BMCE Capital Flash Strategy Resiliency Portfolio 06 04 20 English
- 2020E results are expected to be severely impacted by the COVID-19 crisis following the market slowdown or even near-total activity shutdown in several sectors during the lockdown period;
- Earnings capacity is expected to contract by 12.1% to MAD 21.3bn in 2020E (-22.6% excluding the impact of the MAROC TELECOM’s 2019 results impacted by the MAD 3.3bn provision) and a gradually recover in 2021E with an expected growth of 20.6% to
MAD 25.7bn; - Readjustment of the BMCE Capital Research portfolio to take into account new factors related to the COVID-19 crisis;
- A targeted Upside of 14.8% of our new PF allocation in a context of negative market expectations in 2020.
BMCE Capital Global Research is a subsidiary of BMCE Capital Group dedicated to Research and Financial Analysis. It is addressed to professional investors (financial institutions, management companies, etc.) to which it provides information and independent analysis aligned with international standards. BMCE Capital Research covers equities, interest rate, Forex and commodities markets in Morocco, Tunisia and WAEMU region (Bourse Régionale des Valeurs Mobilières, BRVM). Thanks to its latest generation technology platform, to its teams and to those of its partners, the Research Office of BMCE Capital is now able to cover simultaneously several places in Africa and to produce several publications co-branded under its umbrella brand African Securities Network, ASN.
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