reports
- Mayar El Ashry
Palm Hills Developments: 1Q23 | Solid Sales and Revenue; Net Profit Pr...
Annual rise in sales and revenue * PHDC achieved solid 1Q23 sales of EGP6.8 billion, up 22.3% y/y and down 20.1% q/q, supported by sales in Badya (up 54.0% y/y to EGP2.9 billion) and in Palm Hills Alexandria (up 156.0% y/y to over EGP1.0 billion). Commercial sales contributed EGP466.0 million (down 45.0% y/y due to the company’s decision to put new commercial launches on hold) to 1Q23 sales. * Construction spending amounted to EGP1.2 billion in 1Q23, compared to EGP930.0 million in 1Q22...
- Mayar El Ashry
Palm Hills Developments: Concluding an Impressive Year With an Impress...
Stellar sales performance * PHDC achieved impressive 4Q22 results, with sales rising 92.1% y/y and 23.8% q/q to EGP8.5 billion, bringing FY22 sales to a company record of EGP26.0 billion, up 50.4% y/y, driven by an increase in number of units sold and an increase in selling prices. Sales performance was supported by sales in Badya (up 54.0% y/y to EGP6.1 billion in FY22) and in Palm Hills New Cairo (up 107.0% y/y to EGP4.7 billion in FY22). Commercial sales contributed EGP2.9 billion (up 44....
- Mayar El Ashry
PHDC: Management Meeting Key Takeaways
Cost inflation being mitigated by selling price increases * 2022 was a record year for PHDC on all fronts, with targets not only met but also exceeded. * 4Q22 witnessed strong sales momentum with much quicker purchase decisions by property buyers. * PHDC has been adjusting selling prices since the beginning of 2022 with monthly increases that mitigated the inflationary effect on costs. * The company did several bulk deals securing various building and finishing materials and i...
- Mayar El Ashry
Palm Hills Developments: 3Q22 | Strong Sales and Earnings
Strong sales performance * PHDC achieved impressive 3Q22 results, with sales rising 33.0% y/y and 33.0% q/q to EGP6.8 billion, bringing 9M22 sales to a company record of EGP17.5 billion, up 36.2% y/y, driven by an increase in number of units sold and an increase in selling prices. Sales performance was supported by sales in Badya (up 109.0% y/y to EGP4.2 billion in 9M22) and in Palm Hills New Cairo (up 99.0% y/y to EGP3.3 billion in 9M22). Commercial sales contributed EGP2.4 billion (up 83.0...
- Mayar El Ashry
Palm Hills Developments: 2Q22 – Solid sales and revenue performance
SOLID GROWTH IN SALES * PHDC achieved solid 2Q22 sales of EGP5.1 billion, up 19.2% y/y and down 7.1% q/q, bringing 1H22 sales to EGP10.7 billion, up 38.3% y/y, driven by an increase in number of units sold and increase in average selling prices across various projects. Sales performance was supported by sales in Badya (up 144.0% y/y to EGP3.1 billion in 1H22) and in Palm Hills New Cairo (up 109.1% y/y to EGP2.3 billion in 1H22). Commercial sales contributed EGP1.9 billion (up 130.0% y/y) to...
- Mayar El Ashry
Palm Hills Developments: 1Q22 – Strong start to the year
IMPRESSIVE SALES GROWTH * PHDC achieved impressive 1Q22 sales of EGP5.5 billion, up 62.4% y/y and 25.5% q/q, driven by growth in the number of units sold and an increase in average selling prices across all projects. Sales growth was mainly supported by growth in Badya sales (up 306.9% y/y to EGP1.9 billion in 1Q22) and in Palm Hills New Cairo sales (up 130.1% y/y to EGP1.2 billion in 1Q22). Out of 1Q22 sales, residential sales contributed EGP4.7 billion and commercial sales contributed EGP8...
Thanks to a better fundamental star rating, PALM HILLS DEVELOP sees an...
The independent financial analyst theScreener just awarded an improved star rating to PALM HILLS DEVELOP (EG), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date March ...
- Mayar El Ashry
Palm Hills Developments: A year of strong sales
SALES SHOWCASE SOLID GROWTH * PHDC achieved impressive FY21 sales of EGP17.3 billion, up 35.3% y/y, despite underwhelming 4Q21 sales of EGP4.4 billion, down 19.2% y/y and down 14.3% q/q. Sales growth in FY21 was supported by the 82.1% y/y growth in the number of units sold to 3,350 units and an increase in average selling prices. Out of FY21 sales, residential sales contributed EGP15.3 billion (26.0% of which represented Badya) and commercial sales contributed EGP2.0 billion. * Construc...
- Mayar El Ashry
Palm Hills Developments: Management webinar – key takeaways
A SOLID 2021 * 2021 was a solid year of sales for PHDC, with 9M21 sales up 75.9% y/y to EGP12.9 billion in 9M21. PHDC surpassed its FY21 sales guidance of EGP15.0 billion. PHDC forecasts growth in sales by 15.0%-20.0% y/y in FY22, with the exact sales target expected to be announced when 4Q21 results are out. PHDC forecasts higher levels y/y in FY22 in terms of sales, deliveries, construction spending, and, accordingly, income statement figures. * Growth in 9M21 sales was driven by the ...
