TMGH began unlocking its commercial land sales - adding massive upside to sales dynamics and residential properties.

1. PRIME INVESTMENT RESEARCH
AUTOMOTIVE |EGYPT
GB AUTO – INITIATION OF COVERAGE
JANUARY, 14TH
2016
PRIME INVESTMENT RESEARCH
HOUSING|EGYPT
TALAAT MOUSTAFA GROUP
FEBRUARY,23RD
2016
We valued TMGH on a DCF – SoTP basis at EGP 15.4/share, providing a massive upside
potential of 85% over the previous market close; mainly supported from assuming a full
monetization program for Madinaty`s massive commercial land by 2030, providing EGP
9.71/Share, equivalent to 59% of the group`s Enterprise Value of EGP 16.45/share. The
residential developments in Madinaty city, are expected to add around EGP 4.55/Share
equivalent to 28% of EV; hence, c. 86.6% of our estimated EV comes from Madinaty, indicating
high concentration risk, in case our modest valuation scenario failed to be true. However, to
accommodate such downside, we forecast a slowdown in pricing power starting in 2018/2019
(lower clientele purchasing power), while maintaining higher costs growth, over the horizon in
time we set a slowly upward areas` sales scheme.
We valued TMGH at an average WACC of 16.4%, utilizing an updated estimate for the post tax
risk free rate of 13.0% in 2017, and 12.0% in 2018 and 2019, and 10.0% thereafter, driven from
the EGY-US inflation differential methodology; in addition to a risk adjusted beta of 1.16. Over
our valuation horizon we assumed a target debt to capital of c. 15-20% driven from adjusting
9M2016 debt portion held in foreign currencies of around USD 190mn to the post flotation
expected value. We assumed such debt weight to prevail in order to cover the financing gap
needed to develop the group`s land bank in addition to revolving the hospitality segment
portion. It's worthy to highlight that the group also has c. USD 140mn of monetary assets,
hence mitigating the USD 190mn debt portion impact on our FCFF valuation model.
TMG is Egypt`s largest real estate developer in terms of track record, and currently held
backlog, of over EGP 22.6bn; TMG has the largest privately owned land bank of 43.3mn, out of
which 33.6mn solely represent Madinaty, the largest under-development mixed-use
community in Cairo, planned to feature 111K apartments and villas, from which the
government is entitled to receive 28.79K apartments as its revenue share for the project`s
allocated land, equivalent to 19.2% of the project`s residential BUA. The project`s land has been
subject to disputes raised by third parties and another by NUCA, currently awaiting rulings,
concerning 1) the land allocation procedures, which we do not see any adverse risk from, as the
government`s revenue share has been previously adjusted upwards from 2.7mn Sqm of BUA to
3.19mn Sqm as a sort of compensation, besides the long awaited investment law which is
believed to come out with more incentives concerning such disputes, 2) TMG is currently in
facing another dispute concerning increasing Madinaty`s dedicated commercial land area, out
of such balance c. EGP 1.8bn remains outstanding, which we fully consider in valuation,
although the company has an upside of winning the case and reverse the payment to as much
as EGP 900mn only as indicated by the management.
Madinaty, TMG jewel, is believed to gain more momentum and traffic strongly over the
upcoming period, with heavy migration believed to start targeting the area, following the
recent more aggressive price hikes in the first and fifth settlements in East Cairo, leading to
more attention turning into the Suez side of East Cairo, as TMGH flagship is believed to strongly
benefit from the development of Egypt`s new administrative capital city, besides, peers
launching new ventures in proximity, mainly the new born Sarai developed by MNHD, in which
Palm Hills is co-developing Capital Gardens, hence supporting an upward pricing in the area.
Al Rehab City, Egypt`s first large scale mixed-use community, has still c. 1.3K of remaining units
equivalent to c. EGP 1.9bn as per our estimates to be sold in 2017-2019, with the city`s full
recognition expected by 2022, while Al Rabwa Villas are almost over with c. 7 unsold units
estimated to yield EGP 50mn in 2017, with the project`s full residential delivery expected to be
concluded by early 2020.
In 2016, we believe TMG net sales will come in the range of EGP 7.36bn with revenues
amounting to c. EGP 6.84bn; we expect net sales to grow to EGP 8.27bn in 2017 (+12% YoY)
thanks to higher contribution from commercial sales (EGP 2.14bn in 2017), while we see
revenues growing to EGP 7.27bn (+6% YoY).
