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In this report, Blominvest Research offers an investor’s update on Abu Dhabi’s stock index’s performance up to Q3 2016, with a particular focus on the real estate sector and its ... read more
Low Interest Rates Halt Income Growth Arab Bank’s financials revealed a static bottom-line performance, as net income during the first half of 2016 registered $418.74M (JOD 297.16M) in comparison with ... read more
The Amman Stock Exchange (ASE) has so far experienced a volatile performance during 2016, as a result of the occurrence of numerous macroeconomic events influencing the index’s performance. In this ... read more
Blominvest issued a BUY recommendation on Solidere shares, with a target price of USD11.68 and an upside potential of 22.18%, based on estimated sales for 2016 of $290million and estimated profits of ... read more
Blominvest maintains its HOLD rating on the Arab Bank stock, with a target price of JOD 6.11 per share. However, we expect some price volatility to be witnessed in the short term following the bank’s ... read more
We recommend a hold rating on the CIB stock with a target price of EGP 32.14 using a Dividend Discount Model, despite the company’s positive financial performance in Q3 2015. The bank’s financial results ... read more
We recommend a Reduce rating on Arab Bank’s share, as we expect this year to close on a 2.17% decline in profits to $564.6 million, incorporating our estimates that Q4 will end with a minor loss. Our view ... read more
BLOMINVEST downgraded their rating on EZZ Steel from HOLD to SELL with a target price of EGP 7.45, as they don’t see the recovery of the company’s operational performance in the near term, or at least ... read more
We recommend a HOLD on Sidi Kerir’s shares with a target price of EGP 13.32, using DCF Model. Our recommendation is based on the company’s performance especially in 2014 and Q1 2015, which showed tighter ... read more
We maintain our ACCUMULATE rating on El Sewedy Electric, revising our target price to EGP 45.14 per share on ongoing impressive operational and financial performance. Our last recommendation in September ... read more
We maintain our ACCUMULATE rating on SODIC as we believe the company is in a strong position to attract promising growth opportunities. As well, we value the company’s shares at EGP 15.94 per share after ... read more
We maintain our ACCUMULATE rating on TMG, revising down our target price to EGP 11.29 per share as the unresolved Madinaty case continues to take its toll on investors’ sentiments. Our last recommendation ... read more
We issue a HOLD rating on Arab Bank with a Target Price of JOD 7.72 per share as the ongoing fragile regional political situation on top of company specific risk from the terrorism financing case filed ... read more
During the analyst’s day held by Solidere on October 30, 2014, the management disclosed the company’s success in closing a deal over 3 plots in the waterfront area to local investors. The sale of 36,000 ... read more
We value Holcim Liban (HL) at USD 15.28 per share, maintaining our HOLD recommendation as the ongoing presidential vacuum on top of the deteriorating situation in Syria continue to threaten Lebanon’s ... read more
We maintain our target price for Solidere at USD 13.31 following the release of their H1 results as our previous estimates met the company’s performance for the period. However, we believe this price will ... read more
On 01/10/2014, the Egyptian Stock Exchange (EGX) listed and started trading SODIC’s 250 million rights at a par value of EGP 4 per share plus issue costs of EGP 0.06 per share. Each existing shareholder ... read more
We downgrade Ezz Steel to a HOLD rating, revising down our target price to EGP 18.06 per share as we view the current share price as fairly reflective of the market and company risks at hand. We also hold ... read more
We maintain our ACCUMULATE rating on El Sewedy Electric, revising up our target price to EGP 46.23 per share on signs of improving operations and rebounding confidence in the Egyptian market. Although the ... read more
We maintain our ACCUMULATE rating on TMG, revising up our target price to EGP 12.48 per share on promising outlook following robust off-plan sales, high deliveries, enhanced earnings visibility and healthy ... read more
We raise our target price on SODIC to EGP 53.45 per share, maintaining our ACCUMULATE rating as land replenishment may lead the way to stronger growth potential. We believe the resolution of all legal ... read more
We maintain our HOLD rating on Yamama with a higher target price of SAR 63.18 per share on positive reform in the Saudi equity market. Yamama’s shares price tracked the uptrend in the Saudi stock market, ... read more
We lower our target price on Holcim Liban (HL) to USD 15.10 from USD 15.21 previously, maintaining a HOLD recommendation. HL appears to be undervalued with a price-to-earnings ratio of 13.62 compared to ... read more
We revise up our target price on Global Telecom to EGP 5.60 per share, upgrading to a HOLD recommendation as we believe the settlement of disputes in Algeria on top of the improving political and economic ... read more
We raise our target price on SODIC to EGP 34.82 per share, maintaining our ACCUMULATE rating on clearer political and legal pictures. We believe the resolution of all legal disputes in addition to the ... read more
