Cairo - Mubasher: MubasherTrade Research said it will maintain its rating for Elsewedy Electric at buy/moderate, with target price of EGP 58.55 per share.

The target price implies a total return of 67%, noted the research unit.

Earlier, Elsewedy Electric said it signed a contract with the Angolan government to supply, build and finance three power generation stations where SWDY will also be responsible for maintenance requirements.

The project is expected to increase Elsewedy Turnkey segment backlog by EGP 3.9 billion, which should be fully phased out during 2016 as part of Angola's fast-track power plan, said  MubasherTrade Research, noting that these figures clearly beat its estimates for new additions of EGP 2.8 billion in 2016.

The new contract will also raise the research unit's estimates in respect to the company's turnkey revenues for 2016 by 80% to EGP 8.7 billion.

MubasherTrade Research also estimated project's gross profit at EGP 695 million.