TMGH … The first well diversified RE business model … awaits the opportunity
to unlock Madinaty`s Commercial Land … the key to valuation …
“STRONG BUY”
MARKET PRICE EGP 8.34
FAIR VALUE EGP 15.42
UPSIDE 84.9%
INVESTMENT GRADE
“GROWTH”
Stock Data
Outstanding Shares [in mn] 2,063.56
Mkt. Cap [in mn] 17,767.27
Bloomberg – Reuters TMGH EY / TMGH.CA
52-WEEKS LOW/HIGH EGP 4.65– EGP 10.04
YTD AV. DAILY TURNOVER EGP 66.3MN
Ownership
TMG for RE & Tourism Investment 43.16%
Alexandria Construction Co. 8.03%
Abd El Moneim Rashed 5.04%
Others & Free Float 43.8%
Source: Bloomberg
Mohamed Marei
Senior Analyst
mmarei@egy.primegroup.org
Dir.: +202 – 33005725
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22-01-2017
TMGH EGX 30 - rebased

2. 2
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
SOURCE: PRIME
TMGH Valuation - in EGP mn
Estimated
Value
Per
Share
Effective
Ownership
Value per
Share
Contribution
to EV
Residential Valuation
Madinaty 9,393.46 4.55 99.9% 4.55 27.6%
Al Rehab Rehab 1,029.31 0.50 99.9% 0.50 3.0%
Rabwa 79.67 0.04 99.6% 0.04 0.2%
Total Residential 10,502.43 5.09 5.08 30.9%
Commercial Valuation
Madinaty
Regional. Districts & Sector centers to be
sold as BUA
9,949.20 4.82 99.9% 4.82 29.3%
Residual 5mn Sqm of Land - Sold as Land 10,114.36 4.90 99.9% 4.90 29.8%
Rehab - commercial 631.43 0.31 99.9% 0.31 1.9%
Total Commercial 20,694.99 10.03 10.02 60.9%
Hospitality Segment Valuation
Four-seasons Sharm 797.19 0.39 77.9% 0.30 1.8%
Four-seasons Nile Plaza 1,716.33 0.83 77.9% 0.65 3.9%
Four-seasons San Stefano 493.84 0.24 65.8% 0.16 1.0%
Kimpinsiki 311.86 0.15 77.9% 0.12 0.7%
Total Hospitality 3,319.23 1.61 1.22 7.4%
Rental Properties
San Stefano 152.28 0.07 100.0% 0.07 0.4%
Rehab 46.14 0.02 99.9% 0.02 0.1%
Madinaty 31.74 0.02 99.9% 0.02 0.1%
Rabwa 27.49 0.01 99.6% 0.01 0.1%
Total Rental Properties Value 257.65 0.12 0.12 0.8%
Enterprise Value 33,949.38 16.45
Add : Cash (9M2016 adjusted to
flotation)
3077.77
Add : HFS 80.05
Add : HTM 2,408.11
Add : Assets at Fair Value through P&L 59.78
Less: Debt (9M2016 adjusted to
flotation)
4,791.32
Less: Current Madinaty Land Settlement
Liability
1,794.56
Less: Minority Interest 1,159.03
Equity Value 31,830.17 15.42
Market Cap 17,210.11 8.34
Upside Potential 85.0%

3. 3
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
SOURCE: PRIME
c. EGP 120bn of sales from Madinaty in 2016-2030, driven from c. 7.4mn Sqm of BUA
Real Estate Operations (EGP 5.08/Share) … A massive upside story, with worries from
concentration risk …
Following the EGP floatation TMG management rerated its residential offering by 30% in 4Q2016, leading
to c. EGP 7.36bn of estimated net sales in 2016, thanks to Madinaty residential sales, believed to record
the strongest figure since 2008, estimated to reach EGP 5.97bn and record over 37% increase over 2015
residential sales of EGP 4.35bn, however, driven by the recent price hikes on the expense of lower units`
sales as we see 4Q2016 BUA sales as 52% lower QoQ and 22.5% lower versus 4Q2015.
Although over the horizon, Madinaty consecutive phases` launches represent the main residential pillar, we
also see Al Rehab City remaining residential BUA as an ongoing sales support, with EGP 1.94bn of expected
sales in 2017-2019.
Concerning the nearly fully developed Al Rabwa project, TMG`s only venture in West Cairo, we estimated
2016 sales to be represented by the 9M2016 performance recording EGP 93.6mn, while in 2017 we
anticipate the full closure of the project by selling the remaining 7 Villas, at an estimated EGP 50.2mn,
equivalent to EGP 21.5K/Sqm.
