Naeem Research sets fair value of TMG Holding

TMG achieved robust sales in the first quarter of 2019 supported by the commercial projects

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany

Egypt - Naeem Investment bank's research unit set the fair value of Talaat Moustafa Group Holding (TMG) (TMGH) at EGP 13.6 with purchase recommendation, according to an email statement sent to ArabFinance.

TMG achieved robust sales in the first quarter of 2019 supported by the commercial projects, Naeem Research said.

In 2019, the company posted consolidated net profits of EGP 1.872 billion, a 10% increase from EGP 1.704 billion in 2018.

Standalone net profit reached EGP 471.139 million, compared to a net profit of EGP 309.797 million a year earlier, with a 52% increase.

TMG is an Egypt-based company engaged in investment activities. The Company invests, establishes, and participates in companies within different business sectors, such as real estate, hotels, and hospitality, construction, and housing.

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