New projects already priced-in, remain Neutral
Top 90 launch, new Golf Porto Marina units already priced-in. We revise our target price upwards by 19% to EGP0.38/share to factor in i) sale of Top 90 commercial space (previously under the rental model), ii) recent approval to extract additional value from Porto Golf project with new permits for an additional 23k units to be offered for co-development and iii) better-than-expected 3Q16 presales. Following the post-float stock price rally, our updated target price implies an upside of 19%, warranting a Neutral rating which we keep unchanged.
Amer Group Holding Co SAE is an Egypt-based company engaged in the diversified industry sectors. The Company's operations are structured into six segments: the Real Estate segment, which includes Porto Marina, Porto Sokhna, Golf Porto Marina, Porto Cairo Residence, Porto Tartous, Porto Sharm, Porto New Cairo, Porto October and Porto Dead Sea, among others; the Restaurant segment covers Chillis 19002, Studio Masr 19002, Hlket El Samak 19002, Azhar Park, Carino's 19002, Alain Le Notre 19002, Nile City and Meeting Points; the Hotel segment includes Porto Marina Resort & Spa, Porto Marina Golf Resort, Porto Sokhna Beach Resort & Spa, Cancun Resort & Spa and Porto Tartous Hotel; the Malls segment includes Meeting Point New Cairo, Golf Bay Mall and Sky Mall, among others; the Retail segment, and the Others segment. In addition, the Company's other activities include the provision of touristic boats, investment activities, marketing and real estate maintenance services.
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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