In 2016, we believe the average price for the year will come in the range of EGP 12K/Sqm for apartments in
Madinaty, which is expected to grow by 18% to EGP 14.2K/Sqm in 2017, to accomdate the full effect of
4Q2016 price increase in addition to an c. 10% extra rerating, going forward. Conercing Madinaty Villas we
believe that 2016 average price will come in the range of EGP 17.3/Sqm, which is expected to grow to EGP
19.5K/Sqm in 2017, representing c. 13% growth. We assume the same pricing growth to be applied to Al
Rehab remaining units in 4Q2016 and 2017. Going forward, we believe price increases might be capped to
an average of 3% starting from 2018, as construction costs should be coming down, taking into
consideration the current recent declines in building materials costs relative to 2016 end. As a cosequence
to such price hikes, we believe that total sales value for Madinaty and Al Rehab will be adversely impact, as
the hike in prices is not seen sufficient to overcome the drop in demand, as we expect BUA sales in
Madinaty to fall to 369K Sqm in 2017 down from 2016 estimated BUA sales of 451K sqm, while in Al Rehab,
we expect BUA to drop to 21K Sqm down from 2016 estimated 36K Sqm.
-
50.00
100.00
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-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
2016 2018 2020 2022 2024 2026 2028 2030
Madinaty Sales Value EGP Bn BUA Sold (RHS) - in `000 Sqm
-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
16,000.00
18,000.00
20,000.00
22,000.00
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550.00
600.00
650.00
700.00
2016 2018 2020 2022 2024 2026 2028 2030
Apartments BUA - in `000 Sqm Villas BUA - in `000 Sqm
Blended Av. Price/SQm (RHS)
-
20.00
40.00
60.00
80.00
100.00
-
200.00
400.00
600.00
800.00
1,000.00
1,200.00
2016 2017 2018 2019
Al Rehab Sales Value EGP Bn BUA Sold (RHS) - in `000 Sqm
-
2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
16,000.00
18,000.00
-
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
2016 2017 2018 2019
Apartments BUA - in `000 Sqm Villas BUA - in `000 Sqm
Blended Av. Price/SQm (RHS)

4. 4
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
SOURCE: PRIME
SOURCE: PRIME
SOURCE: PRIME
Madinaty Residential Assumptions – in EGP mn 2017E 2018E 2019E 2020E 2021E
Recognized Revenues 3,179.7 4,476.0 6,138.3 6,695.6 6,178.6
Development Costs 2,261.7 2,853.7 3,533.2 3,816.9 3,408.9
Net Contracted Sales 5,439.1 5,875.0 6,944.2 7,817.3 8,649.8
% Change -9.0% 8.0% 18.2% 12.6% 10.6%
Change in WC 425.1 379.7 (249.0) (46.2) 234.8
FCFF 739.8 1,270.8 1,329.2 1,689.9 1,846.6
Total Residential Value 9,393.5
Al Rehab Residential Assumptions – in EGP mn 2017E 2018E 2019E 2020E 2021E
Recognized Revenues 2,075.6 744.4 463.0 268.6 821.7
Development Costs 1,372.2 468.5 300.6 190.0 617.4
Net Contracted Sales 290.1 821.7 955.5 - -
% Change -47.2% 183.2% 16.3% NA NA
Change in WC (153.2) 242.0 148.8 156.6 (20.1)
FCFF 346.5 395.5 209.5 213.7 125.9
Total Residential Value 0.50
Al Rabwa Residential Assumptions - in EGP mn 2017E 2018E 2019E 2020E 2021E
Recognized Revenues 229.2 145.6 74.9 40.1 -
Development Costs 152.9 101.6 52.2 28.0 -
Net Contracted Sales 50.2 - - - -
% Change -46.4% NA NA NA NA
Change in WC (22.3) 4.3 8.9 4.3 7.7
FCFF 30.7 36.4 25.4 13.2 7.7
Total Residential Value 79.35

5. 5
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
SOURCE: PRIME
An upside momentum is seen, with over EGP 150bn of sales estimated
SOURCE: PRIME
Commercial Operations (EGP 10.02/Share) … Key to TMGH valuation, representing the group`s
biggest potential and risk simultaneously …
Madinaty Commercial Land …
TMGH owns the largest available for sale commercial land plot among peers, owning 8mn Sqm of land in
Madinaty with initial to include 4.09mn Sqm of BUA, dedicated to the establishment of regional malls,
sector centers (Banks complexes, Office building, Schools, Medical centers, etc.) and district centers (smaller
commercial/retail areas, greenery, parking, administrative, etc.) which acts as the direct outlet for
residents` daily needs.
