Al Ahly Pharos

- Market Overview - COMI- JUFO- UEGC- GGCC- AMER- MOIL- VLMR - MTIE - ORWE- RMDA- ORAS- HELI- AMOC- ACAMD- CNFN- Prepared by: Mayada Amin- CETA, CFTe 

- Market Overview - COMI- ADIB- RMDA- EGTS- MTIE- ORWE- GGCC- TAQA- KABO- ETRS- MEPA- MCQE- MBSC- ELSH- AMER- Prepared by: Mayada Amin- CETA, CFTe 

- Market Overview - COMI- ADIB- BTFH- GBCO- HRHO- ISPH- RMDA- CLHO- PHAR- ORWE- ABUK- MFPC- ELSH- AMER- UEGC- SUGR- SVCE- MCQE- Prepared by : Mayada Amin- CETA, CFTe 

- Market Overview - COMI- ABUK- MFPC- SKPC- ISMQ- MICH- PRCL- SVCE- MBSC- MCQE - ATLC- VLMR- ISPH- RMDA- PHAR- CLHOprepared by Mayada Amin- CETA, CFTe 

- Market Overview - COMI- HRHO- ADIB- EGAL- SDTI- ACAMD - ACGC- ISMQ- COSG- RREI- UEGC- PRCL- ABUKPrepared by: Mayada Amin- CETA, CFTe 

- Market Overview - COMI- ABUK- MFPC- SKPC- AMOC- RAYA- ACAMD- OIH- ISMQ- CLHO- EGAL- SDTI- GBCO- COSG- CSAG- Prepared by: Mayada Amin-CETA, CFTe

- Market Overview - COMI- RAYA- MFPC- BTFH- Prepared by: Mayada Amin, CETA, CFTe 

- Market Overview - ISMA- KRDI- ECAP- ASPI- CSAG- COSG- GBCO- ORWE- ORHD- VLMRA- prepared by: Mayada Amin- CETA, CFTe 

- Market Overview - OLFI- JUFO- PHAR- GBCO- ELEC- ORHD- KRDIPrepared by: Mayada Amin- CETA, CFTe 

- Market Overview - COMI- ATLC- ELSH- JUFO- MEPA- MEPA- MPRC- ALUM- VLMR- CNFN- DOMT- CSAG - BTFH- PRCL- EGTS- ORHD- HRHO- ORAS- TMGH- EAST- prepared by: Mayada Amin-CETA, CFTe

Market Overview - COMI- GBCO- ALUM- ORHD- RACC- ARVA- VLMR- VLMRA- ABUK- EGAL- SUGR- TAQA- CNFC - ORAS - ASCMPrepared by: Mayada Amin- CETA, CFTe 

- Market Overview - COMI- TMGH- AMOC- FWRY - VLMR- VLMRA- MEPA- RMDA- KRDI- ABUK- EGAS- ZEOT- QNBE- CLHO- MTIE- ECAP - Prepared by: Mayada Amin- CETA, CFTe 

- Market Overview -  COMI- HRHO- CCAP- BTFH- TMGH- ORHD- RMDA- ETRS- UEGC- EGAS- ORWE- ABUK- SDTI- SUGR- MEPA- EFID- Prepared by: Mayada Amin- CETA, CFTe 

- Market Overview - COMI- CIEB- ORWE- MPRC- ACGC- TAQA- VLMRA- SUGR- ISMQ- ATLC- EMFD- HELI- JUFO- MASR- EFID- SDTI- Prepared by: Mayada Amin CETA, CFTe

- Market Overview - prepared by: Mayada Amin- CETA, CFTE 

- Market Overview - COMI- GBCO - HELI- ZMID- ACGC- OLFI- CLHO- JUFO- SDTI- SPMD- CNFN- EFID- Prepared by: Mayada Amin - CETA, CFTe 

- Market Overview - COMI- EGAL- KRDI- OLFI- HELI- ASPI- OCDI- EXPA- PHAR- EMFD- ACGC- JUFO- EGTS- Prepared by: Mayada Amin- CETA, CFTe

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

- Market Overview - prepared by: Mayada Amin, CFTE, CFTe

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

Strategy | Benign November inflation figure should unlock another 100 bps Christmas day policy rate cut.ELEC | Earnings soft patch but medium-term re-rating intactUrea | US LNG surge crushes European gas; urea downside risks increaseABUK | McKinsey roadmap to unlock efficiency and ensure CBAM compliance 

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

Market Overview -EGX30-EGX70prepared by: Mayada Amin- CETA, CFTe

In today's viewsStrategy | Cracks are appearing in "ancient economy" flour milling stocks and investors are advised to exercise cautionETEL | 2025 multiples are now on par with the historical TTM; 1Q26 data centers' sale completion marks a step toward 7-9xBINV | A story of corporate actions and value creation reinforced by 9M25 performance

In today's viewsStrategy | Reiterating small-cap pharma call: Nile Pharma bubble crashed and Memphis Pharma will likely outperform in 2026MFPC roundtable takeaways | Structural export advantage reinforced, limited CBAM risk, and clear investment path ahead​CICH | 9M25 resilience underscores our EGP13/share fair valueTWSA | Preliminary indicators show promising growth in factoring

In today's viewsStrategy | MCRO 19% share price rally has pushed 2026 earnings multiples to sector average. Time to exercise caution. MFPC | Urea prices likely to decline as cost curve shifts

*Key Views for today*Strategy | Tuk Tuk replacement program is outright "Qute" for GB Auto, GB Capital and financial inclusion.ISPH | Government arrears clearance eases working-capital pressure; valuation remains attractiveMPRC | Eyeing a potential land monetization story as Egypt announces a new media city near the pyramids.ALCN | ADP's move goes beyond a stake; Strategic control, port integration, and multi-market synergies

In today's Pre-Session Views:Strategy | Spinney's Egypt deal and the simple math of value show that ISPH should be trading at EGP15/shareADIB | The simple math of a capital increaseJUFO | Export mix reweighting and positioning for 2026 volume recoveryEKHO | Results call highlights new UK pyrolysis project; operational resilience and capital recycling underscore upside potentialORWE | Maintains 2025 guidance, discusses restructuring and dividends; we remain neutral on 2026 outlook

In today's viewsStrategy | DOMT, OLFI, JUFO and AMIA under the microscope as Arla deal is recalled to lifePHDC | Management confirms Abu Dhabi project to be launched during 1Q26ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what's not?

