Pre-Trading Thoughts

COMI (FV: EGP 69.00, OW) 1Q23 net profit post minority recorded a robust EGP6.1 billion (+43% y/y) on the back of strong margins, robust non-interest income, lower provisions, and lower effective tax rate. Stock is trading at P/E 2023 of 8.3x and P/B 2023 of 1.8x, on an attributable basis, post minority and appropriations of EGP18.8 billion (growth of 30% YoY). We update our FV on ADIB to 35.00 with 49% upside to the market price. ADIB 1Q23 consolidated net profit post minority interest recor...