TMGH has plans for selling around 5mn sqm of the land dedicated for the establishment of regional malls
and other non-residential activities, while developing the remaining area c. 3mn Sqm, to be sold as BUA
and/or leased on a 40:60 basis in order for the company to support its cash flows rapidly by the direct sales
while cementing its future recurring income streams.
Throughout the horizon, we assume that TMGH will sell the 5mn Sqm of commercial dedicated land in
2017-2030 as land plots, yielding EGP 81.4bn of sales value. We assume that TMGH will develop the
remaining commercial land plot of c. 3mn, to be fully sold as BUA up to 2030, rather than applying the 40:60
sale/lease. Hence yielding EGP 99.6bn of sales, mainly on the back of the company`s pricing power, as we
estimate 2017 selling price at EGP 70K/Sqm, a new pricing level that seems to be the current market
average after some commercial units were sold at Badr City in proximity, at EGP 60.25/Sqm for small retail
units, and up to EGP 70.1K/Sqm for Hyper Market and bigger retail spaces.
We valued both plots on a DCF basis, yielding EGP 9.71/Share, divided as 1) EGP 4.90/share from the sale of
5mn Sqm of land plots, with prices assumed in 2017 at EGP 13.5K/Sqm and to grow modestly at 2-3% over
the horizon. And 2) EGP 4.82/share driven from the sale of 1.3mn of developed BUA, which was driven from
the residual land area after factoring in the 5mn Sqm of land area sales. We assume a payment plan of 4
years for developed BUA, while factoring in a 3 years payment plan for the 5mn Sqm, as throughout our
assumptions, we forecast the sale of mega land plots, which should rationally receive favorable payment
plans. it is worthy to mention that we assume no addition to the Madinaty`s current leasable assets, which
were excluded from the commercial sellable land and BUA area.
Madianaty Commercial Assumptions – in EGP mn 2017E 2018E 2019E 2020E 2021E
Commercial BUA Revenues 149.0 98.0 111.5 2,007.9 2,048.0
Commercial Land Revenues 135.0 344.3 561.8 1,074.5 2,191.9
Infrastructure & Development Costs 51.9 50.0 67.5 653.9 735.1
Net Contracted Sales 2,142.9 2,392.3 3,354.6 4,332.7 5,915.6
% Change NA 11.6% 40.2% 29.2% 36.5%
Change in WC 142.6 376.0 703.2 -402.7 -342.0
FCFF 188.5 530.7 963.4 1,197.5 1,992.7
Total Commercial Value 20,063.6
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800.00
900.00
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2,000.00
4,000.00
6,000.00
8,000.00
10,000.00
12,000.00
14,000.00
16,000.00
2017 2019 2021 2023 2025 2027 2029
Sales Value - EGP mn Land Area Sales in `000 Sqm (RHS)
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100.00
150.00
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6,000.00
8,000.00
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12,000.00
14,000.00
16,000.00
18,000.00
2017 2019 2021 2023 2025 2027 2029
Sales Value - EGP mn BUA Sales - `000 Sqm (RHS)

6. 6
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
SOURCE: PRIME
A gradual and conservative recover in occupancy, along with a smooth upward pricing, thanks to EGP/USD foreseeable levels
Hospitality Operations (EGP 1.22/Share) … benefiting from the EGP flotation, in time tourists
arrivals` are expected to pick up …
TMGH currently operates 4 of Egypt`s most preferred hospitality spots, 2 of which are located on Egypt`s
Nile river in Cairo`s downtown, another located in Sharm El Sheikh, and the last one, overlooking
Alexandria`s shore. The geographic distribution of such properties, have always provided the company with
a crucial diversification and hedging property, as the Nile river and Alexandria properties, are known to host
residents; besides tourists related conferences, celebrations, and other huge events, that contribute
strongly to such segment operations, other than the room revenues, which also depends on domestic traffic
and business trips other than the flow created from tourists` arrivals. An aspect that helped TMG mitigate
the downside impact of Egypt`s tourism hit that casted its shadow over Sharm El Sheikh Four Seasons hotel
operations.
