Saudi Healthcare | Favour plays with protected growth; Overweight Mouwasat and CARE
Challenges arise, but growth intact for select names. We upgrade Mouwasat to OW (from Neutral) on an improved risk profile (Aramco contract renewal in Mar-16) and a solid growth outlook (higher utilisation in Riyadh, doubling clinic working hours in Dammam, and expansion in Jubail). We remain buyers of CARE on its appealing valuation (2017e P/E of c17x vs Saudi peers’ c24x) while we downgrade Al Hammadi to Neutral as closure of Olaya hospital since Feb-16 (c41% of current beds capacity) is likely to decelerate growth. Timely delivery of expansions remain our key concern for Dallah; and hence, we maintain our Neutral rating on the stock.
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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