reports
- Mayar El Ashry
Talaat Moustafa Group Holding: 2Q23 | Stellar Quarter; we raise our FV...
Sales surpass our FY 23 forecast; hotel revenue almost doubles * TMGH achieved stellar 2Q23 results, with 2Q23 sales rising 248.7% y/y and 69.5% q/q to EGP20.7 billion, bringing 1H23 sales up 191.0% y/y to EGP32.9 billion. Other than the EGP32.9 billion, sales made for non-TMGH entities in 1H23 recorded EGP18.5 billion, for which TMGH receives commissions. * Revenue in 2Q23 grew 54.1% y/y and 41.3% q/q to EGP6.3 billion, bringing 1H23 revenue up 50.9% y/y to EGP10.7 billion, supported b...
- Mayar El Ashry
Talaat Moustafa Group Holding: 1Q23 | Kicking Off the Year Strong
SOLID SALES AND IMPRESSIVE HOTEL REVENUE * TMGH achieved solid 1Q23 sales of EGP12.2 billion, up 127.2% y/y and flat q/q. Other than the EGP12.2 billion, sales made for non-TMGH entities in 1Q23 recorded EGP8.0 billion, for which TMGH receives commissions. * Revenue in 1Q23 reached EGP4.4 billion, up 46.7% y/y and down 25.5% q/q, supported by a 37.8% y/y increase in real estate revenue to EGP2.9 billion, a 106.4% y/y increase in hotel revenue to EGP799.2 million, and a 38.6% y/y increas...
- Mayar El Ashry
Talaat Moustafa Group Holding: 4Q22 – A Year of Solid Sales and Earni...
IMPRESSIVE QUARTERLY SALES * TMGH achieved impressive 4Q22 sales of EGP12.2 billion, up 151.0% y/y and 25.8% q/q, bringing FY22 sales to EGP33.2 billion, up 2.6% y/y from FY21 that had witnessed the massive launch of Noor. * Revenue in 4Q22 reached EGP6.0 billion, up 47.6% y/y and down 12.7% q/q, taking FY22 revenue up 29.5% y/y to EGP19.9 billion, supported by a 21.1% y/y increase in real estate revenue to EGP14.7 billion, a 100.0% y/y increase in hotel revenue to EGP2.6 billion, and ...
- Mayar El Ashry
Talaat Moustafa Group Holding: 3Q22 | A Strong Quarter
Impressive growth in sales * TMGH achieved 3Q22 sales of EGP9.7 billion, up 49.2% y/y and 63.6% q/q, bringing 9M22 sales to EGP21.0 billion, down 23.6% y/y due to an unfavorable base effect, whereby 9M21 had witnessed the massive launch of Noor. * Revenue in 3Q22 grew 17.2% y/y and 67.7% q/q to EGP6.8 billion, taking 9M22 revenue up 23.0% y/y to EGP13.9 billion, supported by a 17.6% y/y increase in real estate revenue to EGP10.7 billion, an 81.8% y/y increase in hotel revenue to EGP1.5 ...
- Mayar El Ashry
Talaat Moustafa Group Holding: 2Q22 – Unfavorable base effect on sales
SALES EXPECTEDLY LOWER COMPARED TO NOOR-BACKED 2Q21 LEVEL * TMGH achieved 2Q22 sales of EGP5.9 billion, down 66.2% y/y and up 10.4% q/q, bringing 1H22 sales to EGP11.3 billion, down 46.2% y/y due to an unfavorable base effect, whereby 2Q21 had witnessed the massive launch of Noor. * Revenue in 2Q22 grew 45.8% y/y and 34.5% q/q to EGP4.1 billion, taking 1H22 revenue up 29.2% y/y to EGP7.1 billion. * Gross profit in 2Q22 increased 37.3% y/y and 14.6% q/q to EGP1.2 billion, translatin...
- Mayar El Ashry
Talaat Moustafa Group Holding: 1Q22 – Kicking off strong
IMPRESSIVE FIRST QUARTER * TMGH achieved strong 1Q22 sales of EGP5.4 billion, up 55.2% y/y and up 10.5% q/q. We forecast FY22 sales of EGP24.4 billion in our EGP16.66/share valuation. * Real estate revenue grew 3.5% y/y to EGP2.1 billion, hotel revenue grew 122.4% y/y to EGP387.0 million, and recurring services and activities revenue grew 8.2% y/y to EGP556.0 million, taking total revenue up 12.0% y/y to EGP3.0 billion in 1Q22. We forecast FY22 hotel revenue of EGP1.2 billion in our EGP...
