In today's views

• Strategy| Ismailia/Misr for Poultry (ISMA) yesterday's rally is difficult to justify
• ORAS| Ex-dividend resilience signals stronger underlying support
• TMGH, ORHD, and EFIH| A play on tourism hike in 4Q25 and the Grand Egyptian Museum opening
• MTIE| A direct exposure to a potential home appliances’ price reduction
• RMDA| 2Q25 expectations & what to watch for

• Strategy| Egypt is projected to host a record high number of tourists in 2025 and ORHD stands out as a compelling exppsure to this theme
• EFID| Valuation stretched after 40% rally, time to reduce exposure
• MBSC| Treasury share termination drives price, raises strategic questions
• BTFH| A high-risk, high reward bet with regional expansion 

• Strategy | It may be ISPH month if the CBE slashes policy rates by 200 bps
• FERC, IFAP, ICFC | Promising first half for the new entity despite margin headwinds
• JUFO | Equalweight short term, Overweight long term

• Strategy | The ABCs of equity valuation suggest that OLFI offers an upside potential of around 30%. 
• AMIA | Buy 68.4% of ATLC and literally get three 3 prime assets for free. 
• PHDC | Follow the footsteps of PHDC chairman and BUY the stock on dips
• JUFO | Trim JUFO to EW and add OLFI
• POUL | Initiation of coverage ranks stock a BUY (FV: EGP25.8/share)
• ABUK | Gas cost pricing formula clarified, top pick status reaffirmed 
• ATLC | We Initiate Coverage on ATLC with a STRONG BUY at FV of EGP5.5/share

• 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