Dice Sport & Casual Wear (DSCW) posted a weak set of results in Q1 2019, where earnings fell 28% y/y, margins contracted, and revenue growth slowed more than usual to a meager 8% y/y. These results lead us to turn bearish on DSCW for the rest of the year, until further notice. We, thus, remove DSCW from our EGX Model Portfolio (EGX-MP) until we can see any signs of improvement in the quarters to follow. Since entry on 3 February 2019, we lost c.24% on the name, but ideally investors would have generated c.17% had they sold at its intra-period peak of EGP3.47 on 18 March 2019.
For more details, please read the full report below.