Halwani Brothers announced that its 4Q16 results will be affected negatively by SAR28mn as a result of last week’s EGP floatation – this represents a c22% hit to our 2016e earnings. The calculation was done using EGP/USD of 13 (c45% devaluation), so the impact will be higher if the EGP remains near current levels (c16) by quarter-close. We believe the impact largely reflects expected translation and FX losses (large net liability positions due to high imported working capital requirements).   Egypt represented c48% of Halwani's 9M16 revenue, but constitutes the bulk of earnings (c77%). We expect continued pressure in 2017e as translated results of the Egyptian operation will be much lower, especially as EGP-denominated growth has been slowing (in the low-teen range lately). (Company disclosure, Hatem Alaa, Nada Amin)     Halwani Brothers: SAR53.27 as of 07 November 2016, Rating: Neutral, FV: SAR68.00 per share, MCap: USD406mn, HB AB / 6001.SE