- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

Prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin-CETA, CFTe

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin-CETA, CFTe

prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

- prepared by : Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin-CETA, CFTe

-prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin, CETA, CFTe 

Prepared by: Mayada Amin- CETA, CFTe 

prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ADIB

- EXPA

- RAYA

- MCQE

- EGAL

- EAST

- JUFO

- FWRY 

- ACAMD

- ALCN

- OLFI

- Prepared by: Mayada Amin, CETA, CFTe 

- COMI

- ADIB

- CIEB

- HRHO

- RAYA

- EFIH

- EGAL

- GBCO

- ABUK

- Prepared by: Mayada Amin- CETA, CFTe 

- Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ADIB

- CIEB

- HRHO

- JUFO

- MFPC

- EFIH

- GBCO

- prepared by: Mayada Amin, CETA, CFTe 

- COMI 

- CIEB

- ADIB 

- HDBK

- SAUD

- FAIT

- EXPA

- HRHO

- BTFH

- RAYA

- EFIH

- ETEL

- TMGH

- MASR

- EMFD

- HELI

- Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- HRHO

- ADIB

- CIEB

- ETEL

- EFIH

- ABUK

- KRDI

- DSCW

- JUFO

- ORWE

-prepared by: Mayada Amin- CETA, CFTe 

- COMI

- TMGH

- FWRY

- EFIH

- ETEL

- AMOC

- JUFO

- RAYA

- ORAS

- ARCC

- GBCO

- ABUK

- MFPC

- HRHO

- Prepared by: Mayada Amin- CETA, CFTe

- COMI

- AMOC

- COSG

- EFID

- EGAL

- ELEC

- ICFC

- IFAP

- RAYA

- RREI

- SUCE

- SVCE

- TMGH

- EFIH

- EAST

- ORAS

- FWRY 

- ETRS

- BTFH

- ATQA

- ATLC

- prepared by: Mayada Amin- CETA, CFTe 

- COMI

- EGAL

- IFAP

- MCQE 

- RAYA

- prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ADIB

- ETEL

- TMGH

- HDBK

- ISPH

- RMDA

- RAYA

- PHDC

- ELEC

- ACGC

- COSG

- JUFO

- MCQE 

- EMFD

- GDWA

- Prepared by : Mayada Amin- CETA, CFTe 

- COMI

- CIEB

- HDBK

- TMGH

- ELKA

- GGCC

- CLHO

- SIPC

- ISPH

- NIPH

- BTFH

- ASPI

- JUFO

- LCSW

- EGAL

- EGCH

- IFAP

- RREI

prepared by: Mayada Amin- CETA, 

- COMI

- HRHO

- TMGH

- ZMID

- HELI

- SIPC

- CLHO

- PHAR

- EFID

- KRDI

- EAST

- AREH 

- ARCC

- MCQE 

- UEGC

- AMOC 

- prepared by: Mayada Amin- CETA, CFTe 

- COMI

- TMGH

- ETEL

- EFIH

- HELI

- PHAR

- ARCC

- EGCH

- DSCW

- AREH

- UNIP

- FERC

- EMFD

- RMDA 

- ELSH

- GBCO

- EGAL 

- Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- JUFO

- UEGC

- GGCC

- AMER

- MOIL

- VLMR 

- MTIE 

- ORWE

- RMDA

- ORAS

- HELI

- AMOC

- ACAMD

- CNFN

- Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ADIB

- RMDA

- EGTS

- MTIE

- ORWE

- GGCC

- TAQA

- KABO

- ETRS

- MEPA

- MCQE

- MBSC

- ELSH

- AMER

- Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ADIB

- BTFH

- GBCO

- HRHO

- ISPH

- RMDA

- CLHO

- PHAR

- ORWE

- ABUK

- MFPC

- ELSH

- AMER

- UEGC

- SUGR

- SVCE

- MCQE

- Prepared by : Mayada Amin- CETA, CFTe 

- COMI

- ABUK

- MFPC

- SKPC

- ISMQ

- MICH

- PRCL

- SVCE

- MBSC

- MCQE 

- ATLC

- VLMR

- ISPH

- RMDA

- PHAR

- CLHO

prepared by Mayada Amin- CETA, CFTe 

- COMI

- HRHO

- ADIB

- EGAL

- SDTI

- ACAMD 

- ACGC

- ISMQ

- COSG

- RREI

- UEGC

- PRCL

- ABUK

Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ABUK

