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- MarketLine Department
Orascom Development Holding AG - Company Profile and SWOT Analysis
Summary Orascom Development Holding AG - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Orascom Development Holding AG (ODH) is a real estate service company. It focuses on the development of integrated properties such as hotels, apartments, private villas, towns, recreation...
- Mayar El Ashry
SODIC: 2Q23| Strong Second Quarter, Making Up for the First
Strong sales in 2Q23 * OCDI reported strong 2Q23 sales of EGP5.4 billion, up 83.3% y/y and 93.9% q/q, bringing 1H23 sales up 22.5% y/y to EGP8.2 billion. Sales performance was mainly supported by the 464 feddan project in West Cairo, Villette in East Cairo, and June on the North Coast. * Sales cancellation rate reached 10% of sales in 1H23, compared to 10% in 1H22. * Net cash collections reached EGP4.1 billion with a delinquency rate of 4.5% in 1H23, compared to net cash collection...
- Mayar El Ashry
SODIC: 1Q23| Sales Down due to Limited Launches
Slow start to the year * OCDI reported weak 1Q23 sales of EGP2.8 billion, down 25.7% y/y and 70.7% q/q, due to limited launches given OCDI had temporarily halted sales at the beginning of 2023 to revisit selling prices amid increasing construction costs. West Cairo contributed 52% of sales, supported by the 464 feddan project, and East Cairo contributed 48% of sales on the back of Villette and SODIC East. * Sales cancellation rate reached 21% of sales in 1Q23, compared to 10% in 1Q22. T...
- Mayar El Ashry
SODIC: A year of strong sales
STELLAR SALES PERFORMANCE * OCDI achieved stellar 4Q22 sales of EGP9.5 billion, up 59.0% y/y and 85.4% q/q, bringing FY22 sales up 87.4% y/y to an impressive EGP21.3 billion, with West Cairo constituting 37% of sales supported by the relaunch of the 464 feddan project, East Cairo constituting 35% of sales on the back of Villette and SODIC East, and the North Coast constituting 28% on the back of June. * Sales cancellation rate reached 6% of sales in FY22, compared to 17% in FY21. *...
- Mayar El Ashry
SODIC: 3Q22| Strong Sales Performance
Stellar sales driven by the North Coast * OCDI achieved stellar 3Q22 results, with sales rising 214.1% y/y and 74.1% q/q to EGP5.1 billion, bringing 9M22 sales up 118.9% y/y to EGP11.8 billion. Sales performance continued to be supported by North Coast project, June. * Sales cancellation rate reached 8% of sales in 9M22, compared to 16% in 9M21. Sales cancellation rate was affected by the 464 feddan project’s temporary suspension. Excluding this effect would yield a sales cancellation r...
- Mayar El Ashry
SODIC: 2Q22 – Sales boosted by the North Coast
* OCDI achieved solid 2Q22 sales of EGP2.9 billion, up 53.9% y/y and down 21.4% q/q, bringing 1H22 sales to EGP6.7 billion, up 77.4% y/y. Sales performance was mainly supported by North Coast project, June, which generated 43.0% of 2Q22 sales. * Sales cancellation rate reached 10% of sales in 2Q22, unchanged from 10% in 2Q21 and 10% in 1Q22. Sales cancellation rate continued to be affected by the 500 feddan project’s temporary suspension. Excluding this effect would yield a sales cance...
- Mayar El Ashry
SODIC: Off to a strong start
IMPRESSIVE 1Q SALES * OCDI achieved strong 1Q22 sales of EGP3.7 billion, up 102.2% y/y and down 37.4% q/q from 4Q that is generally a strong quarter in real estate, reaching a record 1Q high in OCDI’s history. West Cairo projects accounted for 36% of 1Q22 sales, supported by the launch of The Estates Residences project, and East Cairo projects and the North Coast respectively contributed 34% and 30% to 1Q22 sales. * Sales cancellation rate reached 10% of sales in 1Q22, compared to 8% in...
- Mayar El Ashry
SODIC: 4Q21 – A robust set of results
IMPRESSIVE SALES BOOSTED BY NORTH COAST PROJECT LAUNCH * OCDI achieved robust 4Q21 sales of EGP6.0 billion, up 81.0% y/y and up 266.3% q/q, bringing FY21 sales up 53.7% y/y to EGP11.4 billion, boosted by the launch of June on the North Coast in 4Q21 which brought in EGP4.1 billion in sales, and despite the temporary suspension of sales on the 500 feddan West Cairo land plot due to its location adjustment. * Sales cancellation rate reached 17.0% of sales in FY21, compared to 14.0% in FY2...
Increased risk weighs on SIX OF OCT.DEV.& INV., penalising its rating...
The independent financial analyst theScreener just lowered the general evaluation of SIX OF OCT.DEV.& INV. (EG), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date Feb...
