Report
Jaap Meijer
EUR 477.90 For Business Accounts Only

Egypt Update

​ We see the Egyptian banking sector as the clear winner of the

economic reforms. The devaluation is expected to fuel assets/loans

and RWAs, enhancing revenues at attractive RoRWA/RoE, while

positive ALM gaps provide an immediate uplift in NIMs.

ï‚· CIB is best positioned to reallocate excess deposits into Tbills/

bonds, which could boost NIMs by another 105bps. We have

increased our TP from 69.6 to 86.2 due to additional NIM flex,

which may partly be used to further build balance sheet provisions.

ï‚· Top picks: CIB TP 84.9 (24% upside), HDB TP 31.5 (26% upside), CAE

TP 45.8 (34% upside) and QNBA TP 47.5 (30% upside)

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

Analysts
Jaap Meijer

Other Reports from Arqaam Capital

ResearchPool Subscriptions

Get the most out of your insights

Get in touch