Cairo - Mubasher: MubasherTrade Research has initiated coverage on the stock of El-Shams Housing and Urbanization with a Buy/Moderate Risk rating, according to a note issued on Wednesday.

The research firm also set the stock's price target (PT) at EGP 12.08 per share.

The company has served the lower middle income youth segment with affordable prices and reasonable payment terms since 1946, as it has developed a total of seven projects in Nasr City, Heliopolis, Maadi, and Sixth of October City.

Its current project Gardenia, located in Sixth of October City, falls in the same category and is expected to be completed in 2022.

The report also noted that an expansion of land bank is being carried out, with a transformation into an off-plan sales business model and projects that offer better margins.