Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Sales decline annually and sequentially • Sales in 3Q19 declined 48.1% y/y and 61.6% q/q to EGP2.8 billion, bringing 9M19 sales to EGP14.5 billion, down 20.8% y/y, following a great 9M18 supported by the successful Celia launch in 2Q18. • Revenue in 3Q19 was stable at EGP2.8 billion, exhibiting a 1.0% y/y drop and a 4.3% q/q rise. • Gross profit in 3Q19 increased 14.9% y/y and 2.8% q/q to EGP982.4 million, and net profit in 3Q19 increased 9.8% y/y and 10.8% q/q to EGP499.8 million. • GPM...
As opposed to previous years that were riddled with big project launches and land acquisitions, 2019 was a quiet year with limited project launches and virtually no land replenishment. Indeed, as we had mentioned in our Real Estate 2019 Valuation Update Report last year, 2019 really did turn out to be a “calmer year.†This calmness is portrayed by a set of different factors: 10-15% increase in selling prices compared to the 30-40% increases during years prior to 2018, no extension in install...
Sales in 2Q19 reached EGP7.3 billion, down 26.9% y/y and up 65.3% q/q. Sales performance was supported by the launch of Privado, a Madinaty-based high-end gated community of apartments, which generated over EGP4.0 billion in sales within three weeks. The annual decline in 2Q19 sales followed a strong base, with 2Q18 having witnessed the launch of Celia, with the novelty of its location rendering it a massive launch, and 2Q18 having included EGP1.0 billion in school sales.
We met with seven real estate companies at our annual investor conference where we were updated on the latest developments in the real estate sector. This relatively quiet year is witnessing a more inflation-dictated growth of 10-15% instead of the 30-50% growth witnessed over the past five years. In light of this subdued residential performance, developers are shifting their focus to commercial real estate.
Impressive sales performance • Sales in Q1 19 surged 50.5% yoy and 47.0% qoq to EGP4.4bn, with Madinaty being the biggest contributor, followed closely by Celia. • Revenue in Q1 19 reached EGP2.2bn, up 38.9% yoy and down 45.5% qoq from a delivery-heavy Q4 18. • Margins declined yoy and rose qoq.
Sales in FY 18, which had been previously announced, soared to EGP21.3 billion, up 62.5% y/y, on the back of the company’s impressive Q2 18 sales that were the result of the Celia launch. Q4 18 sales declined 16.4% y/y and 44.4% q/q to EGP3.0bn, which we do not believe to be concerning given that the company had already surpassed targets earlier in the year, leaving Q4 18 as a bonus quarter. Revenue in Q4 18 rose 44.5% y/y and 44.7% q/q to EGP4.1bn on the back of higher unit deliveries and rec...
2018 was a year that witnessed the continuation of sector trends that had emerged the year before, such as the decrease in unit size and the average seven-year installment schedule. What changed in 2018 was the magnitude of price appreciation and the rise of competition. In contrast to 2017 that had witnessed price increases of 30.0-40.0%, prices increased by 10.0-15.0% in 2018, in line with our previous assumption of 10.0% price growth in 2018. A key theme that echoed throughout the sector in 2...
​We valued TMGH on a DCF – SoTP basis at EGP 15.4/share, providing a massive upside potential of 85% over the previous market close; mainly supported from assuming a full monetization program for Madinaty`s massive commercial land by 2030, providing EGP 9.71/Share, equivalent to 59% of the group`s Enterprise Value of EGP 16.45/share. The residential developments in Madinaty city, are expected to add around EGP 4.55/Share equivalent to 28% of EV; hence, c. 86.6% of our estimated EV comes from...
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