- MFPC

- SKPC

- AMOC

- RAYA

- ACAMD

- OIH

- ISMQ

- CLHO

- EGAL

- SDTI

- GBCO

- COSG

- CSAG

- Prepared by: Mayada Amin-CETA, CFTe

- COMI

- RAYA

- MFPC

- BTFH

- Prepared by: Mayada Amin, CETA, CFTe 

- ISMA

- KRDI

- ECAP

- ASPI

- CSAG

- COSG

- GBCO

- ORWE

- ORHD

- VLMRA

- prepared by: Mayada Amin- CETA, CFTe 

- OLFI

- JUFO

- PHAR

- GBCO

- ELEC

- ORHD

- KRDI

Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- ATLC

- ELSH

- JUFO

- MEPA

- MEPA

- MPRC

- ALUM

- VLMR

- CNFN

- DOMT

- CSAG 

- BTFH

- PRCL

- EGTS

- ORHD

- HRHO

- ORAS

- TMGH

- EAST

- prepared by: Mayada Amin-CETA, CFTe

- COMI

- GBCO

- ALUM

- ORHD

- RACC

- ARVA

- VLMR

- VLMRA

- ABUK

- EGAL

- SUGR

- TAQA

- CNFC 

- ORAS 

- ASCM

Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- TMGH

- AMOC

- FWRY 

- VLMR

- VLMRA

- MEPA

- RMDA

- KRDI

- ABUK

- EGAS

- ZEOT

- QNBE

- CLHO

- MTIE

- ECAP 

- Prepared by: Mayada Amin- CETA, CFTe 

-  COMI

- HRHO

- CCAP

- BTFH

- TMGH

- ORHD

- RMDA

- ETRS

- UEGC

- EGAS

- ORWE

- ABUK

- SDTI

- SUGR

- MEPA

- EFID

- Prepared by: Mayada Amin- CETA, CFTe 

- COMI

- CIEB

- ORWE

- MPRC

- ACGC

- TAQA

- VLMRA

- SUGR

- ISMQ

- ATLC

- EMFD

- HELI

- JUFO

- MASR

- EFID

- SDTI

- Prepared by: Mayada Amin CETA, CFTe

- prepared by: Mayada Amin- CETA, CFTE 

- COMI

- GBCO 

- HELI

- ZMID

- ACGC

- OLFI

- CLHO

- JUFO

- SDTI

- SPMD

- CNFN

- EFID

- Prepared by: Mayada Amin - CETA, CFTe 

- COMI

- EGAL

- KRDI

- OLFI

- HELI

- ASPI

- OCDI

- EXPA

- PHAR

- EMFD

- ACGC

- JUFO

- EGTS

- Prepared by: Mayada Amin- CETA, CFTe

- Prepared by: Mayada Amin- CETA, CFTe 

- prepared by: Mayada Amin, CFTE, CFTe

- Prepared by: Mayada Amin- CETA, CFTe

-prepared by: Mayada Amin- CETA, CFTe

-EGX30

-EGX70

prepared by: Mayada Amin- CETA, CFTe

• Strategy | Cracks are appearing in "ancient economy" flour milling stocks and investors are advised to exercise caution
• ETEL | 2025 multiples are now on par with the historical TTM; 1Q26 data centers’ sale completion marks a step toward 7-9x
• BINV | A story of corporate actions and value creation reinforced by 9M25 performance

• Strategy | Reiterating small-cap pharma call: Nile Pharma bubble crashed and Memphis Pharma will likely outperform in 2026
• MFPC roundtable takeaways | Structural export advantage reinforced, limited CBAM risk, and clear investment path ahead
• ​CICH | 9M25 resilience underscores our EGP13/share fair value
• TWSA | Preliminary indicators show promising growth in factoring

• Strategy | MCRO 19% share price rally has pushed 2026 earnings multiples to sector average. Time to exercise caution. 
• MFPC | Urea prices likely to decline as cost curve shifts

• Strategy | Tuk Tuk replacement program is outright "Qute" for GB Auto, GB Capital and financial inclusion.
• ISPH | Government arrears clearance eases working-capital pressure; valuation remains attractive
• MPRC | Eyeing a potential land monetization story as Egypt announces a new media city near the pyramids.
• ALCN | ADP’s move goes beyond a stake; Strategic control, port integration, and multi-market synergies

