HC Securities & Investment -

Dubai Banks Report

hcsi — Tue, 24 Jun 2008 07:49:20 +0000

June 24th, 2008
Something of Value

Summary

▪Emirates National Bank of Dubai (ENBD)
We are initiating our coverage of Emirates National Bank of Dubai with a “Strong Buy” recommendation, based on a target price of AED16.01/share, which offers 35.1% upside potential to the bank’s current market price.

▪Dubai Islamic Bank (DIB)
We are initiating our coverage of Dubai Islamic Bank with a “Buy” recommendation, based on a target price of AED10.42/share, which offers 26.3% upside potential to the bank’s current market price.

Pioneers Holding, News Bulletin

hcsi — Tue, 24 Jun 2008 07:08:25 +0000

June 24th, 2008

Pioneers Holding is a financial services company with operations in Egypt, Saudi Arabia, Syria and the UAE. The company primarily focuses on brokerage services to both institutional and retail investors. The company also offers asset management and investment banking services. Pioneers Brokerage – Egypt is the largest contributor to the consolidated entity as it generates 66% of revenues and 74% of net earnings.

EFIC, "Break New Ground"; Update Report

hcsi — Wed, 11 Jun 2008 14:49:50 +0000

June 11th, 2008
Summary
▪Major Expansion Plans Underway
EFIC acquired 256,000 square meters of land in Al Ain Al Sokhna through its 99.9% owned subsidiary Suez Company for Fertilizers Production (SCFP) to increase its phosphate fertilizers production capacity to reach 1.7 million tons by the end of 2008, up from its current level of 1.2 million tons, making EFIC one of the biggest phosphate fertilizer producers in the world.

EIPICO,"1Q08"; News Bulletin

hcsi — Tue, 03 Jun 2008 13:39:30 +0000

June 3rd, 2008
1Q08 Consolidated Results: Double Digit Growth
▪Revenues of EGP247.2 million mainly contributed to EIPICO’s local sales of EGP163.7 million
▪A decent GPM of 40.3% and EBITDA margin of 43.1%
▪A net income of EGP65.7 million and a NPM of 26.6%

Egyptian Resorts Company,"1Q08"; News Bulletin

hcsi — Tue, 03 Jun 2008 13:31:01 +0000

June 3rd, 2008
1Q08 Consolidated Results: Below Expectations
▪A Drop in sales to EGP6.3 million from EGP101.6 million
▪A decline in margins across the board as the company did not sell any land in 1Q08
▪A net loss of EGP7.6 million in 1Q08

El Sewedy Cables News Alert

hcsi — Mon, 02 Jun 2008 09:39:13 +0000

June 2nd, 2008
EL Sewedy Cables to Establish Power Cables Factory in Qatar

As part of its strategy to expand production facilities in the Middle East and Africa, El Sewedy Cables announced today that it will establish a plant in Qatar for the production of power cables including low, medium, high, and extra high voltage cables.

Al Ezz Steel Rebars,"FY07"; News Bulletin

hcsi — Mon, 02 Jun 2008 08:44:39 +0000

June 2nd, 2008
FY07 Results: Growth Continues At Lower Margins
▪Top line hiked by 38.8% YoY reaching EGP16.2 billion
▪EBITDA margin declined to 24.4% from 30.8% in FY06 due to higher raw material prices
▪Net income increased by 12.8% YoY reaching EGP1.1 billion in FY07

OCI, "1Q08"; News Bulletin

hcsi — Sun, 01 Jun 2008 13:41:53 +0000

June 1st, 2008
1Q08-Consolidated Results: Consolidation of EFC Pays Off
▪A 33.1% YoY growth in consolidated revenues to USD723.8 million
▪A 640bps YoY increase in consolidated EBITDA margin to 23.4%, helped by the consolidation of EFC during 1Q08
▪A 224.0% YoY upturn in consolidated net income to USD454.4 million, inflated by USD255 million of capital gains

Delta Sugar, "1Q08"; News Bulletin

hcsi — Sun, 01 Jun 2008 09:12:18 +0000

June 1st, 2008
1Q08 Results: And the Sugar Rush Continues

▪An impressive 42.2% YoY growth in revenues to EGP158.1 million in 1Q08
▪A hefty 73.5% YoY growth in net income to EGP127.2 million in 1Q08

OCI, May 29th, 2008 News Alert

hcsi — Thu, 29 May 2008 08:57:21 +0000

May 29th, 2008

OCI Releases 1Q08 Consolidated KPIs

Orascom Construction Industries (OCI) released today its 1Q08 KPIs showing healthy growth in top line and improvement in margins which translated into impressive bottom line growth. The bottom line was inflated by USD255 million of capital gains from the sale of the company's stake in Egyptian Container Handling Company.
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