{"id":565072,"date":"2021-03-16T13:41:05","date_gmt":"2021-03-16T13:41:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/meet-our-analyst-of-the-week-rencaps-ahmed-hafez\/"},"modified":"2021-03-16T13:41:05","modified_gmt":"2021-03-16T13:41:05","slug":"meet-our-analyst-of-the-week-rencaps-ahmed-hafez","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/meet-our-analyst-of-the-week-rencaps-ahmed-hafez\/","title":{"rendered":"Meet our analyst of the week: RenCap\u2019s Ahmed Hafez"},"content":{"rendered":"

<\/a> OUR ANALYST OF THE WEEK-<\/strong> Ahmed Hafez, the head of MENA research at Renaissance Capital (Linkedin<\/a>).<\/p>\n

My name is Ahmed Hafez and I head up MENA research for Renaissance Capital<\/strong>, covering mainly consumer names and diversified industrials. I started my career at HSBC\u2019s global research division, where I was mainly focused on sectors including mining, metals, utilities, and some consumer names. In a big organization, you don\u2019t always get to dip your toes in everything and mostly stay within your own scope. However, that changed when I went to HC Securities in 2011 as an analyst and got more exposure to many sectors, eventually becoming the co-head of research alongside Nemat Choucri.<\/p>\n

In 2018, I moved to RenCap and was one of the first people at the Egypt office<\/strong> when they started operating locally. It was difficult in the beginning \u2014 from an office space perspective, I felt like I had joined a startup. It's very rewarding to now see everything up and running, but it was a long journey to get here.<\/p>\n

The best part of my job is the learning that comes with client interaction.<\/strong> I always say that there is nothing better than a good discussion. Working in this field you often get to meet people with different backgrounds and perspectives that you wouldn\u2019t have thought of otherwise. There\u2019s also the need to always work harder to be more comprehensive and able to cover everything. That often means going back in history to draw parallels between events. I believe if you stop learning at a job, you\u2019ll lose interest or even become complacent, so this field forces you to always be on your toes.<\/p>\n

The worst part of my job is when there\u2019s no interest in the product, country, or region <\/strong>you\u2019re working on \u2014 you can feel alienated.<\/strong> There have been instances in the past few years where things haven\u2019t been heading in the right direction for investors and it's quite demotivating. Being an analyst is a people\u2019s job so without the people it just becomes a routine.<\/p>\n

Less travel is more efficient, but I wouldn\u2019t call it better. <\/strong>You can squeeze in more meetings during the day since there isn\u2019t a commute time to factor in. It remains to be seen whether we\u2019ll return to the same world post-covid, but I do think that travelling and road shows will still be part of the job.<\/p>\n

RenCap remains very positive on Egypt in 2021<\/strong>, and while it might not be the year of Egypt, it will definitely be a better year. Last year was unfortunate because we saw some stories people have been looking for in Egypt play out such as capex recovery and faster private consumption, but covid-19 delayed these stories a bit. Nonetheless, there are other stories to get people excited for the year such as the bullish outlook on emerging markets in general.<\/p>\n

I think 2022 could be the year of Egypt as key longer term themes start to materialize <\/strong>such as tourism becoming less depressed and monetary policy normalizing. We expect to start seeing more excitement in the tail end of this year.<\/p>\n

My advice to retail investors or newcomers to the market is to buy what you understand. <\/strong>When you understand what you\u2019re investing in so you can have clearer judgement when you make decisions. You should know the broad dynamics of an investment and have a good answer if someone asks you, \u2018Why are you investing in this?\u2019 It\u2019s the same advice I would give someone buying an apartment or a car. It's very similar since at the end of the day you\u2019re putting your wealth into all of them. I also advise investors to not get greedy when investing in the stock market.<\/p>\n

A less obvious factor people should look at before investing is the governance of a <\/strong>company. <\/strong>It\u2019s often harder to make a judgement on governance as opposed to earnings, growth, and similar factors. However, as we\u2019ve seen in the past period, things can go wrong. So it\u2019s important to be comfortable with the governance or else your investment could be vulnerable to things like inaccurate reported numbers or figures. So governance is really at the base of everything else.<\/p>\n

When recommending calls or top picks, I try to get a good sense of what would make a <\/strong>stock reprice and what wouldn\u2019t. <\/strong>There are some stocks that are [underpriced], but won\u2019t necessarily rerate quickly while other stocks are more expensive but continue to outperform. This kind of thinking necessitates a more top-down approach to be able to judge the direction a stock is going and make a good call that materializes.<\/p>\n

If I had to switch to another industry, I would like to go into operations.<\/strong> It\u2019s a position I would like to explore in any field, whether it's a steel plant or an engineering firm.<\/p>\n

I\u2019m a numbers person.<\/strong> I\u2019ve always been comfortable with numbers since I was younger. Meanwhile, words have had to come the hard way [laughs] and a lot of investment has been put into that while on the job.<\/p>\n

The last great things I\u2019ve watched were the last season of <\/strong>Narcos Mexico<\/a><\/strong> as well as <\/strong>The<\/a><\/strong>Mandalorian<\/a><\/strong>. <\/strong>My taste in TV shows varies with my mood \u2014 sometimes I want to watch something light and comedic while other times I\u2019ll go for something more serious and deep. The last great thing I read was probably Lord of the Rings<\/a> from my school\u2019s library.<\/p>\n

