Insights

Our interest in CIMAR Group comes in an opportune sectoral context, marked by the favorable expected recovery of cement consumption in Morocco and the recent announcement related to the acquisition of the cement manufacturer Asment de Témara by the listed operator.

For H1-24, the Attijariwafa bank Group reported achievements above our expectations for the 3rd consecutive year. In fact, the annual achievement rates of the NBI and the NIGS exceed the level of 50%, i.e. respectively 53% and 56% in average. 

Following the acquisition of Crédit Du Maroc by Holmarcom Group in 2022, from Crédit Agricole France, the new main Shareholder is launching a Secondary Public Offering of 11.3% of the capital.

The USD/MAD pair appreciated this week by +1.00% from 9.81 to 9.91.This evolution is driven by a double positive effect. On the one hand, a basket effect of +0.54% related to the strengthening of the Dollar this week. The market effect also comes out positive at +0.46% in favor of the Dollar.

For the H1-24, listed companies have published positive operational and financial results. This is reflected through a 56% achievement rate( of profits in H1-24, compared to our initial forecasts re-garding the AGR-30 stock universe.

The confirmation by the Court of Appeal of the fine worth MAD 6.4 Bn payable to Wana Corporate, then the disbursement of this amount by Maroc Telecom, constitute, in our opinion, the end of a long regulatory episode which weighed on the stock’s performance.

During our recent survey, we identified investors' expectations regarding the evolution of the Moroc-can Central Bank Key rate during its 3rd monetary policy meeting scheduled for September 24th, 2024.

The publication of listed companies’ mid-term results took place in a context marked by the continued easing of inflation.

After an almost two-year lull, Sub-Saharan African issuers are clawing their way back in international markets. In fact, with a few exceptions, African countries were largely excluded from the international Eurobonds market.