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Pharos Research maintains FV for HDB at EGP75/shr

Pharos Research maintains FV for HDB at EGP75/shr
Pharos Research maintains FV for HDB at EGP75/shr
Housing & Development Bank
HDBK
-0.44% 47.94 -0.21

Cairo – Mubasher: Pharos Research has reiterated their fair value (FV) for Housing and Development Bank’s (HDB) stock at EGP 75, with an ‘Overweight’ recommendation.

The bank’s borrowing rate is expected to grow by 23% during the period starting 2018 until 2022, Pharos added in a recent research note.

The research firm also forecast HDB’s deposits to rise by 20% during the same aforementioned period.

Pharos projected the bank’s net income, excluding interests, to make up 36% of the operative income in 2022, versus 28% in 2017, according to the research note.

HDB had achieved a net profit of EGP 611 million in the three-month period ended last March, up from EGP 349 million in the prior-year period.