As the largest position in EGPT, CIB stock got hit with the new tax law recently.

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What the investors are hearing: “Tax picture may not be as bad as initial draft law suggested; full impact not until FY2020,” write EFG Hermes analysts Elena Sanchez-Cabezudo and Ahmed El Shazly in a note out yesterday after hosting an investor call with CIB. “The positive message from the call … is that there will be no retroactive implementation and the changes will only be applied to T-Bill/T-Bonds bought after the law is approved, not to the existing stock.”

The kicker: All of this will push banks to shift to consumer loans and central bank CDs, EFG Hermes says, particularly amid expectations that interest rates will start to come down in 2019.