Al Ahly Pharos

In today's viewsStrategy | Exports push ISMQ stock price to a record high and US-China deal may sustain the momentum in 2026EFIH | GEM's opening and Egypt's tourism-fiscal themes can't be ignored — we add EFIH to our high-conviction listISPH | 3Q25 expectations: steady progress toward a breakout year in 2026OLFI | 3Q25 expectations, resilient quarter, catalyst ahead

Strategy | ISMQ is a potential exposure to China recovery but no verdict until we meet with managementSAUD | Leveraging NBFI growth and strong fundamentals EGCH | Land sale further signals clear focus on deleveragingDSCW | Textile relocation wave positions DSCW as a key beneficiary in 2026

Strategy | We are buyers of every dip in Memphis PharmaWe are buyers of every dip in Memphis PharmaRAYA/RACC | RAYA/RACC acquisition is now most likely to go through at RAYA's revised price of EGP9.0/share, exactly at the midpoint of our previously communicated price rangePHAR | EIPICO III delay extends visibility gap, rotation toward MPCI and RMDAAMOC | Shareholder rotation reflects profitability headwindsEGAL | Riding the aluminum wave

In today's Pre-Session Views:Strategy | IRON share price reflects a 50:50 chance of monetizing 8 million sqm of land within the coming 12 monthsDSCW | Appoints IFA to value Helwan land ahead of expansion plan

In today's Pre-Session Views:Strategy | RACC will like trade within EGP8.5 to EGP9.5/share until RAYA announces the next moveDSCW | Textile modernization and FDI inflows bolster DSCW's strategic positioning should overshadow the stock's illiquidity discountP-fertilizers | Foreign capital reinforces Egypt's strategic role in phosphate fertilizersPharma | MPCI leads Egypt's pharma rally with further upside potentialMCQE | 3Q25 cement sales figures confirm MCQE as our top pick

In today's viewsStrategy | EGP17.5/l diesel sends an all-clear signal to MPC beyond 2025 ETRS | We are bullish on Egytrans/NOSCO mergerWe are bullish on Egytrans/NOSCO merger

Strategy | Four deleveraging stories that will likely outperform in 2026 Macro/CSAG | USD/EGP at 45 and CSAG above its 52W high by early 2026 if Suez Canal traffic returns to normalLCSW | Turning windfall gains into momentumSKPC | 3Q25 results signal modest operating recoveryEGBE, SAUD | set for their turn amid the rerating wave of banking stocks

Strategy | PHDC stock will likely re-rate to EGP10/share before end March 2026 ETEL | Tower monetization catalyst positions ETEL for the next leg upORHD (coastal), TMGH (inland), and EFIH (infrastructure) | EGX's clearest bets on tourism tailwinds

In today's viewsStrategy | Using replacement cost as a valuation metric flags ABUK, MCQE, BONY and AMIA as outliers ORAS | A rare case of low risk/high returnCement Sector | New licenses signal long-term confidence, but short-term price impact remains limited

In today's viewsStrategy | ELEC is an illiquid stock but one that you cannot afford to miss at this stage of the cycle and at current valuations BONY | Portfolio skewed towards tier-1 office space to narrow NAV discountJUFO | Bearish on concentrates, bullish on JUFOEKHO | Executing on capital recycling strategy 

In today's Pre-Session Views:Strategy | CSAG and CCAP (post issuance of new shares) are our most favored direct exposures to a likely reopening of the Strait of Bab El MandabCement Sector | Gaza ceasefire and new incentives reshape supply-demand outlookF&B | Sector rotation time for F&B players; Overweight

Strategy| A simple methodology to assess whether CCAP is cheap or notQNBE| Solid fundamentals and potential for increased payouts should overshadow the stock's illiquidity discountGBCO| 4Q25 securitization gains ignite GBCO's growth trajectory 

In today's Pre-Session Views:Strategy | Alumina - aluminum spread soars to USD2,400/ton to form a perfect start to EGAL fiscal yearCement Sector | Local sales record strongest rally in over a decade

In today's viewsStrategy | OPEC+ is seemingly pulling Brent below USD60/bbl and EGP assets are standing out as outright winners SAUD's MTO on ATLC | Synergy-driven value creation at the doors, with AMIA as a key beneficiary    

Strategy | The pricing of listed F&B companies in Egypt reveals POU, feta plays and JUFO should outperform until mid 2026.EFIC | Strategic JV with state miners reinforces long-term growth and sector recoveryISPH | Poised to surpass management guidance; Overweight 

In today's viewsStrategy | ORAS stuck around the AED35/share mark and this price level is far from randomMACRO | Absence of major inflation shocks during September and an unusually high real rate provide ample room for another 1-2% rate cut todayEFID | MCAP rose by EGP6 billion during a single month to EGP28 billion. Even a GCC listing does not justify this valuationBONY | The story behind the numbers: from CFO to FCFE

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