Upgrade to Overweight from Neutral on Korean port consolidation
Raise TP by 28% to USD27/share; Record throughput in 2017e. Our new 12M TP accounts for c7mn TEU p.a. of newly announced consolidated capacity (totalling 11mn TEU in 2017-19) of which: i) 0.5mn TEU at Jebel Ali (JA) added end-16 and ii) 5.75mn TEU on the full consolidation of Pusan Newport Company (PNC) in South Korea in Dec-16. Despite stable volumes at JA in 1Q17 (+1.8% y-o-y, flat q-oq), our valuation does not account for volume growth beyond a gradual ramp up at new capacities. We forecast a 2017-19e EPS CAGR of 7.4% vs. 6.3% for peers.
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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