Ibnsina Pharma (ISPH) raised its issued and paid-in capital from EGP180.5mn to EGP205mn through a 13.5% stock dividend, thus issuing 98mn bonus shares at a par value of EGP0.25/share. Effective today, this EGP24.5mn capital increase will be financed from 2018 net profits. Accordingly, we adjust our 12-month price target for the bonus shares, down from EGP13 to EGP11.45. At yesterday’s close, our adjusted PT offers a 17% upside; hence, we reiterate our Neutral / Moderate Risk rating.
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