HC SHEDS LIGHT ON COMPELLING STORIES IN 2019

February 10th, 2019 – “We expect a 1-year delay in the easing cycle and remain bullish on prospects of the Egyptian economy” – We are bullish on construction, energy-related, consumer staples, financials, tourism, automotive, and select real-estate names – With a big portion of our coverage undervalued, our focus is on compelling stories with low...

EGYPT’S NET INTERNATIONAL RESERVES (NIR) DECLINED TO USD42.551BN IN DECEMBER

January 8th, 2019 – Egypt’s net international reserves (NIR) declined to USD42.551bn in December from USD44.513bn in the previous month, according to Central Bank of Egypt (CBE) data. The decline was mainly attributable to: (1) redemption of treasury bills held by foreign investors whose holdings of Egyptian T-bills dropped to USD10.8bn as of the end...

EGYPT’S CABINET APPROVED A NEW DRAFT LAW MODIFYING INCOME TAX ON TREASURIES

November 25th, 2018 – Egypt’s Cabinet approved a new draft law modifying income tax on treasuries, which separates income earned on treasuries from corporates’ and banks’ other income sources, according to Ministry of Finance sources. According to the draft law, income earned on government treasuries will be recorded net of a 20% tax and then...

HC EXPECTS THE MPC TO KEEP INTEREST RATES UNCHANGED

November 11th, 2018 – HC expects the MPC to keep interest rates unchanged at its upcoming meeting. October monthly inflation came in significantly higher than HC’s expectation of it normalizing to c0.8%, mainly on supply shocks witnessed in the fruit and vegetables market leading to price hikes. Currently, inflation has exceeded the upper limit of...

EGYPT’S ANNUAL CORE INFLATION EDGED UP TO 8.83% Y-O-Y IN AUGUST FROM 8.54% IN JULY

September 12th, 2018 – Egypt’s annual urban consumer inflation accelerated to 14.2% in August from 13.5% in the previous month, with monthly prices decelerating to 1.8% from 2.4% in July, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). Annual core inflation edged up to 8.83% y-o-y in August from...

HC SECURITIES & INVESTMENT ADVISED MINAPHARM PHARMACEUTICALS ON THE ACQUISITION OF AN ADDITIONAL 15.76% OF ITS SUBSIDIARY MINAPHARM PROBIOGEN

August 28th, 2018 – HC Securities & Investment has successfully acted as the exclusive financial advisor to Minapharm Pharmaceuticals and Chemical Industries S.A.E. (MIPH.CA) (www.minapharm.com) on the acquisition of an additional 15.76% of the share capital of its subsidiary Minapharm ProBioGen S.A.E., a company specialized in the R&D and manufacturing of biopharmaceuticals, in a transaction...

EGYPT’S ANNUAL URBAN INFLATION DECELERATED TO 13.5% IN JULY FROM 14.4% IN JUNE

August 9th, 2018 – Egypt’s annual urban inflation decelerated to 13.5% in July from 14.4% in the previous month, while monthly prices increased 2.4% compared with a 3.5% increase in June, according to data published by the Central Agency for Public Mobilization and Statistics (CAPMAS). (Bloomberg, Reuters) HC’s comment: The monthly inflation figure came higher...