We maintain an ACCUMULATE rating on TMG, revising our target price up to EGP 10.07 per share from EGP 9.17 per share previously. Our favorable rating is supported by the recovering economic conditions ... read more
We revise up our target price on El Sewedy to EGP 37.71 per share, issuing an ACCUMULATE rating as the easing political and economic situations in Egypt continue to drive the equity market’s performance ... read more
We revise down our target price on Global Telecom to EGP 4.20 from a previous EGP 5.18, updating our recommendation to REDUCE in the absence of clear prospects for the future. We believe the upside ... read more
We revise our target price on Talaat Moustafa up to EGP 9.17 per share from EGP 6.18 per share previously after it was reached during December 2013 and continues to surge. Our favorable rating is supported ... read more
We maintain an ACCUMULATE rating on Ezz steel, revising our target price up to EGP 19.78 per share on easing levels of political tensions and economic uncertainties. Revenues increased by 7.7% y-o-y to ... read more
We lower our target price on Holcim Liban (HL) to USD 14.62 from USD 15.10 previously. Holcim shares are yielding a very attractive 5%-7% in dividends but the political unrest sweeping the Arab World ... read more
We raise our target price on Ezz Steel to EGP 18.38 per share, upgrading our recommendation to ACCUMULATE on the back of recovering operations along with easing macroeconomic and political tensions in ... read more
El Sewedy reported a 6% y-o-y rise in Q3 revenues to EGP 3.5 billion as a result of a 10% increase in the wire and cables segment to EGP 2.8 billion on higher volumes and average selling prices. Moreover, ... read more
We raise our target price on SODIC to EGP 26.80 per share, maintaining an ACCUMULATE rating. Despite the challenging macro and political environment faced in 2013, SODIC’s long-term business fundamentals ... read more
We initiate coverage on Global Telecom Holding, an Egyptian mobile telecommunications company, with an ACCUMULATE rating and a target price of EGP 5.18 per share presenting a 10.5% premium over its recent ... read more
We revise our target price on TMG up to EGP 6.18 per share, representing an upside potential of 10.2% over the recent closing price leading us to issue an ACCUMULATE rating. TMG stock rallied by more than ... read more
We maintain our ACCUMULATE rating on Yamama, raising our target price from SAR 57.74 to SAR 62.59 after it was reached in November. This only presents a 4.8% premium over its current closing price of SAR ... read more
We revise our target price on Ezz Steel up to EGP 12.07 per share from EGP 10.27 per share previously, using a WACC of 20% after accounting for the additional specific risk associated with the lawsuits ... read more
We maintain an ACCUMULATE rating on Yamama, raising its target price to SAR 57.74 from SAR 51.20 previously, after it was reached during June 2013 and continues to rally. Our overweight rating is further ... read more
We maintain a HOLD rating on Solidere with a 6-month target price of USD 13.31, a 4.1% premium over today’s closing price of USD 12.79. Solidere’s revenues came in at USD 155 million in 2013, up from ... read more
We lower our target price on Holcim Liban (HL) to USD 15.10 from USD 15.21 previously, maintaining a HOLD recommendation. HL appears to be undervalued with a price-to-earnings ratio of 13.62 compared to ... read more
We value El Sewedy Electric at EGP 19.00 per share presenting a 9.13% premium over its recent closing price. This led us to maintain a HOLD recommendation driven by continued political uncertainty ... read more
Following the release of Solidere’s 2012 results, Blominvest Bank has issued its update on the Lebanese real estate company downgrading its rating to a HOLD with a 6-month target price of $11.80. ... read more
We lower our target price on SODIC to EGP 18.48 per share from EGP 23.32 previously as Q1 results missed expectations. We maintain our ACCUMULATE rating despite the recent slump in share price as ... read more
As part of our Ezz Steel coverage, please find attached an update following its FY 2012 financial results. We maintain our target price at EGP 10.27 per share, using a WACC of 20% after taking into account ... read more
Talaat Moustafa released its financials for the first quarter of 2013, recording a 17% y-o-y increase in revenues to EGP 1,522 million, in line with our estimates. This is mainly led by a 15% growth in ... read more
We maintain an “Accumulate” rating on Arab Bank with a target price of JOD 7.84, presenting a 10.9% premium over its recent closing price. The Jordanian Bank reported a favorable 15% gain in profits ... read more
We lower our target price on El Sewedy Electric to EGP 19.00 per share using a DCF method with a WACC of 16.50% and a terminal growth rate of 3%. Trading at a sizeable price-to-earnings ratio of 37, we do ... read more
We revised our target price on SODIC to EGP 23.32 per share, maintaining an ACCUMULATE rating after incorporating the Eastown land in our valuation. Although 2012 was a record year strengthened with an ... read more
We update our target price on Talaat Moustafa (TMG) to EGP 4.40 per share after taking into account Egypt’s shaky economic and political conditions. We believe that TMG’s share price will remain news-flow ... read more
We updated our target price on Ezz Steel to EGP 10.27 with a HOLD recommendation after accounting for the additional specific risk associated with the lawsuits that the company’s ex-chairman is ... read more
