Talaat Moustafa Group Holding

BMI: Egypt Real Estate Report (Mar-13)

Thu, 28 Mar 2013 10:01:20 GMT

Includes 3 FREE Quarterly Updates.The Egypt real estate report examines the commercial office, retail, industrial and construction segments in the context of a market, which in spite of its long-term potential, continues to be susceptible to...

Saudi Al Oula Buys Egyptian TMG's Stake in Local Ppty Developer -Report

Thu, 14 Mar 2013 08:43:30 GMT

Thursday, Mar 14, 2013 BEIRUT (Zawya Dow Jones)--Saudi Arabia's Al Oula Real Estate Development Holding Co. has increased its stake in the local Thabat Real Estate Development Co. to 100% by acquiring the 50% interest of Egypt's Talaat Moustafa...

NBK Capital: Talaat Moustafa Group Holding (05-Mar-13)

Tue, 12 Mar 2013 07:22:21 GMT

We remain convinced TMG is undervalued, as the current share price is below our worst-case scenario valuation.

NBK: Strategy Note - Egypt Losing its Spring? (21-Feb-13)

Wed, 27 Feb 2013 09:37:13 GMT

The overall riskiness of Egyptian equities has increased recently due to ongoing EGP depreciation, higher inflationary expectations, weaker fiscal and balance of payment dynamics, falling foreign currency reserves and the overall negative economic...

NBK Capital: Talaat Moustafa Group Holding (14-Jan-13)

Mon, 21 Jan 2013 12:33:37 GMT

We remain buyers of TMG. On balance, we still believe the main driver of the share price in the short to medium term will be the newsflow on the Madinaty land case. The next step in this is the expected court ruling on 16...

BMI: Egypt Real Estate Report (Sep-12)

Fri, 04 Jan 2013 11:44:37 GMT

Includes 3 FREE Quarterly Updates.The Egypt Real Estate report examines the commercial office, retail, industrial and construction segments in the context of a market, which in spite of its long-term potential, continues to be susceptible to...

NBK Capital: Talaat Moustafa Group Holding (11-Nov-12)

Tue, 20 Nov 2012 10:55:20 GMT

TMG remains our top pick in the Egyptian Real Estate market, and we reiterate our ?Buy? recommendation, and fair value at EGP 7.09.

NBK Capital: Talaat Moustafa Group Holding (08-Nov-12)

Tue, 20 Nov 2012 10:46:29 GMT

The Higher Administrative Court has once again delayed the ruling on the Madinaty land case, so that they have sufficient time to assess the documents and arguments that are presented to them by TMG within the coming month.

Pharos: Talaat Moustafa Group Holding - Q3 2012 (14-Nov-12)

Wed, 14 Nov 2012 15:10:48 GMT

Talaat Mostafa Group Holding (TMG) (TMGH.CA) reported consolidated net profits of EGP 104.6m in Q3-2012, representing a YoY decrease of 14.6% (QoQ decline of 10.0%). This came as a result of lower revenues recognized during the quarter and higher...

Egypt's TMG 9-Month Net Profit Drops 12% Vs Yr Ago on Lower Revenue

Sun, 11 Nov 2012 04:05:21 GMT

Sunday, Nov 11, 2012 (This story was originally published Thursday.) BEIRUT (Zawya Dow Jones)--Talaat Moustafa Group Holding (TMGH.CI), or TMG Holding, Egypt's largest property developer by market value, Thursday said its net profit fell 12% to...

Egypt's TMG 9-Month Net Profit Drops 12% Vs Yr Ago on Lower Revenue

Sat, 10 Nov 2012 07:34:08 GMT

Saturday, Nov 10, 2012 (This story was originally published Thursday.) BEIRUT (Zawya Dow Jones)--Talaat Moustafa Group Holding (TMGH.CI), or TMG Holding, Egypt's largest property developer by market value, Thursday said its net profit fell 12%...

Egypt's TMG 9-Month Net Profit Drops 12% Vs Yr Ago on Lower Revenue

Thu, 08 Nov 2012 12:43:05 GMT

Thursday, Nov 08, 2012 BEIRUT (Zawya Dow Jones)--Talaat Moustafa Group Holding (TMGH.CI), or TMG Holding, Egypt's largest property developer by market value, Thursday said its net profit fell 12% to 433.4 million Egyptian pounds ($70.85 million)...

