10-Aug-2017
KIMA - Adjusting TP on issuance of 15mn bonus shares
Rating: Sell
Target Price: EGP4.87
Closing Price: EGP5.91
Adjust TP to EGP4.87/share on the issuance of 15mn bonus shares
We adjust our target price (TP) for Egyptian Chemical Industries – KIMA (EGCH.CA) to EGP4.87/share from EGP5/share, to reflect the issuance of c15mn bonus shares. This brings KIMA’s total paid in capital to EGP2.97bn from EGP2.89bn divided among 594mn shares at a par value of EGP5/share.