A recent research note issued by Pharos Research maintained an overweight rating recommendation for Emaar Misr, but updated the stock’s fair value (FV) to EGP 4.57 a share. That valuation was driven by the Egyptian real estate developer’s “healthy margins, impressive sales performance, solid net cash position, leading effort in expanding land bank, and lack of land liabilities,” according to a recent report. Emaar Misr reported a 15% year-over-year rise in profits for the first quarter (Q1) of 2018, recording a net profit of EGP 503.2m from EGP 437.9m. The bank’s remarkable performance during Q1 2018 might have been driven by “healthy growth of non-interest income,” according to a recent report. Credit Agricole reported a 28.85% y-o-y rise in consolidated profits for Q1 2018, recording a net profit of EGP 601.47m from EGP 467.12m.

Source: Daily News Egypt May 06, 2018 07:07 UTC