Analyse et Recherche | Attijari CIB

Analyse des résultats de l'action Label Vie

Research Paper- LABEL VIE H1 2020 Results

The half-year results of Label Vie in H1-20 confirm the positive dynamics of the modern distribution sector in Morocco. Thanks to double-digit profit growth on MT, we believe the share price offers an attractive margin of appreciation of 28%.

Analyse des résultats de l'action Eqdom. S1-2020

Research Paper- Eqdom H1 2020 Results

The consumer credit sector is deeply affected by the Covid-19 crisis. However, we believe that the correction of the Eqdom on the stock market by -38% since January 2020 is disproportionate compared to the potential for a recovery in its fundamentals by 2022.

Key Rate Survey H2-20

In our survey conducted in September, we identified investors' expectations regarding the evolution of the Moroccan central bank key rate in H2-20. Recall that this survey was carried out among a sample of 34 investors regarded as the most influential within the Moroccan stock market.

A global Panic…, an inflated decline of equities in Morocco

In this unstable global context, it would be pretentious to say that the Moroccan Equity market is completely spared. Indeed, there are several transmission channels of the deterioration of interna-tional economic conditions to Morocco.

Bank Al-Maghrib: Unprecedented decisions…, monetary orthodoxy preserved

Bank Al-Maghrib has just announced a 50 BPS key rate cut from 2.0% to 1.5%. The institution also decided to reduce the required reserve ratio to 0%, thus releasing considerable liquidity of nearly MAD 12.9 Bn* in favour of banks.

Widening of MAD fluctuation bands : trust accumulation

After Bank Al-Maghrib’s opinion, the Ministry of Finance decided to proceed, starting Monday March 9th 2020, to a widening of the dirham’s fluctuation band from ± 2.5% to ± 5% compared to a central rate set by Bank Al-Maghrib at 60% EUR and 40% USD basket.