Al Ahly Pharos

- Market Overview  - MPRC - ZMID - AFDI - JUFO - CIRA  - prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:  Strategy| Market intelligence confirms Jirian contribution to PHDC value is minimal Macro| May 2025 inflation to hover around 15% on base effect CSAG vs ALCN| Post calling management of both firms, we continue to favor CSAG over ALCN RMDA| Strong FY25 ahead for RMDA, with growth momentum, molecule acquisition, and benefit from rate cuts TMGH conference call| Pot...

- Market Overview  - ADIB - EGAL - ETEL - ORAS - Prepared by: Mayada Amin- CETA, CFTe 

In today's Pre-Session Views:  Strategy| Jirian impact on PHDC is contingent on deal metrics ETEL| Vodafone Egypt - MNOs cashflows giant remains a key value driver for ETEL CSAG management call| AD ports agreement and recovery in Suez Canal traffic shall pave the way for a better performance Weekly Commodities Update  |   | Last Price | WoW Change, % | Brent, USD/bbl | 63.9 | -1.4% | Diesel-H...

- Market Overview  - GBCO - TMGH - CCAP - CIEB prepared by: Mayada Amin- CETA, CFTe

Strategy| Maintain UW commodity plays ex EGAL on gas shortage, gas price, OPEC and a strong EGP MTIE| How much is MTIE’s Basata ePayments at 20% discount to FWRY? MCQE| Factors to consider ahead of 1Q25 results POUL| Brazil’s bird flu outbreak drives short term uncertainty in Egypt’s poultry prices CICH| Hidden value in CICH obscured by illiquidity drag

- Market Overview  - COMI - CIEB - TMGH - EGAL - HRHO - HELI - Prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:  Strategy | HRHO at EGP31/share is closer to a SELL ATLC | ATLC is a rare cash cow within the universe of bank and NBFIs but its valuation largely reflects its story.  ISPH | Management call reinforces our positive view  JUFO | Expanding concentrates capacity remains value accretive but materially lower juice prices makes us less excited on the stock at the curre...

- Market Overview  - COMI - HRHO - ORHD - TMGH -.prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:  Strategy| Property stocks to outpace banks during 2H25 HRHO| Key Takeaways from EFG Hermes Group Presentation on ValU ETEL| Positioned to benefit from interest rate cuts  ORAS| A solid start to the year, 1Q perfectly in line with estimates 

- Market Overview  - COMI - TMGH - ORHD - ISPH - JUFO - prepared by: Mayada Amin- CETA, CFTe

Strategy| PHDC ranked top pick as Abu Dhabi project is estimated to add around EGP15/share to FV estimate ABUK, EKHO, MFPC, KIMA, LCSW, ECAP| Egypt’s planned LNG imports signals higher gas prices and challenges industrial margins HRHO| Should we purchase HRHO at EGP30 ahead of the ValU IPO? EFID | Steady but tepid start to a year lacking momentum

- Market Overview  - HELI - PHDC - ZMID - IFAP - SUGR - prepared by: Mayada Amin- CETA. CFTe

In today's Pre-Session Views:  Strategy| Out of all commodity and F&B plays, EGAL and SUGR continue to stand out JUFO| potential non-core asset sale to support liquidity and profitability MBSC| Signals Commitment to Shareholders with Robust FY24 Dividend EFIH| A direct beneficiary of Egypt’s tourism boom RAYA| Keep an eye on EGX’s diversified conglomerate – another beneficiary of interest...

- Market Overview  - EFIH - EMFD - PHDC - ORWE - preaching by: Mayada Amin- CETA, CFTe

Strategy| Corridor at 20% by end 2025 favors the likes of ISPH Macro| CBE tone is categorically dovish ISPH| 3.25% policy rate cut YTD boosts pre-tax income by EGP100 million during 2H25 EFIH and FWRY| At circa 40% of net income, interest income under watch post CBE second policy rate cut

- Market Overview  - HRHO - EFIH - ALCN - PHAR - HELI prepared by: Mayada Amin- CETA, CFTe

In today's Pre-Session Views:  Strategy| Flagging concerns over the outlook for ceramics and urea players LCSW| Pharos Views on LCSW Post Management Call: Another 2 quarters of soft performance before a meaningful recovery builds momentum during 4Q25 Heads up: Market intelligence suggests a natural gas price hike is imminent and urea players will not be able to fully offset margin impact MCQE...

- Market Overview  - HRHO - BTFH - ALCN - EFIH - ADIB - prepared by: Mayada Amin- CETA, CFTe

*Key fundamental views for today* Strategy| While eyes are dazzled by NBFI rally, build positions in EGAL BINV| Cash + At the Money Call Options POUL| Resilient amid high sector mortality rates EKHO holds steady as gas disruption offset by strong earnings, dividend pledge

- Market Overview  - BTFH - GBCO - ISPH - ETEL - MTIE - prepared by: Mayada Amin- CETA, CFTe

Strategy| PHAR as an ideal EGP appreciation antidote Macro| CBE expects the disinflationary path to continue in 2026 Macro| MoF issued 5-year bonds after a 2-year halt BTFH shaping up to become a pan EM "Lendor"

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

Strategy| HRHO rally opens gate for arbitrage opportunities Macro| Active interbank is a telltale of foreign inflows - Positive for USD MTIE 1Q25| On track to meet full-year estimates, exceeding estimates is contingent on Saudi and auto sales performance TMGH| Another mispriced stock whose MCAP overlooks more than just land bank ORWE| Revenues stall and margins tighten, signaling a tough FY25 perf...

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