Over the upcoming few years, we anticipate a stronger contribution from the hospitality segment to the
group`s operations, thanks to the EGP devaluation, which is seen as a strong catalyst for a shift in absolute
earnings. Besides, capturing the upside potential of more European countries removing the travel ban on
Egypt, which is seen as a direct positive development for such activity. Over the span of 2017 we anticipate
the return of Russian tourists, in 2H2017 as a worst case scenario, following statements from the Egyptian
and Russian security delegations concerning airports safety and current measures being taken to ensure the
Russian side about safety measures. An aspect seen as positively correlated with higher occupancy rates;
hence an expected revival for Sharm El Sheikh severely impacted room rates, as the return of Russians to
Sharm El Sheikh shores would act as a strong incentive for ensuring other nationalities about Egypt safety
measures.
TMGH operates a total of 875 rooms, and is currently in process to enlarge its hospitality operations,
through speeding up Sharm El Sheikh Four Seasons hotel expansion, expected to add 99 rooms, beside
proceeding with the construction of Madinaty`s first hospitality segment "Four Seasons Madinaty".
Although we expect Sharm El Sheikh expansion to be concluded in 2018/2019, and for Madinaty`s
hospitality venture to be operational by 2020, we chose not to include such expansions in our estimates as a
conservative measure, until we see significant indications concerning their operational launch. However, it
is worthy to mention that both ventures would have positive impact on the company`s other operational
segments, as Sharm El Sheikh Four Seasons expansion would be operational in time Egypt`s tourism gets
healthier, while Madinaty`s Four Seasons, would act as a strong catalyst for unlocking more investors`
interests in the company`s huge available for sale commercial properties and land in Madinaty, besides,
being the first of its category to be operational in this part of East Cairo. TMGH has plans to reach up to
5000 hotel rooms in the foreseeable future, in case it was able to launch other ventures as well, including
the 750 room keys in Marsa Alam with 2250 residential property, and 201 room keys in Luxor.
0%
20%
40%
60%
80%
2015 2016 2017 2018 2019 2020 2021
Four Seasons - Sharm Four Seasons - Nile Plaza
Four Seasons - San Stefano Kempinski
0
200
400
600
2015 2016 2017 2018 2019 2020 2021
Four Seasons - Sharm Four Seasons - Nile Plaza
Four Seasons - San Stefano Kempinski

7. 7
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
Rental & Leasable Properties (EGP 0.12/Share) … Currently minor in size, but has huge
potential to grow …
TMGH currently operates minor plots of recurring income properties, around c. 30K GLA, divided across the
group`s residential projects, as a mean for accommodating residents, over the upcoming few years, such
segment should start contributing majorly to TMGH consolidated revenues and net profit thanks to its high
margins nature, as the company proceed with constructing more leasable facilities mainly in Madinaty
(currently modeled as BUA sales rather than leasable) which should significantly enhance the company`s
recurring income streams.

8. 8
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
SOURCE: TMGH, PRIME
 Financial Statements … Historical & Forecast
Income Statement Brief Hist. Forecast
In EGP Mn 2015 2016E 2017E 2018E
Revenues 6,180.4 6,849.5 7,265.8 7,741.4
Change 17.25% 10.83% 6.08% 6.55%
COGS 4,051.7 4534.8 4783.4 4517.9
Change 10.2% 11.92% 5.48% -5.55%
Gross Profit 2,128.7 2,314.8 2,482.4 3,223.5
