The outlook on Egypt's Palm Hills Developments has gone from dreadful to decent - in less than a week.
Things had been looking bleak for the company. Its shares were down 60 per cent since the beginning of February and its chairman, Yasseen Mansour, was on trial accused of corruption linked to state land sales.
But on Tuesday Mr Mansour was cleared of the charges, prompting the shares to surge as much as 10 per cent, and analysts said they were taking a fresh look at the stock.
Rehab Taha, a property analyst at Prime Securities in Cairo, said the company remained undervalued and trading at a discount to the rest of the property market. She said she maintained a "neutral" rating on the stock, with her enthusiasm tempered by the company's weak cash position and the high cancellation rate on its properties.
The cautious but favourable view on the developer was echoed elsewhere as analysts at HSBC increased their price target on the company to 2.5 Egyptian pounds, from 1.7 pounds. The analysts also retained a "neutral" rating.
Palm Hills yesterday pared off some of its earlier gains and declined 2.4 per cent to 2.45 pounds. Analysts said the fall was probably linked to a slump on the wider benchmark index, the EGX 30, which closed 2 per cent lower at 5,327.42 points.
Fears remain that Palm Hills is not out of the woods. The company is highly indebted and faces two court cases contesting the legality of two of its plots bought in 2007, and those cases could result in steep fines. Analysts say that is increasingly unlikely, however.
At the heart of the developer's legal wrangles are conflicting laws governing the sale of state land, which have ensnared a number of property companies.
Perceptions of crony capitalism that allowed top businessmen to build up massive fortunes from land sales played an integral part in the lead-up to the revolution.
Mr Mansour's acquittal alleviates concerns that executives and their companies would be punished indiscriminately.
According to local media reports yesterday, the public prosecutor plans to appeal against the chairman's acquittal.
fhalime@thenational.ae
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
COMPANY%20PROFILE%20
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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Sholto Byrnes on Myanmar politics
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Company%20Profile
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The biog
Favourite colour: Brown
Favourite Movie: Resident Evil
Hobbies: Painting, Cooking, Imitating Voices
Favourite food: Pizza
Trivia: Was the voice of three characters in the Emirati animation, Shaabiyat Al Cartoon
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.