December 26th 2006

March 27th 2007

Short Term View

Projected Target: (1) 2,700.0

Index Performance

March 27th 2007

Short Term View

Projected Target: (1) 3,650.0

Index Performance

We recommend buying based on our research

Regarding EMPC, following a medium-term negative trend which had lasted over 7 months in 2004, the stock's price has been within a trading range of EGP12.00 and EGP15.50. This trading range is regarded as an accumulation area. Moreover, the stock's price is seen at a major cycle bottom which ­ in turn ­ is confirming the current accumulation phase. Accordingly, we initiate a medium-term "Buy" recommendation for EMPC, with targets at EGP18.00, EGP23.00, and EGP27.00, while a stop-loss at EGP12.00