Pre-Trading Thoughts

PHDC achieved strong 1Q22 sales of EGP5.5 billion, up 62.4% y/y. Net profit in 1Q22 grew 44.1% y/y to EGP295.0 million. We remind you that PHDC is targeting FY22 sales of over EGP20.0 billion. PHDC is also planning a EGP1.5-2.0 billion securitization in 4Q22. EFIC released positive 1Q22 consolidated bottom line at EGP236 million (+495% YoY). Higher margins was the reason. EFIC is currently trading at a 2022 P/E of 2.8x and EV/EBITDA of 2.5x. ECAP released solid 1Q22 net profit of EGP47 ...