PHDC EY | Suspension of coverage
Commercial International Brokerage Company (CIBC) is, effective today, suspending equity research coverage on Palm Hills Developments (PHD).
Suspension of coverage entails that our analyst(s) will no longer be giving any forward-looking statements or views on the stock until further notice. Our last published rating on PHD was Overweight, and target price was EGP4.20/share.
Palm Hills Development is a real estate developer in the Egyptian market, developing primarily high-end residential real estate and resort projects. Co. has acquired parcels of land in strategic locations throughout Egypt and maintains a land bank consisting of over 37.7 million square meters of land. Co. has a roster of 32 projects located nationwide and in the region. Co.'s portfolio includes the development of integrated residential communities, commercial projects and tourism destinations. Co.'s projects in residential, commercial and destination tourism are focused on building in 3 directions: Co.'s diversified land bank, creative architecture, high quality delivery and upkeep.
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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