In today's Views: 

• 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| ISPH IH25 results draw a demarcation line between management and macro 
• VALU 1H25| VALU delivers robust 1H25, international expansion in focus
• ATLC 1H25| Steady growth, outlook intact
• FWRY 1H25| New services launch and organic growth should comfortably outpace policy rate cuts, beating our EGP2.7 bn for 2025 is in sight; maintain as one of our top picks for 2025
• ETEL 1H25| Sound fundamentals and 2H25 catalysts should trigger price performance during 2H25
• MTIE 1H25| Higher bottom-line contribution from investments should gradually unlock value and drive share price to EGP12.4/share
• ISPH 1H25| Strong results on price and volume rebound, expectations of a stronger 2H25
• JUFO| Confirming our view, equal weight short term, overweight long term
• ACRO| Rapid growth at a bargain multiple
• PHDC| A MCAP of EGP23 billion is out of sync with PHDC record high new sales, sizable outstanding notes receivables and upcoming launch of Abu Dhabi project.  

In today's Views: 

• 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

In today's Pre-Session Views:

• 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

In today's Pre-Session Views:

• 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