Insights

Casablanca, january 8, 2021 - In order to offer a complete range of securites brokerage services to its clients, the Attijariwafa bank group has regrouped its brokerage activities under the same brand : Attijari Intermédiation. [...]

Analysis by Attijari Global Research of financial achievements in H1-20 with a focus on the listed banking sector. Highlight of major sector trends and update of the 2020-2021 forecasts.

During H1-20. CMT’s revenue reported a decline of -24.4% at MAD 189.5 Mn. This largely ex-pected evolution is explained by two factors.

In 2020, COSUMAR is positioned among the resilient stocks in the Equity market. The stock’s high quality is based on the robustness of the Supply/Demand component, the low disruptions in the logistics chain and finally, the room for development of the export activity.

Despite an unfavorable sectoral context, CIMAR outperformed its market at the end of H1-20. The operator posted cement sales volumes down -7.1% against -17.8% for the sector.

As one of the world's TOP 10 Silver mines, SMI is among the few single-product miners with a competitive cash cost between 8.0 and 9.0 $/Oz. The sustainability of current Silver price levels, combined with the stability of SMI’s production, would allow the mining operator to benefit from a considerable margin effect.

With a correction of -5.8% since the beginning of 2020 against -17.3% for the MASI index, TAQA Morocco confirms its status as a defensive stock offering a real investment alternative for risk averse investors.

After a slight increase of 0.5% in Q1-20, the aggregate revenue of listed companies at the end of the 2nd quarter stood at MAD 55.7 Bn, down -10.5%. In more detail, 54 listed companies reported declining revenue in Q2-20 against 36 in the pre-vious quarter. [...]

The diversification of Mutandis’s business portfolio strengthens the resilience of its results in 2020. To this end, the stock rate should benefit from a natural drop in its cost of capital on the stock market. According to our own valuation, the share price offers a potential increase of 33%.