NBK: Egyptian Real Estate Sector (22-Oct-12)

Mon, 29 Oct 2012 06:44:52 GMT

We are initiating coverage on the Egyptian real estate sector through the three largest developers. The fundamentals of the Egyptian real estate market are strong, with a young, fast-growing population. However, recent economic and political...

Egypt's TMG Mulls $196M Loan to Fund Part of Madinaty Development

Sun, 30 Sep 2012 03:40:36 GMT

Sunday, Sep 30, 2012(This article was first published Thursday.)DUBAI (Zawya Dow Jones)--Talaat Moustafa Group Holding (TMGH.CI), Egypt's biggest property developer by market value, said Thursday that it is studying a 1.2 billion Egyptian pounds...

Egypt's TMG Mulls $196M Loan to Fund Part of Madinaty Development

Sat, 29 Sep 2012 07:14:48 GMT

Saturday, Sep 29, 2012(This article was first published Thursday)DUBAI (Zawya Dow Jones)--Talaat Moustafa Group Holding (TMGH.CI), Egypt's biggest property developer by market value, said Thursday that it is studying a 1.2 billion Egyptian pounds...

Egypt's TMG Mulls $196M Loan to Fund Part of Madinaty Development

Thu, 27 Sep 2012 10:14:50 GMT

Talaat Moustafa Group Holding, Egypt's biggest property developer by market value, said that it is studying a 1.2 billion Egyptian pounds ($196 million) loan to finance the building of a commercial mall and sports club near Cairo, amid signs that...

BMI: Egypt Real Estate Report (Aug-12)

Fri, 16 Nov 2012 10:44:21 GMT

Includes 3 FREE Quarterly Updates.The Egypt Real Estate report examines the Commercial Office, Retail, Industrial and Construction segments in the context of a market, which in spite of its long-term potential, continues to be susceptible to...

Pharos: Talaat Moustafa Group Holding (08-Jul-12)

Mon, 09 Jul 2012 05:26:40 GMT

In a surprise ruling, the advisory committee to the State Judicial Council recommended the annulment of the Madinaty land bank (33.6m sqm and the key value driver of TMG) ownership contract on 7 July 2012. The court will issue its verdict after...

BMI: Egypt Real Estate Report (Apr-12)

Fri, 16 Nov 2012 11:21:13 GMT

The Egypt Real Estate report examines the Commercial Office, Retail and Industrial segments in the context of a market, which in spite of its long-term potential, continues to be susceptible to instability and which will be characterised by the...

CICR: Talaat Moustafa Group Holding (12-Mar-12)

Mon, 12 Mar 2012 09:34:54 GMT

Talaat Moustafa Group Holding [TMGH] released its 2011 consolidated financial results, showing a 5% YoY drop in top line to EGP5.1bn in 2011, due to a 43% drop in hotel revenues on the back of unrest. Bottom line witnessed a drop of 39%YoY due...

BMI: Egypt Real Estate Report (Jan-12)

Fri, 16 Nov 2012 11:36:01 GMT

We see little prospects for a swift economic recovery in Egypt in 2012. Although we remain long-term Egypt bulls, at the moment there is very little to suggest that growth will be able to return to the 5-7% area witnessed in the years leading up to...

BMI: Egypt Real Estate Report (Nov-11)

Fri, 16 Nov 2012 11:51:42 GMT

Following 2011?s political crisis, our forecasts see trend growth in Egypt settling over the coming five years, as the political transition from authoritarian rule to competitive democracy raises political risks, slows reform momentum and weakens...

EFG-Hermes: Talaat Moustafa Group Holding (08-Dec-11)

Sun, 11 Dec 2011 08:12:02 GMT

The Administrative Court, which issued a ruling confirming the validity of Talaat Moustafa Group?s (TMG) Madinaty contract in November, requested that the Administrative Authority revalue the unutilised land portion of Madinaty. We note that...

