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The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country, where such distribution or use would be contrary to law or regulation, or which would subject EFG Hermes or its affiliates to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this site, constitutes a solicitation or offer by EFG HERMES or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
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The information on this website is provided "AS IS". EFG Hermes does not warrant the accuracy of the materials provided herein, either expressly or impliedly, for any particular purpose, and expressly disclaims any warranties of merchantability or fitness for a particular purpose. EFG Hermes will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this website. Although the information provided to you on this website is obtained or compiled from sources, we believe to be reliable, EFG Hermes cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither EFG Hermes, nor any of its affiliates, directors, officers or employees, agents nor any third-party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this site, or resulting from the act or omission of any other party involved in making this website or the data contained therein available to you, or from any other cause related to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of EFG Hermes or of any vendor providing software or services support. In no event will EFG Hermes, its affiliates, or any such parties be liable to you for any direct, special, indirect, consequential, incidental damages or any other damages of any kind, even if EFG Hermes or any other party have been advised of the possibility thereof.
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Content not to be construed as a solicitation or recommendation
Research reports and information provided on this website are prepared for general circulation, and you are viewing it as a client of one of the entities in the EFG Hermes Group and are intended for general information purposes only. This material has been prepared for informational purposes only, regardless of any particular user's investment objectives, financial situation, or means; and EFG Hermes is not soliciting any action based upon it. This material is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any particular trading strategy in any jurisdiction, in which such an offer or solicitation, or trading strategy, would be illegal. Certain transactions, including those involving futures, options, and high-yield securities, give rise to substantial risk and are not suitable for all investors.
Research reports and information provided on this website must not be considered as advice nor be acted upon by you unless you have considered it in conjunction with additional advice from an EFG Hermes entity with which you have a client agreement. We strongly advise potential investors to seek financial guidance when determining whether an investment is appropriate for their needs. Although the information on this website has been obtained from sources that EFG Hermes believes to be reliable, we have not independently verified such information, and it may not be accurate or complete. EFG Hermes does not represent or warrant, either expressly or implied, the accuracy or completeness of the information or opinions contained within this report, and no liability whatsoever is accepted by EFG Hermes or any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. Investment in equities or other securities is subject to various risks, including, among others, market risk, currency risk, default risk and liquidity risk. Income from such securities, and their value or price may, therefore, fluctuate. Basis and levels of taxation may change, which would affect the expected return from such securities. Foreign currency rates of exchange may affect the value or income of any security mentioned in this report. Investors should, therefore, note that by purchasing such securities, including GDRs, they effectively assume currency risk.
No determination of suitability has been made; not all risks are disclosed; private advisors should be consulted
The fact that EFG Hermes has made the data and services provided on this website available to you constitutes neither a recommendation that you enter into a particular transaction, nor a representation that any product described on this website is suitable or appropriate for you. Many of the products described on this website involve significant risks, and you should not enter into any transactions unless you have fully understood all such risks and have independently determined that such transactions are appropriate for you. Any discussion of the risks contained herein, with respect to any product, should not be considered to be a disclosure of all risks or complete discussion of the risks that are mentioned. You should neither construe any of the material contained herein as business, financial, investment, hedging, trading, legal, regulatory, tax, or accounting advice nor make this service the basis for any investment decisions made by or on behalf of you, your accountants, or your managed or fiduciary accounts, and you may want to consult your business advisor, attorney, and tax and accounting advisors concerning any contemplated transactions.
EFG Hermes Holding, or any of its subsidiaries or officers (other than the authors of this report) may have a financial interest in one or any of the securities that are the subject of this report. Funds managed by EFG Hermes Holding SAE and its subsidiaries (together and separately, “EFG Hermes”) for third parties may own the securities that are the subject of this report. EFG Hermes may own shares in one or more of the aforementioned funds, or in funds managed by third parties. The author(s) of this report may own shares in funds open to the public that invest in the securities mentioned in this report as part of a diversified portfolio, over which the author(s) has/have no discretion. The Investment Banking division of EFG Hermes may be in the process of soliciting or executing fee-earning mandates for companies (or affiliates of companies) that are either the subject of this report or are mentioned in this report. Research reports issued by EFG Hermes are prepared and issued in accordance with the requirements of the local exchange conduct of business rules, where the stock is primarily listed.
