Cairo-Mubasher: NBK Capital MENA Research set El Sewedy Electric fair value (FV) at EGP 54/shr, with a Hold recommendation.

El Sewedy Electric numbers in the second quarter of 2015, beat NBK Capital forecasts on much higher recognition of revenue from the fast-track power-plant contract, said the research note.

El Sewedy's total revenue reached EGP 7.1 billion, compared to NBK's forecast of EGP 4.7 billion.

Meanwhile, the company's gross profit reached EGP 1.2 billion with GP margin of 17.4%, noting that such increase was mainly driven by the turnkey segment, for which gross profit rose by almost 9x YoY and 6x QoQ to EGP 631 million.

Overall, SWDY’s 2Q results were much ahead of NBK's forecasts, mainly due to higher recognition of income from the $706 million fast-track power contract.