Al Ahly Pharos

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

Strategy | The ABCs of equity valuation suggest that OLFI offers an upside potential of around 30%. AMIA | Buy 68.4% of ATLC and literally get three 3 prime assets for free. PHDC | Follow the footsteps of PHDC chairman and BUY the stock on dipsJUFO | Trim JUFO to EW and add OLFIPOUL | Initiation of coverage ranks stock a BUY (FV: EGP25.8/share)ABUK | Gas cost pricing formula clarified, top pick status reaffirmed ATLC | We Initiate Coverage on ATLC with a STRONG BUY at FV of EGP5.5/share

Strategy | ACTF strategic partner is not BTFH but it is still a BUYMacro | US Bureau of Labor Statistics employment figures supports our bias towards a 2% August rate cutABUK, EGCH, MFPC, EKHO | Gas price floor hike a net positive, signals long-awaited reform; Strong urea tailwinds support earnings for our top pick ABUKLCSW | Natural gas price hike largely priced in, but downside risk remainsCement Market | BMIC counteroffer adds more fuel to M&A fire, recalibrating sector valuations

In today's Pre-Session Views:Strategy| Our analysis suggests that ACTF and BTFH may be forging an alliance to create a rival to Thndr. Growth option is not priced in ACTF market price. CIEB| Cautious growth strategy limits profits, but stock offers 17% dividend yieldRAYA| RACC MTO and Ostool divestment signal ongoing portfolio streamliningEKHO, SVCE| M&A momentum builds in Egypt's cement sector as ATI secures ECA approval for BMIC acquisitionSUGR| Strong 2Q25 results likely to push FY25 earnings above forecastsACTF| ST play on EGX recovery; LT alpha in mobile trading platform “Wilzy”MCQE| Re-rating progresses, 2Q25 pivotal, watch for regulatory pressure

In today's Pre-Session Views:Strategy| PHDC investors have already shaved off the fees imposed by NUCA from MCAP. Time to rebuild long positionsEFID| EFID exclusion from EGX30 supports short EFID callTMGH| SouthMed shouldn't be exposed to NUCA fee riskETEL| 2Q25 expectations – no surprisesDSCW| (BUY- FV: EGP5.5/share) 2Q25 recovery led by volumes; margins improve q/q but remain under pressure, foreign entrants viewed as strategic upsideMCQE| EGX30 inclusion adds fuel to fire as stock crawls towards our end 2025 FV of EGP67.7/share

Strategy| GBCO next leg up hinges on a single figure in 2Q25 results - "income from associates" and Tabby-related noise.ORAS| Eyes deeper market liquidity with ADX listing shift; Dividend yield confirms our EGP500/share valuation rangeCement| Syria's cement boom opens door to cross-border partnerships with Egyptian producersDSCW| Bonus share dividend approved; FV adjusted to EGP3.7/share

Strategy | COMI at EGP130 and EGX30 at 37,000 are around the cornerSUGR | Government intervention talks could ease inventory overhang, unlocking short term catalystSCEM | Market rejects VICAT's offer, signaling higher FV ahead

In today's Pre-Session Views:Strategy | PHDC to cross EGP10/share in 2025 despite NUCA feeCOMI | Discussions on higher dividends now underway!ARCC | Share buyback is meant to alter the shareholders' structure rather than deliver a valuation statementTMGH| A follow up on TMG's value drivers - road to EGP65-70/share should be smooth 

Strategy | ISPH recent rally could be the start of a next leg up if 2Q25 surprises to the upsideCOMI| Strong 2Q25 performance signals potential price re-ratingCICH| Buy one get one freeBONY| 1Q25 doesn't change our view: a justified discounted entry, cashflow remains under watchIFAP | Short IFAP, long EFIC on unjustified valuation gap

Strategy | EGAL on track to hit the EGP200/share mark post release of AGM minutes and surge in primary aluminum price.Libya reconstruction to unlock growth for Egyptian contractors and industrialsEFID | Signs of recovery gaining momentum; management confirms positive outlookORWE | Nothing material yet, but potential asset sale could support FY25 earningsEGCH, ABUK | Normalizing gas supply is key to unlocking value 

Strategy| Excluding EFIC and ABUK, valuations of n and p-based exposures seem frothyTMGH| Understanding the business model - segmenting the storyECAP vs. LCSW| Another violation of the Law of One PriceJUFO| Price surge in orange concentrates fuels stock performance, yet impact on earnings may be delayedMCQE| MBSC's move signals strategic play, price upside expected

Strategy| EFIH, FWRY, and GBCO violate the Law of One PriceELEC, GDWA| A holding discount opportunityECAP| At EGP37/share, is it too late to join ECAP rally? 

In today's Pre-Session Views:Strategy| Banque Du Caire peer trade will likely trigger another 10-20% rally in COMI, CIEB and ADIB during 3Q25.ABUK undervalued despite sector headwinds; MFPC justifies premium

In today's viewsStrategy| KIMA outshines peers - ABUK may followCOMI| Riding YTD 11% growth ahead of 2Q25 results

Strategy| At an EV/sqm of EGP94k, BONY is valued at a discount to peersEFIH| Tourism momentum will flow through the numbers ABUK| Catalysts surface to potentially unlock Egypt's forgotten fertilizer beastATLC| Fair value anchored by solid capital base and expanding product mix 

Strategy| GBCO - Nostalgia and fundamentals rank the name as a SUPER STRONG BUYMacro| Dovish CBE language suggests that an August rate cut (up to -2%) is likelyCement Market| Short-term pain, long-term fix; Export quota now the most likely trigger for price declineDSCW| News Flow Reinforces Egypt's Rise as a Regional Hub for Ready-Made Garment Exports — DSCW Well-Positioned to CapitalizeSKPC | Weak polyethylene prices to weigh on 1H25 results and share price catalysts are limited

