• Strategy| Post call with management and our analysis, ACTF should be held by retail investors seeking access to active management
• Egypt fertilizers| Strong 2H25 tailwinds from urea rally and stable gas supply; ABUK best positioned
• EKHO| Deciphering a peculiarly priced instrument and how to play it

• Strategy| AMIA is up 6% on higher than usual turnover and there is room for another rally if ATLC catches up 
• Cement Sector| Elevated prices drive significant upside in scenario analysis
• FWRY management call| Revenue diversification and a strategic roadmap reinforce confidence; build positions for 2026 allocation 

In today's Pre-Session Views:

• 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

In today's Pre-Session Views:

• 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

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)