Pharos Research reiterated their Buy recommendation for Madinet Nasr for Housing and Development (MNHD), in a report issued on Sunday.
The market still does not fully reflect the value of Sarai, MNHD’s 5.5 million square mtere land plot located close to the New Administrative Capital, the research firm stated.
Sarai represents EGP 9.87 per share of Pharos total FV of EGP 20.39 per share for MNHD, the report highlighted.
Madinet Nasr for Housing and Development (MNHD) reported a 520.4% year-on-year increase in its contracted sales for August 2016 at EGP 519.1 million, bringing the company’s Quarter-to-date (QTD) contracted sales to EGP 737.6 million and setting the record as the company’s highest monthly contracted sales.
Meanwhile, MNHD year to date (YTD) contracted sales stand at EGP 1.2 billion, which renders it on track to meet Pharos’ projection of EGP 1.8 billion for 2016.