- 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
SODIC: Underwhelming 3Q21, but great 10M21 sales
SUSPENSION OF SALES IN 500 FEDDAN PROJECT BRINGS SALES DOWN * OCDI recorded 3Q21 sales of EGP1.6 billion, down 26.2% y/y and 14.7% q/q, which is attributed to the suspension of sales on the 500 feddan land plot (which houses VYE and Karmell) due to the location adjustment of the land plot. This brought 9M21 sales to EGP5.4 billion, up 31.6% y/y. 10M21 sales rose 74.0% y/y to EGP8.8 billion, supported by the October 2021 launch of June on the North Coast which brought in EGP2.7 billion in sal...
- Mayar Elashry
SODIC: Solid Sales Performance
Sales and earnings rise * OCDI achieved 87.3% y/y and 3.2% q/q growth in 2Q21 sales to EGP1.9 billion, bringing 1H21 sales to EGP3.8 billion which is 99.5% higher than 1H20 sales. West Cairo projects represented 52.0% of 2Q21 sales, while East Cairo projects represented the rest, with SODIC East alone generating 29.0% of sales. * Sales cancellation rate reached 10.0% of sales in 2Q21, compared to 13.0% in 2Q20 and 8.0% in 1Q21. * Net cash collections in 2Q21 reached EGP1.3 billion,...
- Mayar Elashry
SODIC: Off to a great start
SALES SURGE ANNUALLY * OCDI achieved 1Q21 sales of EGP1.9 billion, up 113.9% y/y and down 44.0% q/q. The sequential decrease is expected given the general strength of 4Q in real estate. OCDI’s newest West Cairo project, Karmell, contributed 35.0% to 1Q21 sales, bringing West Cairo’s contribution to 62.0%. East Cairo projects contributed 38.0%. * Sales cancellation rate reached 8.0% of sales in 1Q21, compared to 22.0% in 1Q20. * Net cash collections in 1Q21 reached EGP1.2 billion wi...
- Mayar Elashry
SODIC: A Solid Year
Sales rise sequentially * OCDI achieved 4Q20 sales of EGP3.3 billion, down 15.9% y/y and up 49.5% q/q, bringing FY20 sales to EGP7.4 billion, up 1.7% y/y. Residential sales grew 19.0% y/y to EGP7.2 billion in FY20. Commercial sales accounted for 3.0% of sales in FY20, compared to 17.0% in FY19, in line with the company’s strategy to keep commercial assets for lease. * Sales cancellation rate reached 14.0% of sales in FY20, compared to 8.3% in FY19, as a result of customers’ initial resp...
- 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....
- Marlene Milad
- Sara Boutros
OCDI EY | Restricting equity research coverage
CI Capital is effective today restricting equity research coverage on SODIC. Restriction 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 SODIC was Overweight and target price was EGP22.0 per share.
- Mayar Elashry
SODIC: Management Webinar Key Takeaways
SOLID PERFORMANCE IN A TOUGH 2020 * Excluding Malaaz from OCDI’s EGP8.4 billion sales target, sales for FY20 are looking good in terms of meeting the company’s target. Malaaz was not launched in FY20. * Selling prices increased in FY20, with different projects witnessing price growths ranging from 7.0% to 24.0%. * Sales cancellation rate dropped to around 7.0% in 4Q20 from 22.0% in 3Q20. * Secondary market transactions within OCDI’s projects increased by 72.1% y/y in FY20. ...
- Mayar Elashry
SODIC: Fantastic comeback
IMPRESSIVE SALES, MARGINS, AND EARNINGS * Following a tough 1H20 that had been negatively impacted by the pandemic, OCDI came back with a fantastic 3Q20 on all fronts: sales, margins, and earnings. 3Q20 sales rose 173.5% y/y and 116.7% q/q to EGP2.2 billion, bringing 9M20 sales to EGP4.1 billion, up 22.3% y/y. Strong sales momentum continued beyond 3Q20, with October 2020 sales reaching EGP933.0 million, bringing 10M20 sales to EGP5.0 billion. * Sales cancellation rate reached 22.0% of ...
- 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
SODIC: Q2 20 review – Sales performance holds its ground
OCDI’s gross contracted sales in 2Q20 reached EGP1.0 billion, down 33.3% y/y and up 17.9% q/q, bringing 1H20 sales to EGP1.9 billion, down 25.8% y/y, not bad given the challenging circumstances in 1H20. Residential sales in 1H20 reached EGP1.8 billion, down only 1.6% y/y. Commercial sales in 1H20 constituted 3.2% of total sales, compared to 27.0% in 1H19, in line with the company’s strategy to keep commercial assets as recurring income sources. In addition to the sequential rise in 2Q20 sale...
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