- Mayar El Ashry
Talaat Moustafa Group Holding: A stellar year of sales
NOOR TAKES SALES TO RECORD HIGH * TMGH achieved stellar record FY21 sales of EGP32.4 billion, up 94.8% y/y, boosted by the launch of the Noor project in 2Q21. 4Q21 sales reached EGP4.9 billion, up 7.8% y/y and down 25.2% q/q. * 4Q21 revenue reached EGP4.0 billion, up 9.5% y/y and down 30.7% q/q, bringing FY21 revenue to EGP15.3 billion, up 8.9% y/y, supported by the 2.5% y/y growth in real estate revenue to EGP12.1 billion and the 104.2% y/y growth in hotel revenue to EGP1.3 billion. ...
For TALAAT MOUSTAFA GROUP, the environment deterioration entails a dow...
TALAAT MOUSTAFA GROUP (EG), a company active in the Real Estate Holding & Development industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date January 18, 2022, the closing price was EGP 8.97 and its expected ...
- Mayar El Ashry
Talaat Moustafa Group Holding: Management webinar key takeaways
STRONG 2021 PERFORMANCE * 2021 was a strong year of sales for TMGH, with 9M21 sales up 127.2% y/y to EGP27.5 billion. TMGH surpassed its FY21 sales guidance of EGP30.0 billion, making FY21 its best year of sales. This was supported by the launch of Noor. Upcoming sales guidance stands at a normalized level of EGP25.0 billion per annum over the coming years, which may be adjusted based on market conditions. The launch of The Spine in Madinaty could take place in the coming period. * Back...
- Mayar Elashry
Egypt Real Estate 2022: Macro supportive, but operational challenges a...
REAL ESTATE TO CONTINUE TO BE VIEWED AS A STORE OF VALUE We believe real estate will continue to be viewed as a store of value, especially in light of expected higher inflation in 2022. In terms of interest rates, we continue to view the relationship between real estate and interest rates as one based on market sentiment, whereby expected higher interest rates in 2022 would be negative, and reiterate our view that, while certificates of deposit may present competition to real estate as an inv...
EMFD EMAAR MISR FOR DEVELOPMENT SAE
TMGH TALAAT MOUSTAFA GROUP HOLDING
HELI MISR EL GEDIDA HOUSING & DEVELOPMENT
ORHD ORASCOM DEVELOPMENT EGYPT SAE
OCDI SIX OF OCTOBER DEVELOPMENT & INVESTMENT
MNHD MEDINET NASR HOUSING & DEVELOPMENT CO.
PORT PORTO GROUP HOLDING SAE
PHDC PALM HILLS DEVELOPMENTS SAE
EGTS EGYPTIAN FOR TOURISM RESORTS
- Mayar Elashry
Talaat Moustafa Group Holding: 3Q21 – strong base effect at play
SALES DECLINE FROM EXCEPTIONAL 3Q20 AND 2Q21 LEVELS * TMGH reported 3Q21 sales of EGP6.5 billion, down 15.0% y/y and 62.9% q/q, due to 3Q20 having included the EGP4.0 billion transaction and 2Q21 having witnessed the launch of Noor. This brought 9M21 sales to EGP27.5 billion, up 127.2% y/y, supported by the launch of Noor. * Revenue in 3Q21 reached EGP5.8 billion, almost flat y/y and up 126.5% q/q. * Gross profit in 3Q21 reached EGP1.9 billion, up 8.2% y/y and 107.8% q/q, leading t...
- Mayar Elashry
Talaat Moustafa Group Holding: Stellar sales driven by Noor launch
SALES SOAR ON NOOR LAUNCH * TMGH achieved stellar 2Q21 sales of EGP17.5 billion, up 686.4% y/y and 406.9% q/q, bringing 1H21 sales to EGP21.0 billion, up 371.7% y/y. This impressive jump in sales is due to the launch of the company’s Capital Gardens project, Noor, which brought in sales of EGP15.0 billion in June 2021. * Revenue in 2Q21 reached EGP2.6 billion, up 12.2% y/y and down 12.0% q/q. * Gross profit in 2Q21 reached EGP906.8 million, up 22.5% y/y and down 3.7% q/q, leading t...
- Mayar Elashry
Talaat Moustafa Group Holding: Solid performance with catalyst on the ...
SALES RISE ANNUALLY * TMGH achieved 1Q21 sales of EGP3.5 billion, up 55.8% y/y and down 23.1% q/q, mirroring the general real estate trend whereby 1Q usually witnesses a sequential decrease in sales due to the strength of 4Q. * Revenue in 1Q21 reached EGP2.9 billion, up 27.5% y/y and down 20.7% q/q. * Gross profit in 1Q21 increased 12.7% y/y and 18.5% q/q to EGP942.0 million, leading to a GPM of 32.2%, compared to 1Q20 GPM of 36.5% and 4Q20 GPM of 21.6%. * Net profit in 1Q21 i...
