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Pre-Trading Thoughts 28/9/2021

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-Yields on US 10-year treasuries climbed to three-month highs
-Oil prices rose on Monday for a fifth straight day, Brent futures USD80.03/bbl
-Iron ore 65% recorded USD185/ton (+43% WoW); Steel/Iron Ore spreads at USD393 (-18% WoW)
-Five companies are ready for public offering under the government IPO program; ABUK's valuation has been updated; ALCN excluded
-Sovereign Fund, Hassan Allam and Orascom Construction to construct water desalination plants with investments exceeding USD2 billion
-Upper Egypt General Contracting won a project award for EGP130 million
-We update our valuation for IDHC to a FV of EGP23.70/Share; 
-PHDC (FV: EGP2.58, OW) signed a EGP2.5 billion loan 
-ALCN 2M FY21/22 bottom line at EGP241 million, +17.9% YoY
-Auto producers to supply 1,200-1,300 cars/ month down from 1,700 

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