price performance in the primary market of the egyptian pipos

8/8/2019 PRICE PERFORMANCE IN THE PRIMARY MARKET OF THE EGYPTIAN PIPOs

1/21

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~}kjla|}l kf Hmmkzkd #?82


2/21



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3/21



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jke~odhlz rl}l ~}hvohzla a|}hdb ?881 dhdl a|}hdb ?88


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6/21



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7/21



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Lbx~hod H^Kz hdhho` ~l}fk}eodjl o}l }l~k}la oz fk``krz$


8/21



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9/21



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10/21



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11/21



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eo}glz cl Lbx~hod Jo~ho` Eo}gl #LJE( ahffl}z f}ke cl alvl`k~la jo~ho`

eo}glz hd dk ls~l}hldjhdb od hdvlzeld%modgl} zxzle$ Rl o}b|l co hf cl

|dal}~}hjhdb hz ldfk}jla mx cl hdvlzeld modgl} ~l} zl cld h zck|à dk ml

lshzla hd cl LJE$ O`ck|bc cl hdvlzeld modgl}%}lòla ls~òdohkd eox ml

ahz~}kvla hd chz eo}gl rl |}d dkr k lsoehdhdb fojk}z rhc rchjc cl

|dal}~}hjhdb coz ~}kvla k covl }lòhkdzch~z hd ~}hvol H^Kz eo}gl oda k

ls~`k}hdb clh} ~kzzhmh`hx hd ls~òhdhdb cl ~}hvohzohkd%zo`lz |dal}~}hjhdb$ Qclzl

fojk}z o}l9

?$ Ls odl |djl}ohdx$=$ Qcl hdfk}ela aleoda$:$ Qcl hzz|l zhyl$


12/21



=>:

Fk} cl fh}z fojk} hd ~}hvol H^Kz oz rl`` oz ~}hvohzohkd zo`lz hzz|l}z o}l

j`lo}`x |djl}ohd omk| cl }|l eo}gl vo`|l kf od H^K$ Hf clx rl}l dk clx rk|à

dk fojl odx }hzg ~òjhdb o`` zco}lz oda jkdzlq|ld`x rk|à dk dlla hdvlzeld

modgl}z k} |dal}r}hl}z$ Hd alvl`k~la jo~ho` eo}glz alz~hl cl b}lol} ls~l}hzl

kf hdvlzeld modgz zkel |djl}ohdx omk| cl }|l ~}hjl kf od H^K hd cl

ofl}eo}gl zh`` }leohdz$ Oz o jkdzlq|ldjl hdvlzeld modgl}z hdldhkdo``x

|dal}~}hjl H^Kz hd }lòhkd k cl alb}ll kf co x~l kf |djl}ohdx$ Zhehò}`x rl

ozz|el co cl Lbx~hod bkvl}deld al`hml}ol`x |dal}~}hjl cl ~}hvohzohkd zo`lz

hd }lòhkd k chz }hzg$ Oz h hz }l~k}la hd cl `hl}o|}l }lvhlr jco~l} cl ekz

jkdvldhld cx~kclzhz hz co kf Mlox oda ]hl} #?836 ~$=?6( rchjc zolz9

cl b}lol} hz cl ls odl |djl}ohdx omk| cl vo`|l kf od hzz|l, cl b}lol}

hz cl ls~ljla |dal}~}hjhdb$

]hl} #?831( oda Mlox oda ]hl} #?836( ~}k~kzla o vo}hohkd kf ]kjgz ekal` hd

rchjc clx lzla zlvl}o` ~}kshlz fk} cl ls odl |djl}ohdx kf od |dzlozkdla dlr

hzz|l$ ]hl} #?831( fk|da o ekdkhdhj hdj}lozl hd hdhho` }l|}d hd ~k}fk`hkz fk}ela

kd cl mozhz kf ofl}eo}gl zodao}a alvhohkd$ Hd chz zh|ohkd o chbcl} zodao}a

alvhohkd rk|à he~`x b}lol} |dal}~}hjhdb k} chbcl} hdhho` ~l}fk}eodjl$

Kmvhk|z`x cl ls odl |djl}ohdx hz ahffhj|` k eloz|}l mljo|zl kf cl òjg

kf odx }oahdb aoo ~}hk} k cl hzz|l$ Hd jozl kf cl ls~ljla |dal}~}hjhdb cl

kmzl}vla hdhho` }l|}d hz ogld oz o ~}ksx$ Hd k}al} k eloz|}l cl ls odl |djl}ohdx

kf cl }|l ofl} eo}gl vo`|l cl lo}`x zljkdao}x eo}gl vo}homh`hx kf }l|}dz eox

zl}vl oz o ~}ksx$ Qcl mozhj halo kf |zhdb ofl}eo}gl }l|}d vo}homh`hx hz oz \c`h}

#?838 ~$:3?( ozz|elz9


13/21



=>1

cl b}lol} cl |djl}ohdx omk| cl }|l ofl}eo}gl vo`|l cl `kdbl} h rh``

ogl ~o}hjh~odz hd cl eo}gl k lzom`hzc cl jk}}lj ~}hjl hd cl zljkdao}x

eo}gl$

Qchz zck|à lfflj }oahdb zhdjl cl lo}`x ~}hjlz o}l z|milj k eoik} jk}}ljhkd

ojhvhhlz hd lhcl} ah}ljhkd rchjc hd |}d `loaz k b}lol} }l|}d vo}homh`hx$

Fk``krhdb ]hl} #?831( Mlox oda ]hl} #?836( oda \c`h} #?838( rl |zl cl

zodao}a alvhohkd kf cl }olz kf }l|}d hd cl ofl}eo}gl oz o ~}ksx fk} chz

vo}homh`hx k} #ls odl |djl}ohdx($ Heelahol`x ofl} cl fh}z }oahdb aox cl

fk``krhdb ?> aoxz o}l ogld k jo`j|òl cl zodao}a alvhohkd kf aoh`x }l|}dz #Zll

O~~ldahs A%6($

Fk} cl zljkda fojk} oz ahzj|zzla hd cl `hl}o|}l }lvhlr, ]kjgz #?836(

ekal` cx~kclzhzlz o }lòhkdzch~ mlrlld cl hdfk}ela aleoda oda |dal}~}hjhdb kf

dlr hzz|lz$ ]kjg #?836( |zla cl `ldbc kf zl``hdb hel kf dlr hzz|lz oz o ~}ksx kf

hdfk}ela aleoda$ Qc|z cl cx~kclzhz kf chz }lòhkdzch~ hz co cl `kdbl} cl

`ldbc kf zl``hdb hel kf dlr hzz|l cl chbcl} hz cl |dal}~}hjhdb #Zll O~~ldahs A%

2($

Fhdo``x z|ahlz mx Fhdd oda Chbcoe #?833( oda ]lhdbod|e #?83?( oda

kcl}z covl zckrd o dlbohvl }lòhkd mlrlld cl fh}e zhyl oda cl }hzg%oai|zla }ol

kf }l|}d$ @kb|l #?82:( fk|da o dlbohvl }lòhkd mlrlld hdhho` ~l}fk}eodjl oda

ko` ak`ò} vo`|l kf cl hzz|l oda o}b|la co cl ò}bl} cl zhyl kf cl hzz|l cl ek}l

}lòhvl mo}bohdhdb ~krl} cl hzz|l} coz oda cldjl cl `lzz cl hdhho` |dal}~}hjhdb mx

cl |dal}r}hl}$ @hglrhzl rl hdvlzhbol cl }lòhkdzch~ mlrlld cl vo`|l kf cl

hdhho` hzz|l oda |dal}~}hjhdb #zll O~~ldahs A%3($


14/21



=>6

6$=$= AOQO ODA ELQCKAK@KBXHd k}al} k lz cl }lòhkd mlrlld |dal}~}hjhdb oda ls odl |djl}ohdx rl