• Strategy | Spinney's Egypt deal and the simple math of value show that ISPH should be trading at EGP15/share
• ADIB | The simple math of a capital increase
• JUFO | Export mix reweighting and positioning for 2026 volume recovery
• EKHO | Results call highlights new UK pyrolysis project; operational resilience and capital recycling underscore upside potential
• ORWE | Maintains 2025 guidance, discusses restructuring and dividends; we remain neutral on 2026 outlook

• Strategy | DOMT, OLFI, JUFO and AMIA under the microscope as Arla deal is recalled to life
• PHDC | Management confirms Abu Dhabi project to be launched during 1Q26ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not?

• Strategy | Nile Pharma (NIPH) is closing in on Rameda and this may trigger arbitrage opportunities
• ISPH | The decline in ISPH stock price yesterday confirms that 3Q25 results are strong.
• VALU | 9M25 bottom line is consistent with a full year target of EGP750 million 
• ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not?
• MFPC | 3Q soft on volumes and  FX, but gas policy shield supports premium  
• EGCH | Resilient margins supported by pricing; operational recovery yet to show
• EKHO | 3Q25: On track for full-year guidance; 4Q25 poised for stronger finish
• LCSW | Economies of scale drive strong 3Q25; weak 4Q25 to derail EGP360m earnings target
• ORWE | Improved 3Q25 puts ORWE on track to meet revised 2025e guidance

• Strategy | TAQA Arabia is a cash-generating utility company that is dressed up as a growth company
• TAQA | On track to post a bottom line in excess of EGP1 billion in 2025 but valuation multiples are a bit stretched
• ETEL 3Q25 | On the verge of a decisive turnaround: 1) 2025 is set to exceed expectations, 2) net debt has fallen below EGP70 billion mark, 3) capex/sales is now below 30%, and 4) Helios Towers has shown in ETEL's towers, maintain BUY
• FWRY 3Q25 | Profits of EGP839 million (in line) are no longer an ADP story – new business lines are now driving growth, maintain BUY
• EFIH 3Q25 | Profits of EGP747 million (in line) successfully closes a chapter in 2025 and puts all eyes on 2026 as EFIH prepares for a new growth story, maintain BUY
• ATLC | 9M25 bottom line is consistent with a full year target of EGP267 million after taking 4Q25 securitization gains into account
• MBSC | Leads cement rally, but margin gains may not be replicable Leads cement rally, but margin gains may not be replicable
• ALCN | Stronger EGP keeps 1Q25/26 results muted; CSAG remains our preferred exposure
• ECAP | 3Q25 results show solid improvement; Export momentum supports 2026 outlook

• Strategy | COMI is not rallying in a vacuum. It tracks GCC peers 
• EFID | 3Q25 results are strong but valuation is slightly stretched versus peers
• JUFO | Milking the core
• EFIH | Management sets upbeat tone and outlines three strategic pillars: private sector penetration, growing government-related verticals, and offshore expansion

• Strategy | GBCO has become the authorized dealer of Li Auto and this may partially offset weakness in Iraq and Jordan
• MACRO | October inflation print is milder than expected and will likely pave the way for a 1-2% December rate cut
• CSAG | Re-rating underway; scope for further upside versus ALCN
• EGCH | Resilient margins supported by pricing; operational recovery yet to show
• ORWE | Polypropylene hits 5-year low; multiple tailwinds building for 2026
• Fertilizers | P-fertilizers spread divergence highlights sector rotation potential in 2026

• Strategy | October 2025 inflation print will likely keep policy rates unchanged on 20 November 2025 but the likelihood of a December rate cut has increased  
• ISPH | Market diversification and rate sensitivity drive robust 2026 earnings outlook
• DSCW | Helwan expansion gaining traction with latest land acquisition
• Cement Sector | New capacity approvals highlight long-term confidence, short-term price impact remains limited 
• ORAS | MSCI inclusion reinforces ADX re-rating thesis

• Strategy | Eyeing three imminent stock-moving corporate actions  
• ETEL | Chasing its legacy multiples: What could push towards 8-9x and EGP85/share? Lessons from regional peers: P/E vs capex/sales, D/E, and capex/CF
• EFIH | Four momentums in a week drove 35% of the YTD performance – an exposure worth keeping for 2026
• CCAP | ERC debt will stand at c.USD800 million by 2Q26; clearing the path for potential dividends
• ORAS | Completion of ADGM re-domiciling reinforces strategic shift after ADX listing

