Al Ahly Pharos

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

In today's viewsStrategy | POUL will likely hit the EGP30/share mark on parent chick prices in 3Q25, feed prices in 4Q25 and potentially exceptional dividends in 1Q26. COMI | Strong performance driven by reversed provisions paves the way for higher dividend payoutEFIH | Surge in 1QFY25/26 tax revenue continues to support EFIH rerating storyOLFI | OLFI is on track to deliver a full year net profit of EGP0.9 - 1.0 billion and we continue to expect a 30% rally in the stock price before mid 2026

In today's viewsStrategy | PHDC should launch Abu Dhabi project if recent underperformance is to be reversedEKHO | Capital recycling strategy commences as deal finalizedRMDA | Earnings miss likely in 2025; valuation leaves little room for upside

Strategy | KSA-based Tabby recent secondary share sale casts in stone GBCO status as 2026 top pickFWRY | A high-conviction exposure to signals of renewed foreign flows in EGXVALU | A top pick leveraging consumer segment exposureMTIE | MTIE's Edge/Basata agreement| Our view: replicating FWRY's MSME model could unlock hidden value in Basata MicrofinanceTMGH | GEM's opening raises Cairo and Giza hotels' occupancy to 100% and room rates by 400%DSCW | Egypt's textile exports up 24% during 9M25; DSCW maintains strong export momentumORWE | Management lowers 2025 guidance amid softer 2H recoveryCCAP | ERC margin contraction and Dina Farms losses drive consolidated net lossEFIC | Standalone revenue up 21%, but sulfur costs hit profitsABUK | Solid margins sustain earnings; 2H guidance points to recovery

In today's Pre-Session Views:Strategy | AMIA is on a tear and ATLC will likely catch up before end of 1Q26CIEB| Despite sluggish performance, stock offers 15% dividend yieldAMOC | Revenue grows, but margins contract in 1QFY25/26MBSC | 3Q25 volumes modestly rebound; 2025e net profit of EGP2 billion hinges on 4Q25 performanceOLFI | Management reaffirms growth plans; BUY rating maintained

In today's Pre-Session Views:Strategy | An easy-to-use valuation metric shows that ORAS path to the EGP600/share level is fairly smoothBTFH | CBE penalty on FAB-MISR can pull BTFH stock down by 10% at leastAMOC | MIDOR deal aims to mitigate domestic pricing pressureSUGR | Weak quarter amid oversupply; limited catalysts aheadJUFO | 3Q25 steady; 4Q to lead earnings recovery as repricing flows through

In today's viewsStrategy | Exposure to New Cairo office space puts ACTF and BONY on the radar screen until year-endEGAL | 1Q25/26 results miss estimates on margin squeeze despite resilient pricing backdropAMOC, CCAP | Refining margins get a boost as Diesel-HSFO spread widens

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