Al Ahly Pharos

• Strategy | Three stocks have tied the knot and they will all look at Tabby and MNT-Halan IPOs for clues. 
• ADIB | Growth first, payouts second
• ETEL | Global cable investments are doubling and red sea tensions eased. Another catalyst joins three game-changers pushing ETEL to EGP85/share over 12 months
• EFIH 3Q25 expectations | Profits of EGP700 million will lock in targets and push share price to EGP21 over 12 months– catalysts are crystal clear
• MFPC | Weak quarter expected amid gas cuts, but valuation premium remains justified

In today's views

• Strategy | October 2025 inflation print will likely keep policy rates unchanged on 20 November 2025 but the likelihood of a December rate cut has increased  
• ISPH | Market diversification and rate sensitivity drive robust 2026 earnings outlook
• DSCW | Helwan expansion gaining traction with latest land acquisition
• Cement Sector | New capacity approvals highlight long-term confidence, short-term price impact remains limited 
• ORAS | MSCI inclusion reinforces ADX re-rating thesis

In today's Pre-Session Views:

• Strategy | Eyeing three imminent stock-moving corporate actions  
• ETEL | Chasing its legacy multiples: What could push towards 8-9x and EGP85/share? Lessons from regional peers: P/E vs capex/sales, D/E, and capex/CF
• EFIH | Four momentums in a week drove 35% of the YTD performance – an exposure worth keeping for 2026
• CCAP | ERC debt will stand at c.USD800 million by 2Q26; clearing the path for potential dividends
• ORAS | Completion of ADGM re-domiciling reinforces strategic shift after ADX listing

In today's views

• Strategy | POUL will likely hit the EGP30/share mark on parent chick prices in 3Q25, feed prices in 4Q25 and potentially exceptional dividends in 1Q26. 
• COMI | Strong performance driven by reversed provisions paves the way for higher dividend payout
• EFIH | Surge in 1QFY25/26 tax revenue continues to support EFIH rerating story
• OLFI | OLFI is on track to deliver a full year net profit of EGP0.9 - 1.0 billion and we continue to expect a 30% rally in the stock price before mid 2026

In today's views

• Strategy | PHDC should launch Abu Dhabi project if recent underperformance is to be reversed
• EKHO | Capital recycling strategy commences as deal finalized
• RMDA | Earnings miss likely in 2025; valuation leaves little room for upside