• Strategy | POUL will likely hit the EGP30/share mark on parent chick prices in 3Q25, feed prices in 4Q25 and potentially exceptional dividends in 1Q26. 
• COMI | Strong performance driven by reversed provisions paves the way for higher dividend payout
• EFIH | Surge in 1QFY25/26 tax revenue continues to support EFIH rerating story
• OLFI | OLFI is on track to deliver a full year net profit of EGP0.9 - 1.0 billion and we continue to expect a 30% rally in the stock price before mid 2026

• Strategy | PHDC should launch Abu Dhabi project if recent underperformance is to be reversed
• EKHO | Capital recycling strategy commences as deal finalized
• RMDA | Earnings miss likely in 2025; valuation leaves little room for upside

• Strategy | AMIA is on a tear and ATLC will likely catch up before end of 1Q26
• CIEB| Despite sluggish performance, stock offers 15% dividend yield
• AMOC | Revenue grows, but margins contract in 1QFY25/26
• MBSC | 3Q25 volumes modestly rebound; 2025e net profit of EGP2 billion hinges on 4Q25 performance
• OLFI | Management reaffirms growth plans; BUY rating maintained

• Strategy | An easy-to-use valuation metric shows that ORAS path to the EGP600/share level is fairly smooth
• BTFH | CBE penalty on FAB-MISR can pull BTFH stock down by 10% at least
• AMOC | MIDOR deal aims to mitigate domestic pricing pressure
• SUGR | Weak quarter amid oversupply; limited catalysts ahead
• JUFO | 3Q25 steady; 4Q to lead earnings recovery as repricing flows through

• Strategy | Exposure to New Cairo office space puts ACTF and BONY on the radar screen until year-end
• EGAL | 1Q25/26 results miss estimates on margin squeeze despite resilient pricing backdrop
• AMOC, CCAP | Refining margins get a boost as Diesel-HSFO spread widens

• Strategy | Exports push ISMQ stock price to a record high and US-China deal may sustain the momentum in 2026
• EFIH | GEM’s opening and Egypt’s tourism-fiscal themes can’t be ignored — we add EFIH to our high-conviction list
• ISPH | 3Q25 expectations: steady progress toward a breakout year in 2026
• OLFI | 3Q25 expectations, resilient quarter, catalyst ahead

• Strategy | IRON share price reflects a 50:50 chance of monetizing 8 million sqm of land within the coming 12 months
• DSCW | Appoints IFA to value Helwan land ahead of expansion plan

• Strategy | RACC will like trade within EGP8.5 to EGP9.5/share until RAYA announces the next move
• DSCW | Textile modernization and FDI inflows bolster DSCW’s strategic positioning should overshadow the stock's illiquidity discount
• P-fertilizers | Foreign capital reinforces Egypt’s strategic role in phosphate fertilizers
• Pharma | MPCI leads Egypt’s pharma rally with further upside potential
• MCQE | 3Q25 cement sales figures confirm MCQE as our top pick

• Strategy | EGP17.5/l diesel sends an all-clear signal to MPC beyond 2025 
• ETRS | We are bullish on Egytrans/NOSCO mergerWe are bullish on Egytrans/NOSCO merger

• 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

• 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 

• 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

QNBE| Solid fundamentals and potential for increased payouts should overshadow the stock's illiquidity discount

GBCO| 4Q25 securitization gains ignite GBCO’s growth trajectory 

• 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 | 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 behind the numbers: from CFO to FCFE

• 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 | At EGP3.7/share, BONY is worth a second look.
• CIEB | A room for a 50% gain just to close an obvious dividend arbitrage
• COMI | Bonus shares and payout talks to boost price performance
• AMOC | Reliable high yield with cyclical margin catalyst ahead
• CSAG | Dividend yield strong, valuation anomaly persists

• Strategy | OPEC+ output hikes will likely support CCAP rally in 2026
• ORAS | OCI merger economics hinge on cash versus swap ratio
• ABUK | EGP6/share dividend cements top-pick status amid sector re-rating

• Strategy | The second stage of CCAP capital increase ends today and the wait-and-see game has just started
• Pharma Distribution | Webinar takeaways from Pharma Overseas
• ETRS | NOSCO merger implies deeper value unlock

