Pharos Research maintains Alexandria Container’s FV at EGP 14.5/shr

Cairo – Mubasher: Pharos Research has reiterated its fair value (FV) for Alexandria Container and Cargo Handling Company’s stock at EGP 14.5 per share, recommending an ‘Equalweight’.

Holding Company for Maritime and Land Transport’s general assembly approved listing 30% of Alexandria Container’s shares with an estimated EGP6.2 billion in proceeds, which is likely to narrow the bid-ask spread and improve stock liquidity, Pharos said in a recent research note.

“After being a performance driver since flotation, the exchange rate will act as a partial balancing factor and offset apportion of the decline in USD denominated service revenues; but not entirely,” the research firm noted.

On Sunday, Alexandria Container reported a 15% year-on-year decline in its net profit during the first half of fiscal year 2018/2019.

The company logged EGP 962.4 million in the period between July to December 2018, versus EGP 1.1 billion for the corresponding period of FY17/18.

Revenues fell slightly to EGP 1.40 billion in the six-month period ended December from EGP 1.42 million in the same period in the year before.

Mubasher Contribution Time: 21-Jan-2019 12:52 (GMT)
Mubasher Last Update Time: 07-Mar-2019 09:22 (GMT)