Al Ahly Pharos

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 Mandab Cement Sector | Gaza ceasefire and new incentives reshape supply-demand outlook F&B | Sector rotation time for F&B players; Overweight

Strategy| A simple methodology to assess whether CCAP is cheap or not QNBE| Solid fundamentals and potential for increased payouts should overshadow the stock's illiquidity discount GBCO| 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 year Cement Sector | Local sales record strongest rally in over a decade

In today's views Strategy | 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 recovery ISPH | Poised to surpass management guidance; Overweight 

In today's views Strategy | ORAS stuck around the AED35/share mark and this price level is far from random MACRO | Absence of major inflation shocks during September and an unusually high real rate provide ample room for another 1-2% rate cut today EFID | MCAP rose by EGP6 billion during a single month to EGP28 billion. Even a GCC listing does not justify this valuation BONY | The story behin...

In today's Pre-Session Views: Strategy | ISPH crosses the EGP11/share mark as investors eye three near-term catalysts Fertilizer 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 rebound BONY | Management’s reassuring tone should build confidence, yet unlocking full value could be contingent on one of three catalysts Building Materials | Gaza reconstruction to ignite multi-material...

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

In today's Pre-Session Views: Strategy | OPEC+ output hikes will likely support CCAP rally in 2026 ORAS | OCI merger economics hinge on cash versus swap ratio ABUK | 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 max F&B | Stocks rally on DOMT-Arla deal hopes TAQA | Ambitious expansion drive across power, water, and gas MBSC | 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 pi EFIH | Overweight a direct exposure to key 2H25 and 2026 themes MTIE| 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 started Pharma Distribution | Webinar takeaways from Pharma Overseas ETRS | NOSCO merger implies deeper value unlock