Ibnsina Pharma (ISPH) maintained its strong performance in Q2 2019, posting an earnings growth of 26% y/y and revenue growth of 24% y/y with improvement in profitability margins. We maintain our 12M PT at EGP11.45/share and our rating at Neutral / Moderate Risk. ISPH is currently traded at 30x TTM earnings and 19x 2019 earnings, which can be justified by its high growth rates.
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