Cleopatra Hospital Co.’s (CLHO) stock price surpassed our 12M PT that we set initially on 30 December 2018 at EGP5.78/share in less than three months. More recently, the company posted 2018 results that came somewhat better than our expectations, especially in terms of operational cost. In this note, we update our financial model post 2018 results and after adding a seventh hospital to our valuation. We are raising our 12M PT to EGP6.78/share but cutting our rating from Overweight to Neutral in view of the recent stock price rally.

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