Al Ahly Pharos

In today's Pre-Session Views: Strategy | A quick thought on ETEL post the impressive August to date rally. Our telecoms/fintech team will publish a full valuation update on ETEL soon.  EKHO| 1H25 results: Strong earnings recovery, AlexFert driving outperformance;, 2H looks promising ARCC | Strong 2Q25 results; outlook balanced by emerging risks MBSC | 2Q25 Volumes weigh on results, 1H25 still...

In today's Views:  Strategy | August urban CPI inflation rate will likely dip to 11-12% so we raise the probability of a 3% rate cut to 50% and name the list winners.  PHDC | The market has already priced in NUCA’s fees, Jirian net cashflows partially offsets the liability PHAR | 1H25 preliminary results, strong earnings growth; EIPICO 3 catalyst awaited GBCO | 1H25 Earnings beat estimates, u...

Strategy| ISPH IH25 results draw a demarcation line between management and macro  VALU 1H25| VALU delivers robust 1H25, international expansion in focus ATLC 1H25| Steady growth, outlook intact FWRY 1H25| New services launch and organic growth should comfortably outpace policy rate cuts, beating our EGP2.7 bn for 2025 is in sight; maintain as one of our top picks for 2025 ETEL 1H25| Sound fundamen...

In today's Views:  Strategy| BONY’s GLV rises to a record high EGP17.4 billion and rental income jumps 35% y/y, but transient macro dynamics underpin bottom line contraction GBCO| Strong results ahead with focus on MNT Halan POUL| 2Q25 results in line, outlook remains bullish RMDA| Solid 2Q25, growth momentum holds SUGR| Inventory build-up pressures cash flows, 2H25 revenues likely flat ORWE|...

In today's Pre-Session Views: Strategy| Within banks, we now rank COMI as our most trusted alpha generator in 2025 TMGH, ORHD 1H25| Hospitality and recurring revenues lead growth and explains share price performance skewness towards pricing the most evident and visible segments only EGBE 2Q25|  Retail lending and CASA drive strong margins, but investor sentiment weighs on stock EFID| 2Q25 con...

In today's Pre-Session Views: Strategy | Tailwind is building up for BONY but a share price rally is contingent on expedited monetization of WOC.  Macro | The probability of a 2% rate cut on 28 August is close to 100% and the probability of a 3% cut is 50%.  OLFI | New factory on the way BTFH | First glance at BTFH earnings   ADIB | Exceeding net profit estimates amid lending volumes revival,...

Strategy | Egypt secures the bulk of its natural gas deficit until 2040 at an estimated price of USD7.6/mmbtu ABUK, MFPC, EGCH, EKHO | Long-term gas deal poised to bring stability to fertilizer sector EGAL | Gas deal secures power costs, supports double-digit dividend yield LCSW | New natural gas deal hedges key risk, preliminary fair value reaffirmed SUGR | Demand trails record-high sugar output 

In today's views Strategy | Ismailia/Misr for Poultry (ISMA) yesterday's rally is difficult to justify ORAS | Ex-dividend resilience signals stronger underlying support TMGH, ORHD, and EFIH | A play on tourism hike in 4Q25 and the Grand Egyptian Museum opening MTIE | A direct exposure to a potential home appliances’ price reduction RMDA | 2Q25 expectations & what to watch for

Strategy | Egypt is projected to host a record high number of tourists in 2025 and ORHD stands out as a compelling exppsure to this theme EFID | Valuation stretched after 40% rally, time to reduce exposure MBSC | Treasury share termination drives price, raises strategic questions BTFH | A high-risk, high reward bet with regional expansion 

Strategy | It may be ISPH month if the CBE slashes policy rates by 200 bps FERC, IFAP, ICFC | Promising first half for the new entity despite margin headwinds JUFO | Equalweight short term, Overweight long term

Strategy | The ABCs of equity valuation suggest that OLFI offers an upside potential of around 30%.  AMIA | Buy 68.4% of ATLC and literally get three 3 prime assets for free.  PHDC | Follow the footsteps of PHDC chairman and BUY the stock on dips JUFO | Trim JUFO to EW and add OLFI POUL | Initiation of coverage ranks stock a BUY (FV: EGP25.8/share) ABUK | Gas cost pricing formula clarified, top pi...

Strategy | ACTF strategic partner is not BTFH but it is still a BUY Macro | US Bureau of Labor Statistics employment figures supports our bias towards a 2% August rate cut ABUK, EGCH, MFPC, EKHO | Gas price floor hike a net positive, signals long-awaited reform; Strong urea tailwinds support earnings for our top pick ABUK LCSW | Natural gas price hike largely priced in, but downside risk remains C...

In today's Pre-Session Views: Strategy| Our analysis suggests that ACTF and BTFH may be forging an alliance to create a rival to Thndr. Growth option is not priced in ACTF market price.  CIEB| Cautious growth strategy limits profits, but stock offers 17% dividend yield RAYA| RACC MTO and Ostool divestment signal ongoing portfolio streamlining EKHO, SVCE| M&A momentum builds in Egypt’s cem...