Al Ahly Pharos

Strategy | Four deleveraging stories that will likely outperform in 2026  Macro/CSAG | USD/EGP at 45 and CSAG above its 52W high by early 2026 if Suez Canal traffic returns to normal LCSW | Turning windfall gains into momentum SKPC | 3Q25 results signal modest operating recovery EGBE, SAUD | set for their turn amid the rerating wave of banking stocks

Strategy | PHDC stock will likely re-rate to EGP10/share before end March 2026  ETEL | Tower monetization catalyst positions ETEL for the next leg up ORHD (coastal), TMGH (inland), and EFIH (infrastructure) | EGX’s clearest bets on tourism tailwinds

In today's views Strategy | Using replacement cost as a valuation metric flags ABUK, MCQE, BONY and AMIA as outliers  ORAS | A rare case of low risk/high return Cement Sector | New licenses signal long-term confidence, but short-term price impact remains limited

In today's views Strategy | ELEC is an illiquid stock but one that you cannot afford to miss at this stage of the cycle and at current valuations  BONY | Portfolio skewed towards tier-1 office space to narrow NAV discount JUFO | Bearish on concentrates, bullish on JUFO EKHO | Executing on capital recycling strategy 

In today's Pre-Session Views: Strategy | CSAG and CCAP (post issuance of new shares) are our most favored direct exposures to a likely reopening of the Strait of Bab El Mandab Cement Sector | Gaza ceasefire and new incentives reshape supply-demand outlook F&B | Sector rotation time for F&B players; Overweight

Strategy| A simple methodology to assess whether CCAP is cheap or not QNBE| Solid fundamentals and potential for increased payouts should overshadow the stock's illiquidity discount GBCO| 4Q25 securitization gains ignite GBCO’s growth trajectory 

In today's Pre-Session Views: Strategy | Alumina - aluminum spread soars to USD2,400/ton to form a perfect start to EGAL fiscal year Cement Sector | Local sales record strongest rally in over a decade

In today's views Strategy | OPEC+ is seemingly pulling Brent below USD60/bbl and EGP assets are standing out as outright winners  SAUD’s MTO on ATLC | Synergy-driven value creation at the doors, with AMIA as a key beneficiary    

Strategy | The pricing of listed F&B companies in Egypt reveals POU, feta plays and JUFO should outperform until mid 2026. EFIC | Strategic JV with state miners reinforces long-term growth and sector recovery ISPH | Poised to surpass management guidance; Overweight 

In today's views Strategy | ORAS stuck around the AED35/share mark and this price level is far from random MACRO | Absence of major inflation shocks during September and an unusually high real rate provide ample room for another 1-2% rate cut today EFID | MCAP rose by EGP6 billion during a single month to EGP28 billion. Even a GCC listing does not justify this valuation BONY | The story behin...

In today's Pre-Session Views: Strategy | ISPH crosses the EGP11/share mark as investors eye three near-term catalysts Fertilizer Sector | P-fertilizers lead, N-fertilizers catch up: Policy shifts and cyclical upside ahead

Strategy | CSAG may retest its 52W high of EGP36/share if Gaza peace plan is executed as planned.  AMIA | Clean, clear and cheap  ETEL| Trading at 52W high; hold your positions for a structural rebound BONY | Management’s reassuring tone should build confidence, yet unlocking full value could be contingent on one of three catalysts Building Materials | Gaza reconstruction to ignite multi-material...