TMG Holding (TMG) booked total sales of EGP21.3bn in 2018 (+62% Y-o-Y), 52% above its initial sales target of EGP14bn and exactly in line with our estimate. Residential sales grew 93% Y-o-Y to EGP18.3bn, with Celia (launched in June) contributing EGP12bn (vs. our estimate of EGP12.5bn).
TMG Holding: EGP10.22 as of 2 Jan. 2019, Rating: Buy, TP: EGP18.00/share, MCap: USD1,178mn, TMGH EY/TMGH.CA
Mai Attia
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