Al Ahly Pharos

In today's Pre-Session Views: Strategy | Banque Du Caire peer trade will likely trigger another 10-20% rally in COMI, CIEB and ADIB during 3Q25. ABUK undervalued despite sector headwinds; MFPC justifies premium

In today's views Strategy | KIMA outshines peers - ABUK may follow COMI | Riding YTD 11% growth ahead of 2Q25 results

Strategy | At an EV/sqm of EGP94k, BONY is valued at a discount to peers EFIH | Tourism momentum will flow through the numbers  ABUK | Catalysts surface to potentially unlock Egypt's forgotten fertilizer beast ATLC | Fair value anchored by solid capital base and expanding product mix 

Strategy| GBCO - Nostalgia and fundamentals rank the name as a SUPER STRONG BUY Macro| Dovish CBE language suggests that an August rate cut (up to -2%) is likely Cement Market| Short-term pain, long-term fix; Export quota now the most likely trigger for price decline DSCW| News Flow Reinforces Egypt’s Rise as a Regional Hub for Ready-Made Garment Exports — DSCW Well-Positioned to Capitalize SKPC |...

Strategy | Regardless of today's MPC outcome, odds are in favor of cumulative 4-5% rate cuts during 2H25 BONY | A follow-up on BONY. What we like and do not like QNBE | Took the deepest dive, down 12% YTD, despite solid results

Strategy | Market intelligence - Launch of Ras El Hekma should unlock IMF funding and inflate ORAS and ELEC valuations RMDA | Acquisition of high-margin chronic disease molecule reinforces strategic outlook and FY25 targets BONY | Discounted entry and an above average rent yield — but dividend void and cashflow thinness limit appeal ETEL | 12M rally = cost of equity GBCO | Another management call...

Strategy| Placing KIMA under watch DSCW| Decline in Turkey’s apparel exports highlights shift to Egypt, reinforcing our bullish outlook on DSCW DGTZ| A Nilex-born telecom contractor, riding on a concentrated c. EGP500 mn contract Weekly Commodities Update  |   | Last Price | WoW Change, % | Brent, USD/bbl | 68.3 | 0.8% | Diesel-HSFO Spread, USD/ton | 336.6 | 34.3% | Egypt Urea, USD/ton | 455.0 | 0...

EGX30, MTIE.CA, CICH.CA

EGX30, EFIH, EGAL, FWRY, ISPH, AMIA, BINV, CICH, COSG

Strategy| AMIA/ATLC arbitrage under watch Macro/commodities| OPEC+ output hike + Trump bias to black energy is outright positive to Egypt macro FWRY| Ignore interest rate and keep an eye on electricity prices’ impact on throughput Ceramics| Without a take-private deal, ECAP looks fully valued; Prefer LCSW OLFI| OLFI confirms new price increase to support FY25 GPM target ABUK, EGCH, MFPC| Futures s...

Strategy| ELEC is well positioned to re-rate in 2026 ORAS| ICC ruling on Sidra dispute significantly lower than expected JUFO post management meeting| JUFO’s growth strategy lies in concentrates capacity expansion, backward integration, and regional market entry ISPH| ISPH to offload Al Haram lease, driving further deleveraging and earnings upside Cement Market | Government steps in; Reinforces ou...

In today's Pre-Session Views: Strategy | If you are after total returns of 30-40% over the coming 12 months, ORWE is unlikely to meet your objective MACRO | Yield compression on track but our bullish view on COMI remains intact  DSCW | Settlement of delayed export rebates could offer timely boost to DSCW’s bottom line VALU| Neutral impact on VALU post-FRA adjustment as focus shifts from cash...

- Market Overview - Prepared by: Mayada Amin- CETA, CFTe

Strategy| PHAR may be poised for a catch-up rally POUL| Poultry prices hit YTD low; market dynamics set to drive price recovery Weekly Commodities Update  |   | Last Price | WoW Change, % | Brent, USD/bbl | 67.8 | -12.0% | Diesel-HSFO Spread, USD/ton | 250.6 | -24.1% | Egypt Urea, USD/ton | 401.0 | 0.0% | Polyethylene, USD/ton | 920.0 | 0.0% | Polypropylene, USD/ton | 965.0 | 0.5% | Iron Ore 65%,...

- Market Overview  - COMI - prepared by: Mayada Amin- CETA, CFTe

Despite YTD rally, PHDC is still materially cheap.  Copper/aluminum price ratio should provide solid support to EGAL. ORAS| Core business is trading for free MCQE| Time to change our call from BUY to NEUTRAL ABUK,MFPC, EGCH| Urea prices surge on gas shortage, but regional ceasefire signals relief. MTIE| Bosch’s factory inauguration reinforces appliances segment momentum. 

- Market Overview  - COMI - ETEL - ADIB - EMFD - ISPH - prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views: Strategy | POUL will likely find support in bottoming Brazilian chicken prices DSCW Helwan facility visit| Expansion milestones validate robust growth RAYA | Ostool's exit could mark RAYA’s strategic shift to core asset-light verticals EGAL | Electricity price reduction reversal; Valuation remains intact  JUFO | Merger accounting and concentrate prices weigh...