Strategy | Regardless of today's MPC outcome, odds are in favor of cumulative 4-5% rate cuts during 2H25BONY | A follow-up on BONY. What we like and do not likeQNBE | Took the deepest dive, down 12% YTD, despite solid results

Strategy| Market intelligence - Launch of Ras El Hekma should unlock IMF funding and inflate ORAS and ELEC valuationsRMDA| Acquisition of high-margin chronic disease molecule reinforces strategic outlook and FY25 targetsBONY| Discounted entry and an above average rent yield — but dividend void and cashflow thinness limit appealETEL| 12M rally = cost of equityGBCO| Another management call confirms our positive view on the stock; Margins hold firm amid regional challenges, GB Capital beats, incentives to boost 2H25 earningsEGAL| Hold EGAL to EGP200/share

Strategy| Placing KIMA under watchDSCW| Decline in Turkey's apparel exports highlights shift to Egypt, reinforcing our bullish outlook on DSCWDGTZ| A Nilex-born telecom contractor, riding on a concentrated c.EGP500 mn contractWeekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 68.3 | 0.8% | Diesel-HSFO Spread, USD/ton | 336.6 | 34.3% | Egypt Urea, USD/ton | 455.0 | 0.0% | Polyethylene, USD/ton | 930.0 | 1.1% | Polypropylene, USD/ton | 970.0 | 0.5% | Iron Ore 65%, USD/ton | 116.3 | 2.3% | Steel/Iron Ore Spreads, USD/ton | 360.5 | -2.0% | LME Aluminum Cash Price, USD/ton | 2,586.6 | -0.3% | LME Copper Cash Price, USD/ton | 9,959.9 | -1.6% | Egyptian Retail Cement, EGP/ton | 3,830.0 | -3.2% | Steam Coal FOB Newcastle Australia, USD/ton | 110.0 | 3.2% | Orange Concentrates USD/Lbs | 2.1 | -5.9% | SMP, USD/MT | 2,718.0 | -2.1%

EGX30, EFIH, EGAL, FWRY, ISPH, AMIA, BINV, CICH, COSG

EGX30, MTIE.CA, CICH.CA

Strategy| AMIA/ATLC arbitrage under watchMacro/commodities| OPEC+ output hike + Trump bias to black energy is outright positive to Egypt macroFWRY| Ignore interest rate and keep an eye on electricity prices' impact on throughputCeramics| Without a take-private deal, ECAP looks fully valued; Prefer LCSWOLFI| OLFI confirms new price increase to support FY25 GPM targetABUK, EGCH, MFPC| Futures still on the rise yet correction imminent

Strategy| ELEC is well positioned to re-rate in 2026ORAS| ICC ruling on Sidra dispute significantly lower than expectedJUFO post management meeting| JUFO's growth strategy lies in concentrates capacity expansion, backward integration, and regional market entryISPH| ISPH to offload Al Haram lease, driving further deleveraging and earnings upsideCement Market | Government steps in; Reinforces our USD60/ton target. 

In today's Pre-Session Views:Strategy| If you are after total returns of 30-40% over the coming 12 months, ORWE is unlikely to meet your objectiveMACRO| Yield compression on track but our bullish view on COMI remains intact DSCW| Settlement of delayed export rebates could offer timely boost to DSCW's bottom lineVALU| Neutral impact on VALU post-FRA adjustment as focus shifts from cash to credit financingCement Market | Bagged cement prices post first decline in 2025 amid normalization

- Market Overview- Prepared by: Mayada Amin- CETA, CFTe

Strategy| PHAR may be poised for a catch-up rallyPOUL| Poultry prices hit YTD low; market dynamics set to drive price recoveryWeekly Commodities Update |   | Last Price | WoW Change, % | Brent, USD/bbl | 67.8 | -12.0% | Diesel-HSFO Spread, USD/ton | 250.6 | -24.1% | Egypt Urea, USD/ton | 401.0 | 0.0% | Polyethylene, USD/ton | 920.0 | 0.0% | Polypropylene, USD/ton | 965.0 | 0.5% | Iron Ore 65%, USD/ton | 111.4 | -1.1% | Steel/Iron Ore Spreads, USD/ton | 372.9 | 0.0% | LME Aluminum Cash Price, USD/ton | 2,595.2 | 1.3% | LME Copper Cash Price, USD/ton | 10,118.7 | 2.1% | Egyptian Retail Cement, EGP/ton | 3,958.0 | -0.2% | Steam Coal FOB Newcastle Australia, USD/ton | 106.5 | -0.1% | Orange Concentrates USD/Lbs | 2.2 | -4.1% | SMP, USD/MT | 2,775.0 | 0.0%

- Market Overview - COMI- prepared by: Mayada Amin- CETA, CFTe

Despite YTD rally, PHDC is still materially cheap. Copper/aluminum price ratio should provide solid support to EGAL.ORAS| Core business is trading for freeMCQE| Time to change our call from BUY to NEUTRALABUK,MFPC, EGCH| Urea prices surge on gas shortage, but regional ceasefire signals relief.MTIE| Bosch's factory inauguration reinforces appliances segment momentum. 

- Market Overview - COMI- ETEL- ADIB- EMFD- ISPH- prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:Strategy| POUL will likely find support in bottoming Brazilian chicken pricesDSCW Helwan facility visit| Expansion milestones validate robust growthRAYA| Ostool's exit could mark RAYA's strategic shift to core asset-light verticalsEGAL| Electricity price reduction reversal; Valuation remains intact JUFO| Merger accounting and concentrate prices weigh on margins