Cairo – Mubasher: Pharos Research has raised their target price (TP) for Egypt Kuwait Holding’s (EKH) stock to $1.27 per share from $1, maintaining their “Overweight” recommendation.
The change in growth outlook of EKH’s subsidiary Nat Energy has contributed to the upgrade in TP, according to a recent report by the research firm.
The slight increase in the stock’s TP reflects a remarkable rise in household natural gas connection volumes and fees at Nat Energy, Pharos indicated.
In March 2018, EKH announced that it was considering to invest EGP 250 million to EGP 300 million to boost Borg El Arab power plant’s generation capacity.
It is worth noting that the financial indicators of EKH had shown a 92.7% hike in profits during the full-year 2017, recording $138.18 million, versus $71.7 million a year earlier.
