• 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