This research report is prepared for general circulation and has been sent to you as a client of one of the entities in the EFG Hermes Group, and is intended for general information purposes only. It is not intended as an offer or solicitation or advice with respect to the purchase or sale of any security.
It is not tailored to the specific investment objectives, financial situation or needs of any specific person that may receive this report. This research report must not be considered as advice nor be acted upon by you unless you have considered it in conjunction with additional advice from an EFG Hermes entity, with which you have a client agreement. We strongly advise potential investors to seek financial guidance when determining whether an investment is appropriate to their needs.
Our investment recommendations take into account both risk and expected return. We base our long-term target price estimate on fundamental analysis of the company’s future prospects, after having taken perceived risk into consideration. We have conducted extensive research to arrive at our investment recommendation(s) and target price estimate(s) for the company or companies mentioned in this report. Readers should understand that financial projections, target price estimates and statements regarding future prospects may not be realized. All opinions and estimates included in this report constitute our judgment as of this date and are subject to change without prior notice. The target prices stated in our company update, initiation and corporate action adjustment reports on stocks listed on the EGX are valid for three months starting from the date of publication. EFG Hermes’ target prices for stock coverage in other countries (excluding Egypt) are on a 12-month basis. All other reports on EGX-listed stocks, such as flash notes, sector or company commentaries, do not include, denote, or imply any change to target prices. EFG Hermes’ analysts plan to update all covered stock forecasts on a quarterly basis. For any additional information, please visit: http://www.efghermesresearch.com
Although the information in this report has been obtained from sources that EFG Hermes believes to be reliable, we have not independently verified such information, and it may not be accurate or complete. EFG Hermes does not represent or warrant, either expressly or implied, the accuracy or completeness of the information or opinions contained within this report, and no liability whatsoever is accepted by EFG Hermes or any other person for any loss, howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.
The decision to subscribe to or purchase securities in any offering should not be based on this report and must be based only on public information on such security and/or information made available in the prospectus or any other document prepared and issued in connection with the offering.
Investment in equities or other securities are subject to various risks, including, among others, market risk, currency risk, default risk and liquidity risk. Income from such securities, and their value or price may, therefore, fluctuate. Basis and levels of taxation may change, which would affect the expected return from such securities. Foreign currency rates of exchange may affect the value or income of any security mentioned in this report. Investors should, therefore, note that, by purchasing such securities, including GDRs, they effectively assume currency risk.
This report may contain a short- or medium-term recommendation or trading idea, which underscores a near-term event that would have a short-term price impact on the equity securities of the company or companies’ subject of this report. Short-term trading ideas and recommendations are different from our fundamental equity rating, which reflects, among other things, both a longer-term total return expectation and relative valuation of equity securities relative to other stocks within their wider peer group. Short-term trading recommendations may, therefore, differ from the longer-term stock’s fundamental rating.
For Entities and Clients in the United States
Hermes Securities Brokerage is not registered as a broker-dealer with the US Securities and Exchange Commission, and it and its analysts are not subject to SEC rules on securities analysts’ certification as to the currency of their views reflected in the research report. Hermes Securities Brokerage is not a member of the Financial Industry Regulatory Authority (FINRA), and its securities analysts are not subject to FINRA’s rules on Communications with the Public and Research Analysts and Research Reports and the attendant requirements for fairness, balance, and disclosure of potential conflicts of interest.
