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Mubasher keeps ‘Buy’ recommendation on MB for Engineering

Mubasher keeps ‘Buy’ recommendation on MB for Engineering
(Photo Archive)
MB
MBEN
-9.09% 3.60 -0.36

Mubasher: MubasherTrade Research maintained a "Buy" recommendation on MB for Engineering and Contracting, setting the target price at EGP 1.82, according to a research note.

“The flotation of EGP is believed to increase the competiveness of MB's local products, acting as a cushion against any drop in the trading business due to the foreign exchange crunch,” the note said.

The company earlier posted a net profit of EGP 8.9% for fiscal year 2016, rising 15.9% year-on-year.