CICR: Talaat Moustafa Group Holding Newsflash (22-Nov-11)

Tue, 22 Nov 2011 12:42:06 GMT

After a long period of legal challenges, the Egyptian Administrative Court decided today that Talaat Moustafa Group Holding?s [TMGH] Madinaty land bank contract with the Government of Egypt is valid, thus assuring TMGH the right to maintain it....

EFG-Hermes: Talaat Moustafa Group Holding (22-Nov-11)

Tue, 22 Nov 2011 12:36:08 GMT

An Administrative court has ruled today that Talaat Moustafa Group (TMG) can keep its Madinaty land. We believe that this ruling effectively ends the Madinaty dispute which unfolded in mid-2010. It has the potential to remove the overhang on TMG?s...

CICR: Talaat Moustafa Group Holding (20-Nov-11)

Sun, 20 Nov 2011 14:05:45 GMT

TMGH currently finds itself in a vulnerable position, exposed to risks on multiple fronts. This includes not only the systematic risk from lower demand for housing projects and lower hotel occupancy rates due to ongoing unrest, but also the ...

Prime: Talaat Moustafa Group Holding (16-Nov-11)

Wed, 16 Nov 2011 14:45:06 GMT

TMG reported a top line figure of LE4.3 billion in 9M FY11 down by 3.8% y-o-y and 55.5% q-o-q. The results came above our estimated figure of LE3.8 billion by 13.7%. It is worth mentioning that revenues from units sold, Hospitality and other...

Pharos: Talaat Moustafa Group Holding (15-Nov-11)

Tue, 15 Nov 2011 12:23:55 GMT

Our baseline fair value estimate for TMG is EGP 5.8 per share, representing 80.9% upside potential.

Disputes between investors and government: Another nail in the coffin of the future Egyptian economy

Mon, 17 Oct 2011 05:32:51 GMT

Will disputes between businessmen and the Government persist after the revolution or will the Egyptian Government endorse free market economics, seek to lift restrictions on businessmen, and adopt a more flexible, investment-safe legislation in...

Prime: Mega Real Estate Developers in Focus (02-Oct-11)

Sun, 02 Oct 2011 10:56:12 GMT

We have a positive sentiment on SODIC for its strong liquidity position, limited debt and land liabilities. Although we like TMG for its exposure to hospitability activity and its focus on middle and upper middle income levels in undersupplied...

Pharos: Talaat Moustafa Group Holding (07-Jul-11)

Thu, 07 Jul 2011 13:17:25 GMT

On 5 July 2011, we met with the management of Talaat Moustafa Group Holding (TMG) (TMGH.CA) to get an update on the company's current operations and the outlook for 2011.

EFG-Hermes: Talaat Moustafa Group Holding (26-Jun-11)

Sun, 26 Jun 2011 11:57:33 GMT

We reduce our fair value (FV) for TMG to EGP8.9/share from EGP9.1/share to reflect the 1:40 bonus shares that were approved by shareholders during the company's Annual General Meeting (AGM) on 31 March 2011. The c50 million additional shares were...

EFG Hermes: Egypt Technical Focus - Talaat Mostafa Group Holding (19-Jun-11)

Sun, 19 Jun 2011 08:30:40 GMT

This is a PDF report.

Prime: Talaat Moustafa Group Holding (05-Apr-11)

Tue, 05 Apr 2011 12:50:12 GMT

Due to current economic and political uncertainty we refrain from forecasting figures beyond FY11 as well as discounting cash flows. Despite the current uncertainty regarding Madinaty land contract, we have positive sentiment on TMG backed by its...

EFG-Hermes: Talaat Mostafa Group Holding (28-Mar-11)

Mon, 28 Mar 2011 08:57:07 GMT

This is a PDF report.

EFG Hermes: MENA Top 20 List ? 2011 Update (22-Dec-10)

Wed, 22 Dec 2010 06:57:48 GMT

We changed five names from the 4Q2010 MENA Top 20 List, adding the following: OCI and Babtain as plays on infrastructure and capex spend; Savola Group as a beneficiary of domestic demand; and Air Arabia and Dar Al Arkan as special situation stocks....

CICR: Egypt Housing and Touristic Real Estate Sector Note (19-Dec-10)

Mon, 20 Dec 2010 06:20:44 GMT

The Housing & Touristic Real Estate industry occupies a key role in Egypt?s social and economic development. This exists to such an extent that any upturn or downturn in the housing market will, ultimately, ripple-out across the rest of the...