When I\u2019m not working, I like to travel. <\/strong>It astounds me how you can find similarities in culture in the most unexpected countries. I was recently married and went to Hawaii for my honeymoon, so I think that is now my favorite destination. In the future, I think I\u2019d like to devote more of my vacation time to exploring Egypt\u2019s offerings such as Al Wahat and St. Catherine.<\/p>\n

\n

The EGX30 fell 0.3% at today\u2019s close<\/strong> on turnover of EGP 805 mn (45.5% below the 90-day average). Local investors were net buyers. The index is up 3.2% YTD.<\/p>\n

In the green: <\/strong>GB Auto (+2.5%), Abu Qir Fertilizers (+2.0%) and Orascom Development (+1.9%).<\/p>\n

In the red: <\/strong>Ezz Steel (-4.1%), Orascom Financial (-3.8%) and Edita (-3.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

OUR ANALYST OF THE WEEK- Ahmed Hafez, the head of MENA research at Renaissance Capital (Linkedin). My name is Ahmed Hafez and I head up MENA research for Renaissance Capital, covering mainly consumer names and diversified industrials. I started my career at HSBC\u2019s global research division, where I was mainly focused on sectors including mining, […]<\/p>\n","protected":false},"author":1,"featured_media":565073,"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":[104,633,642,1982],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-go-with-the-flow","tag-economy","tag-enterprisepm","tag-go-with-the-flow","tag-renaissance-capital","wpautop","entry"],"acf":{"mongo_id":"ab84c3e9-63cf-4abb-a06c-d73da260fa63","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/3\/487.jpg","photo_position":"above","related_issue":[565061],"teaser":"","voice_url":""},"yoast_head":"\nMeet our analyst of the week: RenCap\u2019s Ahmed Hafez - 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\/03\/16\/meet-our-analyst-of-the-week-rencaps-ahmed-hafez\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meet our analyst of the week: RenCap\u2019s Ahmed Hafez\" \/>\n<meta property=\"og:description\" content=\"OUR ANALYST OF THE WEEK- Ahmed Hafez, the head of MENA research at Renaissance Capital (Linkedin). 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Hafez was previously co-head of research and MENA equity analyst at HC Brokerage and was earlier MENA equity analyst at HSBC Securities.","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":565118,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/21\/who-are-the-foreign-buyers-in-the-egx-then-vs-now\/","url_meta":{"origin":565072,"position":1},"title":"Who are the foreign buyers in the EGX? Then vs now.","author":"enterpriseam admin","date":"21 March 2021","format":false,"excerpt":"Who are the foreign buyers in the EGX? Then vs now: In the great March selloff of 2020, the EGX saw the sharpest single-day decline since 2012, falling 9.3% to catch up with global equity markets, which tumbled the previous week as the covid-19 pandemic put travel bans and lockdowns\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":560615,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/07\/shaking-off-the-cobwebs\/","url_meta":{"origin":565072,"position":2},"title":"Shaking off the cobwebs","author":"enterpriseam admin","date":"7 March 2021","format":false,"excerpt":"The government is going to do a new valuation on Abu Qir Fertilizers as it prepares a new timeline for a secondary offering of the company\u2019s shares, Al Mal reports, citing what it says are unnamed sources in the know. A new valuation is necessary after the pandemic and ensuing\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-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":559564,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/26\/can-egyptian-equities-piggyback-on-the-em-rally\/","url_meta":{"origin":565072,"position":3},"title":"Can Egyptian equities piggyback on the EM rally?","author":"enterpriseam admin","date":"26 January 2021","format":false,"excerpt":"Are we about to get a piece of this rally in EM equities? Maybe, says RenCap: A strong rebound in equity inflows to emerging markets could spill over to Egypt, potentially reversing the 2020 trend that saw foreign institutional investors firmly positioned as net sellers every month on the EGX,\u2026","rel":"","context":"In "SENTIMENT"","block_context":{"text":"SENTIMENT","link":"https:\/\/enterpriseam.com\/egypt\/category\/sentiment\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/321.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543789,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/","url_meta":{"origin":565072,"position":4},"title":"Ahmed Saad appointed head of Hafez & Partners\u2019 capital markets practice","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Hafez & Partners has tapped Ahmed Saad to head the law firm\u2019s capital markets practice as an executive director, according to a statement (pdf). Saad was previously the executive chairman of the former Capital Markets Authority and chief counselor to the Egyptian Financial Supervisory Authority (now the Financial Regulatory Authority).","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556812,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/19\/meet-our-analyst-of-the-week-arqaams-hadeel-el-masry\/","url_meta":{"origin":565072,"position":5},"title":"Meet our analyst of the week: Arqaam\u2019s Hadeel El Masry","author":"enterpriseam admin","date":"19 October 2021","format":false,"excerpt":"OUR ANALYST OF THE WEEK- Hadeel El Masry, associate director at Arqaam Capital (Linkedin).My name is Hadeel El Masry and I\u2019m an associate director at Arqaam Capital. I graduated from economics at AUC in 2013 and during my time at university I undertook several internships at CI Capital. I fell\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\/2021\/10\/439.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565072","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=565072"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565072\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565073"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565072"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565072"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}