MubasherTrade Reseach upgraded its target price for Talaat Moustafa Group Holding (TMG) by 32% from EGP9.87/share to EGP13.06/share.

The updated target price implies a total return of 19.1% (including a 1.5% dividend yield). Hence, the reserch unit reiterated its BUY investment rating and revised its risk rating from MODERATE to LOW RISK for TMG.

This action has followed TMG announcement of reaching a settlement with the New Urban Community Authority (NUCA) to close its Madinaty land dispute, said MubasherTrade.

This settlement entails increasing the "paid in-kind" built-up area (BUA) to be delivered to the government from the old 2.7mn sqm to 3.2mn sqm added to paying cash amount of EGP 2.9 billion over the next 10 years on increasing the area of commercial and services land area.