{"id":564566,"date":"2021-02-14T13:49:03","date_gmt":"2021-02-14T13:49:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/whats-a-good-target-price-for-ci-capital-plus-egypt-is-still-overweight-in-efg-hermes-mena-top-20\/"},"modified":"2021-02-14T13:49:03","modified_gmt":"2021-02-14T13:49:03","slug":"whats-a-good-target-price-for-ci-capital-plus-egypt-is-still-overweight-in-efg-hermes-mena-top-20","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/whats-a-good-target-price-for-ci-capital-plus-egypt-is-still-overweight-in-efg-hermes-mena-top-20\/","title":{"rendered":"What\u2019s a good target price for CI Capital? Plus: Egypt is still overweight in EFG Hermes\u2019 MENA Top 20"},"content":{"rendered":"

The EGX30 fell 0.3% at today\u2019s close<\/strong> on turnover of EGP 1.53 bn (6.3% above the 90-day average). Local investors were net buyers. The index is up 6.1% YTD.<\/p>\n

In the green: <\/strong>MM Group (+7.4%), Fawry (+2.5%) and CI Capital (+1.1%).<\/p>\n

In the red: <\/strong>Eastern Company (-2.8%), GB Auto (-2.8%) and Heliopolis Housing (-2.8%).<\/p>\n

\n

<\/a> FROM THE ANALYST\u2019S DESK- CI Capital looks set to grow \u2014 the question is whether <\/strong>you\u2019ll be able to buy into the story for love or money. <\/strong>HC Research sees the investment bank turned NBFS house posting a consolidated net profit CAGR of about 20% through 2025 \u201con NBFS growth and improved stock market activity from last year\u2019s troughs,\u201d supported by monetary easing. HC is leaving in place its \u201coverweight\u201d rating, with analyst Monette Doss<\/strong> writing in a client note out today that the firm is bumping its 12-month target price for CI by 19% to EGP 5.47 per share. CI shares closed up 1.1% today at EGP 4.59.<\/p>\n

Why the question? <\/strong>Readers will recall that Banque Misr is mounting a mandatory tender offer to raise its stake in CI Capital to a commanding 90% \u2014 or just shy of the minimum it needs to maintain an active listing on the EGX. HC thinks the tie-up with Banque Misr, which already owns nearly 25% of CI, would be good for the investment bank, citing \u201csignificant synergies between the two entities, including providing [lower cost] funding to CI Capital\u2019s NBFS operations and benefiting investment banking operation.\u201d Banque Misr said it will settle for a minimum of 51% of CI, but it\u2019s an open question how liquid CI\u2019s shares would be if the state-owned giant leaves just 10% in private hands.<\/p>\n

CI Capital has appointed Baker-Tilly WAG to do a fair value report<\/strong> ahead of the MTO, the investment bank said in a regulatory filing today (pdf<\/a>).<\/p>\n

MEANWHILE- EFG Hermes is overweight Egypt in the latest incarnation of its MENA Top <\/strong>20<\/strong>, out to clients this afternoon from Simon Kitchen<\/strong>. EFG Hermes sees \u201ca reduction in high real rates as a potential catalyst for outperformance.\u201d Egyptian constituents are unchanged: CIB, industrial play EK Holding, real estate outfit Talaat Moustafa and education group CIRA.<\/p>\n

EFG\u2019s MENA Top 20 has outperformed<\/strong>, returning 8.6% on a freefloat basis since its last update on 16 December compared to the MENA benchmark\u2019s 3.8%. The firm\u2019s highest-conviction overweight is the UAE, where \u201cvaluations are more attractive than peer markets\u201d and EFG expects strong earnings growth through 2022.<\/p>\n

IN OTHER MARKET NEWS- <\/strong>First Abu Dhabi Bank (FAB) has obtained a custody license in Egypt from the Financial Regulatory Authority (FRA), which would allow it to settle transactions and trades with Misr for Central Clearing, Depository and Registry, according to a statement from UAE news agency WAM<\/a>. The license follows FAB\u2019s announcement of its intention to acquire Bank Audi\u2019s Egyptian operations.<\/p>\n","protected":false},"excerpt":{"rendered":"

