reports
- Mayar El Ashry
Heliopolis for Housing and Development: Management webinar key takeawa...
KICKSTARTING SIGNIFICANT LAND BANK MONETIZATION * In September 2021, HELI was moved to the purview of Law 159 in an effort to put the company on track to monetize its assets. * HELI’s assets include two land plots in East Cairo: New Heliopolis, which sits on a land area of 5,400 feddans (22.7 million sqm), and Heliopark, which sits on a land area of 1,695 feddans (7.1 million sqm). These land plots are attractively located especially now with the development of nearby mega projects such...
- 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
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
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
- Mayar Elashry
Egypt Real Estate: On the ground update amid Covid-19 crisis
We contacted real estate companies in Egypt to get a feel of how they are faring given the current Covid-19 situation. Here are the main takeaways: * The Covid-19 impact on the real estate sector has less to do with raw material sourcing and more to do with construction schedules and sales momentum. * Most of the inputs needed in the real estate sector are locally sourced, rendering potential import issues limited. * Construction schedules may be lengthened due to fewer workers on site at t...
- Omar El Menawy
Due projects already priced-in; maintain Neutral
TP upgrade on new SODIC East dynamics. We upgrade our TP by 13% to EGP38.5/share, implying an upside of 6.4%, still warranting a Neutral rating. This change comes wholly on the back of: i) higher starting prices in SODIC East (actual launch price of EGP20k/sqm vs. expected EGP16k/sqm), and ii) stronger-than-expected sales during the project’s launch (EGP1.8bn actual vs. initial guidance of EGP1.0bn). This, however, is weakened by the extended payment period (8 years vs. 7 previously), with all o...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.