Al Ahly Pharos

In today's viewsStrategy | EFID versus ADIB. A valuation anomaly that deserves attentionMACRO | August inflation print is perfectly in line with expectations, maintaining our bias towards further easing till year-endOLFI | More than just another feta company FERC | Trading opens at IFA FV of EGP45.6/share, but pre session bids are pushing the stock towards our FV estimate of EGP72/shareEFIC | Initiation of coverage: EFIC for value, ICFC for arbitrage

In today's Pre-Session Views:Strategy | OIH stock is on fire and it is not another "pump and dump" trade. It is a quasi SPACCPME| Insights from Our Roundtable with CPMEEGCH | OGM to discuss potential sale of ABUK stakeORAS | Modon's Ras El Hekma tender, an opportunity for Egyptian contractors 

Strategy | Short carbs, long proteinETEL | Helios Investments binding offer to acquire a majority stake in RDH confirms deleveraging path and reinforces our positive outlook going forwardSKPC | Price cut to hit margin, yet higher volumes may offset

Strategy | What are corporate CEOs doing to trigger the next leg up? EGAL | MoU with Alba marks step toward vertical integration and margin stability 

In today's Pre-Session Views:Strategy | Alert to unsuspecting retail investors: Do not buy into the small cap frenzyETEL's inflection year | Peak capex behind and deleveraging ahead; position for a structural rebound in FCFABUK | Valuation dislocation versus peers and replacement economicsPHDC | Does PHDC generate positive operating cash flows?ISPH | Distributor model best positioned amid pharma price reform++6322

In today's Views: Strategy | Another "pump and dump" trade is sweeping "flour milling firms" and another crash is imminent.DSCW | Volumes ramping up, margin recovery in sightCLHO | Delivering growth; accumulate the stock

In today's viewsStrategy | A burst of the "land reclamation bubble" should not impact fundamentally-solid stocksPOUL | Broiler prices remain low for the second months in a row but that does not alter our positive view on POULMCRO | Early turnaround signs, waiting for 3Q catalystISPH | UPA dues unlock FCF; Overweight your positionsABUK | 10% dividend yield on resilient FY24/25

Strategy | Five inflation prints and three MPC meetings left until end of 2025. What to expect? ELEC | 2Q25 weak as expected; growth projects and lower rates underpin outlookABUK | Sector catalyst: potential shift to cash subsidiesBMIC | El Ashry raises offer, valuation in line with peers

In today's viewsStrategy | TALM may be amongst the top performers within defensives over the coming 16 monthsEGCH | FY24/25 results: strong core performance, but valuation stretchedMCRO | Recovery story with strategic optionality 

Strategy | Five market moving events will likely drive the index towards the 40k mark by end 2025/early 2026ORAS | Another solid quarter, backlog growth supports outlookEFIC | 1H25 results show significant margin pressure, 3Q25 outlook remains challengingCSAG | FY24/25 results resilient; discount to ALCN offers upside opportunity; DCCC revaluation adds further upsideACRO | Voluntary delisting: exit price screens modest versus fundamentalsEKHO | Delta insurance exit gains ECA approval, unlocking c. EGP2.5 billion

In today's Views: Strategy| PHDC to join the list of winners if the CBE opts for a 2% plus rate cut on 28 August.ISPH | Arrears inflow to ease working capital; reiterate top pick

In today's Pre-Session Views:Strategy | KPIs show that EGAL 4Q NPM compression was driven by a one-off expense/loss. NBFI's | Clear structural winners as Egypt eases monetary policyMTIE | Positive developments reaffirm our FV of EGP12.4/share by end-2025; Tata's manufacturing plans to shape the story thereafterDSCW | Volumes drive 2Q25 growth, margins temporarily capped by expansion; but growth outlook intact

Strategy | A strong EUR triggers aluminum price rally - reiterate long EGAL positionHealthcare & pharma | Beneficiaries of a potential policy rate cutCICH | Earnings momentum builds; Market mispricing persists

Strategy | A strong EUR triggers aluminum price rally - reiterate long EGAL positionHealthcare & pharma | Beneficiaries of a potential policy rate cutCICH | Earnings momentum builds; Market mispricing persists

Strategy| Post call with management and our analysis, ACTF should be held by retail investors seeking access to active managementEgypt fertilizers| Strong 2H25 tailwinds from urea rally and stable gas supply; ABUK best positionedEKHO| Deciphering a peculiarly priced instrument and how to play it

Strategy| AMIA is up 6% on higher than usual turnover and there is room for another rally if ATLC catches up Cement Sector| Elevated prices drive significant upside in scenario analysisFWRY management call| Revenue diversification and a strategic roadmap reinforce confidence; build positions for 2026 allocation 

In today's Pre-Session Views:Strategy | CIEB is mispriced and the magnitude of mispricing will be corrected when the greenshoots of loan growth emerge. JUFO | Earnings call highlights, gradually build positionsALCN | Stable operations with normalized profitabilityEKHO | From earnings call to strategy: Near-term challenges, medium-term drivers AMOC | Proposed dividend implies double-digit yield; stronger refining margins support near-term outlook

