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Home arrow Business arrow EFG-Hermes downgrades Egypt OCI
EFG-Hermes downgrades Egypt OCI PDF Print E-mail
Written by Egypt News   
Monday, 18 May 2009
EFG-HermesEFG-Hermes downgraded Egypt's Orascom Construction Industries to "neutral" from "buy" and said strong gains staged by the stock has priced in most of the positive future news flow and operational performance for the company.

The investment bank said it did not expect construction margins to remain at first-quarter levels across the year, and OCI's high fertiliser operating rates in the first quarter could be more than offset by the recent fall in ammonia and urea prices.

Egypt's OCI is the region's largest listed builder. The firm posted a 46 percent drop in first-quarter net income to $105.7 million on May 14 and said the decline was due to foreign exchange and interest income gains a year earlier.

EFG has a long-term fair value of 205 Egyptian pounds on the stock.

 

 

 

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