Research & Analysis

For this edition, we note a continued improvement in investor confidence toward the Equity market.

At the end of the 1st half of 2021, Eqdom confirms the recovery of its activity by recording a 48.0% increase in its loan production compared to H1-20 to MAD 1,279 Mn.

Taking into account $ 88 Mn BAM currency buyback program from local banks this week, the cumulative amount of interventions on the interbank foreign exchange market since last September stands at MAD 6.8 Bn.

At the end of the first two quarters of 2021, SNEP posted revenues up +19.3% and +38.6% respectively. Thus, the half-year turnover settled at MAD 517 Mn, i.e. an increase of +28.0%. This is an achievement rate higher than our initial forecasts, i.e. 55%.

After a drop in its revenue of -28% during Q1-21 following the decline in Lead production, CMT managed to recover its activity by +25% in Q2-21. Under these conditions, we note a slight increase in revenue, i.e. +0.6% during H1-21 to MAD 191 Mn.  

Despite the increase in the Treasury's financing needs over the past two years as a result of the significant readjustment of fiscal policy, bond rates did not experience any particular pressure during H1-2021.

Following currency buyback operations carried out last week by BAM at the level of the interbank foreign exchange market, the banks' foreign exchange position remains in surplus at more than MAD 3 Bn.

Moroccan banks do not to subscribe to BAM's currency buyback operations for the second week in a row, following calls for tenders on the interbank foreign exchange market.

At the end of the first half of 2021, Auto Hall shows a solid recovery of its revenue of 129% to MAD 2,825 Mn. Compared to H1-19, the growth rate is still high at 33.4%.