• Strategy | ACTF strategic partner is not BTFH but it is still a BUY
• Macro | US Bureau of Labor Statistics employment figures supports our bias towards a 2% August rate cut
• ABUK, EGCH, MFPC, EKHO | Gas price floor hike a net positive, signals long-awaited reform; Strong urea tailwinds support earnings for our top pick ABUK
• LCSW | Natural gas price hike largely priced in, but downside risk remains
• Cement Market | BMIC counteroffer adds more fuel to M&A fire, recalibrating sector valuations

In today's Pre-Session Views:

• 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

In today's Pre-Session Views:

• 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| GBCO next leg up hinges on a single figure in 2Q25 results - "income from associates" and Tabby-related noise.
• ORAS| Eyes deeper market liquidity with ADX listing shift; Dividend yield confirms our EGP500/share valuation range
• Cement| Syria's cement boom opens door to cross-border partnerships with Egyptian producers
• DSCW| Bonus share dividend approved; FV adjusted to EGP3.7/share

• Strategy | COMI at EGP130 and EGX30 at 37,000 are around the corner
• SUGR | Government intervention talks could ease inventory overhang, unlocking short term catalyst
• SCEM | Market rejects VICAT's offer, signaling higher FV ahead