Beltone Financial has issued a report on Housing and Development Bank (HDB), raising the stock’s fair value by 16% to EGP 31.50 with upside potential of 29.7% compared to the current price of EGP 24.28.

The research firm reinstated its ‘Buy’ recommendation for the stock.
Beltone stated that it amended its assumptions, taking into account the expected fastest recovery in the lender’s loan portfolio.
The report issuer expected a cumulative compound annual growth rate of 10% over six years for deposits and loans, indicating that HDB benefits most from the central bank’s real estate financing initiative for the low- and medium- income tranches.