Pre-Trading Thoughts

Undisclosed foreign institutions have acquired a majority stake in Global Corp for Financial Services, in a transaction worth EGP 914.7 million. Transaction at 9x P/E and 2.6x P/B. Implications on the valuation for CICH, GB Capital and ATLC means FV of EGP8.91, EGP 10.90, and EGP10.45, respectively. PHAR topped other pharma players for market share in volumes sold during 1Q22, to record 52.8 million units sold (+39% YoY, a market share of 8.7%). We expect PHAR to record 1Q22 net incom...