Cairo – Mubasher: Pharos Research has maintained their ‘Overweight’ rating recommendation for Talaat Moustafa Group Holding (TMG Holding) at a fair value (FV) of EGP 16.50 per share.

The commercial built-up area (BUA) in Madinaty represents the largest stake in the stock’s FV, Pharos said in a research note on Monday.

TMG Holding expects a commercial launch in Madinaty in the third quarter of 2018, the research firm indicated.

Pharos has forecast the real estate developer’s sales to reach approximately EGP 14.3 in 2018, a slightly above TMG Holding’s estimates of EGP 14 billion.

On Monday, the financial indicators of Talaat Moustafa Group Holding (TMG Holding) have shown a 12% year-on-year increase in consolidated profits for the first quarter of 2018 due to a growth in revenues.

Net profit stood at EGP 340.6 million in the three-month period ended last March, versus EGP 305.2 million for Q1-17.

Revenues grew to EGP 1.6 billion in Q1-18, from EGP 1.2 billion in the corresponding period last year.

Meanwhile, standalone profits declined to EGP 10.6 million in the January-March period of 2018, from EGP 16.9 million in Q1-17.