SG&A 312.2 564.8 661.0 750.1
Depreciation & Amortization 129.4 139.8 142.4 145.1
EBITDA 1,816.4 1,749.9 1,821.4 2,473.3
Net Income After MI 761.6 926.1 10,47.9 1,561.3
Balance Sheet Brief Hist. Forecast
In EGP Mn 2015 2016F 2017F 2018F
Cash 1,541.5 1,927.4 2,888.3 2,378.8
Account Receivables 15,272.8 16,460.1 18,031.5 20,006.2
Work in Process 19,214.4 18,954.5 18,804.6 19,052.2
Other Current Assets 2,620.5 3,053.5 3,196.6 3,361.3
Total Current Assets 38,649.2 40,395.5 42,920.9 44,798.6
Net PPE 3,940.1 3,882.3 3,823.5 3,763.5
Goodwill & Intangible Assets 14,649.7 14,649.7 14,649.7 14,649.7
Other LT-Assets 11,084.6 11,048.4 11,014.2 10,982.3
Total Long Term Assets 21,794.2 21,815.8 21,840.4 21,868.4
Total Assets 60,443.4 62,211.2 64,761.4 66,667.0
Liabilities
STD - incl CPLTD 10.5 15.0 19.2 25.0
Contractors, suppliers and notes payable 4,107.7 3,638.9 2,581.1 2,072.1
Creditors and other credit balances 3,995.1 4,381.9 4,622.1 4,365.6
Advances - customers 19,317.7 20,665.4 21,902.1 23,731.0
Other Current Liabilities 1,759.8 1,616.5 1,774.1 1,781.1
Total Current Liabilities 29,180.3 30,302.7 30,879.5 31,949.9
LTD 1,733.7 3,420.0 2,992.5 2,618.4
Other Long Term Liabilities 1,873.8 1,673.4 1,472.9 1,272.5
Total Long Term Liabilities 3,607.5 5,093.4 4,465.4 3,890.9
Total Liabilities 32,787.8 35,396.1 35,344.9 35,840.8
Equity
Paid-in-Capital 20,635.6 20,635.6 20,635.6 20,635.6
Reserves 282.4 319.4 361.3 423.8
RE 5,062.9 5,697.6 6,439.7 7,264.4
Net Profit for the Period/Year 761.6 926.1 1,047.9 1,561.3
Minority interest 901.0 910.2 919.3 928.5
OCI Net Balnce 12.1 -1,673.7 12.6 12.6
Total Equity 27,655.6 26,815.1 29,416.4 30,826.1
Margins & Ratios
2015 2016F 2017F 2018F
GPM 34.44% 33.79% 34.17% 41.64%
EBITDA Margin 29.39% 25.55% 25.07% 31.95%
NPM 12.32% 13.52% 14.42% 20.17%
EPS 0.37 0.45 0.51 0.76
P/E 22.60 18.58 16.42 11.02
DPS 0.144 0.07 0.08 0.12
DY 1.73% 0.83% 0.93% 1.39%
ROA 1.26% 1.51% 1.65% 2.38%
ROE 2.75% 3.40% 3.73% 5.18%
Debt/Equity 10.72% 17.87% 15.20% 13.75%

9. 9
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
Stock Recommendation Guidelines
Recommendation Target-to-Market Price (x)
Buy x > 15%
Accumulate 5%< x <15%
Hold -5% < x < 5%
Reduce -15% < x < -5%
Sell x < -15%
Strong Buy x > 40%
Investment Grade Explanation
Growth 3 Yr. Earnings CAGR > 20%
Value Equity Positioned Within Maturity Stage of Cycle
Speculative Quality Earnings Reflect Above Normal Risk Factor

10. 10
PRIME INVESTMENT RESEARCH
TMGH
FEBRUARY, 2017
PRIME SECURITIES
Hassan Samir Managing Director  +202 3300 5611 Hsamir@egy.primegroup.org
RESEARCH TEAM
Aboubakr Emam, CFA Head of Research  +202 3300 5724  Aemam@egy.primegroup.org
Eman Negm, MSc Senior Economist  +202 3300 5716  Enegm@egy.primegroup.org
Mohamed Marei Senior Equity Analyst  +202 3300 5725  Mmarei@egy.primegroup.org
Ali Afifi Equity Analyst  +202 3300 5723  Aafifi@egy.primegroup.org
Omneya El Hammamy Equity Analyst  +202 3300 5718  OelHammamy@egy.primegroup.org
Taher Seif Equity Analyst  +202 3300 5719  tseif@egy.primegroup.org
Mohamed Magdi Equity Analyst  +202 3300 5720  Mmagdi@egy.primegroup.org
Mai Abdelaziz Junior Analyst  +202 3300 5727  Mabdelaziz@egy.primegroup.org
SALES TEAM
Mohamed Ezzat Head of Sales & Branches  +202 3300 5784  mezzat@egy.primegroup.org
Shawkat Raslan Heliopolis Branch Manager  +202 3300 5110  sraslan@egy.primegroup.org
Amr Saber Team Head – Institutions Desk  +202 3300 5659 asaber@egy.primegroup.org
Amr Alaa, CFTe Manager  +202 3300 5609 aalaa@egy.primegroup.org
Mohamed Elmetwaly Manager  +202 3300 5610 melmetwaly@egy.primegroup.org
Emad Elsafoury Manager  +202 3300 5624 eelsafoury@egy.primegroup.org
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