Jul 01 2012
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MARKET TALK: Aggregate Mena 2Q Earns to Grow 5.1% on Yr - EFG
Sunday, Jul 01, 2012
0810 GMT [Zawya Dow Jones]--EFG Hermes expects aggregate company earnings in the second quarter to grow 5.1% on year in the Middle East & North Africa region. Sees the strongest year-on-year growth to come from Oman--up 47%, and Egypt--up 38%, principally due to margin expansion. Reckons, for major sectors, the strongest estimated y-on-y earnings growth will come from telecoms, which will see 26% growth principally due to margin expansion. "On a Q-o-Q basis, industrials will see the strongest earnings growth, of 40%, due to respectable top line growth of 12% Q-o-Q and significant margin expansion." EFG notes coverage universe includes companies in Egypt, U.A.E., Saudi Arabia, Qatar, Kuwait, Oman, Lebanon and Jordan.
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