- 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
Palm Hills Developments: 3Q21 – Sales supported by the North Coast
NORTH COAST PROJECTS BOOST SALES * PHDC achieved impressive 3Q21 sales of EGP5.1 billion, up 75.6% y/y and 19.2% q/q. Sales growth in 3Q21 was supported by offerings on the North Coast, including the launch of Hacienda West in July 2021, which brought in EGP1.7 billion in 3Q21 sales, and ongoing sales in Palm Hills New Alamein, bringing total 9M21 sales to EGP12.9 billion, up 75.9% y/y. Commercial sales in 3Q21 stood at EGP470.0 million, driven mainly by the sale of retail space in Palm Hill...
- Mayar Elashry
Palm Hills Developments: An impressive quarter
SALES AND EARNINGS JUMP * PHDC achieved impressive 2Q21 sales of EGP4.3 billion, up 62.0% y/y and up 26.6% q/q, taking 1H21 sales to EGP7.7 billion, up 76.2% y/y, supported by significant sales growth in Badya. Commercial sales in 2Q21 stood at EGP313.0 million, driven mainly by the sale of retail space in Palm Hills Alamein Mall. * Revenue in 2Q21 increased 132.7% y/y and 2.7% q/q to EGP2.0 billion as a result of the rise in sales and contribution from Ready-to-Move units. * Gross...
- Mayar Elashry
Palm Hills Developments: Kicking Off the Year With Impressive Sales
SALES ALMOST DOUBLE Y/Y * PHDC achieved impressive 1Q21 sales of EGP3.4 billion, up 98.1% y/y and down 37.5% q/q. The sequential decline is expected since 4Q in real estate is generally strong. Sales in 1Q21 were supported by the increase in sales in all portfolio regions, the contribution from ready-to-move units, the growth in commercial sales, and the launch of PHDC’s North Coast project, Palm Hills Alamein, located in New Alamein City. * The rise in sales (including contribution fro...
- 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
Palm Hills Developments: 4Q20 – Solid sales in a tough year
SALES PERFORMANCE HOLDS ITS GROUND * PHDC achieved 4Q20 sales of EGP5.5 billion, down 19.6% y/y and up 86.3% q/q, bringing FY20 sales to EGP12.8 billion, down 14.3% y/y. * Unit deliveries in 4Q20 declined annually and sequentially to 131 units, which resulted in 4Q20 revenue of EGP1.7 billion, down 36.3% y/y and up 7.6% q/q. * Gross profit in 4Q20 followed suit with a 21.5% y/y decline and 21.8% q/q rise to EGP694.0 million, giving way to a GPM of 41.8%, while net profit in 4Q20 d...
- Mayar Elashry
Palm Hills Developments: Management webinar key takeaways
SOLID SALES IN A CHALLENGING 2020 PHDC exceeded its FY20 sales target of EGP12.0 billion and expects to record sales closer to EGP13.0 billion. The company is preliminarily looking at 15.0% growth in FY21. Current Ready-to-Move inventory stands at EGP3.0 billion. The company concluded securitization of EGP1.5 billion of receivables in 4Q20, with EGP2.5 billion planned for securitization in FY21. BOTANICA IS A SIGNIFICANT POTENTIAL CATALYST Botanica, which lies in Sphinx City in West Cairo, si...
- Mayar Elashry
Palm Hills Developments: 3Q20 – Solid sales and earnings
Impressive sales growth * Following a challenging 2Q20 due to pandemic pressure, PHDC achieved 41.9% y/y and 10.1% q/q growth in 3Q20 sales to EGP2.9 billion, bringing 9M20 sales to EGP7.3 billion, down 9.8% y/y. Sales during 3Q20 were supported by Ready-to-Move units, Mediterranean and Red Sea units, and West Cairo commercial units. Solid sales momentum continued beyond 3Q20, with October 2020 sales at EGP1.9 billion, taking 10M20 sales to EGP9.2 billion. * Revenue in 3Q20 increased 39...
- Mayar Elashry
Palm Hills Developments: Sales better than expected
Sales hold their ground amid Covid-19 pressure and comparable strong base * PHDC’s sales in 2Q20 declined 30.2% y/y and rose 54.7% q/q to EGP2.7 billion, bringing 1H20 sales to EGP4.4 billion, down 27.5% y/y, not bad given Covid-19 pressure and particularly strong sales performance in 2Q19. Sales were supported by the June 2020 launch of Laguna Bay, the company’s new project in Ain Sokhna, and demand for units on the North Coast and ready-to-move units. * Revenue in 2Q20 decreased 43.9...
- Omar El Menawy
- Sara Boutros
PHDC EY | Suspension of coverage
Commercial International Brokerage Company (CIBC) is, effective today, suspending equity research coverage on Palm Hills Developments (PHD). Suspension 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 PHD was Overweight, and target price was EGP4.20/share.
- 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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