Al Ahly Pharos

In today's Pre-Session Views:Strategy | ISPH crosses the EGP11/share mark as investors eye three near-term catalystsFertilizer Sector | P-fertilizers lead, N-fertilizers catch up: Policy shifts and cyclical upside ahead

Strategy | CSAG may retest its 52W high of EGP36/share if Gaza peace plan is executed as planned. AMIA | Clean, clear and cheap ETEL| Trading at 52W high; hold your positions for a structural reboundBONY| Management's reassuring tone should build confidence, yet unlocking full value could be contingent on one of three catalystsBuilding Materials | Gaza reconstruction to ignite multi-material demand

In today's viewsStrategy | At EGP3.7/share, BONY is worth a second look.CIEB | A room for a 50% gain just to close an obvious dividend arbitrageCOMI | Bonus shares and payout talks to boost price performanceAMOC | Reliable high yield with cyclical margin catalyst aheadCSAG | Dividend yield strong, valuation anomaly persists

In today's Pre-Session Views:Strategy | OPEC+ output hikes will likely support CCAP rally in 2026ORAS | OCI merger economics hinge on cash versus swap ratioABUK | EGP6/share dividend cements top-pick status amid sector re-rating

Strategy | Three reasons why time is ripe to stretch COMI OW position to its maxF&B | Stocks rally on DOMT-Arla deal hopesTAQA | Ambitious expansion drive across power, water, and gasMBSC | Treasury share cancellation signals management conviction

Strategy | ABUK versus ALCN. Which one will likely outperform until year-end? ABUK, MFPC, EGCH, EKHO | Direct subsidy and lower quota unlock pricing upside; ABUK remains top piEFIH | Overweight a direct exposure to key 2H25 and 2026 themesMTIE| How much is MTIE's Basata ePayments at a 25% discount to FWRY?

In today's Pre-Session Views:Strategy | The second stage of CCAP capital increase ends today and the wait-and-see game has just startedPharma Distribution | Webinar takeaways from Pharma OverseasETRS | NOSCO merger implies deeper value unlock

Strategy | DSCW is back to where it was almost 3 months ago and it is an unjustified pullbackORAS | Merge with OCI could set stage for Sawiris asset rotationDSCW, ORWE | Rebate rollout begins, earnings support visible in 2H25

Strategy | EGAL will likely find a solid valuation benchmark post Emirates Global Aluminum IPO. JUFO | Ex-Egypt strategy to double revenues; AccumulateABUK, MFPC, EGCH, EKHO | Government adjusts quotas and gas prices in a mixed policy shiftLCSW | Natural gas tariff hike looms, impact largely anticipated

Strategy | Fed rate outlook raises odds of 2-3% cumulative rate cuts in Egypt until end 2025EKHO | Sprea Misr factory visit highlights integration and scale DSCW | Site visit highlights Helwan progress and 3Q tailwinds

In today's viewsStrategy | Aluminum prices are surging on a global supply squeeze and EGAL remains an obvious winnerMFPC | Management reaffirms operational stability and dividend-focused policyVALU | VALU signals opportunity amid market volatility

Strategy | OLFI will likely enjoy another tailwind in addition to a long list of tailwinds in 2026DOMT | Spin-off sets stage for Arla to acquire DOMT; sector rerating to followMarket Intelligence | Alameda deal affirms CLHO undervaluation

Strategy| CCAP is likely approaching its medium-term bottom.ABUK, MFPC, EGCH, EKHO| Urea price correction reflects supply normalizationEGAL| Provisions weigh on 4Q earnings, 5.2% dividend yield proposed

Strategy | Longterm investors cannot afford to be UW JUFO and OLFINIPH | Small cap with potential large growth aheadORAS | ADX listing supports rerating; Egypt pricing gap likely to narrowORWE | Discounts and rebates set to support 2H25 earningsAMIC | Diversified portfolio, strong cash flows with growth optionality ETRS | NOSCO merger expands fleet, multiples set to compress 

In today's Views: Strategy | September inflation rate may dip to c. 10% and the likelihood of 2-3% cumulative rate cuts until year-end is now close to 90%MTIE| No Basata Abu Dahbi transaction in 2025; investments remain a 2026 storyFERC | Strong debut, hits limit up as expectedMCRO | Capital increase to fuel growth and deleveragingISPH | Dividend signals expanding free cash flow; reiterate BUYGBCO | Our high-conviction call: entry point too attractive to miss

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