Cairo – Mubasher: Pharos Research reiterated “Buy” recommendation on Madinet Nasr Housing and Development (MNHD), according to a Tuesday's report.
The research agency expected MNHD to beat its FY16 contracted sales projection of EGP1.8 billion, according to report.
The company's Q3-16 contracted sales stood at EGP 1.1 billion, up 567.5% year-on-year, which is the highest quarterly contracted sale.
"MNHD’s YTD contracted sales, excluding Capital Gardens, stand at EGP1.6 billion. It is highly likely that the firm will exceed our FY2016 expected contracted sales of EGP1.8 billion, especially given that the firm is planning to launch its new project on the Sarai land plot before the end of the year", said Pharos.
The research agency pointed out that the company's market does not fully into consideration the value of Sarai land plot.
The land plot sits on an area of 5.5 million sqm near the New Administrative Capital and contributes EGP9.87 per share to our total fair value of EGP 20.39 a share, the research firm concluded.
