Al Ahly Pharos

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...

In today's Pre-Session Views: Strategy| PHDC investors have already shaved off the fees imposed by NUCA from MCAP. Time to rebuild long positions EFID| EFID exclusion from EGX30 supports short EFID call TMGH| SouthMed shouldn’t be exposed to NUCA fee risk ETEL| 2Q25 expectations – no surprises DSCW| (BUY- FV: EGP5.5/share) 2Q25 recovery led by volumes; margins improve q/q but remain under pre...

Strategy| GBCO next leg up hinges on a single figure in 2Q25 results - "income from associates" and Tabby-related noise. ORAS| Eyes deeper market liquidity with ADX listing shift; Dividend yield confirms our EGP500/share valuation range Cement| Syria's cement boom opens door to cross-border partnerships with Egyptian producers DSCW| Bonus share dividend approved; FV adjusted to EGP3...

Strategy | COMI at EGP130 and EGX30 at 37,000 are around the corner SUGR | Government intervention talks could ease inventory overhang, unlocking short term catalyst SCEM | Market rejects VICAT's offer, signaling higher FV ahead

In today's Pre-Session Views: Strategy | PHDC to cross EGP10/share in 2025 despite NUCA fee COMI | Discussions on higher dividends now underway! ARCC | Share buyback is meant to alter the shareholders' structure rather than deliver a valuation statement TMGH| A follow up on TMG’s value drivers - road to EGP65-70/share should be smooth 

Strategy | ISPH recent rally could be the start of a next leg up if 2Q25 surprises to the upside COMI| Strong 2Q25 performance signals potential price re-rating CICH| Buy one get one free BONY| 1Q25 doesn’t change our view: a justified discounted entry, cashflow remains under watch IFAP | Short IFAP, long EFIC on unjustified valuation gap

Strategy | EGAL on track to hit the EGP200/share mark post release of AGM minutes and surge in primary aluminum price. Libya reconstruction to unlock growth for Egyptian contractors and industrials EFID | Signs of recovery gaining momentum; management confirms positive outlook ORWE | Nothing material yet, but potential asset sale could support FY25 earnings EGCH , ABUK | Normalizing gas supply is...

Strategy| Excluding EFIC and ABUK, valuations of n and p-based exposures seem frothy TMGH| Understanding the business model - segmenting the story ECAP vs. LCSW| Another violation of the Law of One Price JUFO| Price surge in orange concentrates fuels stock performance, yet impact on earnings may be delayed MCQE| MBSC's move signals strategic play, price upside expected

Strategy| EFIH, FWRY, and GBCO violate the Law of One Price ELEC, GDWA| A holding discount opportunity ECAP| At EGP37/share, is it too late to join ECAP rally?