Pre-Trading Thoughts

JUFO (FV: EGP14.00, OW) released 1Q23 bottom line of EGP339 mn (+134.9% YoY, +107%, QoQ), backed by enhanced gross profitability, cost-cutting measures, and exports, despite the heightened interest expenses and FX losses. Price increases did not compensate for volumes drop. JUFO is trading at a FY23 P/E of 11.1x and an EV/EBITDA of 6.1x. EAST (FV: EGP24.72, OW) released 3Q22/23 bottom line of EGP1,801 mn (+35.3% YoY, -11% QoQ) backed by the company’s interest income and FX gains. The squeeze ...