO’s RX Healthcare Fund is looking into two or three majority stake acquisitions of pharma companies in transactions valued at between USD 200-500 mn, eachHRHO’s renewable energy platform plans to reach a second close worth USD550 mn for its Vortex Energy IV fund within the next two years, bringing its total capital to USD750 mnHRHO is also looking into launching a new MENA tech fundHRHO’s Valu will set foot in Saudi Arabia before the end of 1H22; looking at the Moroccan and Tunisian markets in cooperation with HRHO’s e-payments subsidiary PayTabsValu is also planning to acquire two companies in a field that complements consumer finance, where both are worth a combined USD20 mnValu is looking to double its revenues to EGP5 bn this year from EGP 2.4 bn in 2021CICH’s net income rose 44% y-o-y to EGP 269 mn in 4Q21, and rose 44% y/y in 2021 to EGP681 mn; Stock is currently trading at P/E22 of 6.9x and P/B22 of 1.1xEFID raised prices for some of its products by EGP 1-2 within the bakery and wafer segmentsA Chinese company presented an offer to the Egyptian government to supply electric "TukTuk" with zero emissions to replace the regular oneOil prices rose due to a technical stoppage in the Caspian Sea pipelines that delayed Russian oil exports; Brent was up 2.7% to register USD118.61/bblAluminum producers in Egypt raised the local prices per ton to EGP100,000 (USD5,400), up from EGP85,000 previously, after EGAL raised the prices of aluminum ore for all local factories to EGP76,500 (USD4,135) per ton, up from EGP66,000, excluding 14% of the value-added taxBanque Misr raised its stake in FWRY to 15.8%, purchasing an 8.85% stake, at an average price of EGP9.75/shareEGTS reported lower FY21 net loss of EGP6.8 million, compared to FY20 net loss of EGP45.5 millionMNHD subscription period for the 2.5% remaining portion of its capital increase is open from 27 March to 29 March