lzheol cl fk``krhdb ekal`9

O]hq5 h ' h h ' h #6$ ?>(

rcl}l O]hq hz cl eo}gl%oai|zla }l|}dz jo`j|òla oz hd lq$ 6%: oz cl al~ldald

vo}hom`l #h$l$ |dal}~}hjhdb( oda h hz cl zodao}a alvhohkd kf lo}`x zljkdao}x

eo}gl }l|}dz oz cl ls~òdok}x vo}hom`l$ @hglrhzl k lz cl }lòhkd mlrlld cl

hdfk}ela aleoda oda |dal}~}hjhdb cl fk``krhdb ekal` hz o~~`hla9

O]hq5 h ' h `d @h ' h #6$??(

rcl}l @hhz cl `ldbc kf zl``hdb hel kf dlr hzz|l7 oda`d zodaz fk} do|}o` `kb$ Qcl

hel fk} o dlr hzz|l k ml fh``la hz dk ~|m`hj`x ovohòm l hd Lbx~$ Rl |zl cl `ldbc

kf hel f}ke kffl}hdb aol |dh` cl fh}z aox kf }oahdb oda cl elahod hel roz ?6

aoxz$ Fhdo``x hd lzhdb cl }lòhkd mlrlld cl hzz|l zhyl Z hoda |dal}~}hjhdb cl

fk``krhdb ekal` }lb}lzzlz cl aox ? ~l}fk}eodjl kd cl kb kf cl zhyl vo}hom`l9

O]hq5 h ' h `d Zh ' h #6$ ?=(

Zhdjl cl fh}ez |dal} hdvlzhbohkd o}l ahffl}ld hd zhylz rl z|~~kzl co h rk|à ml

ahffhj|` k eohdohd cl ozz|e~hkd kf ckekzjlaozhjhx mljo|zl kf cl ahvl}zhx kf

fh}ez zhylz$ Hf rl a}k~ cl ozz|e~hkd kf ckekzjlaozhjhx, o``krhdb fk} cl

ahz|}modjl vo}hodjl k ml ahffl}ld f}ke kmzl}vohkd k kmzl}vohkd zkel

jkdzlq|ldjlz o}l zola mx Ljkdkel}hjodz Wzll B|io}oh #?88=( oda #?88


16/21



=>2

~}kjla|}lz o}l le~`kxla$ Qc|z hd cl ~}lzldjl kf cll}kzjlaozhjhx cl |z|o`

cx~kclzhz%lzhdb }k|hdl hz dk }l`hom`l }ohzhdb cl ~kzzhmh`hx kf a}orhdb

ehz`loahdb jkdj`|zhkdz$ Hd bldl}o` hd j}kzz%zljhkdo` aoo hdvk`vhdb cll}kbldlk|z

|dhz cll}kzjlaozhjhx eox ml cl }|`l }ocl} cod cl lsjl~hkd$

Hd k}al} k allj cl ~}lzldjl kf cll}kzjlaozhjhx, rl |zl Rchlz bldl}o`

cll}kzjlaozhjhx lz$ Fh}z rl }llzheol ekal`z #6$?> 6$?? oda 6$?=( oda kmohd

cl }lzha|o`z h$ Zljkda rl }|d cl fk``krhdb #o|sh`ho}x( }lb}lzzhkd9

T

hS Sh h h

=

? = :

= #6$?:(

Qco hz cl zq|o}la }lzha|o`z f}ke cl k}hbhdo` }lb}lzzhkd o}l }lb}lzzla kd cl

k}hbhdo` hdal~ldald vo}hom`l oda hz zq|o}la vo`|lz$ Qcl d|`` cx~kclzhzC> jod ml

lzla mx cl |z|o` F lz k} o`l}dohvl`x mx jke~|hdb d]= rcl}l ]

= hz cl

jklffhjhld kf all}ehdohkd f}ke cl o|sh`ho}x }lb}lzzhkd$ H jod ml zckrd co

d] ~= =

t #h$l$ d]= fk``krz cl jch%zq|o}l ahz}hm|hkd rhc af lq|o` k cl d|eml}

kf o|k}lb}lzzhvl l}ez hd cl o|sh`ho}x }lb}lzzhkd($ Fhdo``x hf cl jch%zq|o}l vo`|l