In today's Pre-Session Views:Strategy | A quick thought on ETEL post the impressive August to date rally. Our telecoms/fintech team will publish a full valuation update on ETEL soon. EKHO| 1H25 results: Strong earnings recovery, AlexFert driving outperformance;, 2H looks promisingARCC | Strong 2Q25 results; outlook balanced by emerging risksMBSC | 2Q25 Volumes weigh on results, 1H25 still on track

In today's Views: Strategy | August urban CPI inflation rate will likely dip to 11-12% so we raise the probability of a 3% rate cut to 50% and name the list winners. PHDC | The market has already priced in NUCA's fees, Jirian net cashflows partially offsets the liabilityPHAR | 1H25 preliminary results, strong earnings growth; EIPICO 3 catalyst awaitedGBCO | 1H25 Earnings beat estimates, upside still aheadHRHO | Volatility priced in, growth engines running; we reiterate our FVBINV | Hold – Cash position and expansion support long-term valueLCSW | Pressured 2Q25 results amidst headwinds, volume rebound is keyEFIC | SSP-sulfur squeeze hits 1H25 standalone earnings, recovery aheadECAP | Losses extend into 2Q25 as demand recovery lagsISPH | Earnings call confirms positive outlook, reaffirm BUY (FV: EGP17.1/share) 

Strategy| ISPH IH25 results draw a demarcation line between management and macro VALU 1H25| VALU delivers robust 1H25, international expansion in focusATLC 1H25| Steady growth, outlook intactFWRY 1H25| New services launch and organic growth should comfortably outpace policy rate cuts, beating our EGP2.7 bn for 2025 is in sight; maintain as one of our top picks for 2025ETEL 1H25| Sound fundamentals and 2H25 catalysts should trigger price performance during 2H25MTIE 1H25| Higher bottom-line contribution from investments should gradually unlock value and drive share price to EGP12.4/shareISPH 1H25| Strong results on price and volume rebound, expectations of a stronger 2H25JUFO| Confirming our view, equal weight short term, overweight long termACRO| Rapid growth at a bargain multiplePHDC| A MCAP of EGP23 billion is out of sync with PHDC record high new sales, sizable outstanding notes receivables and upcoming launch of Abu Dhabi project.  

In today's Views: Strategy| BONY's GLV rises to a record high EGP17.4 billion and rental income jumps 35% y/y, but transient macro dynamics underpin bottom line contractionGBCO| Strong results ahead with focus on MNT HalanPOUL| 2Q25 results in line, outlook remains bullishRMDA| Solid 2Q25, growth momentum holdsSUGR| Inventory build-up pressures cash flows, 2H25 revenues likely flatORWE| Soft 2Q25, but guidance intact

In today's Pre-Session Views:Strategy| Within banks, we now rank COMI as our most trusted alpha generator in 2025TMGH, ORHD 1H25| Hospitality and recurring revenues lead growth and explains share price performance skewness towards pricing the most evident and visible segments onlyEGBE 2Q25| Retail lending and CASA drive strong margins, but investor sentiment weighs on stockEFID| 2Q25 consistent with bottom line guidance of EGP1.9 billion on new size offerings and price risesOLFI| Margins under pressure, growth story intact

In today's Pre-Session Views:Strategy | Tailwind is building up for BONY but a share price rally is contingent on expedited monetization of WOC. Macro | The probability of a 2% rate cut on 28 August is close to 100% and the probability of a 3% cut is 50%. OLFI | New factory on the wayBTFH | First glance at BTFH earnings  ADIB | Exceeding net profit estimates amid lending volumes revival, but capital increase challenges cash dividendsBINV | BINV scales up high-marginplatforms HRHO | Capitalizing on market discrepancies within HRHO and VALUEFIH management meeting | A prime beneficiary of fiscal consolidationCSAG | COMI acquires pre-listing stake in DCCC at attractive valuation; CSAG poised for asset revaluationISPH | Government to settle EGP50bn in pharma arrears over three year

Strategy| Egypt secures the bulk of its natural gas deficit until 2040 at an estimated price of USD7.6/mmbtuABUK, MFPC, EGCH, EKHO| Long-term gas deal poised to bring stability to fertilizer sectorEGAL| Gas deal secures power costs, supports double-digit dividend yieldLCSW| New natural gas deal hedges key risk, preliminary fair value reaffirmedSUGR| Demand trails record-high sugar output 

In today's viewsStrategy| Ismailia/Misr for Poultry (ISMA) yesterday's rally is difficult to justifyORAS| Ex-dividend resilience signals stronger underlying supportTMGH, ORHD, and EFIH| A play on tourism hike in 4Q25 and the Grand Egyptian Museum openingMTIE| A direct exposure to a potential home appliances' price reductionRMDA| 2Q25 expectations & what to watch for

Strategy| Egypt is projected to host a record high number of tourists in 2025 and ORHD stands out as a compelling exppsure to this themeEFID| Valuation stretched after 40% rally, time to reduce exposureMBSC| Treasury share termination drives price, raises strategic questionsBTFH| A high-risk, high reward bet with regional expansion 

Strategy | It may be ISPH month if the CBE slashes policy rates by 200 bpsFERC, IFAP, ICFC | Promising first half for the new entity despite margin headwindsJUFO | Equalweight short term, Overweight long term