DJI 15,419 -0.04% | S&P 1,689 -0.12% | NASDAQ 3,669 +0.27% | EGX30 5,638 +0.39% JPM COMMENTS ON CIB: "Commercial International Bank Egypt (COMI.EY; rated OW; PT E£49) is expected to report Q2’13 results today after NY market close. We estimate COMI to report Q2’13E net income of E£644mn vs. E£658mn Q1’13 (-2%qoq) and E£523mn Q2’12 (+23%yoy). We expect to see continued strength in COMI’s NII delivery, a stable qoq C/I ratio and elevated provisioning charges as observed in previous quarters. Bloomberg consensus net income for COMI, excl. our estimates, stands at E£652mn. As of last COB, COMI shares traded at 1.9x13E, 1.6x14E tangible book; 9.2x13E, 7.9x14E earnings for a 22% 13E-14E tangible ROE and 4.4% 13E, 5.1% 14E dividend yield" MSCI - will announce the results of the August 2013 Quarterly Index Review around 11:00 pm (CET) on 14 August 2013. All changes announced during the upcoming review will be made as of the close of 30 August 2013. Please note that the quarterly update consists of only minor changes – mainly migration of stocks between size indices. However, there may be some deletions from Egypt because of low liquidity. As a reminder, the removal of OCI from the Egypt Index will be effective as of today.
Posted on: Tue, 13 Aug 2013 07:50:56 +0000