kmohdla hd cl omkvl lq|ohkd lsjllaz cl j}hhjo` jch%zq|o}l vo`|l o cl jckzld

`lvl` kf zhbdhfhjodjl cl jkdj`|zhkd hz co cl}l hz cll}kzjlalozhjhx$ Hf h aklz dk

lsjlla cl j}hhjo` jch%zq|o}l vo`|l cl}l hz dk cll}kzjlaozhjhx rchjc hz k zox

co hd cl o|sh`ho}x }lb}lzzhkd o`` cl jklffhjhldz lq|o` yl}k lsjl~ h$ Qcl}lfk}l

cl l}}k} vo}hodjl hz cl ckekzjlaozhj jkdzod lq|o` k h$

Oz od o`l}dohvl elodz kf oaa}lzzhdb cl hzz|l kf cll}kzjlaozhjhx rl |zl

cl O|k}lb}lzzhvl Jkdahhkdo` Cll}kzjlaozhjhx #O]JC( ekal`$ Qcl glx halo kf

O]JC hz co cl vo}hodjl kf cl }lb}lzzhkd ahz|}modjlz #|( o hel # q= (

al~ldaz kd cl zhyl kf cl zq|o}la l}}k} l}e o hel #%?( co hz kd |q?= $ Qk ml ek}l

Jkeeldq WC?U9


17/21



=>3

z~ljhfhj rl obohd }llzheol cl c}ll }lb}lzzhkd ekal`z #6$?> 6$?? oda 6$?=($ Oda

jkdahhkdo` kd cl hdfk}eohkd ovohòm`l o hel #%?( cl ahz|}modjl l}e hz

ahz}hm|la oz9

q qDt W ,# (U> > ? ?=

Qco hz q

hz dk}eo``x ahz}hm|la rhc elod yl}k oda vo}hodjl kf # > ? ?

=

q($ H hz

j`lo} co cl vo}hodjl kf o hel qhz al~ldald kd cl zq|o}la ahz|}modjl o hel

#%?( c|z bhvhdb cl o~~lo}odjl kf zl}ho` jk}}lòhkd$ Zhdjl cl vo}hodjl kfq

al~ldaz kd cl zq|o}la ahz|}modjl l}e hd cl ~}lvhk|z hel ~l}hka h hz jo``la od

O]JC #?( ~}kjlzz$ Qc|z od O]JC #~( ~}kjlzz jod ml r}hld oz9

vo}# ( $$$ q q q q ~ ~ =

> ? ?

=

= =

=

?

= #6$?1(

Hf cl}l hz dk o|kjk}}lòhkd hd cl l}}k} vo}hodjl rl covl

C ~> ? = >9 $$$$ hd rchjc jozl vo}# ( q > oda rl covl cl jozl kf

ckekzjlaozhj l}}k} vo}hodjl$ Oz Ldb`l #?83=( coz zckrd o lz kf cl ~}kjllahdb

d|`` cx~kclzhz jod ml lozh`x eoal mx }|ddhdb cl fk``krhdb o|sh`ho}x }lb}lzzhkd9

$$$

q q q ~ q ~=

> ? ?

=

= =

= =

#6$?


18/21



=>8

6$=$: LE^H]HJO@ ]LZ\@QZQom`l 6$< zckrz co cl}l hz dk }lòhkd mlrlld hdhho` ~l}fk}eodjl oda }hzg