- Mayar Elashry
Egypt real estate: Misalignment between sales and stock price performa...
In our 12-page report, we discuss charts that show three components: * Daily stock price over the last five years (January 3, 2016, to March 17, 2021) * Full-year real estate sales over the last five years (FY16 to FY20) * Price-to-sales (P/S) The charts cover seven real estate companies: MNHD, TMGH, PHDC, EMFD, ORHD, OCDI, and HELI. The sales data is depicted by the yellow bars which are placed at the end of each year given that the sales data represents full-year sales....
- Mayar Elashry
Talaat Moustafa Group Holding: Sales down on unfavourable base effect
SALES DECLINE FROM STRONG 3Q20 LEVEL * TMGH’s 4Q20 sales reached EGP4.5 billion, down 23.8% y/y and 41.2% q/q (where 3Q20 sales had been supported by the EGP4.0 billion land transaction), bringing FY20 sales to EGP16.6 billion, down 18.6% y/y. * Revenue in 4Q20 reached EGP3.7 billion, down 7.5% y/y and 36.8% q/q (where 3Q20 revenue had also been supported by the EGP4.0 billion land transaction), bringing FY20 revenue to EGP14.1 billion, up 20.0% y/y. * The decline in quarterly reve...
- Mayar Elashry
Talaat Moustafa Group Holding: Management webinar key takeaways
BIG LAND BANK JUST GOT BIGGER * Last week, TMGH acquired a 21.0 million sqm land plot in Capital Gardens, an area located across the Cairo-Suez Road from the New Administrative Capital in East Cairo. * This new project will generate residential sales, commercial sales, sporting club membership sales, and recurring income. * The project is expected to offer around 140k units and bring in sales over the next 20 years. * The project is expected to generate total sales of EGP826.0...
- Mayar Elashry
Talaat Moustafa Group Holding: 3Q20 – Impressive sales and earnings; m...
Sales jump annually and sequentially Following a 1H20 that had been significantly lower than its 2019 counterpart, TMGH achieved solid 3Q20 sales of EGP7.7 billion, up 173.2% y/y and 243.0% q/q, bringing 9M20 sales to EGP12.1 billion, down 16.5% y/y. Sales performance was supported by the company’s EGP4.0 billion transaction announced in August 2020 regarding its contract with two banks to develop 0.3 million sqm of land in Madinaty and El Rehab. Revenue in 3Q20 was also supported by the afor...
- Omar El Menawy
- Sara Boutros
Egypt real estate | 2020 off year for developers amid COVID-19 outbrea...
Real estate sector fares better than previously indicated signs. Stocks across the board were impacted by COVID-19, especially in the real estate sector (-25% y-t-d vs. -20% for the EGX). The impact on the ground, however, has not been as negative as early signs indicated. Stronger-than-expected 1H20 performance and improved access to financing (300bps cut), along with earlier-than-expected removal of state banks’ 15% CDs (maturing Mar-21, potential flows into RE sector) are all pillars for the ...
- Mayar Elashry
Talaat Moustafa Group Holding: Sales decline as expected; income state...
Sales continue y/y decline, but revenue and earnings are not bad in light of challenging circumstances * TMGH’s sales performance continued to be pressured by Covid-19, culminating in the 69.4% y/y decline in 2Q20 sales to EGP2.2 billion, bringing 1H20 sales to EGP4.5 billion, down 61.9% y/y. On a sequential basis, sales performance seemed to hold its ground, portraying a slight 0.4% q/q increase. * Revenue in 2Q20 was surprisingly solid given that it declined by only 15.2% y/y to EGP2.....
- Mayar Elashry
Egypt Real Estate: Valuation update – a tough year
WE EXPECT SALES TO DECLINE 60-70% Y/Y IN FY20 Given the current Covid-19 situation, we expect real estate sales to decline 60-70% y/y in FY20. Current circumstances have prompted consumers to go into ‘wait and see’ mode, culminating in sales numbers taking a plunge. Indeed, 1Q20 numbers already portray this to be the case, casting company FY20 targets into far-fetched territory. We revisited our FY20 sales forecasts, which had already been at a significant discount to company targets, to rev...
EMFD EMAAR MISR FOR DEVELOPMENT SAE
TMGH TALAAT MOUSTAFA GROUP HOLDING
HELI MISR EL GEDIDA HOUSING & DEVELOPMENT
ORHD ORASCOM DEVELOPMENT EGYPT SAE
OCDI SIX OF OCTOBER DEVELOPMENT & INVESTMENT
MNHD MEDINET NASR HOUSING & DEVELOPMENT CO.
PORT PORTO GROUP HOLDING SAE
PHDC PALM HILLS DEVELOPMENTS SAE
EGTS EGYPTIAN FOR TOURISM RESORTS
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