EFG-Hermes: Talaat Mostafa Group Holding (01-Dec-10)

Wed, 01 Dec 2010 14:50:02 GMT

Changes to 4Q2010 income statement forecasts and short-term off-plan sales assumptions do not have an immediate effect on our fair value (FV) estimate for TMG due to the long execution timeframe of the company?s projects. We remain in favour of TMG...

Prime: Talaat Mostafa Group Holding (28-Nov-10)

Sun, 28 Nov 2010 09:18:40 GMT

The results came in line with our estimates. Holding our assumptions constant, our DCF model has yielded a target price of LE9.13/share, illustrating an upside potential of 12.7% over the current market price of LE8.10/share. Therefore,...

Court upholds ruling annulling Madinaty land contract

Wed, 24 Nov 2010 07:08:51 GMT

A court upheld a ruling on Tuesday that invalidates the sale of state land to Talaat Mostafa Group for the developer's Madinaty project, and said that the government must put the land up for public auction.

State land protection authority expected after parliamentary elections

Mon, 22 Nov 2010 06:21:24 GMT

The Egyptian government is preparing to establish a state land protection authority following next week's parliamentary elections, the State Information Service reported.

CICR: Talaat Mostafa Group Holding Newsflash (11-Nov-10)

Thu, 11 Nov 2010 13:30:13 GMT

This is a PDF report.

EFG-Hermes: Talaat Mostafa Group Holding (11-Nov-10)

Thu, 11 Nov 2010 07:44:26 GMT

The stock ended today?s session almost flat despite this strong set of results. We reiterate our Buy rating and fair value (FV) of EGP11.5/share, which implies 44% upside potential to the current share price.

EFG-Hermes: Talaat Mostafa Group Holding (09-Nov-10)

Tue, 09 Nov 2010 06:32:29 GMT

The signing of the contract under the proper law effectively removes any legal risks to TMG?s land bank, in our view. We thus upgrade our fair value (FV) for TMG to EGP11.5/share from EGP9.2/share after removing a contingency discount of...

CICR: Talaat Mostafa Group Holding Newsflash (19-Oct-10)

Tue, 19 Oct 2010 11:12:13 GMT

On September 28th we issued a Trading Note urging investors capitalize on the Egyptian Cabinet?s approval of the recommendations a legal committee made for resolving Talaat Moustafa Holding [TMGH]?s Madinaty land dispute. The day we issued our note,...

EFG-Hermes: Talaat Mostafa Group Holding (13-Oct-10)

Thu, 14 Oct 2010 05:52:46 GMT

This is a PDF report.

Defence team vows to appeal verdict in Tamim murder case

Tue, 28 Sep 2010 21:01:12 GMT

An Egyptian criminal court yesterday sentenced Hesham Talaat Mustafa, one of Egypt?s leading real estate developers, to 15 years in prison for his role in killing a Lebanese pop singer in Dubai. The verdict stunned his defence lawyers, who vowed to...

CICR: Talaat Mostafa Group Holding Newsflash (28-Sept-10)

Wed, 29 Sep 2010 07:20:34 GMT

The Egyptian Cabinet approved implementing the recommendations from the legal committee assigned by Presidential Decree to resolve the Madinaty land dispute. To review: the committee recommended reassigning the land to Talaat Moustafa Group Holding...

EFG-Hermes: Talaat Mostafa Group Holding (16-Sept-10)

Sun, 19 Sep 2010 07:12:09 GMT

According to our estimates, the current stock price implies a valuation for Madinaty of EGP2.5 per share (EGP5.2 billion). Even under a worst-case scenario, which assumes that TMG will pay EGP6.7 billion (over 10 years in line with industry...

CICR: Talaat Mostafa Group Holding (15-Sept-10)

Thu, 16 Sep 2010 05:21:11 GMT

Egypt?s Higher Administrative Court upheld a June ruling that New Urban Communities Authority (NUCA) violated the law when it sold 8k feddans (3mn sqm) to Talaat Moustafa Group Holding [TMGH]. The land, equivalent to 66% of TMGH?s land bank, was...