Pre-Trading Thoughts

PHDC achieved solid FY21 sales despite underwhelming 4Q21 sales. 4Q21 sales reached EGP4.4 billion, down 19.0% y/y and down 14.1% q/q, bringing FY21 sales to a company record high of EGP17.3 billion, up 35.4% y/y. We forecast FY22 sales of EGP18.2 billion in our EGP3.33/share valuation. HELI reported strong 4Q21 results, with net profit amounting to EGP91.3 million, compared to net loss of EGP43.3 million in 4Q20. Growth in revenue and profitability levels was supported by HELI’s 31k sqm land...