Pre-Trading Thoughts
Pitch| End of 1Q23 Results Season; TMGH Reconfirmed as Our Sector Top Pick. Highest y/y growth in 1Q23 sales (up 127.2% y/y to EGP12.2 billion). Our FV of EGP19.67/share implies a valuation gap of 109.3% which is the widest valuation gap in the sector. Our FV of EGP19.67/share is mainly supported by residential projects contributing EGP8.36/share and non-residential projects contributing EGP10.02/share. EV/sqm of EGP432 which is the second lowest EV/sqm in the sector. Ample residual land bank...
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