Emaar Misr has reported its financial results for 2015. Net income came in at EGP855 million, more than doubling Y-o-Y, 11% short of our estimate of EGP965 million. Reported revenue came in at EGP3,237 million, up 24% and 13% ahead of our estimate of EGP2,869 million, driven by accelerated deliveries in Mivida and Uptown Cairo. Gross profit margin was flat, at c30% in 2015, showing improvement in Uptown Cairo (19.7% in 2015) and Mivida (28.2% in 2015) and slight decline in Marassi (yet still healthy at 35.2%, versus 38.8% in 2014). This implies EGP110 million in net income and EGP1,088 million in revenue for 4Q2015. Net contracted sales grew by 21% Y-o-Y to reach EGP8.6 billion, driven by higher sales in Uptown Cairo (+35% Y-o-Y to EGP2.1 billion) and Marassi (+28% Y-o-Y to EGP3.3 billion). The company’s sales backlog as of the end of 2015 stands at EGP21.9 billion.     We reiterate our Buy rating on the stock , with our FV of EGP3.65/share suggesting 67% upside potential. Our numbers incorporate continued momentum for contracted sales to EGP10.2 billion in 2016e (driven by the Marina Residence in Marassi, and the launch of Uptown Residence in UTC) and EGP10.1 billion in 2017e. (Company disclosure)   Emaar Misr: EGP2.18 as of 3 March 2016, Rating: Buy, FV: EGP3.65 per share, MCap: USD1,261 million, EMFD EY / EMFD.CA