We downgrade El Sewedy Electric to a HOLD rating with Medium risk, lowering the target price to EGP 24.40 per share from EGP 28.2 due to the sustained uncertainty surrounding Egypt. The electric equipment ... read more
We initiate coverage on Talaat Moustafa,the largest real estate developer in Egypt, with a HOLD Rating and a target price of EGP 4.77 per share. Click below for the full initiation report: Talaat Moustafa ... read more
We maintain an “Accumulate” rating on Arab Bank with a target price of JOD 8.00, presenting a 16.6% premium over its recent closing price. The Jordanian Bank posted a net income of USD 484.5 million for ... read more
We maintain a HOLD rating on Holcim Liban with a target price of USD 15.21 per share, presenting only a 1.93% downside over its recent closing price. When comparing HL to its regional peers, we find that ... read more
We have initiated coverage on SODIC, an Egyptian real estate developer, with an ACCUMULATE rating and a fair value of EGP 27.00 per share presenting a 17.4% premium over its recent closing price. Egyptian ... read more
We upgrade El Sewedy to an ACCUMULATE rating with Medium risk following the release of their H1 2012 results, raising the target price from EGP 24.0 previously to EGP 28.2 per share. This presents an ... read more
We initiate coverage on Arab Bank, a leading bank in Jordan and the region, with an ACCUMULATE rating and a fair value of JOD 7.76 per share presenting a 10.5% premium over its recent closing price of JOD ... read more
We maintain an ACCUMULATE rating on Yamama, the Saudi cement producer, with a fair value of SAR 51.2 per share, presenting an upside of 11.8% over the recent closing price of SAR 45.8. With record earnings ... read more
We upgrads our rating on Solidere to an ACCUMULATE with a 6-month target price of USD 14.80. While 2011 presented a challenging year for Solidere, its revenues dropped less than our estimates and we are ... read more
Revenues at the cement producer reached USD 196 million in 2011, growing by 5.7% y-o-y, led by rising prices and slight growth in local demand. However, Holcim’s gross income declined by 4.5% to $65.9 ... read more
We upgrade our rating on Ezz Steel to an ACCUMULATE rating with a fair value of EGP 8.60 following the release of its 2011 results. This presents a premium of 17.5% over its recent closing price EGP 7.32. ... read more
We expect demand in Egypt to remain weak in 2012, further dropping by 20% according to SE’s management, on limited public spending as the country struggles to establish a sound political frame. Operations ... read more
We maintain our HOLD rating on Ezz Steel, and revise our target price upward from EGP 4.3 previously to EGP 6.5 due to a considerable adjustment in the risk premium. The recent court ruling on Talat ... read more
Ezz Steel reported a 24% y-o-y jump in revenues in H1 to EGP 9,334M, led by strong private residential construction activity despite the commotions in the local market during the first few months of the ... read more
We value Yamama Cement at SR 74 per share using a discounted cash flow model with a 12.7% discount rate and a 2,5% terminal growth rate. An ACCUMULATE recommendation is issued taking into consideration ... read more
Holcim Liban (HL) seems to have unexpectedly shielded its grey cement operations from the slowdown in the Lebanese real estate sector, as its unconsolidated net sales grew by 4.7% y-o-y in the first half ... read more
We maintain our fair value for SE at EGP 32.40 per share after accounting for the recent 30% stock dividend distribution at a ratio of three bonus shares for every ten shares held. This fair value is in ... read more
We have updated our recommendation on Ezz Steel to a HOLD rating, with a fair value of EGP 9.50 per share presenting an upside of 8% over its closing price on September 5, 2011. Slower construction ... read more
Solidere’s revenues reached a new high of USD 382 million, rising 14% due to growth in land sales and higher rentals. Earnings registered a mild growth of 3.7% reaching 196 million but we expect net ... read more
Revenues at Holcim Liban have reached a new high of USD 227 million, growing 9.8% due to increasing local demand. This is aligned with our estimates of USD 216 million. As for earnings, Net Income showed a ... read more
Blominvest initiates coverage on El Sewedy Electric with a HOLD recommendation and a fair value of EGP 42.23 per share. Such a valuation presents an 11% upside over the stock’s recent closing price of EGP ... read more
We downgrade our fair value on EZZ Steel to 14.22 with a SELL recommendation on weaker sales outlook and additional discount rate premium. Click below for the full report: Ezz Steel Rating Update read more
Blominvest initiates coverage on Ezz Steel, with a HOLD recommendation and a fair value of EGP 22.40 per share. While such a valuation presents a 16% upside over the stock’s recent closing price of EGP ... read more
As part of Blominvest Bank’s series of local and regional equity research coverage, the investment bank has initiated coverage on HOLCIM Liban (HOLC) with a HOLD recommendation and a fair value of USD ... read more
Blominvest initiates coverage on Solidere (SOLA.BY) with a BUY Recommendation and a Fair Value of USD 31.00 per share. This presents a 36% potential upside from its closing price of USD 22.88 per share on ... read more