Challenging year ahead, sell-off is unjustified
Challenging fundamentals but stock is oversold. Bupa underperformed the market over the past week on concerns that the Chairman of Bupa and Nazer Group (9% ownership), may in some form be implicated in relation to the ongoing corruption purge. The aggravated sell-off is unjustified, in our view, given Bupa’s low exposure to government contracts. With the main shareholder being Bupa Overseas, we also do not expect the company to face operational difficulties which would contradict with government efforts to open the market. We maintain our OW rating on expectations of an upward correction in the stock, acknowledging in our valuation that short-term operational pressures will persist.
Bupa Arabia For Cooperative Insurance is engaged to transact cooperative insurance operations and related activities in the Kingdom of Saudi Arabia in accordance with its articles of association, and applicable regulations in the Kingdom of Saudi Arabia. Co. underwrites medical insurance only.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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