In today's Pre-Session Views:

• 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 | ISPH recent rally could be the start of a next leg up if 2Q25 surprises to the upside
• COMI| Strong 2Q25 performance signals potential price re-rating
• CICH| Buy one get one free
• BONY| 1Q25 doesn’t change our view: a justified discounted entry, cashflow remains under watch
• IFAP | Short IFAP, long EFIC on unjustified valuation gap

• Strategy | EGAL on track to hit the EGP200/share mark post release of AGM minutes and surge in primary aluminum price.
• Libya reconstruction to unlock growth for Egyptian contractors and industrials
• EFID | Signs of recovery gaining momentum; management confirms positive outlook
• ORWE | Nothing material yet, but potential asset sale could support FY25 earnings
• EGCH, ABUK | Normalizing gas supply is key to unlocking value 

• Strategy| Excluding EFIC and ABUK, valuations of n and p-based exposures seem frothy
• TMGH| Understanding the business model - segmenting the story
• ECAP vs. LCSW| Another violation of the Law of One Price
• JUFO| Price surge in orange concentrates fuels stock performance, yet impact on earnings may be delayed
• MCQE| MBSC's move signals strategic play, price upside expected

• Strategy| EFIH, FWRY, and GBCO violate the Law of One Price
• ELEC, GDWA| A holding discount opportunity
• ECAP| At EGP37/share, is it too late to join ECAP rally?