Cairo - Mubasher: NBK Capital MENA Research revised its fair value (FV) for Sidi Kerir Petrochemicals to become EGP 16.70 per share instead of EGP 16.50 per share.
NBK Capital also reiterated its Buy recommendation on the stock.
The company's stocks declined 15% quarter to date, which NBK Capital attributed to investors' concerns regarding the availability of gas to industrial consumers in Egypt.
However, NBK Capital considers these concerns misplaced, underscored by the company’s recent operating performance (9M2015 average ethylene utilization rate of 89%).
The company’s recently updated expectations for 2015 are in fact ahead of NBK Capital's forecasts, further reassuring it regarding the company’s operating resilience.
