Cairo - Mubasher: Pharos research said it set its fair value (FV) for Housing and Development Bank -HD Bank at EGP 25.95 per share, with a buy recommendation.
The research unit pointed out that HD Bank stock has low liquidity, and that it has been an underperformer YTD (-25.5%). Pharos believes that it the stock is trading at solid floor at these levels.
The bank has demonstrated healthy momentum in balance sheet growth and solid margins. In addition, its real estate operations have proven to provide some support for non-interest income and is tapping the solid middle income housing market, noted the research unit.
