Cairo – Mubasher: Pharos Research has reiterated their ‘Overweight’ recommendation on Qatar National Bank Al Ahli (QNB Al Ahli) at a fair value (FV) of EGP 70 per share.
The stock is expected to see an upside potential in the short-term if the bank performs any adjustments to raise the free float to 10%, Pharos said in a research note on Thursday.
On Wednesday, QNB Al Ahli reported a 27% year-on-year increase in consolidated profits for the first half of 2018, recording EGP 3.4 billion from EGP 2.7 billion.
The bank previously posted EGP 1.6 billion in consolidated profits during Q1-18, versus EGP 1.26 billion in the three-month ended March 2017, including minority shareholders’ rights.
In February, Qatar National Bank (QNB) had cut its stake in the Egyptian unit, QNB Al Ahli, to 95.6% from 97.12% to comply with the Egyptian Exchange's (EGX) listing rules.