Al Ahly Pharos

In today's views

• Strategy | Nile Pharma (NIPH) is closing in on Rameda and this may trigger arbitrage opportunities
• ISPH | The decline in ISPH stock price yesterday confirms that 3Q25 results are strong.
• VALU | 9M25 bottom line is consistent with a full year target of EGP750 million 
• ETEL | Share price is approaching our FV upper end of EGP73/share, what is incorporated and what’s not?
• MFPC | 3Q soft on volumes and  FX, but gas policy shield supports premium  
• EGCH | Resilient margins supported by pricing; operational recovery yet to show
• EKHO | 3Q25: On track for full-year guidance; 4Q25 poised for stronger finish
• LCSW | Economies of scale drive strong 3Q25; weak 4Q25 to derail EGP360m earnings target
• ORWE | Improved 3Q25 puts ORWE on track to meet revised 2025e guidance

In today's views

• Strategy | TAQA Arabia is a cash-generating utility company that is dressed up as a growth company
• TAQA | On track to post a bottom line in excess of EGP1 billion in 2025 but valuation multiples are a bit stretched
• ETEL 3Q25 | On the verge of a decisive turnaround: 1) 2025 is set to exceed expectations, 2) net debt has fallen below EGP70 billion mark, 3) capex/sales is now below 30%, and 4) Helios Towers has shown in ETEL's towers, maintain BUY
• FWRY 3Q25 | Profits of EGP839 million (in line) are no longer an ADP story – new business lines are now driving growth, maintain BUY
• EFIH 3Q25 | Profits of EGP747 million (in line) successfully closes a chapter in 2025 and puts all eyes on 2026 as EFIH prepares for a new growth story, maintain BUY
• ATLC | 9M25 bottom line is consistent with a full year target of EGP267 million after taking 4Q25 securitization gains into account
• MBSC | Leads cement rally, but margin gains may not be replicable Leads cement rally, but margin gains may not be replicable
• ALCN | Stronger EGP keeps 1Q25/26 results muted; CSAG remains our preferred exposure
• ECAP | 3Q25 results show solid improvement; Export momentum supports 2026 outlook

• In today's views
  • Strategy | The most hated EGX30 constituent is due for a 10% rebound
  • ISPH | The company should consider the release of bad news if good news is value destructive
  • POUL | It is not chicken that investors are after. It is the net cash balance
  • Egyptian Banks | Imminent rerating of banking stocks
  • SUGR | Sugar import ban to ease inventory pressure, limited price impact expected; maintain Underweight position
  • RMDA | Low base recovery in 3Q, but FY25 target looks challenging; reiterate Underweight recommendation
  • ETEL, FWRY, and EFIH | The government is leading the conversion story; overweight three of our top ten picks in 2026

In today's Pre-Session Views:

• Strategy | COMI is not rallying in a vacuum. It tracks GCC peers 
• EFID | 3Q25 results are strong but valuation is slightly stretched versus peers
• JUFO | Milking the core
• EFIH | Management sets upbeat tone and outlines three strategic pillars: private sector penetration, growing government-related verticals, and offshore expansion

In today's views

• Strategy | GBCO has become the authorized dealer of Li Auto and this may partially offset weakness in Iraq and Jordan
• MACRO | October inflation print is milder than expected and will likely pave the way for a 1-2% December rate cut
• CSAG | Re-rating underway; scope for further upside versus ALCN
• EGCH | Resilient margins supported by pricing; operational recovery yet to show
• ORWE | Polypropylene hits 5-year low; multiple tailwinds building for 2026
• Fertilizers | P-fertilizers spread divergence highlights sector rotation potential in 2026