Pre-Trading Thoughts

ESRS | The top beneficiary within EGX of weaker local currency Despite the recent rally in the stock price, we still believe ESRS (FV: EGP97.03, OW) has untapped value. We included ESRS in our Top Picks for 2024 given not only its solid operational performance in the past few quarters, which was supported mainly by the recovering global steel cycle and currency fluctuations, but also confirmed by its low multiples when compared to latest steel transactions executed as well as emerging markets...