This research report is only being offered to U.S. Institutional and Major US Institutional Investors (subject to conditions outlined in Rule 15a-6) and is not available to, and should not be used by, any US person or entity that does not fall within one (1) of these categories/classifications. Hermes Securities Brokerage cannot and will not accept orders for the securities covered in this research report placed by any person or entity in the United States. Hermes Securities Brokerage is an affiliate company of EFG Hermes International Securities Brokerage (“EHISB”), located at B129, Phase 3, Smart Village – KM28 Cairo, Alexandria road 6th of October 12577 – Egypt. EHISB has a 15a-6 chaperoning agreement with Brasil Plural Securities LLC, located at 950 Third Avenue New York, NY 10022-USA Inc. at 212-388-5600. Orders should be placed with our correspondent, Brasil Plural Securities LLC.
A major US Institutional Investor who may receive and use this report must have assets under management of more than USD100,000,000 and is either an investment company registered with the SEC under the US Investment Company Act of 1940, a US bank or savings and loan association, business development company, small business investment company, employee benefit plan as defined in SEC Regulation D, a private business development company as defined in SEC Regulation D, an organization described in US Internal Revenue Code Section 501(c)(3) and SEC Regulation D, a trust as defined in SEC Regulation D, or an SEC registered investment adviser or any other manager of a pooled investment vehicle.
U.S. institutional investors who may receive and use this report must be a bank, insurance company, investment company registered with the SEC, small business investment company, private business development company, certain employee benefits plans, as well as trusts and tax-exempt organizations with more than $5 million in assets.
This research report was prepared by EFG Hermes, a company authorized to engage in securities activities in various jurisdictions. EFG Hermes is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution to “major U.S. institutional investors” and “U.S. Institutional Investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through Brasil Plural Securities LLC, a SEC registered and FINRA member broker-dealer authorized in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through EFG Hermes. To contact Brasil Plural Securities LLC directly via phone at (212)388-5600 or via mail at Brasil Plural Securities LLC, Inc. - 950 Third Avenue , New York, NY 10022.
Brasil Plural Securities LLC accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor.
Additional - U.S. person other than a major U.S. institutional investor Disclosures
This research report is for distribution only under such circumstances as may be permitted by applicable law. This research report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This research report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this research report. Neither EFG Hermes nor any of its directors, officers, employees or agents shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this research report or lack of care in this research report’s preparation or publication, or any losses or damages which may arise from the use of this research report. EFG Hermes may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups, or affiliates of EFG Hermes.
Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this research report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments. Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by EFG Hermes with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this research report relates, either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this research report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein. No part of the content of this research report may be copied, forwarded or duplicated in any form or by any means without the prior consent of EFG Hermes and EFG Hermes accepts no liability whatsoever for the actions of third parties in this respect.
Contacts and Statements
All reports are prepared by Hermes Securities Brokerage (main office), Building No. B129, Phase 3, Smart Village, KM 28, Cairo-Alexandria Desert Road, Egypt 12577, Tel +20 2 35 35 6140 | Fax +20 2 35 37 0939 which has an issued capital of EGP3,843,091.
Reviewed and approved by EFG Hermes KSA - a closed joint stock company established under license number 06016-37 issued by the Capital Market Authority in Saudi Arabia whose registered office is in Sky Towers, Northern Tower, Olaya, Riyadh, Saudi Arabia with Commercial Registration number 1010226534
Reviewed and approved by EFG Hermes UAE Limited, which is regulated by the DFSA and has its address at Office 301, The Exchange, DIFC, Dubai. The material is distributed in the UAE or the Dubai International Financial Centre (DIFC) (as applicable) by EFG Hermes UAE Limited. The financial products or services described in this document are only available to persons who qualify as “Professional Clients” or “Market Counterparty” as defined in the DFSA Rulebook. No other person should act upon it. This Research Report should not be relied upon by or distributed to Retail Clients.
Reviewed and approved by EFG Hermes Pakistan Limited. (Research Entity Notification No. REP-192), incorporated in Pakistan with registered number 0040559, and has its address at Office No. 904, 9th Floor, Emerald Tower, Plot No. G19, Block-5, Clifton, Karachi, Pakistan.
Distributed in Kenya by EFG Hermes Kenya Limited, an entity licensed under the Capital Markets Act and regulated by the Capital Markets Authority.
The information in this document is directed only at Institutional investors, if you are not an institutional investor you must not act on it.