Pre-Trading Thoughts

*Key news articles for today*

The International Finance Corporation (IFC) unveiled the list of 11 Egyptian airports slated for development through public-private partnerships (PPP).

China’s Wu’an Xin Feng signed the contract for its USD1.7 bn integrated metal industries complex in the Ain Sokhna industrial zone with the government yesterday. 

The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) has temporarily halted the acceptance of requests to connect solar power plants to the grid until a regulatory framework for net metering and solar self-consumption is finalized.

The House of Representatives approved a grant from the Japanese government worth JPY500 million (USD3.3 million) to the Ministry of Agriculture.

Local fertilizer player Agro TH plans to establish its second factory in Sadat City in partnership with an Omani investor with an estimated investment of EGP5 bn.

Local home appliances manufacturer Royal Home plans to list 20% of its shares on the EGX within the next 18 months.

Instapay transfer fees come into effect on Tuesday, 1 April. Transfers will be subject to a 0.1% fee, ranging from EGP0.50 and EGP20 per transaction.

ORAS 4Q24 consolidated net income attributable to shareholders decreased 29.2% YoY to USD31.0 million and adjusted net income attributable to shareholders increased 0.4% YoY to USD117.3 million in FY24. ORAS is currently trading at FY25e PE of 4.9x.

JUFO reported 4Q24 attributable net profit of EGP298 million (+108.4% YoY, -69.0% QoQ). FY24 attributable net profit recorded EGP2,735 million (+167.9% YoY), missing our estimates of EGP2,969 million. JUFO is currently trading at FY25f P/E of 8.7x.

TMGH and Alameda Healthcare signed a partnership agreement to build a 200-bed hospital in TMGH’s Madinaty, with investments of EGP5.0 billion.

HELI expects its revenue to reach EGP300.0 billion in ten years.

EGCH obtained an EGP10 billion credit facility, from a consortium of 6 banks, to finance the company’s nitric acid and ammonium nitrate project. The facility is distributed USD93 million in foreign currency and EGP5 billion in local currency.

CIEB Annual General Meeting (AGM) has approved the distribution of cash dividends amounting to EGP3.2 per share, reflecting a payout ratio of 50%. The distribution date is set for April 17, and the record date is April 14.

COMI has announced cash dividends of EGP2.50 per share. The distribution date is set for April 10, with a record date of April 7. 

BTFH announced that the coverage rate for the first phase of the company's capital increase subscription reached 92.11% amounting to 4.95 billion shares. 

ValU plans to issue securitized bonds worth EGP1 billion during the second quarter of this year.

ETEL’s assembly approved distributing cash dividends of EGP1.50/share, implying a DPO of 25.4% and a DY of 4.1%.

Hilton will set up Africa’s first Signia Hotel and Signia Residence in West Cairo’s Skywalk. The 200-key hotel will include build on 5k sqm space.

The Holding Company for Tourism and Hotels is working on adding 3k keys to its portfolio within the coming three years.