• Strategy | Aluminum prices are surging on a global supply squeeze and EGAL remains an obvious winner
• MFPC | Management reaffirms operational stability and dividend-focused policy
• VALU | VALU signals opportunity amid market volatility

• Strategy | September inflation rate may dip to c. 10% and the likelihood of 2-3% cumulative rate cuts until year-end is now close to 90%
• MTIE| No Basata Abu Dahbi transaction in 2025; investments remain a 2026 story
• FERC | Strong debut, hits limit up as expected
• MCRO | Capital increase to fuel growth and deleveraging
• ISPH | Dividend signals expanding free cash flow; reiterate BUY
• GBCO | Our high-conviction call: entry point too attractive to miss

• 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
• EFIC | Initiation of coverage: EFIC for value, ICFC for arbitrage

• 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 | 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 amid pharma price reform++6322

• 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

• 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| 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

• 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 growth outlook intact

• Strategy | CIEB is mispriced and the magnitude of mispricing will be corrected when the greenshoots of loan growth emerge. 
• JUFO | Earnings call highlights, gradually build positions
• ALCN | Stable operations with normalized profitability
• EKHO | From earnings call to strategy: Near-term challenges, medium-term drivers
   AMOC | Proposed dividend implies double-digit yield; stronger refining margins support near-term outlook

• Strategy | A quick thought on ETEL post the impressive August to date rally. Our telecoms/fintech team will publish a full valuation update on ETEL soon. 
• EKHO| 1H25 results: Strong earnings recovery, AlexFert driving outperformance;, 2H looks promising
• ARCC | Strong 2Q25 results; outlook balanced by emerging risks
• MBSC | 2Q25 Volumes weigh on results, 1H25 still on track

• Strategy | August urban CPI inflation rate will likely dip to 11-12% so we raise the probability of a 3% rate cut to 50% and name the list winners. 
• PHDC | The market has already priced in NUCA’s fees, Jirian net cashflows partially offsets the liability
• PHAR | 1H25 preliminary results, strong earnings growth; EIPICO 3 catalyst awaited
• GBCO | 1H25 Earnings beat estimates, upside still ahead
• HRHO | Volatility priced in, growth engines running; we reiterate our FV
• BINV | Hold – Cash position and expansion support long-term value
• LCSW | Pressured 2Q25 results amidst headwinds, volume rebound is key
• EFIC | SSP-sulfur squeeze hits 1H25 standalone earnings, recovery ahead
• ECAP | Losses extend into 2Q25 as demand recovery lags
• ISPH | Earnings call confirms positive outlook, reaffirm BUY (FV: EGP17.1/share) 

• Strategy| BONY’s GLV rises to a record high EGP17.4 billion and rental income jumps 35% y/y, but transient macro dynamics underpin bottom line contraction
• GBCO| Strong results ahead with focus on MNT Halan
• POUL| 2Q25 results in line, outlook remains bullish
• RMDA| Solid 2Q25, growth momentum holds
• SUGR| Inventory build-up pressures cash flows, 2H25 revenues likely flat
• ORWE| Soft 2Q25, but guidance intact

• Strategy| Within banks, we now rank COMI as our most trusted alpha generator in 2025
• TMGH, ORHD 1H25| Hospitality and recurring revenues lead growth and explains share price performance skewness towards pricing the most evident and visible segments only
• EGBE 2Q25| Retail lending and CASA drive strong margins, but investor sentiment weighs on stock
• EFID| 2Q25 consistent with bottom line guidance of EGP1.9 billion on new size offerings and price rises
• OLFI| Margins under pressure, growth story intact

• Strategy | Tailwind is building up for BONY but a share price rally is contingent on expedited monetization of WOC. 
• Macro | The probability of a 2% rate cut on 28 August is close to 100% and the probability of a 3% cut is 50%. 
• OLFI | New factory on the way
• BTFH | First glance at BTFH earnings  
• ADIB | Exceeding net profit estimates amid lending volumes revival, but capital increase challenges cash dividends
• BINV | BINV scales up high-marginplatforms 
• HRHO | Capitalizing on market discrepancies within HRHO and VALU
• EFIH management meeting | A prime beneficiary of fiscal consolidation
• CSAG | COMI acquires pre-listing stake in DCCC at attractive valuation; CSAG poised for asset revaluation
• ISPH | Government to settle EGP50bn in pharma arrears over three year

