Al Ahly Pharos

In today's views Strategy | EFID versus ADIB. A valuation anomaly that deserves attention MACRO | August inflation print is perfectly in line with expectations, maintaining our bias towards further easing till year-end OLFI | More than just another feta company   FERC | Trading opens at IFA FV of EGP45.6/share, but pre session bids are pushing the stock towards our FV estimate of EGP72/share...

In today's Pre-Session Views: Strategy | OIH stock is on fire and it is not another "pump and dump" trade. It is a quasi SPAC CPME | Insights from Our Roundtable with CPME EGCH | OGM to discuss potential sale of ABUK stake ORAS | Modon’s Ras El Hekma tender, an opportunity for Egyptian contractors 

Strategy | Short carbs, long protein ETEL | Helios Investments binding offer to acquire a majority stake in RDH confirms deleveraging path and reinforces our positive outlook going forward SKPC | Price cut to hit margin, yet higher volumes may offset

Strategy | What are corporate CEOs doing to trigger the next leg up?  EGAL | MoU with Alba marks step toward vertical integration and margin stability 

In today's Pre-Session Views: Strategy | Alert to unsuspecting retail investors: Do not buy into the small cap frenzy ETEL’s inflection year | Peak capex behind and deleveraging ahead; position for a structural rebound in FCF ABUK | Valuation dislocation versus peers and replacement economics PHDC | Does PHDC generate positive operating cash flows? ISPH | Distributor model best positioned ami...

In today's Views:  Strategy | Another "pump and dump" trade is sweeping "flour milling firms" and another crash is imminent. DSCW | Volumes ramping up, margin recovery in sight CLHO | Delivering growth; accumulate the stock

In today's views Strategy | A burst of the "land reclamation bubble" should not impact fundamentally-solid stocks POUL | Broiler prices remain low for the second months in a row but that does not alter our positive view on POUL MCRO | Early turnaround signs, waiting for 3Q catalyst ISPH | UPA dues unlock FCF; Overweight your positions ABUK | 10% dividend yield on resilient FY24/25

Strategy | Five inflation prints and three MPC meetings left until end of 2025. What to expect?  ELEC | 2Q25 weak as expected; growth projects and lower rates underpin outlook ABUK | Sector catalyst: potential shift to cash subsidies BMIC | El Ashry raises offer, valuation in line with peers

In today's views Strategy | TALM may be amongst the top performers within defensives over the coming 16 months EGCH | FY24/25 results: strong core performance, but valuation stretched MCRO | Recovery story with strategic optionality 

Strategy | Five market moving events will likely drive the index towards the 40k mark by end 2025/early 2026 ORAS | Another solid quarter, backlog growth supports outlook EFIC | 1H25 results show significant margin pressure, 3Q25 outlook remains challenging CSAG | FY24/25 results resilient; discount to ALCN offers upside opportunity; DCCC revaluation adds further upside ACRO | Voluntary delisting:...

In today's Views:  Strategy| PHDC to join the list of winners if the CBE opts for a 2% plus rate cut on 28 August. ISPH | Arrears inflow to ease working capital; reiterate top pick

In today's Pre-Session Views: Strategy | KPIs show that EGAL 4Q NPM compression was driven by a one-off expense/loss. NBFI’s | Clear structural winners as Egypt eases monetary policy MTIE | Positive developments reaffirm our FV of EGP12.4/share by end-2025; Tata’s manufacturing plans to shape the story thereafter DSCW | Volumes drive 2Q25 growth, margins temporarily capped by expansion; but g...

Strategy | A strong EUR triggers aluminum price rally - reiterate long EGAL position Healthcare & pharma | Beneficiaries of a potential policy rate cut CICH | Earnings momentum builds; Market mispricing persists