Downgrade to Neutral on Jebel Ali weakness
Soft throughput, expansion delays at Jebel Ali Port. We cut our 12M target price by 13% to USD21.0/share to reflect i) an adjournment of the 2mn TEU (T3) expansion at Jebel Ali (JA) to 2017 (0.5mn TEU) and 2018 (1.5mn TEU), one year behind DPW’s recent guidance and ii) the removal of JA’s 3.1mn TEU (T4) capacity expansion. The delays aim to match demand growth following the 6% y-o-y throughput drop at JA Port in 1H16. A better entry point into DPW shares would be upon clearer visibility on throughput growth at JA and when the start of T3 is imminent, we believe.
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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