SODIC’s management held a conference call to discuss 2015 results. The call was conducted by Magued Sherif (Managing Director) and Omar El-Hamawy (CFO). The main highlights from the call were: i) Management is pleased with its 2015 performance, in terms of contracted sales, collections, cancellations, reported revenue and margins; ii) Only one project has been launched YTD, namely Courtyards Phase I, with a total launch value of EGP460 million, of which 60% was sold in the first 10 days after the launch; iii) Management sees the impact of devaluation as positive, with investment in real estate being one of limited vehicles to a store of value by Egyptians. On the cost side, 3% of the cost base is imported, given the concentration of core and shell units; iv) Selling prices are expected to increase by c12% in 2016, in line with the growth seen in 2015; v) Residual land bank (excluding Heliopolis agreement) is 3.3 million sqm, 6 million sqm (including the agreement), which extends the number of years for development of the residual land bank from 3-4 years to 10 years; vi) No plans for early adoption of IFRS 15; vii) The company may have plans to raise debt, depending on the funding requirements of the 2.7 million sqm project with Heliopolis (to be clearer with the finalisation of the master plan of the project); no plans to raise equity. (Company conference call, Mai Attia, Sara Boutros)   SODIC: EGP10.23 as of 17 March 2016, Rating: Buy, FV: EGP14.52 per share, MCap: USD390 million, OCDI EY / OCDI.CA