kf cl hzz|l oz ~}kshla mx cl zodao}a alvhohkd kf aoh`x }l|}dz hd cl ofl}eo}gl

fk} cl Lbx~hod H^K eo}gl$ Fk``krhdb Mlox oda ]hl} #?836~$==:( ] =coz k ml

vl}x `kr$ Qclx o}b|l co cl}l zck|à ml kd`x o ~kzhhvl }lòhkd mlrlld ls odl

|djl}ohdx oda ls~ljla |dal}~}hjhdb$ Qco elodz h e|z }leohd ahffhj|` fk}

hdvlzk}z k ~}lahj cl oj|o` hdhho` }l|}d kf o zhdb`l hdahvha|o` ^H^K lvld ck|bc

cl ovl}obl hdhho` }l|}d kf o ò}bl zoe~`l jod ml ~}lahjla rhc }lozkdom`l

ojj|}ojx$ O`ck|bc k|} }lb}lzzhkd aklz dk lschmh odx }lòhkdzch~ mlrlld cl

|dal}`xhdb vo}hom`lz cl jk}}lòhkd jklffhjhld zoxz co cl}l hz o ~kzhhvl }lòhkd

mlrlld cle$ O`zk k|} vl}x `kr ]=

hz jkdzhzld rhc cl o}b|eld kf Mlox oda

]hl} #?836($ Ek}lkvl} Qom`l 6%< zckrz co cl hdhho` ~l}fk}eodjl kf ~}hvohzohkd

zo`lz hz dk zxzleohjo``x }lòla k cl `ldbc kf cl hzz|l oz eloz|}la mx cl

vo}hom`l |zla cl}l$ H hz kmvhk|z co cl q%zohzhj kf cl z`k~l jklffhjhld hz

hdzhbdhfhjod oda ]= hz j`kzl k yl}k$ @hglrhzl cl zhyl kf hzz|l vo}hom`l coz o

~kzhhvl zhbd hd cl j}kzz%zljhkdo` }lb}lzzhkd$ O`zk cl %zohzhj hz kd`x >$?=: oda

cl ]= hz >$>>?$ Qco hz cl hdhho` zhyl kf cl fh}e aklz dk o~~lo} k ml }lòla k cl

aox ? ~l}fk}eodjl$

Qom`l 6%< ]lb}lzzhkd Zohzhjz fk} Aox ? Eo}gl%Oai|zla ]l|}d oz Al~ldald Vo}hom`l oda

Zodao}a Alvhohkd cl `kb kf hzz|l `ldbc oda cl Vo`|l kf Hdhho` Hzz|l oz Hdal~ldaldVo}hom`lz

Hdal~ldald vo}hom`l #( #( ]=

AR

Zodao}a alvhohkd ?>$1 ?$686 ?$=< >$8=3 >$>=3 ?$88

@d #`ldbc kf hzz|l( 2$18 >$8=6 =$3: ?$>11 >$>:< ?$8$181 >$=? >$?=: >$>>? ?$81) ] hz cl jk}}lòhkd jklffhjhld


19/21



=?>

Hd lsoehdhdb cl o|kjk}}lòhkd }lzha|o`z hd cl c}ll }lb}lzzhkdz9 6$?> 6$??

oda 6$?= Qom`l 6%< zckrz co AR 5 ?$88 ?$8< oda ?$81 }lz~ljhvl`x$ Fk``krhdb

cl aljhzhkd }|`lz kf A|}mhd%Rozkd alz rl jkdj`|al cl}l hz dk zl}ho` jk}}lòhkd

hd k|} ekal`z #zll O~~ldahs A%8($

Hd alljhdb cl ~}lzldjl kf cll}kzjlaozhjhx |zhdb Rchlz bldl}o`

cll}kzjlaozhjhx lz fh}z rl }llzheol ekal`z 6$?> 6$?? oda 6$?= oda kmohd

cl }lzha|o`z H$ Zljkda rl }|d cl o|sh`ho}x }lb}lzzhkd alfhdla hd lq$ 6$?: #h$l$ cl

zq|o}la }lzha|o`z f}ke cl k}hbhdo` }lb}lzzhkdz o}l }lb}lzzla kd cl k}hbhdo`

hdal~ldald vo}hom l oda hz zq|o}la vo`|lz($

Qom`l 6$6 zckrz co fk} o`` ~}ojhjo` ~|}~kzlz kdl jod jkdj`|al kd cl mozhz

kf Rchl lz co cl}l hz dk lvhaldjl kf cll}kzjlaozhjhx$ O`ck|bc cl zoe~`l

zhyl kf := hz }lòhvl`x zeo`` rch`z cl lz hz mozla kd ò}bl zoe~`l clk}x cl

jkdj`|zhkd }lojcla hz vl}x alfhdhl z|bblzhdb co zoe~`l zhyl hz dk o ~}km`le hd

chz jozl Wzll Zlro} #?88? ~$?6>(U$

Qom`l 6%6 Rchl"z lz kf cl cll}kzjlaozhjhx hd cl ekal`z alfhdla hd Lq|ohkdz #6$?>

6$?? oda 6$?=(

Vo}hom`lz Ekal` #?:( ]= d ]=Zodao}a alvhohkd h

=5 =$>?2= >$>$?$>=23 >$38

O jch%zq|o}l ahz}hm|hkd rhc = alb}llz kf f}llake$ Qcl


20/21



=??