In today's viewsStrategy | Nile Pharma (NIPH) is closing in on Rameda and this may trigger arbitrage opportunitiesISPH | The decline in ISPH stock price yesterday confirms that 3Q25 results are strong.VALU | 9M25 bottom line is consistent with a full year target of EGP750 million ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what's not?MFPC | 3Q soft on volumes and  FX, but gas policy shield supports premium  EGCH | Resilient margins supported by pricing; operational recovery yet to showEKHO | 3Q25: On track for full-year guidance; 4Q25 poised for stronger finishLCSW | Economies of scale drive strong 3Q25; weak 4Q25 to derail EGP360m earnings targetORWE | Improved 3Q25 puts ORWE on track to meet revised 2025e guidance

In today's viewsStrategy | TAQA Arabia is a cash-generating utility company that is dressed up as a growth companyTAQA | On track to post a bottom line in excess of EGP1 billion in 2025 but valuation multiples are a bit stretchedETEL 3Q25 | On the verge of a decisive turnaround: 1) 2025 is set to exceed expectations, 2) net debt has fallen below EGP70 billion mark, 3) capex/sales is now below 30%, and 4) Helios Towers has shown in ETEL's towers, maintain BUYFWRY 3Q25 | Profits of EGP839 million (in line) are no longer an ADP story – new business lines are now driving growth, maintain BUYEFIH 3Q25 | Profits of EGP747 million (in line) successfully closes a chapter in 2025 and puts all eyes on 2026 as EFIH prepares for a new growth story, maintain BUYATLC | 9M25 bottom line is consistent with a full year target of EGP267 million after taking 4Q25 securitization gains into accountMBSC | Leads cement rally, but margin gains may not be replicable Leads cement rally, but margin gains may not be replicableALCN | Stronger EGP keeps 1Q25/26 results muted; CSAG remains our preferred exposureECAP | 3Q25 results show solid improvement; Export momentum supports 2026 outlook

In today's viewsStrategy | The most hated EGX30 constituent is due for a 10% reboundISPH | The company should consider the release of bad news if good news is value destructivePOUL | It is not chicken that investors are after. It is the net cash balanceEgyptian Banks | Imminent rerating of banking stocksSUGR | Sugar import ban to ease inventory pressure, limited price impact expected; maintain Underweight positionRMDA | Low base recovery in 3Q, but FY25 target looks challenging; reiterate Underweight recommendationETEL, FWRY, and EFIH | The government is leading the conversion story; overweight three of our top ten picks in 2026

In today's Pre-Session Views:Strategy | COMI is not rallying in a vacuum. It tracks GCC peers EFID | 3Q25 results are strong but valuation is slightly stretched versus peersJUFO | Milking the coreEFIH | Management sets upbeat tone and outlines three strategic pillars: private sector penetration, growing government-related verticals, and offshore expansion

In today's viewsStrategy | GBCO has become the authorized dealer of Li Auto and this may partially offset weakness in Iraq and JordanMACRO | October inflation print is milder than expected and will likely pave the way for a 1-2% December rate cutCSAG | Re-rating underway; scope for further upside versus ALCNEGCH | Resilient margins supported by pricing; operational recovery yet to showORWE | Polypropylene hits 5-year low; multiple tailwinds building for 2026Fertilizers | P-fertilizers spread divergence highlights sector rotation potential in 2026

Strategy | Three stocks have tied the knot and they will all look at Tabby and MNT-Halan IPOs for clues. ADIB | Growth first, payouts secondETEL | Global cable investments are doubling and red sea tensions eased. Another catalyst joins three game-changers pushing ETEL to EGP85/share over 12 monthsEFIH 3Q25 expectations | Profits of EGP700 million will lock in targets and push share price to EGP21 over 12 months– catalysts are crystal clearMFPC | Weak quarter expected amid gas cuts, but valuation premium remains justified

In today's viewsStrategy | October 2025 inflation print will likely keep policy rates unchanged on 20 November 2025 but the likelihood of a December rate cut has increased  ISPH | Market diversification and rate sensitivity drive robust 2026 earnings outlookDSCW | Helwan expansion gaining traction with latest land acquisitionCement Sector | New capacity approvals highlight long-term confidence, short-term price impact remains limited ORAS | MSCI inclusion reinforces ADX re-rating thesis

In today's Pre-Session Views:Strategy | Eyeing three imminent stock-moving corporate actions  ETEL | Chasing its legacy multiples: What could push towards 8-9x and EGP85/share? Lessons from regional peers: P/E vs capex/sales, D/E, and capex/CFEFIH | Four momentums in a week drove 35% of the YTD performance – an exposure worth keeping for 2026CCAP | ERC debt will stand at c.USD800 million by 2Q26; clearing the path for potential dividendsORAS | Completion of ADGM re-domiciling reinforces strategic shift after ADX listing