• Strategy| Ismailia/Misr for Poultry (ISMA) yesterday's rally is difficult to justify
• ORAS| Ex-dividend resilience signals stronger underlying support
• TMGH, ORHD, and EFIH| A play on tourism hike in 4Q25 and the Grand Egyptian Museum opening
• MTIE| A direct exposure to a potential home appliances’ price reduction
• RMDA| 2Q25 expectations & what to watch for

• 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 cement sector as ATI secures ECA approval for BMIC acquisition
• SUGR| Strong 2Q25 results likely to push FY25 earnings above forecasts
• ACTF| ST play on EGX recovery; LT alpha in mobile trading platform “Wilzy”
• MCQE| Re-rating progresses, 2Q25 pivotal, watch for regulatory pressure

• 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 pressure, foreign entrants viewed as strategic upside
• MCQE| EGX30 inclusion adds fuel to fire as stock crawls towards our end 2025 FV of EGP67.7/share

• 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| 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

• Strategy| KIMA outshines peers - ABUK may follow
• COMI| Riding YTD 11% growth ahead of 2Q25 results

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 | 0.0%
| Polyethylene, USD/ton | 930.0 | 1.1%
| Polypropylene, USD/ton | 970.0 | 0.5%
| Iron Ore 65%, USD/ton | 116.3 | 2.3%
| Steel/Iron Ore Spreads, USD/ton | 360.5 | -2.0%
| LME Aluminum Cash Price, USD/ton | 2,586.6 | -0.3%
| LME Copper Cash Price, USD/ton | 9,959.9 | -1.6%
| Egyptian Retail Cement, EGP/ton | 3,830.0 | -3.2%
| Steam Coal FOB Newcastle Australia, USD/ton | 110.0 | 3.2%
| Orange Concentrates USD/Lbs | 2.1 | -5.9%
| SMP, USD/MT | 2,718.0 | -2.1%

• 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 to credit financing
• Cement Market | Bagged cement prices post first decline in 2025 amid normalization

- Prepared by: Mayada Amin- CETA, CFTe

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%, USD/ton | 111.4 | -1.1%
| Steel/Iron Ore Spreads, USD/ton | 372.9 | 0.0%
| LME Aluminum Cash Price, USD/ton | 2,595.2 | 1.3%
| LME Copper Cash Price, USD/ton | 10,118.7 | 2.1%
| Egyptian Retail Cement, EGP/ton | 3,958.0 | -0.2%
| Steam Coal FOB Newcastle Australia, USD/ton | 106.5 | -0.1%
| Orange Concentrates USD/Lbs | 2.2 | -4.1%
| SMP, USD/MT | 2,775.0 | 0.0%

- COMI

- prepared by: Mayada Amin- CETA, CFTe

- COMI

- ETEL

- ADIB

- EMFD

- ISPH

- prepared by: Mayada Amin- CETA, CFTe

• 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 on margins

- JUFO

- ORWE

- TMGH

- ORHD

- ORAS

-,Prepared by: Mayada Amin- CETA, CFTe

- ORAS

- ORWE

- FWRY

- PHDC

- JUFO

- Prepared by: Mayada Amin, CETA, CFTe

- ADIB

- BTFH 

- PHDC

- TMGH

- EFIH

- Prepared by: Mayada Amin, CETA, CFTe

- Prepared by: Mayada Amin, CFTE, CFTe

• Strategy| COMI behavior during a sell-off suggests EGP80/share is a sold floor
• ADIB| Growth-oriented with capital preservation in mind; Ready to mitigate rate pressures
• HRHO| HRHO Dips Below EGP 25/Share—Time to load up
• JUFO| The margin tailwind fades as concentrates catalyst wears off
• ISPH| Earnings and cosmeceuticals growth on track; potential deleveraging adds further upside
• LCSW| Merger fuels efficiency; 2H25 rebound may support EGP600 million earnings guidance barring gas price shocks
• MCQE| YTD sales volumes reaffirm robust 2025 outlook

- ADIB

- PHDC

- TMGH

- ORAS

- FWRY 

- Prepared by: Mayada Amin- CETA, CFTe

• Strategy| ISPH sell-off is categorically unjustified
• EGAL| We remain buyers of EGAL as aluminum prices hit a 3-month high

prepared by: Mayada Amin- CETA, CFTe