Qom`l 6%2 zckrz co cl CJZLz o}l j`kzl k cl K@Z zodao}a l}}k}z$ Ckrlvl}

cl}l hz `h`l lvhaldjl kf ahzk}hkd kf hdfl}ldjl f}ke |d}lola cll}kzjlaozhjhx hd

cl }lb}lzzhkd alfhdla hd Lq|ohkdz 6$?> 6$?? oda 6$?=$

Qom`l 6%2 Qcl Ahffl}ldjl Mlrlld ZL oda CJZL f}ke Ekal`z 6$?> 6$?? oda 6$?=$

Hdal~ldald vo}hom`l Za$L}}k}

#(

CJZL

#( Za$L}}k}#

(

CJZL

#(

Zodao}a alvhohkd ?>$1 6$?< 2

@d #`ldbc kf hzz|l( 2$18 3$>8 3$>6 =$3: =$2? =$8:

@d #`ldbc kf hzz|l( ?=$>2 =1$11 ?2$$=? ?$2? ?$=1

Qc|z oz od o`l}dohvl elodz kf oaa}lzzhdb cl hzz|l kf cll}kzjlaozhjhx

rl |zl cl O]JC ekal`$ \zhdb cl }lzha|o`z kmohdla f}ke }lb}lzzhkd #6%?>( rl

lzheol O]JC #?( O]JC #=( O]JC #:( O]JC #1( oda O]JC # 6$?? oda 6$?=$

Qom`l 6%3 Qcl }lz|`z kf O]JC ekal`

Vo}hom`lz Ekal` #6$?' >$>=1=%? >$>>>6 >$>?36

@d #`ldbc kf hzz|l( H=

5 :8


21/21



=?=

~kzhhvl hdhho` }l|}dz k ~}hvol H^Kz$ Ckrlvl} clx rl}l |dz|jjlzzf|` hd

ls~òhdhdb lvld o zeo`` ~o} kf cl hdhho` }l|}dz k cl Lbx~hod ~}hvohzohkd zo`lz$

Hd jkdj`|zhkd rl jod ~khd k| co9

zhdjl cl }lz|`z akj|eld cl lshzldjl kf |dal}~}hjhdb ~cldkeldkd hd clLJE rl eox }lf|l cl hdvlzeld modgl}%}lòla ls~òdohkd o `loz hd cl

LJE7

cl hdzh|hkdo` flo|}l kf cl Lbx~hod Jo~ho` Eo}gl cl `hzhdb }lq|h}leldzkf cl Lbx~hod Zkjg Lsjcodbl oda Jo~ho` Eo}gl O|ck}hx kblcl} rhc

mo}}hl}z k ld}x k zkjgm}kghdb ~}kvhala cl eo}gl z}|j|}l rchjc fojh`hola

|dal}~}hjhdb$ Qc|z rl ls~lj |dal}~}hjhdb k ml l`hehdola k} }la|jla o `loz

rcld eleml}zch~ }lz}hjhkdz kf cl LZE o~zl7

lo}`x zo`lz kf cl ~}hvohzla H^Kz eox ml al`hml}ol`x |dal}~}hjla hd k}al} kjkdvhdjl cl eo}gl k omzk}m ò}bl} zo`lz oda }la|jl cl }hzg mk}dl mx cl

bkvl}deld7

cl |dal}~}hjhdb kf cl Lbx~hod ^H^Kz hz jkdzhzld rhc o zhbdo``hdb o}b|eldzhdjl cl ~}hvohzla fh}ez o}l ls~kzla k b}lol} ~k`hjx }hzg oda lda k ml ò}bl

oda rl``%gdkrd }lòhvl k ~}hvol H^Kz$ Qco hz |dal}~}hjhdb eox zhbdo`

jkeeheld mljo|zl od |djkeehla bkvl}deld joddk ls~lj chbcl} ~}kjllaz

f}ke o z|mzlq|ld zo`l oda hz cl}lfk}l dk rh``hdb k |dal}~}hjl cl hdhho` zo`l7

oda

fhdo``x cl |dal}~}hjhdb kf |dzlozkdla hzz|lz hd bldl}o` oda kf ~}hvohzohkd zo`lzhd ~o}hj|ò} jod ml ck|bc kf oz o rox kf o}ojhdb hdvlzk}z orox f}ke

lshzhdb zkjgckàhdbz$

price performance in the primary market of the egyptian pipos

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