The EGX30 fell 0.3% at today\u2019s close on turnover of EGP 1.53 bn (6.3% above the 90-day average). Local investors were net buyers. The index is up 6.1% YTD. In the green: MM Group (+7.4%), Fawry (+2.5%) and CI Capital (+1.1%). In the red: Eastern Company (-2.8%), GB Auto (-2.8%) and Heliopolis Housing (-2.8%). FROM […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[576,136,84,633,642,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564566","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-banque-misr","tag-ci-capital","tag-efg-hermes","tag-enterprisepm","tag-go-with-the-flow","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"5ba68f3f-257b-4913-a461-983a8a81e40d","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[564555],"teaser":"","voice_url":""},"yoast_head":"\nWhat\u2019s a good target price for CI Capital? Plus: Egypt is still overweight in EFG Hermes\u2019 MENA Top 20 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/whats-a-good-target-price-for-ci-capital-plus-egypt-is-still-overweight-in-efg-hermes-mena-top-20\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s a good target price for CI Capital? Plus: Egypt is still overweight in EFG Hermes\u2019 MENA Top 20\" \/>\n<meta property=\"og:description\" content=\"The EGX30 fell 0.3% at today\u2019s close on turnover of EGP 1.53 bn (6.3% above the 90-day average). Local investors were net buyers. The index is up 6.1% YTD. In the green: MM Group (+7.4%), Fawry (+2.5%) and CI Capital (+1.1%). 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Pharos Securities came in second with a 7.0% market share, followed by CI Capital (5.4%), Beltone (3.3%), HC Brokerage (2.8%), and Arqaam (2.7%).","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":584610,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/03\/efg-hermes-tops-egxs-brokerage-table-in-march\/","url_meta":{"origin":564566,"position":1},"title":"EFG Hermes tops EGX\u2019s brokerage table in March","author":"enterpriseam admin","date":"3 April 2023","format":false,"excerpt":"EFG is three for three in 2023","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/59.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566968,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/08\/efg-hermes-tops-egx-brokerage-league-table-in-december\/","url_meta":{"origin":564566,"position":2},"title":"EFG Hermes tops EGX brokerage league table in December","author":"enterpriseam admin","date":"8 January 2020","format":false,"excerpt":"EFG Hermes topped the EGX\u2019s brokerage league table for December with a market share of 32.1%, according to EGX figures (pdf). CI Capital came in second with a 12.4% market share, followed by Beltone (7.3%), Pharos (5.3%), Arqaam (4.6%), HSBC (3.0%) and HC Brokerage (2.3%).","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":564469,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/state-owned-giants-eyeing-investment-banks\/","url_meta":{"origin":564566,"position":3},"title":"State-owned giants eyeing investment banks?","author":"enterpriseam admin","date":"8 February 2021","format":false,"excerpt":"Are state-owned banks making a play for some of the country\u2019s leading investment banks? CI Capital shares soared more than 9% today as Banque Misr made an offer to acquire an undisclosed stake, according to a statement by the Financial Regulatory Authority (pdf). Banque Misr already holds a 24.7% stake\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565321,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/01\/earnings-watch-arabia-investments-holding-sinai-cement\/","url_meta":{"origin":564566,"position":4},"title":"Earnings Watch: Arabia Investments Holding, Sinai Cement","author":"enterpriseam admin","date":"1 April 2021","format":false,"excerpt":"The EGX30 ended today\u2019s session flat on turnover of EGP 1.0 bn (30.8% below the 90-day average). Local investors were net buyers. The index is down 2.6% YTD.In the green: Heliopolis Housing (+7.7%), Cleopatra Hospital (+4.1%) and Orascom Financial (+3.2%).In the red: Abu Qir Fertilizers (-2.1%), CI Capital (-1.5%) and\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593162,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/19\/fra-grants-short-selling-licenses-to-51-brokerages\/","url_meta":{"origin":564566,"position":5},"title":"FRA grants short selling licenses to 51 brokerages","author":"enterpriseam admin","date":"19 November 2019","format":false,"excerpt":"The Financial Regulatory Authority has granted short selling licenses to 51 brokerage firms, an unnamed FRA official tells Reuters. We know from previous news reports that Pharos was among the latest to acquire the license in September, joining a growing list thatalso includes EFG Hermes, CI Capital, Prime Holdings, HC\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=564566"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564566\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564555"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564566"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564566"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}