Cairo - Mubasher: MubasherTrade Research has reiterated their sell/moderate risk rating for the Commercial International Bank - Egypt (CIB), and increased its price target (PT) to EGP 76 per share, according to a recent report.
“The higher PT was driven in part by phasing down an already high COE over our forecast period to account for the expectation for lower inflation,” the report indicated.
“At our new PT, the bank's stock would be trading at 2017e/2018e PBV of 3.2x and 2.5x, compared to 3.5x and 2.8x at current market price, respectively,” it added.
CIB posted a rise of 35.6% in its consolidated net profits for the first quarter of fiscal year 2017 to EGP 1.75 billion, versus EGP 1.29 billion for Q1-16.
Net interest income increased in Q1-17 to EGP 2.78 billion from EGP 2.26 billion for Q1-16.
