Pre-Trading Thoughts

COMI (FV: EGP 68.54, OW) 2Q23 net profit post minority recorded a robust EGP7.99 billion (+32% q/q, +127% y/y), bringing 1H23 profit for equity holders to EGP 14.1 bn (+81% y/y). Robust sequential performance came on the back of 1) strong margins, 2) lower OPEX, 3) lower booked provisions, and 4) lower effective tax rate. The stock is trading at P/E 2023 of 6.1x and P/B 2023 of 1.9x. The Federal Reserve will hold its two-day policy meeting on Tuesday and Wednesday this week. An unexpect...